---

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

              Monday, June 20, 2022, Vol. 26, No. 170

                            Headlines

312 EUCLID: Voluntary Chapter 11 Case Summary
37 WOLCOTT LLC: Files for Chapter 11 Pro Se
5 STAR JETS: Court Approves Amended Disclosure Statement
5TH STREET PARKING: Seeks to Hire Julio E. Portilla PC as Counsel
5TH STREET PARKING: Seeks to Hire Rosewood Realty as Advisor

78-80 ST MARK'S: Trustee Taps LaMonica Herbst as Legal Counsel
7910 MAIN STREET: Seeks to Hire Bensamochan Law Firm as Counsel
87TH STREET: July 14 Hearing on Disclosures for Sale Plan
87TH STREET: Property Sale to MwM Vicsdale to Fund Plan Payments
942 PENN RR: Court Directs Chapter 11 Trustee Appointment

A.G. DILLARD: Unsecured Creditors' Recovery Hiked to 15% in Plan
ACORN GRAPHICS: Revived After Bankruptcy Auction
ALASKA AIR: Egan-Jones Keeps B LC Senior Unsecured Ratings
ALL YEAR HOLDINGS: Taps Herrick Feinstein as Special Counsel
ALLEGIANT TRAVEL: Egan-Jones Hikes Senior Unsecured Ratings to BB

ALPHA ENTERTAINMENT: McMahon, Luck Headed for Trial After Settlment
AMERICAN AIRLINE: Egan-Jones Keeps B- Senior Unsecured Ratings
APOLLO ENDOSURGERY: Two Proposals Passed at Annual Meeting
ARCHDIOCESE OF NEW ORLEANS: Heller Draper 2nd Update on Apostolates
ARMSTRONG FLOORING: Bid Deadline for N.A. Assets Extended

ARMSTRONG FLOORING: U.S. Trustee Appoints Retiree Committee
ASHLAND LLC: Egan-Jones Keeps BB Senior Unsecured Ratings
ASP UNIFRAX: S&P Alters Outlook to Negative, Affirms 'B-' ICR
AUNT BETTYE'S: Objectors Agree to Support Amended Plan
AVNET INC: Egan-Jones Keeps BB+ Senior Unsecured Ratings

AXYEHHO CORPORATION: Voluntary Chapter 11 Case Summary
BALL CORP: Egan-Jones Keeps BB+ Senior Unsecured Ratings
BDF ACQUISITION: Moody's Cuts CFR to Caa1, Alters Outlook to Stable
BEAZER HOMES: Egan-Jones Keeps B+ Senior Unsecured Ratings
BED BATH: Egan-Jones Keeps CCC+ Senior Unsecured Ratings

BETTER 4 YOU: Committee Taps Province LLC as Financial Advisor
BITNILE HOLDINGS: Has 52.8% Stake in Singing Machine
BITNILE HOLDINGS: Obtains $4 Million Financing From XBTO
BLINK CHARGING: To Acquire SemaConnect for $200 Million
BLUE SEVEN: Seeks to Hire John E. Terrel PA as Special Counsel

BOEING CO: Egan-Jones Keeps BB Senior Unsecured Ratings
BOMBARDIER RECREATIONAL: Moody's Rates $100MM Sec. Term Loan 'Ba2'
BOTTLE WAREHOUSE: Files Subchapter V Petition Pro Se
BOUNDS PERFORMANCE: Seeks to Hire Lefkovitz & Lefkovitz as Counsel
BOY SCOUTS: Camp Babcock-Hovey Up for Sale to Help Pay Settlement

BRIGHT MOUNTAIN: Incurs $12 Million Net Loss in 2021
BURGESS POINT: S&P Assigns 'B-' ICR, Outlook Stable
CAA HOLDINGS: S&P Rates New Secured $325MM B-2 Term Loan 'B'
CABLE & WIRELESS: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Stable
CARMAX INC: Egan-Jones Keeps BB+ Senior Unsecured Ratings

CARPENTER TECHNOLOGY: Egan-Jones Keeps BB- Sr. Unsecured Ratings
CEL-SCI CORP: All Three Proposals Passed at Annual Meeting
CELSIUS NETWORK: Taps Akin Gump After Account Freeze
CF HOLDINGS EH: Starts Chapter 11 Subchapter V Case
CITRIX SYSTEMS: Egan-Jones Keeps BB+ Senior Unsecured Ratings

CMS ENERGY: Egan-Jones Keeps BB+ Senior Unsecured Ratings
CNX RESOURCES: Egan-Jones Keeps B Senior Unsecured Ratings
COINBASE GLOBAL: S&P Alters Outlook to Neg, Affirms 'BB+' LT ICR
CONNECT TRUCKING: Seeks to Hire Lefkovitz & Lefkovitz as Counsel
CONSOLIDATD WEALTH: July 19 Plan & Disclosure Hearing Set

COOPER'S HAWK: Moody's Rates $50MM 1st Lien Loan Add-on 'Caa1'
CORUS ENTERTAINMENT: DBRS Confirms BB Issuer Rating
CREATIVE ARTISTS: Moody's Assigns 'B2' Rating to New Term Loan B-2
CROWN HOLDINGS: Egan-Jones Keeps BB Senior Unsecured Ratings
CSG SYSTEMS: Egan-Jones Keeps BB+ Senior Unsecured Ratings

CYPRUS MINES: Court Okays Firms' Email Service in Talc Suits
DANIEL T. LEE DENTAL: Unsecureds to Get 0% Under Plan
DELIVERANCE HOLY: July 21 Plan & Disclosure Hearing Set
DELUXE CORP: Egan-Jones Keeps B Senior Unsecured Ratings
DIAMONDBACK ENERGY: Egan-Jones Keeps BB+ Senior Unsecured Ratings

DIOCESE OF BUFFALO: Seeks to Hire KLW as Appraiser
DIOCESE OF BUFFALO: Taps Howard Hanna as Real Estate Broker
DIOCESE OF NORWICH: Faces 140 Sexual Assault Claims in Chapter 11
DISCOVERY TOURS: Ex-VP Pleads Guilty to Fraud, Money Laundering
EASTSIDE DISTILLING: Pays Off Outstanding Balance of Live Oak Loan

EDGEWELL PERSONAL: Egan-Jones Keeps B Senior Unsecured Ratings
EISER INTERNATIONAL: Files for Chapter 11 Without Counsel
ELECTROMEDICAL TECHNOLOGIES: Appoints Lee Benson as Director
ELEVATE PFS: S&P Affirms 'B-' Issuer Credit Rating, Outlook Stable
EMPACADORA Y PROCESADORA: Unsecureds to Get 20% of Claims in Plan

ENTEGRIS INC: Moody's Confirms Ba1 CFR & Alters Outlook to Negative
ENTEGRIS INC: S&P Rates New $895MM Senior Unsecured Notes 'BB'
FIBERFAST INC: Gets OK to Hire Falcone Law as Legal Counsel
FIRST STUDENT: Moody's Affirms Ba3 CFR, Outlook Stable
FIRSTENERGY CORP: Egan-Jones Keeps BB Senior Unsecured Ratings

FLYNN CANADA: S&P Alters Outlook to Stable, Affirms 'B' ICR
FS ENERGY: S&P Alters Outlook to Developing, Affirms 'B' ICR
GABHALTAIS TEAGHLAIGH: Seeks Chapter 11 to Stop Foreclosure
GAME REPAIR SHOP: Starts Chapter 11 Subchapter V Case
GAMING CORP: Egan-Jones Hikes Senior Unsecured Ratings to B+

GBT TECHNOLOGIES: Signs Joint Venture to Form Metaverse Kit
GENERAL ELECTRIC: Egan-Jones Keeps BB+ Senior Unsecured Ratings
GENESYS CLOUD I: Moody's Assigns 'B2' CFR, Outlook Stable
GENWORTH FINANCIAL: Egan-Jones Keeps BB- Senior Unsecured Ratings
GIRARDI & KEESE: Creditor Sidarous Demands Foreclosure of Mansion

GIRARDI & KEESE: Tom Girardi Owes Ex-Wife Karen $245,000
H&H 272 GRAND: Seeks to Hire Leech Tishman as Substitute Counsel
HAN JOE RO: U.S. Trustee Unable to Appoint Committee
HANJIN INTERNATIONAL: Moody's Upgrades CFR to B1, Outlook Stable
HCA HEALTHCARE: Egan-Jones Keeps BB+ Senior Unsecured Ratings

HCA INC: Egan-Jones Keeps BB+ Senior Unsecured Ratings
HEARTLAND DENTAL: S&P Rates New $200MM First-Lien Term Loan 'B-'
HELIX ENERGY: Egan-Jones Cuts Senior Unsecured Ratings to CCC+
HELMERICH & PAYNE: Egan-Jones Keeps BB- Senior Unsecured Ratings
HEXCEL CORP: Egan-Jones Keeps BB+ Senior Unsecured Ratings

HILLENBRAND INC: Egan-Jones Keeps BB+ Senior Unsecured Ratings
HOME DECOR: Didn't Inform Customers of Closure, Ch. 11 Filing
HOME DECOR: Newtek Small Business Says Plan Not Feasible
HOME PRODUCTS: U.S. Trustee Appoints Creditors' Committee
HUCKLEBERRY PARTNERS: Case Summary & 19 Unsecured Creditors

II-VI INC: Egan-Jones Keeps BB+ Senior Unsecured Ratings
INITO GROUP ADVISORS: Files Bare-Bones Chapter 11 Petition
INTERSTATE UNDERGROUND: Reeder Says Liquidation Analysis Inadequate
INTERSTATE UNDERGROUND: U.S. Trustee Says Disclosures Deficient
IRIDIUM COMMUNICATIONS: Egan-Jones Keeps B- Sr. Unsecured Ratings

JASPER PELLETS: U.S. Trustee Appoints Creditors' Committee
JEFFERIES GROUP: Egan-Jones Keeps BB+ Senior Unsecured Ratings
JETBLUE AIRWAYS: Moody's Affirms Ba2 CFR & Alters Outlook to Stable
LAS VEGAS SANDS: Egan-Jones Keeps BB- Senior Unsecured Ratings
LTL MANAGEMENT: Judge Kaplan to Consider Reopening Talc Cases

LTL MANAGEMENT: Wants to Move Forward w/ Claims Estimation Process
LUCID ENERGY: S&P Places 'B' Issuer Credit Rating on Watch Pos.
LUCID MOTORS, RIVIAN MOTORS: Heading to Bankruptcy, Says Elon Musk
MALLINCKRODT PLC: Emerges From Chapter 11 Bankruptcy
MARATHON PETROLEUM: Egan-Jones Hikes Sr. Unsecured Ratings to BB+

MARVIN KELLER: Committee Taps Dundon Advisers as Financial Advisor
MARVIN KELLER: Committee Taps Faegre as Bankruptcy Counsel
MATTEL INC: Egan-Jones Hikes Senior Unsecured Ratings to BB
MAXUS ENERGY: Cleanup Dispute With YPF Resumes in Bankruptcy Court
MCKESSON CORP: Egan-Jones Keeps BB Senior Unsecured Ratings

MD HELICOPTERS: Will Pay $31.5 Million in DOJ Fraud Settlement
MERITOR INC: Egan-Jones Keeps BB+ Senior Unsecured Ratings
METHANEX CORP: Egan-Jones Hikes Senior Unsecured Ratings to BB
MIDCONTINENT COMMUNICATION: Moody's Rates Amended Revolver Debt Ba3
MORGUARD CORPORATION: DBRS Hikes Issuer Rating to BB(high)

MULLEN AUTOMOTIVE: Investors Agree to Buy $275M Preferred Shares
MURPHY OIL: Egan-Jones Keeps BB Senior Unsecured Ratings
MUSCLEPHARM CORP: Grosses $2.5 Million From Senior Notes Offering
NABORS INDUSTRIES: Stockholders Elect Seven Directors
NAIL CARE SPA: Seeks Approval to Hire Falcone Law as Legal Counsel

NFP HOLDINGS: S&P Alters Outlook to Stable, Affirms 'B' ICR
NORDSTROM INC: DBRS Confirms BB Issuer Rating, Trend Positive
NORTHFIELD BANK: Egan-Jones Withdraws A+ Senior Unsecured Ratings
NORTONLIFELOCK INC: Egan-Jones Keeps BB Senior Unsecured Ratings
NOV INC: Egan-Jones Keeps B+ Senior Unsecured Ratings

OLIN CORP: Egan-Jones Hikes Senior Unsecured Ratings to BB+
OMNIQ CORP: Awarded $29 Million Project by Fortune 100 Company
ONDAS HOLDINGS: Set to Join the Russell 3000 Index
ORGANICELL REGENERATIVE: Incurs $1.46M Net Loss in Second Quarter
OWENS-ILLINOIS GROUP: Egan-Jones Keeps B Senior Unsecured Ratings

PARMELEE INVESTMENTS: Proposes Full-Payment Plan
PEOPLE'S UNITED: Egan-Jones Withdraws A- Senior Unsecured Ratings
PETROTEQ ENERGY: Settles SEC Investigation
PETVET CARE: Moody's Rates New $275MM Incremental Term Loan 'B2'
PG&E CORP: Butte County Seeks Transparency for Fire Victims

PITNEY BOWES: Egan-Jones Keeps B- Senior Unsecured Ratings
PM GENERAL PURCHASER: Moody's Cuts CFR & Alters Outlook to Negative
PRECIPIO INC: Adjourns Meeting to July 5 Due to Lack of Quorum
PRESTIGE HOMECARE: Taps Scarborough & Fulton as Legal Counsel
RAPI INC: Staten Island Restaurant Files Subchapter V Case

RECESS HOLDCO: S&P Affirms 'B+' ICR on Total Transportation Deal
REVLON CONSUMER: Moody's Lowers CFR to Ca Following Ch. 11 Filing
REVLON INC: Davis Polk, Kobre Represent Brandco/DIP Lenders
REVLON INC: NYSE Starts Delisting Proceedings Against Company
REVLON INC: S&P Downgrades ICR to 'D'  on Ch. 11 Bankruptcy Filing

RIDER HOTEL: Seeks Court Approval to Pay Iron Horse Workers
RITE AID CORP: Considers $150 Million Debt Repurchase
RITE AID: Egan-Jones Keeps CCC Senior Unsecured Ratings
RUSSEL METALS: Moody's Ups CFR to Ba1 & Sr. Unsecured Notes to Ba2
S.K. MANAGEMENT: Seeks to Hire Wisdom Professional as Accountant

S.K. MANAGEMENT: Taps Law Offices of Alla Kachan as Counsel
SAMARCO MINERACAO: Creditors to Discuss Rival Proposals June 21
SANTA FE ARCHDIOCESE: No Big Complications to Sex Abuse Settlement
SBA COMMUNICATIONS: Egan-Jones Hikes Sr. Unsecured Ratings to B+
SCOTTS MIRACLE-GRO: S&P Alters Outlook to Neg., Affirms 'BB' ICR

SEAGATE TECHNOLOGY: Egan-Jones Keeps BB+ Senior Unsecured Ratings
SENSATA TECHNOLOGIES: Egan-Jones Keeps BB- Sr. Unsecured Ratings
SERVICE ONE: Trustee Taps Wellborn as Home Construction Consultant
SHREENATH HOLDINGS: SARE Files for Chapter 11 Bankruptcy
SILGAN HOLDINGS: Egan-Jones Keeps BB Senior Unsecured Ratings

SIRIUS XM: Egan-Jones Keeps BB+ Senior Unsecured Ratings
SIX FLAGS: S&P Raises Senior Secured Debt Rating to 'BB'
SKYWEST INC: Egan-Jones Keeps B Senior Unsecured Ratings
SNC-LAVALIN: DBRS Confirms BB(high) Issuer Rating, Trend Stable
SONOCO PRODUCTS: Egan-Jones Keeps B+ Senior Unsecured Ratings

SOUTHERN VETERINARY: Moody's Rates $140MM 1st Lien Loan Add-on 'B2'
SPECTRUM BRANDS: Egan-Jones Keeps B+ Senior Unsecured Ratings
STIMWAVE TECHNOLOGIES: Files Chapter 11 to Sell to Kennedy
STIMWAVE TECHNOLOGIES: Gets Court OK to Tap $12M Interim Financing
STONEX GROUP: Egan-Jones Keeps B+ Senior Unsecured Ratings

T-MOBILE USA: Egan-Jones Keeps B+ Senior Unsecured Ratings
TALEN ENERGY: King & Spalding Updates on Term Lenders Group
TALEN ENERGY: Whiteford Represents Merrick Group, 6 Others
TEN OAKS FITNESS: Sept. 20 Plan Confirmation Hearing Set
TENET HEALTHCARE: Egan-Jones Hikes Senior Unsecured Ratings to B+

TI GROUP: Moody's Affirms 'B1' CFR & Alters Outlook to Stable
TMC BUYER: Moody's Assigns 'B2' CFR, Outlook Stable
TOPAZ SOLAR: Fitch Affirms 'BB' Rating on $1.1BB 2039 Secured Notes
TOWNE & TERRACE: Fine-Tunes Plan Documents
TPC GROUP: Fitch Downgrades IDR to 'D' on Bankruptcy Filing

TRINITY INDUSTRIES: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
TROIKA MEDIA: COO Christopher Broderick Resigns
TWITTER INC: Egan-Jones Keeps BB- Senior Unsecured Ratings
UNITED RENTALS: Egan-Jones Keeps BB+ Senior Unsecured Ratings
US SILICA: Moody's Upgrades CFR to B2, Outlook Stable

US STEEL: Fitch Hikes Issuer Default Rating to BB, Outlook Stable
VTV THERAPEUTICS: MacAndrews & Forbes Holds 57.1% Class A Shares
VYANT BIO: Receives Noncompliance Notice From Nasdaq
WATER WIND & SKY: Seeks to Tap Bush Kornfeld as Bankruptcy Counsel
WATER WIND & SKY: Taps McNaul Ebel Nawrot as Special Counsel

WEST BANCORPORATION: Egan-Jones Withdraws A- Sr. Unsecured Ratings
WYNN RESORTS: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
XEROX CORP: Egan-Jones Cuts Senior Unsecured Ratings to BB-
[^] BOND PRICING: For the Week from June 13 to 17, 2022

                            *********

312 EUCLID: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: 312 Euclid, LLC
        312 Euclid Avenue
        Allenhurst, NJ 07711

Business Description: 312 Euclid is a Single Asset Real Estate
                     (as defined in 11 U.S.C. Section 101(51B)).

Chapter 11 Petition Date: June 17, 2022

Court: United States Bankruptcy Court
       District of New Jersey

Case No.: 22-14942

Debtor's Counsel: Brian W. Hofmeister, Esq.
                  LAW FIRM OF BRIAN W. HOFMEISTER, LLC
                  3131 Princeton Pike
                  Building 5, Suite 110
                  Lawrenceville, NJ 08648
                  Tel: 609-890-1500
                  Fax: 609-890-6961
                  Email: bwh@hofmeisterfirm.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Zachary Gindi, as manager of RIG
Brothers, LLC, sole member of 312 Euclid, LLC.

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

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

https://www.pacermonitor.com/view/ALMKPWI/312_Euclid_LLC__njbke-22-14942__0001.0.pdf?mcid=tGE4TAMA


37 WOLCOTT LLC: Files for Chapter 11 Pro Se
-------------------------------------------
37 Wolcott LLC filed for chapter 11 protection in Brooklyn, New
York.

The petition indicates that the Debtor is not represented by an
attorney.

The Debtor's formal schedules of assets and liabilities and
statement of financial affairs are due June 30, 2022.

According to court documents, 1 and 49 unsecured creditors.  The
petition states funds will not be available to unsecured
creditors.

A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
July 15, 2022, at 11:00 AM at Teleconference - Brooklyn.

The Debtor's Chapter 11 Plan and Disclosure Statement are due by
Oct. 14, 2022.

                      About 37 Wolcott LLC

37 Wolcott LLC is a Single Asset Real Estate (as defined in 11
U.S.C. Sec. 101(51B)).

37 Wolcott LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-41384) on June 16,
2022.  In the petition filed by Chaim Gross, as sole member, the
Debtor estimated assets up to $50,000 and liabilities between $1
million and $10 million.


5 STAR JETS: Court Approves Amended Disclosure Statement
--------------------------------------------------------
Judge Laurel M. Isicoff has entered an order approving the Amended
Disclosure Statement explaining the Chapter 11 Plan of 5 Star Jets,
LLC.

The Court has set a hearing to consider confirmation of the Plan on
Aug. 5, 2022 at 1:30 p.m. in United States Bankruptcy Court, 301
North Miami Avenue, Courtroom 8, Miami, Florida 33128.  To
participate in the hearing remotely via Zoom (whether by video or
by telephone), you must register in advance no later than 3:00
p.m., one business day before the date of the hearing.

The last day for filing and serving objections to confirmation of
the Plan is on July 22, 2022.

The last day for filing a ballot accepting or rejecting the Plan is
on July 22, 2022.

The last day for filing and serving objections to claims is on June
27, 2022.

                       About 5 Star Jets

5 Star Jets, LLC, filed a petition for Chapter 11 protection
(Bankr. S.D. Fla. Case No. 22-12009) on March 14, 2022, listing up
to $50,000 in assets and up to $500,000 in liabilities.  Javier
Salinas, manager, signed the petition.  Judge Laurel M. Isicoff
oversees the case.  The Debtor tapped Advantage Law Group, P.A., as
legal counsel.


5TH STREET PARKING: Seeks to Hire Julio E. Portilla PC as Counsel
-----------------------------------------------------------------
5th Street Parking LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of New York to hire the Law Office
of Julio E. Portilla, P.C. as its counsel.

The firm will render these services:

     a. give advice to the Debtor with respect to its powers and
duties as a debtor-in-possession in the continued management of its
properties;

     b. negotiate with creditors of the Debtor in working out a
plan and to take necessary legal steps in order to confirm said
plan;

     c. prepare, on behalf of the Debtor, all necessary
applications, answers, order, reports and other legal papers;

     d. appear at judicial proceedings to protect the interest of
the debtor-in-possession and to represent the debtor in all matters
pending in the Chapter 11 proceeding; and

     e. assist the Debtor in protecting and preserving the estate
during the pendency of its chapter 11 case, including the
prosecution and defense of actions and claims arising from or
related to the estate and/or the Debtor; and

      f. perform all other legal services for the Debtor.

The firm will charge $450 per hour for its services.

Julio E. Portilla, P.C. does not hold or represent an interest
adverse to the Debtor’s estate in the matters upon which it is to
be employed, and is a “disinterested person” as that term is
defined in Sec. 101(14) of the Bankruptcy Code, according to court
filings.

The firm can be reached through:

     Julio E. Portilla, Esq.
     LAW OFFICE OF JULIO E. PORTILLA, P.C.
     555 Fifth Avenue, 17th Floor
     New York, NY 10017
     Tel: (212) 365-0292
     Fax: (212) 365-4417
     Email: jp@julioportillalaw.com

                     About 5th Street Parking

5th Street Parking LLC is a single asset real estate (as defined in
11 U.S.C. Sec. 101(51B)).

5th Street Parking sought Chapter 11 bankruptcy protection (Bankr.
S.D.N.Y. Case No. 22-10456) on April 12, 2022.  In the petition
filed by Mylene Liggett, as member, 5th Street estimated assets
between $1 million and $10 million and estimated liabilities
between $1 million and $10 million.  

Julio E. Portilla, of the Law Office of Julio E. Portilla, P.C., is
the Debtor's counsel.


5TH STREET PARKING: Seeks to Hire Rosewood Realty as Advisor
------------------------------------------------------------
5th Street Parking LLC filed an amended application seeking
approval from the U.S. Bankruptcy Court for the Southern District
of New York to hire Rosewood Realty Group as its real estate
advisor with respect to its real property located at 2000 Madison,
New York.

The firm will receive 4 percent of the aggregate amount of gross
financing or restructured indebtedness, financing,
recapitalization, and/or joint venture investment received or
obtained, or to be received or obtained by Debtor, or gross
purchase price, as the case may be, regardless of when the closing
of same takes place.

As disclosed in court filings, Rosewood is a "disinterested person"
as that term is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Greg Corbin
     Rosewood Realty Group
     38 E 29th St 5th floor
     New York, NY 10016
     Phone: +1 212-359-9900
     Email: Greg@rosewoodrg.com

                     About 5th Street Parking

5th Street Parking LLC is a single asset real estate (as defined in
11 U.S.C. Sec. 101(51B)).

5th Street Parking sought Chapter 11 bankruptcy protection (Bankr.
S.D.N.Y. Case No. 22-10456) on April 12, 2022.  In the petition
filed by Mylene Liggett, as member, 5th Street estimated assets
between $1 million and $10 million and estimated liabilities
between $1 million and $10 million.  

Julio E. Portilla, of the Law Office of Julio E. Portilla, P.C., is
the Debtor's counsel.


78-80 ST MARK'S: Trustee Taps LaMonica Herbst as Legal Counsel
--------------------------------------------------------------
Marianne T. O'Toole, Esq., Chapter 11 trustee for 78-80 St Mark's
Place, LLC, seeks approval from the U.S. Bankruptcy Court for the
Southern District of New York to hire LaMonica Herbst & Maniscalco,
LLP as her counsel.

The firm will render these services:

     a. advise the Trustee and perform legal services necessary to
administer the estate, including preserving assets of the
Debtor’s estate;

     b. advise the Trustee on an exit strategy for this case, which
may include the sale of the Debtor’s property;

     c. assist the Trustee with an investigation into the
Debtor’s financial and business affairs and, as may be directed,
the pursuit and recovery of any avoidable transfers of the
Debtor’s assets;

     d. prepare, as may be necessary, a Chapter 11 plan and related
documents; and

     e. prepare and file motions and applications as directed by
the Trustee in connection with her statutory duties.

The firm will be paid at these rates:

      Partners            $675 per hour
      Associates          $425 per hour
      Paraprofessionals   $225 per hour

LaMonica Herbst is a "disinterested person" as that term is defined
in section 101(14) of the Bankruptcy Code, according to court
filings.

The firm can be reached through:

     Holly R. Holecek, Esq
     LaMONICA HERBST & MANISCALCO, LLP
     3305 Jerusalem Avenue, Suite 201
     Wantagh, NYk 11793
     Tel: 516-826-6500

                   About 78-80 St Mark's Place

78-80 St Mark's Place, LLC filed a petition for Chapter 11
protection (Bankr. S.D. N.Y. Case No. 21-12139) on Dec. 29, 2021,
listing $15,012,427 in assets and $8,128,713 in liabilities.
Lawrence V. Otway, sole member, signed the petition.

Judge Martin Glenn oversees the case.

The Debtor tapped Andrew R. Gottesman, Esq., at Mintz & Gold, LLP
as legal counsel.


7910 MAIN STREET: Seeks to Hire Bensamochan Law Firm as Counsel
---------------------------------------------------------------
7910 Main Street Property, LLC seeks approval from the U.S.
Bankruptcy Court for the Central District of California to hire
Eric Bensamochan, Esq. and The Bensamochan Law Firm Inc. as its
counsel.

The firm's services include:

     a. advising the Debtor about the requirements of the
Bankruptcy Court, the Bankruptcy Code, the Bankruptcy Rules, and
the Office of the United States Trustee as they pertain to the
Debtor;

     b. advising the Debtor about certain rights and remedies of
the Debtor's bankruptcy estate and the rights, claims, and
interests of the creditors;

     c. representing the Debtor in any proceeding or hearing in the
Bankruptcy Court involving the Debtors' estate, unless the Debtor
is represented in such proceeding or hearing by other special
counsel;

     d. conducting examinations of witnesses, claimants, or adverse
parties and representing the Debtors in any adversary proceeding
except to the extent that any such adversary proceeding is in an
area outside of  proposed counsel‘s expertise or which is beyond
Mr. Bensamochan' s staffing capabilities;

     e. preparing and assisting the Debtor in his preparation of
reports, applications, pleadings and orders including, but not
limited to, applications to employ professionals, monthly operating
reports, quarterly reports, other motions, etc.

     f. assisting the Debtor in the negotiation, formulation,
preparation, and ultimate confirmation of a plan of reorganization
and the preparation and approval of a disclosure statement in
respect of the plan; and

     g. performing any other services which may be appropriate in
Eric Bensamochan‘s representation of the Debtors during the
Debtors' bankruptcy case.

The current hourly billing rate for Mr. Bensamochan is $425 per
hour.

The firm received a retainer in the amount of $5,000.

Eric Bensamochan is a "disinterested person" as defined by section
101(14) of the Bankruptcy Code.

     Eric Bensamochan, Esq.
     The Bensamochan Law Firm Inc
     9025 Wilshire Blvd, Ste 215
     Beverly Hills, CA 90211-1825
     Phone: 818-574-5740
     Fax: 818-961-0138
     Email: eric@eblawfirm.us

                  About 7910 Main Street Property

7910 Main Street Property LLC is a Single Asset Real Estate (as
defined in 11 U.S.C. § 101(51B)).

7910 Main Street Property sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-10877) on May
27, 2022. The case is assigned to Honorable Bankruptcy Judge Scott
C Clarkson.

Eric Bensamochan, of The Bensamochan Law Firm, Inc., is the
Debtor's counsel.


87TH STREET: July 14 Hearing on Disclosures for Sale Plan
---------------------------------------------------------
Judge Eddward P. Ballinger Jr. will consider the approval of the
Disclosure Statement explaining the Plan of 87th Street, LLC, at a
hearing on July 14, 2022 at 10:00 a.m.

The Disclosure Statement Hearing will be conducted telephonically
unless otherwise ordered. To make your appearance call
877-810-9415, access code 1064631, several minutes before the
hearing.

Any party desiring to object to the Court's approval of the
Disclosure Statement must file a written objection with the Court
via the Electronic Court Filing System and must be filed by July 7,
2022.

The Court has set July 13, 2022 as the deadline for
non-governmental creditors to file proofs of claim.

                      Plan of Reorganization

The Debtor filed a Plan of Reorganization and a Disclosure
Statement on June 14, 2022.

The Debtor was formed to acquire title to the real property located
at 3914 N. 87th St., Scottsdale, AZ 85251.  The Debtor is a single
asset real estate company whose sole member is Jaime Chamberlain.
At the time Debtor was formed, Ms. Chamberlain was married to Ricki
Lee Wells, but they are presently involved in a marital dissolution
proceeding pending in Maricopa County Superior Court, Case No.
FC2021-003831.  Ms. Chamberlain and her minor children reside and
have resided since Debtor purchased the Property in May 2016.

In May 2022, the Court approved the sale of the property to MwM
Vicsdale LLC for $940,000.  The sale of the Property to Buyer is
scheduled to close on June 30, 2022.

This Plan proposes the reorganization of Debtor and distributions
to creditors in accordance with the priorities set forth in the
Bankruptcy Code and as provided under the Plan.

This Plan contemplates: (1) the sale of the Property; (2)
disbursement of the sale proceeds to the holders of all allowed
claims on the Effective Date of the Plan; (3) disbursement of
one-half of all remaining sale proceeds and other cash held by the
Debtor to Debtor’s sole member Jaime Chamberlain immediately on
the Effective Date; and (4) disbursement of all remaining property
of the Debtor, including without limitation the remaining sale
proceeds, to Jaime Chamberlain after the expiration of 60 days from
the Effective Date, absent the entry of an order by the Maricopa
County Superior Court having jurisdiction over the dissolution
proceedings between Jaime Chamberlain and Ricki Lee Wells directing
a different disposition of such property, or enjoining the
distribution of such property.

Unsecured creditors are unimpaired in the sale plan.

                      About 87th Street LLC

87th Street LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No.
22-01168) on Feb. 28, 2022.  At the time of filing, the Debtor
estimated $500,001 to $1 million in assets and $100,001 to $500,000
in liabilities.  Bradley David Pack, Esq., at Engelman Berger PC,
serves as the Debtor's counsel.


87TH STREET: Property Sale to MwM Vicsdale to Fund Plan Payments
----------------------------------------------------------------
87th Street LLC filed with the U.S. Bankruptcy Court for the
District of Arizona a Disclosure Statement for Plan of
Reorganization dated June 14, 2022.

The Debtor is a single asset real estate company whose sole member
is Jaime Chamberlain. Debtor was formed to acquire title to the
real property located at 3914 N. 87th St., Scottsdale, AZ 85251
(the "Property"). The Property is a single family residence, in
which Ms. Chamberlain and her minor children reside and have
resided since Debtor purchased the Property in May 2016.

The Debtor purchased the Property in May 2016 for the purchase
price of $575,000. It paid a $175,000 down payment and obtained a
loan in the amount of $400,000 (the "Loan") from Black Canyon
Anesthesia P.C. Profit Sharing Plan ("Lender") to finance the
balance of the purchase price. The Loan is secured by a deed of
trust on the Property.

The trustee's sale was set for March 1, 2022. While there is
substantial equity in the Property, Debtor did not have the ability
to pay the Note in full prior to the trustee's sale. Debtor filed
the instant bankruptcy petition in order to protect the substantial
equity in the Property and to provide sufficient breathing room to
formulate a plan to sell or refinance the Property to payoff the
Note, or alternatively, to negotiate an agreement with Lender that
will enable Debtor to avoid foreclosure.

On April 21, 2022, Debtor filed its Debtor's Motion to Approve Sale
of Real Property Free and Clear of Liens and Encumbrances Pursuant
to 11 U.S.C. § 363(f) (the "Sale Motion"). The Court held a
hearing on the Sale Motion on May 24, 2022, and on May 27, the
Court entered an order approving the Sale Motion. The order
approved Debtor's sale of the Property free and clear of liens and
encumbrances, in accordance with the terms of the Residential
Resale Real Estate Purchase Contract attached to the Sale Motion.
As of the date of this Disclosure Statement, the sale of the
Property to Buyer is scheduled to close on June 30, 2022.

This Plan contemplates: (1) the sale of the Property; (2)
disbursement of the sale proceeds to the holders of all allowed
claims on the Effective Date of the Plan; (3) disbursement of one
half of all remaining sale proceeds and other cash held by the
Debtor to Debtor's sole member Jaime Chamberlain immediately on the
Effective Date; and (4) disbursement of all remaining property of
the Debtor, including without limitation the remaining sale
proceeds, to Jaime Chamberlain after the expiration of 60 days from
the Effective Date, absent the entry of an order by the Maricopa
County Superior Court having jurisdiction over the dissolution
proceedings between Jaime Chamberlain and Ricki Lee Wells directing
a different disposition of such property, or enjoining the
distribution of such property.

Class 3 is comprised of the Allowed Secured Claim asserted by Black
Canyon Anesthesia P.C. Profit Sharing Plan, which Claim arises out
of the First Position Secured Promissory Note dated May 10, 2016 in
the original principal amount of $400,000, and which is secured by
a First Position Deed of Trust and Assignment of Rents on the
Property recorded with the Office of the Maricopa County Recorder
at Document No. 2016-0325224.

Class 3 Allowed Claims shall be paid in full on the later of: (1)
the Effective Date; (2) the date on which such Claim becomes an
Allowed Claim; or (3) the date that payment of such Allowed Claim
is due under applicable non-bankruptcy law. Notwithstanding the
foregoing, Debtor may pay all or any undisputed portion of the
Class 3 Claim upon the closing of any sale of the Property,
regardless of whether the Class 3 Claim has become an Allowed
Secured Claim as of the date of such closing. Class 3 Claims are
unimpaired.

Class 5 is comprised of all Allowed Claims that are not classified
within any other Class under this Plan. Debtor is not aware of the
existence of any Claims in this Class. Class 5 Allowed Claims shall
be paid in full on the later of: (1) the Effective Date; (2) the
date on which such Claim becomes an Allowed Claim; or (3) the date
that payment of such Allowed Claim is due under applicable
non-bankruptcy law. Class 5 Claims are unimpaired.

Class 6 is comprised of the Allowed Interests in Debtor held by
Jaime Chamberlain. The holders of any Allowed Interests in the
Property shall retain their Interests, and shall be entitled to
receive distributions from the Debtor in accordance with the
provisions of applicable non-bankruptcy law.

Notwithstanding the foregoing, in light of the pendency of the
marital dissolution proceedings between Ricki Lee Wells and
Debtor's sole member Jaime Chamberlain, Debtor shall retain in at
least 50% of the net proceeds from the sale of the Property
remaining after paying all costs of all sale and all other payments
required to be made under the terms of this Plan for a period of no
less than 60 days from the Effective Date.

Upon the expiration of such 60 day period, all such remaining sale
proceeds, together with any other property owned by Debtor, may be
distributed to Jaime Chamberlain, unless Ricki Lee Wells has
obtained an order from the Maricopa County Superior Court directing
a different distribution of such funds or property, or enjoining
the distribution of such funds or property to Ms. Chamberlain.
Class 6 Interests are unimpaired.

The Plan will be funded with the proceeds from the sale of the
Property. The sale of the Property to MwM Vicsdale LLC ("Buyer") is
expected to close on or before June 30, 2022. In the event Buyer
fails to close on the sale of the Property by such date, Debtor
shall be entitled, in the exercise of its reasonable business
judgment, to extend the deadline for closing on the sale, or to
cancel the contract with Buyer, retain the earnest deposit, and
offer the Property for sale to other prospective purchasers. Court
approval for any sale of the Property that closes after the
Effective Date shall not be necessary unless the proceeds of the
sale are insufficient to pay all Allowed Claims in full on the
Effective Date.

A full-text copy of the Disclosure Statement dated June 14, 2022,
is available at https://bit.ly/3Hxj7vC from PacerMonitor.com at no
charge.

Attorney for the Debtor:

     Bradley D. Pack, Esq.
     Engelman Berger, PC
     2800 North Central Avenue, Suite 1200
     Phoenix, AZ 85004
     Telephone: (602) 271-9090
     Facsimile: (602) 222-4999
     Email: bdp@eblawyers.com

                        About 87th Street LLC

87th Street LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No.
22-01168) on Feb. 28, 2022. At the time of filing, the Debtor
estimated $500,001 to $1 million in assets and $100,001 to $500,000
in liabilities. Bradley David Pack, Esq. at Engelman Berger PC
serves as the Debtor's counsel.


942 PENN RR: Court Directs Chapter 11 Trustee Appointment
---------------------------------------------------------
Judge Laurel M. Isicoff of the U.S. Bankruptcy Court for the
Southern District of Florida granted the motion of secured creditor
1250916 Ontario Limited and joined by creditors G. Proulx, LLC,
Immokalee Real Estate Holdings, LLC, and Marjam Supply of Florida,
LLC for appointment of a Chapter 11 trustee in the case of 942 Penn
RR, LLC.

The Court considered argument of counsel, reviewed the pleadings,
the entire court file, including the Verified Response and
Supplement to the Response filed by the Debtor and joined by the
owners of the Debtor, Raz Ofer and Robert Mendez.

At the June 8, 2022 hearing, the Court directed the Debtor's
counsel to file a detailed motion for use of cash collateral and a
certification indicating that all of the cash collateral that was
used without Court authority has been returned and is in the
Debtor's counsel's trust account by June 13, and that the failure
to do so would result in the appointment of a Chapter 11 Trustee
without an evidentiary hearing.

The Debtor failed to file a cash collateral motion or certification
that the cash collateral funds had been returned by June 13. In
addition, the Court finds there are other objective reasons why a
Chapter 11 Trustee should be appointed under Sections 1104(a) and
1112(b)(1) of the Bankruptcy Code, none of which requires an
evidentiary hearing.

The Court will conduct a Status Conference on July 20, 2022 at
10:30 a.m. at the United States Bankruptcy Court, C. Clyde Atkins
U.S. Courthouse, 301 N. Miami Avenue, Courtroom 8, Miami, Florida,
33128, at which time the Chapter 11 Trustee shall present a report
on the status of the case and any recommendations to the Court.

A copy of the order is available for free at https://bit.ly/3aVC6Us
from PacerMonitor.com.

Counsel for 1250916 Ontario:

     Eric J. Silver, ESQ.
     STEARNS WEAVER MILLER WEISSLER ALHADEFF & SITTERSON,
P.A.
     Museum Tower, Suite 2200
     150 West Flagler Street
     Miami, FL 33130
     Telephone: (305) 789-3200
     Facsimile: (305) 789-3395
     E-mail: esilver@stearnsweaver.com

             About 942 Penn RR LLC

942 Penn RR, LLC, owns a short-term luxury apartment building
located at 942 Pennsylvania Ave., Miami Beach, FL 33139.

942 Penn RR filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-14038) on
May 23, 2022. In the petition filed by Raziel Ofer, manager, the
Debtor disclosed $1,617,630 in total assets and $27,179,541 in
total liabilities.

Judge Robert A. Mark oversees the case.

The Law Office of Mark S. Roher, PA serves as the Debtor's counsel.


A.G. DILLARD: Unsecured Creditors' Recovery Hiked to 15% in Plan
----------------------------------------------------------------
A.G. Dillard, Inc., submitted an Amended Disclosure Statement and
an Amended Plan of Reorganization dated June 14, 2022.

The Debtor is in possession of a note receivable in the amount of
$439,709 from Alan G. Dillard, III on account of certain
transactions entered into at the suggestion of the former Chief
Financial Officer of the Debtor, Bruce Neidlinger. Mr. Dillard
disputes the obligation that forms the basis of this note.

Alan G. Dillard, III is also the sole owner of Priam's Gate, LLC,
which owns the real estate out of which the Debtor operates and
leases said real estate to the Debtor pursuant to a 5 year written
lease, the most recent of which is dated January 1, 2020 (the
"Lease"). Pursuant to the Lease, the Debtor is obligated to pay
Priam's Gate, LLC $26,000 per month in rent. In the year prior to
filing, Mr. Dillard received $312,000 in rent payments pursuant to
the Lease. Those rental payments have been reduced pursuant to the
Third and Fourth Cash Collateral Orders in this Case.

The Debtor filed on May 26, 2022, the Debtor's Motion for (I)
Authority to Sell Property of the Estate at Private Sale Free and
Clear of All Liens, Claims, Rights, and Interests; (II) Authority
Related to Closing and Distribution of Sale Proceeds; and (III)
Related Relief (the "First Sale Motion") wherein the Debtor seeks
to sell 48 pieces of equipment (the "First Equipment Sale").

In addition, the Debtor has recently determined that another sale
motion (the "Proposed Second Sale Motion" and together with the
First Sale Motion, the "Sale Motion") will be feasible for
continued operation and allow the Debtor to maximize creditor
recoveries. Importantly, the Debtor anticipates either (i)
obtaining sufficient funds to pay off all secured lenders other
than BRB through the Proposed Second Sale Motion, which the Debtor
anticipates setting for hearing in conjunction with the
Confirmation Hearing and (ii) consenting to relief from stay and
surrendering certain Equipment. As a result, BRB is the only
Creditor with treatment addressed.

On June 14, 2022, the Debtor filed the Debtor's Motion for Entry of
an Order (I) Authorizing Debtor to Obtain Post-Petition Secured
Financing; and (II) Granting Related Relief (the "Exit Financing
Motion") whereby the Debtor seeks authorization to enter into an
agreement with the Lender with the consent and agreement of BRB to
finance the Debtor's remaining collateral at 80% of the Lender's
valuation of same ("Exit Financing"). As the only remaining secured
creditor after the Sale Motions and consensual relief from stay,
the proceeds of the Exit Financing Motion would be used primarily
to pay down the Allowed Secured Claim of BRB, but also to fund the
payment of administrative claims in the case.

At this time, the Debtor has identified the following claim as
objectionable: Claim number 32 of AVT Virginia, LP as duplicative
of the claim of Huntington National Bank at Claim number 9. The
Debtor understands that AVT Virginia LP will voluntarily withdraw
Claim number 32.

Class 1 consists of the Secured Claim of Blue Ridge Bank, N.A.in
the amount of $4,031,5 87.28 (Claim 53). The Secured Allowed Amount
of the Claim will be paid in part by the proceeds of the First Sale
Motion and the financing sought in the Exit Financing Motion. The
remaining Secured Allowed Amount of the Claim shall be paid in
monthly payments on the remaining Allowed Secured Claim amortized
over a 10 year period at 4% interest with interest only payments
due for the first year and a balloon payment at year 5. The
remainder of the Claim shall be treated as a General Unsecured
Class 2 Claim.

Class 2 consists of General Unsecured Claims (estimated to be
approximately $5,082,748.00). Holders of Class 2 Allowed Claims
shall share pro rata in 20 quarterly distributions in the amount of
40% of quarterly net income. Quarterly net income shall be defined
as funds remaining after payment of all ordinary and necessary
business expenses and Plan payments (including payment in full of
Administrative Claims) in a given 3 month period.

In the Debtor's business judgement, it needs to maintain control of
the remaining 60% of quarterly net income in order to maintain
profitable business operations post-Effective Date and to account
for unexpected business expenses and other unexpected business
events, including investments of working capital. The extent of the
recovery for Class 2 Allowed Claims is speculative, but is expected
to be approximately 15%. The first payment to Class 2 shall be paid
within 60 days from the Effective Date and subsequent payments,
every 3 months thereafter.

To the extent Creditors in Class 2 have claims that have not yet
been allowed due to anticipated payment from another source as a
result of the Debtor's assumption or rejection of an Executory
Contract, the Debtor will reserve for a distribution in the lesser
of the full amount of the claim or any agreed undisputed amount.
The Committee has received payment of $25,000 from the Breeden
Order. Class 2 Allowed Claims shall receive their pro rata share of
this payment in the first distribution.

Class 3 consists of all of the equity interests in the Debtor. On
the Effective Date, equity in the Reorganized Debtor will vest in
the highest bidder(s) as set forth in the Debtor's Motion for (I)
An Order (A) Approving Bidding Procedures for the Sale of Equity
Security in the Debtor; (B) Authorizing and Scheduling an Auction;
(C) Scheduling a Hearing on Approval of the Sale of the Debtor's
Equity Security; (D) Approving Certain Deadlines and the Form,
Manner, and Sufficiency of Notice; and (E) Granting Other Related
Relief; and (II) An Order (A) Approving the Sale of the Debtor's
Equity Security Conducted Pursuant to the Bid Procedures Order; (B)
Granting Authority Related to Closing and Distribution of Proceeds;
and (C) Related Relief (the "Bid Procedures Motion") wherein the
Debtor proposes certain procedures to govern an auction of the
Debtor's Equity should there be interest and competing bids (the
"Equity Bid Procedures").

Alan G. Dillard, III, the current Equity Interest Holder, and the
Debtor's professionals, are actively in discussions with potential
purchasers of all or a portion of the equity interest in the
Debtor. If those negotiations do not materialize and no Competing
Bids are submitted, the Debtor believes the current Equity Interest
Holder can retain the equity interests by contributing new value.
On June 13, 2022, Alan G. Dillard, III submitted his Stalking Horse
Bid per the Bid Procedures Motion for $100,000.

Class 3 is unimpaired under the Plan. Holders of interests in Class
15 are conclusively presumed to have accepted the Plan pursuant to
§ 1126(f) of the Bankruptcy Code. Therefore, Holders of Interests
in Class 3 are not entitled to vote to accept or reject the Plan.

Payments and distributions under the Plan will be funded by (i) the
Sale Motions, (ii) proposed Exit Financing (iii) sale of the
Debtor's equity; and (iv) the Debtor's ongoing business
operations.

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

Counsel for the Debtor:

     Robert S. Westermann, Esq.
     Brittany B. Falabella, Esq.
     Hirschler Fleischer, P.C.
     2100 East Cary Street
     Richmond, VA 23218-0500
     Tel: (804) 771-9500
     Fax: (804) 644-0957
     Email: rwestermann@hirschlerlaw.com
            bfalabella@hirschlerlaw.com

                    About A.G. Dillard, Inc.

A.G. Dillard, Inc. is an excavating contractor in Troy, Virginia.
It provides a wide variety of site construction services, including
site remodeling, clearing and demolition, pond repair/conversion,
excavating and grading, site concrete, and paving.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Va. Case No. 22-60115) on Feb. 9,
2022.  In the petition signed by Alan G. Dillard, III, president,
the Debtor disclosed up to $50 million in both assets and
liabilities.

Robert S. Westermann, Esq. at Hirschler Fleischer, PC, is the
Debtor's counsel.

Blue Ridge Bank, as lender, is represented by Michael D. Mueller,
Esq. at Williams Mullen.


ACORN GRAPHICS: Revived After Bankruptcy Auction
------------------------------------------------
Michael Schwartz of Richmond BizSense reports that the remnants of
a bankrupt local sign maker and printing company have been given
new life.

Acorn Sign Graphics recently reopened for business under the
ownership of Pennsylvania-based competitor iSign, after a
bankruptcy court-ordered auction spurred by Acorn's abrupt closure
and Chapter 7 filing in February.

iSign President Sam Morgan scored the winning bid on the Acorn
name, website and other equipment and intellectual property during
the competitive auction held in May, which generated $240,000 in
proceeds for the ongoing Acorn bankruptcy estate.

Morgan said his revival of Acorn includes hiring back at least some
of the company's former employees and opening a new Acorn office in
the Richmond area at 405 E. Laburnum Ave.

"We're bringing back key employees," Morgan said, adding that Acorn
had more than 40 workers at the time of its shuttering. "We have
two so far and will start with a small office. We're hoping to stay
in Richmond and bring the company back."

                    Old Acorn's Liquidation

While iSign now owns the Acorn name, the shell of the old Acorn
remains in liquidation at the hands of bankruptcy trustee Bill
Broscious.

Broscious hired Richmond-based auction house Dudley Resources to
carry out what was initially planned as a two-pronged approach to a
sale to generate cash for Acorn's creditors.

The first option was to try to find a single buyer for the entirety
of Acorn's business and assets. When that didn't pan out, option
two was put in play to sell off assets in a piecemeal fashion at a
public auction.

Morgan said the auction was competitive and multiple bids kept
driving up the price before he ultimately won the pieces he
needed.

He and iSign paid $17,800 for the Acorn name and web domain and
$77,000 for Acorn's "total business enterprise system."  He said
that system includes all of Acorn's records of accounts and client
graphics -- a big get in the signage world.

Broscious, Acorn's bankruptcy trustee, continues to mine for money
for Acorn's creditors.

Acorn's fall into bankruptcy came after nearly two decades under
the ownership of husband-and-wife Steve and Beth Gillispie.  Just
five years ago it was named to the Inc. 5000 list of the nation's
fastest growing companies with $6 million in revenue.

Acorn said its demise was due in part to a dispute with one of its
biggest customers, Henrico-based LL Flooring.  Acorn stated in
bankruptcy filings that it is owed more than $1 million from the
publicly traded flooring retailer.

While the two sides disagreed on who was owed money in the contract
dispute, a settlement was reached earlier this month by which
Lumber Liquidators will pay $385,000 to the Acorn estate. The
resolution settles any disagreements without either side admitting
fault.

Broscious is represented in the Chapter 7 proceedings by attorney
Jeremy Williams of law firm Kutak Rock.  In addition to the auction
proceeds, Williams said the money from LL Flooring will be pooled
with $446,000 of cash already on hand in the estate.

"We're pretty excited to have reached what we think is a good
resolution for the estate," Williams said.

He added that the estate's main creditor, Virginia Community
Capital, will be paid what it's owed in full, with some funds
remaining for unsecured creditors.

Williams said work continues to recover some accounts receivables
and potentially additional funds from a lawsuit filed against one
of Acorn's former vendors.

                   About Acorn Sign Graphics

Acorn Sign Graphics sought Chapter 7 bankruptcy protection (Bankr.
E.D. Va. Case No. 22-30449) on Feb. 23, 2022.  In its filing, Acorn
Sign listed estimated assets of between $500,000 and $1 million and
estimated liabilities of between $1 million and $10 million.

The Debtor's counsel:

      David K. Spiro
      Spiro & Browne, PLC
      Tel: 804-387-0186
      E-mail: dspiro@sblawva.com


ALASKA AIR: Egan-Jones Keeps B LC Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company on May 2, 2022, maintained its 'B' local
currency senior unsecured ratings on debt issued by Alaska Air
Group, Inc.

Headquartered in SeaTac, Washington, Alaska Air Group, Inc. is an
airline holding company.



ALL YEAR HOLDINGS: Taps Herrick Feinstein as Special Counsel
------------------------------------------------------------
All Year Holdings Limited received approval from the U.S.
Bankruptcy Court for the Southern District of New York to employ
Herrick, Feinstein LLP as its special litigation counsel.

Herrick will provide litigation and related services to Wythe Berry
Fee Owner LLC, a 50 percent owned subsidiary of the parent debtor,
in connection with the matter styled Wythe Berry Fee Owner LLC v.
Wythe Berry LLC et al., Index No. 514152/2021, which is currently
pending in the Supreme Court of the State of New York, Kings
County.

The firm will render these services:

     (a) obtain pendente lite relief in the form of an order
compelling Lessee to pay use & occupancy for its holdover of the
leased premises;

     (b) seek expedited discovery from the defendants;

     (c) temporarily restrain Lessee from entering into new
subleases;

     (d) defend against the defendants' unsuccessful attempt to
dismiss the action; and

     (e) compel non-parties to comply with subpoenas issued to
obtain information relevant to the claims
asserted by PropCo.

The firm will be paid at these rates:

     Avery S. Mehlman, Partner    $880 per hour
     Dov Weinstock, Counsel       $670 per hour
     Associates                   $380-$580 per hour

Avery Mehlman, Esq., member of Herrick, assured the court that the
firm does not represent or hold any interest adverse to the Parent
Debtor, the PropCo, or its estate with respect to the matters on
which it is to be employed.

In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, Ms.
Mehlman disclosed that:

     -- it has not agreed to any variations from, or alternatives
to, its standard or customary billing arrangements for this
engagement;

     -- Herrick professionals sometimes vary their rate depending
on geographic location of the case; and

     -- the Debtor has not approved the prospective budget and
staffing plan.

The firm can be reached through:

     Avery S. Mehlman, Esq.
     Herrick, Feinstein LLP
     Two Park Avenue
     New York, NY 10016
     Phone: 212-592-5985
     Fax: 212-545-3424
     Email: amehlman@herrick.com

                  About All Year Holdings Limited

All Year Holdings Limited is a real estate development company
founded by American real estate developer Yoel Goldman. It operates
as a holding company, which, through its direct and indirect
subsidiaries, focuses on the development, construction,
acquisition, leasing and management of residential and commercial
income producing properties in Brooklyn, N.Y. The company's
portfolio includes 1,648 residential units and 69 commercial units
in Bushwick, Williamsburg, and Bedford-Stuyvesant.

All Year Holdings sought Chapter 11 bankruptcy protection (Bankr.
S.D.N.Y. Case No. 21-12051) on Dec. 14, 2021. At the time of the
filing, the Debtor listed $1 billion to $10 billion in assets and
liabilities.  

Judge Martin Glenn oversees the case.  

Weil, Gotshal & Manges LLP, led by Matthew Paul Goren, Esq., is the
Debtor's bankruptcy counsel while Koffsky Schwalb, LLC and Bartov &
Co. serve as special counsels. Donlin Recano & Company, Inc. is the
Debtor's administrative agent.


ALLEGIANT TRAVEL: Egan-Jones Hikes Senior Unsecured Ratings to BB
-----------------------------------------------------------------
Egan-Jones Ratings Company on April 28, 2022, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Allegiant Travel Company to BB from BB-.

Headquartered in Las Vegas, Nevada, Allegiant Travel Company
operates as a leisure travel company.



ALPHA ENTERTAINMENT: McMahon, Luck Headed for Trial After Settlment
-------------------------------------------------------------------
Ethan Renner of YardBarker reports that Alpha Entertainment's Vince
McMahon and former XFL commissioner Oliver Luck's lawsuits against
one another are headed to trial after today's settlement talks
lasted just nine minutes.

Pro Football Talk and The Athletic's Daniel Kaplan report that
mediators met with representatives for both sides on Wednesday in
an attempt to reach a settlement agreement, but that talks quickly
fizzled.

Luck is suing McMahon's company for $23.8 million in compensation
from his XFL contract, after McMahon had provided a personal
guarantee that Luck would be paid. McMahon countersued Luck,
alleging that Alpha incurred damages of over $572,000 as a result
of Luck breaching his contract and duties.

A trial date has been set for July 11, 2022.

This iteration of the XFL was announced in January 2018, and kicked
off in February 2020.  Luck was named commissioner of the league in
June 2018.

After suspending operations in the midst of the COVID-19 pandemic,
the XFL fired Luck and all of its employees, then filed for Chapter
11 bankruptcy protections three days later in April 2020.

A group led by Dwayne "The Rock" Johnson and business partner Dani
Garcia ended up purchasing the XFL in August 2020, and the league
is now set for a February 2023 relaunch.

                   About Alpha Entertainment

Alpha Entertainment LLC, which does business as the "Xtreme
Football League" -- https://www.alphaentllc.com/ -- is a
professional American football league. The XFL kicked off with
games beginning in February 2020.  The XFL offered fast-paced,
three-hour games with fewer play stoppages and simpler rules. The
XFL featured eight teams, 46-man active rosters, and a 10-week
regular season schedule, with a postseason consisting of two
semifinal playoff games and a championship game.  The eight XFL
teams were the DC Defenders, the Dallas Renegades, the Houston
Roughnecks, the Los Angeles Wildcats, the New York Guardians, the
St. Louis BattleHawks, the Seattle Dragons, and the Tampa Bay
Vipers.

Alpha Entertainment, based in Stamford, CT, filed a Chapter 11
petition (Bankr. D. Del. Case No. 20-10940) on April 13, 2020.  The
Hon. Laurie Selber Silverstein oversees the case.  In its petition,
the Debtor was estimated to have $10 million to $50 million in both
assets and liabilities.  The petition was signed by John Brecker,
independent manager.

The Debtor hired Young Conaway Stargatt & Taylor, LLP as counsel.
Donlin Recano & Company, Inc., is the claims agent and
administrative advisor.


AMERICAN AIRLINE: Egan-Jones Keeps B- Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company on May 3, 2022, maintained its 'B-'
local currency senior unsecured ratings on debt issued by American
Airlines Group Inc. EJR also maintained its 'B' rating on
commercial paper issued by the Company.

Headquartered in Fort Worth, Texas, American Airlines Group Inc.
operates an airline that provides scheduled passenger, freight, and
mail service throughout North America, the Caribbean, Latin
America, Europe, and the Pacific.



APOLLO ENDOSURGERY: Two Proposals Passed at Annual Meeting
----------------------------------------------------------
Apollo Endosurgery, Inc. held its 2022 Annual Meeting at which the
stockholders:

   (1) elected R. Kent McGaughy, Jr. and Jeannette Bankes as
directors to hold office until the 2025 Annual Meeting of
Stockholders and until their successors are duly elected and
qualified, subject to their earlier resignation or removal; and

   (2) approved the selection of Moss Adams LLP to act as the
Company's independent registered public accounting firm for the
year ending Dec. 31, 2022.

                     About Apollo Endosurgery

Apollo Endosurgery, Inc. -- http://www.apolloendo.com-- is a
medical technology company focused on less invasive therapies to
treat various gastrointestinal conditions, ranging from
gastrointestinal complications to the treatment of obesity.
Apollo's device-based therapies are an alternative to invasive
surgical procedures, thus lowering complication rates and reducing
total healthcare costs.  Apollo's products are offered in over 75
countries and include the OverStitch Endoscopic Suturing System,
the OverStitch Sx Endoscopic Suturing System, and the ORBERA
Intragastric Balloon.

Apollo Endosurgery reported a net loss of $24.68 million for the
year ended Dec. 31, 2021, a net loss of $22.61 million for the year
ended Dec. 31, 2020, and a net loss of $27.43 million for the year
ended Dec. 31, 2019.  As of March 31, 2022, the Company had $125.02
million in total assets, $69.98 million in total liabilities, and
$55.03 million in total stockholders' equity.


ARCHDIOCESE OF NEW ORLEANS: Heller Draper 2nd Update on Apostolates
-------------------------------------------------------------------
In the Chapter 11 cases of The Roman Catholic Church of the
Archdiocese of New Orleans, the law firm of Heller, Draper,
Patrick, and Horn, LLC submitted a second amended verified
statement under Rule 2019 of the Federal Rules of Bankruptcy
Procedure, to disclose an updated list of Apostolates that it is
representing.

This Second Amended Verified Statement modifies the Amended
Verified Statement of the Apostolates Under Bankruptcy Rule 2019
filed on March 18, 2022 [Dkt. No. 1362] to clarify the disclosable
economic interest that each member of the Apostolates and St.
Joseph Abbey and Seminary College have in the Debtor.

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

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

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

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

The Apostolates were joined together to address the concerns of the
Apostolates and advance the positions of the Apostolates as a
group, and as necessary, to defend the legal interests of the
Apostolates in this Chapter 11 Case. The Apostolates agreed that it
is in the best interest of the Apostolates to retain Heller Draper
as counsel to save costs and resources and further their interests.
The Apostolates and St. Joseph Abbey and Seminary College further
agreed to empower Heller Draper to act on behalf of all Apostolates
and St. Joseph Abbey Seminary College in the Debtor's bankruptcy
case.

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

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

A copy of the Rule 2019 filing is available at
https://bit.ly/39zjAkC at no extra charge.

                About The Roman Catholic Church of
                 the Archdiocese of New Orleans

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

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

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

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

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


ARMSTRONG FLOORING: Bid Deadline for N.A. Assets Extended
---------------------------------------------------------
Lisa Scheid of Lancaster Online reports that Armstrong Flooring
Inc. is extending the deadline for bids to accommodate potential
buyers who want to keep the business going.

A company spokesperson Tuesday said East Lampeter Township-based
Armstrong Flooring is extending the deadline for bids on its North
American assets to June 23.  The company said the move had support
of its secured lenders and creditors committee.  Attorneys for a
secured lender and the creditors committee could not be reached for
comment.

As part of the May 31 order authorizing the sale, the company is
allowed to modify bid deadlines in consultation with its lenders
and creditors committee.  The announcement came as the clock was
ticking down to the deadline previously announced in bankruptcy
court of 11:59 p.m. Tuesday, June 14, 2022.  The new bid deadline
for North American assets is now the same as the deadline for bids
for Chinese and Australian assets.

Through the sale Armstrong Flooring seeks to pay its obligations to
lenders and creditors.

President and CEO Michel Vermette wrote to some employees Tuesday
morning that there was "positive momentum."

"We have received a number of proposals to acquire all of various
parts of our business as a going concern," Vermette wrote. "These
potential 'going concern buyers' want to acquire – and operate -
substantially all of our U.S. and non-U.S. business and assets.
While we cannot share the value of the proposals or the names of
the potential buyers, we want to share our enthusiasm for this
positive momentum."

A going concern means a buyer would continue to operate the
business rather than close it and sell off its assets. Vermette
said the prospective buyers are working "diligently" on their
qualified binding bids and asked for additional time.

Armstrong Flooring had been for sale for months before it filed for
Chapter 11 bankruptcy protection on May 8, 2022.  The company owes
an estimated $318 million, including $160 million in long-term
debt, and sought protection from lenders through bankruptcy. It
received court approval to sell off its assets it values at $517
million.

Armstrong Flooring has not said what companies have expressed
interest. The company notified 606 Lancaster County workers -- as
well as workers across the country -- that they could face
permanent layoff if there was no bidder to keep the company going.
The company has acknowledged in court documents that there could
ultimately be no bidders.

Armstrong Flooring most recently said in court documents that since
the May 8, 2022 bankruptcy filing it has executed nondisclosure
agreements with 28 new parties and has received four preliminary
proposals, two of which encompass the North American assets.

As recently as June 8, Armstrong Flooring attorneys said that
several parties that remain active in the sale process are not
pursuing a going-concern bid.

Armstrong operates seven manufacturing plants in three countries.
Two plants are in  Pennsylvania, one in Lancaster city and one in
Beech Creek Township, Clinton County. There are plants in Illinois,
Mississippi, Oklahoma and one plant each in China and Australia.
The plants in China and Australia are not part of the bankruptcy
but are part of the sale.

In its statement Tuesday, June 14, 2022, Armstrong Flooring said
that it anticipated receiving more than one qualified bid and if it
did, an auction would be held on June 27, 2022 at noon to determine
the highest or best offer.

Once the winning bid or bids are selected and approved by Armstrong
Flooring’s board of directors, the company said it will present
the winning bid or bids to the Delaware bankruptcy court at a
hearing scheduled for 3 p.m. on June 29, 2022.

"Armstrong Flooring is open for business and remains firmly
committed to our customers, vendors and employees as we navigate
the path forward," Vermette wrote to staff on Tuesday, June 14,
2022."“We are confident that this definitive action puts us in
the best possible position to preserve and maximize value for our
stakeholders."

Meanwhile the committee of unsecured creditors, which first met
June 9, 2022 is set to meet again at 10 a.m. Wednesday for a
continued hearing. A creditors' committee is held outside of the
presence of a judge and run by a representative of the U.S.
Trustee's office. A creditors' committee is supposed to ensure that
unsecured creditors, who may be owed relatively small sums, are
still represented in bankruptcy proceedings. The committee is
appointed by the U.S. trustee and ordinarily consists of unsecured
creditors who hold the seven largest unsecured claims against the
debtor.

                    About American Flooring

Armstrong Flooring, Inc. (NYSE: AFI) --
https://www.armstrongflooring.com/ -- is a leading global
manufacturer of flooring products and one of the industry's most
trusted and celebrated brands.  The company continually builds on
its resilient, 150-year legacy by delivering on its mission to
create a stronger future for customers through adaptive and
inventive solutions. Headquartered in Lancaster, Pennsylvania,
Armstrong Flooring safely and responsibly operates eight
manufacturing facilities globally.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 22-10426) on May 8, 2022.
In the petition signed by Michel S. Vermette, president and chief
executive officer, the Debtor disclosed $517,000,000 in assets and
$317,800,000 in liabilities.

Judge Mary F. Walrath oversees the case.

Skadden, Arps, Slate, Meagher and Flom, LLP is the Debtor's
counsel. Riveron Consulting, LP is the financial advisor, Houlihan
Lokey is the investment banker, and Epiq Corporate Restructuring,
LLC is the claims and noticing agent and administrative advisor.


ARMSTRONG FLOORING: U.S. Trustee Appoints Retiree Committee
-----------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent retirees in the Chapter 11 cases of
Armstrong Flooring, Inc. and its affiliates.

The committee members are:

     1. Richard Born
        Email: RK36070@gmail.com

     2. S. Todd Lewis
        Email: dtd161@gmail.com

     3. Jimmie D. Miner
        Email: jimminer@frontier.com

The committee represents retirees who are currently receiving
retirement benefits not covered by a collective bargaining
agreement or that are covered by a CBA but the union party thereto
has elected not to serve as their authorized representative.

                     About Armstrong Flooring

Armstrong Flooring, Inc. (NYSE: AFI) --
https://www.armstrongflooring.com/ -- is a global manufacturer of
flooring products. Headquartered in Lancaster, Pa., Armstrong
Flooring operates eight manufacturing facilities globally.

