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

              Friday, June 24, 2022, Vol. 26, No. 174

                            Headlines

5280 AURARIA: Gets OK to Hire Brownstein Hyatt as Legal Counsel
5823 NE 2ND AVENUE: Joins Other LHDP Units in Chapter 11
808 B STREET: Seeks to Hire Walls and Associates as Bookkeeper
AE SOLUTIONS: Gets OK to Hire G&A CPAs as Accountant
ALLTHINGS INC: Files Bare-Bones Chapter 11 Petition

ARCHDIOCESE OF AGANA: Sex Abuse Payment Plan Draws Objections
ASYNTRIA INC: Unsecureds to Get Share of Income for 36 Months
AZ TOWING: Unsecured Creditors to Split $47K over 5 Years
BESTWALL LLC: Asbestos Panel Taps Mills & Reeve as Foreign Counsel
BLACK CREEK: Unsecured Creditors Will Get 100% in 60 Months

C.L. MAACK: Case Summary & 20 Largest Unsecured Creditors
CARIBBEAN REAL ESTATE: Returns to Chapter 11 Bankruptcy
CHICAGO AUTO: Unsecureds to be Paid in Full in Subchapter V Plan
CHRISTIAN CARE: Court Okays Sales Plans, $5.8M Ch. 11 Loan
CINCINNATI TERRACE: July 29 Terrace Plaza Hotel Auction Set

CYPRESS ENVIRONMENTAL: Court Okays Chapter 11 Debt-Swap Plan
DEPENDABLE MACHINE: Wins Cash Collateral Access Thru June 27
DIAMOND SCAFFOLD: Files for Chapter 11 Bankruptcy
DIOCESE OF CAMDEN: Aug. 29 Plan Confirmation Hearing Set
DOT COM REALTY: Files Chapter 11 Subchapter V Case

ENVIVA INC: S&P Alters Outlook to Negative, Affirms 'BB-' ICR
HELLO LIVING: Taps Law Office of Victor A. Worms as Co-Counsel
HERTZ CORP: Makes First Settlement Offers to End False Arrest Suits
HORSE CARRIAGE: Seeks to Hire Adelstein & Kaliner as Legal Counsel
IDE REAL ESTATE: Claims Will be Paid from Property Sale Proceeds

INLAND BOAT: Taps Dentons Durham Jones Pinegar as Legal Counsel
KEYWAY APARTMENT: Case Summary & 18 Unsecured Creditors
LAFORTA - GESTAO: Milbank, Pachulski Represent Backstop Lenders
LAX IN-FLITE: Unsecureds to Get 3.5% to 13.4% in Liquidating Plan
LOGOS INC: Gets Approval to Hire Alex Cooper as Auctioneer

MALLINCKRODT PLC: Advised by Latham & Watkins in Reorganization
NATIONAL REALTY: Gets Cautious Okay for Chapter 11 Property Sales
NEIGHBORHOOD RADIOLOGY: Seeks Cash Collateral Access
OLYMPIA SPORTS: Unsecureds' Recover Hiked to 26.19% in Plan
PBF HOLDING: Fitch Hikes LongTerm Issuer Default Rating to 'BB-'

PBF LOGISTICS: Fitch Upgrades LongTerm IDR to 'BB-', Outlook Stable
RESURGE LLC: Unsecureds Will Get 1% of Claims in Liquidating Plan
ROCKIES EXPRESS: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
ROOF IT BETTER: July 6 Final Hearing on Cash Collateral Use
SCIENCE APPLICATIONS: S&P Affirms 'BB+' Rating on Sr. Secured Debt

SMITH TRUCKING: Continued Operations to Fund Plan Payments
SOUTHERN FIDELITY: 4th Insurer to Go Bankrupt Since February
STAR UK: S&P Alters Outlook to Stable, Affirms 'B-' ICR
SUNNY MILLS: SARE Seeks Chapter 11 Protection
TALEN ENERGY: S&P Assigns 'BB+' Rating on $1BB DIP Term Loan

TCN LIBERTY: Voluntary Chapter 11 Case Summary
TPC GROUP: Fitch Lowers LongTerm Issuer Default Rating to 'D'
VCH RANCH: Wins Interim Cash Collateral Access
VSTG ACQUISITION: S&P Assigns 'B' ICR, Outlook Stable
WC BRAKER: Trustee Has Deal on Cash Collateral Use