Armstrong Flooring and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
22-10426) on May 8, 2022. In its petition, Armstrong Flooring
listed $517 million in total assets and under $500 million in
liabilities. Michel S. Vermette, president and chief executive
officer, signed the petition.

Judge Mary F. Walrath oversees the cases.

The Debtors hired Skadden, Arps, Slate, Meagher & Flom, LLP and
Chipman Brown Cicero & Cole, LLP as bankruptcy counsels; and
Houlihan Lokey Capital, Inc. as financial advisor and investment
banker. The Debtors also tapped Riveron Consulting, LP to provide
interim management services and designated Dalton Edgecomb of
Riveron as their chief transformation officer.

Meanwhile, Friedman Kaplan Seiler & Adelman, LLP, Groom Law Group,
Chartered and Borden Ladner Gervais LLP serve as the Debtors'
special counsels. Epiq Corporate Restructuring, LLC is the claims
and noticing agent and administrative advisor.

The U.S. Trustee for Regions 3 and 9 appointed an official
committee of unsecured creditors in the Debtors' Chapter 11 cases
on May 18, 2022. The committee is represented by Cole Schotz P.C.


ASHLAND LLC: Egan-Jones Keeps BB Senior Unsecured Ratings
---------------------------------------------------------
Egan-Jones Ratings Company on May 12, 2022, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by United Rentals, Inc.

Headquartered in Covington, Kentucky, Ashland LLC operates as a
specialty chemical company.



ASP UNIFRAX: S&P Alters Outlook to Negative, Affirms 'B-' ICR
-------------------------------------------------------------
S&P Global Ratings revised its outlook on ASP Unifrax Holdings Inc.
-- a manufacturer of refractory and filtration material that
operates under the name Alkegen -- to negative from stable and
affirmed all of its ratings, including its 'B-' issuer credit
rating.

The negative outlook indicates that S&P could lower its rating on
the company over the next 12 months if it is unable to reduce its
S&P Global Ratings-adjusted debt to EBITDA below 10x and generate
positive free operating cash flow (FOCF) due to a
slower-than-expected realization of acquisition synergies,
weaker-than-anticipated demand, or a combination of these factors.

Alkegen issued $450 million of debt this year, much of which it
will use to fund its acquisition of an additional 25% stake in
Luyang (a Chinese manufacturer of refractory material it currently
holds a 28% ownership stake in).

Alkegen has a limited cushion to absorb weaker-than-expected demand
or a slower-than-expected realization of acquisition synergies over
the next 12 months. S&P said, "We forecast the company's S&P Global
Ratings-adjusted debt will reach $3.2 billion in 2022, an increase
of $1.8 billion since 2020, principally due to the funding for its
Lydall acquisition, the Luyang tender, and the costs necessary to
integrate Lydall and realize its targeted synergies. We include
Alkegen's $441 million of preferred equity as debt in our credit
metric calculations. The costs the company incurred during the
fourth quarter of 2021 to realize its targeted synergies from its
Lydall acquisition were higher than we previously expected, which
led it to borrow $50 million from its revolver, which it has since
repaid with proceeds from its March term loan issuance. Over the
next 12 months, Alkegen will need to generate S&P Global
Ratings-adjusted EBITDA of almost $350 million (more than double
its 2021 level of $147 million) for us to continue to view its
capital structure as sustainable, which we believe leaves it with
little cushion for underperformance."

Macroeconomic risks could pressure Alkegen's financial performance.
S&P said, "We expect annual real U.S. and eurozone GDP to rise by
2.0% or higher this year and next, though we believe the risks to
our base-case demand assumptions have increased due to inflationary
pressures, higher interest rates, and continued global supply chain
disruptions. If the U.S. or eurozone enter recession, this could
cause general industrial and auto production to soften. Given
Alkegen's high debt leverage, we believe a weaker-than-forecast
level of demand would weigh on its earnings and cash flow and
potentially cause us to view its capital structure as
unsustainable."

The timing of the Luyang transaction increases execution risk
because management will need to balance its time and resources
between Luyang and Lydall. Alkegen executed most of its planned
workforce redundancies and has begun more complicated initiatives
relating to footprint optimization and strategic sourcing. S&P
said, "Although we have not altered our base-case expectation for
the cost synergies it will realize from its purchase of Lydall, we
believe there is a risk that it will take longer to realize further
net benefits than we previously expected. Following the completion
of its tender offer for the Luyang shares, Alkegen will have more
control over the Chinese firm's strategy and operations. We believe
closer collaboration between Alkegen and Luyang risks drawing
management's attention away from opportunities to improve the
legacy Lydall operations, which increases the risk that it will
fail to achieve our forecast credit metrics."

Gaining controlling ownership of Luyang will significantly increase
the company's opportunities to expand its addressable market in
China. The higher degree of control will allow Alkegen to
cross-utilize more advanced technology at Luyang, particularly
technologies related to thermal management and lithium-ion
batteries. This will significantly expand Luyang's total
addressable market in China. Although the company may also realize
additional operational or cost efficiencies from Luyang, S&P views
these as being less significant than this commercial opportunity.

S&P said, "Our proportional consolidation of Luyang better reflects
our opinion of the underlying economic drivers of Alkegen's
financial risk profile. Although Luyang will be fully consolidated
in Alkegen's financial statements for accounting purposes, it will
remain a publicly listed company. Given that minority shareholders
will hold a significant proportion of its shares (nearly 50%), we
do not view Alkegen as having access to Luyang's full cash flow and
believe it will instead rely on Luyang's dividends for cash
generation.

"The negative outlook on Alkegen reflects our view that the
proposed transaction will increase its debt leverage to the
9.5x-10.0x range in 2022 and entail additional operating risk,
reducing its cushion for underperformance. Specifically, we believe
the company could underperform our base-case forecast if it faces
weaker-than-expected demand, continued cost increases, or execution
challenges related to its Lydall synergy plans."

S&P could lower its rating on Alkegen over the next 12 months if:

-- S&P views its capital structure as unsustainable, which could
occur if its S&P Global Ratings-adjusted debt to EBITDA is above
10x or its S&P Global Ratings-adjusted FOCF is negative;

-- The company's liquidity position weakens significantly due to
underperformance; or

-- Alkegen increases its reliance on its revolver such that it
triggers the leverage covenant and S&P believes it cannot maintain
headroom of at least 15%.

S&P could revise its outlook on Alkegen to stable if the combined
company realizes significant cost synergies and achieves solid
organic growth--leading to much higher S&P Global Ratings-adjusted
EBITDA over the next 12 months--and significantly limits further
leveraging transactions such that:

-- Its S&P Global Ratings-adjusted debt to EBITDA falls and
remains below 10x;

-- Its S&P Global Ratings-adjusted FOCF is positive; and

-- S&P assesses its liquidity as adequate.

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

S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of ASP Unifrax Holdings
Inc., as is the case for most rated entities owned by
private-equity sponsors. We believe the company's highly leveraged
financial risk profile points to corporate decision-making that
prioritizes the interests of its controlling owner, Clearlake
Capital Group, which has owned it since 2018. This also reflects
private-equity owners' generally finite holding periods and focus
on maximizing shareholder returns. Environmental factors are an
overall neutral consideration in our credit rating analysis.
Although the company derives 17% of its EBITDA from the sale of
products used in internal combustion engines, we believe it is
well-positioned to manage the long-term transition to products used
in lead-free batteries. Furthermore, all hybrid electric vehicles
will continue to require catalytic converters."



AUNT BETTYE'S: Objectors Agree to Support Amended Plan
------------------------------------------------------
Judge Sarah A. Hall has entered an order confirming the Amended
Plan of Reorganization of Aunt Bettye's Child Development Center,
LLC.

Ocean Investment Company LLC, the Subchapter V Trustee and U.S.
Trustee, who earlier raised objections to the original Plan, have
consented to confirmation of the Amended Plan.

No other objections to the Plan have been raised, timely or
otherwise.

The Debtor filed the Amended Plan on June 10, 2022, to address each
and every objection.  The Debtor stated there is no adverse impact
to any creditors because of the Amended Plan. There is no impact to
Secured Claim of Oklahoma Tax Commission (Class 1) or payment of
administrative claims payable to the Trustee and Brown Law Firm PC.
Each of these parties are receiving what was proposed to be paid
under a previously mailed Plan. Because there are no unsecured
creditors in this case, there is no
impact to payback than stated in the previous Plan. The Amended
Plan pays the Amended Proof of Claim filed by Ocean on May 31, 2022
in full at an agreed interest rate of 12.5%. The Amended Plan
provides additional terms and conditions upon Debtor which
addresses the objections filed by the Trustee and UST.

                      Plan of Reorganization

Aunt Bettye's Child Development Center submitted an Amended Plan of
Reorganization.

The Plan proposes to pay creditors from future real estate rental
income.  There are no priority under Sec. 507(a) or non-priority
unsecured creditors to receive distribution.

Under the Plan, the Class 2 secured claim of Ocean Investment
Company LLC will be paid, in cash, at a reduced interest rate.
Class 2 in the amount of $43,215 will be paid in full with 12.5%
interest payable with $972 per month for 60 months.  The Creditor
in Class 2 will release its mortgage to Debtor's property upon
successful completion of the Plan.  The holder of Class 2 Claim
shall retain its lien on collateral until its Claim is paid in
full.  The Debtor is required to keep the collateral insured and
provide Class 2 creditor as loss payee on insurance policy(ies).
Class 2 is impaired.

Thomas DeShun Walton will retain in full his equity interests of
the
Debtor

The Plan will be implemented as required under Sec. 1123(a)(5) with
the Debtor:

   * Retaining all property of the estate,

   * Modifying the interest rate, providing for installment
payments and the  curing of default of secured creditor Ocean
Investment Company, LLC, and

   * the payment of secured creditor Oklahoma County Treasurer.

Attorney for the Debtor:

     Ron D. Brown, Esq.
     715 S. Elgin Ave.
     Tulsa, Ok. 74120
     Tel: (918) 585-9500
     Fax: (866) 552-4874
     E-mail: ron@ronbrownlaw.com

A copy of the Order dated June 15, 2022, is available at
https://bit.ly/39xuwis from PacerMonitor.com.

A copy of the Amended Plan of Reorganization dated June 15, 2022,
is available at https://bit.ly/3zJuY87 from PacerMonitor.com.

             About Aunt Bettye's Child Development Center

Aunt Bettye's Child Development Center, LLC, initially provided
child care services and did so until 2022. Prior to the order of
relief entered February 15, 2022, the company stopped providing
child care services.  The company is now solely in the business of
owning and leasing investment real estate.

Aunt Bettye's Child Development Center, LLC, filed a petition for
relief as a small business under Subchapter V of Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Okla. Case No. 22-10245) on Feb. 15,
2022, listing up to $100,000 in assets and up to $50,000 in
liabilities.  Thomas D. Walton, manager and owner, signed the
petition.

Judge Sarah A. Hall oversees the case.

Ron D. Brown, Esq., and R. Gavin Fouts, Esq., at Brown Law Firm,
P.C. serve as the Debtor's bankruptcy attorneys.


AVNET INC: Egan-Jones Keeps BB+ Senior Unsecured Ratings
--------------------------------------------------------
Egan-Jones Ratings Company on May 17, 2022, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Avnet, Inc.

Headquartered in Phoenix, Arizona, Avnet, Inc. distributes computer
products and semiconductors, as well as interconnect, passive, and
electromechanical components.



AXYEHHO CORPORATION: Voluntary Chapter 11 Case Summary
------------------------------------------------------
Debtor: AXYEHHO Corporation
        2026 NE 32 Avenue
        Fort Lauderdale, FL 33305

Business Description: AXYEHHO Corporation is engaged in activities
                      related to real estate.

Chapter 11 Petition Date: June 17, 2022

Court: United States Bankruptcy Court
       Southern District of Florida

Case No.: 22-14717

Judge: Hon. Scott M. Grossman

Debtor's Counsel: Stephen Breuer, Esq.
                  BREUER LAW, PLLC
                  6501 Congress Avenue Suite 240
                  Boca Raton, FL 33487
                  Tel: 954-607-3244
                  Email: stephen@breuer.law

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Ekaterina Pushkarshkaya as president.

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

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

https://www.pacermonitor.com/view/CVV2QPI/AXYEHHO_Corporation__flsbke-22-14717__0001.0.pdf?mcid=tGE4TAMA


BALL CORP: Egan-Jones Keeps BB+ Senior Unsecured Ratings
--------------------------------------------------------
Egan-Jones Ratings Company on May 18, 2022, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Ball Corporation.

Headquartered in Broomfield, Colorado, Ball Corporation provides
metal packaging for beverages, foods, and household products.



BDF ACQUISITION: Moody's Cuts CFR to Caa1, Alters Outlook to Stable
-------------------------------------------------------------------
Moody's Investors Service downgraded BDF Acquisition Corp.'s
(Bob's) corporate family rating to Caa1 from B3, its probability of
default rating to Caa1-PD from B3-PD and its senior secured first
lien term loan rating to Caa1 from B2. The outlook was changed to
stable from positive.

The downgrade of the CFR to Caa1 reflects the company's approaching
2023 debt maturities and the growing risk that supply chain
challenges, weak consumer sentiment and inflationary pressures
coupled with rising interest rates and a challenging debt market
could impact the company's ability to refinance its debt in a
timely and economical fashion. The company's asset-based revolver
(ABL) currently expires in February 2023 and the term loan matures
in August 2023. However, the company is currently in the process of
extending its ABL expiration to shortly before the term loan
maturity. Bob's had over $70 million of balance sheet cash as of
April 3, 2022 but Moody's expects free cash flow to be negative in
2022 as the company intends to continue to invest in store growth
and winds down its customer deposit balance. The company expects to
be free cash flow positive in the second half of 2022 but the
extent to which is able to do so is contingent upon somewhat
resilient consumer demand, the ability to effectively manage
inflationary pressures and no further supply chain disruptions.

The stable outlook reflects that Bob's does not actively borrow
under its ABL and has a few months before the term loan becomes
current.  It also reflects that Bob's funded leverage is currently
moderate at 3.6x and that is has some flexibility to curtail its
growth capital expenditures in order to preserve cash flow.

Downgrades:

Issuer: BDF Acquisition Corp.

Corporate Family Rating, Downgraded to Caa1 from B3

Probability of Default Rating, Downgraded to Caa1-PD from B3-PD

Senior Secured Bank Credit Facility, Downgraded to Caa1 (LGD3)
 from B2 (LGD3)

Outlook Actions:

Issuer: BDF Acquisition Corp.

Outlook, Changed To Stable From Positive

RATINGS RATIONALE

Bob's Caa1 CFR reflects the near term maturity of its entire
capital structure in 2023 and the current weak debt capital
markets.  It also reflects Bob's modest size, limited geographic
presence and narrow product focus on the highly cyclical furniture
category. In addition, the rating reflects governance risks related
to its private equity ownership. The company has weak liquidity
given its 2023 debt maturities. The Caa1 CFR is supported by
moderate lease-adjusted leverage of 5.3x and funded leverage of
3.6x for the LTM period ended April 3, 2022. The CFR is also
supported by over $70M of balance sheet cash and the strength of
the company's brand in the regions where it operates including its
value product positioning. Moody's believe that Bob's everyday low
price offering provides a differentiating value proposition in the
fragmented and competitive furniture market. It also supports
demand in weak economic conditions, as consumers trade down from
more expensive retailers and can utilize Bob's financing options.

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

Ratings could be upgraded if liquidity improves, including a timely
and economical refinancing of the company's debt maturities and the
ability to maintain modestly positive free cash flow.
Quantitatively, the ratings could be upgraded if EBIT/interest
expense is sustained above 1 time.

Ratings could be downgraded if the company's refinancing risk or
probability of default increases for any reason such as an
increased likelihood of a debt restructuring or distressed
exchange. The ratings could also be downgraded if there is a
deterioration of the company's operating performance or in the
expected recovery rate.

Based in Manchester, Connecticut, BDF Acquisition Corp., owns a
majority stake in Bob's Discount Furniture, a retailer of
value-priced furniture with 151 stores located primarily in the
Northeast, Mid-Atlantic and Midwest states. Revenue for the LTM
period ended Q1 2022 was approximately $1.9 billion. The company
has been majority-owned by private equity firm Bain Capital since
2014.

The principal methodology used in these ratings was Retail
published in November 2021.


BEAZER HOMES: Egan-Jones Keeps B+ Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company on May 13, 2022, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by Beazer Homes USA, Inc.

Headquartered in Atlanta, Georgia, Beazer Homes USA, Inc. designs,
builds, and sells single family homes in the Southeast, Southwest,
and South Central regions of the United States.



BED BATH: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
--------------------------------------------------------
Egan-Jones Ratings Company on April 28, 2022, maintained its 'CCC+'
foreign currency and local currency senior unsecured ratings on
debt issued by Bed Bath & Beyond Inc. EJR also 'B' rating on
commercial paper issued by the Company.

Headquartered in Union, New Jersey, Bed Bath & Beyond Inc. operates
a nationwide chain of retail stores.




BETTER 4 YOU: Committee Taps Province LLC as Financial Advisor
--------------------------------------------------------------
The official committee of unsecured creditors of Better 4 You
Breakfast, Inc. seeks approval from the U.S. Bankruptcy Court for
the Central District of California to hire Province, LLC as its
financial advisor.

The firm's services include:

     a. becoming familiar with and analyzing the Debtor's budget,
assets and liabilities, and overall financial condition;

     b. reviewing financial and operational information furnished
by the Debtor;

     c. executing or assisting in monitoring any sale or capital
raising process, reviewing bidding procedures, stalking horse bids,
asset purchase agreements, interfacing with the Debtor's
professionals, and advising the Committee regarding the process;  

     d. scrutinizing the economic terms of various agreements,
including, but not limited to, the Debtor's various professional
retentions;

     e. analyzing the Debtor's proposed business plans and
developing alternative scenarios, if necessary;

     f. assessing the Debtor's various pleadings and proposed
treatment of unsecured creditor claims therefrom;

     g. preparing, or reviewing as applicable, avoidance action and
claim analyses;

     h. assisting the Committee in reviewing the Debtor's financial
reports, including, but not limited to, statements of financial
affairs, schedules of assets and liabilities, budgets, and monthly
operating reports;

     i. advising the Committee on the current state of this chapter
11 case;

     j. advising the Committee in negotiations with the Debtor and
third parties as necessary;

     k. if necessary, participating as a witness in hearings before
the Court with respect to matters upon which Province has provided
advice; and

     l. other activities as are approved by the Committee, the
Committee's counsel, and as agreed to by Province.

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

     Edward Kim, Principal         $800
     Walter Oh, Managing Director  $770
     Paul Navid, Senior Director   $690
     Harry Foard, Director         $620
     Paul Baik, Senior Associate   $510
     Paraprofessionals             $185 - $225

In addition, the firm will seek reimbursement for out-of-pocket
expenses.

Edward Kim, a principal at Province, disclosed in a court filing
that his firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Edward Kim
     Province, LLC
     2360 Corporate Circle, Suite 340
     Henderson, NV 89074
     Tel: (646) 509-3490
     Email: ekim@provincefirm.com

                   About Better 4 You Breakfast

Better 4 You Breakfast, Inc. is a school meal vendor based in Los
Angeles, Calif.

Better 4 You Breakfast sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Calif. Case No. 22-10994) on Feb. 24,
2022, listing as much as $50 million in both assets and
liabilities. Fernando Castillo, president, signed the petition.

Judge Sheri Bluebond oversees the case.

Daniel A. Tilem, Esq., at the Law Offices of David A. Tilem and
James Wong, a principal at Armory Consulting Co., serve as the
Debtor's legal counsel and chief restructuring officer,
respectively.

The U.S. Trustee for Region 16 appointed an official committee of
unsecured creditors on April 18, 2022. The committee is represented
by Brinkman Law Group, PC.


BITNILE HOLDINGS: Has 52.8% Stake in Singing Machine
----------------------------------------------------
BitNile Holdings, Inc., Digital Power Lending, LLC, and Milton C.
Ault, III disclosed in a Schedule 13D filed with the Securities and
Exchange Commission that as of June 2, 2022, they beneficially own
1,405,000 shares of common stock of The Singing Machine Company,
Inc., representing 52.8 percent of the shares outstanding.

The aggregate percentage of Shares reported owned by each Reporting
Person is based upon 2,660,098 Shares outstanding, which is the
total number of Shares outstanding as of May 27, 2022, as reported
in the Issuer's Current Report on Form 8-K filed with the SEC on
May 27, 2022.

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

https://www.sec.gov/Archives/edgar/data/896493/000121465922007975/e613222sc13d.htm

                      About BitNile Holdings

BitNile Holdings, Inc. (formerly known as Ault Global Holdings,
Inc.) is a diversified holding company pursuing growth by acquiring
undervalued businesses and disruptive technologies with a global
impact.  Through its wholly and majority-owned subsidiaries and
strategic investments, the Company owns and operates a data center
at which it mines Bitcoin and provides mission-critical products
that support a diverse range of industries, including
defense/aerospace, industrial, automotive, telecommunications,
medical/biopharma, and textiles.  In addition, the Company extends
credit to select entrepreneurial businesses through a licensed
lending subsidiary.  BitNile's headquarters are located at 11411
Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141;
www.BitNile.com.

BitNile reported a net loss of $23.97 million for the year ended
Dec. 31, 2021, a net loss of $32.73 million for the year ended Dec.
31, 2020, a net loss of $32.94 million for the year ended Dec. 31,
2019, and a net loss of $32.98 million for the year ended Dec. 31,
2018.  As of March 31, 2022, the Company had $518.92 million in
total assets, $93.74 million in total liabilities, $116.73 million
in redeemable noncontrolling interests in equity of subsidiaries,
and $308.46 million in total stockholders' equity.


BITNILE HOLDINGS: Obtains $4 Million Financing From XBTO
--------------------------------------------------------
BitNile Holdings, Inc., disclosed that earlier this month, the
Company received $4 million from a 12.5% note and loan agreement
with XBTO Trading, LLC, an institutional finance company.  The Note
provides the Company the option to request additional financing of
its Bitcoin miners and the Company expects it will close an
additional $4 million of equipment financing from XBTO by the end
of June 2022.  The Note is secured by Bitcoin and Bitcoin miners.

Milton "Todd" Ault, III, the Company's executive chairman, stated,
"We are pleased to have achieved the milestone of engaging with a
strategic partner to partially finance our ambitious schedule of
growth and expansion of our Bitcoin mining operations."

Philippe Bekhazi, XBTO's chief executive officer, stated, "XBTO is
very pleased to be financing great mining teams like BitNile and
hope to continue to support the Bitcoin ecosystem through good and
challenging times."

                       About BitNile Holdings

BitNile Holdings, Inc. (formerly known as Ault Global Holdings,
Inc.) is a diversified holding company pursuing growth by acquiring
undervalued businesses and disruptive technologies with a global
impact.  Through its wholly and majority-owned subsidiaries and
strategic investments, the Company owns and operates a data center
at which it mines Bitcoin and provides mission-critical products
that support a diverse range of industries, including
defense/aerospace, industrial, automotive, telecommunications,
medical/biopharma, and textiles.  In addition, the Company extends
credit to select entrepreneurial businesses through a licensed
lending subsidiary. BitNile's headquarters are located at 11411
Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141;
www.BitNile.com.

BitNile reported a net loss of $23.97 million for the year ended
Dec. 31, 2021, a net loss of $32.73 million for the year ended Dec.
31, 2020, a net loss of $32.94 million for the year ended Dec. 31,
2019, and a net loss of $32.98 million for the year ended Dec. 31,
2018. As of March 31, 2022, the Company had $518.92 million in
total assets, $93.74 million in total liabilities, $116.73 million
in redeemable noncontrolling interests in equity of subsidiaries,
and $308.46 million in total stockholders' equity.


BLINK CHARGING: To Acquire SemaConnect for $200 Million
-------------------------------------------------------
Blink Charging Co. has signed a definitive agreement to acquire
SemaConnect, Inc., a provider of EV charging infrastructure
solutions in North America, for $200 million, subject to certain
customary adjustments for working capital.  The cash and common
stock transaction will add nearly 13,000 EV chargers to Blink's
existing footprint, an additional 3,800 site host locations, and
more than 150,000 registered EV driver members.

With this acquisition, Blink Charging will be the only EV charging
company to offer complete vertical integration from research &
development and manufacturing to EV charger ownership and
operations.  This vertical integration creates unparalleled
opportunities for Blink to control its supply chain and accelerate
its go-to-market speed while reducing operating costs.

Blink will benefit from SemaConnect's in-house research &
development, hardware design, and manufacturing capabilities.
SemaConnect's manufacturing facility in Maryland will allow Blink
to comply with the Buy American mandates and to position itself to
significantly capitalize on the $7.5 billion Biden Administration
EV infrastructure bill and assist with the Administration's goal to
build out the first-ever national network of 500,000 electric
vehicle chargers along America's highways and in communities.  The
acquisition will also position Blink to assist the administration's
development of a national EV charging network that provides
interoperability among different charging companies, and is
user-friendly, reliable, and accessible to all Americans.

"This is a transformative acquisition for the EV charging industry
and for Blink.  SemaConnect is an established and well-known EV
charging company with a proven track record of success, strong
relationships with its site host partners in both the public and
private sectors, and best-in-class technical capabilities," said
Michael D. Farkas, founder and CEO of Blink Charging.

"SemaConnect has a robust hardware product line-up which
complements Blink's extensive software product offerings.  This
includes our multi-language and multi-currency network, allowing
Blink to have an EV charging station for any location across more
than 20 countries and expanding," said Farkas.  "In addition, we
are particularly excited about the DCFC charger being developed by
SemaConnect.  These efforts allow Blink to significantly accelerate
our DCFC speed to market while drastically reducing our R&D costs,"
said Mr. Farkas.

Blink intends to transition SemaConnect's chargers to a single
state-of-the-art network developed by a joint engineering team,
which nearly doubles with this acquisition.  The addition of the
SemaConnect hardware will accelerate Blink's expansion across
multiple municipalities and geographies, including California where
SemaConnect chargers already comply with local requirements for
swipe credit card functionality.

Founded in 2008, SemaConnect has a diverse suite of products,
including Level 2 and DC Fast chargers, and charging-as-a-service
program which provides a full package of EV charging solutions.
SemaConnect's hardware and software solutions reach a wide range of
critical EV charging customers across municipal, parking,
multifamily, hotel, office, retail and commercial in the U.S. and
Canada.  Major customers include CBRE, JLL, Hines, Greystar,
AvalonBay Communities, Cisco Systems, General Electric, among
others.

Mahi Reddy, founder and CEO of SemaConnect, said: "Like Blink,
SemaConnect has been a leader in the EV charging industry since its
early days, and the combination of our expertise will enable us to
scale the deployment of EV infrastructure even more quickly and
efficiently.  We are excited to join Blink as we charge ahead in
transforming the EV charging industry with flexible, reliable, and
innovative solutions for customers around the globe."

"With complementary values, business models, and equipment,
SemaConnect was an ideal acquisition target for Blink.  This
acquisition brings to Blink top talent from the industry.  By
adding the SemaConnect team to its ranks, Blink is building an
industry leading EV charging company.  We welcome the SemaConnect
team to the Blink family," said Mr. Farkas.

"With this acquisition and Blink's recent past acquisitions,
including EB Charging and Blue Corner in Europe, we have
significantly expanded and strengthened our position as a global
leader in the EV space," said Mr. Farkas.

Mahi Reddy from SemaConnect is expected to join the Blink Board of
Directors.

The SemaConnect acquisition is subject to customary closing
conditions.

                       About Blink Charging

Based in Miami Beach, Florida, Blink Charging Co. (OTC: CCGID)
f/k/a Car Charging Group Inc. -- http://www.CarCharging.com-- is
an owner and operator of electric vehicle (EV) charging equipment
and has deployed over 30,000 charging ports across 18 countries,
many of which are networked EV charging stations, enabling EV
drivers to easily charge at any of the Company's charging locations
worldwide.  Blink's principal line of products and services include
the Blink EV charging network, EV charging equipment, EV charging
services, and the products and services of recent acquisitions,
including Blue Corner and BlueLA.  The Blink Network uses
proprietary, cloud-based software that operates, maintains, and
tracks the EV charging stations connected to the network and the
associated charging data.

Blink Charging reported a net loss of $55.12 million for the year
ended Dec. 31, 2021, a net loss of $17.85 million for the year
ended Dec. 31, 2020, a net loss of $9.65 million for the year ended
Dec. 31, 2019, and a net loss of $3.42 million for the year ended
Dec. 31, 2018.  As of March 31, 2022, the Company had $221.27
million in total assets, $21.18 million in total liabilities, and
$200.09 million in total stockholders' equity.


BLUE SEVEN: Seeks to Hire John E. Terrel PA as Special Counsel
--------------------------------------------------------------
Blue Seven, LLC seeks approval from the U.S. Bankruptcy Court for
the Middle District of Florida to hire John E. Terrel, Esq. and the
Law Office of John E. Terrel, P.A. as its special counsel.

The firm will continue to represent the Debtor regarding issues
related to the Florida Department of Health, Duval County Health
Department as to special permitting of the pool drains for the
float spa.

The firm has agreed to be compensated at a rate of $300 per hour.

The firm has no connection with the debtor, creditors, any other
interested party, their respective attorneys and accountants, the
United States Trustee or any person employed in the Office of the
United States Trustee, according to court filings.

The firm can be reached through:

     John E. Terrel, Esq.
     Law Office of John E. Terrel P.A.
     1695 Metropolitan Cir # 2
     Tallahassee, FL 32308
     Phone: +1 850-385-1368

                          About Blue Seven

Blue Seven, LLC sought protection for relief under Chapter 11 of
the Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-00776) on April
17, 2022, listing $100,001 to $500,000 in both assets and
liabilities. Adina L Pollan, Esq. at Pollan Legal represents the
Debtor as counsel.


BOEING CO: Egan-Jones Keeps BB Senior Unsecured Ratings
-------------------------------------------------------
Egan-Jones Ratings Company on May 13, 2022, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Boeing Company.

Headquartered in Arlington, Virginia, Boeing Company, together with
its subsidiaries, develops, produces, and markets commercial jet
aircraft, as well as provides related support services to the
commercial airline industry worldwide.



BOMBARDIER RECREATIONAL: Moody's Rates $100MM Sec. Term Loan 'Ba2'
------------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to the $100
million senior secured term loan B due 2024 issued by Bombardier
Recreational Products, Inc.'s ("BRP"). At the same time, Moody's
has withdrawn the Ba2 rating assigned to the $500 million senior
secured term loan B due 2029. The company's Ba2 corporate family
rating, Ba2-PD probability of default rating, Baa2 rating on the
first lien senior secured revolver, Ba2 rating on the senior
secured term loan B1 and SGL-1 speculative grade liquidity rating
remains unchanged. The outlook is stable.

Moody's withdrew the rating on the $500 million senior secured term
loan B because the instrument was not issued. Instead BRP issued a
$100 million incremental senior secured term loan B and increased
its revolving credit facility by C$400 million to C$1.5 billion.
The proceeds will be used for general corporate purposes including
seasonal working capital needs and to boost liquidity.

Ratings Assigned:

Issuer: Bombardier Recreational Products, Inc.

Senior Secured Term Loan B, Assigned Ba2 (LGD4)

Ratings Withdrawn:

Issuer: Bombardier Recreational Products, Inc.

Senior Secured Term Loan B, Withdrawn , previously rated Ba2
(LGD4)

LGD Adjustments:

Issuer: Bombardier Recreational Products, Inc.

LGD Senior Secured Bank Credit Facility, Adjusted to (LGD2) from
(LGD1)

RATINGS RATIONALE

BRP's rating benefits from: (1) Moody's expectations that leverage
will remain around 2x for the next 12 to 18 months, which can
absorb around a 30% EBITDA decline from C$1.5 billion as of FY2022,
supported by strong pre-season orders and restocking at
dealerships; (2) good market positions in snowmobiles, personal
watercraft, all-terrain vehicles and side-by-side vehicles,
defended with a diversified product profile and well recognized
global brands; (3) demonstrated ability to successfully launch new
products; and (4) very good liquidity.

However, the rating is constrained by: (1) the company's focus on
high-priced, discretionary products whose demand can decline in
difficult economic conditions; specifically in the current
environment of high inflation and increasing interest rates that
will erode consumers disposal incomes; (2) potential that product
sales have been brought forward during the pandemic and will soften
once dealership inventory levels have return closer to historical
levels; (3) long order lead times given supply chain delays on
input components; and (4) leveraging risk potential with private
ownership voting control of 86%.

BRP has very good liquidity (SGL-1). Sources total around C$1.2
billion compared to about C$25 million of cash usage from term loan
amortization over the next 12 months to June 2023. BRP's liquidity
is supported by cash of around C$55 million as of April 30, 2022,
around C$1,050 million availability under its upsized C$1.5 billion
revolver due May 2026 following the $100 million issuance and C$250
million share repurchase, and Moody's expectation of free cash flow
of around C$100 million in the next four quarters to April 2023.
BRP's revolver is subject to a minimum fixed charge ratio covenant
at 1.1x if its revolver availability falls below a certain
threshold. Moody's does not expect this covenant to be applicable
in the next four quarters, but there would be good buffer for the
covenant should it become applicable. BRP has limited flexibility
to boost liquidity from asset sales.

The $100 million term loan B due 2024 has the same rating as the
CFR and benefits from the same security and guarantee package as
the current $1.5 billion term loan. BRP's debt obligations include
a Baa2-rated C$1.5 billion revolving credit facility due May 2026
and a Ba2-rated $1.6 billion term loan due May 2027 ($1.5 billion)
and June 2024 ($100 million). All the debt obligations benefit from
guarantees of existing and future subsidiaries. The revolver has a
first lien priority interest on inventory and accounts receivable
and a second priority lien on the remaining assets. The term loan,
which comprises most of the debt capital, has the reciprocal
security package and is ranked below the revolver.

The stable outlook reflects Moody's expectation that BRP will be
able to navigate the operating challenges and maintain its good
operating performance, liquidity and credit metrics over the next
12-18 months.

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

The ratings could be upgraded if BRP is able to diversify its
business away from the volatile powersports segment such that cash
flow is less cyclical; maintain at least good liquidity and
sustains adjusted debt/EBITDA well below 2.0x (projected to be 2x
for FY2023, ending January).

The ratings could be downgraded if BRP's operating results
deteriorates such that leverage is sustained above 3x, or if there
is significant deterioration of its liquidity position, possibly
due to negative free cash flow generation.

Bombardier Recreational Products, Inc., headquartered in Valcourt,
Quebec, Canada, is a global manufacturer and distributor of
powersports vehicles and marine products. BRP is publicly traded
and 86% of the votes are controlled by Beaudier Group (owned by the
Bombardier and Beaudoin families), Bain Capital and Caisse de Dep't
et Placement du Quebec. Revenue for the last 12 months ended March
31, 2022 was C$7.6 billion.

The principal methodology used in these ratings was Consumer
Durables published in September 2021.


BOTTLE WAREHOUSE: Files Subchapter V Petition Pro Se
----------------------------------------------------
Bottle Warehouse Inc. filed for chapter 11 protection in the
Eastern District of New York.  The Debtor filed as a small business
debtor seeking relief under Subchapter V of Chapter 11 of the
Bankruptcy Code.

The petition indicates that the Debtor is not represented by an
attorney.

According to court filing, Bottle Warehouse Inc. estimates between
1 and 49 unsecured creditors.  The petition states funds will not
be available to unsecured creditors.

A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
July 8, 2022, at 3:00 PM at Room 562, 560 Federal Plaza, CI, NY.

                     About Bottle Warehouse

Bottle Warehouse Inc., doing business as Mab Fine Wines & Spirits,
is a wholesaler & retailer of quality affordable bottles & jars
including luxury airless pumps, plastic bottles, coloured glass
jars & bottles.

Bottle Warehouse Inc. filed a petition for relief under Subchapter
V of Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
22-71437) on June 16, 2022.  In the petition filed by Jaspreet
Anand, as president, the Debtor estimated assets up to $50,000 and
estimated liabilities between $500,000 and $1 million.

Ronald J. Friedman has been appointed as Subchapter V Trustee.


BOUNDS PERFORMANCE: Seeks to Hire Lefkovitz & Lefkovitz as Counsel
------------------------------------------------------------------
Bounds Performance, Inc. seeks approval from the U.S. Bankruptcy
Court for the Middle District of Tennessee to hire Lefkovitz &
Lefkovitz, PLLC as its counsel.

The firm will render these legal services:

     (a) advise the Debtor regarding its rights, duties, and
powers;

     (b) prepare and file statements and schedules, plans, and
other documents and pleadings necessary to be filed by the Debtor
in this proceeding;

     (c) represent the Debtor at all hearings, meetings of
creditors, conferences, trials, and any other proceedings in this
case; and

     (d) perform such other legal services as may be necessary in
connection with this case.

The hourly rates of the firm's counsel and staff are as follows:

     Steven L. Lefkovitz   $555
     Associate Attorneys   $350
     Paralegals            $125

The firm received a retainer of $11,738 from the Debtor.

Steven Lefkovitz, Esq., an attorney at Lefkovitz & Lefkovitz,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     Steven L. Lefkovitz, Esq.
     Lefkovitz & Lefkovitz, PLLC
     618 Church Street, Suite 410
     Nashville, TN 37219
     Telephone: (615) 256-8300
     Facsimile: (615) 255-4516
     Email: slefkovitz@lefkovitz.com

                      About Bounds Performance

Bounds Performance, Inc, doing business as Swamps Motorsports, is a
Diesel engine repair service in Murfreesboro, Tennessee.

Bounds Performance sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Tenn. Case No. 22-01754) on June 3,
2022. In the petition filed by Jenifer Scharsch, as president, the
Debtor reports estimated assets between $100,000 and $500,000 and
estimated liabilities between $500,000 and $1 million.

The case is assigned to Honorable Bankruptcy Judge Randal S
Mashburn.

Steven L. Lefkovitz, Esq., at Lefkovitz & Lefkovitz, PLLC is the
Debtor's counsel.


BOY SCOUTS: Camp Babcock-Hovey Up for Sale to Help Pay Settlement
-----------------------------------------------------------------
Lucas Day of Finger Lakes Daily News reports that the Boy Scouts of
America has put Camp Babcock-Hovey up for sale.

The decision was made Tuesday night by the volunteer Executive
Board after almost a year of attempting to save it.

The Seneca Waterways Council is expected to pay $8 million in cash
towards the national Boy Scouts of America bankruptcy settlement,
that was brought upon by thousands of sexual abuse allegations.  In
a statement, the Executive Board said after using all of its
operating and capital cash assets, and other funds, they would not
be able to afford to pay the 8-MILLION dollars without selling one
of its three camps.

Camp Babcock-Hovey is located on the eastern shore of Seneca Lake
in Ovid.

A letter from the Executive Committee explaining its decision to
close Camp Babcock-Hovey is found on this link:
https://www.fingerlakesdailynews.com/2022/06/15/1474035/

                  About Boy Scouts of America

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

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

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

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

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


BRIGHT MOUNTAIN: Incurs $12 Million Net Loss in 2021
----------------------------------------------------
Bright Mountain Media, Inc. filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss of
$12 million on $12.92 million of advertising revenue for the year
ended Dec. 31, 2021, compared to a net loss of $72.71 million on
$15.84 million of advertising revenue for the year ended Dec. 31,
2020.

As of Dec. 31, 2021, the Company had $31.56 million in total
assets, $38.29 million in total liabilities, and a total
stockholders' deficit of $6.72 million.

East Brunswick, New Jersey-based WithumSmith+Brown, PC, the
Company's auditor since 2021, issued a "going concern"
qualification in its report dated June 10, 2022, citing that the
Company has suffered recurring losses from operations and has a net
capital deficiency that raise substantial doubt about its ability
to continue as a going concern.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/0001568385/000149315222016601/form10-k.htm

                      About Bright Mountain

Headquartered in Boca Raton, Florida, Bright Mountain Media, Inc.
-- www.brightmountainmedia.com -- is engaged in operating a
proprietary, end-to-end digital media and advertising services
platform designed to connect brand advertisers with
demographically-targeted consumers - both large audiences and more
granular segments - across digital, social and connected television
publishing formats.  The Company defines "end-to-end" as its
process for taking ad buying from beginning to end, delivering a
complete functional solution, usually without requiring any
involvement from a third party.


BURGESS POINT: S&P Assigns 'B-' ICR, Outlook Stable
---------------------------------------------------
S&P Global Ratings assigned its 'B-' issuer credit rating to
U.S.-based Burgess Purchase Point Corporation (operating as BBB
Industries). S&P will withdraw the ratings on former borrower GC
EOS Buyer Inc. and its debt following close of this transaction and
repayment of the existing debt.

S&P said, "We also assigned a 'B-' issue-level rating and '4'
recovery rating to the proposed $100 million cash flow revolver and
$1.19 million first-lien term loan, indicating our expectation of
average (30%-50%; rounded estimate: 35%) recovery in the event of a
payment default.

"The stable outlook reflects our expectation that BBB Industries
will maintain EBITDA margins close to 20% while generating free
cash flow. We expect the company will maintain market share in its
remanufactured product lines and continue expanding into new
product categories."

BBB Industries plans to issue $1.545 billion of gross debt to fund
its leveraged buyout by Clearlake Capital Group L.P., refinance
existing indebtedness, and pay transaction fees and expenses. The
proposed financing consists of a $100 million asset-based lending
(ABL) facility undrawn at close, undrawn $100 million cash flow
revolver, $1.19 million first-lien term loan, $355 million
second-lien term loan, and $1.19 billion of common equity.

S&P said, "Although leverage will increase after the transaction,
we expect free cash flow generation to improve modestly, though
EBITDA margins could be pressured by inflation.Pro forma for the
completion of the leveraged buyout by Clearlake Capital, adjusted
leverage for the 12 months ended March 31, 2022, will increase to
about 8.6x from 6.6x under the previous capital structure and
sponsor. While we expect input, freight, and labor inflationary
costs will continue pressuring EBITDA margins, we believe BBB's
pricing actions should largely offset these impacts. Combined with
sourcing opportunities, labor productivity, and material savings,
the company should generate fiscal 2022 adjusted EBITDA margins of
19%-20%, leading to our fiscal 2022 forecast for adjusted leverage
of 8x-8.5x. Despite this elevated leverage, BBB has fairly low
fixed cost and capital requirements, and the cost structure like
other aftermarket companies is flexible. Additionally, we expect
free cash flow to debt to improve to about 2.5%-3% in fiscal 2022
from 0.5%-1% in fiscal 2021 as free cash flow improves due to
moderating customer investments and working capital use despite
increased debt."

The nondiscretionary nature of the company's products and
moderating investment needs should reduce impact of an economic
downturn. BBB's revenues are primarily from rotating electric,
steering, and caliper products, which should limit downside risk in
an economic recession. S&P said, "While there is a risk of
consumers delaying maintenance, which could extend a normal revenue
recognition cycle, we believe revenues are more closely tied to
miles driven. Despite significantly fewer miles driven in 2020 due
to COVID-19 pandemic lockdowns, total revenues declined only in the
mid-single-digit percents. We expect that in a recession the
company would pull back on channel partner growth investments and
working capital. Coupled with our expectation of maintenance
capital spending of $7 million-$8 million annually, this should
help preserve cash flow in a stressed economic environment. As an
aftermarket parts company providing critical components, BBB must
ensure that service and fill rates remain high despite potential
economic or supply chain disruptions. This is particularly
important as its customer concentration is high, with its top three
accounting for over 50% of 2021 sales, meaning the loss of any top
customer could materially erode revenues."

Financial policy under the new sponsor and potential debt-financed
acquisitions are downside risks. S&P said, "We believe that while
BBB will continue expanding organically, it will also continue
pursuing debt-funded acquisitions to accelerate growth, further
round out its product portfolio, and competitively position itself
in the expanding battery electric vehicle industry. Typically
following an acquisition, the company will also invest in
rebuilding its target's working capital, which reduces near-term
liquidity and could pose underperformance risks. The acquisition
strategy also increases integration risk and could initially hurt
margins, particularly as the new divisions are less mature and
generally have lower margins. Longer term, given the acquisition
strategy and sponsor ownership, we expect BBB to maintain leverage
above 7x and free cash flow to debt of about 2.5%-3%. While we
don't forecast heavy capital expenditure, we believe there will be
modest working capital and channel partner investments to fund
growth, which could increase if BBB makes acquisitions."

The stable outlook reflects our expectation that BBB Industries
will maintain EBITDA margins close to 20% while generating free
cash flow. S&P expects the company will maintain market share in
its remanufactured product lines and continue expanding into new
product categories.

S&P could lower its rating on BBB Industries if:

-- EBITDA margins fall significantly or working capital needs
increase meaningfully, causing free operating cash flow (FOCF) to
become negative for multiple quarters such that it affects
liquidity; or

-- Leverage worsens beyond current levels to the extent that it
would cause S&P to view BBB's financial commitments as
unsustainable.
This could occur because of problems integrating further
acquisitions, loss of a major customer because of quality issues or
increased competition, or a severe economic downturn.

S&P could raise the rating on BBB Industries if:

-- It sustains leverage below 6.5x;

-- The company generates an FOCF-to-debt ratio of more than 3% on
a sustained basis; and

-- S&P believes its private equity sponsor is unlikely to increase
leverage above 6.5x with acquisitions or dividends.

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

S&P said, "Environmental factors have an overall neutral influence
on our credit rating analysis. Burgess Point Purchaser's products,
like starters and alternators, depend on the internal combustion
engine. However, all the company's products are sold in the
aftermarket. We expect it will take many years to change over to a
material amount of fully electric vehicles on the road,
particularly in North America. Governance is a moderately negative
consideration. Our assessment of the company's financial risk
profile as highly leveraged reflects corporate decision-making that
prioritizes the interests of controlling owners, in line with our
view of most rated entities owned by private-equity sponsors. Our
assessment also reflects their generally finite holding periods and
a focus on maximizing shareholder returns."



CAA HOLDINGS: S&P Rates New Secured $325MM B-2 Term Loan 'B'
------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level rating and '3'
recovery rating (rounded estimate: 60%) to the proposed $325
million senior secured B-2 term loan that CAA Holdings LLC will use
to partially fund the acquisition of ICM Partners.

The $325 million incremental senior secured B-2 term loan will be
borrowed by CAA's subsidiary Creative Artists Agency LLC. The term
loan will rank pari passu with CAA's existing senior secured debt.
CAA will use the proceeds from this debt issuance and cash from its
balance sheet to fund the purchase of ICM Partners talent agency.
S&P said, "In our view, this acquisition will result in only a
modest increase in CAA's leverage. We expect pro forma S&P Global
Ratings-adjusted leverage to be in the mid- to high-5x area in
fiscals 2022 and 2023. In our view the incremental interest costs
from the proposed debt issuance will not hinder CAA from generating
well over 5% free operating cash flow (FOCF) to debt, which is our
downside trigger for the current rating."

The addition of the ICM business will strengthen CAA's capabilities
in the entertainment industry. Not only will it expand CAA's client
base, but the acquisition will provide CAA's current clients with
additional service offering, especially in key verticals like
sports and publishing. S&P expects the acquisition of ICM to close
in June 2022.

S&P said, "Our 'B' issuer credit rating and stable outlook on CAA
reflects that CAA will maintain sufficient liquidity to service its
debt obligations, including generating FOCF to debt of at least 5%
over the next 12 months. The outlook also reflects that content
production for movies, television, live events, and sports will
remain robust, supported by secular demand for content that CAA
represents."

S&P could lower the rating on CAA if:

-- The production of TV, film, and live events substantially
declines;

-- There is a sustained slowdown in the company's revenue and
earnings over the next 12 months; and

-- CAA's FOCF to debt ratio is reduced to and remains below 5%,
indicating elevated liquidity risks.

S&P could raise its rating on CAA if:

-- Its adjusted leverage declines and remains below the mid-5.0x
area, supported by positive industry growth trends, including
increased content creation that drives strong revenue growth; and

-- S&P expects the company to adopt a financial policy or leverage
tolerance that indicates it will maintain leverage below the
mid-5.0x area

ISSUE RATINGS -- RECOVERY ANALYSIS

Key analytical factors

-- S&P's simulated default scenario contemplates a default in 2025
due to a combination of factors, including a protracted economic
downturn that reduces media spending across CAA's client base,
leading to reduced commissions and revenue and the loss of multiple
talent agents and their clients who leave to join competing firms.
It also assumes weaker operating performance due to high talent
agent costs and inefficiencies stemming from integration challenges
related to underperforming debt-financed acquisitions.

-- S&P expects that the company's lenders would pursue a
reorganization in the event of a default, given its position as the
second-largest talent agency and one of the world's largest sports
agencies in terms of contract value.

-- CAA's capital structure includes a $125 million senior secured
revolving credit facility maturing in 2024, a $1.15 billion senior
secured term loan maturing in 2026, $110 million of incremental
senior secured B-1 term loans maturing in 2026, and the proposed
$325 million incremental senior secured B-2 term loan.

-- Additionally, S&P's recovery analysis excludes the unrated $30
million revolver and $195 million term loan borrowed by
unrestricted subsidiaries.

-- Other default assumptions include an 85% draw on the revolving
credit facility, the USD benchmark rate is 2.5%, and all debt
amounts include six months of prepetition interest.

Simulated default assumptions

-- Simulated year of default: 2025
-- EBITDA at emergence: About $170 million
-- EBITDA multiple: 6.5x

Simplified waterfall

-- Net enterprise value (after 5% administrative costs): About
$1.05 billion

-- Senior secured debt claims: $1.65 billion

    --Recovery expectations: 50%-70%; rounded estimate: 60%



CABLE & WIRELESS: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Cable & Wireless Communications
Limited's (C&W) Long-Term Foreign Currency and Local Currency
Issuer Default Ratings (IDRs) at 'BB-'. Fitch has also affirmed C&W
Senior Finance Limited's unsecured notes, Coral-US Co-Borrower
LLC's secured credit facilities, and Sable International Finance
Limited's secured notes, revolver and term loan at 'BB-'/'RR4'. The
Rating Outlook is Stable.

The ratings reflect C&W's leading market positions across
well-diversified operating geographies and service offerings,
underpinned by solid network competitiveness and leading B2C and
B2B offerings. The ratings also reflect Fitch's expectations that
parent company Liberty Latin America (LLA) will maintain moderately
high levels of leverage as a result of acquisitions or cash
upstream events.

KEY RATING DRIVERS

Net Leverage Forecast of 4.0x-4.5x: Relatively stable EBITDA
margins and growth in broadband and business-to-business (B2B)
services should help the company delever modestly from an organic
standpoint. Fitch forecasts C&W will maintain net leverage at the
lower end of the 4.0x to 4.5x range over the medium term, absent
acquisitions. LLA targets net proportionate leverage of around 4.0x
at its main operating subsidiaries, although M&A activity or
operating weakness in core markets could temporarily push leverage
metrics toward 5.0x. Fitch expects a rebound in capital intensity
to 16% of sales from 12% in 2021 mainly due to network upgrade and,
to a lesser extent, from expansion.

Moderately Improving Operating Prospects: C&W's Panamanian business
should improve over the medium term with the mobile market's
consolidation and the synergies from Claro Panama, which should add
around 750,000 subscribers. Claro has slightly greater postpaid
penetration, which along with consolidation should lead to average
revenue per user (ARPU) stabilization. The company's residential
fixed-line segment has shown stronger growth in Panama and
elsewhere, over the same timeframe, as multiplay packages and
broadband growth have helped grow fixed-line ARPUs and revenues.

Strong Market Position: C&W has the number-one or number-two
position in its major markets, many of which are a duopoly between
C&W and Digicel Group Holdings Limited (CCC). The risk of new
entrants in any given market is low given their relatively small
size. C&W's largest mobile market, Panama is turning mainly into a
two-player market from a four-player market after C&W reached an
agreement to acquire the number three player while the number four
player is exiting the market. While local legislation requires
three operators to participate in this market, the economic
prospects of a third operator in the near-term are questionable.
C&W's revenues should be more resilient than speculative-grade
issuers in the region, as the latter generally have a higher
dependence on mobile revenues that are less sticky than
subscription fixed-line and B2B service revenues.

Diversified Operator: The company's revenue mix per service is
well-balanced, with business-to-customer (B2C) mobile accounting
for 24% of total sales in 2021, B2C fixed-line at 27% and B2B at
49%. The company has a large presence in countries with
dollarized/U.S. dollar-linked economies. The company's subsea cable
business should continue to exhibit strong growth as data demand
increases, and the residential fixed-line segment should be more
resilient than mobile. The company's largest markets are Panama and
Jamaica, which together account for 79% of mobile and 56% of fixed
subscribers. The company has grown its footprint through M&A and
consolidated ownership of its subsidiaries.

LLA Linkages: LLA's financial management involves moderately high
amounts of leverage across its operating subsidiaries. While the
credit pools are legally separate, LLA has a history of moving cash
around the group for investments and acquisitions. This approach
improves financial flexibility; however, it also limits the
prospects for deleveraging. LLA also has a modest amount of debt
(approximately USD400 million) at the parent company level, which
is dependent on upstream cash from the subsidiaries. A
deterioration of the financial profile of one of the credit pools,
or the group more broadly, could potentially place more financial
burdens on C&W, given LLA's acquisitive nature.

Instrument Ratings and Recovery Prospects: The secured debt at
Sable International Finance Limited are secured by equity pledges
in the various subsidiaries. Per Fitch's Corporates Recovery
Ratings and Instrument Ratings Criteria, category 2 secured debt
can be notched up to 'RR2'/'+2' from the IDR; however, the
instrument ratings have been capped at 'RR4' due to Fitch's Country
Specific Treatment of Recovery Ratings Rating Criteria. The C&W
Senior Finance Limited unsecured notes are rated 'BB-'/'RR4', which
is the same level of the IDR.

DERIVATION SUMMARY

Compared to its sister company, VTR Finance N.V. (BB -/Stable),
which focuses on the Chilean broadband and television markets, C&W
has larger scale, better product and geographical diversification.
VTR operates in Chile, which is less risky than several Caribbean
markets but is very competitive. VTR is pending a transaction to
merge with America Movil's Chilean operations, which hold a
relevant position in the country's mobile market, in a 50-50 joint
venture. VTR's leverage is around 5.5x, which is high, although
Fitch expects the JV to carry slightly lower leverage than C&W.

Compared to its sister entity, Liberty Communications of Puerto
Rico LLC (LCPR), C&W has larger scale and better geographical
diversification, although C&W also operates in weaker operating
environments. LCPR's net leverage is expected to be in the same
4.0-4.5x range as C&W.

Compared with competitor Digicel, C&W has a stronger financial
profile and better product diversification. Digicel is also
concentrated in markets with weaker operating environments and per
capita incomes and more foreign exchange (FX) risk. Both companies'
ratings reflect their approaches to corporate governance, although
LLA's approach is much less hostile to creditors. Digicel has a
large debt maturity due in 2023 at one of its subsidiaries, which
faces significant refinancing risk.

Compared to WOM S.A. (BB -/Stable), C&W has greater diversification
and scale and a history of positive FCF generation. WOM benefits
from its status in Chile, a market that is close to a 50-50
post-paid/prepaid mobile. WOM's ratings reflect Fitch's
expectations that the company will be managed to net leverage
around 3.0x -3.5x, or around 1.0x -1.5x lower than C&W's leverage.

C&W operates in slightly more balanced markets when compared with
Millicom International Cellular S.A.'s (BB+/Stable) subsidiaries,
Comcel (CT Trust; BB+/Stable) and Telefonica Celular del Paraguay
(Telecel; BB+/Stable), which have more dominant the market
positions and significantly lower net leverage at around 3x and 2x,
respectively. Millicom's consolidated leverage, at about 3x, is
lower than LLA's at around 4x. Comcel's and Telecel's ratings
reflect a strong linkage with their parent as Millicom heavily
relies on these two wholly owned subsidiaries' dividend upstreams
to service its debt.

KEY ASSUMPTIONS

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

-- B2B revenues growing 2%-3% per year with subsea revenues
    growing at 4% -5%;

-- Net fixed customer additions of approximately 30,000 - 40,000
    per year;

-- Fixed-line customer ARPUs rising in 2022 to USD47 per month
    before declining at around 1% per year in subsequent years;

-- Mobile subscribers growing to 4.5 million in 2024 from 3.5
    million in 2021 mainly due to the Claro Panama acquisition
    (about 750,000 subscribers);

-- Mobile ARPUs decline on average at a 2% per year;

-- Total revenues growing to USD2.6 billion by YE 2024 from
    USD2.3 billion in 2021;

-- EBITDA margins of around 37% -38%, consistent with recent
    history, or around USD900 million -USD1.0 billion per year;

-- Capex of around 16% of revenue, or USD380 million -USD420
    million per year;

-- Excess cash flow mostly returned to shareholders or kept for
    acquisitions or investments.

RATING SENSITIVITIES

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

-- Fitch does not anticipate an upgrade in the near term given
    C&W's and LLA's leverage profiles.

-- Longer-term positive actions are possible if debt-to-EBITDA
    and net debt-to-EBITDA are sustained below 4.50x and 4.25x,
    respectively, for C&W and LLA.

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

-- Total debt-to-EBITDA and net debt-to-EBITDA at C&W sustained
    above 5.25x and 5.00x, respectively, due to organic cash flow
    deterioration or M&A.

-- While the three credit pools are legally separate, LLA net
    debt-to-EBITDA sustained above 5.0x could result in negative
    rating actions for one or more rated entities in the group.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Solid Financial Flexibility: C&W's liquidity, access to internal
financing and long-dated amortization profile all support the
company's solid financial flexibility. As of March 31, 2022, C&W
had cash of USD541 million against short-term debt (including
accrued interest and related-party debt) of USD116 million. C&W has
USD630 million under the C&W revolving credit facility and USD165
million under regional facilities, of which approximately USD70
million are fully committed. The company's amortization profile is
long-dated, with the majority of the debt due after 2027. Fitch
expects that the company will maintain cash balances of around
USD400 million-USD500 million over the rating horizon.

ISSUER PROFILE

Cable & Wireless Communications Limited is a U.K.-domiciled
telecommunications provider that is owned by Liberty Latin America,
a Bermuda-domiciled entity. The company provides B2C mobile, B2C
fixed and B2B services to customers mainly in the Caribbean and
Panama.

ESG CONSIDERATIONS

Cable & Wireless Communications Limited has an ESG Relevance Score
of '4' for Exposure to Environmental Impacts due todue to its
operations in a hurricane prone region, which has a negative impact
on the credit profile, and is relevant to the ratings in
conjunction with other factors.

Cable & Wireless Communications Limited has an ESG Relevance Score
of '4' for Financial Transparency due to LLA's relatively opaque
disclosure and financial management strategy, which has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

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

   DEBT                RATING                     RECOVERY   PRIOR
   ----                ------                     --------   -----
Cable & Wireless     
Communications
Limited              LT IDR        BB-   Affirmed            BB-

                     LC LT IDR     BB-   Affirmed            BB-

Coral-US Co-Borrower
LLC

   senior secured    LT            BB-   Affirmed    RR4     BB-

Sable International
Finance Limited

   senior secured    LT            BB-   Affirmed    RR4     BB-

C&W Senior Finance
Limited

   senior unsecured  LT            BB-   Affirmed    RR4     BB-


CARMAX INC: Egan-Jones Keeps BB+ Senior Unsecured Ratings
---------------------------------------------------------
Egan-Jones Ratings Company on April 28, 2022, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by CarMax, Inc.

Headquartered in Richmond, Virginia, CarMax, Inc. sells at retail
used cars and light trucks.



CARPENTER TECHNOLOGY: Egan-Jones Keeps BB- Sr. Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company on May 17, 2022, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Carpenter Technology Corporation.

Headquartered in Philadelphia, Pennsylvania, Carpenter Technology
Corporation manufactures, fabricates, and distributes stainless
steels, titanium, and specialty metal alloys.



CEL-SCI CORP: All Three Proposals Passed at Annual Meeting
----------------------------------------------------------
CEL-SCI held its annual meeting of shareholders at which the
shareholders:

  (1) elected Geert Kersten, Peter Young, Bruno Baillavoine, and
Robert Watson as directors;

  (2) approved the adoption of CEL-SCI's 2022 Non-Qualified Stock
Option Plan; and

  (3) ratified the appointment of BDO USA, LLP as CEL-SCI's
independent registered public accounting firm for the fiscal year
ending Sept. 30, 2022.

                     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 $36.36 million for the year ended
Sept. 30, 2021, a net loss of $30.26 million for the year ended
Sept. 30, 2020, and a net loss of $22.13 million for the year ended
Sept. 30, 2019.  As of March 31, 2022, the Company had $64.16
million in total assets, $19.03 million in total liabilities, and
$45.13 million in total stockholders' equity.


CELSIUS NETWORK: Taps Akin Gump After Account Freeze
----------------------------------------------------
Soma Biswas and Alexander Gladstone of The Wall Street Journal
report that crypto lender Celsius Network LLC has hired
restructuring attorneys from law firm Akin Gump Strauss Hauer &
Feld LLP to advise on possible solutions for its mounting financial
problems, according to people familiar with the matter.

Last week Celsius told users that it was pausing all withdrawals,
swaps and transfers between accounts because of extreme market
volatility.

                     About Celsius Network

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

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

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



CF HOLDINGS EH: Starts Chapter 11 Subchapter V Case
---------------------------------------------------
CF Holdings EH LLC filed for chapter 11 protection in the Eastern
District of New York, without stating a reason.  The Debtor filed
as a small business debtor seeking relief under Subchapter V of
Chapter 11 of the Bankruptcy Code.

The Debtor's formal schedules of assets and liabilities and
statement of financial affairs are due June 29, 2022.

According to court filings, CF Holdings estimates between 1 and 49
creditors.

A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
July 7, 2022 at 3:30 p.m.

                      About CF Holdings EH

CF Holdings EH LLC -- http://www.Mars-EastHampton.com/-- is the
owner of Mars club, lounge and public venue.

CF Holdings EH LLC filed a petition for relief under Subchapter V
of Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
22-71431) on June 15, 2022.  In the petition filed by Frank
Cillone, as member, the Debtor estimated assets between $50,000 and
$100,000 and estimated liabilities between $100,000 and $500,000.

The case is assigned to Honorable Bankruptcy Judge Robert E.
Grossman.

Gerard R. Luckman, Esq., has been appointed as Subchapter V
Trustee.

Carlos Mario Carvajal, of the Law Office of Carlos M. Carvajal,
Esq., is the Debtor's counsel.


CITRIX SYSTEMS: Egan-Jones Keeps BB+ Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company on April 27, 2022, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Citrix Systems, Inc.

Headquartered in Fort Lauderdale, Florida, Citrix Systems, Inc.
designs, develops, and markets technology solutions that allow
applications to be delivered, supported, and shared on-demand.



CMS ENERGY: Egan-Jones Keeps BB+ Senior Unsecured Ratings
---------------------------------------------------------
Egan-Jones Ratings Company on May 19, 2022, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by CMS Energy Corporation.

Headquartered in Jackson, Michigan, CMS Energy Corporation is an
energy company.



CNX RESOURCES: Egan-Jones Keeps B Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company on May 12, 2022, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by CNX Resources Corporation.

Headquartered in Canonsburg, Pennsylvania, CNX Resources
Corporation operates as a natural gas exploration and production
company.



COINBASE GLOBAL: S&P Alters Outlook to Neg, Affirms 'BB+' LT ICR
----------------------------------------------------------------
S&P Global Ratings said today it revised the outlook on Coinbase
Global Inc. to negative from stable and affirmed its 'BB+' issuer
credit and unsecured debt ratings.

S&P said, "The outlook revision to negative primarily reflects
Coinbase's weakening profitability and rising risks of a prolonged
"crypto winter," which could weigh on our assessment of its
financial risk. After an already weak first quarter, Coinbase's
trading volumes declined significantly further in the second
quarter to date, according to our estimates. If trading volumes
were to trend lower in the second half of the year, reflecting
investors' declining appetite for riskier assets (including crypto
assets) in a rising rate environment amid deteriorating economic
conditions, Coinbase's profitability could erode further.

"We believe recent events like the suspension of crypto withdrawals
by the lending platform, Celsius (not rated), and a break in the
"peg" for some algorithmic "stablecoins" (like TerraUSD) have
exacerbated the decline in crypto asset prices and trading volumes.
As of June 15, the prices of Bitcoin and Ethereum were down 53% and
67%, respectively, year-to-date. With the growing risk to the
outlook for trading volumes, and the high contribution of
transaction revenues (about 87%) to Coinbase's total net revenue,
we believe revenues are likely to decline significantly this year.
Lower crypto asset prices should also dampen custodial fees and
staking revenues. We expect some partial offset from increased net
interest income on customers' fiat currency cash balances and
Coinbase's own cash as interest rates rise.

"Coinbase recently announced an 18% reduction in its workforce to
combat these pressures. Still, we believe these measures may be
insufficient to counterbalance the significant headwind to revenues
in 2022 and expect the company to post negative operating cash
flows. In addition, the company remains committed to deploying 10%
of quarterly profits earned in prior periods into crypto
investments in line with the investment policy announced in August
2021. For example, the company invested a net $470 million in
crypto assets in the first quarter of 2022, according to the cash
flow statement. We believe these investments could further
contribute to eroding the company's excess cash position if crypto
prices remain depressed.

"Our ratings affirmation incorporates our view that Coinbase is
still operating with a strong cash cushion. As of March 31, 2022,
Coinbase's reported cash and cash equivalents was $6.1 billion,
exceeding S&P adjusted gross debt (defined as sum of long-term
debt, lease liabilities, and short-term borrowings) by about $2.4
billion (S&P adjusted gross debt was $3.7 billion). Despite our
expectation of a gradual erosion in the cash cushion, we estimate
the company will still operate by the end of 2022 with excess cash
over S&P adjusted gross debt (i.e., with S&P Global Ratings
adjusted leverage of 0.0x), even after deducting a portion of cash
we consider restricted. This supports our financial risk assessment
of minimal and our 'BB+' rating. This being said, we see rising
downside risks as a prolonged crypto winter extending far into 2023
could eventually result in a positive S&P Global Ratings net debt
level (with unrestricted cash falling below S&P adjusted gross
debt) and lead us to revise our assessment of Coinbase's financial
risk.

"Besides financial risks, the negative outlook also considers the
potential for heightened competitive risk and rising regulatory
risk in the aftermath of the recent market turbulence. We believe
that competitive risk has intensified in the crypto exchange sector
with reported gains by some of Coinbase's competitors (like
crypto.com and FTX). Although not imminent, we believe Coinbase
could face margin compression in its retail channel (which
generates more than 80% of transaction fees) as the industry
matures and players (including centralized and decentralized
cryptocurrency exchanges, financial technology, and brokerage
firms) compete for market share. We also think that a move to
tighter regulation in light of the ongoing market turbulence could
slow growth for Coinbase, for example, by limiting the number of
products Coinbase is permitted to list on its platforms or by
capping the expansion of the "lend" program to retail customers. At
the same time, more regulation could create a safer environment and
attract more participants to regulated exchanges like Coinbase.

"The negative outlook primarily reflects our view that Coinbase's
profitability will remain pressured over the next 12 months. It
also reflects rising uncertainties with respect to the duration of
the crypto market downturn amid a pullback in investor risk
appetite and a deteriorating macro-economic backdrop."

S&P could lower the rating by at least one notch over the next 12
months if:

-- S&P expects the company to consume excess cash faster than its
current assumptions, propelled by a prolonged slump in trading
volumes and crypto prices;

-- Increased regulation and oversight prove disruptive for its
business model; or

-- The company's competitive position were to weaken versus
peers.

S&P could revise the outlook to stable if it expects a sustained
improvement in trading volumes on Coinbase's platform and see
convincing evidence of reduced cash burn.



CONNECT TRUCKING: Seeks to Hire Lefkovitz & Lefkovitz as Counsel
----------------------------------------------------------------
Connect Trucking, LLC seeks approval from the U.S. Bankruptcy Court
for the Middle District of Tennessee to hire Lefkovitz & Lefkovitz,
PLLC as its legal counsel.

The firm will render these legal services:

     (a) advise the Debtor regarding its rights, duties, and
powers;

     (b) prepare and file statements and schedules, plans, and
other documents and pleadings necessary to be filed by the Debtor
in this proceeding;

     (c) represent the Debtor at all hearings, meetings of
creditors, conferences, trials, and any other proceedings in this
case; and

     (d) perform such other legal services as may be necessary in
connection with this case.

The hourly rates of the firm's counsel and staff are as follows:

     Steven L. Lefkovitz   $555
     Associate Attorneys   $350
     Paralegals            $125

The firm received a retainer of $8,000 from the Debtor.

Steven Lefkovitz, Esq., an attorney at Lefkovitz & Lefkovitz,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     Steven L. Lefkovitz, Esq.
     Lefkovitz & Lefkovitz, PLLC
     618 Church Street, Suite 410
     Nashville, TN 37219
     Telephone: (615) 256-8300
     Facsimile: (615) 255-4516
     Email: slefkovitz@lefkovitz.com

                      About Connect Trucking

Connect Trucking, LLC sought protection for relief under Chapter 11
of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 22-01713) on May
31, 2022, listing  $50,000 in assets and $100,001 to $500,000 in
liabilities. Judge Marian F Harrison presides over the case.

Lefkovitz And Lefkovitz, PLLC represents the Debtor as counsel.


CONSOLIDATD WEALTH: July 19 Plan & Disclosure Hearing Set
---------------------------------------------------------
Consolidated Wealth Holdings and its affiliated debtors filed with
the U.S. Bankruptcy Court for the Southern District of Texas a
motion for an order conditionally approving the Disclosure
Statement.

On June 13, 2022, Judge David R. Jones conditionally approved the
Disclosure Statement and ordered that:

     * July 19, 2022, at 2:00 p.m., is the combined hearing on
final approval of the Disclosure Statement and confirmation of the
Plan.

     * July 1, 2022, is the deadline to file Plan Supplement.

     * July 8, 2022, at 4:00 p.m., is the Plan voting deadline and
deadline to object to Disclosure Statement and Confirmation.

     * July 8, 2022, is the deadline for any party to file and
serve an objection to the claim.

Counsel to the Debtors:

     Lenard M. Parkins PLLC
     Charles M. Rubio P.C.
     PARKINS & RUBIO LLP
     Pennzoil Place, 700 Milam Street, Suite 1300
     Houston, Texas 77002
     Tel: (713) 715-1660
     E-mail: lparkins@parkinsrubio.com
             crubio@parkinsrubio.com

                    About Consolidated Wealth

Consolidated Wealth Holdings Inc. --
https://consolidated-wealth.com/investor-login/ -- is a holding
company based in Houston, Texas.  The company and its affiliates
manage a portfolio of roughly 28 life settlement contracts with 380
investors. Consolidated Wealth is no longer engaged in the sale of
new life insurance today.

Consolidated Wealth and affiliates filed for Chapter 11 protection
(Bankr. S.D. Texas Lead Case No. 22-90013) on April 7, 2022.  In
the petition filed by Deanna Osborne, owner, Consolidated Wealth
listed up to $500,000 in assets and up to $50,000 in liabilities.

The case is assigned to Judge David R. Jones.

Perkins, Lee and Rubio, LLP is the Debtor's legal counsel.  Epiq
Bankruptcy Solutions is the claims agent.


COOPER'S HAWK: Moody's Rates $50MM 1st Lien Loan Add-on 'Caa1'
--------------------------------------------------------------
Moody's Investors Service assigned a Caa1 rating to Cooper's Hawk
Intermediate Holding, LLC's $50 million add-on to its senior
secured 1st lien term loan due 2026. The company's existing Caa1
corporate family rating and stable outlook are unaffected.

Cooper's Hawk obtained the add-on term loan on April 28, 2022.
Proceeds were used to repay outstanding revolving loans totaling
$34.3 million and associated fees and expenses. Remaining proceeds
will be used for general corporate purposes.

"The add-on term loan is a credit positive, as it improves
liquidity by repaying all revolver borrowing and adding additional
cash to the company's balance sheet which, along with continued
external support from its financial sponsor, should be more than
sufficient to cover cash flow needs over the coming year, including
a planned significant increase in new unit openings," stated
Moody's Vice President, Mike Zuccaro.

The following rating was assigned:

Issuer: Cooper's Hawk Intermediate Holding, LLC

$50 million senior secured 1st lien term loan due 2026, Caa1
(LGD3)

RATINGS RATIONALE

Cooper's Hawk's Caa1 CFR reflects its small size relative to its
rated restaurant peers, limited geographic diversification, and
weak credit metrics. While a recovery from the coronavirus pandemic
is underway and financial leverage is expected to significantly
improve, it will remain high in 2022, at over 8x as per Moody's
lease adjusted calculations. Also reflected are governance
considerations, including private equity ownership, which led to
high financial leverage before the pandemic, and an aggressive
growth strategy. However, its sponsor, Ares, has already
demonstrated a commitment to support growth related cash flow
needs.

The rating is supported by Cooper's Hawk's solid position in the
nascent restaurant/wine club space. As one of the first movers with
multiple locations, its wine club is the largest in the US. With
monthly membership fees accounting for about 25% of the company's
total revenue, this business provides a base level of revenue,
earnings and cash flow support. The wine club also bolsters
restaurant traffic considerably because of the very high rate of
customer in-store pickup. Further support is provided by its
diverse customer base and broad appeal among varying demographics.
Moody's expects continued organic revenue and profitability growth
over the next few years, in addition to significant new unit
growth.

The stable outlook reflects Moody's expectation for continued
improvement in operating performance and credit metrics as the
company further recovers from the pandemic, and as new restaurant
units are opened. The outlook also reflects Moody's expectation for
adequate liquidity, supported by balance sheet cash, revolver
availability and external support from its financial sponsor.

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

Ratings could be upgraded if operating performance improves such
that debt/EBITDA is sustained below 7.5x and EBITA/interest expense
approached 1.25x, while maintaining adequate liquidity.

Ratings could be downgraded if liquidity weakens or if the
probability of default increases for any reason. Quantitatively,
ratings could be downgraded if debt/EBITDA remains above 9.0x.

Cooper's Hawk Intermediate Holding, LLC ("Cooper's Hawk") is an
experiential concept restaurant chain that also features the
largest wine club in the US. The company currently operates 49
restaurants, which also serve as the primary pickup location for
recurring monthly wine purchases by its wine club members. Cooper's
Hawk was established in 2005 by founder and CEO Tim McEnery and was
purchased by Ares Private Equity Group in July 2019. Revenue is
around $370 million.

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


CORUS ENTERTAINMENT: DBRS Confirms BB Issuer Rating
---------------------------------------------------
DBRS Limited confirmed Corus Entertainment Inc.'s Issuer Rating at
BB and Senior Unsecured Notes at BB with a recovery rating of RR4.
All trends are Stable. The confirmations are supported by Corus's
allocation of free cash flow (FCF) toward material debt reduction
amid a challenging operating environment. The confirmations and
Stable trends also reflect a continued measured recovery in
financial performance in F2021, which has continued into the first
half of F2022 (H1 F2022), and the expectation of a continued
recovery in advertising, albeit one that is more skewed to
television and digital rather than radio. Corus's ratings reflect
the Company's stable market position in its TV business, strong
cash-generating capacity, and continued commitment to deleveraging.
The ratings also continue to consider the structural shift in
advertising spending to digital and online channels from
traditional media, partially offset by subscription revenue to
digital channels, the persistent annual cord-cutting and/or shaving
by Canadian households, and, to a lesser degree, the uncertainty
associated with the Canadian Radio-television and
Telecommunications Commission's pending regulatory changes.

After a challenging F2020, as expected Corus's earnings profile
strengthened in F2021 and was in line with DBRS Morningstar's
expectation of an improving operating environment benefitting from
an ease in restrictions and a return to a more normal advertising
environment and steady growth in television subscriber revenue. As
forecast, F2021 consolidated revenue growth returned to positive
territory, and H1 F2022 has seen this trend continue. EBITDA growth
for F2021 outpaced revenue growth; however, EBITDA has declined
year over year (YOY) in H1 F2022, primarily reflecting higher
programming costs, inflationary pressure on compensation, a
catch-up in Canadian content spending, and the absence of wage
subsidies and regulatory fee relief.

In F2021, consolidated revenue increased 2.1% YOY to $1,543 million
as revenue performance strengthened through the year and peaked at
13% YOY growth in Q4 F2021. The recovery in revenue was driven by
television advertising, which was up 2% for the year, but surged
21% in the fourth quarter as advertising spending by companies
accelerated with the economic reopening. EBITDA in F2021 was $525
million, an increase of 3.7% YOY and above DBRS Morningstar's
expectation of about $500 million, driven by 8% YOY growth in
television that fully offset the continued weakness in radio, which
declined 12% YOY.

Operating results continued to improve in H1 F2022 with revenue of
$826 million, up 5.9% YOY, despite the impact of the Winter
Olympics in Beijing and the imposition of pandemic-related
restrictions during the period. Revenue growth year to date
continues to be driven by a recovery in television advertising
(+8.7% YOY) and 5.0% subscriber revenue growth, which was more than
enough to offset weakness in merchandising, distribution, and other
(-12.5% YOY). Despite the mid-single digit revenue growth
performance, H1 F2022 EBITDA of $264 million was down 9.4% YOY,
primarily reflecting higher program rights costs, an increase in
employee costs given the absence of wage subsidies and regulatory
fee relief, salary inflation, and an increase in Canadian content
cost, which DBRS Morningstar expects to remain a headwind through
the year. As a result, the H1 F2022 EBITDA margin was 31.9%
compared with 37.4% in H1 F2021.

The improving trend in operating results was also reflected in the
Company's financial profile. In F2021, FCF after dividends and
before changes in working capital increased 17.3% YOY to $238
million from $202 million, primarily reflecting higher net income,
lower spend on film investments, and lower depreciation, despite an
increase in F2021 capital expenditures (capex) of $20 million
compared with $15 million spent in the prior fiscal year. Total
dividend payments were down modestly in F2021. Importantly, the
Company continued to prioritize debt reduction, paying down $167
million of term debt and thus ending the year with $1.49 billion of
debt. As a result of the increase in EBITDA and lower debt balance,
gross debt-to-EBITDA decreased to 2.85 times (x) in F2021 compared
with 3.30x in F2020 and performed better than DBRS Morningstar's
expectation. In H1 F2022, Corus continued to repay debt, as balance
sheet debt declined to $1.44 billion; however, as a result of the
softness in EBITDA, last-12-month gross debt-to-EBITDA as of Q2
F2022 ticked up modestly to 2.90x compared with 2.85x at YE F2021.

DBRS Morningstar believes that the ongoing return to normal for
both consumers and enterprises across Canada will support improving
operating performance in the near to medium term. Combined with a
strong slate of programs, DBRS Morningstar expects television
advertising to continue to improve in F2022 and also expects local
radio to experience a modestly improving advertising environment as
commuting recovers, albeit not to pre-pandemic levels for the
foreseeable future. Corus's long-term focus on content creation
(Nelvana and Corus Studios), growing traction in its digital
platforms (STACKTV and Nick+), and positive momentum in content
licensing sales should also support revenue growth. As a result,
DBRS Morningstar expects F2022 revenue to increase in the
mid-single digits and then in the low single digits through the
balance of the forecast horizon until F2025. DBRS Morningstar
expects the EBITDA pressure witnessed in H1 F2022 to persist
through the year, primarily reflecting higher programming costs,
inflationary pressure on wages and compensation, the absence of any
wage subsidies, and the continued catch-up investment in Canadian
content creation. As a result, DBRS Morningstar expects EBITDA to
decline in the mid-single digits in F2022 and F2023, before
stepping up in F2024 in part related to catch-up Canadian content
costs rolling off.

DBRS Morningstar forecasts FCF after dividends and before changes
in working capital to be $150 million to $160 million in F2022 and
F2023 reflecting the lower level of net income, a modest decline in
capex, and a modest increase in dividend payments. DBRS Morningstar
expects the Company to continue to prioritize using internally
generated cash flow toward reducing the balance of its term
facility for the foreseeable future. DBRS Morningstar also
anticipates that F2022 and F2023 gross leverage will be
approximately 2.85x, as lower debt is essentially offset by
near-term EBITDA pressure.

Should leverage move in a sustainable manner to between 2.0x and
2.5x, combined with the Company's ability to diversify operating
income toward its current and/or future digital platforms and
non-advertising revenue streams (thus reducing the impact of
volatility inherent in the advertising market), DBRS Morningstar
may take a positive rating action. Conversely, if key credit
metrics are pressured and/or leverage is maintained at a
structurally higher level as a result of weaker-than-expected
operating performance and/or more aggressive financial management,
the rating may be pressured.

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



CREATIVE ARTISTS: Moody's Assigns 'B2' Rating to New Term Loan B-2
------------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to Creative Artists
Agency, LLC's (CAA) new term loan B-2. The B2 Corporate Family
Rating, B2 rating on the existing credit facility, and stable
outlook remain unchanged.

The net proceeds of the term loan and a portion of cash on the
balance sheet will be used to fund the acquisition of talent
agency, International Creative Management LLC (ICM). Pro forma
leverage is unchanged (5.2x as of March 31, 2022 including Moody's
standard adjustments) as a result of the transaction. The ICM
purchase will be complementary to CAA's motion picture, television,
and sports divisions, while expanding publishing services. CAA will
also have a larger market position in European soccer
representation following the acquisition which Moody's expects will
increase international growth opportunities going forward. CAA will
maintain a good liquidity position which was bolstered by an
additional equity contribution of $147 million from TPG Capital
Partners (TPG).

Assignments:

Issuer: Creative Artists Agency, LLC

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

RATINGS RATIONALE

CAA's B2 CFR reflects the relatively high leverage level and
Moody's expectation that leverage will continue to decrease from
growth in the company's different business segments. CAA will
benefit from the increasing value of original content worldwide
over the next several years given the strong demand for content
from traditional media companies and streaming services. CAA's
music division represents a modest portion of total revenue
historically and was the most significantly affected by the
pandemic, but the division started to recover in 2021 and Moody's
expects the division will improve toward pre pandemic levels in
2022.

CAA derives strength from its size and diversified operations in
client representation with leading positions in motion pictures,
television, music, publishing, and sports and includes television
packaging rights, commercial endorsements, and other business
services. A substantial amount of CAA's costs are variable and the
company was able to reduce expenses to offset a significant portion
of the declines in revenue during the pandemic which supported cash
flow. Contractual revenue streams will continue to be a recurring
source of revenue and cash flow which provide some stability to
performance going forward.

A governance consideration that Moody's considers in CAA's credit
profile is the company's aggressive financial policy with leverage
maintained at relatively high levels. CAA has completed numerous
acquisitions and issued additional debt on several occasions during
the past few years including almost $400 million of debt to buy
back employee equity in November 2019. In addition to the ICM
purchase, Moody's expects CAA to consider additional acquisitions
going forward. However, TPG and other investors contributed almost
$250 million in additional equity since July 2021 to help fund
acquisitions which has offset the impact on leverage levels. CAA is
a privately owned company.

Moody's expects CAA's liquidity will be good as a result of the pro
forma cash balance of approximately $289 million and access to an
undrawn ($26 million of L/Cs outstanding) $125 million revolver due
2024 as of March 31, 2022. CAA's cash balance benefited from the
receipt of an additional $147 million equity investment by TPG in
June 2022. The equity contribution follows the $100mm investment
led by TPG in July 2021. Moody's projects CAA will generate good
operating cash flow, but it will be seasonal and a portion of the
cash flow will be used to make distributions to membership holders.
Capex is likely to be modest in the near term and cash flow will be
supported by contractual revenue streams going forward.

The first lien term loan is covenant lite. The revolver is subject
to a springing senior secured first lien net leverage covenant of
7.5x when greater than 35% of the revolver is drawn. Moody's
expects CAA will remain well within compliance with the financial
covenant going forward.

The stable outlook reflects Moody's expectation that CAA will
continue to experience good demand for media content over the next
several years aided by the company's strong position in the client
representation industry. Moody's projects leverage will decline to
the 5x range by the end of 2022 with a further reduction in
leverage in 2023 as a result of mid-single digit EBITDA growth.
However, future acquisition activity is likely to have a
substantial impact on the pace of deleveraging going forward.

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

The ratings could be upgraded if CAA's leverage declined to the low
4x range on a sustained basis and free cash flow as a percentage of
debt is maintained in the mid to high single percent range. Good
organic growth and confidence that the private equity sponsor would
pursue a financial policy in line with a higher rating would also
be required.

The ratings could be downgraded if CAA's leverage was sustained
above 6.5x due to additional debt issue or poor operating
performance. A weakened liquidity position could also lead to a
downgrade.

Creative Artists Agency, LLC (CAA) is a global talent
representation agency with leading positions in motion pictures,
television, music, publishing, and sports and includes television
packaging rights, commercial endorsements, and other business
services. TPG Capital Partners has a significant ownership position
in the company.

The principal methodology used in this rating was Business and
Consumer Services published in November 2021.


CROWN HOLDINGS: Egan-Jones Keeps BB Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company on May 5, 2022, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Crown Holdings, Inc.

Headquartered in Philadelphia, Pennsylvania, Crown Holdings, Inc.
designs, manufactures and sells packaging products for consumer
goods through plants located in countries around the world.



CSG SYSTEMS: Egan-Jones Keeps BB+ Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company on May 17, 2022, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by CSG Systems International, Inc.

Headquartered in Englewood, Colorado, CSG Systems International,
Inc. provides customer care and billing solutions for cable
television providers, direct broadcast satellite providers, online
services markets, and telephony providers.



CYPRUS MINES: Court Okays Firms' Email Service in Talc Suits
------------------------------------------------------------
Rick Archer of Law360 reports that a Delaware bankruptcy judge
overrode concerns raised Tuesday, June 14, 2022, by the U.S.
Trustee's Office to allow Cyprus Mines Corp. to email service to
the attorneys of talc injury claimants rather than mail it to each
individual as Cyprus seeks to block talc suits against its parent
company.

While telling participants at the virtual hearing that she thought
this should not be standard practice, U.S. Bankruptcy Judge Laurie
Selber Silverstein said a lack of objections by the claimants and
other facts of the case justified Cyprus' service proposal, despite
arguments from the trustee's office that emails could be too easily
overlooked.

                  About Cyprus Mines Corporation

Cyprus Mines Corporation is a Delaware corporation and a
wholly-owned subsidiary of Cyprus Amax Minerals Co., which is an
indirect subsidiary of Freeport-McMoRan Inc.  It currently has
relatively limited business operations, which include the ownership
of various parcels of real property, certain royalty interests that
generate de minimis revenue (e.g., less than $1,500 in each of the
past two calendar years), and the ownership of an operating
subsidiary that conducts marketing activities.

Cyprus Mines is a predecessor in the interest of Imerys Talc
America, Inc. In June 1992, Cyprus Mines sold its talc-related
assets to RTZ America Inc. (later known as Rio Tinto America, Inc.)
through a two-step process. First, Cyprus Mines transferred its
talc-related assets and liabilities (subject to minor exceptions)
to Cyprus Talc Corporation, a newly formed subsidiary of Cyprus
Mines, according to an Agreement of Transfer and Assumption, dated
June 5, 1992.

Second, Cyprus Mines sold the stock of Cyprus Talc Corporation to
RTZ according to a Stock Purchase Agreement, also dated June 5,
1992 (as amended, the "1992 SPA").  The purchase price was
approximately $79.5 million. Cyprus Talc Corporation was later
renamed Imerys Talc America, Inc. Under the 1992 ATA, the entity
now named Imerys expressly and broadly assumed the talc liabilities
of Cyprus Mines and its former subsidiaries that were in the talc
business.

Cyprus Mines filed for Chapter 11 bankruptcy protection (Bankr. D.
Del. Case No. 21-10398) on Feb. 11, 2021, listing between $10
million and $50 million in assets, and between $1 million and $10
million in liabilities.

The Honorable Laurie Selber Silverstein is the case judge.

The Debtor tapped Reed Smith LLP as bankruptcy counsel, Kasowitz
Benson Torres LLP as special conflicts counsel, and Prime Clerk LLC
as claims agent.

The U.S. Trustee for Regions 3 and 9 appointed an official
committee of tort claimants on March 4, 2021.  The tort committee
is represented by Caplin & Drysdale, Chartered, and Campbell &
Levine, LLC. Province, LLC, and Axlor Consulting, LLC serve as the
tort committee's financial advisor and consultant, respectively.

Roger Frankel serves as the legal representative for future
personal injury claimants.  The FCR tapped Togut, Segal & Segal,
LLP, Burr & Forman, LLP and Frankel Wyron, LLP as bankruptcy
counsels; Anderson Kill, PC as special insurance counsel; Archer &
Greiner, P.C. as New Jersey counsel; and Province, LLC as financial
advisor. The FCR also tapped the services of economic expert,
Berkeley Research Group, LLC.

On May 11, 2021, the court appointed M. Jacob Renick as the fee
examiner in this Chapter 11 case.  The examiner tapped Godfrey &
Kahn, SC, as legal counsel.


DANIEL T. LEE DENTAL: Unsecureds to Get 0% Under Plan
-----------------------------------------------------
Daniel T. Lee Dental Corporation submitted a Third Amended Chapter
11 Plan Small Business Subchapter V.  

The Debtor's financial projections show that the Debtor will have
projected disposable income for the period described in 11 U.S.C.
Sec. 1191(c)(2) of $444,172.

Under the Plan, the Class 2(A) Secured Claim of Bank of the West of
$544,726 will be reduced by post-petition adequate protection
payments expected to be made until the Effective Date.  As of
May31, 2022, $126,000 of AP payments had been made.  The reduced
claim will be paid over approximately 101 months.

Class 2(B) – Secured claim of Leonard H. Smith, DDS of $105,267
will be amortized over 15 years, all payable after 5 years.

Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 0 cents on the dollar.  Under the Plan, holders of
Class 3 Non-priority General Unsecured Claims will be paid 0% of
their allowed claims. Class 3 is impaired.

Dr. Daniel T. Lee shall retain his ownership and management
rights.

A copy of the Third Amended Chapter 11 Plan Small Business
Subchapter V dated June 11, 2022, is available at
https://bit.ly/3N3Lfro from PacerMonitor.com.

                   About Daniel T. Lee Dental

Daniel T. Lee Dental Corporation d/b/a Northern California Dental,
based in San Jose, CA, filed a Chapter 11 petition (Bankr. N.D.
Cal. Case No. 20-51022) on July 8, 2020. In the petition signed by
Daniel T. Lee, president, the Debtor disclosed $259,121 in assets
and $1,640,036 in liabilities.

The Hon. Elaine M. Hammond oversees the case.

Stanley Zlotoff, Esq., serves as bankruptcy counsel to the Debtor.


DELIVERANCE HOLY: July 21 Plan & Disclosure Hearing Set
-------------------------------------------------------
On May 12, 2022, Deliverance Holy Tabernacle, Inc. filed with the
U.S. Bankruptcy Court for the District of New Jersey a small
business Plan and Disclosure Statement.

On June 13, 2022, Judge Vincent F. Papalia conditionally approved
the Disclosure Statement and ordered that:

     * July 14, 2022 is fixed as the last day for filing and
serving written objections to the Disclosure Statement and
confirmation of the Plan.

     * July 14, 2022 is fixed as the last day for filing written
acceptances or rejections of the Plan.

     * July 21, 2022 at 11:00am at the United States Bankruptcy
Court, District of New Jersey, 50 Walnut Street, Newark, NJ 07102,
in Courtroom 3B is the hearing for final approval of the Disclosure
Statement and for confirmation of the Plan.

A full-text copy of the order dated June 13, 2022, is available at
https://bit.ly/3QwVNlN from PacerMonitor.com at no charge.

Counsel for the Chapter 11 Debtor:

     MIDDLEBROOKS SHAPIRO, P.C.
     841 Mountain Avenue, First Floor
     Springfield, NJ 07081
     973-218-6877
     middlebrooks@middlebrooksshapiro.com

                About Deliverance Holy Tabernacle

Deliverance Holy Tabernacle, Inc., is an operating non-profit
church which provides religious services and outreach to an
underserved community in Paterson, New Jersey.  Deliverance Holy
Tabernacle filed a Chapter 11 petition (Bankr. D.N.J. Case No.
21-19784) on Dec. 22, 2021.  The Debtor is represented by Melinda
D. Middlebrooks, Esq. of MIDDLEBROOKS SHAPIRO, P.C.


DELUXE CORP: Egan-Jones Keeps B Senior Unsecured Ratings
--------------------------------------------------------
Egan-Jones Ratings Company on May 18, 2022, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Deluxe Corp.

Headquartered in Shoreview, Minnesota, Deluxe Corp. offers check
printing and related business services.



DIAMONDBACK ENERGY: Egan-Jones Keeps BB+ Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company on April 29, 2022, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Diamondback Energy Inc.

Headquartered in Midland, Texas, Diamondback Energy Inc operates as
an independent oil and natural gas company currently focused on the
acquisition, development, exploration, and exploitation of
unconventional, onshore oil, and natural gas reserves in the
Permian Basin in West Texas.



DIOCESE OF BUFFALO: Seeks to Hire KLW as Appraiser
--------------------------------------------------
The Diocese of Buffalo, N.Y. seeks approval from the U.S.
Bankruptcy Court for the Western District of New York to employ KLW
Appraisal Group, Inc., as the real estate appraiser to conduct a
valuation of the real property located at 208 N. 24th Street,
Olean, N.Y.

The firm will render these services:

     a. perform an appraisal of the property;

     b. prepare and draft an appraisal report;

     c. conduct one or more inspections of the property, if
needed;

     d. perform all necessary due diligence, background
investigation and preparation (including, for example, examination
of comparable properties) that is customarily associated with the
valuation of real property similar to the property in order to
determine the market value and liquidation value for this type of
property;

     e. consult with the Diocese and its counsel concerning
valuation matters generally; and

     f. testify, if necessary, before the Court concerning the
valuation of the property.

The Diocese agreed to pay the appraiser a one-time fee of up to
$2,000.

KLW is a "disinterested person" as that term is defined in section
101(14) of the Bankruptcy Code, as modified by section 1107(b); and
(b) does not hold or represent an interest adverse to the Diocese's
estates, according to court filings.

The firm can be reached through:

     Gregory C. Klauk
     KLW Appraisal Group, Inc.
     247 Cayuga Rd Ste 40
     Buffalo, NY, 14225-1900
     Phone: (716) 632-2100

                 About The Diocese of Buffalo, N.Y.

The Diocese of Buffalo, N.Y., is home to nearly 600,000 Catholics
in eight counties in Western New York. The territory of the diocese
is co-extensive with the counties of Erie, Niagara, Genesee,
Orleans, Chautauqua, Wyoming, Cattaraugus, and Allegany in New York
State, comprising 161 parishes. There are 144 diocesan priests and
84 religious priests who reside in the Diocese.

The diocese through its central administrative offices (a) provides
operational support to the Catholic parishes, schools, and certain
other Catholic entities that operate within the territory of the
Diocese "OCE"; (b) conducts school operations through which it
provides parish schools with financial and educational support; (c)
provides comprehensive risk management services to the OCEs; (d)
administers a lay pension trust and a priest pension trust for the
benefit of certain employees and priests of the OCEs; and (e)
provides administrative support for St. Joseph Investment Fund,
Inc.

Dealing with sexual abuse claims, the Diocese of Buffalo sought
Chapter 11 protection (Bankr. W.D.N.Y. Case No. 20-10322) on Feb.
28, 2020. The diocese was estimated to have $10 million to $50
million in assets and $50 million to $100 million in liabilities as
of the bankruptcy filing.

The Honorable Carl L. Bucki is the case judge.

Bond, Schoeneck & King, PLLC, led by Stephen A. Donato, Esq., is
the diocese's counsel; Connors LLP and Lippes Mathias Wexler
Friedman LLP are its special litigation counsel; and Phoenix
Management Services, LLC is its financial advisor. Stretto is the
claims agent, maintaining the page:
https://case.stretto.com/dioceseofbuffalo/docket.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on March 12, 2020.  The committee is represented by
Pachulski Stang Ziehl & Jones, LLP and Gleichenhaus, Marchese &
Weishaar, PC.


DIOCESE OF BUFFALO: Taps Howard Hanna as Real Estate Broker
-----------------------------------------------------------
The Diocese of Buffalo, N.Y. seeks approval from the U.S.
Bankruptcy Court for the Western District of New York to employ
Howard Hanna Professionals, as its real estate broker to market its
real property located at 208 N. 24th St., Olean, N.Y.

The firm will render these services:

     a. advertise and market the property for sale;

     b. undertake to find a purchaser for said property, upon terms
and conditions acceptable to the Diocese;

     c. make available to prospective purchasers upon request
information regarding the availability of inspections;

     d. report to the Diocese regarding expressions of interest in
the property;

     e. assist in preparing a purchase offer with an attorney
approval clause;

     f. follow up with purchaser and/or purchaser's designee once a
contract is negotiated; and

     g. update the Diocese regarding fulfillment of contract
contingencies.

The Diocese agreed to pay the broker a commission equal to 6
percent of the gross purchase price of the property, or $3,000.00,
whichever is higher.

Howard Hanna is a "disinterested person" as that term is defined in
section 101(14) of the Bankruptcy Code, as modified by section
1107(b); and does not hold or represent an interest adverse to the
Diocese's estate.

The firm can be reached through:

     Dennis Pezzimenti
     Howard Hanna Professionals
     410 Wayne Street
     Olean, NY 14760
     Phone: (716) 372-1155
     Fax: (716) 372-7057

                About The Diocese of Buffalo, N.Y.

The Diocese of Buffalo, N.Y., is home to nearly 600,000 Catholics
in eight counties in Western New York. The territory of the diocese
is co-extensive with the counties of Erie, Niagara, Genesee,
Orleans, Chautauqua, Wyoming, Cattaraugus, and Allegany in New York
State, comprising 161 parishes. There are 144 diocesan priests and
84 religious priests who reside in the Diocese.

The diocese through its central administrative offices (a) provides
operational support to the Catholic parishes, schools, and certain
other Catholic entities that operate within the territory of the
Diocese "OCE"; (b) conducts school operations through which it
provides parish schools with financial and educational support; (c)
provides comprehensive risk management services to the OCEs; (d)
administers a lay pension trust and a priest pension trust for the
benefit of certain employees and priests of the OCEs; and (e)
provides administrative support for St. Joseph Investment Fund,
Inc.

Dealing with sexual abuse claims, the Diocese of Buffalo sought
Chapter 11 protection (Bankr. W.D.N.Y. Case No. 20-10322) on Feb.
28, 2020. The diocese was estimated to have $10 million to $50
million in assets and $50 million to $100 million in liabilities as
of the bankruptcy filing.

The Honorable Carl L. Bucki is the case judge.

Bond, Schoeneck & King, PLLC, led by Stephen A. Donato, Esq., is
the diocese's counsel; Connors LLP and Lippes Mathias Wexler
Friedman LLP are its special litigation counsel; and Phoenix
Management Services, LLC is its financial advisor. Stretto is the
claims agent, maintaining the page:
https://case.stretto.com/dioceseofbuffalo/docket.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on March 12, 2020.  The committee is represented by
Pachulski Stang Ziehl & Jones, LLP and Gleichenhaus, Marchese &
Weishaar, PC.


DIOCESE OF NORWICH: Faces 140 Sexual Assault Claims in Chapter 11
-----------------------------------------------------------------
Joe Wojtas of The Day reports that a federal bankruptcy court judge
again has extended the deadline for the Diocese of Norwich to
submit a bankruptcy plan, so creditors, including 140 people who
say they were sexually assaulted by priests, can meet with a
mediator and resolve a number of contentious issues.

Judge James Tancredi on Monday ordered that the Roman Catholic
diocese's exclusive filing period for the plan be extended until
Sept. 30, 2022.  It was the fourth extension for the diocese.  In
April, Tancredi had extended the deadline to June 15, 2022, again
to give the parties more time to negotiate an agreement.

The diocese filed for Chapter 11 bankruptcy 11 months ago as it
faced more than 60 lawsuits filed by men who say they were sexually
assaulted as boys by Christian Brothers and other staff at the
diocese-run Mount Saint John Academy, a school for troubled boys in
Deep River, from 1990 to 2002. Since then 80 additional people,
whose sexual assault allegations involved not only the school but
diocesan churches, have filed claims in the bankruptcy case. In
addition, various other creditors are seeking a portion of the
diocese's assets.

The bankruptcy process, which freezes lawsuits against the diocese,
will assess the assets of the diocese and determine how much each
victim will receive in damages. The 51 parishes in the diocese have
joined the diocese in seeking bankruptcy protection from sexual
abuse claims and will have to contribute funds to the settlement.
This would leave victims unable to sue the parishes in the future.
March 15, 2022 was the deadline for victims and others to file
claims in the case. A total of 170 claims were filed.  

One of the 140 alleged victims who has filed a claim, Tim McGuire,
63, of New London, said Tuesday that another delay is painful for
the victims.

"For all of us, every day is a struggle. I deal with this every
day. Every day," said McGuire, who has said a Noank priest sexually
assaulted him when he was 8 years old. "I've struggled with my
mental health every day for the past 55 years. It's a constant
torment. We just want it to be over."

McGuire has been unable to sue the diocese because of the state's
statute of limitations on filing a lawsuit, which was increased
from age 48 to 51 two years ago. An expert who testified before a
General Assembly subcommittee in 2019 stated that the average age
that a victim of childhood sexual abuse reveal what happened to
them is 52. Bills seeking to temporarily eliminate the statute of
limitations so victims of any age could sue have not been
successful in the legislature.

In its motion for the extension, attorneys for the diocese wrote
that the diocese, the creditors committee, diocese insurer Catholic
Mutual Relief Society of America, the Congregation of Christian
Brothers, Mount St. John, the association of 51 diocesan parishes,
Xavier High School Corp. and Mercy High School of Middletown and
St. Bernard High School in Montville met in January to discuss
issues such as the value of diocesan assets and properties,
insurance coverage, the sale of Mount Saint John and pending
litigation against the Christian Brothers — all matters that have
to be resolved to file a bankruptcy plan. The Christian Brothers
are part of the negotiations, as Brother K. Paul McGlade, who is
deceased, is accused of raping and sexually assaulting the boys at
Mount Saint John.

The motion states the diocese and creditors' committee exchanged
proposed bankruptcy plans in January and then retained appraisers
to place a value on the high school properties. In addition, the
motion states the diocese has shared information about money it is
owed by other Catholic entities and its cash accounts with the
creditors' committee. And since March 15, it states the diocese and
creditors' committee have been working diligently to quantify and
evaluate the proof of claim forms the victims and other creditors
have filed.

The motion also states that the parties have not reached agreement
on important issues such as the value of certain diocesan
properties, the insurance coverage from Catholic Mutual and other
insurers, and potential additional contributions to the settlement
fund by the diocese, parishes, high schools, the Christian Brothers
and Catholic Mutual.

The parties have agreed to begin mediation on or about July 14 and
continue the following week. The diocese and creditors  committee
have filed a motion to appoint Paul A. Finn as the mediator.

Finn, a Boston-based attorney, has helped mediate many similar
claims in dioceses across the country. Among these were 552 claims
by people who say they were abused by priests in the Archdiocese of
Boston and more recently claims of sexual abuse against priests
from the Archdiocese of Milwaukee. He also resolved claims in the
2003 Station night club fire in Warwick, R.I.

"Mediation will help the parties move expeditiously towards a
consensual reorganization while minimizing the cost attendant to
litigating contentious issues," the motion states, adding that the
diocese and committee believe Sept. 30 gives them sufficient time
to complete the mediation and propose a reorganization plan to the
court.

The motion states the extension and mediation will allow the
parties to reach consensus, maximizing the recovery for victims and
preserving the mission of the diocese. Litigating the outstanding
issues likely would result in more delays and more legal fees,
which would leave less money for victims. As of Tuesday there have
already been 667 court filings in the case, resulting in millions
of dollars in legal fees.

In arguing for the extension, diocesan attorneys stated the case is
"highly complex" and the parties need more time to gather and share
the information needed to form a reorganization plan. In addition,
they state the extension will allow the diocese to preserve and
build on the progress already made.

                 About The Norwich Roman Catholic
                        Diocesan Corporation

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

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

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

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


DISCOVERY TOURS: Ex-VP Pleads Guilty to Fraud, Money Laundering
---------------------------------------------------------------
Anna Meyer of wkyc.com reports that former Discovery Tours vice
president Joseph Cipolletti pleaded guilty to an 18-count federal
indictment on Wednesday, June 15, 2022, afternoon in Cleveland.

The indictment charges included the following:
   
    * Wire fraud
    * Money laundering
    * Bank fraud
    * False statement under oath in a bankruptcy proceeding

The 47-year-old Hudson native was previously employed by Discovery
Tours. The Mayfield-based company offered educational trips for
students to places such as Washington D.C., Chicago, New York City,
and more.

In his role, he was in charge of the company's finances, general
ledger entries, accounts payable and accounts receivable.

Previous court documents showed that from June 2014 until May 2018,
Cipolletti created an embezzlement scheme that caused Discovery
Tours to go bankrupt.

Cipolletti had devised a scheme to divert payments intended for
Discovery Tours trips for his personal use, defrauding parents and
other student trip purchasers.

He was previously accused of embezzling over $600,000 from
Discovery Tours.

When Discovery Tours filed for bankruptcy in May 2018, dozens of
school trips were canceled and over 5,0000 families lost the money
they paid for the trips.

On Dec. 10, 2018, Cipolletti falsely stated under oath that he did
not owe his business any money.

The total amount of loss will be announced by the court at
Cipolletti's sentencing, which will be held on Nov. 29, 2022.

The FBI investigated this case and Assistant U.S. Attorney Brian M.
McDonough is prosecuting the case.

                      About Discovery Tours

Mayfield Village, Ohio-based Discovery Tours offers educational
trips for grade school and high school students.  It offered
educational trips for students to places such as Washington D.C.,
Chicago, New York City, and more.

Discovery Tours sought bankruptcy protection under Chapter 7 of the
U.S. Bankruptcy Code (Bankr. N.D. Ohio Case. No. 18-12734) on May
7, 2018.

The Debtor's Chapter 7 counsel:

       Julie E. Rabin
       Rabin & Rabin Co Lpa
       Tel: 216-771-8084
       E-mail: jrabin@rabinandrabin.com

Waldemar J. Wojcik is the Chapter 7 trustee.

Chapter 7 trustee's attorneys:

       Maria Carr
       McDonald Hopkins LLC
       Tel: 216-348-5400
       E-mail: mcarr@mcdonaldhopkins.com

       M. Colette Colette Gibbons
       McDonald Hopkins LLC
       Tel: 216-430-2057
       E-mail: cgibbons@mcdonaldhopkins.com


EASTSIDE DISTILLING: Pays Off Outstanding Balance of Live Oak Loan
------------------------------------------------------------------
Eastside Distilling paid off the outstanding balance of its 1st
lien loan facility with Live Oak Bank, as disclosed in a Form 8-K
filed with the Securities and Exchange Commission.

                      About Eastside Distilling

Headquartered in Portland, Oregon, Eastside Distilling, Inc. --
www.eastsidedistilling.com -- manufactures, acquires, blends,
bottles, imports, exports, markets, and sells a wide variety of
alcoholic beverages under recognized brands.

Eastside Distilling reported a net loss of $2.19 million for the
year ended Dec. 31, 2021, a net loss of $9.86 million for the year
ended Dec. 31, 2020, a net loss of $16.91 million for the year
ended Dec. 31, 2019, and a net loss of $9.05 million for the year
ended Dec. 31, 2018.  As of March 31, 2022, the Company had $34.41
million in total assets, $21.81 million in total liabilities, and
$12.60 million in total stockholders' equity.

Houston, Texas-based M&K CPAS, PLLC, the Company's auditor since
2017, issued a "going concern" qualification in its report dated
March 30, 2022, citing that the Company suffered a net loss from
operations and has an accumulated deficit, which raises substantial
doubt about its ability to continue as a going concern.


EDGEWELL PERSONAL: Egan-Jones Keeps B Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company on April 26, 2022, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Edgewell Personal Care Company.

Headquartered in Shelton, Connecticut, Edgewell Personal Care
Company operates as a personal care company.



EISER INTERNATIONAL: Files for Chapter 11 Without Counsel
---------------------------------------------------------
Eiser International LLC, d/b/a Resies Restaurant, filed for chapter
11 protection in Atlanta, Georgia, without stating a reason.

According to court filings, Eiser International estimates between 1
and 49 creditors.  The petition states funds will be available to
unsecured creditors.

The Debtor's petition indicates that it is a corporation. Charese
Foreman signed the petition as the authorized representative of the
Debtor, with the title of Member.  The box on the petition marked
"Signature of Attorney" is blank.  The petition does not bear the
signature of an attorney.  Therefore, it appears that the corporate
debtor commenced this case pro se.  As corporations are not allowed
to file pro se, the U.S. Trustee seeks dismissal of the case.

                    About Eiser International

Eiser International LLC -- http://www.resiesrestaurant.com/-- owns
the Resies Restaurant, located in the historic Knox House in Duluth
Town Center, in Duluth, Georgia.  Guests will enjoy great soul
music  while dining on delicious soul food which makes for a "soul
good" experience.  A family owned business, the restaurant's motto
is "A taste you'll remember, a place you won't forget".

Eiser International sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-54490) on June 14,
2022.  In the petition filed by Charese Foreman, a member, Eiser
International estimated assets and liabilities up to $50,000.


ELECTROMEDICAL TECHNOLOGIES: Appoints Lee Benson as Director
------------------------------------------------------------
Electromedical Technologies, Inc. has appointed Lee Benson, 61, as
an independent director of the Company.  

The Company and Mr. Benson entered into a contract providing for a
monthly salary of $5,000 payable in an equivalent number of common
shares.

Mr. Benson began his career as the first employee in a small
company providing specialty electroplating services to repair
aircraft components.  Mr. Benson purchased the company 1993.  He
then went on to found Able Engineering & Component Services in 1995
and Able Aerospace in 1999, subsequently expanding from three to
500+ employees and driving 15 straight years of 20 percent
compounded average annual growth.

Benson sold Able Aerospace to Textron Aviation (which itself
includes the Beechcraft, Hawker, Bell, and Cessna brands).

After he secured the sale, Mr. Benson founded Execute to Win, LLC
to help other businesses achieve maximum success and profit from
his experience and expertise.  ETW offers consultancy services to
help businesses develop and implement effective communication
strategies affecting decision making and approaches to work.

                About Electromedical Technologies

Scottsdale, AZ-based Electromedical Technologies, Inc. is a
bioelectronics manufacturing and marketing company.  The Company
offers U.S. Food and Drug Administration (FDA) cleared medical
devices for pain management.  Bioelectronics is a developing field
of "electronic" medicine, which uses electrical impulses over the
body's neural circuitry to try to alleviate pain, without drugs.

Electromedical reported a net loss of $8.48 million for the year
ended Dec. 31, 2021, a net loss of $3.87 million for the year ended
Dec. 31, 2020, compared to a net loss of $1.74 million for the year
ended Dec. 31, 2019. As of Dec. 31, 2021, the Company had $1.40
million in total assets, $2.12 million in total liabilities, and a
total stockholders' deficit of $722,503.

San Diego, California-based dbbmckennon, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated March 31, 2022, citing that the Company has suffered
recurring losses from operations and has a negative working capital
balance, which raises substantial doubt about its ability to
continue as a going concern.


ELEVATE PFS: S&P Affirms 'B-' Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on
Elevate PFS Parent Holdings Inc. (formerly MedData). At the same
time, S&P affirmed its 'B-' issue-level rating on the company's
secured debt. The '3' recovery rating remains unchanged.

The stable outlook reflects S&P's expectation that new business
wins will drive mid- to high-single-digit percent revenue growth in
2022 and 2023 and that EBITDA margin will remain relatively flat in
the low- to mid-teens, despite wage inflation and elevated upfront
costs from new contracts as the company implements cost savings
initiatives and addresses its high employee turnover issues.

New business sales were slower than expected in 2021, but started
to accelerate in the second half of the year, pushing elevated
ramp-up expenses into 2022. S&P said, "While the company offset
some of the EBITDA pressure from elevated expenses related to the
ramp-up of new contracts with cost management, we expect most of
the new business expenses to affect earnings generation during
2022, resulting in lower EBITDA than previously expected and cash
flow deficits. At the same time, while we expect cost impairment in
2022 due to the six- to 12-month ramp-up period in which the
company must take on additional costs from hiring and training new
employees before benefiting from new business, we continue to
believe the acceleration in new contract wins indicates an improved
growth trajectory that should result in a material earnings
improvement in 2023."

The company is also experiencing heightened employee turnover,
requiring it to increase wage expenses when its costs are already
elevated. S&P said, "Although we expect the company may offset some
of the wage pressure with cost-cutting measures, wage costs will
likely be high in 2022 and 2023. We expect the company to invest
heavily in labor retention to remain competitive in its market and
continue growing its top line, as it remains one of the newer and
more niche revenue cycle management (RCM) companies that relies
heavily on labor to win and ramp up new business."

Despite headwinds, the company has adequate liquidity and no
near-term maturities. With no maturities before 2026, about $18
million cash on the balance sheet and an undrawn revolver as of
March 31, 2022, the company has sufficient liquidity to invest in
the required growth and retention initiatives needed to scale the
business.

The RCM industry is highly fragmented, with large well-financed
multisolution providers. These companies manage health care
providers' revenue cycle operations, including patient
registration, insurance and benefit verification, medical treatment
documentation and coding, bill preparation, and collections from
patients and payers. Some RCM providers assume full responsibility
of the customers' existing RCM organization, including all costs.
Large hospitals and health systems tend to partner with larger RCM
outsourcers, though some of the larger vendors lack certain
specializations, forcing health care providers to utilize multiple
RCM vendors. Additionally, electronic health record (EHR) vendors
are also offering RCM capabilities to their customers, focusing on
this not-yet-saturated market. While some health systems prefer to
operate with multiple vendors to mitigate risk, many consolidate
vendors to save costs and streamline their operations.

S&P said, "We view companies that offer specialized point solutions
and the services that complement those, like Elevate PFS, as less
competitive than their larger well-financed peers. As such, we
believe they experience greater risk of clients switching to a new
vendor following a change in senior leadership or making the
decision to bring the business in-house. Nevertheless, we view
Elevate PFS presence in the acute-care market favorably due to
hospitals' focus on efficiency and revenue optimization, especially
with patients being responsible for more of their overall health
care costs.

"We expect a highly leveraged financial risk profile, with debt to
EBITDA of 7x-8.0x in 2022 and below 7x in 2023, and FOCF deficits
in 2022 improving to break-even in 2023.Our assessment of the
company's financial risk incorporates its financial-sponsor
ownership and our expectation that it will likely remain highly
leveraged as it pursues debt-funded acquisitions. We expect cash
flow to improve in 2023 from top-line growth, lower ramp-up
expenses, and some cost synergies. Given single-digit organic
growth driven by the acceleration of new customers, recovery of
elective surgeries, and the end of any further integration costs,
we project better free operating cash flow (FOCF) in 2023.

"The stable outlook reflects our expectation that new business wins
will drive solid mid- to high-single-digit percent revenue growth
in 2022 and 2023 and EBITDA margin will remain relatively flat in
the low- to mid- teens, despite wage inflation and elevated upfront
costs from new contracts as the company implements cost savings
initiatives and addresses its high employee turnover. We expect
adjusted debt leverage to be about 8.0x in 2022 and below 7x in
2023, with FOCF deficits in 2022 and break-even cash flow in
2023."

S&P could consider a downgrade if:

-- The company's operating performance is weaker than S&P's
forecast;

-- It experiences customer terminations;

-- It has difficulty signing on new customers; or

-- It experiences staffing issues, leading to minimal cash flow
generation.

While unlikely within the next year or so, S&P could consider an
upgrade if the company:

-- Successfully adds new customers;

-- Decreases leverage comfortably below 5x on a sustained basis;
and

-- Sustains free operating cash flow to debt above 5%.

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

S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of Elevate PFS. Our
assessment of the company's financial risk profile as highly
leveraged reflects corporate decision-making that prioritizes the
interests of the controlling owners, in line with our view of most
rated entities owned by private-equity sponsors. Our assessment
also reflects the generally finite holding periods and a focus on
maximizing shareholder returns."



EMPACADORA Y PROCESADORA: Unsecureds to Get 20% of Claims in Plan
-----------------------------------------------------------------
Empacadora y Procesadora del Sur, Inc., filed with the U.S.
Bankruptcy Court for the District of Puerto Rico a Disclosure
Statement describing Plan of Reorganization dated June 14, 2022.

Debtor is a privately owned corporation incorporated under the Laws
of the Commonwealth of Puerto Rico on December 22, 2010. It is
located at Parque Industrial San Idelfonso, Coamo, Puerto Rico, and
is part of the Animal Slaughtering and Processing Industry.

The ongoing economic downturn and recession faced by Puerto Rico
during the last years, primarily due to the earthquakes and the
effects of the COVID-19 Pandemic, adversely impacted numerous
sectors and entities of Puerto Rico's economy, including Debtors'
industry.

As a result, in an effort to protect its business, obtain a
breathing spell, and the benefits of 11 U.S.C. 362 (a), which stays
all collection actions and judicial proceedings, on February 15,
2022, Debtor filed its Chapter 11 petition.

As a result of the filing by Debtor of its Chapter 11 petition,
Debtor received the benefits of 11 U.S.C. § 362(a), which stays
all collection actions and judicial proceedings against Debtor,
providing Debtor the opportunity to file the Plan and Disclosure
Statement, without the pressures that drove Debtor into Chapter 11,
as envisioned by the Bankruptcy Code.

Class 8 consists of Holders of Allowed General Unsecured Claims of
$25,000 or Less. Holders of Allowed General Unsecured Claims of
$25,000 or less or those claims in excess of $25,000 which are
voluntarily reduced to $25,000, will receive in full satisfaction
of their claims 20% thereof, on the Effective Date. Class 8 is
impaired under the Plan and is entitled to vote to accept or reject
the Plan. The allowed unsecured claims in this Class total
$94,920.87.

Class 9 consists of Holders of Allowed General Unsecured Claims in
Excess of $25,000. Holders of Allowed General Unsecured Claims in
excess of $25,000, including the deficiency claim of BPPR, will be
paid in full satisfaction of their claims 20% thereof, through 60
equal consecutive monthly installments commencing on the Effective
Date and continuing on the 30th day of the subsequent 59 months.
Class 9 is impaired under the Plan and is entitled to vote to
accept or reject the Plan. The allowed unsecured claims in this
Class total $4,787,012.96.

Class 10 consists of the Equity Holders. Class 10 will not receive
any distribution under the Plan but will retain his shares in
Debtor unaltered. Class 10 is unimpaired under the Plan and is not
entitled to vote to accept or reject the Plan.

Except as otherwise provided in the Plan, Debtor will effect
payment of Administrative Expense Claims, Priority Tax Claims,
Allowed Secured and General Unsecured Claims from the cash flows
generated from its operations and the cash accumulated during the
pendency of the case.  

A full-text copy of the Disclosure Statement dated June 14, 2022,
is available at https://bit.ly/3xEN74c from PacerMonitor.com at no
charge.

Counsel for the Debtor:

     Alexis Fuentes-Hernandez, Esq.
     Fuentes Law Offices, LLC
     PO BOX 9022726
     San Juan, PR 009022726
     Phone: +1 787 722 5216
     Fax: +1 787 722 5206
     Email: fuenteslaw@icloud.com

         About Empacadora Y Procesadora Del Sur, Inc.

Empacadora Y Procesadora Del Sur, Inc. is engaged in the business
of packaging and manufacturing meats and chicken, and its income is
derived essentially from amounts collected from sales of such
inventories to business clients in Puerto Rico and the U.S.
mainland.

Empacadora Y Procesadora Del Sur sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 22-00354) on
Feb. 15, 2022. In the petition signed by Carlos C. Rodriguez
Alonso, president, the Debtor disclosed $11,604,565 in assets and
$10,598,204 in liabilities.

Alexis Fuentes Hernandez, Esq., at Fuentes Law Office, is the
Debtor's counsel.


ENTEGRIS INC: Moody's Confirms Ba1 CFR & Alters Outlook to Negative
-------------------------------------------------------------------
Moody's Investors Service confirmed Entegris Inc's Ba1 Corporate
Family Rating, Ba1-PD Probability of Default Rating, Baa3 rating on
Entegris' senior secured term loan due 2025 (Existing Term Loan)
and senior secured revolving credit facility due 2026, and Ba2
rating on the company's senior unsecured notes due 2028 and senior
unsecured notes due 2029 (Existing Unsecured Notes). Moody's also
affirmed the Baa3 ratings on both the $2.495 billion Senior Secured
Term Loan B (New Term Loan) and the $1.6 billion Senior Secured
Notes due 2029 (Secured Notes).  These actions conclude the review
initiated on December 16, 2021 when Entegris announced plans to
acquire CMC Materials, Inc. In addition, Moody's assigned a Ba2
rating to Entegris' new Senior Unsecured Notes (New Notes). The
outlook is changed to negative from rating under review.  

Moody's expects to withdraw the rating of the Existing Term Loan,
currently rated at Baa3, upon full repayment following closing of
the CMC acquisition. The Speculative Grade Liquidity (SGL) rating
remains unchanged at SGL-1.

To acquire CMC, Entegris will pay a per share price of $133.00,
consisting of cash and 0.4506 Entegris shares, or about $5.8
billion in total consideration for the CMC equity, excluding
transaction fees. The acquisition is expected to close in the
second half of calendar year 2022.

Entegris plans to fund the acquisition using the net proceeds from
the New Notes, the New Term Loan, the Secured Notes, and the $275
million 364-day unsecured bridge facility (unrated), combined with
new equity issued directly to CMC selling shareholders.

Assignments:

Issuer: Entegris Inc.

Senior Unsecured Regular Bond/Debenture, Assigned Ba2 (LGD5)

Confirmations:

Issuer: Entegris Inc.

Corporate Family Rating, Confirmed at Ba1

Probability of Default Rating, Confirmed at Ba1-PD

Senior Secured Bank Credit Facility, Confirmed at Baa3 (LGD3)

Senior Unsecured Regular Bond/Debenture, Confirmed at Ba2 (LGD5)

Affirmations:

Issuer: Entegris Inc.

Senior Secured Bank Credit Facility, Affirmed Baa3 (LGD3)

Senior Secured Regular Bond/Debenture, Affirmed Baa3 (LGD3)

Outlook Actions:

Issuer: Entegris Inc.

Outlook, Changed To Negative From Rating Under Review

Although the mix of common equity in the consideration, at
approximately 28% of the purchase price, will reduce the debt
required to fund the CMC acquisition, the acquisition is highly
leveraging. The cash component of the purchase consideration
increases Entegris' debt to EBITDA to the mid 5x level (proforma
combined twelve months ended April 2, 2022, Moody's adjusted,
excluding the $75 million of anticipated cost synergies) from 1.4x
(twelve months ended April 2, 2022, Moody's adjusted). Including
the $75 million of cost synergies anticipated within 12 to 18
months, the leverage would be closer to 5x. Moody's views Entergris
as being now more willing to maintain high financial leverage given
the large increase in debt to fund the CMC acquisition and Moody's
expectation that leverage will remain higher than 4x debt to EBITDA
(Moody's adjusted) for at least the two years following the close.

RATINGS RATIONALE

Entegris' Ba1 CFR reflects the company's niche position in certain
market segments (e.g., wafer handling equipment and filters), which
have limited competition from larger firms, and consistent free
cash flow (FCF) generation due to modest capital expenditure
requirements. Also, many of Entegris's products have a long life
cycle, which can exceed five years on legacy production nodes,
providing a base of recurring demand.

Nevertheless, demand can be volatile, driven by changes in
semiconductor industry production volume. Demand is also influenced
by the capital spending levels of Entegris's customers, which can
decline following the completion of a production node transition.

The acquisition of CMC will expand Entegris' revenue scale and add
complementary chemical mechanical planarization (CMP) products to
Entegris' existing CMP product portfolio. This will enable Entegris
to provide a more complete CMP product line to its semiconductor
manufacturing customers. Entegris' existing CMP portfolio (within
the Specialty Chemicals and Engineered Materials segment),
including polyvinyl alcohol roller brushes and CMP pad
conditioners, which are used in the CMP process, will benefit from
CMC's leading market position in CMP slurries and a number two
market position in CMP pads. Since the CMP products of both firms
are consumed in the manufacturing of semiconductor chips, demand is
driven by the volume of semiconductor chip production. Since CMC's
product portfolio of CMP products, specialty chemicals, pipeline
products are primarily semiconductor chip manufacturing
consumables, Moody's anticipates that with CMC's products,
Entegris's combined consumables revenue base will increase to
nearly 80%, from about 70% prior to the acquisition.

The negative outlook reflects Moody's expectation that leverage
will remain above 4x debt to EBITDA (Moody's adjusted) over at
least two years following closing, which is high for the Ba1
rating. That being said, Moody's expects Entegris will integrate
CMC without material disruption Moody's expects and that revenues
of the combined company will grow in the upper single digits
percent over the next 12 to 18 months. Moody's also expects that
Entegris will make steady progress in capturing the $75 million in
anticipated cost synergies. With the growing revenue base and
increasing profitability, Moody's anticipates that Entegris will
make steady progress driving leverage toward 4x over the 24 months
following closing, prioritizing debt repayment over share
repurchases.

The Baa3 rating on the Existing Term Loan, the New Term Loan, and
the Secured Notes reflects the debt's seniority in the proforma
combined capital structure, the collateral package, and the large
cushion of unsecured liabilities. The collateral includes a first
priority interest in Entegris' proforma combined assets and those
of the domestic subsidiary guarantors, and a 65% stock pledge of
foreign subsidiaries.

The Ba2 rating on the New Notes and on Entegris' Existing Unsecured
Notes reflects the relatively higher expected loss in a default
scenario, from the subordinated position as an unsecured claim.

The Speculative Grade Liquidity (SGL) rating of SGL-1 reflects
Entegris's very good liquidity profile. Moody's expects Entegris
will keep at least $300 million of cash and generate FCF of at
least $100 million over the next year. With the closing of the CMC
acquisition, Moody's anticipates that Entegris will maintain cash
greater than $500 million. Moody's expects that the senior secured
revolver (Revolver) will generally remain undrawn given the free
cash flow generation. The Revolver has a single financial covenant
(credit agreement-defined secured net leverage), which is tested
only upon 35% facility utilization. There are no other financial
covenants governing Entegris's debt.

Entegris' ESG Credit Impact Score is moderately negative (CIS-3).
The company has low social risk, but has moderately negative
environmental and governance risks.

Entegris' environmental risks are moderately negative over the long
term, in-line with other semiconductor issuers, including exposure
to physical climate risks as a manufacturer and due to the water
and energy intensive manufacturing process and the by-product
hazardous waste of these manufacturing processes. Entegris'
exposure to social risk is neutral-to-low reflecting dependence on
highly skilled technical and engineering talent characteristic of
the sector broadly, though benefitting from societal trends driving
expanded computing needs and data creation driving demand for
advanced semiconductor chip manufacturing, which is feasible due to
the specialized chemicals and filtration systems that Entegris
provides to chip manufacturers.

Entegris' moderately negative governance risk reflects the large
increase in financial leverage to fund the CMC acquisition, and
Moody's expectation that leverage will remain elevated for at least
the 12 to 18 months following closing, indicating the company's
willingness to maintain high leverage. The governance score also
recognizes the strong management track record of delivering
consistent profitability and cash flow.

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

The ratings could be downgraded if Entegris does not make steady
progress in reducing leverage toward 4x over the 24 months
post-closing. If Entegris engages in materially antidilutive share
repurchases while leverage remains elevated, the ratings could be
downgraded. The ratings could also be downgraded if Moody's
believes that terms of any regulatory approvals required for
closing materially negatively impact Entegris' competitive position
or profitability.

A ratings upgrade is unlikely in the near term due to the negative
outlook. Over the intermediate term, the ratings could be upgraded
if Entegris maintains leverage below 3.5x debt to EBITDA (Moody's
adjusted), sustains annual revenue growth at least in the mid
single digits percent and the EBITDA margin above 35% (Moody's
adjusted). Moody's would also expect that Entegris would reduce
materially the share of secured debt in the capital structure.

Entegris Inc., based in Billerica, Massachusetts, develops and
manufactures products, including filters, materials handling
equipment, and specialty chemicals used in the manufacture of
semiconductors and other microelectronic components.

CMC Materials, Inc., based in Aurora, Illinois, through its
Electronic Materials segment (82% of FY 2021 revenues) manufactures
materials used in semiconductor manufacturing, including CMP
slurries, CMP pads, and specialty chemicals. Through its
Performance Materials segment (18% of FY 2021 revenues), CMC
provides supplies and services to the pipeline industry, including
drag reducing agents (DRAs) used for crude oil transmission, and
wood preservation chemicals to industrial companies. CMC generated
$1.2 billion of revenues for the fiscal year ended September 30,
2021.

The principal methodology used in this rating was Semiconductors
published in September 2021.


ENTEGRIS INC: S&P Rates New $895MM Senior Unsecured Notes 'BB'
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level rating and '5'
recovery rating to Entegris Inc.'s proposed $895 million senior
unsecured notes due 2030, which it is issuing as part of the
financing for its previously announced acquisition of CMC Materials
Inc. The '5' recovery rating indicates our expectation for modest
(10%-30%; rounded estimate: 20%) recovery in the event of a payment
default.

S&P said, "Our issuer credit rating remains 'BB+' and the outlook
remains stable on Entegris to reflect our expectation that it will
continue to benefit from the strong demand in the semiconductor
industry over at least the next 12 months. We also anticipate it
will continue to grow revenues while modestly improving its
profitability such that it is able to deleverage over the 12-24
months following the close of the acquisition."

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- S&P's 'BB+' issue-level rating and '3' recovery rating on the
company's senior secured credit facilities reflect its expectation
for meaningful (50%-70%; rounded estimate: 65%) recovery in the
event of a payment default.

-- S&P's 'BB' issue-level rating on Entegris' senior unsecured
notes indicates its expectation for modest (10%-30%; rounded
estimate: 20%) recovery in the event of a payment default.

-- S&P's simulated default scenario assumes a default occurring in
2027 due to a significant decline in wafer production and
semiconductor capital equipment spending, which negatively affects
Entegris' operating performance.

-- S&P uses a 6x multiple to value the company, which is
consistent with the multiples it uses for other modest-size
semiconductor companies.

Simulated default assumptions

-- Simulated year of default: 2027
-- Emergence EBITDA: $632 million
-- EBITDA multiple: 6x

Simplified waterfall

-- Gross recovery value: $3,790 million

-- Net enterprise value (after 5% administrative costs): $3,601
million

-- Obligor/nonobligor valuation split: 30%/70%

-- Estimated first-lien claim: $4,603 million

-- Value available for first-lien claim: $3,178 million

    --Recovery expectations: 50%-70% (rounded estimate: 65%)

-- Estimated senior unsecured notes claim: $1,731 million

-- Estimated unsecured claim: $3,616 million

-- Value available for unsecured claim: $882 million

    --Recovery expectations: 10%-30%; rounded estimate: 20%

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

  Ratings List

  ENTEGRIS INC.

  Issuer Credit Rating     BB+/Stable/--

  NEW RATING

  ENTEGRIS INC.

  Senior Unsecured

  US$895 mil notes due 2030     BB
   Recovery Rating              5(20%)



FIBERFAST INC: Gets OK to Hire Falcone Law as Legal Counsel
-----------------------------------------------------------
Fiberfast Inc. received approval from the U.S. Bankruptcy Court for
the Northern District of Georgia to hire Falcone Law Firm, P.C. to
serve as legal counsel in its Chapter 11 case.

The firm's services include:

     a. advising the Debtor regarding its rights, powers and duties
in the administration of its Chapter 11 case and assets of the
bankruptcy estate;

     b. assisting the Debtor in connection with the analysis of its
assets, liabilities, financial condition and other matters related
to its business;

     c. assisting in the preparation, negotiation and
implementation of a plan of reorganization;

     d. advising the Debtor with regards to objections to or
subordination of claims and other litigation matters;
     
     e. representing the Debtor with regard to the investigation of
the desirability and feasibility of the rejection and potential
assignment of any executory contracts or unexpired leases;

     f. advising the Debtor with regard to all applications,
motions or complaints concerning reclamation, adequate protection,
sequestration, relief from stays, use of cash collateral,
disposition or other use of assets of the estate and other similar
matters;

     g. assisting the Debtor in the sale or disposition of assets
of its bankruptcy estate;

     h. preparing pleadings, applications, motions, reports and
other papers incidental to administration, and conduct
examinations.

     i. providing assistance to the Debtor with regard to the
proper receipt, disbursement and accounting of funds and property
of the estate; and

     j. providing other legal services related to the case.

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

     Attorneys    $400 per hour
     Associates   $250 per hour
     Paralegals   $175 per hour
     Staffs       $75 per hour

Falcone Law Firm will also seek reimbursement for out-of-pocket
expenses.

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

The firm can be reached at:

     Ian M. Falcone, Esq.
     Falcone Law Firm, P.C.
     363 Lawrence Street
     Marietta, GA 30060
     Tel: (770) 426-9359
     Email: Imffalconefirm.com

                        About Fiberfast Inc.

Fiberfast Inc. -- https://fiberfastinc.com/ --  is a licensed and
bonded freight shipping and trucking company running freight
hauling business

Fiberfast Inc. sought protection under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-54217) on
June 3, 2022. In the petition filed by John Buffa, as CEO, the
Debtor estimated assets between $500,000 and $1 million and
liabilities between $50,000 and $100,000.  

Ian M. Falcone, of The Falcone Law Firm, P.C, is the Debtor's
counsel.

Gary Murphey has been appointed as Subchapter V trustee.