WHEEL PROS: S&P Alters Outlook to Negative, Affirms 'B-' ICR
WISECARE LLC: Seeks to Hire Transworld Business as Sales Agent
XPO LOGISTICS: S&P Places 'BB' ICR on Watch Pos. on Divestitures
ZOHAR III: Clears Plan Confirmation Over Objections
[] BOOK REVIEW: Bankruptcy and Secured Lending in Cyberspace


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5280 AURARIA: Gets OK to Hire Brownstein Hyatt as Legal Counsel
---------------------------------------------------------------
5280 Auraria, LLC received approval from the US Bankruptcy Court
for the District of Colorado to hire Brownstein Hyatt Farber
Schreck, LLP to serve as legal counsel in its Chapter 11 case.

The firm's services include:

     a. assisting in the production of the Debtor's schedules and
statement of financial affairs and other pleadings necessary to
comply with the Bankruptcy Code;

     b. assisting in the preparation of the Debtor's plan of
reorganization and disclosure statement;

     c. preparing legal papers;

     d. representing the Debtor in adversary proceedings and
contested matters related to its bankruptcy case;

     e. providing legal advice with respect to the Debtor's rights,
powers, obligations and duties in the continuing operation of its
business and the administration of the estate;

     f. providing other necessary legal services to the Debtor.

The firm's hourly rates are as follows:

     Michael J. Pankow           $785
      Amalia Sax-Bolder          $455
     Sheila Grisham, Paralegal   $365

Brownstein was paid a retainer of $25,000.

As disclosed in court filings, Brownstein is a "disinterested
person" within the meaning of Bankruptcy Code Section 101(14).

The firm can be reached through:

     Michael J. Pankow, Esq.
     Brownstein Hyatt Farber Schreck, LLP
     410 Seventeenth Street
     Denver, CO 80202
     Tel: (303) 223-1100
     Email: mpankow@bhfs.com

                         About 5280 Auraria

5280 Auraria, LLC, owns Auraria Student Lofts, a high-rise building
in downtown Denver aimed at providing housing for college students.
5280 Auraria's sole member and manager is Nelson Partners, LLC, a
Utah limited liability company.  The individual principal is
Patrick Nelson.

5280 Auraria sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Col. Case No. 22-12059) on June 9, 2022.
In the petition filed by Patrick Nelson, as managing member, the
Debtor listed between $50 million and $100 million in both assets
and liabilities.

Judge Kimberley H. Tyson oversees the case.

Michael J. Pankow, Esq., at Brownstein Hyatt Farber Schreck, LLP is
the Debtor's counsel.


5823 NE 2ND AVENUE: Joins Other LHDP Units in Chapter 11
--------------------------------------------------------
5823 NE 2nd Avenue, LLC, has joined other property owning units of
Little Haiti Development Partners, LP, in Chapter 11 bankruptcy.

The newest filer, 5823 NE 2nd Avenue, is a Florida limited
liability company which owns two parcels of real property in the
Little Haiti 2nd Avenue Corridor section of Miami, Florida.  The
properties are located at 5823 N.E. 2nd Avenue (commercial
improvement with a 3 unit structure) and 175 NE 59th Street (vacant
land) (the "5823 Properties").  

6200 NE 2nd Avenue, LLC, and 7 affiliates ("Affiliated Debtors")
earlier filed for Chapter 11 bankruptcy on Jan. 18, 2022 and May
31, 2022.  The Affiliated Debtors also are all Florida limited
liability companies which own one or more parcels of real property
located in the same Little Haiti 2nd Avenue Corridor section of
Miami as the 5823 Properties.  

The Debtors are all owned by Little Haiti Development Partners, LP
("LHDP"). Their management and administration are also handled by a
common manager, Little Haiti Development Management, LLC.

The Affiliated Debtors have many of the same unsecured creditors as
the Debtor.  While the Affiliated Debtors all have blanket
liability to primary secured creditor Chemtov Mortgage Group Corp.,
5823's first of six named secured creditors is Alexis Perdomo, who
obtained a Final Judgment of Foreclosure against the Debtor on
March 23, 2022.  This Debtor has two secured creditors in common
with 6229.  A foreclosure sale of the 5823 Properties was scheduled
for June 21, 2022 but was stayed by this Chapter 11 filing.