FIRST STUDENT: Moody's Affirms Ba3 CFR, Outlook Stable
------------------------------------------------------
Moody's Investors Service affirmed the existing ratings of First
Student Bidco Inc., including the Ba3 Corporate Family Rating and
the Ba3-PD Probability of Default Rating. The rating agency also
affirmed the Ba3 ratings on First Student's existing senior secured
credit facilities and senior secured notes and assigned a Ba3
rating to the company's new senior secured credit facilities. The
outlook is stable.

The new credit facilities will be comprised of a $720 million
senior secured term loan B and a $50 million term loan C. These
credit facilities, along with a combination of preferred equity,
common equity, and seller notes, will be used to consummate the
acquisition of Total Transportation. Moody's expects First
Student's pro forma adjusted debt/EBITDA to approximate 5.1 times
at deal close. Management expects the transaction to close in June
2022, subject to customary regulatory approvals.

"The acquisition of Total Transportation would give First Student a
beachhead in the New York City metropolitan market, a new market
for First Student," noted Jonathan Kanarek, Moody's Senior Vice
President. "Further, we believe this acquisition would bring First
Student a well-performing asset with good management that will also
be margin accretive to First Transit's profit margin," continued
Kanarek.

Affirmations:

Issuer: First Student Bidco Inc.

Corporate Family Rating, Affirmed Ba3

Probability of Default Rating, Affirmed Ba3-PD

Senior Secured Bank Credit Facility, Affirmed Ba3 (LGD3)

Senior Secured Regular Bond/Debenture, Affirmed Ba3 (LGD3)

Assignments:

Issuer: First Student Bidco Inc.

Senior Secured 1st Lien Term Loan B, Assigned Ba3 (LGD3)

Senior Secured 1st Lien Term Loan C, Assigned Ba3 (LGD3)

Outlook Actions:

Issuer: First Student Bidco Inc.

Outlook, Remains Stable

RATINGS RATIONALE

The Ba3 CFR is supported by the company's position as a leading
provider of contracted bus transportation services for school
districts, municipalities, and transit authorities in North America
and its high contract retention rates. Many of its customers are
highly rated, publicly-funded entities that rely on First
Student/First Transit services for critical transportation needs.
Even amidst severe drops in ridership during the peak of the
Covid-19 pandemic, the company continued to receive some level of
payment from its customers, which mitigated the earnings impact and
enabled it to generate positive free cash flow. The CFR is
constrained by risks including wage inflation, driver shortages,
and elevated fuel costs, as well as the implementation of
longer-term vehicle electrification efforts. Similarly, the company
is also impacted by rising insurance costs that have led to higher
than expected payouts for claims in recent years and a large
self-insurance liability approximating $500 million. These factors
will constrain margins in the near term, but are mitigated by the
company's ability to pass on some of these costs to customers
through inflation-indexed contracts and customer negotiations.
Lastly, the rating is also constrained by the company's moderately
high financial leverage, measured by debt/EBITDA, which Moody's
expects will decline to around 4.5 times over the next 12-18
months.

The company's operations face exposures to both carbon transition
risk and human capital risk. Further, governance risk remains
relevant, given the company's ownership by private equity and the
fragmented nature of the student transportation provider market,
which is likely to translate into continued acquisitions of small
to medium sized providers.

The stable outlook reflects Moody's expectation for continued
normalization of business conditions in the school transportation
end market. It also reflects Moody's view that the transit end
market will recover at a more gradual pace and may not achieve
pre-pandemic levels.

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

The ratings could be upgraded if First Student Bidco Inc.
demonstrates improved free cash flow stability while sustaining
debt/EBITDA below 4.5 times. Moreover, the mitigation of cost
pressures such that EBITA margin is sustained at or close to 7%
would also support the potential for a ratings upgrade.

The ratings could be downgraded if Moody's expects the company's
EBITA margin to decline to 4.5% or less. A downgrade could also be
precipitated by debt/EBITDA being sustained above 6.0 times, or by
weakened liquidity, including persistently negative free cash flow
or increased reliance on the revolver.

First Student Bidco Inc. is a leading provider of student
transportation services in North America through long-term
contracts with school districts. First Transit Parent Inc., which
is a co-borrower and is held under common control with First
Student, provides contracted transportation services for transit
authorities and municipalities. The companies are owned by EQT
Infrastructure. Pro forma revenue for the year ended December 31,
2021 was approximately $4.5 billion.

The principal methodology used in these ratings was Passenger
Railways and Bus Companies published in December 2021.


FIRSTENERGY CORP: Egan-Jones Keeps BB Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company on May 5, 2022, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by FirstEnergy Corp.

Headquartered in Akron, Ohio, FirstEnergy Corp. operates as a
public utility holding company.



FLYNN CANADA: S&P Alters Outlook to Stable, Affirms 'B' ICR
-----------------------------------------------------------
S&P Global Ratings has revised its outlook on Flynn Canada Ltd. to
stable from positive, and affirmed its ratings on the company,
including the 'B' issuer credit rating.

The stable outlook reflects S&P's view that Flynn's adjusted
leverage should remain between 5x-6x over the next two years,
underpinned by our expectation of steady earnings growth and
positive free operating cash flow.

S&P said, "The outlook change primarily reflects the downward
revision to our earnings estimates and credit measures this year.
We no longer expect Flynn Canada Ltd. will generate and sustain
credit measures commensurate with a higher rating, including
adjusted debt to EBITDA (leverage) below 5x. Cost inflation and
supply-chain disruptions contributed to lower-than-expected cash
flows in 2021, and we believe these operating headwinds will
persist at least through this year. We assume margins will decline
well below our previous estimates in 2022 and 2023 and mitigate the
effect of a relatively strong demand environment for its services.
We now estimate leverage in the 5x-6x area over the next two years,
which is commensurate with our 'B' issuer credit rating on Flynn.

"In our view, the company's financial risk profile is moderately
more volatile than we had previously envisioned. We expect adjusted
EBITDA margins will decline to about 6.0%-6.5% this year (from 7.2%
in 2021), which is below our previous expectations in the 8%-9%
range. We now estimate relatively stable earnings and cash flow
despite higher revenues over the next two years--in contrast to our
previous estimates for material and steady improvement. We
acknowledge that the impact of higher costs and related
inefficiencies could be short-lived and the demand for "Flynn's
services remain favorable. However, it is too early to assess the
point at which cost headwinds will ease and growing macroeconomic
risks (including the increased potential for a recession) temper
our expectations for Flynn's operating results next year.

"We expect robust demand and pricing growth will offset the cost
pressure leading to stable earnings this year, with improvement
thereafter. Our forecast of stable earnings in 2022 is supported by
favorable demand and pricing that should facilitate higher
revenues. The company's backlog is more than US$1 billion, which
provides good near-term sales visibility. In addition, we
understand that raw material scarcity is limiting competition,
mainly because smaller roofing contractors have comparatively less
access to materials required to service customers. In our view,
greater market access afforded by Flynn's position as the largest
roofing contractor in North America should contribute to new
contracts, with a degree of stability from replacement/repair
business that is not economically sensitive. We estimate the
company will generate low double-digit revenue growth this year,
with further improvement in 2023. While cost headwinds are expected
to lead to relatively flat earnings this year, we assume these ease
in 2023 and contribute to growth.

"We expect positive free cash flow this year and improving
liquidity. We believe the company is on track to generate positive
free cash flow this year following a deficit at the end of 2021.
Higher-than-expected working capital investments last year mainly
followed Flynn's proactive inventory purchases amid ongoing
supply-chain disruptions and strong order activity. While near-term
liquidity has tightened, we assume a release of cash from inventory
and receivables mainly in the seasonally strong second and third
quarters. Therefore, we expect this will lead to positive free
operating cash flow in 2022. Positive free cash flow should be
sufficient to pay dividends without leading to higher debt, and we
do not assume the peak working capital outflows Flynn realized last
year in our base-case scenario.

"Flynn's long-term growth prospects remain robust. We expect the
company's long-term growth will remain robust underpinned by
stronger infrastructure spending over the next few years. In our
view, energy efficiency concerns are likely to support continued
investments by commercial landlords in a largely aging stock of
buildings in Canada and the U.S. Demand for building repair,
maintenance, and upgrade services should also remain steady. In
addition, Flynn's building services business (which includes
repairs and preventive maintenance and accounts for about one-third
of total revenues), reports steady growth and has a low correlation
to the economic cycle.

"However, Flynn's estimated earnings and cash flows are highly
sensitive to relatively modest changes in our assumptions due to
the company's modest scale of earnings. For example, we estimate an
increase in leverage of about 1x for every 100 basis point (bps)
reduction in our EBITDA margin estimates for 2022 and 2023 (all
else being equal). Moreover, the company is likely to be
acquisitive. While speculative, future acquisitions that include
debt could also materially weaken Flynn's credit measures.

"The stable outlook reflects our opinion that earnings will remain
generally stable in 2022 followed by improvement in 2023. We expect
adjusted leverage of about 5x-6x and positive free cash flow over
this period. We believe the robust infrastructure spending in North
America, and steady demand for building services in Canada and the
U.S., will fuel sustainable demand for Flynn's core products and
enable the company to generate steady improvement of earnings and
cash flows beyond 2022.

"We could lower the rating over the next 12 months if Flynn's
adjusted debt to EBITDA increases to above 7x on a sustained basis.
We could also lower the rating if the company generates negative
free cash flow on a sustained basis. In our view, this could follow
earnings and cash flow that are below our expectations in 2022 and
2023, most likely from weaker demand and pricing in Flynn's core
end markets and persistent cost pressure. A material debt-financed
acquisition could also lead to a downgrade.

"We could upgrade the company, over the next 12 months, if Flynn
reduces its adjusted debt to EBITDA below 5x on a sustained basis.
In our view, this will likely require the company to exceed our
estimates, with strong prospects for continued growth in its core
roofing, architectural metals, glazing (windows), and building
services businesses. We would also expect the company to generate
positive discretionary cash flow to an extent that reduces the
impact of higher debt associated with potential acquisitions on its
credit measures."

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



FS ENERGY: S&P Alters Outlook to Developing, Affirms 'B' ICR
------------------------------------------------------------
S&P Global Ratings revised its outlook on FS Energy and Power Fund
(FSEP) to developing from stable. At the same time, S&P affirmed
its issuer credit and senior secured notes ratings at 'B'.

The outlook revision and rating affirmation are based on the
refinancing risk related to FSEP's upcoming debt due 2023, offset
by improving asset quality, ample cushion to its regulatory asset
coverage ratio, and leverage well below 1.0x.As of March 31, 2022,
FSEP was fully drawn on its $305 million revolver due February 2023
and had $466 million senior secured notes due in August 2023.
Despite macroeconomic headwinds, S&P is seeing energy markets
perform well given their direct correlation to the rising oil
prices. S&P thinks that slowing demand in the energy market, as
well as potential lender hesitancy to invest in what has
historically been a volatile sector, could be risks to timely
refinancing.

S&P said, "We think that FSEP's portfolio has continued to improve
over the last 24 months after significant asset value declines
related to the volatile energy markets in 2020.We expect oil and
natural gas prices to remain elevated for the next 12-24 months
because of increasing demand and as some countries look to reduce
their reliance on Russian resources. We expect this, in turn, to
support the value of FSEP's portfolio.

"Asset coverage was 331% as of March 31, 2022, well above our
minimum expectation of 220%. Nonaccruals as a percentage of the
portfolio at cost declined to 10.3% as of March 31, 2022, from a
high of 29.2% as of June 30, 2020. While this is still elevated
compared with peers, we expect it to decline further over the next
12 months as the fund restructures and exits these investments.
Debt to equity leverage has remained relatively stable and well
below 1.0x over the last several years.

"The developing outlook on FSEP indicates uncertainty about the
refinancing of the fund's debt maturities due 2023. The outlook
also reflects the fund's significant cushion to the 200% asset
coverage requirement and current favorable economic conditions for
the energy sector.

"We could lower the rating if FSEP is unable to refinance its debt.
We could also lower the rating if FSEP approaches its covenant
thresholds as a result of increased debt or portfolio
deterioration, or if the fund experiences any notable liquidity
challenges.

"We could raise the rating if FSEP is able to refinance its debt,
as well as maintain an asset coverage ratio significantly above
220% and leverage (as measured by debt to ATE) below 1.0x while
nonaccruals continue to decline. An upgrade would also be
contingent on ample cushion to covenants."

Environmental, Social, And Governance

ESG credit indicators: E-4, S-2, G-2

S&P said, "Environmental factors are a negative consideration in
our credit rating analysis of FSEP. The fund's investments are
concentrated in companies in the energy sector, which is cyclical
and has historically experienced volatile performance. As of
year-end 2021, 44% of FSEP's portfolio is allocated to upstream
energy assets, a segment we consider to be particularly exposed to
environmental risk as the exploration and production industry
contends with an accelerating energy transition and adoption of
renewable energy sources. As a result, FSEP has sustained
significant investment losses in recent years."



GABHALTAIS TEAGHLAIGH: Seeks Chapter 11 to Stop Foreclosure
-----------------------------------------------------------
Saying that it experiencing financial distress and was on the cusp
of foreclosure, Gabhaltais Teaghlaigh LLC filed for chapter 11
protection in the District of Massachusetts.  

The Debtor's formal schedules of assets and liabilities and
statement of financial affairs are due June 30, 2022.

According to court filings, Gabhaltais Teaghlaigh estimates between
1 and 49 creditors.  The petition states funds will not be
available to unsecured creditors.

                 About Gabhaltais Teaghlaigh

Gabhaltais Teaghlaigh LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 22-10839) on June
15, 2022.  In the petition filed by Virginia Hung, as member,
Gabaltais Teaghlaigh LLC reports estimated assets and liabilities
up to $50,000 each.

The case is assigned to Honorable Bankruptcy Chief Judge
Christopher J. Panos.

David G. Baker, of Baker Law Offices, is the Debtor's counsel.


GAME REPAIR SHOP: Starts Chapter 11 Subchapter V Case
-----------------------------------------------------
Game Repair Shop LLC filed a bare-bones Chapter 11 petition in the
District of Nebraska.  The Debtor filed as a small business debtor
seeking relief under Subchapter V of Chapter 11 of the Bankruptcy
Code.

According to court filings, Game Repair Shop estimates between 1
and 49 creditors.  The petition states funds will be available to
unsecured creditors.

The Debtor's Chapter 11 Plan Small Business Subchapter V is due by
Sept. 13, 2022.

                     About Game Repair Shop

Game Repair Shop LLC -- https://gogamers.com/ -- purchases and
sells used games, & consoles and also offers repair services as
well.

Game Repair Shop LLC filed a petition for relief under Subchapter V
of Chapter 11 of the Bankruptcy Code (Bankr. D. Neb. Case No.
22-80455) on June 15, 2022.  In the petition filed by David
Mitchell, as member and manager, the Debtor estimated assets
between $100,000 and $500,000 and estimated liabilities between
$500,000 and $1 million.  Patrick Patino, of Patino King LLC, is
the Debtor's counsel.


GAMING CORP: Egan-Jones Hikes Senior Unsecured Ratings to B+
------------------------------------------------------------
Egan-Jones Ratings Company on April 27, 2022, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Boyd Gaming Corporation to B+ from B-.

Headquartered in Las Vegas, Nevada, Boyd Gaming Corporation owns
and operates several gaming properties throughout the United
States.



GBT TECHNOLOGIES: Signs Joint Venture to Form Metaverse Kit
-----------------------------------------------------------
GBT Technologies, Inc. entered into a Joint Venture and Territorial
License Agreement with Ildar Gainulin and Maria Belova.

Under the Metaverse Agreement, the parties formed Metaverse Kit
Corp., a Nevada corporation.  The purpose of Metaverse Kit is to
develop, maintain and support source codes for its proprietary
technologies and comprehensive platform that combines a core
virtual reality platform and an extended set of real-world
functions to provide a metaverse experience initially within the
area of sports and then expanding into virtual worlds of
entertainment, live events, gaming, communications and other cross
over product opportunities.

Under the Metaverse Agreement, IGMB agreed to provide Metaverse Kit
with the licensed technology and expertise, as requested and
mutually agreed to by Company and IGMB.  In connection therewith,
the parties entered an Asset Purchase Agreement concurrently with
the Metaverse Agreement whereby IGMB sold Metaverse Kit all source
codes pertaining to the Meta Portfolio.  Further, IGMB provided an
exclusive license to Metaverse Kit throughout the world for the
invented product/service and the related platforms relating to the
Meta Portfolio and to use the know how to develop, manufacture,
sell, market and distribute the Meta Portfolio throughout the
world

The Company shall contribute 500,000,000 shares of common stock of
the Company to Metaverse Kit.  IGBM and the Company will each own
50% of Metaverse Kit.  The Company pledged its 50% ownership in
Metaverse Kit to Igor 1 Corp. to secure a convertible note held by
Igor 1 Corp.  The Company shall appoint two directors and IGBM
shall appoint one director of Metaverse Kit.

In addition, Metaverse Kit, IGMB and Elentina Group, LLC entered
into a Consulting Agreements in which IGBM and Elentina, each were
engaged to provide services in consideration of $25,000 per month
payable quarterly which may be paid in shares of common stock
calculated by the amount owed divided by the Company's 10-day VWAP.
IGBM and Elentina will provide services in connection with the
development of the business as well as Metaverse Kit's capital
raising efforts.  The term of the Consulting Agreement is two
years.

The closing of the Metaverse Agreement occurred on June 13, 2022.

The offer, sale and issuance of the above securities was made to an
accredited investor and the Company relied upon the exemptions
contained in Section 4(a)(2) of the Securities Act of 1933, as
amended, and/or Rule 506 of Regulation D promulgated there under
with regard to the sale.  No advertising or general solicitation
was employed in offering the securities.  The offer and sales were
made to an accredited investor and transfer of the common stock
will be restricted by the Company in accordance with the
requirements of the Securities Act of 1933, as amended.

                             About GBT

Headquartered in Santa Monica, CA, GBT Technologies, Inc. is
targeting growing markets such as development of Internet of
Things
(IoT) and Artificial Intelligence (AI) enabled networking and
tracking technologies, including wireless mesh network technology
platform and fixed solutions, development of an intelligent human
body vitals device, asset-tracking IoT, and wireless mesh networks.
The Company derived revenues from the provision of IT services.
The Company is seeking to generate revenue from the licensing of
its technology.  

GBT Technologies reported a net loss of $33.93 million for the year
ended Dec. 31, 2021, a net loss of $17.99 for the year ended
Dec. 31, 2020, and a net loss of $186.51 for the year ended Dec.
31, 2019.  As of March 31, 2022, the Company had $774,031 in total
assets, $25.46 million in total liabilities, and a total
stockholders' deficit of $24.68 million.

Lakewood, Colo.-based BF Borgers CPA PC, the Company's auditor
since 2017, issued a "going concern" qualification in its report
dated March 25, 2022, citing that the Company's significant
operating losses raise substantial doubt about its ability to
continue as a going concern.


GENERAL ELECTRIC: Egan-Jones Keeps BB+ Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company on May 3, 2022, maintained its 'BB+'
local currency senior unsecured ratings on debt issued by General
Electric Company.

Headquartered in Boston, Massachusetts, General Electric Company is
a globally diversified technology and financial services company.



GENESYS CLOUD I: Moody's Assigns 'B2' CFR, Outlook Stable
---------------------------------------------------------
Moody's Investors Service assigned new ratings to Genesys Cloud
Services Holdings I, LLC ("Genesys") with a corporate family rating
of B2 and a probability of default rating of B2-PD. Concurrently,
Moody's upgraded the ratings of the existing first lien credit
facility issued by the company's Genesys Cloud Services Holdings
II, LLC ("Genesys II") subsidiary to B2 from B3. The CFR and PDR of
Genesys II have been withdrawn. The outlook is stable.

The rating action was driven by Genesys' strong business results in
FY22 (ending January) characterized by strong revenue and EBITDA
which fueled deleveraging to just under 6x Debt/EBITDA (Moody's
adjusted) as well as Moody's expectations of continued operating
momentum and very good liquidity over the coming 12-18 months.

Assignments:

Issuer: Genesys Cloud Services Holdings I, LLC

Corporate Family Rating, Assigned B2

Probability of Default Rating, Assigned B2-PD

Upgrades:

Issuer: Genesys Cloud Services Holdings II, LLC

Gtd Senior Secured Multi-Currency Revolving Credit Facility,
Upgraded to B2 (LGD3) from B3 (LGD3)

Gtd Senior Secured Term Loan (Local Currency), Upgraded to B2
(LGD3) from B3 (LGD3)

Gtd Senior Secured Term Loan (Foreign Currency), Upgraded to B2
(LGD3) from B3 (LGD3)

Withdrawals:

Issuer: Genesys Cloud Services Holdings II, LLC

Corporate Family Rating, Withdrawn , previously rated B3

Probability of Default Rating, Withdrawn , previously rated B3-PD

Outlook Actions:

Issuer: Genesys Cloud Services Holdings I, LLC

Outlook, Assigned Stable

Issuer: Genesys Cloud Services Holdings II, LLC

Outlook, Remains Stable

RATINGS RATIONALE

Despite the recent improvement in the issuer's credit fundamentals,
Genesys' B2 CFR is principally constrained by the company's
relatively high debt leverage (Moody's adjusted) of just under 6x
as well as Genesys' concentrated private equity ownership by
Permira and Hellman & Friedman LLC.  In particular, corporate
governance concerns remain elevated with the expectation of
aggressive financial policies including potential dividend
distributions and debt-financed acquisitions. The company's credit
quality is also constrained by the competitive nature of the
contact center software market in which Genesys operates as well as
a degree of sensitivity to macroeconomic cyclicality. However, the
company's business has experienced strong results over the past
year as Genesys continues to bolster its strong market position,
longstanding customer relationships, and sizable base of recurring
revenue that contributes to business predictability. In addition,
Genesys' healthy profitability margins and free cash flow
generation contribute to the company's very good liquidity.

Similar to most software providers, Genesys has limited
environmental risk. Social risks are considered moderate, in line
with the software sector. Broadly the main credit risks stemming
from social issues are linked to reputational risk, data security,
and access to highly skilled workers. Corporate governance concerns
remain elevated given the company's concentrated private equity
ownership.

The B2 ratings for Genesys II's first lien bank debt reflect the
B2-PD PDR of the borrower's parent company Genesys and a loss given
default ("LGD") assessment of LGD3 for the bank credit facility.
The B2 first lien ratings are consistent with the CFR as the bank
loans account for the preponderance of Genesys' consolidated debt
structure.

Genesys' very good liquidity is supported by a cash balance of
$156.5 million as of April 30, 2022 as well as Moody's expectation
of free cash flow generation of approximately $100 million in FY23.
The company's liquidity is also strengthened by an undrawn $250
million revolving credit facility. Genesys' term loans are not
subject to a financial maintenance covenant, but the revolver is
subject to a springing covenant of a 7x maximum first lien secured
net leverage ratio that is not expected to be in effect over the
next 12-18 months as excess availability should remain comfortably
above minimum levels.

The stable outlook reflects Moody's expectation that Genesys'
revenue and EBITDA will increase at a healthy, albeit decelerated
pace over the next 12-18 months. Despite the potential impact of
macroeconomic uncertainty, the company is expected to continue to
capitalize on healthy demand for contact center software solutions,
particularly due to the growing adoption of cloud technology and
omnichannel solutions by clients. Debt/EBITDA (Moody's adjusted for
operating leases) is expected to decline moderately during this
period to approximately 5x by FY24.

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

The ratings could be upgraded if Genesys reduces Debt/EBITDA
(Moody's adjusted) to below 4.5x and sustains annual free cash flow
approaching 10% of total debt.

The ratings could be downgraded if revenue contracts materially
from current levels or the company adopts more aggressive financial
strategies, resulting in Debt/EBITDA (Moody's adjusted) exceeding
7x and annual free cash flow sustained below 5% of total debt.

Based in Menlo Park, CA, Genesys is a provider of customer
experience and contact center solutions through both cloud services
and software licensing, including digital channel management, call
routing, interactive voice response, and enterprise workload
management, primarily serving the 100 seat and larger contact
center market. Genesys is owned by private equity firms including
Permira and Hellman & Friedman LLC. Moody's expects the company to
generate revenue of approximately $2.2 billion in FY2023.

The principal methodology used in these ratings was Software
Industry published in August 2018.


GENWORTH FINANCIAL: Egan-Jones Keeps BB- Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company on April 28, 2022, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Genworth Financial, Inc. EJR also 'B' rating on
commercial paper issued by the Company.

Headquartered in Richmond, Virginia, Genworth Financial, Inc.
offers insurance, wealth management, investment, and financial
solutions.



GIRARDI & KEESE: Creditor Sidarous Demands Foreclosure of Mansion
-----------------------------------------------------------------
Ryan Naumann of Radar Online reports that a creditor of Arsani
Sidarous, Erika Jayne's husband, Tom Girardi, has demanded that the
'RHOBH' Star's former $10 million mansion be foreclosed.

The Pasadena mansion once shared by Real Housewives of Beverly
Hills star Erika Jayne and her husband Tom has failed to find a
buyer and now a creditor wants it sold off at auction.

According to court documents obtained by Radar, one of Girardi's
many creditors, Arsani Sidarous, has asked the court to move
forward with an auction of the 4-bedroom, 9-bathroom 10,277 sq. ft.
home.

As part of the bankruptcy, the court appointed a trustee to take
control of Girardi's property and assets. A plan was put in place
to sell off the once-respected lawyer's property to collect money
for creditors.

One of his biggest assets was the home he shared with Jayne. The
trustee put the property on the market in May 2021 for $13 million.
The price was slashed to $11.5 million by June and then was cut
down to $9.9 million followed by $8.9 million. The current listing
price is $7.98 million.

In his newly filed motion, Sidarous explained Grirardi's home has
liens totaling $23 million filed against it.  He points out the
trustee has failed to sell the home since taking over in January,
2021.

In court docs, Sidarous said the sale of the home would bring in a
substantial amount of money to pay off Girardi's debt -- including
$3.2 million owed to him.

The judge has yet to rule on the motion.

                     About Girardi & Keese

Girardi and Keese or Girardi & Keese was a Los Angeles-based law
firm founded in 1965 by lawyers Thomas Girardi and Robert Keese.
It served clients in California in a variety of legal areas.  It
was known for representing plaintiffs against major corporations.

An involuntary Chapter 7 petition (Bankr. C.D. Cal. Case No.
20-21022) was filed in December 2020 against GIRARDI KEESE by
alleged creditors Jill O'Callahan, Robert M. Keese, John Abassian,
Erika Saldana, Virginia Antonio, and Kimberly Archie.

The petitioners' attorneys:

         Andrew Goodman
         Goodman Law Offices, Apc
         Tel: 818-802-5044
         E-mail: agoodman@andyglaw.com

Elissa D. Miller, a member of the firm SulmeyerKupetz, has been
appointed as Chapter 7 trustee for GIRARDI KEESE. The Chapter 7
trustee can be reached at:

         Elissa D. Miller
         333 South Grand Ave., Suite 3400
         Los Angeles, California 90071-1406
         Telephone: (213) 626-2311
         Facsimile: (213) 629-4520
         E-mail: emiller@sulmeyerlaw.com

An involuntary Chapter 7 petition was also filed against Thomas
Vincent Girardi (Case No. 20-21020) on Dec. 18, 2020. The Chapter 7
trustee can be reached at:

         Jason M. Rund
         Email: trustee@srlawyers.com
         840 Apollo Street, Suite 351
         El Segundo, CA  90245
         Telephone: (310) 640-1200


GIRARDI & KEESE: Tom Girardi Owes Ex-Wife Karen $245,000
--------------------------------------------------------
Ryan Naumann of Radar Online reports that the ex-wife of Real
Housewives of Beverly Hills star Erika Jayne's husband Tom Girardi
has rushed to court over unpaid spousal support from the
now-disbarred attorney.

According to court documents obtained by Radar, Karen Girardi --
who divorced Tom in 1989 and was awarded $10,000 a month --
demanded the court update a lien she filed against his $10 million
Pasadena mansion.

She said the original lien was for $95,000 but needs to be updated
to $245,000 due to Girardi failing to pay his court-ordered spousal
support for years.

In her filing, Karen said she originally went to court in 2020
after Girardi started missing payments.  She wanted him found in
contempt of court and ordered to cough up the unpaid support.

In her filing, she claimed Tom tried to work out a deal after she
had her lawyer contact him.  The once-respected Los Angeles
attorney asked to reduce his monthly obligations from $10,000 down
to $5,000.  He reportedly told Karen's lawyer that he was "tired of
paying and felt it was long enough."  No deal was reached and Tom
eventually paid up a portion of the arrears.

However, she said he continued missing payments.  Karen said he
failed to pay $5,000 owed for May and $20,000 for July and August.
Court docs reveal Tom didn't pay for September until June 2022.

Tom currently lives in a senior assisted living home in Burbank,
Cali.  He was moved out of his $10 million mansion miles away in
Pasadena after he was diagnosed with dementia.

Karen's support battle was put on hold after Tom's creditors forced
him into a Chapter 7 in 2020.  Many of his former clients accuse
him of embezzling their money to fund his lavish lifestyle.

Erika has been dragged into multiple lawsuits over the alleged
financial crimes.  She has denied all knowledge of any wrongdoing.
Some of Tom's creditors feel she benefited off the alleged scam and
have demanded she pay back money spent on her.

A trustee was appointed in the bankruptcy to take over control of
Tom's finances and assets.  As part of the process, Tom's former
mansion was put on the market but has failed to find a buyer for
over a year.

One of Tom's creditors recently demanded the home be foreclosed on.
They argued some funds were better than none.

In Karen's recent filing, she asked the court to note that the
amount owed to her is $245,000.

Erika filed for divorce from Tom in 2020 as his financial problems
started to mount but the case has also been put on hold until a
resolution in the Chapter 7.

                     About Girardi & Keese

Girardi and Keese or Girardi & Keese was a Los Angeles-based law
firm founded in 1965 by lawyers Thomas Girardi and Robert Keese.
It served clients in California in a variety of legal areas.  It
was known for representing plaintiffs against major corporations.

An involuntary Chapter 7 petition (Bankr. C.D. Cal. Case No.
20-21022) was filed in December 2020 against GIRARDI KEESE by
alleged creditors Jill O'Callahan, Robert M. Keese, John Abassian,
Erika Saldana, Virginia Antonio, and Kimberly Archie.

The petitioners' attorneys:

         Andrew Goodman
         Goodman Law Offices, Apc
         Tel: 818-802-5044
         E-mail: agoodman@andyglaw.com

Elissa D. Miller, a member of the firm SulmeyerKupetz, has been
appointed as Chapter 7 trustee for GIRARDI KEESE.  The Chapter 7
trustee can be reached at:

         Elissa D. Miller
         333 South Grand Ave., Suite 3400
         Los Angeles, California 90071-1406
         Telephone: (213) 626-2311
         Facsimile: (213) 629-4520
         E-mail: emiller@sulmeyerlaw.com

An involuntary Chapter 7 petition was also filed against Thomas
Vincent Girardi (Case No. 20-21020) on Dec. 18, 2020.  The Chapter
7 trustee can be reached at:

         Jason M. Rund
         Email: trustee@srlawyers.com
         840 Apollo Street, Suite 351
         El Segundo, CA  90245
         Telephone: (310) 640-1200


H&H 272 GRAND: Seeks to Hire Leech Tishman as Substitute Counsel
----------------------------------------------------------------
H&H 272 Grand, LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of New York to hire Leech Tishman Robinson
Brog, PLLC as substitute bankruptcy counsel.

On May 9, 2022, the court authorized the retention of Robinson Brog
Leinwand Greene Genovese & Gluck P.C. as legal counsel for the
Debtor. On May 16, 2022, the firm combined its practice with Leech
Tishman Fuscaldo & Lampl, LLC and began practicing under the name
Leech Tishman Robinson Brog, PLLC.

Leech Tishman's services include:

     a. providing advice to the Debtors with respect to its powers
and duties under the Bankruptcy Code in the continued operation of
their business and the management of their property;

     b. negotiating with creditors of the Debtors, preparing a plan
of reorganization and taking the necessary legal steps to
consummate a plan, including, if necessary, negotiations with
respect to financing a plan;

     c. negotiating with taxing authorities to work out a plan to
pay tax claims in installments;

     d. preparing on the Debtors' behalf necessary applications,
motions, answers, replies, discovery requests, forms of orders,
reports and other pleadings and legal documents;

     e. appearing before this Court to protect the interests of the
Debtors and their estates, and representing the Debtors in all
matters pending before this Court;

     f. performing all other legal services for the Debtors that
may be necessary; and

     g. assisting the Debtors in connection with all aspects of
these Chapter 11 cases.

The firm will be paid as follows:

     Members/Counsel     $495 to $800 per hour
     Associates          $400 to $500 per hour
     Paraprofessionals   $175 to $315 per hour

Leech Tishman is a "disinterested" person as that term is defined
in Section 101(14) of the Bankruptcy Code, according to court
filings.

The firm can be reached through:

     A. Mitchell Greene, Esq.
     Leech Tishman Robinson Brog PLLC
     875 Third Avenue
     New York, NY  10022
     Tel: 212-603-6300

                        About H&H 272 Grand

H&H 272 Grand LLC is engaged in activities related to real estate.
The Debtor is currently under contract to purchase the real
property located at 272-274 Grand Street, Brooklyn, New York.  The
Property is currently owned by Grand Mazel, LLC.

H&H 272 Grand LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
22-40693) on April 1, 2022. The petition was signed by David
Goldwasser, Managing Member, FIA Capital Partners LLC, manager. At
the time of filing, the Debtor estimated $1 million to $10 million
in both assets and liabilities.

Judge Jil Mazer-Marino presides over the case.

A. Mitchell Greene, Esq., at Leech Tishman Robinson Brog PLLC
serves as the Debtor's counsel.


HAN JOE RO: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------
The U.S. Trustee for Region 18 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Han Joe Ro, LLC.
  
                         About Han Joe Ro

Han Joe Ro, LLC is owned and operated by Cham Joe Ro and her
husband, In Kook Ro. Han Joe Ro operates two adjacent properties
which share one parking lot. Until recently, both properties were
operated as hotel franchises.

The OYO Hotel Tumwater, located at 1600 74th Avenue SW, Tumwater,
WA 98501, is a 59-room limited service hotel constructed in 1999
and situated on a 1.81 acre site. Beginning in September 2020, the
OYO Hotel contracted with Thurston County for temporary use of the
entire facility as a COVID-19 recovery center. That contract
terminated on February 28, 2022, and the property has resumed its
normal operations as the OYO Hotel.

Formerly the Comfort Inn Conference Center Tumwater, the adjacent
premises located at 1620 74th Avenue SW, Tumwater, WA 98501 is a
58-room hotel property with conference facilities constructed in
2001 and situated on a 2.14 acre lot. The franchise agreement with
Choice Hotels was terminated at the end of February 2022. On March
1, 2022, the Leased Hotel entered into a lease with the State of
Washington, Department of Health, which initially ran through the
end of 2022 but was amended to run through April 30, 2027, and may
be renegotiated for an additional five years.

Han Joe Ro sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Wash. Case No. 22-40597) on May 12,
2022. In the petition signed by Eric Camm, chief restructuring
officer, the Debtor disclosed up to $10 million in both assets and
liabilities.

Judge Mary Jo Heston oversees the case.

Richard B. Keeton, Esq., at Bush Kornfeld LLP is the Debtor's
counsel.


HANJIN INTERNATIONAL: Moody's Upgrades CFR to B1, Outlook Stable
----------------------------------------------------------------
Moody's Investors Service has upgraded Hanjin International
Corporation's (HIC) corporate family rating to B1 from B2. At the
same time, Moody's has upgraded to Ba2 from Ba3 the backed senior
secured rating on HIC's term loan due December 2022, which is
guaranteed by HIC's parent, Korean Air Lines Co., Ltd. (KAL).

The outlook on the ratings remains stable.

"The rating upgrades primarily reflect the improving credit quality
of the parent and guarantor KAL, which is mainly driven by KAL's
significantly strengthened capital structure and liquidity. These
factors will provide a reasonable buffer against the inherent
volatility of the airline industry and KAL's planned acquisition of
Asiana Airlines Co., Ltd," says Sean Hwang, a Moody's Assistant
Vice President and Analyst.

RATINGS RATIONALE

HIC's B1 CFR is driven by Moody's assessment of a strong likelihood
of support from the company's parent KAL, in times of need. KAL has
100% ownership of HIC and provides explicit support to all of HIC's
debt through a guarantee and intercompany loans, leading to a
three-notch uplift to the CFR from HIC's standalone credit
quality.

HIC's hotel operations have started recovering since the middle of
2021, and Moody's expects the trend to continue over the next 12-18
months. However, HIC's standalone credit quality will remain weak,
reflecting its unsustainable debt leverage and weak liquidity.

The small scale of HIC's single-location operations tempers its
standalone credit quality, although this risk is mitigated by the
prime location and competitive profile of its mixed-use building,
the Wilshire Grand Center (WGC) in downtown Los Angeles.

HIC's ratings benefit from the improving credit quality of the
parent and guarantor, KAL. KAL's operating results improved
strongly since 2021 because of its robust cargo transportation
business. Its profitability over the next 6-12 months will remain
significantly stronger than pre-pandemic levels, as its improving
passenger business will help offset the likely softening in freight
rates and a rise in fuel costs.

KAL's adjusted consolidated debt (including hybrids, lease and
pension liabilities) declined to KRW14.1 trillion as of March 31,
2022 from the pre-pandemic level of KRW19.7 trillion as of the end
of 2019. At the same time, its consolidated cash holdings increased
to KRW4.5 trillion from KRW1.5 trillion. This strengthening of its
balance sheet reflects KAL's large equity offerings, asset sales
and strong cash flow over the past two years.

The positive trend in KAL's capital structure should continue over
the next 12-18 months, given its adequate profitability and
manageable level of capital spending for aircraft purchases.

KAL's improving financial profile provides it with a significant
financial buffer to absorb the financial burden associated with the
planned acquisition of Asiana Airlines Co., Ltd. The target company
has higher leverage than KAL, but KAL's acquisition consideration
of KRW1.5 trillion will entirely be injected into Asiana and in
large part used to reduce Asiana's debt. Moody's estimates the
combined airline company will have a proforma leverage of
approximately 4.5x-5.5x in 2022-23.

KAL's plan to acquire a 55% stake in sister low-cost carrier Jin
Air Co., Ltd. will have little impact on KAL's financial leverage
because of the moderate acquisition cost (KRW0.6 trillion) and Jin
Air's modest debt aside from its lease liabilities. Jin Air leases
its entire fleet from KAL, and therefore, the former's lease
liabilities will be eliminated upon consolidation into KAL's
accounts.

HIC's Ba2 secured term loan is higher than the company's B1 CFR,
reflecting the first lien on the majority of HIC's assets including
WGC, which gives it priority over the parent loans in HIC's
liability structure. HIC's debt comprised the senior secured term
loan of $344 million and KAL's intercompany loans of $602 million
as of the end of 2021. This situation enhances the recovery
prospect for term loan creditors.

In terms of governance considerations, HIC's ratings factor in the
fact that HIC is wholly owned and entirely controlled by KAL.
However, the associated risk is substantially mitigated by KAL's
provision of a corporate guarantee and intercompany loans, which
align the interests of HIC creditors and KAL.

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

The stable outlook mainly reflects Moody's expectation that KAL's
credit profile will remain largely stable over the next 12-18
months, and that it will continue to extend support to HIC, thereby
mitigating the latter's weak liquidity and cash flow.

Upward pressure on HIC's CFR could arise over time if KAL's credit
quality improves further, through maintenance of moderate financial
leverage and adequate liquidity; and a successful integration with
Asiana, while continuing its strong support for HIC in the form of
guarantees and intercompany funding.

Downward pressure on HIC's CFR could emerge if the likelihood of
parent support weakens due to adverse changes in HIC's relationship
with KAL or a significant weakening in KAL's credit quality.

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.

Hanjin International Corp. (HIC), a wholly owned subsidiary of
Korean Air Lines Co., Ltd. (KAL), owns the Wilshire Grand Center
(WGC), a 73-story Class A mixed-use building in Los Angeles in the
US.

Established in 1962, KAL is a leading full-service airline company
based in Korea. It owns a fleet of 131 passenger aircraft and 23
cargo aircraft as of March 2022. KAL is also engaged in the
aerospace and catering businesses, as well as a hotel business in
the US through HIC.


HCA HEALTHCARE: Egan-Jones Keeps BB+ Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company on May 9, 2022, maintained its 'BB+'
local currency senior unsecured ratings on debt issued by HCA
Healthcare, Inc.

Headquartered in Nashville, Tennessee, HCA Healthcare, Inc. offers
health care services.



HCA INC: Egan-Jones Keeps BB+ Senior Unsecured Ratings
------------------------------------------------------
Egan-Jones Ratings Company on May 9, 2022, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by HCA Inc.

Headquartered in Nashville, Tennessee, HCA Inc. of Delaware owns,
manages, and operates hospitals.



HEARTLAND DENTAL: S&P Rates New $200MM First-Lien Term Loan 'B-'
----------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issue-level rating and '3'
recovery rating to Heartland Dental LLC's proposed $200 million
incremental first-lien term loan. The '3' recovery rating indicates
its expectation for meaningful (50%-70%; rounded estimate: 50%)
recovery in the event of a payment default.

The company plans to add the proceeds from this incremental debt to
its balance sheet for future acquisitions and to pay related
transaction fees. In May 2022, the company extended the maturity of
the revolver to April 30, 2027, from April 2023, which S&P viewed
favorably.

S&P said, "Although we estimate the proposed term loan will
increase Heartland's leverage by about 0.5x, we project it will
likely maintain leverage of 9x-10x, which is consistent with our
forecast. Therefore, our 'B-' issuer credit rating and stable
outlook are unchanged."

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- Heartland's proposed capital structure comprises a $135 million
revolver, a $1 billion first-lien term loan, a $150 million
first-lien delayed-draw term loan (assumed 100% drawn at default),
a $200 million first-lien incremental term loan (2020 term loan), a
$870 million first-lien incremental term loan (2021 term loan), a
$200 million first-lien incremental term loan (2022 term loan), and
$310 million of senior unsecured notes.

-- S&P has valued the company on a going-concern basis using a 5x
multiple of its projected emergence EBITDA of $277 million.

-- S&P's simulated default scenario assumes a default occurring in
2024 due to increased competition and a decline in third-party
reimbursement rates.

Simulated default assumptions

-- Simulated year of default: 2024
-- Implied enterprise value multiple: 5.0x
-- EBITDA at default: $277 million

Simplified waterfall

-- Net enterprise value (after 5% administrative costs): $1,316
million

-- Collateral value available to secured debt: $1,316 million

-- First-lien secured debt: $2,573 million

    --Recovery expectations: 50%-70% (rounded estimate: 50%)

-- Collateral value available to senior unsecured debt: $0

-- Senior unsecured debt: $323 million

    --Recovery expectations: 0%-10% (rounded estimate: 0%)

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



HELIX ENERGY: Egan-Jones Cuts Senior Unsecured Ratings to CCC+
--------------------------------------------------------------
Egan-Jones Ratings Company on May 6, 2022, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Helix Energy Solutions Group, Inc. to CCC+ from B-. EJR also
maintained its 'B' rating on commercial paper issued by the
Company.

Headquartered in Houston, Texas, Helix Energy Solutions Group, Inc.
is an American oil and gas services company.



HELMERICH & PAYNE: Egan-Jones Keeps BB- Senior Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company on April 25, 2022, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Helmerich & Payne, Inc.

Headquartered in Tulsa, Oklahoma, Helmerich & Payne, Inc. provides
contract drilling of oil and gas wells in the Gulf of Mexico and
South America.



HEXCEL CORP: Egan-Jones Keeps BB+ Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company on May 4, 2022, maintained its 'BB+'
local currency senior unsecured ratings on debt issued by Hexcel
Corporation.

Headquartered in Stamford, Connecticut, Hexcel Corporation
develops, manufactures, and markets reinforcement products,
composite materials, and engineered products.



HILLENBRAND INC: Egan-Jones Keeps BB+ Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company on May 19, 2022, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Hillenbrand, Inc.

Headquartered in Batesville, Indiana, Hillenbrand, Inc.
manufactures and sells premium business-to-business products and
services.



HOME DECOR: Didn't Inform Customers of Closure, Ch. 11 Filing
-------------------------------------------------------------
WPXI-TV's 11 INVESTIGATES reports that a furniture store in
Pittsburg's Strip District that shut down abruptly -- leaving
customers without their money or merchandise -- filed for
bankruptcy months ago but didn't notify customers.

That's especially concerning, because as Channel 11 Consumer
Investigator Angie Moreschi discovered, Home Décor was giving the
impression its Liberty Avenue store was still open.

"Whether or not it violates law, it certainly violates human
decency. It's morally improper,'" consumer lawyer and Executive
Director of the National Association of Consumer Advocates, Ira
Rheingold, told 11 Investigates.

Channel 11 Investigates notified the Pennsylvania Attorney
General's Office after discovering Home Decor was still acting like
the Liberty Avenue store was open, even though the company filed
for bankruptcy and closed the location months earlier.

The AG's office had received eight complaints about the Pittsburgh
location since 2021, but after Channel 11 stories that number has
doubled to 16 in less than two weeks.

A spokesperson tells Channel 11 that Home Décor never notified the
Attorney General's Office either that the company filed for
bankruptcy.

"The Office of Attorney General is contacting consumers who have
filed complaints with our office to be sure they are made aware of
their rights during these proceedings. Pennsylvania consumers who
have paid for services not received should file proofs of claim
with the bankruptcy court," spokesperson Molly Steiber emailed 11
Investigates.

Steiber says because the bankruptcy was filed in Georgia, the case
is no longer under their jurisdiction, but they want to warn
Pennsylvania customers to know their rights and stop giving the
company any more money.

"Any consumers who are still being invoiced for items on layaway
should not make any additional payments," Steiber said.

Unfortunately, the bankruptcy is bad news for customers, who will
now have a hard time getting any money back.

"The problem is this company has a lot of other creditors, and
consumers are lowest on the totem pole of that list, and the
likelihood of getting any of that money back without legal
representation is really limited," Rheingold said.

                 About Home Decor Liquidators

Home Decor Liquidators LLC is a furniture company based out of 4227
Pleasant Hill Rd # 11203, Duluth, Georgia, United States.

Home Decor Liquidators sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-51278) on Feb.
15, 2022.  In the petition filed by Christopher I Prescott, as
president, manager and member, the Debtor estimated assets and
liabilities between $1 million and $10 million.

Henry F. Sewell, Jr., of the Law Offices of Henry F. Sewell, Jr.,
LLC, is the Debtor's counsel.


HOME DECOR: Newtek Small Business Says Plan Not Feasible
--------------------------------------------------------
Newtek Small Business Finance, LLC, secured creditor of Debtor Home
Decor Liquidators, LLC, objects to confirmation of Debtor's First
Plan of Reorganization.

Newtek is a secured creditor of the Debtor. The Note is dated
December 30, 2019 and is for the sum of $3,950,000.00 (the "Note").
The Note is secured by, among other things such as a guarantee and
collateral held by non-debtor guarantor, certain personal property,
as evidenced by a Commercial Security Agreement ("Security
Agreement").

On May 16, 2022, Debtor filed its First Plan of Reorganization.
Newtek is treated under Class 2. Debtor's Plan proposes that
Newtek's claim is impaired. Upon confirmation, Newtek's claim is to
be void and unenforceable due to alleged lack of equity to which
Newtek's claim could attach. Newtek's claim is to be treated as a
Class 5 unsecured claim.

Newtek asserts that the Debtor's Plan is not feasible. First, thus
far the only source of funds for this debtor is revenue from
operating the business and $250,000 in Employee Retention Credits
("ERC Credits"). Second, Debtor has not provided a monthly budget
showing revenues. Nothing filed by Debtor to date suggests that
Debtor will be able to generate the revenue necessary to effectuate
the terms of the Plan.

This is supported by the fact that Debtor's administrative
creditors have begun filing motions alleging Debtor has failed to
pay their claims which they assert are provided for under the
budgets. These events occurring since the petition date do not bode
well for feasibility that Debtor will be able to perform under the
proposed Chapter 11 Plan.

Newtek further asserts that the Debtor's Plan is contingent upon a
Motion to Value claims of Newtek and Crossroads which has yet to be
adjudicated. The outcome is unknown and there is a substantial
dispute whether ERC credits received by Debtor are subject to
Crossroads and Newtek's UCCs. Newtek opposes this treatment unless
or until an order is entered avoiding it's UCC.

A full-text copy of Newtek's objection dated June 13, 2022, is
available at https://bit.ly/3mXE7SW from PacerMonitor.com at no
charge.

Attorney for Creditor:

     Brian K. Jordan, Bar No.: 113008
     Aldridge Pite, LLP
     Fifteen Piedmont Center
     3575 Piedmont Road, N.E., Suite 500
     Atlanta, GA 30305
     Phone: (404) 994-7400
     Fax: (619) 590-1385
     Email: bjordan@aldridgepite.com

                    About Home Decor Liquidators

Home Decor Liquidators, LLC, a company in Duluth, Ga., filed its
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Ga. Case No. 22-51278) on Feb. 15, 2022, listing
as much as $10 million in both assets and liabilities. Christopher
I. Prescott, president, signed the petition.

The Law Offices of Henry F. Sewell, Jr., LLC serves as the Debtor's
legal counsel.


HOME PRODUCTS: U.S. Trustee Appoints Creditors' Committee
---------------------------------------------------------
The U.S. Trustee for Region 11 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of Home
Products International, Inc. and its affiliates.

The committee members are:

     1. Braskem America, Inc.

        Representative: Roy Keeler
        Treasury & Credit Mgr.
        Braskem America, Inc.  
        1735 Market St., 28th Fl.
        Philadelphia, PA 19103
        
        Attorney: Rosanne Ciambrone
        Duane Morris LLP
        190 South LaSalle St., Ste. 3700
        Chicago, IL 60603-3433
        Phone: 312-499-0127
        Email: rciambrone@duanemorris.com

     2. Pinnacle Polymers, LLC

        Representative: Ray Buckwalter
        Pinnacle Polymers, LLC
        One Pinnacle Avenue
        Garyville, LA 70051

        Attorney: Lance Rogers, Brian Newman, Joe Heffern
        Rogers Counsel
        26 East Athens Avenue
        Ardmore, PA 19003
        Phone: 610-228-0222
        Email: Lance@rogerscounsel.com
               Joe@rogerscounsel.com
               Brian@rogerscounsel.com

     3. Associated Steel Trading, LLC

        Representative: Ian Epstein
        Associated Steel Trading, LLC
        12187 E. Cortez Drive
        Scottsdale, AZ 85259
        Phone: 480-614-9333
        Email: ijepstein@associatedsteeltrading.com

     4. Scott Steel, LLC

        Representative: Nathan Rentz
        125 Clark Ave.
        Piqua, OH 45356
        Phone: 937-552-9670
        Email: nathan.rentz@scottsteelllc.com

     5. TMS Sales & Marketing

        Representative: Curtis Matheny
        TMS Sales & Marketing, Inc.
        9950 W. Lawrence Ave., #400
        Schiller Park, IL 60176

        Attorney: Julia Jensen Smolka
        Robbins DiMonte, Ltd.
        216 W. Higgins Road
        Park Ridge, IL 60068
        Phone: 847-698-9600
        Email: jsmolka@robbinsdimonte.com

Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                 About Home Products International

Home Products International, Inc. --
https://www.homeproductsinternational.com/ -- is an American
manufacturer of storage, home organization and laundry care
products.

Home Products International, Inc., and affiliate Home Products
International North America, Inc. ("HPI-NA") sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Lead
Case No. 22-06276) on June 2, 2022.  

In the petition filed by James Auker, as chief financial officer,
HPI estimated assets between $10 million and $50 million and
liabilities between $50,000 and $100 million.

Judge Janet S. Baer oversees the cases.

Edward Green, of Foley & Lardner LLP, is the Debtors' counsel.


HUCKLEBERRY PARTNERS: Case Summary & 19 Unsecured Creditors
-----------------------------------------------------------
Debtor: Huckleberry Partners LLC
        3801 Avalon Park East Boulevard
        Suite 200
        Orlando, FL 32828

Chapter 11 Petition Date: June 17, 2022

Court: United States Bankruptcy Court
       Middle District of Florida

Case No.: 22-02159

Debtor's Counsel: Justin M. Luna, Esq.
                  LATHAM LUNA EDEN & BEAUDINE LLP
                  201 S. Orange Avenue
                  Suite 1400
                  Orlando, FL 32801
                  Tel: (407) 481-5800
                  Fax: (407) 481-5801
                  Email: jluna@lathamluna.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Henry James Herborn, III as managing
member.

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

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

https://www.pacermonitor.com/view/O3QXFOA/Huckleberry_Partners_LLC__flmbke-22-02159__0001.0.pdf?mcid=tGE4TAMA


II-VI INC: Egan-Jones Keeps BB+ Senior Unsecured Ratings
--------------------------------------------------------
Egan-Jones Ratings Company on April 25, 2022, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by II-VI Incorporated.

Headquartered in Saxonburg, Pennsylvania, II-VI Incorporated
designs engineered materials and optoelectronic components.



INITO GROUP ADVISORS: Files Bare-Bones Chapter 11 Petition
----------------------------------------------------------
Inito Group Advisors, INC II, filed for chapter 11 protection in
the Northern District of California, without stating a reason.

According to court documents, Inito Group Advisors Inc. II
estimates between 1 and 49 creditors.  The petition states funds
will not be available to unsecured creditors.

The Debtor's secured creditors include Val-Chris Investments, owed
$1.73 million.  The claim is backed by the Debtor's single family
residence in 3505 Brunell Drive, in Oakland California, which is
valued at $2.6 million.

A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
July 11, 2022, at 1:00 PM via Tele/Videoconference -
www.canb.uscourts.gov/calendars.  Proofs of claims are due by Oct.
11, 2022.

                 About Inito Group Advisors, INC II

Inito Group Advisors, INC II, is a 21st century investment and
project management firm.

Inito Group Advisors, INC II, sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. N.D. Cal. Case No. 22-40573) on June
15, 2022.  In the petition filed by Rahsaan Dean, as president, the
Debtor estimated assets and liabilities between $1 million and $10
million.  This case has been assigned to Judge Roger L. Efremsky.
Dean Lloyd, of the Law Offices of Dean Lloyd, is the Debtor's
counsel.


INTERSTATE UNDERGROUND: Reeder Says Liquidation Analysis Inadequate
-------------------------------------------------------------------
Class 13 Creditor Wayne Reeder ("Reeder") objects to the Second
Amended Disclosure Statement and Third Amended Plan of
Reorganization of Interstate Underground Warehouse and Industrial
Park, Inc.

Reeder points out that Section X discloses compensation for
Debtor's counsel and the salaries of Leslie Reeder (the CEO), Sammy
Jo Reeder (the sole shareholder), and Stacy Reeder Robinson
(advisor). For reasons unknown, the Section fails to disclose that
in addition to her stated salary, Leslie Reeder receives $8,000 per
month from the Debtor as a housing allowance. Unsecured creditors,
who are expected to accept a pro rata share of $250,000 over the
life of the plan, would and should need to know that the Reeder
family would receive over $1 million during the Plan.

Reeder claims that the liquidation analysis is inadequate and
insufficient. The document is insufficient to provide the necessary
disclosure to creditors because the Debtor represents that income
tax returns have been filed for the fiscal year ending May 31,
2021. However, when said returns were requested, Debtors' counsel
refused to provide them to Reeder on the grounds that Reeder's
claim is disputed.

In this case, a Response to Plan has been filed by a third party
offering $4.75 million for the purchase of all of Debtors assets,
except cash on hand. With respect to a liquidation analysis, such
offers are significant because they provide transparency to the
amount the current equity holder(s) capture as compared to payments
to creditors.  

Reeder asserts that Section V of the Disclosure Statement discusses
the critical status of the Freezer System. Whether freon is now
being used less than in previous years is not the key issue,
however. The entire system has been in need of an overhaul, with
bids being submitted in 2019 (to Wayne Reeder) and 2020 (to Leslie
Reeder).

Reeder further asserts that even if the Debtor's own projections
are accurate, and Woodmen and Andersons are paid off in 2026, the
Debtor still wouldn't have even half of what it needs for a down
payment. There are separate feasibility issues to address in an
Objection to Confirmation of the Third Amended Plan, but the Court
need not reach feasibility to see how the Debtor's description of
the system providing the bulk of the Debtor's income is inaccurate
and misleading to creditors.

A full-text copy of Wayne Reeder's objection dated June 13, 2022,
is available at https://bit.ly/3HxcQ36 from PacerMonitor.com at no
charge.

Counsel for Creditor Wayne Reeder:

     Ryan A. Blay, MO #KS001066; KS #28110
     15095 W. 116th St.
     Olathe, KS 66062
     Phone (913) 422-0909 / Fax (913) 428-8549
     blay@wagonergroup.com
     bankruptcy@wagonergroup.com

             About Interstate Underground Warehouse
                 
Interstate Underground Warehouse and Industrial Park, Inc., sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
W.D. Mo. Case No. 21 40834) on July 1, 2021.  In the petition
signed by CEO Leslie Reeder, the Debtor disclosed up to $10 million
in assets and up to $50 million in liabilities.

Judge Dennis R. Dow is assigned to the case.

Pamela Putnam, Esq., at Armstrong Teasdale LLP, is the Debtor's
legal counsel.


INTERSTATE UNDERGROUND: U.S. Trustee Says Disclosures Deficient
---------------------------------------------------------------
The United States Trustee objects to the Second Amended Disclosure
Statement and Third Amended Plan of Reorganization of Interstate
Underground Warehouse and Industrial Park, Inc.

The United States Trustee contends that the Disclosure Statement
portion is deficient and does not meet the adequate information
standard set forth in 11 U.S.C. Sec. 1125(a).

The United States Trustee understands from various pleadings and
discussions with Debtor's counsel, creditors and third parties that
the Debtor has received an unsolicited offer to purchase all of the
Debtor's assets. Recently, on June 10, 2022, the proposed purchaser
filed a statement indicating that he had raised his offer to $5.75
million.

The United States Trustee claims that the Debtor is free to include
truthful information about its position related to the offer, as
well as its concerns about the offer. The United States Trustee
understands that the original proposal occurred shortly before the
filing of the Second Amended Disclosure Statement. The Debtor could
have sought additional time to file the disclosures to consider the
offer, or could have disclosed the offer in the Second Amended
Disclosure Statement but it did not.

The offer appears to render the liquidation analysis attached to
the Second Disclosure Statement outdated. The liquidation analysis,
which assumes a piecemeal liquidation of the Debtor, does not
consider whether the Debtor could be liquidated as a going concern.
Here, it appears there is a proposed buyer that has offered to
purchase the Debtor's assets at a significant premium over the
amounts set forth in the liquidation analysis.

Based on the Debtor's performance to date, it is highly
questionable whether the plan, as proposed, is feasible. The United
States Trustee notes that in evaluating the Debtor's monthly
operating reports for the ten-month period this case has proceeded
in Chapter 11, the Debtor has shown a slight operating profit.
However, when plan payments are considered, the Debtor would appear
to have insufficient income to make the requirements payments.

Further, the United States Trustee notes that in the latest four
month period during which financial information is available, from
January, 2022 through April, 2022, the Debtor's cash position
declined by close to 50% and the Debtor showed a significant
operating loss. Accordingly, the Debtor will need to establish the
plan is feasible in light of its financial performance to obtain
confirmation.

A full-text copy of the United States Trustee's objection dated
June 13, 2022, is available at https://bit.ly/3mUsOea from
PacerMonitor.com at no charge.

            About Interstate Underground Warehouse
                 
Interstate Underground Warehouse and Industrial Park, Inc., sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
W.D. Mo. Case No. 21 40834) on July 1, 2021.  In the petition
signed by CEO Leslie Reeder, the Debtor disclosed up to $10 million
in assets and up to $50 million in liabilities.

Judge Dennis R. Dow is assigned to the case.

Pamela Putnam, Esq., at Armstrong Teasdale LLP, is the Debtor's
legal counsel.


IRIDIUM COMMUNICATIONS: Egan-Jones Keeps B- Sr. Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company on May 2, 2022, maintained its 'B-'
local currency senior unsecured ratings on debt issued by Iridium
Communications Inc. EJR also maintained its 'B' rating on
commercial paper issued by the Company.

Headquartered in McLean, Virginia, Iridium Communications Inc.
offers mobile satellite communications services.



JASPER PELLETS: U.S. Trustee Appoints Creditors' Committee
----------------------------------------------------------
John Fitzgerald, acting U.S. trustee for Region 4, appointed an
official committee to represent unsecured creditors in the Chapter
11 case of Jasper Pellets, LLC.

The committee members are:

     1. Judith Wilson, Controller
        The Timbermen, Inc.
        P.O. Box 107
        Camak, GA 30807-0107
        Phone: (704) 465-3506
        Email: judith.wilson@camak.net

     2. Duncan Scott Wilson, President
        Advanced Industrial Resources, LLC
        3407 Novis Pointe
        Acworth, GA 30101
        Phone: (800) 224-5007
        Email: dsw@airtest1.com

     3. Wladimiro Labeikovsky, President
        LM Machinery and Equipment, LLC
        13291 Vantage Way, Suite 108
        Jacksonville, FL 32218
        Phone: (412) 608-8528
        Email: wlabeikovsky@lm-machinery.net

     4. Willow Hoechsmann, Credit Manager
        Canfor Southern Pine, Inc.
        101 Dauphine Street, Suite 600
        Mobile, AL 36602
        Phone: (604) 264-6275
        Email: uscredit@canfor.com
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                       About Jasper Pellets

Jasper Pellets, LLC, a wood pellet manufacturing company, filed its
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. D.S.C. Case No. 22-01409) on May 27, 2022, listing
$25,119,486 in total assets and $14,422,514 in total liabilities.
Charles Knight, managing member, signed the petition.

Judge David R. Duncan oversees the case.

Michael M. Beal, Esq., at BEAL, LLC serves as the Debtor's counsel.


JEFFERIES GROUP: Egan-Jones Keeps BB+ Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company on May 4, 2022, maintained its 'BB+'
local currency senior unsecured ratings on debt issued by Jefferies
Group LLC.

Headquartered in New York, New York, Jefferies Group LLC provides
institutional brokerage services.



JETBLUE AIRWAYS: Moody's Affirms Ba2 CFR & Alters Outlook to Stable
-------------------------------------------------------------------
Moody's Investors Service affirmed all of its ratings assigned to
JetBlue Airways Corp., including the Ba2 corporate family rating,
the Ba2-PD probability of default rating and the Baa3 senior
secured rating. Moody's also affirmed its ratings assigned to
JetBlue's Enhanced Equipment Trust Certificates ("EETCs"). Moody's
changed the ratings outlook to stable from positive.

The ratings affirmations consider Moody's expectation that JetBlue
will sustain very good liquidity and that its performance and
credit metrics will continue to strengthen through 2023
notwithstanding the current inflationary pressures on its cost
base.

The stabilization of the outlook reflects the longer time that it
will take for credit metrics to strengthen compared to Moody's
expectations when it changed the outlook to positive in July 2021.
Although strong passenger demand is supporting pricing power and
revenue growth, higher costs -- particularly fuel -- are slowing
the recovery in earnings and operating cash flow. Staffing
shortages have also led the company to slow its capacity growth,
which will slow the generation of operating cash flow, all else
equal. Additionally, higher capital investment for new aircraft in
2023 will sustain 2022's negative free cash flow through 2023.

The affirmations of the EETC ratings consider the importance of the
aircraft collateral to JetBlue's operations and Moody's opinion
that its estimates of the loan-to-values ("LTVs") support the
assigned ratings.

The potential acquisition of Spirit Airlines, Inc. is not a driver
of today's rating actions. The closing of such transaction is still
highly uncertain given no definitive agreement between the
companies has been reached and there is meaningful regulatory risk
to any large airline merger closing in the US. If the likelihood of
the merger closing significantly increases, then there could be
downward pressure on JetBlue's ratings or outlook depending on the
amount of debt used to fund the deal, the timing of closing, and
the trajectory of the company's earnings between now and then.

The following rating actions were taken:

Affirmations:

Issuer: JetBlue Airways Corp.

Corporate Family Rating, Affirmed Ba2

Probability of Default Rating, Affirmed Ba2-PD

Senior Secured Revolving Credit Facility, Affirmed Baa3 (LGD2)

Senior Secured Enhanced Equipment Trust, Affirmed A2

Senior Secured Enhanced Equipment Trust, Affirmed Baa1

Senior Secured Enhanced Equipment Trust, Affirmed Baa2

Outlook Actions:

Issuer: JetBlue Airways Corp.

Outlook, Changed To Stable From Positive

RATINGS RATIONALE

The Ba2 CFR reflects JetBlue's good competitive position in its US
East Coast and transcontinental routes, anchored in its focus
cities of New York (JFK International Airport), Boston, Fort
Lauderdale, Los Angeles, Orlando and San Juan and Moody's
expectation of improving credit metrics through 2023. The Ba2
rating also reflects the company's historically conservative
financial policies and its disciplined cost management programs.
However, the upcoming increased investment in fleet renewal and, if
it closes, the acquisition of Spirit Airlines will slow
deleveraging and the restoration of credit metrics back to
pre-pandemic levels. Excluding an acquisition, Moody's expects
debt-to-EBITDA to approach 3.5x by the end of 2023, from earnings
expansion rather than from a material amount of debt retirement.

Moody's projects negative free cash flow through 2023 as capital
investments of approximately $2.8 billion will exceed operating
cash flow by about $1.5 billion during the 2022-2023 period. Cash
balances (including short-term investments) will be sufficient to
fund this short fall; however, liquidity will decline below
JetBlue's targeted minimum level, unless the company issues new
debt for some of its aircraft purchases, which would further slow
the deleveraging of the capital structure.

Liquidity is very good with $2.8 billion of cash and short-term
investments on March 31, 2022. The $550 million revolver is undrawn
and has not been utilized since its repayment in 2021 after the
full draw during the early period of the pandemic. Estimated or
appraised market value of unencumbered assets of more than $1.5
billion is significant. Additionally, more than $8 billion of
assets are pledged to the $3.5 billion bridge credit facility that
the company has arranged with respect to its proposed acquisition
of Spirit Airlines, Inc.

The EETC ratings reflect the credit quality of JetBlue; the typical
benefits of EETCs, including the applicability of Section 1110 of
the US Bankruptcy Code, cross-default and cross-collateralization
of the equipment notes; 18-month liquidity facilities and
cross-subordination pursuant to the respective Intercreditor
Agreements of each transaction. These ratings also reflect Moody's
opinion that the A321 aircraft will remain important to JetBlue's
network and fleet strategy, which increases the likelihood of the
company affirming each transaction under a reorganization scenario.
There are 25 A321ceos in the 2019-1 transaction and 24 A321s in the
2020-1 transaction, including seven neos. The average ages of the
aircraft in each transaction are five and six years, respectively.
JetBlue's current fleet includes 63 A321ceos and 21 A321neos. The
young age of the aircraft and the large proportion relative to the
total A321 fleet informs Moody's opinion that JetBlue would affirm
these transactions in a reorganization. Moody's current estimates
of the peak LTVs before priority claims for repossession and
remarketing costs and of liquidity providers for the Class AA,
Class A and Class B of 2019-1 are about 60%, 77%, and 86%,
respectively. The LTVs for the 2020-1 transaction are 62% and 78%
for the Class A and Class B, respectively. Moody's uses a 5% annual
rate of decline for the A321ceos and 4% for the A321neos and a
conservative 1% inflation rate when projecting the current market
values of these aircraft models.

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

Moody's expects EBITDA margins of more than 17% and / or
debt-to-EBITDA of below 2.5x. Ratings could be downgraded if the
aggregate of cash and available revolver falls below $1.25 billion
or there is a sustained negative inflection in demand that results
in negative earnings and operating cash flow through 2022 that
leads to debt-to-EBITDA being sustained above 4.5x.

Changes in the EETC ratings can result from any combination of
changes in the underlying credit quality or ratings of JetBlue,
Moody's opinion of the importance of aircraft models to the
airline's network, or Moody's estimates of aircraft market values,
which will affect estimates of loan-to-value.

The methodologies used in these ratings were Passenger Airlines
published in August 2021.

JetBlue Airways Corp., based in Long Island City, New York, is a
leading carrier in New York, Boston, Fort Lauderdale-Hollywood, Los
Angeles, Orlando, and San Juan. JetBlue serves more than 110 cities
throughout the United States, Latin America, the Caribbean, Canada
and the United Kingdom. Revenue was $6 billion in 2021, which
compares to $8.1 billion in 2019. Moody's projects revenue of about
$8.8 billion for 2022.


LAS VEGAS SANDS: Egan-Jones Keeps BB- Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company on May 11, 2022, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Las Vegas Sands Corp.

Headquartered in Las Vegas, Nevada, Las Vegas Sands Corp owns and
operates casino resorts and convention centers.



LTL MANAGEMENT: Judge Kaplan to Consider Reopening Talc Cases
-------------------------------------------------------------
Dietrich Knauth of Reuters reports that a U.S. bankruptcy judge
said Tuesday, June 14, 2022, that he may allow some lawsuits that
accuse Johnson & Johnson talc products of causing cancer to proceed
while the company's subsidiary seeks a national settlement of the
claims in bankruptcy.

U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey said he
would consider "two very different paths forward" for the
bankruptcy at a July 6 hearing. The company wants the bankruptcy
court to estimate the number and value of talc claims, while
plaintiffs in the talc lawsuits have asked the court to allow some
cases to resume outside of the bankruptcy court.

J&J, which maintains that its Baby Powder and other talc products
are safe, assigned its talc liabilities to a new subsidiary, LTL
Management LLC, and placed it in bankruptcy in October, pausing
38,000 lawsuits that had been filed against J&J.

The talc claimants have appealed Kaplan's decision to allow the
bankruptcy case to block their lawsuits, and the two sides remain
far apart in recent mediation.

LTL attorney Greg Gordon of Jones Day said the bankruptcy court
should estimate the overall value of talc claims to impose
"discipline" on settlement talks.

"The focus on individual cases when the goal is to come up with an
aggregate valuation seems to be beside the point, and kind of
misses what we should be focused on," Gordon said.

David Molton of Brown Rudnick, an attorney for the talc claimants ,
said that LTL's approach would cause the case to "malinger" and
"fester," just like other bankruptcies involving asbestos claims.
At least 300 cancer victims with claims against J&J have died since
the LTL case was filed, Molton said.

Kaplan said both proposals could add clarity to the total value of
the talc claims, but both could also offer delays or
"cherry-picked" data.

Kaplan said he has talked with U.S. District Judge Freda Wolfson,
who is overseeing 35,000 ovarian cancer lawsuits filed in federal
court against J&J, about cases that might be re-opened and used as
bellwether trials. But he has previously denied requests to re-open
individual cases while the bankruptcy proceeds. At least one
plaintiff, Vincent Hill, died from cancer after being blocked from
resuming his lawsuit.

Kaplan asked LTL and the talc plaintiffs to make further written
arguments on the path forward by July 1.

Kaplan also approved LTL's request to hire former solicitor general
Neal Katyal, now a partner at Hogan Lovells, rejecting a U.S.
Department of Justice objection that Katyal's $2,465 hourly rate
was unreasonably high.

In approving Katyal's hire, Kaplan said that one lawyer's fee, even
a very high one, would not meaningfully impact a bankruptcy case
that has already generated $50 million in professional fees.

LTL was justified in turning to an expert like Katyal, who has
argued dozens of cases before the U.S. Supreme Court, to fend off
an appeal arguing that the entire bankruptcy case should be
dismissed, Kaplan said.

Before the bankruptcy filing, J&J faced costs from $3.5 billion in
verdicts and settlements, including one in which 22 women were
awarded a judgment of more than $2 billion, according to bankruptcy
court records.

For LTL: Greg Gordon of Jones Day

For Talc Claimants Committee: David Molton of Brown Rudnick;
Melanie Cyganowski of Otterbourg; Daniel Stolz of Genova Burns;
Brian Glasser of Bailey & Glasser; Lenard Parkins of Parkins Lee &
Rubio; and Jonathan Massey of Massey & Gail

                     About Johnson & Johnson

Johnson & Johnson is an American multinational corporation founded
in 1886 that develops medical devices, pharmaceuticals, and
consumer packaged goods.  It is the world's largest and most
broadly based healthcare company.

Johnson & Johnson is headquartered in New Brunswick, New Jersey,
the consumer division being located in Skillman, New Jersey.  The
corporation includes some 250 subsidiary companies with operations
in 60 countries and products sold in over 175 countries.

The corporation had worldwide sales of $82.6 billion in 2020.

                       About LTL Management

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

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

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

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

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


LTL MANAGEMENT: Wants to Move Forward w/ Claims Estimation Process
------------------------------------------------------------------
Vince Sullivan of Law360 reports that the bankrupt talc unit of
Johnson & Johnson, LTL Management, told a New Jersey bankruptcy
judge Tuesday, June 14, 2022, that it wants to move forward with a
claims estimation process it hopes will result in a confirmable
Chapter 11 plan within the next 2023.

During a hybrid hearing, LTL Management LLC attorney Gregory M.
Gordon of Jones Day LLP said that despite a preference for
continuing mediation with the tens of thousands of talc injury
claimants, that process is not moving forward as quickly as the
debtor would like.

"We thought marrying mediation sessions to various milestones would
enhance the prospects of settling sooner rather than later," Gordon
told the court. "It's our strong view that estimation will impose a
discipline to the process that is needed."

The debtor's proposal, outlined in a status report filed last week
with the court, calls for a two-phase trial process with the first
portion to deal with the scientific and medical evidence underlying
the claimants assertions that J&J's talc products caused ovarian
cancer and mesothelioma. That phase is planned to be completed by
the end of 2022, with the second phase— dealing with the
valuation of the claims— set to be completed by June 2023,
according to the report.

David Moulton of Brown Rudnick LLP, counsel to the official
committee of talc claimants, said this proposal is a delay tactic
being employed by the debtor because it has no urgent need to exit
bankruptcy since it has no ongoing operations.

He said the debtor has committed funding from parent company J&J so
an estimation proceeding is not needed.

"We don't think estimation in a case where you have $61 billion of
funding and the purpose of estimation isn't to make sure of
feasibility and that the plan is properly funded ... we don't think
any of that matters here. This is basically a dalliance into
delay," Moulton said.

The committee, on the other hand, believes it could formulate a
plan, solicit it for creditor votes and bring it up for
confirmation before the end of 2022, he said.

U.S. Bankruptcy Judge Michael B. Kaplan asked the parties to
prepare briefs on these issues ahead of a hearing scheduled for
July 6 where the court will consider the future path of the case as
well as possible extensions of a preliminary injunction and the
automatic stay that have paused thousands of talc injury suits
since LTL Management commenced its bankruptcy case last fall.

LTL filed for Chapter 11 protection in October, two days after it
was split off from the old Johnson & Johnson Consumer Inc. as part
of a divisive merger transaction and saddled with billions of
dollars in liability arising from allegations its talc products
contain cancer-causing asbestos. The case was originally filed in
North Carolina bankruptcy court, but a judge ordered it transferred
to New Jersey, where J&J is headquartered and where multidistrict
litigation involving more than 35,000 talc injury claims is
pending.

Judge Kaplan denied motions to dismiss the case in February finding
that the debtor did not file its bankruptcy in bad faith. The talc
claimants committee is appealing that decision to the Third
Circuit, which has agreed to take up the appeal on an expedited
basis.

LTL is represented by Gregory M. Gordon, Dan B. Prieto, Amanda S.
Rush and Brad B. Erens of Jones Day, and Paul R. DeFilippo, James
N. Lawlor, Brad J. Axelrod, Lyndon M. Tretter and Joseph F. Pacelli
of Wollmuth Maher & Deutsch LLP.

The talc claimants committee is represented by Daniel M. Stolz,
Donald W. Clarke and Matthew I.W. Baker of Genova Burns LLC, David
J. Molton, Robert J. Stark, Jeffrey L. Jonas, Michael Winograd and
Sunni P. Beville of Brown Rudnick LLP, Melanie L. Cyganowski, Adam
C. Silverstein and Jennifer S. Feeney of Otterbourg PC, and Lenard
M. Parkins and Charles M. Rubio of Parkins Lee & Rubio LLP.

                      About LTL Management

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

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

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

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

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

                    About Johnson & Johnson

Johnson & Johnson is an American multinational corporation founded
in 1886 that develops medical devices, pharmaceuticals, and
consumer packaged goods.  It is the world's largest and most
broadly based healthcare company.

Johnson & Johnson is headquartered in New Brunswick, New Jersey,
the consumer division being located in Skillman, New Jersey.  The
corporation includes some 250 subsidiary companies with operations
in 60 countries and products sold in over 175 countries.

The corporation had worldwide sales of $82.6 billion in 2020.


LUCID ENERGY: S&P Places 'B' Issuer Credit Rating on Watch Pos.
---------------------------------------------------------------
S&P Global Ratings placed all its ratings on Lucid Energy Group II
Borrower LLC (Lucid), including its 'B' issuer credit rating and
'B' issue-level credit rating, on CreditWatch with positive
implications.

Targa Resources Corp. (Targa) announced on June 16, 2022,that it
has entered into a definitive acquisition agreement to acquire
Lucid Energy Delaware, LLC which is a subsidiary of Lucid.

S&P said, "We placed our ratings on Lucid on CreditWatch with
positive implications to reflect that we could raise our ratings to
the level of Targa following the close of Lucid's acquisition by
Targa Resources Corp.

"The positive CreditWatch placement reflects the likelihood that we
could raise our ratings on Lucid and its debt to the level of Targa
upon the close of the acquisition. We expect to resolve the
CreditWatch listing at or near the close of the transaction, which
we anticipate will occur in the third quarter of 2022. We expect
Targa will fully integrate Lucid into its business following the
acquisition."



LUCID MOTORS, RIVIAN MOTORS: Heading to Bankruptcy, Says Elon Musk
------------------------------------------------------------------
GoBankingRates reports that Tesla CEO Elon Musk threw some shade at
Rivian and Lucid Motors, telling Tesla Owners of Silicon Valley at
Gigafactory Texas that the rival electric vehicles (EV) companies
will go bankrupt "unless something changes significantly."

His comments come at a time when shares of Tesla have been
struggling -- notably since the announcement of his $44 billion
Twitter deal.  In addition, some analysts are also noting that
Bitcoin's sharp decline might spell trouble for the EV company, as
it owns a lot of it.

Musk said of his EV rivals on a video posted to Twitter, "The only
car companies in the U.S. that haven't gone bankrupt are Tesla and
Ford.  Unless something changes significantly with Rivian and
Lucid, they will both go bankrupt.  I hope they are able to do
something, but unless they cut their costs dramatically they are in
deep trouble."

But Tesla has troubles of its own.  The company has had to deal
with China's zero COVID policy, which caused shutdowns in Shanghai.
Earlier this week, Musk attributed Tesla's challenges to supply
chain issues, and wrote in a leaked email, "This has been a very
tough quarter, primarily due to supply chain and production
challenges in China.  So we need to rally hard to recover!" as
GOBankingRates reported.

                      About Rivian Motors

Rivian Automotive, Inc. (NASDAQ: RIVN) is an American electric
vehicle automaker and automotive technology company founded in
2009.  Rivian is building an electric sport utility vehicle and
pickup truck on a "skateboard" platform that can support future
vehicles or be adopted by other companies.

                        About Lucid Motors

Lucid Group, Inc. (NASDAQ: LCID) is an American electric vehicle
manufacturer headquartered in Newark, California. The company was
founded in 2007.  Deliveries of the Dream Edition launch versions
were made available to the first group of 20 reservation holders on
October 30, 2021.


MALLINCKRODT PLC: Emerges From Chapter 11 Bankruptcy
----------------------------------------------------
Mallinckrodt plc on June 16, 2022, announced that it has
successfully completed its reorganization process, emerged from
Chapter 11 and completed the Irish Examinership proceedings.

The Company is moving forward as a diversified global specialty
pharmaceutical company with a strengthened balance sheet and
increased financial flexibility to invest in its business, execute
its strategic initiatives, advance its pipeline and better meet the
needs of patients. Supported by existing drug development programs
and approximately 2,800 talented employees globally, the Company is
poised to build on its 155-year history of providing medicines that
address patient needs through its two business segments:

  * Specialty Brands, a global, innovative biopharmaceutical
business that develops and commercializes specialty branded
pharmaceutical medicines for patients; and

  * Specialty Generics, a U.S.-based, vertically integrated
business that produces high-quality generic medicines and active
pharmaceutical ingredients in complex markets.

Paul Bisaro, Chairman of the Mallinckrodt Board of Directors, said,
"Today marks a new beginning for Mallinckrodt as we emerge
well-positioned for long-term success, with a substantially
stronger capital structure and major litigation matters permanently
resolved. As we move forward, the top priority for our new Board is
working alongside management to review the business and develop a
go-forward strategy to drive sustainable value for our patients,
customers, partners, team members, shareholders and other
stakeholders. We are focused on thoughtfully establishing a plan
that builds on our innovation-driven therapies pipeline,
capitalizes on Mallinckrodt's core strengths and positions the
Company for long-term sustainable growth."

"I extend my deepest gratitude to Mallinckrodt's teams, whose
determination, resilience and commitment to serving our customers
and patients have been extraordinary throughout this process," Mr.
Bisaro continued. "We also thank engaged patient groups and our
customers and partners for their significant support and continued
confidence in our company and our future, which has been
instrumental in making this milestone possible."

   Sigurdur Olafsson Appointed President and Chief Executive
Officer

The Company also announced June 16 that Sigurdur (Siggi) Olafsson
has been appointed as President and Chief Executive Officer and a
member of Mallinckrodt's Board, effective June 25, 2022.  Mr.
Olafsson brings almost 30 years of diverse pharmaceutical
experience across branded and generic drugs, most recently serving
as CEO of Hikma Pharmaceuticals.

Prior to Hikma, Mr. Olafsson served as President and CEO of the
Global Generic Medicines Group of Teva Pharmaceuticals.
Previously, he was President of Actavis plc (Watson) and CEO of the
Actavis Group, which develop, manufacture and distribute branded,
generic and biosimilar products.  Mr. Olafsson also held a number
of leadership positions in Pfizer's Global R&D organization in the
UK and U.S., focused on branded drug development, and served as
Head of Drug Development for Omega Farma in Iceland.

Mark Trudeau has stepped down from his role as President and CEO,
effective today.  Mallinckrodt has established an Office of the CEO
on an interim basis until Mr. Olafsson starts at Mallinckrodt.  The
Office of the CEO comprises Mark Casey, Executive Vice President
and Chief Legal Officer; Hugh O'Neill, Executive Vice President and
Chief Commercial and Operations Officer; and Bryan Reasons,
Executive Vice President and Chief Financial Officer.

Mr. Bisaro added, "On behalf of the Board and leadership team, I
thank Mark for his significant contributions to Mallinckrodt over
the past decade. We wish Mark all the best in his future endeavors.
Importantly, we have strong leadership in place to guide us as we
turn the page, with Siggi bringing decades of experience and deep
expertise in both branded and generic pharmaceuticals. We
appreciate Mark, Hugh and Bryan stepping into the Office of the CEO
to lead us until Siggi officially joins Mallinckrodt later this
month."

Mr. Olafsson said, "It's an honor to be appointed Mallinckrodt's
CEO. I look forward to helping guide the Company as it continues to
support patients around the world. Mallinckrodt is emerging from
its recent restructuring process with an attractive pipeline,
enhanced financial flexibility and significant opportunities to
drive stakeholder value. I look forward to working closely with the
Board and my new colleagues in developing and executing
Mallinckrodt's revised strategic plan."

                     New Board of Directors

The Company's Board now comprises six independent directors, each
of whom brings years of experience, relevant expertise and fresh
perspectives to Mallinckrodt. These directors are:

  * Paul Bisaro, Chairman, an industry veteran with 30 years of
experience in the healthcare industry;

  * Daniel Celentano, a seasoned financial advisor to major
companies across numerous industries globally;

  * Riad El-Dada, a pharmaceutical executive with extensive U.S.
and international leadership experience, including as a senior
executive at Merck for more than 25 years;

  * Neal Goldman, Chair of the Human Resources and Compensation
Committee, an investment professional with more than 25 years of
experience in investing and working with companies in a variety of
industries to maximize shareholder value, and with expertise in
strategic planning and company transformations;

  * Woodrow (Woody) Myers, Chair of the Governance and Compliance
Committee, a nationally recognized leader in the development of
advanced healthcare management programs and initiatives to improve
medical quality; and

  * James Sulat, Chair of the Audit Committee, a leader with more
than 20 years of experience serving as an executive and board
member in the life sciences industry.

When Mr. Olafsson joins the Company later this month, the total
number of directors on Mallinckrodt's Board will be seven.

For full biographies of each director, please visit
https://www.mallinckrodt.com/about/board-of-directors/.

               Permanent Resolution of Litigation

As a result of the reorganization process, Mallinckrodt has
significantly improved its financial position and resolved numerous
lawsuits the Company was facing prior to the Chapter 11
proceedings. The Company's Plan of Reorganization (the "Plan") and
Irish law Scheme of Arrangement (the "Scheme"), which became
effective today, include key legal settlements that resolve opioid
claims brought against the Company and litigation matters involving
Acthar® Gel, among other claims, and provides for significant
equitization of the Company's guaranteed unsecured notes.

Mallinckrodt is now the first company that has permanently resolved
opioid litigation on a global scale, including any future claims
that might be brought for periods prior to emergence. The Company
will continue operating its opioid business in a responsible
manner, in compliance with an operating injunction agreed to with
state Attorneys General that has been in place since the
commencement of the Chapter 11 process, and under the oversight of
an independent monitor.

Implementing the Plan and the Scheme strengthens the Company's
balance sheet, reduces its total debt by approximately $1.3 billion
and enables it to move forward with more than $250 million in cash
and cash equivalents on hand.

        Issuance, Listing and Trading of New Common Stock

In connection with emergence, all of Mallinckrodt's existing
ordinary shares were cancelled pursuant to the Plan and the Scheme.
Mallinckrodt issued 13,170,932 new ordinary shares to its
guaranteed unsecured noteholders in accordance with the provisions
of the Plan and the Scheme.

In accordance with the Plan, Mallinckrodt also issued 3,290,675
warrants with a strike price of $103.40 to the opioid claimants and
adopted a management incentive plan providing for the issuance to
management, key employees and directors of the Company of equity
awards with respect to up to an aggregate of 1,829,068 shares.

Mallinckrodt's new shares are anticipated to trade over-the-counter
under the ticker symbol "MNKPF" until such time as the Company
relists on a national securities exchange.

                         New Financing

In connection with emergence, Mallinckrodt issued $650 million in
aggregate principal amount of new first lien senior secured notes.
The proceeds of the notes will be used to, among other things, pay
certain fees and expenses, satisfy other payment obligations under
the Plan, and for other general corporate purposes. Mallinckrodt
also entered into a $200 million accounts receivable financing
facility.

Pursuant to the Plan, Mallinckrodt also reinstated $495 million in
aggregate principal amount of its existing first lien senior
secured notes and issued $1.76 billion in aggregate principal
amount of new first lien senior secured term loans to the holders
of its existing term loans in satisfaction thereof, issued $323
million in aggregate principal amount of new second lien senior
secured notes to the holders of its existing second lien senior
secured notes in satisfaction thereof and issued $375 million in
aggregate principal amount of new second lien senior secured notes
to the holders of certain of its existing unsecured senior notes in
partial satisfaction thereof.

                             Advisors

Latham & Watkins LLP; Wachtell, Lipton, Rosen & Katz; Arnold &
Porter; Ropes & Gray LLP; and Hogan Lovells served as
Mallinckrodt's counsel. Guggenheim Securities, LLC served as
investment banker and AlixPartners LLP served as restructuring
advisor to Mallinckrodt.

                       About Mallinckrodt

Mallinckrodt is a global business consisting of multiple wholly
owned subsidiaries that develop, manufacture, market and distribute
specialty pharmaceutical products and therapies. The company's
Specialty Brands reportable segment's areas of focus include
autoimmune and rare diseases in specialty areas like neurology,
rheumatology, nephrology, pulmonology, ophthalmology, and oncology;
immunotherapy and neonatal respiratory critical care therapies;
analgesics; cultured skin substitutes and gastrointestinal
products. Its Specialty Generics reportable segment includes
specialty generic drugs and active pharmaceutical ingredients. On
the Web: http://www.mallinckrodt.com/

On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates
sought Chapter 11 protection in Delaware (Bankr. D. Del. Lead Case
No. 20-12522) to seek approval of a restructuring that would reduce
total debt by $1.3 billion and resolve opioid-related claims
against them.

Mallinckrodt plc disclosed $9,584,626,122 in assets and
$8,647,811,427 in liabilities as of Sept. 25, 2020.

Judge John T. Dorsey oversees the cases.

The Debtors tapped Latham & Watkins, LLP and Richards, Layton &
Finger, P.A. as their bankruptcy counsel; Arthur Cox and Wachtell,
Lipton, Rosen & Katz as corporate and finance counsel; Ropes &
Gray, LLP as litigation counsel; Torys, LLP as CCAA counsel;
Guggenheim Securities, LLC as investment banker; and AlixPartners,
LLP as restructuring advisor.  Prime Clerk, LLC is the claims
agent.

The official committee of unsecured creditors retained Cooley, LLP,
as its legal counsel; Robinson & Cole, LLP as co-counsel; and
Dundon Advisers, LLC as financial advisor.

On Oct. 27, 2020, the U.S. Trustee for Region 3 appointed an
official committee of opioid-related claimants.  The OCC tapped
Akin Gump Strauss Hauer & Feld, LLP as its lead counsel; Cole
Schotz as Delaware co-counsel; Province, Inc. as financial advisor;
and Jefferies, LLC as investment banker.


MARATHON PETROLEUM: Egan-Jones Hikes Sr. Unsecured Ratings to BB+
-----------------------------------------------------------------
Egan-Jones Ratings Company on April 29, 2022, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Marathon Petroleum Corporation to BB+ from BB.

Headquartered in Findlay, Ohio, Marathon Petroleum Corporation
operates as a crude oil refining company.



MARVIN KELLER: Committee Taps Dundon Advisers as Financial Advisor
------------------------------------------------------------------
The official committee of unsecured creditors of Marvin Keller
Trucking, Inc. seeks approval from the U.S. Bankruptcy Court for
the Central District of Illinois to employ Dundon Advisers, LLC as
its financial advisor.

The firm will render these services:

     a. assist in the analysis, review and monitoring of the
restructuring process, including, but not limited to an assessment
of the unsecured claims pool and potential recoveries for unsecured
creditors;

     b. develop a complete understanding of the Debtor's business
and its valuation as may be necessary to achieve a fair and lawful
treatment of unsecured creditors;

     c. determine whether there are viable alternative paths for
the disposition of the Debtor's assets (e.g., restructuring, sale)
from any proposed now or later by the Debtor;

     d. monitor, and to the extent appropriate assist the Debtor in
the conduct of, efforts to develop and solicit transactions which
would support unsecured creditor recovery;

      e. assist the committee in identifying, valuing and pursuing
estate causes of action, including but not limited to relating to
pre-petition transactions, control person liability and lender
liability;

      f. assist the committee to address claims against the debtor
and to identify, preserve, value and monetize tax assets of the
Debtor, if any;

      g. advise the committee in negotiations with the Debtor and
third parties;

      h. assist the committee in reviewing the Debtor's financial
reports, including, but not limited to, statements of financial
affairs, schedules of assets and liabilities, cash budgets, and
monthly operating reports;

      i. review and provide analysis of any proposed disclosure
statement and Chapter 11 plan, and if appropriate assist the
committee in developing an alternative Chapter 11 plan;

      j. attend meetings and assisting in discussions with the
committee, the Debtor, the secured parties, the U.S. Trustee, and
other parties in interest and professionals;

      k. present at meetings of the committee, as well as meetings
with other key stakeholders and parties;

      l. perform such other advisory services for the committee as
may be necessary or proper in these proceedings, subject to the
aforementioned scope; and

     m. provide testimony on behalf of the committee as and when
may be deemed appropriate.

The firm will be paid at these hourly rates, subject to annual
adjustment on July 1:

                                As of July 1, 2022

     Ahana Delwar       $350           $370
     Alex Mazier        $730           $760
     April Kimm         $550           $625
     Eric Reubel        $730           $760
     Gregory Hill       $450           $475
     Harry Tucker       $550           $625
     Heather Barlow     $730           $760
     Joshua Nahas       $730           $760
     Lee Rooney         $500           $550
     Matthew Dundon     $790           $850
     Michael Garbe      $550           $625
     Michael Whelan     $350           $370
     Peter Hurwitz      $790           $850
     Phillip Preis      $730           $760
     Tabish Rizvi       $650           $760
     Thomas Short       $450           $475
     Yi Zhu             $550           $625

As disclosed in court filings, Dundon Advisers is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

The firm can be reached through:

     Eric Reubel
     Dundon Advisers, LLC
     Ten Bank Street, Suite 1100
     White Plains, NY 10606 USA
     Tel: +1 (914) 341-1188
     Fax +1 (212) 202-4437

                   About Marvin Keller Trucking

Marvin Keller Trucking, Inc. operates a nationwide commercial
trucking operation, with its headquarters located in Sullivan,
Ill.

Marvin Keller Trucking sought Chapter 11 bankruptcy protection
(Bankr. C.D. Ill. Case No. 22-90165) on April 22, 2022. In the
petition filed by Joseph E. Keller, president and chief executive
officer, Marvin Keller Trucking listed up to $10 million in assets
and up to $50 million in liabilities.

Judge Mary P. Gorman oversees the case.

Sumner A. Bourne, Esq., at Rafool & Bourne, PC, is the Debtor's
legal counsel.

The U.S. Trustee for Region 10 appointed an official committee of
unsecured creditors on May 12, 2022. Faegre Drinker Biddle & Reath,
LLP and Dundon Advisers, LLC serve as the committee's legal counsel
and financial advisor, respectively.


MARVIN KELLER: Committee Taps Faegre as Bankruptcy Counsel
----------------------------------------------------------
The official committee of unsecured creditors of Marvin Keller
Trucking, Inc. seeks approval from the U.S. Bankruptcy Court for
the Central District of Illinois to employ Faegre Drinker Biddle &
Reath, LLP as its counsel.

Faegre Drinker will render these legal services:

     a. assist and advise the committee in its consultation with
the Debtor relative to the administration of this Case;

     b. attend meetings and negotiate with the representatives of
the Debtor;

     c. assist and advise the committee in its examination and
analysis of the conduct of the Debtor's affairs;

     d. assist the committee in the review, analysis, and
negotiation of a plan of liquidation and disclosure statement and
such related agreements and/or documents necessary for confirmation
of such plan;

     e. take all necessary action to protect and preserve the
interests of the committee, including (i) possible prosecution of
actions on its behalf, (ii) if appropriate, negotiations concerning
all litigation in which the Debtor is or becomes involved, and
(iii) if appropriate, review and analysis of claims filed against
the Debtor's estate;

     f. prepare on behalf of the committee all necessary motions,
applications, answers, orders, reports and papers in support of
positions taken by the committee;

     g. appear, as appropriate, before this Court, the Appellate
Courts, other courts and tribunals, and the United States Trustee,
and to protect the interests of the committee before said Courts
and the United States  Trustee; and

     h. perform all other necessary legal services and provide all
other legal advice to the committee in the Debtor's Chapter 11
case.

      i. work closely with the Debtor's professionals and any
professionals retained by the committee to ensure that there is no
unnecessary duplication of services performed or charged to the
Debtor's estates.

The firm's hourly rates, reflecting the 10 percent agreed discount,
are as follows:

     George Mesires (Partner, Chicago)          $778.50
     Michael T. Gustafson (Partner, Chicago)    $661.50
     Elizabeth Little (Associate, Indianapolis) $508.50
     Paige Naig (Associate, Minneapolis)        $445.50

Faegre Drinker will seek reimbursement for expenses.

Michael Gustafson, Esq., a partner at Faegre Drinker, disclosed in
a court filing that the firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     George Mesires, Esq.
     Michael T. Gustafson, Esq.
     FAEGRE DRINKER BIDDLE & REATH LLP
     320 South Canal Street, Suite 3300
     Chicago, IL 60606
     Telephone: (312) 569-1000
     Facsimile: (312) 556-3000
     Emails: george.mesires@faegredrinker.com
                   mike.gustafson@faegredrinker.com

                   About Marvin Keller Trucking

Marvin Keller Trucking, Inc. operates a nationwide commercial
trucking operation, with its headquarters located in Sullivan,
Ill.

Marvin Keller Trucking sought Chapter 11 bankruptcy protection
(Bankr. C.D. Ill. Case No. 22-90165) on April 22, 2022. In the
petition filed by Joseph E. Keller, president and chief executive
officer, Marvin Keller Trucking listed up to $10 million in assets
and up to $50 million in liabilities.

Judge Mary P. Gorman oversees the case.

Sumner A. Bourne, Esq., at Rafool & Bourne, PC, is the Debtor's
legal counsel.

The U.S. Trustee for Region 10 appointed an official committee of
unsecured creditors on May 12, 2022. Faegre Drinker Biddle & Reath,
LLP and Dundon Advisers, LLC serve as the committee's legal counsel
and financial advisor, respectively.



MATTEL INC: Egan-Jones Hikes Senior Unsecured Ratings to BB
-----------------------------------------------------------
Egan-Jones Ratings Company on May 19, 2022, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Mattel, Inc. to BB from BB-.

Headquartered in El Segundo, California, Mattel, Inc. designs,
manufactures and markets a broad variety of children's toy products
on a worldwide basis.



MAXUS ENERGY: Cleanup Dispute With YPF Resumes in Bankruptcy Court
------------------------------------------------------------------
Akiko Matsuda of the Wall Street Journal reports that Argentine
energy company YPF SA and a trust for its former subsidiary Maxus
Energy Corp. on Monday, June 13, 2022, resumed their longstanding
dispute over who should pay as much as $14 billion to clean up the
contaminated Passaic River in New Jersey.

Lawyers representing both parties argued before Judge Christopher
Sontchi of the U.S. Bankruptcy Court in Wilmington, Del., over
whether parent company YPF can be shielded from the
multibillion-dollar liability by putting its subsidiary in
bankruptcy.

Maxus Energy launched the 23-count adversary suit against YPF and
Spanish energy giant Repsol SA in June 2018.  The complaint alleged
that the two energy companies spent decades stripping Maxus of its
assets and kept Maxus going just long enough to run out the statute
of limitations on fraudulent transfers.  Maxus was then put into
Chapter 11 bankruptcy to avoid environmental cleanup burdens.

Maxus sought Chapter 11 protection in Delaware in June 2016, just
ahead of the start of a trial over claims against the company in
connection with a federally supervised cleanup of the lower Passaic
River in Newark, New Jersey.

The Chapter 11 case was originally focused on a settlement with
Maxus parent YPF, which purchased Maxus years after the reorganized
debtor sold its chemicals business to Occidental Chemical in 1986.
That settlement would have seen the debtor receive a $35 million
post-petition loan from YPF in exchange for broad liability
releases, with YPF also chipping in cash to cover some cleanup
costs at Maxus-owned sites.  

That plan collapsed dramatically in April 2017 when Judge Sontchi
approved an alternative debtor-in-possession loan plan, funded by
Occidental Chemical, that elbowed YPF out of its position as DIP
lender and averted approval of the liability releases.  Instead,
the plan created the litigation trust, which was empowered to
pursue the estate's claims, including billions of dollars in
fraudulent transfer and environmental liability allegations.

The Liquidating Trust is represented by J. Christopher Shore,
Matthew L. Nicholson and Erin M. Smith of White & Case LLP, and
Brian E. Farnan and Michael J. Farnan of Farnan LLP.

YPF SA is represented by Adam G. Landis and Matthew B. McGuire of
Landis Rath & Cobb LLP, Jeffrey A. Rosenthal, Victor L. Hou, Ari D.
MacKinnon and Mark E. McDonald of Cleary Gottlieb Steen & Hamilton
LLP, and John J. Kuster of Sidley Austin LLP

                 About Maxus Energy Corporation

Maxus Energy Corporation and four of its subsidiaries filed
voluntary petitions for reorganization under Chapter 11 (Bankr. D.
Del. Lead Case No. 16-11501) on June 17, 2016. The Debtors engaged
Young Conaway Stargatt & Taylor, LLP, as local counsel, Morrison &
Foerster LLP as general bankruptcy counsel, Zolfo Cooper, LLC, as
financial advisor and Prime Clerk LLC as claims and noticing
agent.

The Debtors hired Keen-Summit Capital Partners LLC as real estate
broker. The Debtors also engaged Hilco Steambank to market and sell
their internet protocol numbers and other internet number
resources, and EnergyNet.com to market and sell the Debtors'
rights, title, and interest in and to the oil and gas properties.

On July 7, 2016, the United States Trustee for the District of
Delaware filed Notice of Appointment of Committee of Unsecured
Creditors. The Committee selected Schulte Roth & Zabell LLP as
counsel, and Cole Schotz as Delaware co-counsel. Berkeley Research
Group, LLC, serves as financial advisor for the Committee.

Andrew Vara, acting U.S. Trustee for Region 3, appointed the
following to a committee of retirees: John Leslie Jackson, Sr.,
Gerald G. Carlton, and Robert E. Garbesi.  The Retirees Committee
retained Akin Gump Strauss Hauer & Feld LLP as counsel and Ashby &
Geddes, P.A., as co-counsel.





MCKESSON CORP: Egan-Jones Keeps BB Senior Unsecured Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company on May 20, 2022, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by McKesson Corporation.

Headquartered in Irving, Texas, McKesson Corporation distributes
pharmaceuticals, medical-surgical supplies, and health and beauty
care products throughout North America.



MD HELICOPTERS: Will Pay $31.5 Million in DOJ Fraud Settlement
--------------------------------------------------------------
Jeff Montgomery of Law360 reports that former Lynn Tilton-piloted
MD Helicopters Inc. has landed a mediated $31.5 million federal
False Claims Act settlement with the U.S. Department of Justice and
whistleblowers, saying in a Delaware bankruptcy court filing that
the deal heads off nearly $110 million in triple damages liability
in Alabama.

MDHI disclosed the terms, reached after two series of mediated
talks, in a filing late Tuesday, June 14, 2022, as the company
moves toward action on a Chapter 11 stalking horse sale in Delaware
that attracted only a single, $210 million credit bid.

The Debtors filed with the Court for an order approving (a) the
settlement agreement by and among the Debtor, the Relators, and the
United States (the "DOJ Settlement Agreement"); (b) the settlement
agreement by and among MDHI, the Relators, Lynn Tilton ("Tilton"),
and the Insurers (the "Insurer Settlement Agreement," and together
with the DOJ Settlement Agreement, the "Qui Tam Settlement"); and
(c) the sale of certain insurance policies free and clear of liens,
claims, encumbrances, and other interests.

"Insurers" means, collectively, National Union Fire Insurance
Company of Pittsburgh, Pa. and AIG Specialty Insurance Company.

The Debtors are seeking approval of the Qui Tam Settlement to
resolve material litigation commenced nearly a decade ago stemming
from the alleged conduct of individuals who are no longer with the
Debtors.  Notwithstanding the belief that the Debtors had defenses
to the allegations, the Debtors deemed it prudent to avoid entry of
a judgment that would necessitate an appeal shortly thereafter.
The Qui Tam Settlement avoids that undesirable outcome and is the
result of a multi-month, consensus-building process (including
multiple mediation sessions) that the Debtors undertook with the
Relators, the Insurers, certain of the Debtors' key stakeholders,
the United States, and Tilton.

Approval of the Qui Tam Settlement is in the best interest of the
Debtors, their creditors, and all parties in interest, because it
(a) enables the Debtors to resolve their most significant
litigation liability with a substantial contribution from the
Insurers for an amount that is a fraction of the total potential
statutory liability that could be imposed upon the Debtors in the
absence of the Qui Tam Settlement, (b) removes the looming threat
of additional litigation with the Relators and the Insurers, and
(c) eliminates certain consequences (and mitigates others) related
to the important contractual relationship that the Debtors have
with the United States, thus preserving the Debtors' enterprise
value and enabling the Debtors to proceed with their sale process
without the need for costly and expensive litigation with the
United States and the Relators.

By using the Qui Tam Settlement to put these issues behind them,
the Debtors can focus on their efforts to preserve and maximize
value through the efficient prosecution of these Chapter 11 Cases,
which efforts include the proposed sale of substantially all of the
Debtors' assets (consideration of which is scheduled to occur at an
upcoming hearing) and the future proposal of a plan of
liquidation.

                       The Qui Tam Action

On May 3, 2013, Philip Marsteller and Robert Swisher, each in their
capacity as a relator, brought an action under the qui tam
provisions of the False Claims Act ("FCA") in the United States
District Court for the Northern District of Alabama (Northeastern
Division) (the "Alabama District Court") captioned United States ex
rel. Philip Marsteller, et al. v. Lynn Tilton, MD Helicopters,
Inc., et al., Case No. 5:13-cv-00830-AKK (the "Qui Tam Action").
The Relators alleged a course of fraudulent conduct involving
misrepresentations as to MDHI's compliance with mandatory
disclosure provisions in the Federal Acquisition Regulations
("FAR"), misrepresentation of commercial pricing information, and
inflated pricing of government contracts in connection with
contracts awarded by the United States Army in support of the
governments of Afghanistan (Counts I-II), El Salvador (Count III),
Saudi Arabia (Count IV), and Costa Rica (Count V).

After years of litigation, on Sept. 24, 2021, a jury returned a
verdict against MDHI in the Qui Tam Action (the "Qui Tam Verdict")
in the amount of approximately $36.8 million, which amount is
subject to trebling under the FCA.  Although MDHI believed that,
among other grounds, offsets should be applied to reduce the amount
of the Qui Tam Verdict, MDHI decided to engage with the Relators to
explore the possibility of resolving the matter before the entry of
a judgment.  On Oct. 18, 2021, upon the request of the Debtors and
the Relators, the Alabama District Court entered an order (as
amended) that, among other things, stayed the entry of final
judgment and instructed the parties to engage in mediation.

On Nov. 8, 10, and 29, 2021, as ordered by the Alabama District
Court, the Debtors, the Relators, and the Insurers participated
remotely in mediation before the Honorable Leo S. Papas (ret.).
Following the mediation, on Dec. 22, 2021, the Debtors and the
Relators entered into an initial memorandum of understanding.

On Jan. 31, 2022, the Debtors, their secured lenders, and the
Relators commenced a series of remote mediation sessions under the
oversight of the Honorable Christopher S. Sontchi, with the goals
of inviting the Debtors' primary constituents to the table and
resolving the Qui Tam Action to (a) prevent the entry of a judgment
by the Alabama District Court that would necessitate an expedited
Chapter 11 filing by the Debtors and (b) minimize distractions from
the Debtors' ongoing sale process, which had commenced in October
2021.  At the conclusion of the mediation, on February 14, 2022,
the Debtors and the Relators executed a first amended memorandum of
understanding (the "Qui Tam MOU").  On March 30, 2022, prior to the
commencement of the Chapter 11 Cases, the Debtors, the Relators,
the Insurers, and the Zohar Lenders entered into the Restructuring
Support Agreement.

The terms of the Qui Tam Settlement are memorialized in the DOJ
Settlement Agreement and the Insurer Settlement Agreement.  The DOJ
Settlement Agreement (by and among MDHI, the United States, and the
Relators) embodies the economic and FCA-focused terms of the Qui
Tam Settlement, whereas the Insurer Settlement Agreement, to which
Tilton is a party, includes the insurance-focused provisions.

Pursuant to the Qui Tam Settlement and in order to resolve all
claims against MDHI on account of the Covered Conduct, the United
States and the Relators, respectively, will share in an aggregate
payment of $31,500,000, a portion of which ($21,500,000) will be
remitted by the Insurers and the balance of which ($10,000,000) has
been accounted for in the debtor-in-possession financing budget as
an authorized disbursement and will be remitted by MDHI. The United
States will receive payments totaling $27,900,000 (the "Settlement
Amount"), consisting of $19,040,000 remitted by the Insurers (the
"Insurer Settlement Payment") and $8,860,000 remitted by MDHI (the
"MDHI Settlement Payment").  The Relators shall receive payments
totaling $3,600,000 (the "Statutory Fee Amount"), consisting of
$2,460,000 remitted by the Insurers (the "Insurer Statutory Fee
Payment") and $1,140,000 remitted by MDHI (the "MDHI Statutory Fee
Payment").

No later than 21 calendar days after the Effective Date, the
Insurers shall make (a) the Insurer Settlement Payment in the
amount $19,040,000 by electronic funds transfer(s) to the United
States and (b) the Insurer Statutory Fee Payment in the amount of
$2,460,000 by electronic funds transfer(s) to counsel to the
Relators in partial satisfaction of the Statutory Fee Amount
pursuant to 15 U.S.C. Sec. 3730(d)(2).

On the Effective Date, MDHI shall grant the Relators an
administrative expense claim in the Chapter 11 Cases pursuant to
Section 503 of the Bankruptcy Code in the amount of $1,140,000 on
account of the MDHI Statutory Fee Payment.

On the MDHI Payment Date, MDHI shall make (a) the MDHI Settlement
Payment in the amount of $8,860,000 by electronic funds transfer to
the United States and (b) the MDHI Statutory Fee Payment in the
amount of $1,140,000 by electronic funds transfer to counsel to the
Relators in partial satisfaction of the Statutory Fee Amount
pursuant to 15 U.S.C. Sec. 3730(d)(2).

                     About MD Helicopters

MD Helicopters Inc. is a global manufacturer and supplier of
commercial and military helicopters, spare parts, and related
services. The Company's sole manufacturing facility is located in
Mesa, Arizona.

MD Helicopters sought Chapter 11 bankruptcy protection (Bankr. D.
Del. Case No. 22-10263) on March 30, 2022.

MD Helicopters estimated assets between $100 million to $500
million and liabilities between $100 million to $500 million.

Suzzanne Uhland, Esq., Adam S. Ravin, Esq., Brett M. Neve, Esq.,
Tianjiao (TJ) Li, Esq., Alexandra M. Zablocki, Esq., at Latham &
Watkins LLP are the Debtors' counsel. Moelis & Company LLC are the
Debtors' investment bankers. AlixPartners, LLP is the restructuring
advisor.  Prime Clerk LLC is the notice, claims and balloting
agent.


MERITOR INC: Egan-Jones Keeps BB+ Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company on May 20, 2022, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Meritor, Inc.

Headquartered in Troy, Michigan, Meritor, Inc. manufactures
automobile components for military suppliers, trucks, trailers, and
specialty vehicles.



METHANEX CORP: Egan-Jones Hikes Senior Unsecured Ratings to BB
--------------------------------------------------------------
Egan-Jones Ratings Company on May 16, 2022, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Methanex Corporation to BB from BB-.

Headquartered in Vancouver, Canada, Methanex Corporation produces
and markets methanol.



MIDCONTINENT COMMUNICATION: Moody's Rates Amended Revolver Debt Ba3
-------------------------------------------------------------------
Moody's Investors Service assigned a Ba3 to Midcontinent
Communication's amended senior secured revolving credit facility
which was upsized by $100 million (to $400 million) and modified to
extend the maturity to June 3, 2027 (from December 31, 2024). The
transaction is credit positive as the upsize provides significantly
more available capacity and the extension pushes the maturity out
by more than 2 years. The company's existing credit ratings,
including the B1 Corporate Family Rating, are unaffected by the
transaction. The outlook is stable.

Assignments:

Issuer: Midcontinent Communications

Senior Secured Revolving Credit Facility, Assigned Ba3 (LGD3)

RATINGS RATIONALE

The credit profile reflects Midcontinent Communication's (Midco or
the Company) constrained free cash flow from significant and rising
annual shareholder tax distributions and capital expenditures.
Financial policy has  tolerated periodic increases in leverage to
finance debt-financed shareholder distributions to extend the
mutual buy/sell option with its 50% owner, Comcast Corporation
(Comcast - A3, stable), which is exercisable again in 2026. If the
agreement is not extended and Midco elected to buy out Comcast
without objection, Midco's leverage would rise assuming a material
portion of the buyout consideration was financed with debt. The
rating also reflects the small scale and limited geographic
diversity of the Company with a regional footprint in just a couple
of states in the mid-West, as well as the exposure to unfavorable
secular trends in pay-TV. Supporting the credit profile is a very
stable and predictable business model with steady demand drivers in
residential and commercial broadband. With high margins and steady
broadband subscriber growth, Moody's expect annual organic revenue
growth to be in the low to mid-single-digit percent range and
EBITDA margins to be in the mid 40% range.

Midcontinent is a private company with ownership concentrated by
Comcast (50%) and management. This concentrated control is a
governance risk given the lack of a large board with a majority of
independent directors and the potential for a levering event to
extend the option or buy out Comcast's ownership interest. However,
management has a long history of disciplined growth, limited M&A
activity, and transparent communications.

Moody's expects Midcontinent to maintain good liquidity over the
next 12 months. The Company has positive internal sources of cash,
a large and mostly undrawn revolving credit facility, significant
covenant headroom, and some alternate liquidity with an only
partially secured capital structure.

Moody's rates the senior secured credit facility Ba3 (LGD3), one
notch above the B1 CFR with the benefit of loss absorption
attributable to the unsecured notes which are rated B3 (LGD5), two
notches below the CFR, given its subordination to the senior
secured capital. The instrument ratings reflect the probability of
default of the Company, as reflected in the B1-PD Probability of
Default Rating, an average expected family recovery rate of 50% at
default given the mix of secured and unsecured debt in the capital
structure, and the particular instruments' ranking in the capital
structure.

The stable rating outlook reflects Moody's expectation for revenue
and EBITDA growth in the low to mid-single digit percent range over
the next 12-18 months. Moody's expect EBITDA margins to be
sustained in the mid 40% range. Moody's projects leverage will fall
to near 3.5x over the next 12-18 months, with free cash flow to
debt no better than mid-single-digit percent range. Key assumptions
include organic broadband subscriber growth in the mid-single-digit
percent range, and video subscriber losses of at least high
single-digit percent. Moody's expects Midco to maintain good
liquidity, with financial policies to remain favorable to
shareholders.

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

Constrained free cash flow limits upward ratings momentum. However,
Moody's could consider positive ratings pressure if Debt/EBITDA
(Moody's adjusted leverage ratio) is sustained below 3.5x
(considering the potential for a leveraging event related to the
mutual buy/sell option with Comcast), and free cash flow to debt
(Moody's adjusted) is sustained above high single-digit percent
along with the expectation for steady revenue and earnings growth
and improving liquidity.

Moody's could consider a downgrade if Debt/EBITDA (Moody's adjusted
leverage ratio) is sustained above 5x, or free cash flow to debt
(Moody's adjusted) is sustained below 4%. A negative rating action
could also be considered if liquidity or performance worsened,
financial policy turned more aggressive, or there was a material
decline in market scale or position.

Headquartered in Sioux Falls, South Dakota, Midcontinent
Communications provides video, high speed data, and voice services
to residential and commercial customers in the states of Kansas,
Minnesota, North Dakota, South Dakota, and Wisconsin. Through a
partnership arrangement, Comcast Corporation owns a 50% common
equity interest in Midcontinent. Revenue for the twelve months
ended December 31, 2021 was approximately $678 million.

The principal methodology used in this rating was Pay TV published
in October 2021.


MORGUARD CORPORATION: DBRS Hikes Issuer Rating to BB(high)
----------------------------------------------------------
DBRS Limited downgraded the Issuer Rating and Senior Unsecured
Debentures rating of Morguard Corporation to BB (high) and changed
the trends to Stable. The recovery rating of the Senior Unsecured
Debentures is RR4.

The downgrades are largely the result of sustained deterioration in
the Company's financial risk metrics, most notably leverage as
measured by total debt-to-EBITDA of 11.9 times (x) for the last 12
months ended December 31, 2021, and DBRS Morningstar's expectation
that such deterioration will persist for the foreseeable future. No
doubt contributing to higher leverage is the difficult operating
environment resulting from the Coronavirus Disease (COVID-19)
pandemic, most acutely in Morguard's hotel portfolio, which was
expanded pursuant to its privatization of Temple Hotels Inc. on
February 18, 2020. DBRS Morningstar anticipates Morguard's
operating environment will remain challenging, notwithstanding
anticipated capital recycling initiatives as Morguard seeks to
dispose of non-core assets, particularly in its hotel segment.

The ratings continue to be supported by (1) Morguard's average
quality real estate portfolio with strong tenant quality, (2) solid
asset type diversification with a broadly diversified portfolio
across real estate subsectors, and (3) Morguard benefitting from
the strong market position of the Morguard group of companies. The
ratings continue to be constrained by (1) the Company's elevated
leverage, (2) the portfolio's relatively short lease maturity
profile, and (3) Morguard's elevated hotel exposure.

DBRS Morningstar continues to attribute rating benefit to
Morguard's holdings in Morguard Real Estate Investment Trust (MRT)
and Morguard North American Residential REIT (together with MRT,
the REITs), notwithstanding reduced distributions received from
MRT. DBRS Morningstar continues to believe that ownership in the
REITs, forming core long-term investment holdings of Morguard,
provides the Company with reliable quarterly cash distributions
that it can use for debt service. This enhances diversification and
stability of Morguard's cash flows and is a positive consideration
in Morguard's credit risk profile, thus warranting modest rating
uplift.

DBRS Morningstar would consider taking further negative rating
action if Morguard's operating environment continues to deteriorate
more than expected by DBRS Morningstar such that Morguard's total
debt-to-EBITDA deteriorates above 13.0x on a sustained basis, all
else equal, or if DBRS Morningstar were to reassess the rating
uplift provided by distributions received from the REITs. DBRS
Morningstar would consider a positive rating action if Morguard's
operating environment were to improve relative to expectations such
that total debt-to-EBITDA is below 10.0x on a sustained basis, all
else equal.

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



MULLEN AUTOMOTIVE: Investors Agree to Buy $275M Preferred Shares
----------------------------------------------------------------
Mullen Automotive Inc. entered into a securities purchase with
certain investors, subject to stockholder approval, pursuant to
which upon the terms and subject to certain conditions and solely
upon the request of the Company, the investors will be required to
purchase an aggregate of $275 million of the Company's Series D
Preferred Stock, par value $0.001 per share, and five-year warrants
exercisable for shares of Common Stock.  The number of Warrants
that may be issued will equal 110% of the shares of Series D
Preferred Stock purchased by the investors.  The purchase price per
share of Series D Preferred Stock will be the lower of (i) $1.27,
the closing price of the Company's stock on the date the Securities
Purchase Agreement was executed, or (ii) the closing price of the
Common Stock on the trading day immediately preceding the Purchase
Date, subject to a floor price of $0.10 per share.

The date on which the Company may require the investors to purchase
the Series D Preferred Stock and Warrants is the 90th day following
the date on which a registration statement covering the
registration for resale of securities issued during May 2022
pursuant to additional investment rights provided in the Exchange
Agreement dated May 7, 2021 and a $20 million securities purchase
agreement. If the Company elects to issue the securities pursuant
to the Securities Purchase Agreement, the Company plans to use the
proceeds to support the development of The Mullen class one, class
two, class three, and Mullen five and Mullen five RS vehicle
lineups.

The Company agreed that as long as any of the Series D Preferred
Stock and Warrants remain outstanding, it will have authorized and
reserved for the purpose of issuance, no less than 250% of the
shares of Common Stock issuable upon conversion or exercise of the
Series D Preferred Stock and Warrants.  The Company also agreed
that, without the prior written consent of the investors, it will
not, for a period of 90 days after the purchase of the Series D
Preferred Stock and Warrants offer, pledge, sell, contract to sell,
sell any option or contract to purchase, purchase any option or
contract to sell, grant any option, right or warrant to purchase,
lend, or otherwise transfer or dispose of, directly or indirectly,
any shares of capital stock of the Company or any securities
convertible into or exercisable or exchangeable for shares of
capital stock of the Company, excluding shares issued upon
conversion and exercise of the Series D Preferred Stock and
Warrants and the issuance by the Company of Common Stock upon the
exercise of an outstanding options or warrants or the conversion of
a security outstanding.

Prior to any sale and purchase may occur pursuant to the Securities
Purchase Agreement, the Company is required to satisfy certain
conditions including, obtaining stockholder approval and that a
registration statement for the issuance of such securities has been
declared effective; provided, that for the 10 trading days prior to
effectiveness of the registration statement, the average daily
trading volume of the Common Stock is greater than $27.5 million.

If the Company does not deliver a notice of purchase on the
Purchase Date for the entire Commitment Amount then the Company is
required to pay to the investors $27.5 million in cash or the
investors may choose to receive 28.5 million shares of Common Stock
that will be registered on a registration statement; provided that,
if the failure is due solely to the Company's inability to have the
registration statement declared effective by the Purchase Date, the
Company may extend the Purchase Date to no later than 180 days.
The Company agreed that if it is unable to have a registration
statement declared effective, that it will not file any
registration statement (excluding any registration statement on
Form S-8) for another investor for a period of 90 days from the
extended deadline date. Furthermore, if the Company fails to
deliver a notice of purchase on the Purchase Date, then during the
period ending 180 days after the termination date, the investors
will have the right of first refusal to participate in any offering
of debt or equity securities of the Company (other than bank debt
or similar financing).

                           About Mullen

Mullen Automotive Inc. (fka Net Element Inc.) operates a Southern
California-based electric vehicle company that operates in various
verticals of businesses focused within the automotive industry.
The Company has two electric vehicles under development, one of
which the Company expects to begin delivery of in the second
quarter of 2024.  Mullen has several divisions that operate
synergistic businesses, being: CarHub, a digital platform that
leverages artificial intelligence to offer an interactive solution
for buying, selling and owning a car, and Mullen Energy, a division
focused on advancing battery technology and emergency point-of-care
solutions.

Mullen Automotive reported a net loss of $44.24 million for the
year ended Sept. 30, 2021, compared to a net loss of $30.18 million
for the year ended Sept. 30, 2020.  As of March 31, 2022, the
Company had $105.21 million in total assets, $55.65 million in
total liabilities, and $49.56 million in total stockholders'
equity.

Fort Lauderdale, Florida-based Daszk al Bolton LLP, the Company's
auditor since 2020, issued a "going concern" qualification in its
report dated Dec. 29, 2021, citing that the Company has sustained
net losses, has indebtedness in default, and has liabilities in
excess of assets, which raise substantial doubt about its ability
to continue as a going concern.


MURPHY OIL: Egan-Jones Keeps BB Senior Unsecured Ratings
--------------------------------------------------------
Egan-Jones Ratings Company on May 18, 2022, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Murphy Oil Corporation.

Headquartered in El Dorado, Arkansas, Murphy Oil Corporation is an
independent exploration and production company that conducts its
business through various operating subsidiaries.



MUSCLEPHARM CORP: Grosses $2.5 Million From Senior Notes Offering
-----------------------------------------------------------------
Effective as of June 10, 2022, MusclePharm Corporation consummated
the transactions contemplated by the Amended and Restated
Securities Purchase Agreement and sold an aggregate of $3,081,875
in principal amount 20% Original Issue Discount Senior Secured
Notes, resulting in gross proceeds to the Company of $2,465,500,
exclusive of placement agent commission and fees and other offering
expenses, and warrants to purchase up to 22,013,393 shares of the
Company's common stock.

The Company entered into the Amended and Restated Securities
Purchase Agreement on June 3, 2022, with certain accredited and
institutional investors, including certain investors from the
Company's October 2021 private offering of securities, which amends
and restates the October 2021 Securities Purchase Agreement to,
among other things, allow for the issuance of additional senior
secured notes and warrants.

Subject to certain exceptions, the June Notes accrue no interest,
mature six months after issuance, or Dec. 10, 2022, and are secured
by the same collateral that secured the notes issued in the October
Offering.  The June Warrants are exercisable for five years from
the date of issuance at an exercise price of $0.231 per share,
subject to adjustment.  If at any time following the six-month
anniversary of the date of issuance of the June Warrants, a
registration statement covering the resale of the Warrant Shares is
not effective, the holders may exercise the June Warrants by means
of a cashless exercise.  The Company is prohibited from effecting
an exercise of the June Warrants to the extent that, as a result of
such exercise, the holder together with the holder's affiliates,
would beneficially own more than 4.99% of the number of shares of
the Company's common stock outstanding immediately after giving
effect to the issuance of the Warrant Shares upon exercise of the
June Warrants.

As a result of the issuance of the June Warrants, the exercise
price of the warrants issued as part of the October Offering was
adjusted from $0.7794 to $0.231 per share.

As previously disclosed in the June 8-K, in connection with the
closing of the June Offering, the Company:

   * amended (i) the convertible secured promissory note issued to
Ryan Drexler, the Company's chief executive officer and Chair of
the Board of Directors, on Nov. 29, 2020 (as amended on Aug. 13,
2021) in the principal amount of $2,871,967 and (ii) the
convertible secured promissory note issued to Ryan Drexler on Aug.
13, 2021 in the principal amount of $2,457,549 to extend the
maturity date of the Drexler Notes to June 10, 2025;

   * entered into an amendment to Ryan Drexler's Amended and
Restated Employment Agreement dated Feb. 1, 2018 pursuant to which
Mr. Drexler's cash compensation, including base salary and bonus,
was decreased to $250,000 annually while any Notes remain
outstanding; and

   * appointed Sabina Rizvi, the Company's president and chief
financial officer, as a member of the board of directors of the
Company.

Director Appoinment

In connection with the closing of the June Offering, effective June
10, 2022, the Company appointed Sabina Rizvi, the Company's
president and chief financial officer, as a member of the board of
directors of the Company.

Sabina Rizvi has served as the Company's president and chief
financial officer since April 2021.  Previously, Ms. Rizvi held
multiple C-suite roles at Yum! Brands, with increasing
responsibility including CFO of the Canadian and Thailand business
units and president and general manager of Pizza Hut Thailand,
where she oversaw significant growth of the brand.  Most recently,
she was chief operating officer, Yum! Digital and Technology,
playing an instrumental role in leveraging technology to transform
the customer experience.  Ms. Rizvi graduated from University of
Windsor, Canada with a Master of Business Administration and
completed her Honors Bachelor of Mathematics from University of
Waterloo, Canada. The Company believes Ms. Rizvi is qualified to
serve as a member of the Company's board of directors because of
the aforementioned experience and the breadth of her management
responsibilities with the Company.

                        About MusclePharm

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

MusclePharm reported a net loss of $12.87 million for the year
ended Dec. 31, 2021.  As of March 31, 2022, the Company had $11.98
million in total assets, $50.03 million in total liabilities, and a
total stockholders' deficit of $38.06 million.

Orange County, California-based Moss Adams LLP, the Company's
auditor since 2021, issued a "going concern" qualification in its
report dated April 15, 2022, citing that the Company has suffered
recurring losses from operations and has a net capital deficiency
that raise substantial doubt about its ability to continue as a
going concern.


NABORS INDUSTRIES: Stockholders Elect Seven Directors
-----------------------------------------------------
Nabors Industries Ltd. held its annual general meeting of
shareholders at which the shareholders:

   (1) elected Tanya S. Beder, Anthony R. Chase, James R. Crane,
John P. Kotts, Michael C. Linn, Anthony G. Petrello, and John
Yearwood as directors;

   (2) ratified the appointment of PricewaterhouseCoopers LLP as
the Company's Independent Auditor and authorized the Audit
Committee to set the Independent Auditor's remuneration;

   (3) did not approve, on an advisory basis, the compensation of
the Company's named executive officers; and

   (4) approved an Amendment No. 2 to the Amended and Restated
Nabors Industries Ltd. 2016 Stock Plan.

                           About Nabors

Nabors (NYSE: NBR) owns and operates land-based drilling rig fleets
and provides offshore platform rigs in the United States and
several international markets.  Nabors also provides directional
drilling services, tubular services, performance software, and
innovative technologies for its own rig fleet and those of third
parties.

Nabors reported a net loss of $543.69 million for the year ended
Dec. 31, 2021, a net loss of $762.85 million for the year ended
Dec. 31, 2020, a net loss of $680.51 million for the year ended
Dec. 31, 2019, a net loss of $612.73 million for the year ended
Dec. 31, 2018, and a net loss of $540.63 million for the year ended
Dec. 31, 2017.  As of March 31, 2022, the Company had $4.86 billion
in total assets, $3.50 billion in total liabilities, $677.83
million in redeemable noncontrolling interest in subsidiary, and
$680.73 million in total equity.

                             *   *   *

Also in November 2021, Fitch Ratings affirmed Nabors Industries,
Ltd.'s and Nabors Industries, Inc.'s (collectively, Nabors) Issuer
Default Ratings (IDRs) at 'CCC+'.


NAIL CARE SPA: Seeks Approval to Hire Falcone Law as Legal Counsel
------------------------------------------------------------------
Nail Care Spa Salon seeks approval from the U.S. Bankruptcy Court
for the Northern District of Georgia to hire Falcone Law Firm, P.C.
to serve as legal counsel in its Chapter 11 case.

The firm's services include:

     a. advising the Debtor regarding its rights, powers and duties
in the administration of its Chapter 11 case and assets of the
bankruptcy estate;

     b. assisting the Debtor in connection with the analysis of its
assets, liabilities, financial condition and other matters related
to its business;

     c. assisting in the preparation, negotiation and
implementation of a plan of reorganization;

     d. advising the Debtor with regards to objections to or
subordination of claims and other litigation matters;
     
     e. representing the Debtor with regard to the investigation of
the desirability and feasibility of the rejection and potential
assignment of any executory contracts or unexpired leases;

     f. advising the Debtor with regard to all applications,
motions or complaints concerning reclamation, adequate protection,
sequestration, relief from stays, use of cash collateral,
disposition or other use of assets of the estate and other similar
matters;

     g. assisting the Debtor in the sale or disposition of assets
of its bankruptcy estate;

     h. preparing pleadings, applications, motions, reports and
other papers incidental to administration, and conduct
examinations.

     i. providing assistance to the Debtor with regard to the
proper receipt, disbursement and accounting of funds and property
of the estate; and

     j. providing other legal services related to the case.

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

     Attorneys    $400 per hour
     Associates   $250 per hour
     Paralegals   $175 per hour
     Staffs       $75 per hour

Falcone Law Firm will also seek reimbursement for out-of-pocket
expenses.

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

The firm can be reached at:

     Ian M. Falcone, Esq.
     Falcone Law Firm, P.C.
     363 Lawrence Street
     Marietta, GA 30060
     Tel: (770) 426-9359
     Email: Imffalconefirm.com

                     About Nail Care Spa Salon

Nail Care Spa Salon, LLC is a top-notch nail salon.

Nail Care Spa Salon sought protection under Subchapter V of Chapter
11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-54228)
on June 3, 2022.  In the petition filed by Richard A. Ramsey, the
Debtor estimated assets between $500,000 and $1 million and
estimated liabilities between $100,000 and $500,000.

Ian M. Falcone, of The Falcone Law Firm, P.C., is the Debtor's
counsel.

Tamara Ogier has been appointed as Subchapter V trustee.



NFP HOLDINGS: S&P Alters Outlook to Stable, Affirms 'B' ICR
-----------------------------------------------------------
S&P Global Ratings revised its outlook on NFP Holdings LLC and
subsidiary NFP Corp. to stable from negative. At the same time, S&P
affirmed its 'B' issuer credit ratings on the companies.

S&P said, "We also affirmed our 'B' senior secured and 'CCC+'
senior unsecured debt ratings. Our recovery rating on the senior
secured debt remains '3', reflecting our expectation for meaningful
recovery (50%-70%; rounded estimate: 65%) of principal in a
hypothetical payment default, and our recovery rating on the senior
unsecured debt remains '6', indicating our expectation that lenders
would receive negligible recovery (0%-10%; rounded estimate: 0%) in
the event of a payment default."

NFP Holdings (NFP) is benefiting from sustained growth and moderate
margin expansion. This is strengthening NFP's operating
performance, which is driving improving cash flow generation and
the expectation for incremental deleveraging through 2023.

S&P said, "We also believe that NFP is continuing to expand and
diversify its market profile with sustained growth of its
property/casualty, and wealth and retirement segments.

"Our outlook revision and ratings affirmation reflect NFP's
sustained pace of growth and expansion. We expect improved
financial condition via deleveraging through 2023 in connection
with relatively favorable business conditions, incremental margin
expansion, and strengthening internal cash flow generation. We
believe NFP performed favorably in the 12 months ended March 31,
2022, achieving a revenue growth modestly above 20%, totaling
$1.989 billion, with modestly expanding adjusted EBITDA margin to
near 26%, according to our calculations. Organic growth was 9.2% as
of the same date, reflecting development across all three
segments.

"NFP's pro forma adjusted financial leverage remains somewhat
elevated for the trailing 12-month period ended March 31, 2022
(relative to our run-rate expectation). However, we expect
sustained moderate deleveraging through 2023 to below 8.0x
(excluding PIK preferred equity treated as debt) and for pro forma
cash interest coverage to sustain above 2.0x.

"Our forecast incorporates sustained top-line growth supported by
organic growth of 5%-7% per year through 2023, with mergers and
acquisitions in line with the historical trend ($175 million to
$200 million of acquired revenue per year). We expect continued
focus to be placed on building the scale and diversity of its
property/casualty operations and overall expense management. This,
combined with the diminished impact of EBITDA add-back exclusions,
is likely to foster incremental EBITDA margin expansion and a more
diversified market profile.