The Affiliated Debtors filed a joint Chapter 11 Plan May 13, 2022
and on May 26, 2022, filed a Joint Amended Chapter 11 Plan and
Disclosure Statement.  A Second Amended Plan of Reorganization is
being finalized that will include the disposition of 6229's
Property and the 5823 Properties as well as full payment to 6229
and 5823's secured and unsecured creditors

                        About the Debtors

6200 NE 2nd Avenue, LLC, and its affiliates are Florida limited
liability companies, which, together, own 14 parcels of real
property in the Little Haiti/Upper East Side neighborhood largely
on the Northeast 2nd Avenue corridor of Miami.  Several of these
properties are not generating income largely as a result of the
COVID-19 pandemic, and after certain properties were gutted in
anticipation of renovation and the failure of an investor to raise
and invest sufficient funds to complete the renovations.

6200 NE 2nd Avenue and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Lead Case No.
22-10385) on Jan. 18, 2022.  In the petition signed by Mallory
Kauderer, manager, 6200 NE 2nd Avenue disclosed up to $50,000 in
assets and up to $10 million in liabilities.

229 NE 2nd Avenue, LLC, owner of one parcel of real property at
6229 N.E. 2nd Avenue in Miami, filed a Chapter 11 petition (Bankr.
S.D. Fla. Case No. 22-14331) on May 31, 2022.

5823 NE 2nd Avenue, LLC, owner of two parcels at 5823 N.E. 2nd
Avenue, in Miami, sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-14767) on June 20,
2022. In the petition filed by Mallory Kauderer, as manager, the
Debtor estimated assets and liabilities between $500,000 and $1
million each.

The Debtors' Chapter 11 cases are jointly administered under Case
No. 22-10385.

Judge Robert A. Mark oversees the cases.

Steven Beiley, Esq., at Aaronson Schantz Beiley P.A., is the
Debtors' legal counsel.


808 B STREET: Seeks to Hire Walls and Associates as Bookkeeper
--------------------------------------------------------------
808 B Street, LLC seeks approval from the U.S. Bankruptcy Court for
the Southern District of Western Virginia to hire Brent Walls and
Walls and Associates, PLLC as its bookkeeper.

The firm will charge a flat fee of $350 per annum for review of
records and preparation of state and federal tax returns, and a
flat fee of $85 per annum for preparation of form 1099's.

Brent Walls, managing partner at Walls and Associates, disclosed in
a court filing that he does not have interest adverse to the
Debtor.

The firm can be reached through:

     Brent Walls, CPA
     Walls and Associates, PLLC
     1025 N. Main Street
     Milton, WV 25541
     Phone: 304-390-5971
     Fax: 304-390-6006
     Email: Brent.Walls@Walls-CPA.com

                      About 808 B Street LLC

808 B Street, LLC, a West Virginia-based domestic limited liability
company, sought Chapter 11 bankruptcy protection (Bankr. S.D. W.Va.
Case No. 22-20075) on May 6, 2022.  In the petition filed by
Steven M. Newton, as manager, 808 B. Street estimated assets
between $500,000 and $1 million and liabilities between $1 million
and $10 million.

The case has been assigned to Judge B. McKay Mignault.

Andrew S. Nason, Esq., at Pepper & Nason is the Debtor's legal
counsel.


AE SOLUTIONS: Gets OK to Hire G&A CPAs as Accountant
----------------------------------------------------
AE Solutions, LLC received approval from the U.S. Bankruptcy Court
for the District of Arizona to hire G&A CPAs and Financial
Consultants, P.C. to provide accounting services.

The firm's services include:

     a. preparing financial statements;

     b. processing payroll;

     c. preparing federal and state income tax returns;

     d. performing bookkeeping services necessary to gather data
for report filings;

     e. preparing the required operating reports;

     f. reviewing the Debtor's historic financial performance;

     g. working with the Debtor to develop a longer-term financial
forecast;

     h. assisting in developing a feasibility analysis for the
Debtor's plan of reorganization;

     i. assisting in developing a liquation analysis for the plan;

     j. providing possible testimony at the plan confirmation
hearing; and

     k. providing other Chapter 11 consulting services, if
necessary.  

The firm will charge a flat fee of $990 for the preparation of tax
returns for the year ending Dec. 31, 2021, and an hourly fee of
$275 for other accounting services.

G&A CPAs does not represent interest adverse to the Debtor or the
bankruptcy estate, as disclosed in court filings.