"The stable outlook is based on our expectation for sustained
annualized revenue growth at 13%-15% with incremental EBITDA margin
improvement to 26%-27% (per our calculations). If NFP were to
achieve our forecast, we'd expect reported revenue to grow to about
$2.5 billion by year-end 2023 and for its pro forma adjusted
financial leverage to be 9.0x–9.5x (7.5x - 8.0x excluding payment
in kind (PIK) preferred shares treated as debt) and for adjusted
EBITDA cash interest coverage to be 2.0x - 2.5x.

"We could lower our ratings within 12 months if NFP's pro forma
adjusted financial leverage were to elevate and remain above 10x
(above 8.0x excluding payment-in-kind (PIK) preferred shares
treated as debt) or if adjusted EBITDA cash interest coverage
weakens and is likely to remain below 2x. This could result from a
combination of more-aggressive financial policy, meaningfully
slower growth, and EBITDA margin compression (perhaps partly
attributed to high EBITDA add-back exclusions).

"Although it is unlikely in the next 12 months, we could raise our
ratings if NFP's financial policies become less aggressive,
resulting in pro forma adjusted financial leverage falling to below
7x (below 5x excluding PIK preferred shares treated as debt) as the
company continues to expand and diversify its business profile."

NFP is a leading property and casualty broker, benefits consultant,
wealth manager, and retirement plan adviser. The company provides a
full range of brokerage, consulting and advisory services,
including benefits and life solutions, property and casualty,
wealth management, and retirement. NFP serves domestic and
international clients, with a focus on corporate entities and high
net worth individuals.

S&P said, "We assess NFP's liquidity as adequate based on our
expectations that sources will meaningfully exceed uses (by at
least 1.2x) even if forecast EBITDA declines by 15% during the next
12 months. We believe NFP's sound relationships, good standing in
the credit markets, and lack of near-term debt maturities also
support its generally sound liquidity profile."

Principal liquidity sources

-- $440 million of revolver availability as of March 31, 2022

-- About $435 million in unrestricted cash as of March 31, 2022

-- Cash funds from operations (after debt servicing) of $290
million to $300 million (2022) and $320 million to $330 million
(2023), per S&P's calculations

-- Incremental debt issuances through 2023

-- Principal liquidity uses

-- Required cash funding for completed and contracted
acquisitions

-- Cash earn-out payments of $50 million to $70 million

-- Capital expenditure of 1%-2% of revenue

-- Principle paydown at near $20 million per year on amortizing
loans

Environmental, Social, And Governance

ESG credit factors: E-2: S-2; G-3

S&P said, "Governance is a moderately negative consideration in our
rating of NFP, as it is for most rated entities owned by
private-equity sponsors. We believe the company's highly leveraged
financial risk points to corporate decision-making that prioritizes
the interests of the controlling owners. This also reflects
private-equity sponsors' generally finite holding periods and focus
on maximizing shareholder returns.

"For the insurance services companies we rate, we generally have
assessed environmental and social indicators as neutral (E-2 and
S-2, respectively) while governance indicators reflect a negative
bias, with many moderately negative assessments (G-3) in connection
with private-equity ownership."

-- S&P has valued NFP on a going-concern basis using a 6x multiple
of our projected emergence EBITDA.

-- S&P's simulated default scenario contemplates a default in 2025
stemming from intense competition in the brokerage market, leading
to significantly lower commissions and margins.

-- S&P thinks lenders would achieve the greatest recovery value
through reorganization rather than liquidation of the business.

-- Emergence EBITDA: $339.8 million

-- Multiple: 6x

-- Gross recovery value: $2.038 billion

-- Net recovery value for waterfall after 5% administrative
expenses: $1.937 billion

-- Obligor/non-obligor valuation split: 92%/8%

-- Estimated first-lien claims: $2.804 billion

-- Value available for first-lien claims: $1.883 billion

    --Recovery range: 50%-70% (rounded estimate: 65%)

-- Estimated senior unsecured notes claims: $2.146 billion

-- Estimated senior secured deficiency claims: $921.1 million

-- Value available for unsecured claims: $54.2 million

    --Recovery range: 0%-10% (rounded estimate: 0%)

All debt amounts include six months of prepetition interest.



NORDSTROM INC: DBRS Confirms BB Issuer Rating, Trend Positive
-------------------------------------------------------------
DBRS Limited changed the trend on Nordstrom, Inc.s' Issuer Rating
to Positive from Stable and confirmed the Issuer Rating at BB. The
trend change reflects the ongoing recovery in Nordstrom's earnings
as a result of the uptrend in consumer demand amid economic
re-openings. It is further supported by DBRS Morningstar's
expectation that Nordstrom's EBITDA levels will be sustained above
$1 billion annually and that the leverage ratio will remain within
the range of 3.0 to 3.5 times (x) on a normalized and sustained
basis. Nordstrom's ratings continue to be supported by its
well-established reputation for customer service, size, market
position, and leading digital capabilities as well as its
increasingly diverse customer base and retail channels. The ratings
also consider Nordstrom's exposure to intensifying competition,
economic cycles, and structural changes to consumer trends that
accelerated through 2020 and 2021.

On April 21, 2021, DBRS Morningstar confirmed the Company's rating
at BB and changed the trend to Stable from Negative. The
confirmation and trend change reflected DBRS Morningstar's
expectation that Nordstrom's earnings would benefit from the
gradual reopening of the economy through 2021 and, while there was
still considerable uncertainty about the pace and magnitude of
recovery, Nordstrom's credit metrics were expected to remain in a
range acceptable for that rating over the near to medium term. DBRS
Morningstar expected operating cash flows to be sufficient to
support historic capital intensity of 3% to 4% and modest debt
reduction. DBRS Morningstar also noted that further positive rating
action was possible if operating results recovery was stronger than
expected and was combined with strong operational execution and
prudent financial management.

For the fiscal year ended January 29, 2022 (F2021), Nordstrom
reported strong topline recovery as net sales increased 38% year
over year (YOY) to $14.8 billion but still trailed 4.8% below the
pre-pandemic F2019 sales. Digital sales increased 7% YOY and by 24%
when compared with F2019, while sales from the full-price stores
and off-price stores (Nordstrom Rack) decreased 3% and 8.2%,
respectively, compared with F2019, as e-commerce channels were
preferred over in-store purchases, especially during H1 2021.
Additionally, sales were negatively affected during Q2 2021 and Q3
2021 because of supply chain disruptions, particularly for the
off-price stores, and recovery at Nordstrom Rack lagged that of its
peers. However, Nordstrom Rack reported strong recovery in the
holiday season (Q4 2021) as the Company was able to refresh the
inventory with more sought-after brands. EBITDA margins also
improved materially to 9.3% in Q4 2021 because of operating
leverage and lower markdowns, partially offset by rising labor
costs and fulfilment cost pressures. On a full-year basis, EBITDA
margins at 7.0% in F2021 were still considerably below the 9.4%
margins in F2019, taking into account lower profitability during H1
2021. As such, EBITDA at approximately $1.03 billion in F2021 was
approximately 29% lower than EBITDA at $1.45 billion in F2019.
Through curtailed capital expenditures (capex) and suspension of
dividends, Nordstrom managed to generate a meaningful level of free
cash flow (before working capital changes) of $0.33 billion, which
the Company used, in combination with cash on hand, to repay
approximately $0.46 billion in gross debt. As such, debt-to-EBITDA
ratio stood at 3.47x in F2021 compared with 2.77x in F2019.

Looking ahead, DBRS Morningstar believes that Nordstrom's earnings
will continue to benefit from steady consumer demand because of the
positive trends in travel and the return to office, notwithstanding
ongoing near-term headwinds related to inflationary pressures and
supply chain disruptions. DBRS Morningstar expects overall revenue
to increase in the mid-single digits to around $15.4 billion in
F2022 and the low- to mid-single digits in F2023, benefitting from
an increase in volumes with economic re-openings and price
increases in full-price stores, which are partially offset by
higher markdowns in the off-price stores, relative to 2021. While
demand tailwinds support growth in revenue, margin recovery is
likely to take time and margins are expected to remain considerably
below the historic levels of 9% to 10%, at least in the near term,
because of the inflationary pressures from increased labor and
freight costs as well as the higher fulfilment costs to support
omnichannel capabilities, partially offset by operating leverage
and cost structure resets. EBITDA margins are likely to improve
sequentially in F2023 and, as such, DBRS Morningstar forecasts
EBITDA to be around $1.1 billion in F2022 and to increase above
$1.2 billion in F2023.

In terms of the Company's financial profile, DBRS Morningstar
expects cash flow from operations to track improvement in operating
income and increase to a range of $0.85 to $0.90 billion in F2022
and F2023, and to be sufficient to support capex of approximately
$0.6 billion annually, primarily for technology and supply chain
investments, and reinstated annualized dividend payments of
approximately $0.15 billion in F2022 and above $0.20 billion in
F2023, resulting in limited free cash flow generation for debt
reduction. As such, with the improvement in EBITDA and relatively
stable debt levels, DBRS Morningstar forecasts debt-to-EBITDA to
continue to remain below 3.5x in F2022 and move toward 3.0x in
F2023.

Should Nordstrom continue to deliver an operating performance in
line with DBRS Morningstar's expectations such that the Company's
financial leverage is sustained between 3.0x and 3.5x, the Issuer
Rating is likely to be upgraded to BB (high) over the next two to
three quarters. Conversely, should credit metrics deteriorate
(i.e., debt-to-EBITDA rise meaningfully above 3.5x on a sustained
basis) as a result of either weaker-than-expected operating
performance, because of reinstated regulatory restrictions or
substantial cost inflation, and/or more aggressive financial
management, the trend could be reversed to Stable.

Notes: All figures are in U.S. dollars unless otherwise noted.



NORTHFIELD BANK: Egan-Jones Withdraws A+ Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company on May 19, 2022, withdrew its 'A+'
foreign currency and local currency senior unsecured ratings on
debt issued by Northfield Bank.

Headquartered in Avenel, Woodbridge Township, New Jersey,
Northfield Bank is a full-service bank.



NORTONLIFELOCK INC: Egan-Jones Keeps BB Senior Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company on May 19, 2022, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by NortonLifeLock Inc.

Headquartered in Tempe, Arizona, NortonLifeLock Inc. provides
consumer cyber security solutions.



NOV INC: Egan-Jones Keeps B+ Senior Unsecured Ratings
-----------------------------------------------------
Egan-Jones Ratings Company on April 25, 2022, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by NOV Inc.

Headquartered in Houston, Texas, NOV Inc offers equipment and
components used in oil and gas drilling and production operations,
oilfield services, and supply chain integration services to the
upstream oil and gas industry.



OLIN CORP: Egan-Jones Hikes Senior Unsecured Ratings to BB+
-----------------------------------------------------------
Egan-Jones Ratings Company on May 16, 2022, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Olin Corporation to BB+ from BB.

Headquartered in Clayton, Missouri, Olin Corporation manufactures
chemicals and ammunition products.



OMNIQ CORP: Awarded $29 Million Project by Fortune 100 Company
--------------------------------------------------------------
OMNIQ Corp. has received a purchase order with a total value of $29
million from a fortune 100 company with 70+ billion in annual
revenue, hundreds of locations globally with more than 10,000
employees.

The purchase order is for a vast upgrade from legacy windows
equipment to updated android based technology platform & devices
and is to be used to enhance inventory management and reorder
processes.

In supermarket functions like shipping and receiving, inventory
control, and warehouse management, OMNIQ's supply chain mobility
IoT solutions, including rugged handheld mobile computers, barcode
scanners, and wireless connections, enable quick and accurate data
collection, tracking, and processing.  These devices provide a
"contactless" approach to customer retail operations and are
designed to integrate with corporate automated services.

"We are always humbled and honored to receive large orders like
this one, although, we are not surprised as we consistently
demonstrate our solution focused approach to everyday problems that
corporations large and small experience on a daily basis.  The
reputation of trust and loyalty we have earned throughout the
industry is no doubt connected to our company's value driven
culture accompanied by our commitment to provide the latest
technologies at the best price point.  As we continue to strive for
excellence, it is reflected in our record breaking backlog.  This
is only the beginning for omniQ, we are a strong company with a
solid customer base and superior products and solutions that can
bring us to new spheres in sales and profitability.  I believe that
these days our strategy pays off and we look forward to continuing
this momentum," Shai Lustgarten, CEO.

                         About omniQ Corp.

Headquartered in Salt Lake City, Utah, omniQ Corp. (OTCQB: OMQS) --
http://www.omniq.com-- provides computerized and machine vision
image processing solutions that use patented and proprietary AI
technology to deliver data collection, real time surveillance and
monitoring for supply chain management, homeland security, public
safety, traffic and parking management and access control
applications.  The technology and services provided by the Company
help clients move people, assets and data safely and securely
through airports, warehouses, schools, national borders, and many
other applications and environments.

Omniq reported a net loss of $13.14 million for the year ended Dec.
31, 2021, a net loss of $11.50 million for the year ended Dec. 31,
2020, and a net loss attributable to the company's common
stockholders $5.31 million.  As of Dec. 31, 2021, the Company had
$75.08 million in total assets, $72.78 million in total
liabilities, and $2.30 million in total equity.


ONDAS HOLDINGS: Set to Join the Russell 3000 Index
--------------------------------------------------
Ondas Holdings Inc. is set to join the broad-market Russell 3000
Index at the conclusion of the 2022 Russell indexes annual
reconstitution, effective after the U.S. market opens on June 27,
2022, according to a preliminary list of additions posted June 10,
2022.

Annual Russell indexes reconstitution captures the 4,000 largest
U.S. stocks as of May 6, 2022, ranking them by total market
capitalization.  Membership in the US all-cap Russell 3000 Index,
which remains in place for one year, means automatic inclusion in
the large-cap Russell 1000 Index or small-cap Russell 2000 Index as
well as the appropriate growth and value style indexes.  FTSE
Russell determines membership for its Russell indexes primarily by
objective, market-capitalization rankings and style attributes.

"Joining the Russell 3000 Index marks a significant milestone in
our journey as a publicly-traded company," said Eric Brock,
Chairman and CEO of Ondas Holdings.  "Over the past 12 months, we
have made notable progress positioning Ondas Networks and American
Robotics to capitalize on the significant opportunities within our
pipeline.  We have bolstered our teams with key talent, advanced
the ecosystem around our platform technologies and have remained
opportunistic with our M&A strategy.  We look forward to leveraging
the increased awareness the Russell 3000 Index brings to build a
stronger connection with the investment community and introduce our
unique growth strategy to a broader audience."

Russell indexes are widely used by investment managers and
institutional investors for index funds and as benchmarks for
active investment strategies.  Approximately $12 trillion in assets
are benchmarked against Russell's US indexes. Russell indexes are
part of FTSE Russell, a leading global index provider.

                     About Ondas Holdings Inc.

Ondas Holdings Inc., is a provider of private wireless data and
drone solutions through its wholly owned subsidiaries Ondas
Networks Inc. and American Robotics, Inc.  Ondas Networks is a
developer of proprietary, software-based wireless broadband
technology for large established and emerging industrial markets.
Ondas Networks' standards-based (802.16s), multi-patented,
software-defined radio FullMAX platform enables Mission-Critical
IoT (MC-IoT) applications by overcoming the bandwidth limitations
of today's legacy private licensed wireless networks.  Ondas
Networks' customer end markets include railroads, utilities, oil
and gas, transportation, aviation (including drone operators) and
government entities whose demands span a wide range of mission
critical applications.  American Robotics designs, develops, and
markets industrial drone solutions for rugged, real-world
environments.  AR's Scout System is a highly automated, AI-powered
drone system capable of continuous, remote operation and is
marketed as a "drone-in-a-box" turnkey data solution service under
a Robot-as-a-Service (RAAS) business model.  The Scout System is
the first drone system approved by the FAA for automated operation
beyond-visual-line-of-sight (BVLOS) without a human operator
on-site.  Ondas Networks and American Robotics together provide
users in rail, agriculture, utilities and critical infrastructure
markets with improved connectivity and data collection
capabilities.

Ondas Holdings reported a net loss of $15.02 million for the year
ended Dec. 31, 2021, a net loss of $13.48 million for the year
ended Dec. 31, 2020, a net loss of $19.39 million for the year
ended Dec. 31, 2019, and a net loss of $12.10 million for the year
ended Dec. 31, 2018.  As of March 31, 2022, the Company had $111.97
million in total assets, $8.42 million in total liabilities, and
$103.55 million in total stockholders' equity.


ORGANICELL REGENERATIVE: Incurs $1.46M Net Loss in Second Quarter
-----------------------------------------------------------------
Organicell Regenerative Medicine, Inc. filed with the Securities
and Exchange Commission its Quarterly Report on Form 10-Q
disclosing a net loss of $1.46 million on $1.74 million of revenues
for the three months ended April 30, 2022, compared to a net loss
of $2.24 million on $1.20 million of revenues for the three months
ended April 30, 2021.

For the six months ended April 30, 2022, the Company reported a net
loss of $3.15 million on $3.33 million of revenues compared to a
net loss of $10.39 million on $2.56 million of revenues for the six
months ended April 30, 2021.

As of April 30, 2022, the Company had $2.21 million in total
assets, $6.41 million in total liabilities, and a total
stockholders' deficit of $4.19 million.

Management anticipates that the Company will remain dependent, for
the near future, on additional investment capital to fund ongoing
operating expenses and research and development costs related to
development of new products and to perform required clinical
studies in connection with the sale of its products.  The Company
does not have any assets to pledge for the purpose of borrowing
additional capital.  In addition, the Company relies on its ability
to produce and sell products it manufactures that are subject to
changing technology and regulations that it currently sells and
distributes to its customers.  The Company's current market
capitalization, common stock liquidity and available authorized
shares may hinder its ability to raise equity proceeds. The Company
anticipates that future sources of funding, if any, will therefore
be costly and dilutive, if available at all.

In view of the matters described in the preceding paragraphs,
recoverability of the recorded asset amounts shown in the
accompanying consolidated balance sheet assumes that (a) the
Company is able to continue to produce products or obtain products
under supply arrangements which are in compliance with current and
future regulatory guidelines; (b) the United States economy returns
to pre-COVID-19 market conditions; (c) the Company will be able to
establish a stabilized source of revenues, including efforts to
expand sales internationally and the development of new product
offerings and/or designations of products; (d) obligations to the
Company's creditors are not accelerated; (e) the Company's
operating expenses remain at current levels and/or the Company is
successful in restructuring and/or deferring ongoing obligations;
(f) the Company is able to continue its research and development
activities, particularly in regards to remaining compliant with the
FDA and ongoing safety and efficacy of its products; and/or (g) the
Company obtains additional working capital to meet its contractual
commitments and maintain the current level of Company operations
through debt or equity sources.

There is no assurance that the products the Company currently
produces will not be subject to the FDA's previously announced
intended enforcement policies regarding HCT/P's and/or the Company
will be able to complete its revenue growth strategy.  There is no
assurance that the Company's research and development activities
will be successful or that the Company will be able to timely fund
the required costs of those activities.  Without sufficient cash
reserves, the Company's ability to pursue growth objectives will be
adversely impacted.  Furthermore, despite significant effort since
July 2015, the Company has thus far been unsuccessful in achieving
a stabilized source of revenues.

If revenues do not increase and stabilize, if the COVID-19 crisis
is not satisfactorily managed and/or resolved, if the Company's
ability to process, sell and/or distribute the products currently
being produced or developed in the future are restricted, and/or if
additional funds cannot otherwise be raised, the Company might be
required to seek other alternatives which could include the sale of
assets, closure of operations and/or protection under the U.S.
bankruptcy laws.  As of April 30, 2022, based on the factors
described above, the Company concluded that there was substantial
doubt about its ability to continue to operate as a going concern
for the 12 months following the issuance of these financial
statements.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/0001557376/000182912622013532/organicellregen_10q.htm

                         About Organicell

Headquartered in Miami, FL, Organicell Regenerative Medicine, Inc.
-- www.organicell.com -- is a clinical-stage biopharmaceutical
company principally focusing on the development of innovative
biological therapeutics for the treatment of degenerative diseases
and to provide other related services.  Its proprietary products
are derived from perinatal sources and manufactured to retain the
naturally occurring microRNAs, without the addition or combination
of any other substance or diluent.  Its RAAM Products and related
services are principally used in the health care industry
administered through doctors and clinics.

Organicell Regenerative reported a net loss of $12.76 million for
the year ended Oct. 31, 2021, compared to a net loss of $12.58
million for the year ended Oct. 31, 2020.  As of Oct. 31, 2021, the
Company had $1.93 million in total assets, $4.60 million in total
liabilities, and a total stockholders' deficit of $2.67 million.

Fort Lauderdale, FL-based Marcum LLP, the Company's auditor since
2015, issued a "going concern" qualification in its report dated
Feb. 14, 2022, citing that the Company has a significant working
capital deficiency, has incurred significant losses and needs to
raise additional funds to meet its obligations and sustain its
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.


OWENS-ILLINOIS GROUP: Egan-Jones Keeps B Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company on May 9, 2022, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Owens-Illinois Group, Inc.

Headquartered in Perrysburg, Ohio, Owens-Illinois Group, Inc.
manufactures and sells glass containers.




PARMELEE INVESTMENTS: Proposes Full-Payment Plan
------------------------------------------------
Parmelee Investments LLC submitted a Third Amended Plan and a
corresponding Disclosure Statement.

The Debtor owns and manages an investment property located at 6504
PARMELEE AVE., LOS ANGELES, CA 90001-1244.  The Property is a
triplex and currently worth $225,000 in its current condition.

The Debtor's Plan calls for a wholescale renovation and
rehabilitation of the Subject Property so the Subject Property can
be sold for a profit, or leased to pay its obligations until it can
be sold.  Upon the Court's approval of the Disclosure Statement and
Plan, the Debtor will able to begin its reorganization with funds
from its managing member, Zabi Nowaid.  The Debtor's
rehabilitation/repair Plan costs about $399,879 for the
contemplated work and is set to commence on July 15, 2022 and set
to be finished on or about Oct. 3, 2022.

The Debtor shall payoff all property and income tax claims on the
Effective Date of the Plan.  Further, the Debtor shall pay all
property taxes and insurance when they become due with funds to be
provided by Mr. Nowaid personally until the Debtor is able to pay
for the same.  Overall, the Debtor's Plan contemplates that on the
Effective Date of the Plan, the Debtor will pay off Claim No. 2
from the Franchise Tax Board for the sum of $1,619; and will pay
off the Amended Proof of Claim No. 3 from the Los Angeles County
Tax Collector for the sum of $2,711.  The above-cited payments will
be made by Mr. Zabi Nowaid from his own personal funds on the
Effective Date.

Additionally, on the Effective Date of the Plan, the Debtor will
payoff of two scheduled creditors whom have recorded Mechanic's
Liens on the Subject Property.  Specifically, the Debtor's Plan
contemplates that on the Effective Date the Debtor will pay $8,808
to Solar Wing, LLC (Scheduled Creditor) as full and complete
payment for its Mechanic's Lien on the Subject Property; and shall
pay $10,297.50 to Moreno Services, LLC (Scheduled Creditor) as full
and complete payment for its Mechanic's Lien on the Subject
Property.  The payments fully payoff the claims by the Scheduled
Creditors but require said creditors to extinguish and/or remove
the Mechanic's Liens they have filed on the Subject Property.
Finally, no additional payments will be required to these creditors
under the Plan.

The Debtor does not have any other Creditors or Claims.

Attorney for debtor Parmelee Investments, LLC:

     Matthew Abbasi, Esq.
     ABBASI LAW CORPORATION
     6320 Canoga Ave., Suite 220
     Woodland Hills, California 91367
     Tel: (310) 358-9341
     Fax: (888) 709-5448
     E-mail: matthew@malawgroup.com

A copy of the Disclosure Statement dated June 15, 2022, is
available at https://bit.ly/3OmIxhW from PacerMonitor.com.

                   About Parmelee Investments

Parmelee Investments, LLC, sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No.
21-10002) on Jan. 3, 2021, listing under $1 million in both assets
and liabilities.  Matthew Abbasi, Esq., at Abbasi Law Corporation,
is the Debtor's legal counsel.


PEOPLE'S UNITED: Egan-Jones Withdraws A- Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company on May 13, 2022, withdrew its 'A-'
foreign currency and local currency senior unsecured ratings on
debt issued by People's United Financial, Inc. EJR also withdrew
its 'A1+' rating on commercial paper issued by the Company.

Headquartered in Bridgeport, Connecticut, People's United
Financial, Inc. is a savings and loan holding company.



PETROTEQ ENERGY: Settles SEC Investigation
------------------------------------------
Petroteq Energy Inc. and its former officer and director, Alex
Blyumkin, have reached a settlement with the U.S. Securities and
Exchange Commission to fully resolve an investigation into certain
violations by the Company and Mr. Blyumkin.  Under terms of the
settlement, the Company and Mr. Blyumkin neither admit nor deny the
SEC's findings outlined in the SEC order dated June 13, 2022
instituting cease-and-desist proceedings pursuant to Section 8A of
the U.S. Securities Act of 1933, as amended, and Section 21C of the
U.S. Securities Exchange Act of 1934, as amended.

Pursuant to the terms of the settlement, the Company has undertaken
to: (i) within 90 days, remediate and correct (A) any material
weaknesses in its disclosure controls and procedures and its
internal control over financial reporting, including those
identified in its Form 10-K filed with the SEC for Petroteq's
fiscal year 2021 and those identified in writing by its independent
auditor, and (B) any material misstatements and omissions in
Petroteq's prior Forms 10-K and 10-Q filings with the SEC,
including those outlined in the Order; and (ii) retain an
independent consultant to conduct a comprehensive review of the
items identified in (i) above.  In addition, within 120 days, the
Independent Consultant shall deliver a written report to the
Company and the SEC.  The Company has also been ordered to pay a
civil penalty of US$1,000,000 to the SEC in four equal instalments
over a 12-month period.

Pursuant to the terms of the settlement, Mr. Blyumkin has been
ordered to pay a civil penalty of US$450,000 to the SEC in four
equal instalments over a 12-month period.

"We are pleased to put this investigation behind us, and fully
intend to comply with its terms as expeditiously as possible," said
Vladimir Podlipskiy, Petroteq's interim chief executive officer.
"We are confident that we will continue to have sufficient
financial resources to pay Petroteq's civil penalty instalments on
a timely basis.  Petroteq remains committed to doing the right
thing on behalf of our employees, investors and customers and we
are pleased to have reached a resolution to this matter.  We look
forward to developing our technology and securing our energy
future."

A full copy of the Order can be viewed at
https://www.sec.gov/litigation/admin/2022/34-95089.pdf

                    About Petroteq Energy Inc.

Petroteq Energy Inc. -- www.Petroteq.energy -- is a clean
technology company focused on the development, implementation and
licensing of a patented, environmentally safe and sustainable
technology for the extraction and reclamation of heavy oil and
bitumen from oil sands and mineable oil deposits.  Petroteq is
currently focused on developing its oil sands resources at Asphalt
Ridge and upgrading production capacity at its heavy oil extraction
facility located near Vernal, Utah.

Petroteq Energy reported a net loss and comprehensive loss of $9.47
million for the year ended Aug. 31, 2021, a net loss and
comprehensive loss of $12.38 million for the year ended Aug. 31,
2020, and a net loss and comprehensive loss of $15.79 million for
the year ended Aug. 31, 2019.

Vancouver, British Columbia, Canada-based Hay & Watson, the
Company's auditor since 2012, issued a "going concern"
qualification in its report dated Dec. 14, 2021, citing that the
Company has had recurring losses from operations and has a net
capital deficiency, which raises substantial doubt about its
ability to continue as a going concern.


PETVET CARE: Moody's Rates New $275MM Incremental Term Loan 'B2'
----------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to PetVet Care
Centers, LLC's proposed $275 million incremental 1st lien term
loan. The incremental term loan will mirror the terms of the
existing 1st Lien Term Loan tranches, including the February 2025
maturity date. There is no change to the company's B3 Corporate
Family Rating, the B3-PD Probability of Default Rating, B2 rating
of the company's existing 1st Lien senior secured credit
facilities, and Caa2 rating on the existing 2nd lien term loan. The
outlook remains stable.

Proceeds from the incremental term loan will be used to fund
acquisitions under letters of intent, pay related fees, and add
cash to the balance sheet. The debt financed transaction is credit
negative, as it raises leverage and will increase the company's
annual interest burden by approximately $18 million annually.
Moody's estimates debt/EBITDA will rise to approximately 8.9x (pro
forma for the term loan add-on and acquired business under letter
of intent), as of March 31, 2022, up from approximately 8.2 times,
on Moody's adjusted basis. Further, Moody's expects PetVet will
remain acquisitive and is likely to fund future acquisitions with
at least partly incremental debt.

Moody's notes that PetVet has a track record of successfully
integrating acquisitions, which supports the credit profile despite
the aggressive acquisition pace. Moody's expects credit metrics
will improve through low-to-mid-single digit earnings growth, over
the next 12 to 18 months. In addition, the company maintains a very
good liquidity profile, supported by a cash balance of $500 million
pro forma for the transaction (majority of which will be applied
towards tuck-in acquisitions), and Moody's expectation for $80 to
$90 million of free cash flow generation over the next 12 to 18
months.

The B2 ratings on PetVet's first-lien senior secured credit
facilities is one notch higher than the B3 CFR. This reflects the
facilities' first priority lien on substantially all assets. The
Caa2 rating on its second-lien debt is two notches below the CFR.
This reflects the effective subordination of the 2nd lien term loan
to the 1st lien senior secured credit facilities. All senior
secured facilities are guaranteed by all existing and future
domestic subsidiaries of the borrower.

Assignments:

Issuer: PetVet Care Centers, LLC

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

RATINGS RATIONALE

PetVet Care Centers, LLC's ("PetVet") B3 Corporate Family Rating
reflects its very high financial leverage with Moody's-adjusted
debt-to-EBITDA of 8.9x pro forma for proposed term loan add-ons and
tuck-in acquisitions, for the LTM period ended March 31, 2022.
Moody's anticipates for PetVet's aggressive financial policies to
persist, reflecting a debt financed roll-up acquisition strategy
and private equity ownership. There are risks to the company's
rapid growth strategy, including an inability to integrate and
manage growth, and a high level of recurring expenses which can
constrain cash flow. Additionally, Moody's expects high competition
for acquisitions from other veterinary hospital aggregators to keep
acquisition multiples at elevated levels.

PetVet's rating benefits from the company's broad geographic
footprint with about 426 locally branded animal hospitals across 36
states. The ratings are also supported by favorable long-term
trends in the pet services industry that underpin healthy
same-store sales growth in the low-to-mid-single digits. PetVet's
ratings also benefits from strong recurring revenue supporting
consistent positive free cash flow generation, and a proven ability
to smoothly consolidate independent veterinary practices.

PetVet's very good liquidity profile is supported by sizable cash
balance of approximately $500 million, pro forma for the proposed
term loan add-ons (majority of which will be applied towards
tuck-in acquisitions). This, together with Moody's expectation of
free cash flow in the range of $80 to $90 million over the next 12
months, provide sufficient coverage for the required 1% mandatory
amortization of its first lien term loan of approximately $28
million, annually. PetVet's liquidity is further supported by a $75
million revolving credit facility expiring in 2023. Moody's expect
this undrawn facility to be refinanced or extended in the second
half of 2022.

Social and governance considerations are material to PetVet's
credit profile. Growth in the number of US households that own pets
provides for a favorable long term trend in the pet care sector
that underpins healthy same-store sales growth. Among governance
considerations, PetVet's financial policies under private equity
ownership are aggressive, reflected in its ongoing strategy to
supplement organic growth with primarily debt-funded acquisitions.

The stable outlook reflects Moody's expectation that while PetVet's
financial leverage will remain very high, the company's relatively
stable business profile, along with sustained positive free cash
flow will support its very good liquidity.

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

The ratings could be upgraded if the company delivers sustained
revenue and earnings growth and is successful in integrating
acquisitions. Moderation of financial policies, partially evidenced
by financial leverage sustained below 6.5 times, while good cash
flows and solid liquidity is maintained could also support a
prospective upgrade.

The ratings could be downgraded if operational performance
deteriorates, or liquidity weakens. Inability to manage its rapid
growth, or if EBITA-to-interest falls below one times, could also
put downgrade pressure on the company's ratings.

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.

Based in Westport, Connecticut, PetVet Care Centers, LLC is a
national veterinary hospital consolidator offering a full range of
medical products and services and operating 426 locally branded
animal hospitals across 36 states. PetVet is owned by private
equity sponsor, Kohlberg Kravis Roberts & Co. L.P. ("KKR"). Pro
forma revenue for the twelve months ended March 31, 2022 was
approximately $1.7 billion.


PG&E CORP: Butte County Seeks Transparency for Fire Victims
-----------------------------------------------------------
Brandon Rittiman of abc10 reports that Butte County officials hoped
to get answers on behalf of the thousands of people PG&E burned out
of their homes.  Instead, they got "basically told to pound sand"
by the retired judge who runs the trust fund for PG&E's victims.

"I'm not interested in dealing with you," retired judge John
Trotter said in a voicemail to county staff, referring to the
county's leaders as "you people."

He took offense at a letter the county's five elected supervisors
voted to send him in May 2022.

It shared complaints about a "lack of communication" and "minimal
payments" that have left some of the fire victims living "on the
streets."

"If you really want to know anything about the trust, I would
assume that like everybody else you would call and ask, rather than
coming to uninformed, slanderous conclusions," Trotter's voicemail
continued. "When and if you get to that point, I'll talk to you."

PG&E fire victims haven't been paid in full. Roughly half of the
nearly 70,000 victims represented by the trust haven't been paid
anything at all.

The trust oversees the sale of shares of PG&E stock, which were
supposed to provide half of a $13.5 billion settlement to victims
of the Camp Fire, PG&E's 2017 fires, and the 2015 Butte Fire.

The Fire Victim Trust lost $207 million in value on the sale of 100
million shares since January, ABC10's analysis of SEC data shows.

The remaining 377 million shares would need to reach a value of
$14.68 to make victims whole.

Ticker symbol PCG closed at $9.98 per share after Tuesday trading,
leaving fire victims $1.8 billion short of the stated value of
their settlement.

ABC10 previously reported on the Trust's role in holding onto a
large portion of PG&E stock as part of a bankruptcy deal brokered
by Gov. Gavin Newsom. The deal was part of a broader plan to
protect PG&E from the consequences of its crimes and future
wildfires, which also involved the company's ostensibly-independent
state regulators at the CPUC.

Trotter has declined repeated requests to be interviewed by ABC10
and the trust did not provide any comment by the deadline for this
story.

He has previously asked Gov. Newsom and the state legislature to
help try to make the victims whole, but so far no solution has
emerged from the Capitol.

The governor walked away without answering when we asked about the
shortage of funds last 2021.

Trotter's irate voicemail first aired on television this month on
Chico station KRCR in a story that featured a fire survivor who
missed her rent payment while waiting on the money she expected the
trust to deliver.

"They're gonna take my trailer," Teri Lindsay said. "I'm not gonna
have a place to live. I could live in my truck."

By contrast, retired judge Trotter makes $125,000 per month running
the trust, according to its documents.

"What he makes an hour is more than some of our impacted residents
make in a month," supervisor Bill Connelly said.

In an editorial, the Chico Enterprise-Record blasted Trotter for an
attempt to play the victim, calling his voicemail message "the
height of arrogance, a callous flip-off to people who are guilty of
nothing other than being burned out of their homes."

The county's May 24, 2022 letter had asked six specific questions
about money being paid to victims and spent by the trust on
overhead.

On Tuesday, June 14, 2022, the five commissioners met to decide how
to respond to Trotter.

They thought about sending another letter:

"Many of our constituents have complained to us about the lack of
professionalism in communication from the Fire Victims Trust. The
Board is now much more able to empathize with those critiques," a
draft read.

But ultimately, the board voted to have County staff start taking a
deeper look at the trust and how best to force it to behave in a
more transparent manner.

The supervisors want staff to come up with a proposed strategy for
dealing with the shortfall created by PG&E's slumping stock.

That problem is a bigger bear than the current market.

"PG&E keeps burning things down, so their stock keeps going down,"
Teeter said.

The supervisors directed Butte County staff to work on an active
proposal in PG&E's bankruptcy court case, which would create a
process for fire survivors to make the trust answer their
questions.

"Victims are asking questions about how their money is being spent.
This is their money," said Will Abrams, who survived when his home
burned in the 2017 Tubbs Fire.

He was upset when the Fire Victim Trust wouldn't break down its $93
million of expenses in more detail, so he asked PG&E’s bankruptcy
judge to open a process for fire survivors to compel the trust to
provide records and answers.

Judge Dennis Montali set a timeline stretching into next month for
the trust and Abrams to respond to each other. Butte County now
also plans to weigh in.

"We feel that we can go along into this hearing response that the
bankruptcy judge has done and demand answers," Teeter said.

"I think if it was more open to the public in a complete manner we
wouldn't have as deep of concerns," added Connelly.

Abrams sees similarities between the attitudes of PG&E and the
trust in charge of compensating its victims.

"Any time individuals in a position of power are being so
secretive, and are being dismissive of honest questions,
straightforward questions, it should give everyone pause."

                    About PG&E Corporation

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

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

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

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

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

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

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

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


PITNEY BOWES: Egan-Jones Keeps B- Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company on May 16, 2022, maintained its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by Pitney Bowes Inc. EJR also maintained its 'B' rating
on commercial paper issued by the Company.

Headquartered in Stamford, Connecticut, Pitney Bowes Inc. sells,
finances, rents, and services integrated mail and document
management systems.



PM GENERAL PURCHASER: Moody's Cuts CFR & Alters Outlook to Negative
-------------------------------------------------------------------
Moody's Investors Service downgraded PM General Purchaser LLC's
(dba AM General, LLC) corporate family rating to B3 from B2,
probability of default rating to B3-PD from B2-PD and senior
secured rating to B3 from B2. The ratings outlook was changed to
negative from stable.

The ratings downgrade reflects prolonged weakening in the company's
operating performance, leading to lower earnings and cash flow.
Business recovery post pandemic has been slow, with contract delays
and a meaningful drop in aftermarket and international sales.
Moody's expects a modest recovery in 2022, but leverage (Moody's
adjusted debt/EBITDA) will remain elevated at 7.0x with free cash
flow at around breakeven levels.

The negative outlook reflects Moody's view that the company's
current liquidity provides limited capacity to absorb unanticipated
operating or financial setbacks. With limited cash and cash flow
forecasted, the company also has limited effective access to its
revolver. This is because its springing covenant would be breached
if triggered.  In addition to liquidity, the negative outlook
reflects risks around supply chain challenges that will continue to
persist and pressure the company's production and sales in near
term.

Downgrades:

Issuer: PM General Purchaser LLC

Corporate Family Rating, Downgraded to B3 from B2

Probability of Default Rating, Downgraded to B3-PD from B2-PD

Senior Secured Regular Bond/Debenture, Downgraded to B3 (LGD4)
from B2 (LGD3)

Outlook Actions:

Issuer: PM General Purchaser LLC

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

AM General's B3 CFR reflects the company's elevated financial
leverage of close to 8.0x (measured as Moody's adjusted
debt-to-EBITDA) as a result of recent deterioration of the
business. The company is a sole sourced provider of High Mobility
Multipurpose Wheeled Vehicle (HUMVEE) to the Department of Defense
(DoD) and international markets. Sales could fluctuate from year to
year as the contract with US Army specifies no annual minimum order
requirement. Nonetheless, the unit price is tied to the production
rates, and it permits AM General to maintain operating margins when
volumes ebb. The company's vehicles are also competing with next
generation tactical vehicles coming to market that could erode AM
General's market share over time. The ratings also recognize AM
General's appetite for M&A and growth R&D which Moody's believes
will increase in the coming years.

Nonetheless, the ratings are supported by its well-entrenched
market position as the company owns the technical data rights for
HUMVEE's and manufacturers both engine and transmission. The
installed base of 250,000 vehicles globally affords the company the
opportunity of meaningful upgrade and parts orders. The US Army has
also indicated that the HUMVEE will continue to play a large role
within the light tactical vehicle fleet through 2045,
notwithstanding the recent introduction of a modernized light
tactical vehicle ("JLTV") from a competitor.

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

The ratings could be upgraded if the company's sales recover to
pre-pandemic levels with Moody's debt/EBITDA below 5.0x and free
cash flow-to-debt in the mid-single digits. A material improvement
in liquidity would also be necessary to support any upward rating
consideration.  

The ratings could be downgraded if earnings or liquidity worsen at
all from current levels, or if the prospects for a strong earnings
recovery in 2023 and beyond become less likely.

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

AM General, LLC, headquartered in South Bend, Indiana, designs,
engineers, manufactures, supplies and supports specialized vehicles
for commercial and military customers. Revenues for the last twelve
months ended March 2022 were $476 million. The company is owned by
entities of financial sponsor KPS Capital Partners LP.


PRECIPIO INC: Adjourns Meeting to July 5 Due to Lack of Quorum
--------------------------------------------------------------
Precipio, Inc.'s 2022 Annual Meeting of Stockholders was adjourned
due to the fact that the percentage of stockholders participating
in the proxy vote totaled approximately 49%, thereby not reaching
the quorum of 50% required to conduct business and approve the
measures.

The meeting is rescheduled for July 5th, 2022 at 10:00 a.m. Eastern
Daylight Time to be held virtually.  Company management noted that
of the votes received, all measures requiring a for/against vote
received a "For" vote of over 89%.  

"Your vote is important to the Company's ability to continue
conducting its business - so please take a moment to cast your vote
so that the Company can continue to concentrate on growth. If you
have already voted on your shares you do not need to vote again and
we thank you for your support," the Company stated.

"If you have any questions concerning the 2022 Annual Meeting and
you are the stockholder of record of your shares, please contact
the company by email at investors@precipiodx.com.  If your shares
are held by a broker or other nominee (that is, in "street name"),
please contact your broker or other nominee for questions
concerning the 2022 Annual Meeting," the Company stated.

                         About Precipio

Omaha, Nebraska-based Precipio, formerly known as Transgenomic,
Inc. -- http://www.precipiodx.com-- is a healthcare solutions
company focused on cancer diagnostics.  Its business mission is to
address the pervasive problem of cancer misdiagnoses by developing
solutions to mitigate the root causes of this problem in the form
of diagnostic products, reagents and services.

Precipio reported a net loss of $8.52 million for the year ended
Dec. 31, 2021, compared to a net loss of $10.60 million for the
year ended Dec. 31, 2020.  As of March 31, 2022, the Company had
$27.97 million in total assets, $5.72 million in total liabilities,
and $22.25 million in total stockholders' equity.

Hartford, CT-based Marcum LLP, the Company's auditor since 2016,
issued a "going concern" qualification in its report dated March
30, 2022, citing that the Company has incurred significant losses
and needs to raise additional funds to meet its obligations and
sustain its operations.  These conditions raise substantial doubt
about the Company's ability to continue as a going concern.


PRESTIGE HOMECARE: Taps Scarborough & Fulton as Legal Counsel
-------------------------------------------------------------
Prestige Homecare, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Tennessee to hire Scarborough &
Fulton as its legal counsel.

The firm's services include:

     a. assisting the Debtor in the preparation of its schedules,
statement of affairs and the periodic financial reports required by
the Bankruptcy Code, the Bankruptcy Rules, and any other order of
the court;

     b. assisting the Debtor in consultation, negotiation and all
other dealings with creditors, equity, security holders and other
parties concerning the administration of its Chapter 11 case;

     c. preparing pleadings, conducting investigations, and making
court appearances incidental to the administration of the Debtor's
estate;

     d. advising the Debtor of its rights, duties and obligations
under the Bankruptcy Code, Bankruptcy Rules, Local Rules, and
orders of the court;

     e. assisting the Debtor in the development and formulation of
a plan of reorganization;

     f. advising the Debtor with respect to litigation related to
the administration of the case;

     g. rendering corporate and other legal services necessary for
the functioning of the Debtor during the pendency of the case; and


     h. taking all necessary actions in the interest of the Debtor
and its estate incident to the administration of the case.

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

     David J. Fulton       $425
     Legal Assistants      $125

The firm received a retainer of $10,500 and filing fee of $1,738.

As disclosed in court filings, Scarborough & Fulton does not hold
any disqualifying interest adverse to the Debtor or the estate in
matters upon which the law firm is to be engaged.

The firm can be reached through:

     David J. Fulton, Esq.
     Scarborough & Fulton
     620 Lindsay St. Ste 240
     Chattanooga, TN 37403
     Phone: 423-648-1880
     Fax: 423-648-1881
     Email: djf@sfglegal.com

                      About Prestige Homecare

Prestige Homecare is a for profit limited liability company formed
and organized under Tennessee law and currently conducting business
as an in-home provider of healthcare and companionship services to
patients in the Tennessee, Georgia, and Alabama Tri-State area.

Prestige Homecare, LLC sought protection for relief under Chapter
11 of the Bankruptcy Code (Bankr. E.D. Tenn. Case No. 22-11084) on
May 23, 2022, listing $50,000 in assets and $100,001 to $500,000 in
liabilities.

Judge Shelley D Rucker presides over the case.

David J. Fulton, Esq. at Scarborough & Fulton represents the Debtor
as counsel.


RAPI INC: Staten Island Restaurant Files Subchapter V Case
----------------------------------------------------------
RAPI Inc., d/b/a Brioso Ristorante, filed for chapter 11 protection
in the Eastern District of New York.  The Debtor filed as a small
business debtor seeking relief under Subchapter V of Chapter 11 of
the Bankruptcy Code.

The Debtor operates a well-regarded Italian restaurant on Staten
Island.  While the restaurant was able to survive the Covid-19
restrictions, it currently finds itself in financial and legal
turmoil due to the debilitating impact of a federal Wage and Hour
lawsuit filed in 2020 that does not appear susceptible to a prompt
or reasonable resolution.

This lawsuit is threatening the restaurant's long-term viability
due to mounting legal costs and expenses, and the uncertainty of
protracted litigation.  The plaintiffs, numbering about a dozen in
total, are former employees (the "Plaintiffs") including
wait-staff, busboys and dishwashers, who have asserted claims
primarily for unpaid wages and overtime.  The Plaintiffs are all
represented by the same law-firm (Gladstein Reif & Meginniss LLP).

The restaurant has operated successfully for 24 years, and prides
itself on treating its employees fairly.  However, standards in the
restaurant industry have evolved over the years.  While the Debtor
has modernized its payroll practices, there were times when record
keeping was not as formal.  Wages were typically calculated based
upon weekly shifts, which varied in duration depending on several
factors.  These payroll methods were not unique to the Debtor's
restaurant, but the Debtor became vulnerable to a Wage and Hour
lawsuit.  Exacerbating matters, the Plaintiffs are pursuing highly
exaggerated claims against the Debtor, which has driven up the
costs of defense exponentially.

The lawsuit has been pending since 2020 without an end in sight due
in large measure to Plaintiffs' irrational initial demands of more
than $12 million.  This effectively equates to about eight to ten
years of total annual revenue generated by the restaurant and is
grossly disproportionate to any provable claim.  That such
outrageous demands were made to start demonstrates that the
Plaintiffs appear intent on attempting to put the restaurant out of
business.

Moreover, the costs of litigation are insufferable.  The Debtor has
already expended significant sums in legal fees of more than
$130,000 and simply cannot afford ongoing bills of another
$160,000.  Before commencing this Chapter 11 case, the Debtor
forwarded a draft bankruptcy petition to Plaintiffs' counsel in a
final effort to engage in a realistic discussion.  Unfortunately, a
large impasse remains, leaving the Debtor with no alternative
except to seek Chapter 11 relief at this time.

                   Reorganization Strategy

The Debtor has strong defenses to the amounts sought in the Wage
and Hour litigation.  Bankruptcy provides a unique opportunity to
address all disputed claims in a transparent and cost-efficient
fashion that allows the restaurant to continue to operate and
remain a source of employment for 13 employees.

The Debtor still remains committed to attempting to pursue
realistic settlement negotiations as part of the bankruptcy case
and will use the claims objection process to fix the outstanding
liabilities as a means to renew discussions.  Once the claims are
either settled or fixed by the Bankruptcy Court, the Debtor will be
in a position to confirm a plan of reorganization.

The Debtor intends to proceed within the statutory timeline under
Subchapter V for the filing of a plan and will move promptly in
bankruptcy to obtain a resolution of the claims.  Moreover,
Subchapter V offers the Debtor the opportunity to confirm a plan
without the consent of the Plaintiffs based upon certain unique
features of the new statute.

According to court documents, RAPI Inc. estimates between 50 and 99
unsecured creditors.  The petition states funds will be available
to unsecured creditors.

                        About RAPI Inc.

RAPI Inc., operates Brioso Ristorante, a well-regarded Italian
restaurant on Staten Island, New York.  First opening in 1998, the
restaurant has operated successfully for 24 years.  The restaurant
seats 90 people and currently generates monthly revenues of
approximately $100,000 in sales.  The company is equally owned by
Raffaele DiMaggio and Pietro DiMaggio (brothers).  Pietro DiMaggio,
who works at the restaurant on a full-time basis, is an immigrant
from Italy who has worked tirelessly to build the Debtor's business
from the ground up.

The Debtor operates as a month-to-month tenant from the premises
located at 174 New Dorp Lane, Staten Island, NY.  This property is
owned by an affiliate known as 174 New Dorp Lane Realty Inc.

Due to lawsuits by former employees, RAPI Inc. filed a petition for
relief as a small business under Subchapter V of Chapter 11 of the
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-41365) on June 14,
2022.  In the petition filed by Pietro DiMaggio, as
officer/director/shareholder, the Debtor estimated assets between
$100,000 and $500,000 and liabilities between $500,000 and $1
million.

Salvatore LaMonica, Esq., has been appointed as Subchapter V
trustee.


RECESS HOLDCO: S&P Affirms 'B+' ICR on Total Transportation Deal
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' issuer credit rating on Recess
HoldCo LLC.

S&P said, "We assigned our 'B+' issue-level rating to the proposed
incremental $720 million term loan B and $50 million term loan C.
We also affirmed our 'B+' issue-level rating on the company's
existing revolving credit facility, term loan B, term loan C, and
senior secured notes. The recovery rating is unchanged at '3'.

Recess HoldCo LLC (the parent company of First Student [FS] and
First Transit [FT]) is acquiring Total Transportation Corp. (TTC),
an operator specializing in school bus and paratransit services in
New York City and the surrounding regions, for a total
consideration of $1.05 billion.

The company will finance the acquisition (and the associated
expenses) with the proceeds from a $720 million incremental term
loan B, $50 million incremental term loan C (proceeds to be held in
a restricted cash account to support the issuance of letters of
credit [LOCs]), $140 million in common equity, $140 million in
preferred equity, and $100 million in seller notes.

S&P believes the company's competitive position continues to
benefit from its scale and the diversity of its operations. FS
(which currently accounts for more than 75% of Recess' EBITDA) is
the largest student transportation provider in North America and
operates a fleet of over 42,000 yellow school buses. The company
holds an approximately 21% market share in its highly fragmented
market, with the next largest provider accounting for less than
half that level. FT is among the largest public transit management
and contracting service providers in North America, though it
operates in a much smaller segment (relative to FS) with a
primarily asset-light business model.

The proposed acquisition of TTC will allow FS to enter the New York
City market, which is the largest student transportation market in
the country. This market is considered to have high barriers to
entry, since customers typically view switching providers as high
risk, with fears of union strikes and service disruption. TTC's
profitability margins have historically been somewhat higher than
FS' margins, given its increased focus on operationally complex or
less competitive work. On the other hand, we note that,
historically, some smaller school bus operators in the NYC region
have faced financial difficulties due to troubled union
relationships and high labor costs. However, S&P views Recess as
better positioned to withstand such potential demand shocks, given
its position as a large, national operator whose end market
exposure will remain relatively well-diversified after the proposed
acquisition. TTC would account for only about 8% of revenues, and
about 14% of management adjusted EBITDA on a pro-forma basis
(pro-forma financials for the 12-month period ended Dec. 31,
2021).

S&P expects labor shortages and inflationary pressures will affect
Recess's operating performance somewhat. Despite the scale of its
operations, pricing discipline in both businesses remains key,
given competitive pressures from other national and regional
participants. Staff costs represent the company's largest operating
expense (about 65%-70% of the company's total operating cost base).
Only about 40% of FS' customer contracts have inflation-linked
escalation clauses. The remaining 60% have fixed-price escalation
clauses that can usually be re-priced only at contract renewal
(about a third of FS' contracts come up for renewal every year),
which limits the company's ability to be able to quickly pass on
higher costs to the customers. Therefore, inflationary pressures
typically have a substantial impact on the company's profitability
margins when the labor market in North America and Canada is
strong, such as the current environment. Additionally, the company
has increased its recruiting and training efforts to build its
driver pool, which has also resulted in higher costs. However, in
October 2021, the company received $206 million in grants under the
Coronavirus Economic Relief for Transportation Services (CERTS)
Program to fund payroll costs and PPE (which we treat as an offset
to operating expenses). Therefore, in the near term, S&P expects
these inflows to largely offset the impact of higher labor and
related costs. It also notes almost all TTC's customer contracts
have inflation-linked escalators, thus minimizing repricing risk
associated with the acquisition. However, continued inflationary
pressures could still have a sizeable impact on Recess' margins.

Nevertheless, S&P views FS' and FT's operations as more stable than
those of many other transportation operators given the nature of
their businesses and typical length of their customer contracts.
Unlike other transportation companies, Recess' operations have
little exposure to macroeconomic cyclicality. The company's demand
typically depends more on the size of the school age population,
school board budgets, and--in FT's case--its customers' budgets
(primarily municipal transit authorities and federal, state, and
local agencies). Demand is also driven by outsourcing trends for
privately run transportation services.

FS's customer contracts are typically three to five years in
length, and it has maintained consistent annual retention rates of
about 95%, which generally provides it with strong recurring
revenue. FT's customer contracts are typically three to 10 years.
However, Recess is not immune to sharp declines in its demand such
as during the COVID-19 pandemic when its passengers reduced travel,
given that its contracts don't typically include minimum
performance guarantees.

S&P said, "We believe the company will maintain an acquisitive
growth strategy. In addition to the proposed acquisition of TTC,
Recess has also been pursuing smaller tuck-in acquisitions over the
past few months. In February 2022, the company entered into an
agreement to acquire Apple Bus, a Missouri-based provider of
student and charter transportation services. In May and June of
2022, Recess entered into agreements to acquire two small school
bus and charter operators in Canada.

"We expect EQT (Recess's sponsor owner) will continue to pursue
both tuck-in and larger acquisitions over the next few years, as it
focuses on expanding FS' market presence. The school bus operator
industry remains fragmented, with several local and regional
participants operating in markets across the country, some of which
could be potential acquisition targets in the future.

"We forecast the company's credit metrics will remain relatively
stable through fiscal year 2024.We expect FS' and FT's, as well as
TTC's, operating performance will continue improving over the next
12 months as more schools and businesses reopen across North
America. Additionally, the company is currently operating only
about 90% of its pre-pandemic routes because of labor shortages and
other operating constraints. We expect the company's performance to
improve gradually through fiscal 2024 (ending June 30, 2024) as it
continues to hire drivers to address its labor requirements and
expand its route network closer to pre-pandemic levels. Therefore,
despite the higher debt associated with the acquisition, we believe
Recess's credit metrics will remain relatively consistent through
the forecast period.

"We also expect capital spending (capex) to remain relatively high
through our forecast period. We forecast gross capex of about $300
million to $400 million in fiscal 2022 (excluding any potential or
completed sale-leaseback transactions), increasing from about $250
million in fiscal 2021. This is largely associated with catch-up
spending, as the company deferred some maintenance capex in FY 2021
to offset the impact of lower demand during the pandemic. We expect
capex to further increase to about $400 million to $500 million in
fiscal 2023, due to additional spending associated with the TTC and
Apple bus fleets, as well as continued catch-up spending. We then
expect it to return to a more normalized level of about $300
million-$400 million in fiscal 2024.

"We forecast FFO to debt to be in the 12%-15% range through fiscal
2024. We also forecast FOCF to debt will decline to the
low-single-digit percent area in fiscal 2023, before returning to
the mid-single-digit percent area in fiscal 2024 (close to fiscal
2022 levels). Forecasted credit metrics for fiscal 2022 don't
include debt and operational inflows from TTC (we assume the close
of the transaction in early July)."

Credit metrics in fiscal 2021 are not comparable to the forecast,
since that was under the previous ownership (prior to acquisition
by EQT), and therefore reflected a different capital structure.

S&P said, "The stable outlook on Recess reflects our expectation
that FS' and FT's operating performance will continue to improve
over the next 12 months as schools and businesses continue to
reopen across North America. Specifically, we forecast its FFO to
debt will be in the 12%-15% range through fiscal year 2024 (ending
June 30, 2024). We also expect FOCF to debt in the low-single-digit
percent area in fiscal 2023, before improving modestly to the
mid-single-digit percent area in 2024."

S&P could lower its ratings on Recess over the next 12 months if it
expects FFO to debt will decline below 12% or its FOCF to debt to
be negative on a sustained basis. This could occur if:

-- There are significant changes in the company's strategy, or the
operating environment constrains its competitive position,
earnings, or cash flow;

-- The company undertakes another large debt-financed acquisition;
or

-- EQT's financial policy is more aggressive than we currently
anticipate.

S&P said, "We could raise our ratings on Recess over the next 12
months if its FOCF to debt improves to well above 5% while its FFO
to debt continues to exceed 12% on a sustained basis. We would also
need the company's sponsor to commit to maintaining these improved
ratios, as well as debt to EBITDA comfortably below 5x, before
raising our rating."

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



REVLON CONSUMER: Moody's Lowers CFR to Ca Following Ch. 11 Filing
-----------------------------------------------------------------
Moody's Investors Service downgraded Revlon Consumer Products
Corporation's ratings following the company's filing for protection
under Chapter 11 of the US Bankruptcy Code on June 15th, including
its Corporate Family Rating to Ca from Caa3, Probability of Default
Rating to D-PD from Caa3-PD, and the rating on the senior secured
bank term loan to C from Ca. At the same time, Moody's affirmed
Revlon's C rating on the company's senior unsecured notes. The
company's Speculative Grade Liquidity remains unchanged at SGL-4
and the outlook remains negative.

Downgrades:

Issuer: Revlon Consumer Products Corporation

Corporate Family Rating, Downgraded to Ca from Caa3

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

Senior Secured Bank Credit Facility, Downgraded to C (LGD5) from
Ca (LGD5)

Affirmations:

Issuer: Revlon Consumer Products Corporation

Senior Unsecured Regular Bond/Debenture, Affirmed C (LGD6)

Outlook Actions:

Issuer: Revlon Consumer Products Corporation

Outlook, Remains Negative

RATINGS RATIONALE

Revlon has an unsustainable capital structure with reported debt
exceeding 1.5x of annual revenue that left the company with limited
financial flexibility, including high leverage, weak liquidity and
looming maturities. Moreover, the company is facing supply chain
disruptions, high inflation, intense competition from many
successful larger competitors and rising interest rates on its
heavy debt burden, partially offset by improved end-market demand
as consumers resume more out-of-home activities and the company's
cost saving initiatives. The company's Chapter 11 filing resulted
in the downgrade of Revlon's PDR to D-PD. The CFR and the rating on
the company's senior secured bank term loan were downgraded to
reflect Moody's view on potential recoveries.

Subsequent to the rating action, Moody's will withdraw all the
ratings of Revlon Consumer Products Corporation.

The principal methodology used in these ratings was Consumer
Packaged Goods Methodology published in February 2020.

Revlon Consumer Products Corporation, headquartered in New York,
NY, is a worldwide personal care products company. Products consist
of skin care, cosmetics, hair color, hair care, men's grooming,
beauty tools, and fragrance. The company is a wholly-owned
subsidiary of publicly-traded Revlon, Inc., which is majority (85%)
owned by MacAndrews & Forbes (M&F). M&F is wholly-owned by Ronald
O. Perelman. Revlon generates roughly $2.1 billion in annual
revenue for the trailing twelve-month ending March 31, 2022.


REVLON INC: Davis Polk, Kobre Represent Brandco/DIP Lenders
-----------------------------------------------------------
In the Chapter 11 cases of Revlon, Inc., et al., the law firms of
Davis Polk & Wardwell LLP and Kobre & Kim LLP submitted a verified
statement under Rule 2019 of the Federal Rules of Bankruptcy
Procedure, to disclose that they are representing the Ad Hoc Group
of BrandCo Lenders and Proposed Term DIP Lenders.

In October 2020, a group formed by lenders under the BrandCo Credit
Agreement, dated as of May 7, 2020, by and among Revlon Consumer
Products Corporation, as borrower, Revlon, Inc. and Jefferies
Finance LLC, as administrative and collateral agent engaged Davis
Polk to represent it in connection with potential transactions with
or any restructuring of the Debtors.  In April 2021, Kobre & Kim
entered into an engagement letter to represent the Ad Hoc Group of
BrandCo Lenders as conflicts counsel.

Counsel represents only the Ad Hoc Group of BrandCo Lenders,
members of which group are also lenders under the Debtors' proposed
debtor-in-possession term loan credit facility.

The Members of the Ad Hoc Group of BrandCo Lenders, collectively,
beneficially own, or are the investment advisors or managers for
funds that beneficially own (i) $821,503,490 in aggregate principal
amount of the Term B-1 Loans under the BrandCo Credit Agreement,
(ii) $821,159,545 in aggregate principal amount of the Term B-2
Loans under the BrandCo Credit Agreement, (iii) $14,556,203 in
aggregate principal amount of the Excess Roll- up Amount under the
BrandCo Credit Agreement, (iv) $18,354,157 in aggregate principal
amount of the claim under that certain Term Credit Agreement, dated
as of September 7, 2016, by and among Revlon Consumer Products
Corporation, as borrower, Revlon, Inc. and Citibank, N.A., as
administrative agent and collateral agent, (v) $10,515,000 in
aggregate principal amount of 6.25% Senior Notes due 2024 under
that certain Indenture, dated as of August 4, 2016, by and among
Revlon Consumer Products Corporation, as issuer, and U.S. Bank
National Association, as trustee and (vi) $3,829,633 in aggregate
principal amount of the Tranche B Term Loans under that certain
Asset-Based Revolving Credit Agreement, dated as of Sept. 7, 2016,
by and among Revlon Consumer Products Corporation and the local
borrowing subsidiaries, as borrowers, Revlon, Inc., the lenders and
issuing lenders party thereto, MidCap Funding IV Trust, as
administrative agent and collateral agent, and Alter Domus (US)
LLC, as tranche B administrative agent.

The members of the Ad Hoc Group of BrandCo Lenders are also the
proposed lenders of the "Term DIP Facility," as defined and
described in the Debtors' Motion for Entry of Interim and Final
Orders (I) Authorizing the Debtors to (A) Obtain Postpetition
Financing and (B) Use Cash Collateral, (II) Granting Liens and
Providing Superpriority Administrative Expense Status, (III)
Granting Adequate Protection to Prepetition Secured Parties, (IV)
Modifying Automatic Stay, (V) Scheduling a Final Hearing, and (VI)
Granting Related Relief, in an aggregate principal amount not to
exceed $1.025 billion.

As of June 16, 2022, members of the Ad Hoc Group of BrandCo Lenders
and their disclosable economic interests are:

Angelo, Gordon & Co., L.P.
245 Park Ave #26
New York, NY 10167

* $164,689,090.39 in aggregate principal amount of the Term B-1
  Loans under the BrandCo Credit Agreement

* $145,423,718.10 in aggregate principal amount of the Term B-2
  Loans under the BrandCo Credit Agreement

ASOF Holdings II, L.P.
c/o ASOF Investment Management
2000 Avenue of the Stars, 12th Floor
Los Angeles, CA 90067

* $66,946,161.00 in aggregate principal amount of the Term B-1
  Loans under the BrandCo Credit Agreement

Cyrus Capital Partners, L.P.
65 E 55th St
New York, NY 10022

* $47,240,222.03 in aggregate principal amount of the Term B-1
  Loans under the BrandCo Credit Agreement

* $47,614,386.59 in aggregate principal amount of the Term B-2
  Loans under the BrandCo Credit Agreement

Deutsche Bank AG Cayman Islands Branch
c/o Deutsche Bank Securities Inc.
One Columbus Circle, 7th Floor
New York, New York 10019

* $20,927,572.40 in aggregate principal amount of the Term B-1
  Loans under the BrandCo Credit Agreement

* $170,266.73 in aggregate principal amount of the Term B-2 Loans
  under the BrandCo Credit Agreement

* $275,551.54 in aggregate principal amount of the 2016 Term Loan

Diameter Capital Partners LP
55 Hudson Yards Suite 29B
New York, NY 10001

* $81,021,458.00 in aggregate principal amount of the Term B-1
  Loans under the BrandCo Credit Agreement

Glendon Capital Management L.P.
2425 Olympic Blvd, Suite 500E
Santa Monica, CA 90404

* $82,561,046.16 in aggregate principal amount of the Term B-1
  Loans under the BrandCo Credit Agreement

* $189,683,520.99 in aggregate principal amount of the Term B-2
  Loans under the BrandCo Credit Agreement

* $11,024,713.51 in aggregate principal amount of the Excess Roll-
  up Amount under the BrandCo Credit Agreement

* $9,059,796.76 in aggregate principal amount of the 2016 Term
  Loan, which is subject to roll-up into the Term B-2 Loans under
  the BrandCo Credit Agreement

* $9,515,000.00 in aggregate principal amount of the 2024 Senior
  Notes

* $3,829,632.78 in aggregate principal amount of the Tranche B
  Term Loans under the Asset-Based Revolving Credit Agreement

King Street Capital Management, L.P.
299 Park Ave #40
New York, NY 10171

* $83,823,684.97 in aggregate principal amount of the Term B-1
  Loans under the BrandCo Credit Agreement

* $219,725,452.74 in aggregate principal amount of the Term B-2
  Loans under the BrandCo Credit Agreement

* $1,000,000.00 in aggregate principal amount of the 2024 Senior
  Notes

Nut Tree Capital Management, LP
55 Hudson Yards, 22nd Floor
New York, NY 10001

* 41,550,105.60 in aggregate principal amount of the Term B-1
  Loans under the BrandCo Credit Agreement

* $106,126,934.19 in aggregate principal amount of the Term B-2
  Loans under the BrandCo Credit Agreement

Oak Hill Advisors, L.P.
1 Vanderbilt Ave 16th Floor
New York, NY 10017

* $215,462,281.15 in aggregate principal amount of the Term B-1
  Loans under the BrandCo Credit Agreement

* $84,150,580.05 in aggregate principal amount of the Term B-2
  Loans under the BrandCo Credit Agreement

* $3,531,489.36 in aggregate principal amount of the Excess Roll-
  up Amount under the BrandCo Credit Agreement

* $9,018,808.78 in aggregate principal amount of the 2016 Term
  Loan

140 Summer Partners Master Fund LP
1450 Broadway
New York, NY 10018

* $17,281,868.73 in aggregate principal amount of the Term B-1
  Loans under the BrandCo Credit Agreement

* $28,264,686.00 in aggregate principal amount of the Term B-2
  Loans under the BrandCo Credit Agreement

Counsel to the Ad Hoc Group of BrandCo Lenders and Proposed Term
DIP Lenders can be reached at:

          DAVIS POLK & WARDWELL LLP
          Eli J. Vonnegut, Esq.
          Joshua Y. Sturm, Esq.
          Stephanie Massman, Esq.
          450 Lexington Avenue
          New York, NY 10017
          Telephone: 212-450-4331
          Facsimile: 212-701-5331
          E-mail: eli.vonnegut@davispolk.com
                  joshua.sturm@davispolk.com
                  stephanie.massman@davispolk.com

             - and -

          KOBRE & KIM LLP
          Danielle L. Rose, Esq.
          Adam M. Lavine, Esq.
          800 Third Avenue
          New York, NY 10022
          Telephone: 212-488-1209
          Facsimile: 212-488-1220
          E-mail: danielle.rose@kobrekim.com
                  adam.lavine@kobrekim.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3zN4h2i

                    About Revlon Inc.

Revlon Inc. manufactures, markets and sells an extensive array of
beauty and personal care products worldwide, including color
cosmetics; fragrances; skin care; hair color, hair care and hair
treatments; beauty tools; men's grooming products; anti-perspirant
deodorants; and other beauty care products.  Today, Revlon's
diversified portfolio of brands is sold in approximately 150
countries around the world in most retail distribution channels,
including prestige, salon, mass, and online.

Since its breakthrough launch of the first opaque nail enamel in
1932, Revlon has provided consumers with high quality product
innovation, performance and sophisticated glamour.  In 2016, Revlon
acquired the iconic Elizabeth Arden company and its portfolio of
brands, including its leading designer, heritage and celebrity
fragrances.

Revlon is among the leading global beauty companies, with some of
the world's most iconic and desired brands and product offerings in
color cosmetics, skin care, hair color, hair care and fragrances
under brands such as Revlon, Revlon Professional, Elizabeth Arden,
Almay, Mitchum, CND, American Crew, Creme of Nature, Cutex, Juicy
Couture, Elizabeth Taylor, Britney Spears, Curve, John Varvatos,
Christina Aguilera and AllSaints.

Revlon, Inc., sought Chapter 11 protection (Bankr. S.D.N.Y. Case
No. 22-10760) on June 15, 2022.  Fifty affiliates, including Almay,
Inc, Beautyge Brands USA, Inc., and Elizabeth Arden, Inc., also
sought bankruptcy protection on June 15 and June 16, 2022.

Revlon disclosed total assets of $2,328,093,000 against total
liabilities of $3,689,240,395 as of April 30, 2022.

The Hon. David S. Jones is the case judge.

PJT Partners is acting as financial advisor to Revlon and Alvarez &
Marsal is acting as restructuring advisor.  Paul, Weiss, Rifkind,
Wharton & Garrison LLP is acting as legal advisor to the Company.
Mololamken, LLC, is the conflicts counsel.  Kroll, LLC, is the
claims agent.


REVLON INC: NYSE Starts Delisting Proceedings Against Company
-------------------------------------------------------------
The New York Stock Exchange LLC announced June 16, 2022, that the
staff of NYSE Regulation has determined to commence proceedings to
delist the Class A Common Stock of Revlon, Inc. -- ticker symbol
REV -- from the NYSE.

NYSE Regulation reached its decision that the Company is no longer
suitable for listing pursuant to Listed Company Manual Section
802.01D.  The Company filed voluntary petitions for reorganization
under Chapter 11 of the United States Bankruptcy Code in the United
States Bankruptcy Court for the Southern District of New York on
June 15, 2022.  In reaching its delisting determination, NYSE
Regulation noted the uncertainty as to the ultimate effect of this
process on the value of the Company's common stock.

The Company has a right to a review of this determination by a
Committee of the Board of Directors of the Exchange.  The NYSE will
apply to the Securities and Exchange Commission to delist the
Company's securities upon completion of all applicable procedures,
including any appeal by the Company of the NYSE Regulation staff's
decision.

The NYSE will announce a suspension date and suspend trading at
such time as i) the Company does not request a review by the
Committee within 10 business days of this notice, ii) the Company
determines that it does not intend to appeal, iii) the subsequent
review of the Committee determines that the Company should be
suspended, or iv) there are other material developments. After the
suspension announcement, the NYSE would then apply to the
Securities and Exchange Commission to delist the common stock.
Contacts

Company Contact:

      Longacre Square Partners
      Dan Zacchei / Charlotte Kiaie
      dzacchei@longacresquare.com / ckiaie@longacresquare.com

NYSE Contact:

      NYSE Communications
      PublicRelations-NYSE@ice.com

                        About Revlon Inc.

Revlon Inc. manufactures, markets and sells an extensive array of
beauty and personal care products worldwide, including color
cosmetics; fragrances; skin care; hair color, hair care and hair
treatments; beauty tools; men's grooming products; anti-perspirant
deodorants; and other beauty care products.  Today, Revlon's
diversified portfolio of brands is sold in approximately 150
countries around the world in most retail distribution channels,
including prestige, salon, mass, and online.

Since its breakthrough launch of the first opaque nail enamel in
1932, Revlon has provided consumers with high quality product
innovation, performance and sophisticated glamour.  In 2016, Revlon
acquired the iconic Elizabeth Arden company and its portfolio of
brands, including its leading designer, heritage and celebrity
fragrances.

Revlon is among the leading global beauty companies, with some of
the world's most iconic and desired brands and product offerings in
color cosmetics, skin care, hair color, hair care and fragrances
under brands such as Revlon, Revlon Professional, Elizabeth Arden,
Almay, Mitchum, CND, American Crew, Creme of Nature, Cutex, Juicy
Couture, Elizabeth Taylor, Britney Spears, Curve, John Varvatos,
Christina Aguilera and AllSaints.

Revlon, Inc., sought Chapter 11 protection (Bankr. S.D.N.Y. Case
No. 22-10760) on June 15, 2022.  Fifty affiliates, including Almay,
Inc, Beautyge Brands USA, Inc., and Elizabeth Arden, Inc., also
sought bankruptcy protection on June 15 and June 16, 2022.

Revlon disclosed total assets of $2,328,093,000 against total
liabilities of $3,689,240,395 as of April 30, 2022.

The Hon. David S. Jones is the case judge.

PJT Partners is acting as financial advisor to Revlon and Alvarez &
Marsal is acting as restructuring advisor.  Paul, Weiss, Rifkind,
Wharton & Garrison LLP is acting as legal advisor to the Company.
Mololamken, LLC, is the conflicts counsel.  Kroll, LLC, is the
claims agent.


REVLON INC: S&P Downgrades ICR to 'D'  on Ch. 11 Bankruptcy Filing
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Revlon Inc.
to 'D' from 'CCC-'. At the same time, S&P lowered its issue-level
rating on Revlon's BrandCo debt to 'D' from 'CCC', its issue-level
rating on its senior secured RemainCo debt to 'D' from 'CC', and
our issue-level rating on its senior unsecured notes to 'D' from
'C'.

Revlon has filed voluntary petitions for reorganization under
Chapter 11 of the U.S. Bankruptcy Code.

S&P lowered its issuer credit and issue-level ratings on Revlon
Inc. to 'D' because the company and certain of its subsidiaries and
affiliates filed for bankruptcy under Chapter 11 of the U.S.
Bankruptcy Code in New York. Revlon filed for bankruptcy to address
its high debt burden of $3.4 billion and its annual interest costs
of $260 million, which have constrained its liquidity position.
Supply chain challenges and inflation led to higher cash burn at
Revlon, which eroded its already constrained liquidity position.
Additionally, the company has large upcoming debt maturities,
including approximately $1 billion in 2023 and another $365 million
of asset-based maturities that will likely accelerate to 2023 from
2024.

The company is seeking a $400 million super-priority senior secured
debtor-in-possession (DIP) asset-based lending (ABL) facility and a
super-priority junior secured $575 million DIP term loan facility
from its existing lenders, which--in addition to its existing
facilities--will provide it with the necessary liquidity to support
its daily operations. Revlon will continue to operate in the
ordinary course of business and in accordance with existing permits
and concessions throughout this process. Therefore, the company
will continue seeking extraordinary sources of liquidity to support
its business during the reorganization proceedings.



RIDER HOTEL: Seeks Court Approval to Pay Iron Horse Workers
-----------------------------------------------------------
Sean Ryan of Milwaukee Business Journal reports that the Iron Horse
Hotel's Chapter 11 bankruptcy filing froze its lender's effort to
have a third-party receiver take over management of the hotel this
May 2022.

Now the hotel's ownership group called Rider Hotel LLC led by
developer Tim Dixon is asking a Delaware bankruptcy court judge for
authority to continue spending money toward the hotel's ongoing
operations, including paying its about 100 employees for work
performed before the Chapter 11 filing.  Those requests will be
considered during a hearing scheduled for Thursday, June 23, 2022,
in a U.S. bankruptcy court in Delaware where the Iron Horse's
Chapter 11 petition was filed.

Those filings are the latest litigation surrounding the
high-profile Milwaukee hotel.  Dixon converted a seven-story
historic former mattress factory on West Florida Street into the
100-room Iron Horse, which opened in 2008.  Dating to 2019, it has
been involved in lawsuits including its lender and a past operator.
Attorneys this week, and legal filings on behalf of the hotel's
owner, say the Covid-19 pandemic is a significant factor in its
current situation.

Iron Horse had reservations to fill about 11% of its full capacity
in 2020, 53.55% in 2021 and 52.29% to date in 2022, according to a
Tuesday-written declaration by Dixon filed in the Chapter 11 case.
Its revenue for 2020 was $3.4 million, increasing to $6.7 million
last year, according to that court filing.

"For a hotel, and for a restaurant, it was total financial
devastation that started in March 2020," Tuesday's, June 14, 2022,
court filing said. "The full effect of the shutdown was felt as a
complete shutdown for the hospitality industry for over a year,
until slowly — glacially — people started to go out, businesses
started to open, orders, bans and prohibitions started to lift."

That is in keeping with the local hotel industry overall as it
contended with the pandemic's impact on business and leisure
travel. Data analytics firm STR was reporting occupancy rates under
50% for the overall Milwaukee market in the early months of this
2022.

                      About Rider Hotel LLC

Rider Hotel, LLC, owns The Iron Horse Hotel, located at 500 W.
Florida St., in Milwaukee, Wisconsin.  Opened in 2008, the hotel
has about 100 rooms, two banquet facilities and two restaurants,
and features a motorcycle theme and decor building off the nearby
Harley-Davidson Museum.

Rider Hotel, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 22-10522) on June 9, 2022.
In the petition filed by Timothy J. Dixon, as president, the
Debtor reports estimated assets and liabilities between $10 million
and $50 million each.  Mark Minuti, of Saul Ewing Arnstein & Lehr
LLP, is the Debtor's counsel.


RITE AID CORP: Considers $150 Million Debt Repurchase
-----------------------------------------------------
Erin Hudson of Bloomberg Law reports that Rite Aid Corp. is seeking
to buy back up to $150 million of certain bonds at below-par prices
in its latest efforts to trim its debt load.

The Camp Hill, Pennsylvania-based company is willing to repurchase
up to $100 million of its 7.5% notes.  Bondholders who submit their
notes due in 2025 by June 27 are eligible to receive 87 cents on
the dollar for their holdings. The securities last traded at 81.25
cents on the dollar, according to Trace.

The company is also seeking to buy back bonds due between 2026 and
2028.

                     About Rite Aid Corp.

Rite Aid Corporation, through its subsidiaries, operates a chain of
retail drugstores in the United States.  The company operates
through two segments, Retail Pharmacy and Pharmacy Services.  Rite
Aid was founded in 1927 and is headquartered in Camp Hill,
Pennsylvania.  Rite Aid is the third-largest drugstore retailer in
the U.S. by revenue.  It operated 2,450 stores as of February
2022.

                          *     *     *

In June 2022, S&P Global Ratings lowered its issuer credit rating
on U.S.-based drugstore retailer Rite Aid Corp. to 'CC' from
'CCC+'.

"We view the exchange offer as distressed and not opportunistic,"
S&P said after Ride Aid announced that it is seeking to buy back up
to $150 million of certain bonds at below-par prices.

Rite Aid announced in June 2022 that it has commenced a below-par
cash tender offer for up to $150 million in aggregate principal
amount of the following notes:

  -- 7.50% senior secured notes due 2025;
  -- 8.00% senior secured notes due 2026; and
  -- The unguaranteed 7.70% unsecured notes due 2027 and 6.875%
notes due 2028.

The company would repurchase debt at about 13%-15% below par for
the 2025 and 2026 notes and at a much steeper discount for the 2027
and 2028 notes.

S&P said, "We view the proposed transaction as distressed because
we do not view that discount as minimal and the company does not
have significant
excess cash reserves on its balance sheet to fund the tender
without incurring additional debt."

S&P said, "We view the amount of debt being repurchased as more
than de minimis and continue to believe the company's ability to
execute a sustained turnaround of its operations is uncertain. We
note Rite Aid is conducting the tender several quarters before the
maturities of the tendered notes, which somewhat offsets these
considerations.  The company's cash balances totaled $40 million
and it had about $1.9 billion of borrowing capacity under its $2.8
billion ABL revolver as of Feb. 29, 2022. Rite Aid does not have
any upcoming debt maturities until 2025 when its revolver and term
loan come due. However, we believe the company would be unable to
withstand a low-probability, high-impact event without refinancing.
Also, we do not think it has a generally satisfactory or high
standing in the credit markets given its history of below-par debt
transactions."

"The negative outlook reflects that we will lower our issuer credit
rating on Rite Aid to 'SD' and our issue-level ratings on the
affected debt instruments to 'D' once the transaction closes. If
completed, the exchange offer will slightly reduce the company's
funded debt and alleviate some of its interest expense. However, it
will only marginally benefit Rite Aid's credit profile. Therefore,
we expect to raise our issuer credit rating on the company to
'CCC+' from 'SD' a few days after the completion of the tender
given the persistent weakness in its business."


RITE AID: Egan-Jones Keeps CCC Senior Unsecured Ratings
-------------------------------------------------------
Egan-Jones Ratings Company on April 27, 2022, maintained its 'CCC'
foreign currency and local currency senior unsecured ratings on
debt issued by Rite Aid Corporation. EJR also 'C' rating on
commercial paper issued by the Company.

Headquartered in Camp Hill, Pennsylvania, Rite Aid Corporation
operates a retail drugstore chain in various states and the
District of Columbia.



RUSSEL METALS: Moody's Ups CFR to Ba1 & Sr. Unsecured Notes to Ba2
------------------------------------------------------------------
Moody's Investors Service upgraded Russel Metals Inc.'s corporate
family rating to Ba1 from Ba2, its probability of default rating to
Ba1-PD from Ba2-PD and its senior unsecured rating to Ba2 from Ba3.
The company's Speculative Grade Liquidity Rating is unchanged at
SGL-2. The outlook remains stable.

"The upgrade of Russel's rating reflects its strong operating
performance and our expectation that the company is better
positioned to manage its exposure to steel price downturns with its
reduced exposure to OCTG/line pipe markets and strengthened balance
sheet," said Jamie Koutsoukis, Moody's analyst.

Upgrades:

Issuer: Russel Metals Inc.

Corporate Family Rating, Upgraded to Ba1 from Ba2

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

Senior Unsecured Canadian Notes, Upgraded to Ba2 (LGD5) from Ba3
(LGD4)

Outlook Actions:

Issuer: Russel Metals Inc.

Outlook, Remains Stable

RATINGS RATIONALE

Russel's rating benefits from its 1) solid market position in the
Canadian metal service center industry and the diversification
benefits of its US operations; 2) low leverage (debt to EBITDA of
0.6x at LTM Q1/22) that Moody's expects will remain below 2x; 3)
counter-cyclical working capital that enhances liquidity in down
markets; and 4) good liquidity. The rating is constrained by; 1)
low profit margins in a more normalized steel price environment
(average of a 7% operating margin from 2017-2021); 2) inconsistent
free cash flow  driven by large working capital swings; 3)
maintenance of its dividend that can exceed free cash flow in the
downcycle; and 4) exposure to cyclicality driven by changes in
steel pricing and demand which cause high variability in its
operating results and credit metrics.

Russel's credit profile has benefitted over the past year from
steel prices that remain elevated by historical standards, and
strong demand at its North American service centers.  Although
margins will moderate from recent elevated levels as the year
progresses, Moody's expects Russel's strategic initiatives to
include a reduction in its exposure to the Energy Products segment
and continued investment in Service Centers value-added processing
projects to support margins over time.  The company completed a
joint venture of its Canadian oil country tubular goods (OCTG)
/line pipe operations (TriMark joint venture) and liquidated  its
OCTG/line pipe inventory in its US operations as a means of
reducing exposure in the US market.  Historically this segment saw
the greatest volatility.

Russel is likely to participate in the consolidation of the
fragmented service center industry through acquisitions, however
Moody's expects the company will maintain a conservative balance
sheet. This was evidenced by Russel's acquisition of  Boyd Metals
in November 2021 which was funded with  cash.

Russel has good liquidity (SGL-2), with about CAD600 million of
available liquidity sources and no uses. Available liquidity
sources consist of CAD146 million of  cash at Q1 2022, CAD315
million of availability on its CAD450 million revolving credit
facility (September 2025), and free cash flow of about CAD145
million through June 2023. The credit facility consists of CAD400
million under Tranche I to be utilized for borrowings and letters
of credit and CAD50 million under Tranche II to be utilized only
for letters of credit. The borrowings and letters of credit are
available up to an amount equal to the sum of specified percentages
of the company's eligible accounts receivable and inventories, to a
maximum of CAD450 million. Russel has financial covenants
associated with its credit facility, including a fixed charge
coverage ratio of 1.1x, with which Moody's believes the company
will remain well in compliance. Russel's term debt of CAD150
million is due in October 2025 and CAD150 million due in March
2026.

The stable outlook reflects Moody's expectation that Russel will
maintain its leverage below 2x and will manage its inventory levels
to match market conditions.

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

The  ratings could be upgraded if the company significantly
increases its scale and broadens its end market diversity, adjusted
debt to EBITDA is sustained below 1.5x, operating margins are
sustained above 12%, and the company remains free cash flow
positive through various steel price points.

The ratings could be downgraded  if the company's adjusted debt to
EBITDA is sustained above 2.5x, or its operating margins fall below
5%.  Material debt financed acquisitions, or sustained negative
free cash generation (especially at the expense of maintaining its
dividend) could also result in a downgrade.

Russel Metals Inc. headquartered in Mississauga, Ontario, is a
leading North American metal distributor. The company operates
three segments: (1) Metals Service Centers (2) Energy Products and
(3) Steel Distributors. Revenues in 2021 were CAD4.2 billion.

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


S.K. MANAGEMENT: Seeks to Hire Wisdom Professional as Accountant
----------------------------------------------------------------
S.K. Management of New York, Inc. seeks approval from the U.S.
Bankruptcy Court for the Eastern District of New York to hire
Wisdom Professional Services Inc. as its accountant.

The firm's services include:

   a. gathering and verifying all pertinent information for the
Debtor's monthly operating reports; and

   b. assisting in the preparation of monthly operating reports.

Wisdom Professional Services will be paid $150 per report and will
be reimbursed for its out-of-pocket expenses.

The Debtor paid the firm a retainer of $1,800.

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

The firm can be reached at:

     Michael Shtarkman
     Wisdom Professional Services Inc.
     626 Sheepshead Bay Road Suite 640
     Brooklyn, NY 11224
     Tel: (718) 554-6672
     Email: michael@shtarkmancpa.com
            mshtarkmancpa@gmail.com

                 About S.K. Management of New York

S.K. Management of New York, Inc. filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y.
Case No. 22-40603) on March 24, 2022, listing $41.81 in assets and
$3,666,000 in liabilities. S.K. Management President Sam Katsman
signed the petition.

Judge Elizabeth S. Stong presides over the case.

Alla Kachan, Esq. at the Law Offices of Alla Kachan represents the
Debtor as legal counsel.


S.K. MANAGEMENT: Taps Law Offices of Alla Kachan as Counsel
-----------------------------------------------------------
S.K. Management of New York, Inc. seeks approval from the U.S.
Bankruptcy Court for the Eastern District of New York to hire the
Law Offices of Alla Kachan, P.C. to handle its Chapter 11 case.

The firm's services include:

     a. assisting the Debtor in administering the case;

     b. making such motions or taking such action as may be
appropriate or necessary under the Bankruptcy Code;

     c. representing the Debtor in prosecuting adversary
proceedings to collect assets of the estate and such other actions
as the Debtor deems appropriate;

     d. taking necessary steps to marshal and protect the estate's
assets;

     e. negotiating with creditors in formulating a plan of
reorganization for the Debtor;

     f. drafting and prosecuting the confirmation of the Debtor's
plan of reorganization;

     g. rendering such additional services as the Debtor may
require in its bankruptcy case.

The firm charges $475 per hour for attorneys and $250 per hour for
paraprofessionals. In addition, the firm will seek reimbursement
for its out-of-pocket expenses.

The retainer fee is $15,000.

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

The firm can be reached at:

     Alla Kachan, Esq.
     Law Offices of Alla Kachan, P.C.
     2799 Coney Island Avenue, Suite 202
     Brooklyn, NY 11235
     Tel: (718) 513-3145
     Fax: (347) 342-3156
     Email: alla@kachanlaw.com

                 About S.K. Management of New York

S.K. Management of New York, Inc. filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y.
Case No. 22-40603) on March 24, 2022, listing $41.81 in assets and
$3,666,000 in liabilities. S.K. Management President Sam Katsman
signed the petition.

Judge Elizabeth S. Stong presides over the case.

Alla Kachan, Esq. at the Law Offices of Alla Kachan represents the
Debtor as legal counsel.


SAMARCO MINERACAO: Creditors to Discuss Rival Proposals June 21
---------------------------------------------------------------
Reuters reports that the judge overseeing Brazilian miner Samarco
Mineracao's bankruptcy has scheduled a mediation hearing between
the company, shareholders Vale and BHP and creditors to hammer out
a restructuring agreement.

Creditors rejected the company's last proposal on April 18, 2022
and filed an alternative plan a month later, in which a
debt-for-equity swap would turn them into Samarco's controlling
shareholders.

Unions representing employees presented another plan on May 19,
2022 with Samarco and its shareholders' support.

Judge Adilon Claver de Resende said the mediation hearing aims to
find middle ground between the proposals.  It has not yet been
decided how the restructuring would proceed with the two competing
plans.

                     About Samarco Mineracao SA

Samarco Mineracao SA is a Brazilian mining joint venture between
BHP Group and Vale SA. It serves as an iron ore processing
company.

The company provides blast furnace, direct reduction, sinter feed,
as well as low and normal silica content pellets.

On April 9, 2021, the Debtor filed a voluntary petition for
judicial reorganization in the 2nd Business State Court for the
Belo Horizonte District of Minas Gerais in Brazil pursuant to
Brazilian Federal Law No. 11,101 of Feb. 9, 2005.

Samarco Mineracao filed for Chapter 15 bankruptcy recognition
(Bankr. S.D.N.Y. Case No. 21-10754) on April 19, 2021, in New York,
to seek U.S. recognition of its Brazilian proceedings.

The Debtor's U.S. counsel is Thomas S. Kessler of Cleary Gottlieb
Steen & Hamilton LLP.


SANTA FE ARCHDIOCESE: No Big Complications to Sex Abuse Settlement
------------------------------------------------------------------
Rick Ruggles of Santa Fe New Mexican reports that an official
settlement plan in the Archdiocese of Santa Fe's bankruptcy remains
to be completed, but there are no serious complications, attorneys
said Tuesday, June 14, 2022.

Archdiocese attorney Thomas Walker told U.S. Bankruptcy Judge David
Thuma he had hoped to have the Chapter 11 reorganization plan drawn
up Wednesday for the bankruptcy case prompted by clergy sexual
abuse of at least 375 people. Some details, however, still must be
worked out, he said.

"But we hope to [have it] shortly," Walker said.

Neither Walker, Thuma nor other attorneys involved in Tuesday's
conference suggested there were any problems.  Attorneys told Thuma
last May 2022 they had agreed on a $121.5 million settlement among
the archdiocese, insurance companies and the accusers, most of
whose allegations date to their childhoods.

The Archdiocese of Santa Fe filed for Chapter 11 bankruptcy in
December 2018.  Several insurance companies had balked over
elements of their contracts with the archdiocese but reached a
resolution by mid-May 2022.  The insurers' payouts are vital to a
settlement.

"They're onboard on the amount they're going to pay," Brad Hall, an
Albuquerque attorney who, with some other lawyers, represents about
140 accusers, said in an interview.

A majority of accusers still must vote to approve the plan.  The
vote is expected to take place in late summer or early fall, and
money could be distributed by October, attorneys said last month.

A third-party expert would determine how the money would be divided
among the accusers — evenly, for instance, or by duration and
severity of the abuse.

Daniel Fasy, a Seattle attorney representing numerous accusers,
said the delay in producing an official plan was no reason for
alarm.

"As far as I know, there's nothing problematic with that," Fasy
said in a phone interview.  "It all sounded like I expected."

Clarity emerged Tuesday in the role, if there is any, of
third-party religious orders such as the Servants of the Paraclete.
That order of priests ran a rest and rehabilitation center in
Jemez Springs for emotionally disturbed, alcoholic and exhausted
priests beginning in 1947.

Eventually, the center became a place for many pedophile priests,
some who eventually worked at New Mexico parishes and molested more
children.

Walker said third-party religious orders could join the bankruptcy
plan, but the money they would contribute would be on top of the
$121.5 million. "They need to get on quickly," Walker said. "And if
they can't, they can't."

Hall said the participation of third-party religious orders isn't
vital. "If they don't, that's fine, then we'll still settle the
case with the archdiocese." Those religious orders could be sued
separately, he said.

The Servants of the Paraclete have left Jemez Springs but have a
presence in Missouri and other places. Hall said several other
religious orders could be involved in the bankruptcy case,
including the Sons of the Holy Family and the Basilians.

Walker said Tuesday his aim now is to have a plan by the end of the
month, and Thuma scheduled another conference for June 30. Thuma
said he was satisfied that "you guys are working hard."

"It's in pretty good shape," Walker said of the plan. "But there's
still a lot of work to do, and we're on it."

                  About Roman Catholic Church
                 of The Archdiocese of Santa Fe

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

The Archdiocese of Santa Fe sought Chapter 11 protection (Bankr.
D.N.M. Case No. 18-13027) on Dec. 3, 2018, to deal with child abuse
claims. It reported total assets of $49,184,579 and total
liabilities of $3,700,000 as of the bankruptcy filing.

Judge David T. Thuma oversees the case.

The archdiocese tapped Elsaesser Anderson, Chtd. and Walker &
Associates, P.C., as bankruptcy counsel; Stelzner, Winter,
Warburton, Flores, Sanchez & Dawes, P.A as special counsel; and
REDW, LLC as accountant.

Liz McGuire, associate broker with Coldwell Banker Legacy, is the
real estate broker.


SBA COMMUNICATIONS: Egan-Jones Hikes Sr. Unsecured Ratings to B+
----------------------------------------------------------------
Egan-Jones Ratings Company on May 9, 2022, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by SBA Communications Corporation B+ from B-.

Headquartered in Boca Raton, Florida, SBA Communications
Corporation owns and operates wireless communications
infrastructure in the United States.



SCOTTS MIRACLE-GRO: S&P Alters Outlook to Neg., Affirms 'BB' ICR
----------------------------------------------------------------
S&P Global Ratings affirmed all its ratings on The Scotts
Miracle-Gro Co., including its 'BB' issuer credit rating and 'B+'
rating on its senior unsecured notes. S&P believes consumers will
continue to spend on lawn and garden products more than they did
before the COVID-19 pandemic given the sizable investments made in
housing the last few years, albeit well below elevated 2020-2021
levels. S&P also expects the company to manage the business for
cash and pay down debt until it restores leverage to its target
3.5x company-defined metric.

S&P said, "We revised our outlook to negative from stable given the
potential for a lower rating over the next 12 months if we forecast
that the company will not improve S&P Global Ratings-adjusted
leverage in fiscal 2023 to below 4x.

"We affirmed our ratings despite weak performance in 2022 because
we think much of the shortfall is weather-related and the company
is addressing ongoing economic risks.

"We forecast that Scotts' performance in 2022 will decline
substantially from unsustainable highs reported in 2020-2021. Major
hindrances include poor weather--particularly unseasonably high
rain and cool temperatures across the U.S.--which caused many
homeowners to skip the high-margin spring lawn fertilizer season.
We still expect relatively high homeowner spending in 2023 given
the sizable investments made in homes and indications this year
that consumer point-of-sale spending increased substantially when
weather improved. But much of the subsequent demand rebound came
from lower-margin gardening purchases, and retailers are reducing
inventories as opposed to restocking lawn and garden supplies. We
also see no significant rebound in the Hawthorn business due to
oversupply conditions in the cannabis sector. These factors should
result in adjusted leverage of about 4.5x in 2022, above our
downgrade trigger.

"Assuming more typical weather conditions next year, we still
believe consumers will spend more than in 2019 due to the recent
housing boom. While a modest downturn could dent lawn and garden
spending, we doubt homeowners will dramatically reduce expenditures
given the housing investment already. Sales and operating profits
in consumer products increased during the 2008 global financial
downturn, although profitability was aided by input cost deflation,
which seems unlikely in the U.S. anytime soon absent a significant
economic downturn. We nevertheless believe adjusted leverage will
improve to slightly below 4x in 2023 despite flat adjusted EBITDA
because working capital should come down significantly. We project
a $300 million working capital source of liquidity in 2023,
contributing to over $600 million in free operating cash flow
(FOCF) compared to a $275 million use in 2022, leading to
break-even FOCF. We expect most discretionary cash flow (after
dividends) will be used for debt repayment, with little to no
acquisitions or share repurchases given Scotts' intention to reduce
leverage and limitations contained in the recent credit facility
amendment."

Clear macroeconomic risk could derail our forecast credit metric
improvement.

S&P Global economists estimate the probability of a recession in
the U.S. over the next 12 months at about 30%. A prolonged downturn
with sustained high inflation could lead to sales and profit
shortfalls, especially if Scotts must absorb higher costs given
store brand rivals in many of its categories. The company recently
indicated that commodities, which include urea, diesel, and resins,
will constitute about one-third of cost of goods sold in 2022. S&P
believes consistent with its policy that the company has locked in
a portion of its 2023 commodity needs. However, a sizable portion
remains unhedged, so a material rise in costs could erode profit.
Its rating assumes an adequate supply of key commodities required
to make its products.

The negative outlook reflects the potential for a lower rating over
the next 12 months if S&P forecasts that Scotts will not improve
adjusted leverage in fiscal 2023 to below 4x. This could result
from:

-- Lower consumer demand, likely due to a recession, which could
be exacerbated if centered around a deteriorating housing market.

-- Sustained high inflation in fertilizer inputs and energy,
potentially leading to margin deterioration or share gains by store
brand rivals.

-- A dramatic shift in consumer spending away from lawn and garden
toward social activities as pandemic risk declines.

-- Poor weather conditions in the peak selling season.

-- S&P could also lower the rating if it forecasts covenant
cushion could drop below 10%.

S&P could revise the outlook to stable if Scotts manages probable
weak economic conditions such that it projects adjusted leverage
will be sustained between 3x and 4x. This could occur if:

-- Consumers continue to purchase more lawn and garden products
than before the pandemic.

-- Input cost inflation moderates, or the company successfully
offsets high inflation with effective hedging and pricing.

-- Favorable weather conditions support solid demand for lawn and
garden products.

-- Financial policy continues to target company-defined leverage
of about 3.5x.



SEAGATE TECHNOLOGY: Egan-Jones Keeps BB+ Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company on May 9, 2022, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Seagate Technology, LLC.

Headquartered in Cupertino, California, Seagate Technology, LLC
manufactures and distributes hard drives and storage solutions.




SENSATA TECHNOLOGIES: Egan-Jones Keeps BB- Sr. Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company on May 16, 2022, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Sensata Technologies Holding N.V.

Headquartered in Attleboro, Massachusetts, Sensata Technologies
Holding N.V. develops, manufactures, and sells sensors and
controls.



SERVICE ONE: Trustee Taps Wellborn as Home Construction Consultant
------------------------------------------------------------------
Mark Weisbart, Subchapter V trustee for Service One, LLC seeks
approval from the U.S. Bankruptcy Court for the Eastern District of
Texas to hire Wellborn, Inc. as its home construction consultant.

The firm will render these services:

     a. advice involving on-going operational issues relating to or
experienced by the Debtor;

      b. assist with and supervise its construction projects and
jobs and oversight functions; and

      c. perform all other consulting services and provision of
such other advice, analyses and evaluations as the Trustee may
require in his sound business judgment.

Wellborn has agreed to provide the services at the rate of $150 per
hour, plus reimbursement of expenses.

Wellborn represents no interests adverse to the Debtor or any other
entity in connection with this case and is a "disinterested
persons" within the meaning of 11 U.S.C. Sec. 101(14), according to
court filings.

The firm can be reached through:

     Todd Wellborn
     Wellborn, Inc.
     P.O. Box 190422
     Dallas, TX 75219
     Phone: (214) 957-5162

                         About Service One

Service One, LLC specializes in construction, roofing, insurance
estimating and claims, construction and property management, and
renovation services. The company is based in Addison, Texas.

Service One filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. E.D. Texas Case No. 22-40503) on April 21,
2022, listing as much as $10 million in both assets and
liabilities. Mark A. Weisbart serves as Subchapter V trustee.

Christopher J. Moser, Esq., at Quilling, Selander, Lownds, Winslett
& Moser, PC and Lain, Faulkner & Co., P.C. serve as the Debtor's
legal counsel and accountant, respectively.


SHREENATH HOLDINGS: SARE Files for Chapter 11 Bankruptcy
--------------------------------------------------------
Shreenath Holding LLC, a single asset real estate, filed for
chapter 11 protection in the District of New Jersey, without
stating a reason.

According to court filings, Shreenath Holding estimates between 1
and 49 creditors.  The petition states funds will be available to
unsecured creditors.

Parag P. Parikh, the managing member, owns 67% of the interests,
while Jitesh Parikh owns the remaining 33%.

A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
July 21, 2022 at 11:00 AM at Telephonic.  Proofs of claim are due
by Aug. 24, 2022.  Government proofs of claim are due by Dec. 12,
2022.

                    About Shreenath Holding

Shreenath Holding LLC is a Single Asset Real Estate (as defined in
11 U.S.C. Sec. 101(51B)), with its principal asset located at 1700
E. 2nd Street, Scotch Plains, NJ 07076.

Shreenath Holding LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 22-14886) on June 15,
2022. In the petition filed by Parag P. Parikh, as member, the
Debtor reports estimated assets between $500,000 and $1 million and
estimated liabilities between $1 million and $10 million. David
Stevens, of Scura Wigfield, Heyer, Stevens & Cammarota LLP, is the
Debtor's counsel.


SILGAN HOLDINGS: Egan-Jones Keeps BB Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company on May 10, 2022, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Silgan Holdings Inc.

Headquartered in Stamford, Connecticut, Silgan Holdings Inc. and
its subsidiaries manufacture consumer goods packaging products.



SIRIUS XM: Egan-Jones Keeps BB+ Senior Unsecured Ratings
--------------------------------------------------------
Egan-Jones Ratings Company on May 12, 2022, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Sirius XM Holdings Inc.

Headquartered in New York, New York, Sirius XM Holdings Inc.
broadcasts various channels of audio from its satellites.



SIX FLAGS: S&P Raises Senior Secured Debt Rating to 'BB'
--------------------------------------------------------
S&P Global Ratings raised its issue-level rating on Six Flags
Entertainment Corp.'s senior secured debt to 'BB' from 'BB-'
following the company's announcement that it issued a notice of
redemption on its $725 million 7.00% senior secured notes due 2025.
Six Flags' senior secured debt includes a $481 million revolving
credit facility due 2024, a $479 million senior secured term loan
due 2026, and $365 million of secured notes due 2025. The company
will redeem the notes on July 1, 2022. S&P also revised its
recovery rating on the debt to '1' from '2'. The '1' recovery
rating indicates its expectation for very high recovery (90%-100%;
rounded estimate: 95%) in the event of a payment default or
bankruptcy.

S&P said, "Our 'B-' issue-level rating and '6' recovery rating on
Six Flags' outstanding $949 million senior unsecured notes due 2024
and $500 million senior unsecured notes due 2027 are unchanged.

"Our 'B+' issuer credit rating and positive outlook on Six Flags
are also unchanged. The positive outlook reflects that we could
raise our rating on the company if we believe it will sustain
leverage of less than 5x after incorporating the volatility over an
economic cycle and an associated decline in consumer discretionary
spending.

"While we expect Six Flags to reduce its leverage to the 3.5x-4.0x
range in 2022, we are not raising the rating at this time because
we intend to evaluate management's premiumization strategy over the
course of the 2022 summer season. Under CEO Selim Bassoul, the
company has emphasized raising prices and per-capita spending in
lieu of returning attendance to pre-pandemic levels. Through the
first quarter, the company's admission per capita and in-park
spending were up 31% and 39%, respectively, compared with last year
and have thus far offset the slower recovery in its attendance,
which remains approximately 22% below 2019 levels. However, we
believe that Six Flags' reliance on higher prices could lead to a
steeper drop in its attendance in the event of a recessionary pull
back in consumer discretionary spending. Upon the close of the
summer season, we intend to evaluate the company's strategy shift,
as well as the amount of cushion it maintains relative to our 5x
leverage threshold at the current rating."

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- S&P's 'BB' issue-level rating and '1' recovery rating on Six
Flags' $481 million senior secured revolving credit facility due
2024 (that steps down to $350 million as of Dec. 31, 2022), $479
million senior secured term loan due 2026, and $365 million secured
notes due 2025 indicate its expectation for substantial (90%-100%;
rounded estimate: 95%) recovery for lenders in the event of a
payment default.

-- S&P's 'B-' issue-level rating and '6' recovery rating on Six
Flags' outstanding $949 million senior unsecured notes due 2024 and
$500 million senior unsecured notes due 2027 indicate its
expectation for negligible (0%-10%; rounded estimate: 5%) recovery
for lenders in the event of a payment default.

Simulated default scenario

-- S&P's simulated default scenario contemplates a default
occurring by 2026 due to a severe economic downturn, tighter
consumer credit markets, and an overall decline in consumer
discretionary spending that leads to substantially reduced demand
for Six Flags' memberships and tickets.

-- S&P assumes a reorganization following the default and use an
emergence EBITDA multiple of 6.5x (consistent with the multiples we
use for other theme park operators) to value the company.

Simplified waterfall

-- Emergence EBITDA: $234 million

-- EBITDA multiple: 6.5x

-- Net recovery value (after 5% administrative costs): $1.43
billion

-- Obligor/nonobligor valuation split: 87%/13%

-- Estimated secured claims: $1.3 billion

-- Value available for secured claims: $1.36 billion

    --Recovery expectations: 90%-100% (rounded estimate: 95%)

-- Estimated senior unsecured claims: $1.48 billion

-- Value available for unsecured claims: $127 million

    --Recovery expectations: 0%-10% (rounded estimate: 5%)

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



SKYWEST INC: Egan-Jones Keeps B Senior Unsecured Ratings
--------------------------------------------------------
Egan-Jones Ratings Company on May 16, 2022, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by SkyWest, Inc.

Headquartered in St. George, Utah, SkyWest, Inc. operates regional
airlines that offer scheduled passenger service to destinations in
the United States, Canada, Mexico, and the Caribbean.




SNC-LAVALIN: DBRS Confirms BB(high) Issuer Rating, Trend Stable
---------------------------------------------------------------
DBRS Limited confirmed the Issuer Rating and Senior Debentures
rating of SNC-Lavalin Group Inc. at BB (high) with Stable trends.
DBRS Morningstar also confirmed the Recovery Rating of the Senior
Debentures at RR4. These actions primarily reflect the favorable
earnings and cash flow generating performance in 2021, along with a
modest decline in total recourse debt and lease liabilities. These
dynamics led to improved credit metrics. DBRS Morningstar also
considered the progress made on the reduction of the remaining
large-scale lump sum turnkey (LSTK) project backlog, as well as the
additional losses associated with these activities in 2021.

The rating confirmations reflect SNC's market position as a top-10
globally recognized firm in the engineering consulting sector, and
its large workforce of highly skilled professionals with
demonstrated expertise and capacity for handling complex,
large-scale service activities across a number of subsectors,
including Transportation, Power (including nuclear), Water, and
Hazardous Waste, among others. The ratings also incorporate DBRS
Morningstar's views on the Company's healthy degree of geographic
and customer diversification, with the latter being characterized
by long-term engagements with very high-quality clients, the
majority of which are from the public sector. The rating
confirmations also reflect DBRS Morningstar's views regarding
potential additional cost overruns associated with SNC's remaining
large-scale LSTK construction projects, a challenging and somewhat
volatile global macroeconomic environment, and reputational/
litigation risks. On the latter point, DBRS Morningstar notes the
progress made by the Company in firming up its internal control
systems as well as the existence of an external monitor. Over time,
DBRS Morningstar will continue to assess the extent to which this
risk has normalized in line with the sector as a whole.

Over the last 12 months, operating performance has generally been
favorable, notwithstanding the further disappointments associated
with cost overruns at the LSTK projects. Overall, the financial
profile has improved, a development consistent with DBRS
Morningstar's expectations stated in April 2021.

DBRS Morningstar expects that the amount of business risk will
decline over the next 12 months, primarily as certain large-scale
LSTK projects are completed. Should this transpire on schedule, it
would represent a notable decrease in the overall business risk.

In terms of financial risk, DBRS Morningstar expects that key
credit metrics will continue to support the current rating,
including a conservative view, which includes some further LSTK
project cost overruns in the base case. Ultimately, DBRS
Morningstar expects the financial profile to begin to move well
into the investment grade range heading into 2023.

Overall, a key issue remains the uncertainty associated with the
large, unfinished LSTK projects. Once clear evidence of this risk
being substantially reduced to the point of only modest materiality
is observed, DBRS Morningstar anticipates that the Company will
present a notably different overall risk profile. The clearly
robust core engineering services strengths across the firm would
then play the dominant role in the underlying credit risk profile,
and DBRS Morningstar would likely take an additional step to
reflect this in the choice of methodology and overlay risk
factoring. This would be a favorable development from a credit
perspective and a positive rating action may be considered. While
not expected at present, significant deviation from DBRS
Morningstar's expectations, especially with respect to the
projected financial risk profile of the LSTK construction risks
could result in a negative rating action.

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



SONOCO PRODUCTS: Egan-Jones Keeps B+ Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company on May 6, 2022, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by Sonoco Products Company.

Headquartered in Hartsville, South Carolina, Sonoco Products
Company manufactures industrial and consumer packaging solutions
for customers around the world.



SOUTHERN VETERINARY: Moody's Rates $140MM 1st Lien Loan Add-on 'B2'
-------------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to Southern
Veterinary Partners, LLC's ("SVP") proposed $140 million 1st Lien
term loan add-on, and a Caa2 rating to its proposed $110 million
2nd lien term loan add-on. There is no change to the company's B3
Corporate Family Rating, B3-PD probability of default rating, B2
rating on existing 1st Lien senior secured credit facilities, and
Caa2 rating on existing 2nd lien debt. The outlook remains stable.

Proceeds from the term loan add-ons will be used to fund
acquisitions under letters of intent, pay related fees, and add
cash to the balance sheet. The debt financed transaction is credit
negative, as it raises leverage and will increase the company's
annual interest burden by approximately $16 million annually.
Moody's estimates debt/EBITDA will rise to approximately 8.9x (pro
forma for the term loan add-ons, and acquired business under letter
of intent), as of March 31, 2022, up from approximately 8.2 times,
on Moody's adjusted basis. Further, Moody's expects SVP will remain
acquisitive and is likely to fund future acquisitions at least
partly with incremental debt.

Moody's notes that SVP has a track record of successfully
integrating acquisitions, which supports the credit profile despite
the aggressive acquisition pace. The credit profile is also
supported by the company's good liquidity, driven by projected free
cash flow of about $40 to $50 million over the next 12 months,
approximately $106 million of cash at transaction close, and an
undrawn $30 million revolving credit facility expiring in 2025.
Moody's also notes that the company has managed operating costs
successfully during the recent inflationary period, driving
continued margin expansion and strong organic earnings growth.

The B2 ratings on SVP's first-lien senior secured credit facilities
is one notch higher than the B3 CFR. This reflects the facilities'
first priority lien on substantially all assets. The Caa2 rating on
its second-lien debt is two notches below the CFR. This reflects
the effective subordination of the term loan to the senior secured
credit facilities. All senior secured facilities are guaranteed by
all existing and future domestic subsidiaries of the borrower.

Assignments:

Issuer: Southern Veterinary Partners, LLC

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

Senior Secured 2nd Lien Term Loan, Assigned Caa2 (LGD6)

RATINGS RATIONALE

Southern Veterinary Partners, LLC's B3 Corporate Family Rating
(CFR) broadly reflects its very high financial leverage
(Moody's-adjusted debt-to-EBITDA of 8.9 times on a pro forma
basis), which Moody's expects to persist as the company continues
to use debt to fund acquisitions. The rating is also constrained by
the company's moderate absolute scale, and financial policy risks
related to its aggressive acquisition strategy and private equity
ownership. There are risks to the company's rapid growth strategy,
including an inability to integrate and manage growth, and a high
level of recurring expenses which constrain cash flow.

SVP's rating benefits from favorable long term trends in the pet
care sector that underpin Moody's expectation for healthy
same-store sales growth in the mid-single-digits. The rating is
also supported by the company's good track record of integrating
acquisitions, as well as its ability to successfully manage costs
through the recent inflationary period.

SVP's good liquidity profile is supported by Moody's expectation of
$40 to $50 million of positive free cash flow over the next 12
months, cash balance of $106 million at close of the transaction,
and full access to a $30 million revolving credit facility due
2025.

The stable outlook reflects Moody's expectation that leverage will
remain very high as SVP continues to use debt to fund acquisitions,
but that the company's relatively stable business profile will
result in sustained mid-single digit top line growth, along with
substantial positive free cash flow.

Social and governance considerations are material to SVP's credit
profile. Growth in the number of US households that own pets
provides for a favorable long term trend in the pet care sector
that underpins healthy same-store sales growth. Among governance
considerations, SVP's financial policies under private equity
ownership are aggressive, reflected in its ongoing strategy to
supplement organic growth with debt-funded acquisitions.

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

The ratings could be upgraded if the company delivers sustained
revenue and earnings growth and is successful in integrating
acquisitions. Moderation of financial policies, partially evidenced
by debt/EBITDA sustained below 6.5 times, along with good liquidity
supported by sustained positive free cash flow could also support
an upgrade.

The ratings could be downgraded if operational performance
deteriorates or liquidity weakens, or the company fails to generate
positive free cash flow. Inability to manage its rapid growth, or
if EBITA-to-interest falls below one times, could also put downward
pressure on the company's ratings.

Headquartered in Birmingham, Alabama, Southern Veterinary Partners,
LLC ("SVP") is a national veterinary hospital consolidator,
offering a full range of medical products and services, and
operating 315 general practice locations across 20 states. The
company generated pro forma revenues of approximately $982 million
for the twelve months ended March 31, 2022. SVP is a portfolio
company of private equity firm Shore Capital Partners.

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.


SPECTRUM BRANDS: Egan-Jones Keeps B+ Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company on May 20, 2022, maintained its 'B+'
local currency senior unsecured ratings on debt issued by Spectrum
Brands Legacy, Inc.

Headquartered in Madison, Wisconsin, Spectrum Brands Legacy, Inc.
provides consumer products.



STIMWAVE TECHNOLOGIES: Files Chapter 11 to Sell to Kennedy
----------------------------------------------------------
Simwave Technologies Incorporated and its subsidiary, Stimwave LLC,
a leading provider of neurostimulation devices offering chronic
pain relief, announced June 15, 2022, that it has reached an
agreement to sell substantially all of its assets to Kennedy Lewis
Management LP or its affiliate.

Since 2020, the Company has successfully re-structured its entire
team and business operations.  The new Stimwave team has worked
closely with physicians, customers, professional societies,
multiple governing agencies, and others to build a robust, trusted
foundation.  During this time, the Company's unique neuromodulation
therapies and services have helped more physicians treat patients
who historically had limited, if any, alternative options to
opioids. The Company is now ready for its next chapter of continued
growth, while establishing a new standard of care in the field of
peripheral nerve stimulation (PNS) for many more patients in the
future.

The Company also announced that it has received a commitment from
Kennedy Lewis for up to $40 million in debtor-in-possession
financing.  These new funds will enable the Company to operate its
business uninterrupted and to continue to grow while providing the
highest level of service to physicians and the patients they
serve.

Aure Bruneau, CEO of Stimwave commented: "We are excited about the
continued growth we have experienced over the last two years,
during a challenging time. We are grateful for our customers'
partnership and the positive impact our therapy provides for their
patients.  The sale process we are undertaking will have an
efficient and prompt exit, while we maintain our day-to-day
commitment to meet our customers' and patients' support needs with
the high standards of quality they expect from us."

To facilitate the sale of assets and the financing, Stimwave has
filed for voluntary Chapter 11 bankruptcy protection in the U.S.
Bankruptcy Court for the District of Delaware.  The proposed sale
will be conducted through a court-supervised process and subject to
potential receipt of higher or better offers to purchase the
Company. The Company expects that the sale will close within the
next 90-120 days.

Under Section 363 of the U.S. Bankruptcy Code, Kennedy Lewis would
serve as the "stalking horse" bidder in the proposed auction,
establishing a minimum value of the Company's assets.  In order to
maximize the asset price, the Court approved bidding procedures
would allow for additional qualified prospective bidders to
participate in an auction process.

                  About Stimwave Technologies

Stimwave Technologies Incorporated is a privately-held medical
device company engaged in the development, manufacture,
commercialization and marketing of wireless microsize injectable
medical devices for neurology markets.

Stimwave Technologies Incorporated and affiliate Stimwave LLC
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. D. Del. Case No. 22-10541) on June 15, 2022.

In the petition filed by CEO Aure Bruneau, Stimwave Technologies
estimated assets between $50 million and $100 million and estimated
liabilities between $10 million and $50 million.

YOUNG CONAWAY STARGATT & TAYLOR, LLP, and GIBSON, DUNN & CRUTCHER
LLP serve as the Debtor's counsel.  RIVERON RTS, LLC, is the
financial advisor; and GLC ADVISORS & CO., LLC is the investment
banker.  HONIGMAN LLP and  JONES DAY serve as the special counsel.
KROLL RESTRUCTURING ADMINISTRATION is the claims agent.


STIMWAVE TECHNOLOGIES: Gets Court OK to Tap $12M Interim Financing
------------------------------------------------------------------
Leslie A. Pappas of Law360 reports that a Delaware bankruptcy court
judge approved $12 million in interim financing for medical device
company Stimwave Technologies at a first-day hearing Thursday, June
16, 2022, overruling objections from equity holders that the
company was shutting them out.

The interim financing, part of a $40 million total commitment from
prepetition lender Kennedy Lewis Capital Partners, is "necessary"
to stabilize the company during the bankruptcy process, U. S.
Bankruptcy Judge Karen B. Owens of the District of Delaware said,
assuring the shareholders that they would still have the chance to
raise concerns at future hearings.

               About Stimwave Technologies Inc.

Stimwave Technologies Incorporated is a privately-held medical
device company engaged in the development, manufacture,
commercialization and marketing of wireless microsize injectable
medical devices for neurology markets.

Stimwave Technologies Incorporated and affiliate Stimwave LLC
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. D. Del. Case No. 22-10541) on June 15, 2022.

In the petition filed by CEO Aure Bruneau, Stimwave Technologies
estimated assets between $50 million and $100 million and
liabilities between $10 million and $50 million.

YOUNG CONAWAY STARGATT & TAYLOR, LLP, and GIBSON, DUNN & CRUTCHER
LLP serve as the Debtor's counsel.  RIVERON RTS, LLC, is the
financial advisor; and GLC ADVISORS & CO., LLC is the investment
banker.  HONIGMAN LLP and  JONES DAY serve as the special counsel.
KROLL RESTRUCTURING ADMINISTRATION is the claims agent.


STONEX GROUP: Egan-Jones Keeps B+ Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company on April 25, 2022, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by StoneX Group Inc. EJR also 'B' rating on commercial
paper issued by the Company.

Headquartered in New York, New York, StoneX Group Inc. is an
institutional-grade financial services network that connects
companies, organizations, and investors to the global markets
ecosystem through digital platforms, end-to-end clearing, and
execution services.



T-MOBILE USA: Egan-Jones Keeps B+ Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company on May 19, 2022, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by T-Mobile USA, Inc.

Headquartered in Bellevue, Washington, T-Mobile USA, Inc. provides
telecommunications services.



TALEN ENERGY: King & Spalding Updates on Term Lenders Group
-----------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of King & Spalding LLP submitted a first amended
verified statement to disclose an updated list of members of Ad Hoc
Term Loan and Secured Notes Group that it is representing in the
Chapter 11 cases of Talen Energy Supply, LLC, et al.

In August 2021, certain holders, or investment advisors,
sub-advisers or managers of the account of such holders, of the (A)
(1) 7.250% secured notes due May 15, 2027; (2) 6.625% secured notes
due January 15, 2028; and (3) 7.625% secured notes due June 1,
2028, each issued by Talen Energy Supply, LLC and (B) Loans under
that certain Term Loan Credit Agreement, dated as of July 8, 2019,
by and among Talen Energy Supply, LLC, the guarantors party
thereto, Wilmington Trust, as administrative agent and the lenders
from time to time party thereto, engaged King & Spalding LLP to
represent them in connection with the potential restructuring of
the Debtors. Since that time, through June 2022, additional holders
have engaged K&S in connection with the potential restructuring and
joined the Ad Hoc Term Loan and Secured Notes Group.

K&S represents only the Ad Hoc Term Loan and Secured Notes Group
and does not represent or purport to represent any entity or
entities other than the Ad Hoc Term Loan and Secured Notes Group in
connection with the Debtors' chapter 11 cases.

As of June 6, 2022, members of the Ad Hoc Term Loan and Secured
Notes Group and their disclosable economic interests are:

Assured Investment Management LLC
1633 Broadway, 25th Floor
New York, NY 10019
Attn: Adam Sidor

* Term Loan B: $18,168,579

Bank of America, N.A. and BofA Securities, Inc.
One Bryant Park
3rd Floor
New York, NY 10036
Attn: Alexander Townsend

* Term Loan B – $4,500,000

* 7.250% Secured Notes due 2027 – $12,067,000

* 6.625% Secured Notes due 2028 – $2,174,000

* 7.625% Secured Notes due 2028 – $12,805,000

* Unsecured Notes 6.5s due 2025 – $250,000

* Unsecured Notes 10.5s due 2026 – (Short) $1,654,000

* Unsecured Notes 6.0s due 2036 – $78,000

* Net seller of CDS totaling $15,000,000 notional across various
  contracts and net buyer of CDS totaling $15,000,000 notional
  across various contracts.

Citadel Advisors LLC
131 S Dearborn St
Chicago, IL 60603
Attn: CitadelAgreementNotice@citadel.com

* 7.250% Secured Notes due 2027: $1,000,000

* 7.625% Secured Notes due 2028: $10,000,000

Davidson Kempner Capital Management LP
520 Madison Avenue, 30th Floor
New York, NY 10022
Attn: Louis Littman

* Term Loan B: $1,000,000

Intermarket Corporation
88 7th Ave #27
New York, NY 10019
Attn: Sheldon Rubin

* 7.250% Secured Notes due 2027: $2,000,000

* 6.625% Secured Notes due 2028: $10,500,000

Marathon Asset Management LP
1 Bryant Park, 38th Floor
New York, NY 10036
Attn: Michael Alexander and Shiv Mady

* 7.250% Secured Notes due 2027: $38,642,000

* 6.625% Secured Notes due 2028: $55,020,000

* 7.625% Secured Notes due 2028: $15,000,000

* LMBE Term Loan: $6,306,757

* DIP: $40,000,000

MJX Asset Management LLC
MJX Venture Management LLC
MJX Venture Management II LLC
MJX Venture Management III LLC
12 East 49th Street, 38th Floor
New York, NY, 10017
Attn: Kenneth Ostmann
      Andrew Burns
      Fred Taylor

* Term Loan B: $33,523,250

* LMBE Term Loan: $23,639,663

* DIP: $35,000,000

Monarch Alternative Capital LP
Attn: Joseph Citarrella and Andrew Weinstock
535 Madison Avenue
New York, NY 10022

* Commodity Accordion Facility: $29,500,000

* Term Loan B: $89,375,332

* 7.250% Secured Notes due 2027: $48,000,000

* 6.625% Secured Notes due 2028: $34,000,000

* 7.625% Secured Notes due 2028: $28,000,000

Napier Park Global Capital (US) LP
280 Park Avenue, 3rd Floor
New York, NY 10017
Attn: Dave Garg

* 6.625% Secured Notes due 2028: $15,000,000

Oaktree Capital Management
333 South Grand Ave., 28th Floor
Los Angeles, CA 90071
Attn: Andrew Guichet

* Term Loan B: $18,540,914

* LMBE Term Loan: $25,929,053

* DIP: $5,000,000

P. Schoenfeld Asset Management LP
1350 Avenue of the Americas,
New York, NY 10019
Attn: Alan Chan

* 7.250% Secured Notes due 2027: $23,500,000

* 6.625% Secured Notes due 2028: $15,080,000

* 7.625% Secured Notes due 2028: $11,000,000

* Participation in Revolving Credit Agreement: $9,973,837

* DIP: $17,000,000

Pacific Investment Management Company LLC
650 Newport Center Dr
Newport Beach, CA 92660
Attn: Samuel Dostart

* 7.250% Secured Notes due 2027: $47,670,000

* 7.625% Secured Notes due 2028: $35,659,000

* CDS: $2,000,000

Paloma Partners Management Company
Two American Lane Greenwich
CT 06836
Attn: Legal Department

* Term Loan B: $6,564,808

* 6.625% Secured Notes due 2028: $23,500,000

* 7.625% Secured Notes due 2028: $20,491,000

Whitebox Advisors LLC
3033 Excelsior Boulevard Suite 500
Minneapolis, MN 55416
Attn: Andrew Thau

* 6.625% Secured Notes due 2028: $26,000,000

* Credit Default Swaps: $3,500,000

* DIP: $1,411,000

Zais Group LLC
101 Crawfords Corner Rd Suite 1206
Holmdel, NJ 07733
Attn: John Veidis

* Term Loan B: $8,264,296.48

Ellington Management Group LLC
711 Third Avenue
New York, NY 10017
Attn: Daniel Margolis

* 7.625% Secured Notes due 2028: $3,000,000

DSC Meridian Capital LP
888 7th Avenue
New York, NY 10106
Attn: Ceki Medina

* 7.250% Secured Notes due 2027: $8,000,000

HBK Services LLC
2300 North Field Street Suite 2200
Dallas, TX 75201
Attn: Patrick Grow

* Term Loan B: $21,614,860

* 7.250% Secured Notes due 2027: $2,458,000

* 6.625% Secured Notes due 2028: $17,542,000

* 7.625% Secured Notes due 2028: $3,900,000

* DIP: $100,000,000 committed

Counsel for the Ad Hoc Term Loan and Secured Notes Group can be
reached at:

          King & Spalding LLP
          Matthew L. Warren, Esq.
          Lindsey Henrikson, Esq.
          110 N. Wacker Drive, Suite 3800
          Chicago, IL 60606
          Telephone: (312) 764-6921
                     (312) 764-6924
          E-mail: mwarren@kslaw.com
                  lhenrikson@kslaw.com

             - and –

          W. Austin Jowers, Esq.
          1180 Peachtree Street, NE
          Suite 1600
          Atlanta, GA 30309
          Telephone: (404) 572-2776
          E-mail: ajowers@kslaw.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3xtOC5g

                    About Talen Energy Supply

Talen Energy Supply, LLC and its affiliates are energy and power
generation companies in North America, owning or controlling
approximately 13,000 megawatts of generating capacity in wholesale
U.S. power markets in the mid-Atlantic, Massachusetts, Texas, and
Montana.  In addition to geographic diversity, Talen's generation
fleet reflects significant technological and fuel diversity
including nuclear, natural gas, oil, and coal, with certain of its
facilities capable of utilizing multiple fuel sources.

Talen and its affiliates sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-90054) on May
9, 2022.  In the petitions signed by Andrew M. Wright, general
counsel and secretary, the Debtors disclosed $10 billion to $50
billion in both assets and liabilities on a consolidated basis.

Judge Marvin Isgur oversees the cases.

The Debtors tapped Weil, Gotshal & Manges ,LLP as legal counsel;
Evercore Group, LLC as investment banker; Alvarez and Marsal North
America, LLC as financial advisor; and Kroll Restructuring
Administration, LLC as claims agent.


TALEN ENERGY: Whiteford Represents Merrick Group, 6 Others
----------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Whiteford Taylor & Preston L.L.P. submitted a
verified statement to disclose that it is representing The Merrick
Group, Inc., The J.M. Smucker Company, Big Heart Pet Brands, Inc.,
Curtiss-Wright Corporation and its affiliates, including
Curtiss-Wright Flow Control Service, LLC, Curtiss-Wright Flow
Control Corporation d/b/a Target Rock, EST Group, Inc.,
Curtiss-Wright Electro-Mechanical Corporation d/b/a Curtiss-Wright
SAS and Curtiss-Wright Fleet Solutions, and EA Engineering, Science
and Technology, Inc. in the Chapter 11 cases of Talen Energy
Supply, LLC, et al.

As of June 16, 2022, each of the Creditors and their disclosable
economic interests are:

The Merrick Group, Inc.
100 Unico Drive
West Hazleton, PA 18202

* Nature of Claim: Services

* Amount of Claim or Interest: Undetermined

The J.M. Smucker Company
1 Strawberry Lane
Orrville, OH 44667

* Nature of Claim: Breach of Retail
                   Sale Agreement

* Amount of Claim or Interest: Undetermined

Big Heart Pet Brands, Inc.
1 Strawberry Lane
Orrville, OH 44667

* Nature of Claim: Breach of Retail
                   Sale Agreement

* Amount of Claim or Interest: Undetermined

Curtiss-Wright Flow Control Service, LLC
130 Harbour Place Drive
Suite 300
Davidson, NC 28036

* Nature of Claim: Good/Services

* Amount of Claim or Interest: No less than $655,000

Curtiss-Wright Flow Control Corporation
d/b/a Target Rock
130 Harbour Place Drive
Suite 300
Davidson, NC 28036

* Nature of Claim: Good/Services

* Amount of Claim or Interest: Undetermined

EST Group, Inc.
130 Harbour Place Drive
Suite 300
Davidson, NC 28036

* Nature of Claim: Good/Services

* Amount of Claim or Interest: No less than $61,000

Curtiss-Wright Electro-Mechanical Corporation
d/b/a Curtiss-Wright SAS and
Curtiss-Wright Fleet Solutions
130 Harbour Place Drive
Suite 300
Davidson, NC 28036

* Nature of Claim: Good/Services

* Amount of Claim or Interest: No less than $108,000

WTP reserves the right to amend or supplement this Verified
Statement.

The information contained herein is intended only to comply with
Bankruptcy Rule 2019 and is not intended for any other use or
purpose.

Counsel to The Merrick Group, Inc., et al. can be reached at:

          WHITEFORD TAYLOR & PRESTON L.L.P.
          Michael J. Roeschenthaler, Esq.
          200 First Avenue, Third Floor
          Pittsburgh, PA 15222
          Telephone: (412) 618-5601
          E-mail: mroeschenthaler@wtplaw.com

             - and -

          Stephen B. Gerald, Esq.
          The Renaissance Centre, Suite 500
          405 North King Street
          Wilmington, DE 19801-3700
          Telephone: (302) 353-4144
          E-mail: sgerald@wtplaw.com

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

                    About Talen Energy Supply

Talen Energy Supply, LLC and its affiliates are energy and power
generation companies in North America, owning or controlling
approximately 13,000 megawatts of generating capacity in wholesale
U.S. power markets in the mid-Atlantic, Massachusetts, Texas, and
Montana.  In addition to geographic diversity, Talen's generation
fleet reflects significant technological and fuel diversity
including nuclear, natural gas, oil, and coal, with certain of its
facilities capable of utilizing multiple fuel sources.

Talen and its affiliates sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-90054) on May
9, 2022.  In the petitions signed by Andrew M. Wright, general
counsel and secretary, the Debtors disclosed $10 billion to $50
billion in both assets and liabilities on a consolidated basis.

Judge Marvin Isgur oversees the cases.

The Debtors tapped Weil, Gotshal & Manges ,LLP as legal counsel;
Evercore Group, LLC as investment banker; Alvarez and Marsal North
America, LLC as financial advisor; and Kroll Restructuring
Administration, LLC as claims agent.


TEN OAKS FITNESS: Sept. 20 Plan Confirmation Hearing Set
--------------------------------------------------------
On March 31, 2022, Ten Oaks Fitness, Inc. filed with the U.S.
Bankruptcy Court for the District of Maryland a Disclosure
Statement referring to Chapter 11 Plan.

On June 13, 2022, Judge David E. Rice approved the Disclosure
Statement and ordered that:

     * September 6, 2022, is fixed as the last day of filing
written acceptances or rejections of the Plan.

     * September 20, 2022, at 11:00 AM is fixed for the hearing on
confirmation of the Plan.

     * September 6, 2022, is fixed as the last day for filing and
serving pursuant to Federal Bankruptcy Rule 3020(b)(1) written
objections to confirmation of the Plan.

A full-text copy of the order dated June 13, 2022, is available at
https://bit.ly/3xUiDvt from PacerMonitor.com at no charge.

The Debtor is represented by:

     Marc A. Ominsky, Esq.
     Law Offices of Marc A. Ominsky, LLC
     10632 Little Patuxent Pkwy, Ste 249
     Columbia, MD 21044
     Tel.: (443) 539-8712
     Email: info@mdlegalfirm.com

                      About Ten Oaks Fitness

Ten Oaks Fitness, Inc. filed a petition for Chapter 11 protection
(Bankr. D. Md. Case No. 21-10313) on Jan. 18, 2021, listing up to
$50,000 in assets and up to $500,000 in liabilities.  Judge David
E. Rice oversees the case.  The Debtor is represented by the Law
Offices of Marc A. Ominsky, LLC.


TENET HEALTHCARE: Egan-Jones Hikes Senior Unsecured Ratings to B+
-----------------------------------------------------------------
Egan-Jones Ratings Company on May 3, 2022, upgraded the local
currency senior unsecured ratings on debt issued by Tenet
Healthcare Corporation to B+ from B.

Headquartered in Dallas, Texas, Tenet Healthcare Corporation,
through its subsidiaries, owns or operates general hospitals and
related health care facilities serving communities in the United
States.