The firm can be reached through:

     Timothy J. Giacoletti, CPA
     G&A CPAs and Financial Consultants, P.C.
     2001 W Camelback Rd., Suite 240
     Phoenix, AZ 85015
     Phone: +1 520-885-6735
     Fax: 602-253-8982

                        About AE Solutions

AE Solutions, LLC is a full-service, service disabled veteran-owned
small business (SDVOSB) certified construction firm that offers
construction and project management, and general contracting of
electrical, civil, structural, and renewable energy projects for
government and private commercial clients throughout the United
States.

AE Solutions sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ariz. Case No. 22-01806) on March 25,
2022. In the petition signed by William A. Clifton, manager, the
Debtor disclosed up to $10 million in both assets and liabilities.


D. Lamar Hawkins, Esq., at Guidant Law, PLC and G&A CPAs and
Financial Consultants, P.C. serve as the Debtor's legal counsel and
accountant, respectively.


ALLTHINGS INC: Files Bare-Bones Chapter 11 Petition
---------------------------------------------------
Allthings, Inc., filed for chapter 11 protection in the Western
District of North Carolina, without stating a reason.

According to court filing, Allthings Inc. estimates between 1 and
49 unsecured creditors. The petition states funds will be available
to unsecured creditors.

Lotoya Smith of Mooresville California, is the president and 100%
owner of the Company.

The Debtor's formal schedules of assets and liabilities and
statement of financial affairs are due Aug. 18, 2022, at 11:00 AM
at Zoom 341 Meeting. Proofs of claim are due by Nov. 16, 2022.

                        About Allthings, Inc.

Allthings, Inc. -- https://www.allthings.me/en/ -- helps property
owners and their service providers make the journey to digital
property management.

Allthings, Inc., sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D.N.C. Case No. 22-50141) on June 20,
2022.  In the petition filed by Latoya Smith. as president, the
Debtor estimated assets between $500,000 and $1 million and
liabilities of less than $50,000.  Robert H. Gourley, Jr., of the
Law Offices of Robert H Gourley Jr, P.A., is the Debtor's counsel.


ARCHDIOCESE OF AGANA: Sex Abuse Payment Plan Draws Objections
-------------------------------------------------------------
Haidee Eugenio Gilbert of The Guam Daily Post reports that a
proposed $37 million to $107 million Guam clergy sex abuse payment
plan is drawing objections from one of two insurers of the
Archdiocese of Agana, as well as a request for amendment from the
U.S. Trustee.

The disclosure statement, or the plan to get the archdiocese out of
bankruptcy, includes payments to more than 270 survivors of clergy
sexual assaults dating back to the 1950s.

The plan also aims to end more than three years of wrangling in
bankruptcy court at a cost of about $7.5 million in legal fees
alone.

Insurance firm Continental Insurance Co. on Monday said its $1
million contribution to the settlement with the Archdiocese of
Agana is "appropriate and more than reasonable," but not the "up to
$15 million" that it said is imagined in the joint disclosure
statement.

Instead of submitting two separate and competing plans, the
archdiocese and its Official Committee of Unsecured Creditors in
its bankruptcy case filed a joint disclosure statement.

Continental said its liability is limited only to $250,000 or
$600,000 but agreed to a $1 million settlement with the archdiocese
"in order to avoid protracted litigation."

The insurance firm said the disclosure statement includes
"materially inaccurate, incomplete, and affirmatively misleading
information."

"Further, the Disclosure Statement describes a patently
unconfirmable plan. As a result, the Disclosure Statement should
not be approved," Continental, through attorneys William Fitzgerald
and David Christian, said in a June 20 court filing.

The disclosure statement also includes $55 million in aggregate
contribution from the Boy Scouts of America insurers. The Boy
Scouts' bankruptcy case is also pending.

Many of Guam's clergy sex abuse claims are tied to former priest
and former Boy Scouts scoutmaster Louis Brouillard, the only one
who admitted to sexually molesting boys before he died in 2018.

Continental finds the disclosure statement's description of
claimants' ability to recover from the Boy Scouts insurance policy
proceeds as "misleading, incomplete, and premature."

It said the recovery from proceeds of the same policies may reduce
or eliminate the claimants' ability to recover from the trust in
this case, proceeds of this debtor's insurance.