TI GROUP: Moody's Affirms 'B1' CFR & Alters Outlook to Stable
-------------------------------------------------------------
Moody's Investors Service affirmed TI Group Automotive Systems
L.L.C.'s B1 corporate family rating, B1-PD Probability of Default
Rating and the rating on the company's senior secured bank credit
facility at Ba3. At the same time, Moody's affirmed the senior
unsecured rating at TI Automotive Finance Plc. at B3.  The
outlooks were changed to stable from positive. The SGL-2
Speculative Grade Liquidity Rating is unchanged.

The actions reflect that Moody's expectation for accelerated
improvement in TI Group's credit metrics during 2022 will instead
be protracted as the rating agency's view of automotive supplier
industry fundamentals have gotten less constructive over the past
several quarters.  Moody's anticipates uneven global light vehicle
production through 2022 due to lingering supply chain disruptions
(semiconductor and parts shortages) which have been exacerbated by
Covid lockdowns in China and the Russia-Ukraine Military conflict.
The action also anticipates continued margin pressure from higher
raw materials, labor, energy and freight expenses.

Moody's took the following actions:

Ratings Affirmed:

Issuer: TI Group Automotive Systems L.L.C.

Corporate Family Rating, Affirmed B1

Probability of Default Rating, Affirmed B1-PD

Senior Secured Term Loan B, Affirmed Ba3 (LGD3)

Senior Secured Revolving Credit Facility, Affirmed Ba3 (LGD3)

Issuer: TI Automotive Finance Plc.

Senior Unsecured Notes, Affirmed B3 (LGD5)

Outlook Actions:

Issuer: TI Group Automotive Systems L.L.C.

Outlook, Changed to Stable from Positive

Issuer: TI Automotive Finance Plc.

Outlook, Changed to Stable from Positive

RATINGS RATIONALE

TI Group's ratings reflect its market and technological leadership
position in automotive fluid systems (fluid storage, carrying and
delivery systems), highly diverse and balanced customer and
geographic exposures and solid profit margin supported by a
flexible cost structure. The company's ability to easily pivot to
battery electric and hybrid electric vehicle thermal products and
pressure resistant fuel tanks should continue driving greater
content per vehicle over time. TI Group's advancing technologies
resulted in nearly half of 2021's new business wins coming from
hybrid and battery electric vehicle platforms, highlighting good
balance between solidly profitable, legacy internal combustion
engine revenue and evolving focus towards alternative propulsion.

Debt-to-EBITDA is now expected to remain above 4x (after Moody's
adjustments) at year-end 2022. Free cash flow will be modestly
positive due to lost volume and temporary operating inefficiencies
driven by unstable production runs at TI Group's customers.
 Higher than anticipated inventory levels will consume cash until
production rates improve as demand for vehicles remains solid.
 Moody's anticipates margins to steadily rebound once original
equipment manufacturers (OEM) reach more normalized production
schedules.  

The stable outlook incorporates Moody's expectation that margins
will be relatively flat for 2022 before strengthening in 2023 as
OEM production rates and cost recoveries steadily improve.  The
outlook also considers TI Group's success in capturing
electrification awards, which generate higher content per vehicle,
as an important step in achieving profitability on these
platforms.

TI Group's liquidity is good, supported by Moody's expectations of
a cash balance around EUR500 million and approximately $200 million
of availability under the $225 million revolving credit facility
set to expire in 2026. Moody's anticipates modestly positive free
cash flow for 2022 before rebounding towards $50 million in 2023 as
erratic OEM production runs and supply chain challenges will tie up
cash deep into the second half of this year.

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

The ratings could be upgraded with improving earnings that provide
the expectation of debt-to-EBITDA sustained below 3.5x, an EBITA
margin approaching 8% and EBITA-to-interest maintained at greater
than 3x. Free cash flow-to-debt in the high single digits would
also be viewed favorably.  Important considerations for any
upgrade would be the maintenance of good liquidity and financial
policies that balance shareholder returns with capital
reinvestment, bolt-on acquisitions and debt reduction. The ratings
could be downgraded with the expectation of EBITA-to-interest
falling below 2.5x, debt-to-EBITDA above 4.5x or weaker liquidity.
Further deterioration in margins would also contribute to a
negative rating action.

The principal methodology used in these ratings was Automotive
Suppliers published in May 2021.

TI Group Automotive Systems L.L.C., a subsidiary of TI Fluid
Systems plc, is a leading global manufacturer of fluid storage,
carrying and delivery systems primarily serving light vehicle
automotive OEMs. Revenue for the year ended December 31, 2021 was
nearly EUR3 billion.

TI Fluid Systems plc is publicly traded with affiliates of and
funds advised by Bain Capital, LP representing the largest
shareholder at over 25% ownership interest.


TMC BUYER: Moody's Assigns 'B2' CFR, Outlook Stable
---------------------------------------------------
Moody's Investors Service has assigned a B2 Corporate Family Rating
and a B2-PD Probability of Default to TMC Buyer, Inc. (dba Terra
Millennium Corporation) and B2 ratings to the company's proposed
senior secured first lien credit facility including a $50 million
revolving credit facility, a $435 million term loan and a $100
million delayed drawn term loan. Proceeds from the term loan
issuance will be used, together with equity capital, to fund the
acquisition of Terra Millennium by funds affiliated with H.I.G.
Capital. The outlook is stable.

The ratings are subject to review of the final credit agreements.

"Terra Millennium's B2 CFR reflects its small business scale, large
exposure to cyclical industries and elevated debt leverage. The
majority of its revenues come from the recurring turnaround,
maintenance and repair projects that are based on time and material
or unit price contract structures and carry limited risks. The
remaining fixed price projects present the opportunity for higher
margins, but entail higher execution risks. Adjusted debt/EBITDA of
low five times at the closing looks adequate for the B2 rating, but
could be affected by acquisitions," said Jiming Zou, Moody's lead
analyst on Terra Millennium.

Assignments:

Issuer: TMC Buyer, Inc.

Corporate Family Rating, Assigned B2

Probability of Default Rating, Assigned B2-PD

Senior Secured 1st Lien Term Loan, Assigned B2 (LGD4)

Senior Secured 1st Lien Revolving Credit Facility, Assigned B2
(LGD4)

Senior Secured 1st Lien Delayed Draw Term Loan, Assigned B2
(LGD4)

Outlook Actions:

Issuer: TMC Buyer, Inc.

Outlook, Assigned Stable

RATINGS RATIONALE

Terra Millennium's rating is constrained by its small business
scale, limited operational diversity and large exposure to cyclical
customer industries. The company derives the vast majority of its
revenues from providing refractory, mechanical and specialized
services to a number of cyclical industrial sectors such as
chemical, cement & lime, energy and renewables, and metals and
mining. In addition, the company has somewhat limited customer
diversity with a significant percent of its revenues generated by
its top 10 customers in some years. Business cycles could affect
some of the discretionary items in a customer's capital spending
budget or change the timing of facility turnaround, which could in
turn affect the demand for construction services offered by Terra
Millennium. The company's key end markets will continue to be
influenced by the economic and industry specific factors, although
the prospects for these sectors are good in the near term thanks to
the high commodity and energy prices and continued capital spending
by customers.

Terra Millennium's rating is supported by its good business
visibility from many recurring turnaround, maintenance and repair
work that make up nearly 70% of its revenues and carry relatively
low business risks because of the time and material or unit price
contract structures. Most jobs performed by the company are usually
non-discretionary due to the high cost of failure including
unplanned plant downtime. The company has moderate exposure to
fixed price lump sum contracts, which account for about 20% - 30%
of its revenues depending of the amount of large projects in a
given year. Fixed price projects present the opportunity for higher
margins, but entails higher risks tied to execution and unforeseen
circumstances. The rating is also supported by its market
leadership as the largest refractory contractor in North America,
long term relationships with many well-established blue chip
customers and low capital expenditure requirements.

Terra Millennium's pro-forma adjusted debt/EBITDA of low five times
is adequate for the B2 CFR, but could increase with M&A and the use
of the delayed draw term loan. The company improved its operating
performance in 2021 and early 2022 after a weak 2020, as demand for
its services recovered from the pandemic and many customers in the
cyclical industries increased capital spending. Near-term business
outlook remains favorable given the strong order backlog, continued
capital spending and maintenance work in the chemical, energy,
metals and minerals sectors amid unabated high commodity and energy
prices. The company should generate positive free cash flow thanks
to its low capital expenditure, which accounts for just about 1% of
sales. However, the timing of receivables collection, project
completion schedules and large new contracts could affect working
capital needs and constrain free cash flow generation from time to
time.

Moody's expect Terra Millennium to pursue both organic growth and
bolt-on acquisitions in the refractory, mechanical and specialty
services. In particular, it has enhanced its presence in Texas to
capture the growth opportunities in the refining, chemical and
steel sectors. Management is also seeking bolt-on acquisitions to
boost its market share in its core end markets. The company has a
$100 million delayed draw term loan that can be used to finance
acquisitions.

Terra Millennium's liquidity is adequate. The company expects to
hold $8 million cash balance by drawing down $8 million from its
$50 million revolver at the closing of the term loan issuance. The
business should generate free cash flow over time, but time needed
to collect receivable and outlays for new projects could
temporarily increase working capital needs and delay free cash flow
generation. The $50 million revolver looks relatively small to its
revenues base ($624 million) or annual interest expenses (close to
$40 million). The revolver has a springing First Lien Leverage
Ratio covenant set at 35% cushion to consolidated EBITDA, if the
company draws down more than 35% of the revolver.

The B2 rating assigned to the senior secured first-lien credit
facility, including $50 million revolver, $435 million term loan
and $100 million delayed drawn term loan, is commensurate with the
company's corporate family rating since it accounts for the
majority of the debt in the company's capital structure.

The stable outlook presumes the company's operating results will
remain relatively stable with adequate credit metrics and liquidity
in the next 12 to 18 months. It also assumes the company will
carefully balance its leverage with its growth strategy.

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

The ratings are not likely to be upgraded in the near term. The
company would need to substantially increases its size, maintain
stable margins, consistently generate positive free cash flow,
improve liquidity and sustain a leverage ratio below 4.5x for an
upgrade to be considered.

Negative rating pressure could develop if deteriorating operating
results, debt financed acquisitions or shareholder distributions
result in the leverage ratio rising above 5.5x. A significant
decline in profitability, or reduction in revolver availability or
liquidity could also result in a downgrade.

The principal methodology used in these ratings was Construction
published in September 2021.

ESG CONSIDERATION

Environmental, social and governance considerations have an impact
on the rating. As a construction company, Terra Millennium faces
social risks including reliance on human capital, external supply
chains, and health and safety risks prevalent on construction
projects. Terra Millennium has above-average corporate governance
risks since it is majority owned by H.I.G. Capital. Private equity
sponsors tend to have aggressive financial policies favoring high
leverage, shareholder-friendly policies such as dividend
recapitalizations and the pursuit of acquisitive growth. Financial
disclosures are also often not as timely or comprehensive for
sponsor-owned firms versus publicly owned companies.

TMC Buyer, Inc. is a Delaware corporation that wholly owns Terra
Millennium Corporation and is also the borrower of the senior
secured first-lien credit facilities. Terra Millennium Corporation,
headquartered in Salt Lake City, Utah, is a provider of refractory
design and installation services and a wide range of mechanical
maintenance and construction services for new and existing
industrial facilities. The company generated revenues of $624
million for the trailing 12-month period ended April 30, 2022. In
May 2022, funds affiliated with H.I.G. Capital entered into a
definitive agreement to acquire Terra Millennium Corporation from
Court Square Capital Partners.


TOPAZ SOLAR: Fitch Affirms 'BB' Rating on $1.1BB 2039 Secured Notes
-------------------------------------------------------------------
Fitch Ratings has affirmed the 'BB' rating on Topaz Solar Farms,
LLC's (Topaz) $1.100 billion ($765 million outstanding) senior
secured notes due September 2039. The Rating Outlook is revised to
Positive from Stable.

RATING RATIONALE

The rating action is linked to Fitch's affirmation of Pacific Gas
and Electric Company's (PG&E) Long-Term Issuer Default Ratings at
'BB'. PG&E's Outlook was revised to Positive from Stable. Topaz's
Outlook has been revised to Positive from Stable, reflecting the
rating action taken on PG&E. Topaz's rating continues to be
constrained by the credit quality of PG&E, the project's sole
revenue counterparty under a long-term power purchase agreement
(PPA).

The credit profile is otherwise strong, supported by the project's
fully contracted revenue structure, low operating risk, standard
project finance debt structure, and history of strong financial
performance that is projected to continue. Topaz's displays a
strong operational performance and healthy financial metrics, with
modest leverage and strengthening debt service coverage ratios
(DSCR). Metrics are consistent with the 'A' category, but the
project rating is constrained by the offtaker.

KEY RATING DRIVERS

Stable Contracted Revenues - Revenue Risk (Price): Stronger

The fixed-price, 25-year PPA with below investment grade PG&E
(BB/Stable) extends one month beyond debt maturity. This structure
is consistent with a stronger assessment under Fitch's current
criteria. All PG&E's obligations were confirmed under its
post-filing plan as the utility emerged from bankruptcy.

Solid Solar Resource - Revenue Risk (Volume): Midrange

Total generation output in Fitch's rating case is based on a
one-year P90 estimate of electric generation to mitigate the
potential for lower-than-expected solar resources. The PPA provides
reimbursement for curtailment directed by the utility. The project
can meet debt obligations under a one-year P99 generation
scenario.

Proven Technology and Experienced Operator - Operation Risk:
Midrange

Thin-film photovoltaic (PV) technology has a long operating
history, which mitigates plant performance risks. First Solar, as
the plant operator, has a track record of high plant availability.
Long-term agreements support routine and unscheduled maintenance
needs. Fitch's financial analysis incorporates operating cost
increases to mitigate unforeseen events, including the risk of
contractor replacement.

Conventional Debt Structure - Debt Structure: Stronger

The senior-ranking, fully amortizing, fixed-rate debt benefits from
a six-month debt service reserve backed by a letter of credit and
strong 1.20x forward and backward-looking debt service coverage
equity distribution test.

Financial Summary

Under Fitch's base case DSCRs average 2.19x with a minimum of 1.88x
for the period 2022-2039. Fitch's rating case includes stresses
that increase expenses and reduce energy output, resulting in an
average DSCR of 1.95x with a minimum of 1.70x. In both scenarios,
annual DSCRs generally increase over time, reflecting a profile
supportive of the rating.

PEER GROUP

Fitch privately rates several renewable project financings that
demonstrate rating case DSCRs consistent with a strong investment
grade profile but are constrained to sub-investment grade by the
credit quality of PG&E as the sole revenue counterparty. Publicly
rated Solar Star Funding, LLC (BBB-/Positive) has an average rating
case DSCR of 1.47x and is rated investment grade due to the
relative strength of its sole revenue counterparty, Southern
California Edison Co. (BBB-/Positive).

RATING SENSITIVITIES

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

-- A decline in the credit quality of PPA off-taker, PG&E;

-- A Fitch rating case DSCR profile below around 1.15x.

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

-- An improvement in the credit quality of PPA off-taker, PG&E.

BEST/WORST CASE RATING SCENARIO

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

CREDIT UPDATE

The significant reduction in wildfire incidents linked to PG&E
equipment, number of structures destroyed and associated
liabilities during 2019-2021 compared with 2017-2018 is a key
positive development supporting potential improvement in PCG's and
PG&E's creditworthiness. This, combined with several initiatives
set in motion by new leadership at PCG, credit supportive elements
of anti-wildfire legislation enacted in California and improving
projected credit metrics, support the affirmation and Positive
Outlooks for PCG and PG&E.

FINANCIAL ANALYSIS

Fitch's base case utilizes the P50 electric generation estimate,
97% availability, 0.9% annual panel degradation, and a 2% energy
output reduction.

Fitch's rating case utilizes the same degradation, output
reduction, and inflation assumptions but further sensitizes
performance using the P90 electric generation estimate and a
10%-15% increase in costs.

The resulting profile produces improved metrics with average DSCR
of 1.95x and a minimum DSCR of 1.70x for the rating case
(previously was 1.93x and 1.69x, respectively) and an average DSCR
2.19x with minimum DSCR of 1.88x for the base case (it was 2.17x
and 1.87, respectively). These metrics are well above the minimum
threshold for investment grade. Moreover, annual DSCR projections
grow over time, providing a greater cushion for debt repayment
during the latter years.

ASSET DESCRIPTION

Topaz is a 550-MW AC solar PV facility operating on 4,900
project-owned acres in San Luis Obispo County, California. Topaz
employs PV modules designed and manufactured by First Solar using
commercially proven thin-film cadmium telluride PV cell technology
mounted at a fixed tilt of 25-degrees with no tracking risks.

ESG CONSIDERATIONS

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

   DEBT                       RATING                       PRIOR
   ----                       ------                       -----
Topaz Solar Farms LLC

Topaz Solar Farms LLC/Debt/1 LT    LT    BB    Affirmed    BB


TOWNE & TERRACE: Fine-Tunes Plan Documents
------------------------------------------
Towne & Terrace Corp. submitted a Second Amended Subchapter V Plan
of Reorganization dated June 14, 2022.

Since the commencement of the Bankruptcy Case, the Debtor has
continued to operate in the ordinary course of business, collecting
assessments and maintaining the Common Area.

During the Bankruptcy Case, the Williams Estate filed a proof of
claim in the amount of $2,000,000. The Debtor filed an objection
to that Claim, and also filed a Motion for Summary Judgment. Since
that time, the Debtor and the representative of the Williams Estate
have engaged in discussions and have settled the Claim of the
Williams Estate. Pursuant to that settlement, the Claim will be
compromised and paid pursuant to the Plan.

All Allowed Claims will be satisfied in full at Confirmation,
unless the Holder of an Allowed Claim agrees to different treatment
or the Plan provides otherwise, and the Plan will terminate once
all Allowed Claims are satisfied in full. Accordingly, the Plan
satisfies the requirement of Section 1190(2) that the Plan provide
for the submission of all or such portion of the future earnings or
other future income of the Debtor to the supervision and control of
the trustee as is necessary for the execution of the Plan. Plan
distributions will be made directly by the Debtor with oversight by
the Subchapter V trustee.

          Confirmation Requirement

Section 1191(a) of the Bankruptcy Code provides that the bankruptcy
court shall confirm a Subchapter V plan if all of the requirements
of Section 1129(a) of the Bankruptcy Code, other than subparagraph
15, are met.

Among other things, Section 1129(a) of the Bankruptcy Code requires
that (i) a plan and a plan proponent comply with the applicable
provisions of the Bankruptcy Code; (ii) the plan proponent disclose
the identity, affiliation, and compensation to be paid to all
officers, directors, and other insiders who will serve after
confirmation of the plan; (iii) each class of claims or interests
has either accepted the plan or is not impaired; (iv) each holder
of an impaired claim or interest has either accepted the plan or
will receive on account of their claim or interest at least as much
as they would in a Chapter 7 liquidation; (iv) if a class of claims
is impaired under the plan, at least one impaired class has
accepted the plan; and (v) confirmation of the plan is not likely
to be followed by the Debtor's liquidation. Even if all creditors
and all classes accept the plan, the bankruptcy court must make
independent findings regarding these requirements.

A plan that does not satisfy Section 1129(a)(15) of the Bankruptcy
Code and that is not accepted by each impaired class (or any
impaired class) may still be confirmed under Section 1191(b) of the
Bankruptcy Code. In the event the Plan is not consensual and
entitled to confirmation under Section 1191(a) of the Bankruptcy
Code, the Debtor will seek confirmation under Section 1191(b) of
the Bankruptcy Code and believes that all the conditions necessary
for confirmation will be met.

                       Liquidation Analysis

Under the Plan, each Allowed Claim will be satisfied in full,
either through payment or the exercise of setoff and/or recoupment
rights. This result is the same in a hypothetical liquidation.

The Debtor owns few assets of value. It owns the Common Area of the
Towne & Terrace Development. Under the Plan, the Debtor does not
intend to liquidate that property. The Debtor estimates that a
Chapter 7 trustee could obtain 30% of that value, or $3,000, in a
liquidation. The Debtor anticipates that it will have cash on hand
or deposit in the approximate amount of $51,000 at Confirmation.
This amount will be the same under a confirmed Plan or a
hypothetical liquidation.

Based on the foregoing analysis, all Allowed Claims will be paid in
full whether the Plan is confirmed by the Bankruptcy Court or if
the Debtor was liquidated as of Confirmation, including the Allowed
unsecured Claim of the Williams Estate which is being compromised
and settled by agreement of the Debtor and the Williams Estate. As
a result, the best interests test of Section 1129(a)(7) of the
Bankruptcy Code is satisfied and the Plan is confirmable.

Like in the prior iteration of the Plan, Allowed Class 3 General
Unsecured Claims will be paid in full within 30 days of
Confirmation unless the Debtor and the Holder of such Claim agree
to different treatment under the Plan.

Funds to make all payments under the Plan will be generated through
the Debtor's cash on hand at Confirmation and through ongoing
operations, including the collection of current and future
assessments from its members, and the collection of past due
assessments through informal collection efforts and litigation.

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

Counsel for Towne & Terrace:

     Andrew T. Kight, Esq.
     Jacobson Hile Kight LLC
     108 E. 9th Street
     Indianapolis, IN 46202
     Tel: (317) 608-1130
     Email: akight@jhklegal.com

                    About Towne & Terrace Corp.

Indianapolis-based Towne & Terrace Corp. sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Case No.
21-02161) on May 12, 2021. Towne & Terrace President Josh
McDermott signed the petition.  In its petition, the Debtor
disclosed assets of $1,599,365 and liabilities of $59,594.  Judge
James M. Carr oversees the case.  Jacobson Hile Kight LLC is the
Debtor's legal counsel.


TPC GROUP: Fitch Downgrades IDR to 'D' on Bankruptcy Filing
-----------------------------------------------------------
On June 14, 2022, Fitch Ratings said it has downgraded TPC Group,
Inc.'s Long-Term Issuer Default Rating (IDR) to 'D' from 'RD',
affirmed its asset-based loan facility (ABL) and 10.875% notes
ratings at 'CCC'/'RR1', and affirmed its 10.5% notes rating at 'C'
while revising the recovery rating to 'RR6' from 'RR5'. The rating
actions follow a voluntary chapter 11 filing by the company.

                      KEY RATING DRIVERS

Voluntary Chapter 11 Filing: TPC has filed for bankruptcy relief
under Chapter 11 of the U.S. Bankruptcy Code. The company faced a
number of operational issues, both macroeconomic and idiosyncratic,
which led to depressed cash flows and ultimately a missed interest
payment.

Uncured Missed Interest Payment: TPC entered into a forbearance
agreement following a failure to make approximately $53 million in
interest payments on Feb. 1, 2022. The forbearance agreement
expired March 18, 2022. In connection with the forbearance
agreement, the company secured approximately $52 million of
additional liquidity in the form of a commitment to purchase
additional senior secured priming notes due 2024.

In isolation, Fitch believes the combination of TPC's operations
and proceeds from its insurance proceeds related to the Port Neches
incident should be enough to support the company's liquidity
position through such a payment. However, frequent operational
issues have weighed on the company's already strained liquidity
profile.

Ongoing Operational Issues: A number of TPC's products are used in
the production of synthetic rubbers and fuel additives, the demand
for which was materially affected by the coronavirus pandemic but
has since rebounded. In 2021, a January fire in the company's
Technical Center, used for quality control and R&D, and extreme
weather in February continued to drag on the company's costs and
volumes. Most recently, steam issues in July and August led to a
complete shutdown of the utility steam system in September and
lingering issues thereafter. As a result, the company was unable to
take advantage of strong butene-1 demand.

Strained Liquidity Profile: Fitch views much of the short-to
medium-term risk related to TPC's ongoing operational issues as
stemming from cash burn and coverage metrics, rather than gross
debt levels. The company faces the challenge of finding the cash to
address its idiosyncratic operational issues at a time when
liquidity is also at roughly a five-year low, with a borrowing base
that is supportive of less than $30 million in additional
borrowings as of March 31, 2022.

However, management has taken steps to bolster liquidity, including
issuing $153 million in secured notes due 2024 and deferring
certain charges and capital projects and securing $52 million in
additional liquidity in connection with the forbearance agreement.
The company has begun to realize certain positive macroeconomic
trends, with liquidity having rebounded to over $75 million, but
its ability to continue to realize positive liquidity momentum is
constrained by frequent operational disruptions.

Limited Size and Scale: Following the Port Neches incident, TPC now
relies on one manufacturing complex and a third-party processing
arrangement that generate all its earnings; Port Neches was its
second plant. Any operational disruptions can significantly affect
its cash flow generation, as evidenced by the company's pressured
financial profile when the dehydro unit went down for a scheduled
turnaround for nearly all of 1Q18, or more recently, during the
February 2021 Texas Freeze.

In the near term, Fitch will monitor the company's ability to
operate the Houston plant at near full utilization. The Port Neches
incident highlights the company's exposure to the effects of any
operational disruptions at its facilities. Such risk likely caps
TPC's rating in the 'B' category.

                       DERIVATION SUMMARY

TPC Group has operated with similar leverage to SK Mohawk Holdings,
SARL (B/Negative) and substantially lower leverage than Aruba
Investments, Inc. (B/Stable). Prior to the bankruptcy process,
Fitch expected TPC's gross leverage to be consistent with a 'B-'
rating in the long-run despite a number of setbacks including the
Port Neches incident. However, a portion of the company's cash flow
and growth prospects will be determined by the size and duration of
the insurance claims related to the incident. To date, claims have
been timely and sufficient.

Accordingly, liquidity will remain of greater importance than gross
leverage throughout the ratings horizon. If the determination is
made that the incident was the result of negligence or was
otherwise not out of TPC's control, the company will likely find it
difficult to retain customers and receive the anticipated insurance
claims.

This heightened event risk sets TPC apart from its peers, who are
larger in size and scale, as evidenced by access to expansive and
flexible logistics/production networks both globally and
domestically. This is highlighted by TPC's reliance on its
manufacturing facility in Houston. TPC is relatively more exposed
to commodity prices and historically had high single-digit margins
compared with SK Mohawk's specialized product mix, as evidenced by
SK Mohawk's slightly higher EBITDA margins in the mid-teens. These
credit strengths enable SK Mohawk to support a higher debt load
than TPC, resulting in a higher IDR.

                        KEY ASSUMPTIONS

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

--Highly strained liquidity in the near to medium term in the
absence of insurance payments sufficient to support operations;

--Recovery in volumes due to easing operational pressures and high
utilization rates;

--EBITDA generation recovers, with minimal additional competitive
pressures and easing asset-based issues.

                     RATING SENSITIVITIES

Rating sensitivities are no longer applicable given the bankruptcy
filing.

                 BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance. For more information about the
methodology used to determine sector-specific best- and worst-case
scenario credit ratings, visit
https://www.fitchratings.com/site/re/10111579.

       LIQUIDITY AND DEBT STRUCTURE

Strained Liquidity: A contraction in the borrowing base due to the
February 2021 Texas Freeze resulted in liquidity at a five-year
low. The freeze came after a period during which operations were
already stressed by the coronavirus pandemic and the Port Neches
incident. Though an improving demand profile then drove an
increasing borrowing base, continued operational issues resulted in
continually stressed liquidity, with total liquidity of $136
million at March 31, 2022.

The company's maturity profile is otherwise solid, with limited
maturities until 2024, when roughly $1.1 billion in secured notes
come due.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

                       ESG CONSIDERATIONS

TPC Group Inc has an ESG Relevance Score of '4' for Management
Strategy due to frequent operational issues and single facility
risk which has a negative impact on the credit profile, and is
relevant to the ratings in conjunction with other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity. For more information on Fitch's ESG
Relevance Scores, visit www.fitchratings.com/esg.

                         About TPC Group

TPC Group, headquartered in Houston, is a producer of value-added
products derived from petrochemical raw materials such as C4
hydrocarbons, and provider of critical infrastructure and logistics
services along the Gulf Coast. The Company sells its products into
a wide range of performance, specialty and intermediate markets,
including synthetic rubber, fuels, lubricant additives, plastics
and surfactants. With an operating history of more than 75 years,
TPC Group has a manufacturing facility in the industrial corridor
adjacent to the Houston Ship Channel and operates product terminals
in Port Neches, Texas and Lake Charles, Louisiana.

TPC Group Inc. and its subsidiaries sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 22-10493) on June 1, 2022.  TPC Group
estimated assets and debt of $1 billion to $10 billion to $10
billion.

The Hon. Craig T. Goldblatt is the case judge.

Baker Botts L.L.P. is the Debtors' counsel; Morris, Nichols, Arsht
& Tunnell LLP is the co-counsel; Moelis & Company LLC is the
investment banker; and FTI Consulting is the financial advisor.
Simpson Thacher & Bartlett LLP is the special finance counsel.
Kroll Restructuring Administration is the claims agent.

Eclipse Business Capital LLC is advised by Goldberg Kohn Ltd.

Paul Hastings LLP, and Stroock & Stroock & Lavan LLP are serving as
counsel to the Ad Hoc Noteholder Group that supports the Debtors'
restructuring. Evercore Group L.L.C., is the Group's financial
advisor.  Young Conaway Stargatt & Taylor, LLP is local counsel to
the Ad Hoc Noteholder Group.  The Supporting Noteholders are funds
controlled by FIG LLC and Fortress Capital Finance III(A)LLC,
Monarch Alternative Capital LP., PGIM Inc., Redwood Capital
Management LLC, and Strategic Value Partners LLC.  

Milbank LLP, and Pachulski, Stang, Ziehl & Jones are serving as
counsel to an Ad Hoc Group of Non-Consenting Noteholders, led by
Bayside Capital, Inc., and Cerberus Capital Management, L.P.


TRINITY INDUSTRIES: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating
(IDR) of Trinity Industries Inc. (Trinity) at 'BB'. The Rating
Outlook is Stable. Fitch has also affirmed the senior unsecured
notes and unsecured revolving credit facility rating at 'BB'.

KEY RATING DRIVERS

IDR AND SENIOR DEBT

The rating affirmation reflects Trinity's solid franchise as a
leading provider of railcar products and services in North America;
diversified fleet portfolio across customers, industries and car
types; strong asset quality performance over time; manageable
exposure to residual value risk given conservative depreciation
policies; consistent cash flow generation from the leasing
business; sufficient liquidity; appropriate leverage; and an
experienced management team.

Trinity's ratings are constrained by relatively weak and
inconsistent operating performance historically and a meaningful
reliance on secured, short-term, wholesale funding sources. Rating
constraints applicable to the broader railcar industry include the
cyclicality of the manufacturing and leasing businesses;
competitive operating environment due to an ongoing market
oversupply of railcars; and the potential impact from federal,
state, local, and foreign environmental regulations on railcars,
particularly tank cars, which can heighten residual value risk and
maintenance expenses.

On Dec. 31, 2021, Trinity completed the sale of its highway
products business, Trinity Highway Products, LLC, for $375 million,
leaving the firm solely focused on the railcar industry, with
sizable leasing and manufacturing businesses. Trinity's leasing
business (Trinity Industries Leasing Company, or TILC) contributes
the majority of the company's consolidated pre-tax earnings, which
helps to balance the more pronounced cyclicality of the railcar
manufacturing operations. Fitch believes there are meaningful
synergies between manufacturing and leasing, as TILC generates
substantial railcar orders for Trinity through lease commitments
from its customers.

Trinity's leasing portfolio is diversified across railcar types,
commodities carried, and customers serviced. In North America,
Trinity served over 700 individual customers transporting around
900 different commodities with approximately 270 railcar types, as
of March 31, 2022.

Asset quality remains strong with negligible write-offs given the
company's conservative depreciation policy and the long economic
life of its assets. In 1Q22, Trinity recognized $1.5 million of
credit losses, which represented 0.8% of gross receivables. Asset
quality metrics have been relatively steady over time, and Fitch
believes the company will maintain low write-offs given its ability
to remarket railcars within the fleet.

Operating performance, as measured by pre-tax return on average
assets (ROAA), remains relatively weak, largely driven by rising
input costs and supply chain issues in the manufacturing
operations. Consolidated pre-tax ROAA was 0.62% for annualized 1Q22
and averaged negative 0.33% from 2018-2021, which is consistent
with Fitch's 'b and below' category earnings and profitability
benchmark range of below 1% for balance sheet intensive finance and
leasing companies with a 'bbb' category operating environment
score. Performance in 2020 was negatively impacted by impairment
charges related to small cube covered hoppers. Fitch expects orders
and deliveries to strengthen in line with a recovery for the
railcar sector, which should support improved profitability metrics
in 2022. Failure to develop a stronger and more consistent earnings
profile could yield negative rating momentum.

Leverage (gross debt-to-tangible equity) was 4.6x at 1Q22, which is
within Fitch's 'bb' capitalization and leverage benchmark for
balance sheet intensive finance and leasing companies with a 'bbb'
category operating environment score. Leverage increased from an
average of 2.8x from 2018-2021 given $895 million of dividends and
share repurchases made in 2021 following the sale of the highway
products division. Fitch believes leverage is appropriate for the
current ratings and does not expect metrics will move materially in
the medium term.

Secured funding as a percentage of total funding was 91% at 1Q22
and is primarily comprised of non-recourse warehouse facilities,
secured term loans and equipment notes secured by railcars issued
by the leasing operations. Trinity's unsecured funding consists of
a $450 million revolving credit facility and $400 million of
unsecured notes. Fitch believes Trinity's secured funding is high
relative to more highly rated finance and leasing companies, and
would view an increase in unsecured funding favorably, as it would
improve the firm's overall funding flexibility.

Fitch believes Trinity's liquidity profile is adequate consisting
of $143 million of cash and marketable securities and $574.7
million of borrowing capacity on funding facilities. This is
further supplemented by operating cash flow, which amounted to
$28.5 million in 1Q22. The next term debt maturity is in September
2024 when $400 million of unsecured notes come due.

The Stable Outlook reflects Fitch's expectation for the maintenance
of strong asset quality performance, appropriate leverage,
sufficient liquidity, and consistent access to the capital markets
to fund growth. The Outlook also reflects the expectation for a
modest improvement in operating performance in line with the
recovery in the railcar sector.

RATING SENSITIVITIES

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

Factors that could, individually or collectively, lead to negative
rating action/downgrade include failure to improve the level and
consistency of operating performance, a reduction in the diversity
and/or credit quality of its customers, a material and persistent
reduction in fleet utilization, and/or an increase in impairments,
a material and sustained increase in leverage approaching 5.0x,
and/or weakening of the liquidity profile.

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

Factors that could, individually or collectively, lead to positive
rating action/upgrade include enhanced earnings consistency and
ROAA sustained above 2.5% while maintaining strong asset quality,
an increase in unsecured funding approaching 25%, and a sustained
reduction in leverage below 4.0x.

DEBT AND OTHER INSTRUMENT RATINGS:

KEY RATING DRIVERS

Trinity's senior unsecured debt ratings are equalized with its
Long-Term IDR, reflecting Fitch's expectations for average recovery
prospects under a stress scenario.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

Trinity has 'GHG Emissions & Air Quality', 'Water & Wastewater
Management', and 'Waste &Hazardous Materials Management; Ecological
Impacts' scores of '3', '2', and '3', which differs from the
financial institution scores of '2', '1' and '1', respectively.
This reflects Trinity's exposure to environmental impacts in its
manufacturing business, but does not impact its rating. Trinity
also has 'Customer Welfare', and 'Labor Relations & Practices'
scores of '3', which differs from the financial institution score
of '2', reflecting product safety and impact of labor in its
manufacturing business, but does not impact its rating.

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

   DEBT                    RATING                      PRIOR
   ----                    ------                      -----
Trinity Industries Inc.    LT IDR    BB    Affirmed    BB
senior unsecured           LT        BB    Affirmed    BB


TROIKA MEDIA: COO Christopher Broderick Resigns
-----------------------------------------------
Christopher J. Broderick, chief operating officer and former chief
financial officer of Troika Media Group, Inc., resigned effective
June 10, 2022, for personal reasons unrelated to the management or
operations of the Company.  

Mr. Broderick had maintained his position with the Company since
2017.  His departure follows the Company's recent acquisition of
Converge Direct.  

As part of his employment agreement, Mr. Broderick was entitled to
severance and certain other benefits which were incorporated into a
severance agreement.  The severance agreement provided for a
severance equal to one year at his current salary which will be
paid in two equal installments payable on June 30, 2022 and Sept.
30, 2022.  All options or restricted stock units ("RSUs") held by
Mr. Broderick will no longer be subject to continued employment
with the Company.  

The Company and Mr. Broderick exchanged mutual releases and waivers
of claims against each other.

                     President Troika IO Quits

On June 7, 2022, Kyle Hill, president of Troika IO, tendered his
resignation to the Company for personal reasons unrelated to the
management or operations of the Company.  As part of Mr. Hill's
severance agreement, he was afforded nine months of severance at
his current salary which will end on March 15, 2023.  Mr. Hill also
agreed to return 1,231,967 shares of common stock provided to him
as part of the purchase price for Redeeem, LLC.  Such shares were
provided to him at a price of $2.67 per share, or approximately
$3,289,351, as provided in the Redeeem, LLC transaction documents.
Mr. Hill remains subject to any lock-up agreements associated with
his retained equity.  The Company and Mr. Hill exchanged mutual
releases and waivers of claims against each other.

                           About Troika

Troika Media Group (fka M2 nGage Group, Inc.) -- www.thetmgrp.com
-- is an end-to-end brand solutions company that creates both
near-term and long-term value for global brands in entertainment,
sports and consumer products.  Applying emerging technology, data
science, and world-class creative, TMG helps brands deepen
engagement with audiences and fans throughout the consumer journey
and builds brand equity.  Clients include Apple, Hulu, Riot Games,
Belvedere Vodka, Unilever, UFC, Peloton, CNN, HBO, ESPN, Wynn
Resorts and Casinos, Tiffany & Co., IMAX, Netflix, Sony and
Coca-Cola.

For the six months ended Dec. 31, 2021, the Company reported a net
loss attributable to common stockholders of $6.25 million. Troika
Media reported a net loss of $16 million for the year ended June
30, 2021, followed by a net loss of $14.45 million for the year
ended June 30, 2020.  As of Sept. 30, 2021, the Company had $42.05
million in total assets, $24.44 million in total liabilities, and
$17.61 million in total stockholders' equity.


TWITTER INC: Egan-Jones Keeps BB- Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company on April 27, 2022, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Twitter, Inc.

Headquartered in San Francisco, California, Twitter, Inc. provides
online social networking and microblogging service.



UNITED RENTALS: Egan-Jones Keeps BB+ Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company on May 13, 2022, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by United Rentals, Inc.

Headquartered in Stamford, Connecticut, United Rentals, Inc.,
through its subsidiary, is an equipment rental company operating a
network of locations in the United States and Canada.



US SILICA: Moody's Upgrades CFR to B2, Outlook Stable
-----------------------------------------------------
Moody's Investors Service upgraded US Silica Company, Inc.'s
Corporate Family Rating to B2 from B3, Probability of Default
Rating to B2-PD from B3-PD and senior secured term loan to B2 from
B3. Moody's also upgraded the Speculative Grade Liquidity Rating
to SGL-2 from SGL-3. The outlook is stable.

"The ratings upgrade reflects US Silica's strong operating
performance and commitment to use record cash flow to reduce debt.
The company's decision to maintain the Industrial Sand Business
provides strategic clarity and is a key driver of the rating
action," says Moody's Assistant Vice President Justin Remsen.

Upgrades:

Issuer: US Silica Company, Inc.

Corporate Family Rating, Upgraded to B2 from B3

Probability of Default Rating, Upgraded to B2-PD from B3-PD

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

Senior Secured Bank Credit Facilities, Upgraded to B2 (LGD3) from
B3 (LGD3)

Outlook Actions:

Issuer: US Silica Company, Inc.

Outlook, Remains Stable

RATINGS RATIONALE

US Silica's 's B2 CFR reflects the company's vulnerability to
cyclical end markets, the competitive nature of the business it
operates in and significant revenue exposure to the oil and gas
industry. At the same time, Moody's takes into consideration US
Silica's (i) solid market position as one of the largest providers
of industrial and frac sand in the US, (ii) strategic footprint,
(iii) distribution capability and (iii) broad customer base. In
addition, the rating reflects Moody's expectation that the
company's credit profile will benefit from strong underlying
fundamentals over the next 12-18 months. Moody's projects US
Silica's total debt-to-EBITDA will improve to 4.8x and 4.0x in 2022
and 2023.

The stable outlook reflects Moody's expectation that Silica will
continue to benefit from strong demand for frac sand and stable
demand from industrial end markets. Moody's expects strong cash
flow to be used to reduce debt over the next 12 to 18 months.

US Silica's SGL-2 Speculative Grade Liquidity Rating reflects
Moody's expectation for good liquidity over the next 12-18 months.
 The liquidity profile is supported by very good cash position,
$239 million as of March 31, 2022, and Moody's expectation for over
$120 million of annual free cash flow generation over the next two
years.  The principal financial covenant under the company's $100
million revolving credit facility (due May 2023) currently limits
access to external liquidity to only $30 million.  Moody's expects
the company to complete the refinancing of its revolving credit
facility in 2022. Given the projected cash flow and cash balance,
Moody's forecast assumes no reliance on the revolver in the next
twelve months.

ENVIRONMENTAL SOCIAL AND GOVERNANCE CONSIDERATIONS

US Silica has a highly negative score (CIS-4).  This is mostly
attributable to highly negative governance risks score (G-4)
stemming from the company's elevated leverage and exposure to
volatile end markets.  Moody's believes US Silica has reduced
governance risk with the conclusion of the strategic review and the
company's commitment to reduce debt.

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

The rating could be upgraded if Debt-to-EBITDA is expected to be
below 4.0x, EBITA-to-Interest expense above 2.0x, and the company
maintains a solid liquidity profile with free cash flow to debt
above 10%.

The rating could be downgraded if Debt-to-EBITDA is expected to be
above 6.0x, EBITA-to-Interest expense below 1.0x, or the company's
liquidity profile deteriorates.

The principal methodology used in these ratings was Building
Materials published in September 2021.

Based in Katy, Texas, US Silica operates silica mining and
processing facilities. The publicly-traded company generated
revenue of $1.2 billion for twelve months ending March 31, 2022.  



US STEEL: Fitch Hikes Issuer Default Rating to BB, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has upgraded United States Steel Corporation's (U. S.
Steel) Issuer Default Rating (IDR) to 'BB' from 'BB-'. The Rating
Outlook is Stable. Fitch has also upgraded the unsecured notes and
unsecured environmental revenue bonds to 'BB'/'RR4' from
'BB-'/'RR4' and upgraded the ABL credit facility to 'BBB-'/ 'RR1'
from 'BB+'/'RR1'.

The upgrade reflects U. S. Steel's significant debt repayment over
the past few years and solid steel market conditions, including
historically high steel prices, resulting in significant EBITDA
generation and Fitch's expectation total debt/EBITDA will be
sustained below 2.5x. Fitch also expects the majority of announced
capex will be funded with a combination of cash and future FCF
generation.

The ratings also reflect U. S. Steel's shifting focus to flexible
and lower-cost, more-efficient mini mills as evidenced by the
acquisition of Big River Steel Holdings LLC and the company's
announcement of its intention to build a new 3 million ton mini
mill.

KEY RATING DRIVERS

Improved Leverage Expectations: Fitch expects total debt/EBITDA to
be sustained below 2.5x over the rating horizon, compared with 0.6x
at March 31, 2022. Since 1Q21, U. S. Steel has reduced total debt
outstanding by more than $1.9 billion and currently has no
outstanding borrowings on its credit facilities. Fitch expects
EBITDA to moderate from 2021/2022 peak levels of around $5 billion
per year, but to remain above $2 billion annually thereafter. This
compares with full-year 2018, a previous high point in the cycle,
EBITDA of around $1.5 billion.

Strong FCF Generation: U. S. Steel generated over $3.2 billion of
Fitch-calculated FCF in 2021 and as of March 31, 2022, the company
had cash and cash equivalents of over $2.8 billion. Fitch believes
cash on hand in combination with future FCF generation will likely
be sufficient to fund the majority of the new $3 billion mini mill
investment in addition to other strategic capex. The ability to
fund capex with cash on hand lowers the risk of compromising the
balance sheet should there be a period of prolonged economic
weakness.

Solid Steel Market Conditions: HRC prices recovered dramatically to
historical highs in 2021 and have since moderated but remain
elevated at well over $1,000/ton. Fitch believes prices will
moderate over the next few years but views them as supported in the
near term by solid supply/demand dynamics and relatively high raw
material costs. Fitch views the domestic steel environment as
significantly improved following the recovery from the pandemic, in
addition to industry consolidation over the past few years, which
has led to stronger-than-expected EBITDA generation and lower
leverage for domestic producers.

Best of Both Strategy: Fitch views U. S. Steel's strategy to invest
in flexible and lower cost, more efficient assets positively and
believes it will improve EBITDA, improve U. S. Steel's overall cost
position and operating profile, and result in reduced earnings
volatility through the cycle. In October 2019, U. S. Steel acquired
a 49.9% equity interest in Big River Steel Co. (BRS), an electric
arc furnace (EAF) facility with 3.3 million tons of annual
capacity, for approximately $700 million. In January 2021, U. S.
Steel acquired the remaining equity interest in BRS for
approximately $774 million. In addition, U. S. Steel announced a $3
billion investment to construct a new 3 million-ton mini mill, with
production expected to begin in 2024.

Strategic Capex Improves EBITDA: In 3Q21, U. S. Steel began
construction on a $450 million non-grain oriented (NGO) electrical
steel line at BRS. The 200,000-ton NGO electrical steel line is
expected to deliver first coil in 3Q23 and be available to meet the
growing electric vehicle demand expected in North America over the
coming years. In 3Q21, U. S. Steel also began construction on a
325,000-ton galvanizing line at BRS. This $280 million investment
is expected to expand the company's presence in value-added
construction applications and enhance BRS's product mix.

The company also began construction on a pig iron facility at Gary
Works in 2022, which is expected to have production capacity of
around 500,000 tons of pig iron intended to be consumed internally
at its EAFs. The investment is $60 million and first production is
expected in 1H23. U. S. Steel expects these investments, in
combination with the new mini mill investment, to improve run-rate
through-the-cycle EBITDA by approximately $880 million by 2026.

Asset Monetization Benefits Liquidity: Fitch views non-core asset
sales as benefiting liquidity for capital investments given the
majority of debt reduction efforts are complete as the company has
no maturities before 2026. U. S. Steel granted Stelco Inc. a $100
million option to acquire a 25% interest in its Minntac iron ore
mining operations for an aggregate purchase price of $600 million.
Under the agreement, Stelco paid $100 million to U. S. Steel in
2020. Stelco will then have the ability to exercise its option any
time before Jan. 31, 2027 to acquire a 25% interest for an
additional $500 million. The transaction provides the potential to
further improve liquidity and fits the company's reduced footprint
following its permanent idling of steelmaking at Great Lakes
Works.

Additionally, in 2021, U. S. Steel sold its Keystone Industrial
Port Complex, a non-core real estate asset, for approximately $160
million and completed the sale of Transtar for $640 million in
proceeds.

DERIVATION SUMMARY

U. S. Steel is smaller than Cleveland-Cliffs Inc. (BB-/Positive)
although has a comparable operating profile in that both companies
are integrated and have both blast furnace and EAF production, but
are primarily blast furnace producers. U. S. Steel is more
diversified by product and geography although the companies have
comparable leverage metrics. U. S. Steel is larger in terms of
annual shipments compared with EAF steel producer Commercial Metals
Company (BB+/Stable). U. S. Steel has higher product and end-market
diversification compared with CMC, although CMC has historically
had lower leverage metrics and its profitability is less volatile
resulting in more stable margins and leverage metrics through the
cycle. U. S. Steel is larger in terms of total shipments, although
less profitable with weaker credit metrics compared with EAF
producer Steel Dynamics (BBB/Stable).

KEY ASSUMPTIONS

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

-- Declining flat-rolled steel prices over the ratings horizon;

-- Flat-rolled steel shipments of around 11.0 million-11.5
    million tons per year in 2022 and 2023, increasing as the new
    mini mill ramps up;

-- Capex around $2.5 billion on average through 2023, declining
    significantly thereafter following completion of the new mini
    mill;

-- New mini mill is funded with internally generated cash;

-- Share repurchases with excess cash flow.

RATING SENSITIVITIES

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

-- Visibility into completion of the new $3 billion mini mill on
    time and on budget in addition to the ability to fund the
    project primarily with internally generated cash;

-- EBITDA margins sustained above 12%;

-- Total debt/EBITDA sustained below 2.3x.

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

-- A material weakening of domestic steel market conditions
    leading to total debt/EBITDA sustained above 3.3x;

-- EBITDA margins sustained below 10%.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Solid Liquidity: As of March 31, 2022, U. S. Steel had $2.866
billion of cash and cash equivalents and $1.746 billion available
under its $1.75 billion ABL credit facility due 2027 (not drawn).
In addition, the company had $347 million available under its USSK
credit facilities due 2026 and $350 million under BRS' ABL due 2026
(undrawn).

ISSUER PROFILE

U. S. Steel is an integrated steel producer of flat-rolled steel
and tubular products with operations in North America and Europe.
The company has a combination of blast furnace and electric arc
furnace capacity.

ESG CONSIDERATIONS

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

   DEBT               RATING                 RECOVERY   PRIOR
   ----               ------                 --------   -----

United States          LT IDR   BB     Upgrade             BB-
Steel Corporation

   senior secured      LT       BBB-   Upgrade     RR1     BB+

   senior unsecured    LT       BB     Upgrade     RR4     BB-


VTV THERAPEUTICS: MacAndrews & Forbes Holds 57.1% Class A Shares
----------------------------------------------------------------
In a Schedule 13D/A filed with the Securities and Exchange
Commission, these entities and individuals reported beneficial
ownership of shares of Class A common stock of vTv Therapeutics
Inc. as of May 31, 2022:

                                             Shares     Percent
                                          Beneficially    of
  Reporting Person                           Owned       Class
  ----------------                        ------------  -------
  The ROP Revocable Trust dated 1/9/2018   61,427,396     60.1%
  MacAndrews & Forbes Incorporated         58,408,296     57.1%
  MacAndrews & Forbes LLC                  26,165,657     25.6%
  MacAndrews & Forbes Group LLC            26,165,657     25.6%
  MFV Holdings One LLC                     22,378,833     22.3%
  M&F TTP Holdings LLC                     22,378,833     22.3%
  M&F TTP Holdings Two LLC                 22,378,833     22.3%
  RLX Holdings One LLC                      9,863,806      9.6%

On May 31, 2022, the Issuer entered into the common stock purchase
agreement with G42 Investments AI Holding RSC Ltd, pursuant to
which the Issuer issued G42 Investments 10,386,274 shares of the
Issuer's Class A Common Stock at a purchase price of $2.407 per
share. As a result of this transaction the amount of the Issuer's
outstanding Class A common stock has increased to 77,329,051 as of
May 31, 2022.  As a result of the increase in the amount of the
Issuer's Class A common stock outstanding, the percentage of
outstanding Class A common stock beneficially owned by the
Reporting Person has passively decreased.

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

https://www.sec.gov/Archives/edgar/data/918939/000114036122021468/brhc10038357_sc13da.htm

                      About vTv Therapeutics

vTv Therapeutics Inc. is a clinical-stage biopharmaceutical company
focused on developing oral small molecule drug candidates.  vTv has
a pipeline of clinical drug candidates led by programs for the
treatment of type 1 diabetes, Alzheimer's disease, and inflammatory
disorders.  vTv's development partners are pursuing additional
indications in type 2 diabetes, chronic obstructive pulmonary
disease (COPD), and genetic mitochondrial diseases.

vTv Therapeutics reported a net loss attributable to the company of
$12.99 million for the year ended Dec. 31, 2021, a net loss
attributable to the company of $8.50 million for the year ended
Dec. 31, 2020, and a net loss attributable to the company of $13.04
million for the year ended Dec. 31, 2019.  As of March 31, 2022,
the Company had $20.19 million in total assets, $13.91 million in
total liabilities, $14.37 million in redeemable noncontrolling
interest, and a total stockholders' deficit attributable to the
company of $8.09 million.

Raleigh, North Carolina-based Ernst & Young LLP, the Company's
auditor since 2000, issued a "going concern" qualification in its
report dated March 29, 2022, citing that the Company has not
generated any product revenue, has not achieved profitable
operations, has insufficient liquidity to sustain operations and
has stated that substantial doubt exists about the Company's
ability to continue as a going concern.


VYANT BIO: Receives Noncompliance Notice From Nasdaq
----------------------------------------------------
Vyant Bio, Inc. received a written notice from the Listing
Qualifications Department of The Nasdaq Stock Market on June 10,
2022, indicating that the Company is not in compliance with the
$1.00 Minimum Bid Price requirement set forth in Nasdaq Listing
Rule 5550(a)(2) for continued listing on The Nasdaq Capital Market.
The Notice does not result in the immediate delisting of the
Company's common stock from The Nasdaq Capital Market.

The Nasdaq Listing Rules require listed securities to maintain a
minimum bid price of $1.00 per share and, based upon the closing
bid price of the Company's common stock for the last 30 consecutive
business days, the Company no longer meets this requirement.  The
Nasdaq rules provide the Company a compliance period of 180
calendar days from the date of the Notice in which to regain
compliance with the Bid Price Requirement.  As a result, the date
by which the Company has to regain compliance with the Bid Price
Requirement is Dec. 7, 2022.  If at any time prior to Dec. 7, 2022
the bid price of the Company's common stock closes at or above
$1.00 per share for a minimum of 10 consecutive business days, the
Nasdaq staff will provide the Company with a written confirmation
of compliance and the matter will be closed.

Alternatively, if the Company fails to regain compliance with the
Bid Price Requirement prior to the expiration of the initial
period, the Company may be eligible for an additional 180 calendar
day compliance period, provided (i) it meets the continued listing
requirement for market value of publicly held shares and all other
applicable requirements for initial listing on The Nasdaq Capital
Market (except for the Bid Price Requirement) and (ii) it provides
written notice to Nasdaq of its intention to cure this deficiency
during the second compliance period by effecting a reverse stock
split, if necessary.  In the event the Company does not regain
compliance with the Bid Price Requirement prior to the expiration
of the initial period, and if it appears to the Staff that the
Company will not be able to cure the deficiency, or if the Company
is not otherwise eligible, the Staff will provide the Company with
written notification that its securities are subject to delisting
from The Nasdaq Capital Market.  At that time, the Company may
appeal the delisting determination to a hearings panel.

The Company intends to monitor the closing bid price of its common
stock and is considering its options to regain compliance with the
Bid Price Requirement.  The Company's receipt of the Notice does
not affect the Company's business, operations or reporting
requirements with the Securities and Exchange Commission.

                         About Vyant Bio

Vyant Bio, Inc. (formerly known as Cancer Genetics, Inc.) is an
innovative biotechnology company reinventing drug discovery for
complex neurodevelopmental and neurodegenerative disorders. Its
central nervous system drug discovery platform combines
human-derived organoid models of brain disease, scaled biology, and
machine learning.

Vyant Bio reported a net loss of $40.86 million for the year ended
Dec. 31, 2021, a net loss of $8.65 million for the year ended Dec.
31, 2020, a net loss of $6.71 million for the year ended Dec. 31,
2019, and a net loss of $20.37 million for the year ended Dec. 31,
2018.  As of March 31, 2022, the Company had $32.53 million in
total assets, $10.16 million in total liabilities, and $22.37
million in total stockholders' equity.


WATER WIND & SKY: Seeks to Tap Bush Kornfeld as Bankruptcy Counsel
------------------------------------------------------------------
Water Wind & Sky, LLC seeks approval from the U.S. Bankruptcy Court
for the Western District of Washington to hire Bush Kornfeld LLP as
its bankruptcy counsel.

The firm's services include:

     a. giving Debtor legal advice with the respect to its powers
and duties as debtor-in-possession in the continued operation of
its business and management of its property;

     b. preparing on behalf of Debtor all appropriate and necessary
motions, applications, responses, replies, answers, orders,
reports, and other papers and pleadings in support and furtherance
of the chapter 11 case;

     c. advising Debtor with respect to potential settlement with
secured lenders and taking necessary action to obtain court
approval of any settlement agreement or sale of estate property;

     d. to the extent necessary, advising Debtor with respect to
all processes surrounding a proposed sale of its assets and
preparing all pleadings associated therewith;

     e. assisting Debtor in review of all claims and in
determination of all issues associated with distribution on allowed
claims;

     f. taking necessary action to avoid any liens subject to
Debtor's avoidance;

     g. performing any and all other legal services for Debtors as
may be necessary in this bankruptcy case.

The firm's hourly billing rate ranges from $75 to $585.  In
addition, the firm will seek reimbursement for expenses incurred.

As of the petition date, Bush Kornfeld holds approximately
$24,488.50 in retainer funds of the Debtor.

Armand J. Kornfeld, Esq., a partner at Bush Kornfeld, disclosed in
a court filing that the firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Armand J. Kornfeld, Esq.
     Bush Kornfeld LLP
     601 Union Street, Suite 5000
     Seattle, WA 98101
     Telephone: (206) 292-2110
     Facsimile (206) 292-2104
     Email: jkornfeld@bskd.com

                About Water Wind & Sky

Water Wind & Sky, LLC, a domestic limited liability company, sought
Chapter 11 bankruptcy protection (Bankr. W.D. Wash. Case No.
22-10752) on May 5, 2022.  In the petition filed by Mark Goldberg,
as managing member, Water Wind & Sky estimated assets between $1
million and $10 million and estimated liabilities of $1 million and
$10 million.

The Honorable Bankruptcy Judge Timothy W. Dore oversees the case.

Armand J Kornfeld, of Bush Kornfeld LLP, is the Debtor's counsel.


WATER WIND & SKY: Taps McNaul Ebel Nawrot as Special Counsel
------------------------------------------------------------
Water Wind & Sky LLC seeks approval from the U.S. Bankruptcy Court
for the Western District of Washington to hire McNaul Ebel Nawrot &
Helgren PLLC as its special counsel.

Prepetition, McNaul served as litigation counsel for the Debtor in
Water, Wind & Sky, LLC v. MGP Beacon Guaranty, LLC and Tony Kullen.
The litigation relates to the real property in Bremerton,
Washington, which is central to the Debtor’s bankruptcy case.  

The firm's hourly billing rate ranges from $185 to $760.  In
addition, the firm will seek reimbursement for expenses incurred.

Claire Martirosian, Esq., a partner at McNaul Ebel, disclosed in a
court filing that the firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Claire Martirosian, Esq.
     McNaul Ebel Nawrot & Helgren PLLC
     600 University St # 2700, Seattle, WA 98101
     Phone: +1 (206) 389-9357
     Email: cmartirosian@mcnaul.com

                About Water Wind & Sky

Water Wind & Sky, LLC, a domestic limited liability company, sought
Chapter 11 bankruptcy protection (Bankr. W.D. Wash. Case No.
22-10752) on May 5, 2022.  In the petition filed by Mark Goldberg,
as managing member, Water Wind & Sky estimated assets between $1
million and $10 million and estimated liabilities of $1 million and
$10 million.

The Honorable Bankruptcy Judge Timothy W. Dore oversees the case.

Armand J Kornfeld, of Bush Kornfeld LLP, is the Debtor's counsel.


WEST BANCORPORATION: Egan-Jones Withdraws A- Sr. Unsecured Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company on May 11, 2022, withdrew its 'A-'
foreign currency and local currency senior unsecured ratings on
debt issued by West Bancorporation, Inc. EJR also withdrew its
'A1+' rating on commercial paper issued by the Company.

Headquartered in West Des Moines, Iowa, West Bancorporation, Inc.
is the holding company for West Des Moines State Bank (West Bank).



WYNN RESORTS: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company on April 26, 2022, maintained its 'CCC+'
foreign currency and local currency senior unsecured ratings on
debt issued by Wynn Resorts, Limited. EJR also 'B' rating on
commercial paper issued by the Company.

Headquartered in Las Vegas, Nevada, Wynn Resorts, Limited owns and
operates luxury hotels and destination casino resorts in Las Vegas,
Nevada, Macau, and China.



XEROX CORP: Egan-Jones Cuts Senior Unsecured Ratings to BB-
-----------------------------------------------------------
Egan-Jones Ratings Company on May 3, 2022, downgraded the local
currency senior unsecured ratings on debt issued by Xerox
Corporation to BB- from BB.

Headquartered in Norwalk, Connecticut, Xerox Corporation develops
document management technology solutions.



[^] BOND PRICING: For the Week from June 13 to 17, 2022
-------------------------------------------------------

  Company                   Ticker  Coupon Bid Price    Maturity
  -------                   ------  ------ ---------    --------
Accelerate Diagnostics      AXDX     2.500    66.100   3/15/2023
Accuray Inc                 ARAY     3.750    89.511   7/15/2022
BPZ Resources Inc           BPZR     6.500     3.017  03/01/2049
Basic Energy Services Inc   BASX    10.750     3.243  10/15/2023
Basic Energy Services Inc   BASX    10.750     3.243  10/15/2023
Buckeye Partners LP         BPL      6.375    80.466   1/22/2078
Buffalo Thunder
  Development Authority     BUFLO   11.000    50.000  12/09/2022
Clovis Oncology Inc         CLVS     4.500    55.000  08/01/2024
Diamond Sports Group
  LLC / Diamond Sports
  Finance Co                DSPORT   5.375    27.031   8/15/2026
Diamond Sports Group
  LLC / Diamond Sports
  Finance Co                DSPORT   6.625    15.102   8/15/2027
Diamond Sports Group
  LLC / Diamond Sports
  Finance Co                DSPORT   5.375    27.000   8/15/2026
Diamond Sports Group
  LLC / Diamond Sports
  Finance Co                DSPORT   5.375    35.375   8/15/2026
Diamond Sports Group
  LLC / Diamond Sports
  Finance Co                DSPORT   6.625    15.773   8/15/2027
Diamond Sports Group
  LLC / Diamond Sports
  Finance Co                DSPORT   5.375    26.719   8/15/2026
Diamond Sports Group
  LLC / Diamond Sports
  Finance Co                DSPORT   5.375    32.000   8/15/2026
Diebold Nixdorf Inc         DBD      8.500    52.174   4/15/2024
Dow Chemical Co/The         DOW      3.625    98.565   5/15/2026
Dow Chemical Co/The         DOW      3.625    98.566   5/15/2026
EnLink Midstream Partners   ENLK     6.000    69.000         N/A
Energy Conversion Devices   ENER     3.000     7.875   6/15/2013
Energy Transfer LP          ET       6.250    78.000         N/A
Enterprise Products
  Operating LLC             EPD      4.875    79.219   8/16/2077
Envision Healthcare Corp    EVHC     8.750    29.299  10/15/2026
Envision Healthcare Corp    EVHC     8.750    30.302  10/15/2026
Exela Intermediate LLC /
  Exela Finance Inc         EXLINT  11.500    34.989   7/15/2026
Exela Intermediate LLC /
  Exela Finance Inc         EXLINT  10.000    64.792   7/15/2023
Exela Intermediate LLC /
  Exela Finance Inc         EXLINT  11.500    34.768   7/15/2026
Exela Intermediate LLC /
  Exela Finance Inc         EXLINT  10.000    64.792   7/15/2023
Florida Power & Light Co    NEE      1.280    89.219  03/01/2071
GNC Holdings Inc            GNC      1.500     0.920   8/15/2020
GTT Communications Inc      GTTN     7.875     7.250  12/31/2024
GTT Communications Inc      GTTN     7.875     9.000  12/31/2024
General Electric Co         GE       4.200    78.750         N/A
Horizon Global Corp         HZN      2.750    98.750  07/01/2022
IntelGenx Technologies      IGXT     8.000      N/A    6/30/2022
Lannett Co Inc              LCI      4.500    28.543  10/01/2026
MAI Holdings Inc            MAIHLD   9.500    29.719  06/01/2023
MAI Holdings Inc            MAIHLD   9.500    29.719  06/01/2023
MAI Holdings Inc            MAIHLD   9.500    29.719  06/01/2023
MBIA Insurance Corp         MBI     12.304    11.441   1/15/2033
MBIA Insurance Corp         MBI     12.304    11.441   1/15/2033
Macquarie Infrastructure
  Holdings LLC              MIC      2.000    95.414  10/01/2023
Macy's Retail Holdings LLC  M        6.700    98.997   7/15/2034
Macy's Retail Holdings LLC  M        6.700    98.997   7/15/2034
Morgan Stanley              MS       1.800    75.367   8/27/2036
Nine Energy Service Inc     NINE     8.750    63.184  11/01/2023
Nine Energy Service Inc     NINE     8.750    63.063  11/01/2023
Nine Energy Service Inc     NINE     8.750    62.901  11/01/2023
OMX Timber Finance
  Investments II LLC        OMX      5.540     0.783   1/29/2020
Plains All American
  Pipeline LP               PAA      6.125    76.750         N/A
Renco Metals Inc            RENCO   11.500    24.875  07/01/2003
Renewable Energy Group Inc  REGI     5.875   106.127  06/01/2028
Renewable Energy Group Inc  REGI     5.875   106.328  06/01/2028
Revlon Consumer Products    REV      6.250     3.846  08/01/2024
Rolta LLC                   RLTAIN  10.750     0.847   5/16/2018
RumbleON Inc                RMBL     6.750    48.665  01/01/2025
Sears Holdings Corp         SHLD     8.000     2.050  12/15/2019
Sears Holdings Corp         SHLD     6.625     2.275  10/15/2018
Sears Holdings Corp         SHLD     6.625     2.184  10/15/2018
Sears Roebuck Acceptance    SHLD     7.000     1.096  06/01/2032
Sears Roebuck Acceptance    SHLD     6.500     1.028  12/01/2028
Sears Roebuck Acceptance    SHLD     7.500     1.060  10/15/2027
Sears Roebuck Acceptance    SHLD     6.750     0.402   1/15/2028
TPC Group Inc               TPCG    10.500    54.000  08/01/2024
TPC Group Inc               TPCG    10.500    36.000  08/01/2024
TS Contrarian Bancshares    TSCONT   7.400    91.372  06/01/2027
TS Contrarian Bancshares    TSCONT   7.400    91.372  06/01/2027
Talen Energy Supply LLC     TLN      9.500    61.000   7/15/2022
Talen Energy Supply LLC     TLN      9.500    70.000   7/15/2022
TerraVia Holdings Inc       TVIA     5.000     4.644  10/01/2019
Wayfair Inc                 W        0.375    98.150  09/01/2022
Wesco Aircraft Holdings     WAIR     8.500    51.737  11/15/2024
Wesco Aircraft Holdings     WAIR    13.125    30.828  11/15/2027
Wesco Aircraft Holdings     WAIR     8.500    50.787  11/15/2024
fuboTV Inc                  FUBO     3.250    32.250   2/15/2026



                            *********

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., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000.

                   *** End of Transmission ***