"Put simply, the claimants cannot recover twice for the same
injury, and so the Disclosure Statement is double-counting.  These
incomplete disclosures render the Disclosure Statement misleading,"
Continental said.

Based on the archdiocese and its creditors' joint filing in May,
there are three firm sources of funding so far for the abuse
survivors' trust, accounting for nearly $43 million.

These include proceeds from future sale of real estate assets,
archdiocese cash contribution, and $18 million from one other
archdiocese insurer, National Union Fire Insurance Company of
Pittsburgh, Pennsylvania.

National on Monday filed its reservation of rights to the joint
disclosure statement.

The rest, which is up to $64 million, including $55 million
supposedly from the Boy Scouts' insurers, are not firm yet.

The U.S. Trustee, which is the U.S. Department of Justice unit that
oversees bankruptcy cases, on Saturday identified 10 areas in the
joint disclosure statement that it said need "adequate
information," including burial plots and school tuition vouchers
that are supposed to be part of the payments to clergy abuse
survivors.

The archdiocese sought bankruptcy protection in January 2019
because of clergy sex abuse claims reaching more than $1 billion.

                   About Agana Archdiocese

The Roman Catholic Archdiocese of Agana is an ecclesiastical
territory or diocese of the Catholic Church in the United States
that comprises the United States dependency of Guam.

The Roman Catholic Archdiocese of Agana sought Chapter 11
protection (Bankr. D. Guam Case No. 19- 00001) on Jan. 9, 2019.  In
the petition signed by Most Rev. Michael Jude Byrnes, Coadjutor
Archbishop of Agana, it listed $22.96 million in assets, with
$45.66 million in liabilities.  The case is handled by Honorable
Judge Frances M Tydingco-Gatewood.  Edwin H. Caldie, of Stinson
Leonard Street LLP, is the Debtor's counsel.


ASYNTRIA INC: Unsecureds to Get Share of Income for 36 Months
-------------------------------------------------------------
Asyntria, Inc., filed with the U.S. Bankruptcy Court for the
Southern District of Texas a Subchapter V Plan dated June 21,
2022.

Asyntria, Inc. is a Texas corporation incorporated on February 10,
1999, and is managed by its President Michael Johnston. The Debtor
provides training to pharmaceutical technicians and other medical
professionals and manufactures compounds that medical professional
trainees utilize during patient simulations.

Creditors holding general unsecured claims include American Express
($88,040.40); Comcast ($1,316.58); Mandalay Corp. Dba Mandalay Bay
Resort & Casino ($443,529.03); The Johnston Group ($646,372.33);
and unknown, disputed claim of Wendy Meigs.

Class 1 is comprised of Allowed Unsecured Priority Claims held by
the Internal Revenue Service. The Debtor shall pay all holders of
Allowed Claims in Class 1 an amount equal to such holder's Allowed
Unsecured Priority Claim, including to the extent provided in the
agreement(s) between the Debtor and such holder, (i) interest from
and after the Petition Date and (ii) other costs, charges, and
fees. All other terms of any obligations existing between such
holders and the Debtor shall remain in full force and effect except
as modified by this Plan. Notwithstanding anything to the contrary,
nothing in this Plan (1) discharges the Debtor, Reorganized Debtor,
or any other person of any claim or other liability, or (2) enjoins
any right of setoff or recoupment.

Class 2 is comprised of all Allowed Unsecured General Claims. In
full satisfaction, holders of Allowed General Unsecured Claims
shall receive Pro Rata Cash payments of the Debtor's Disposable
Income for a period of 36 months to be paid in semi annual payments
with payments commencing 6 months following the Effective Date with
each consecutive payment made every six months thereafter. The
first payment shall be paid on the first of the month immediately
following 6 months after the Effective Date.

The equity interest holders shall retain their respective equity
interests.

The payments contemplated in this Plan shall be funded from the
continued operations of the Debtor and continued financial support
from the Debtor's equity interest holder StradenSchaden, Inc in the
form of advancement of the Debtor's operating expenses and
reimbursement of those expenses. During the pendency of the case,
Straden-Schaden has advanced funds for the Debtor's operating
expenses and will continue its support after confirmation of the
Debtor's Plan. The Debtor is still in the process of preparing its
financial projections and liquidation analysis which it will later
attach and incorporate into its Plan.

A full-text copy of the Subchapter V Plan dated June 21, 2022, is
available at https://bit.ly/3OBRS5t from PacerMonitor.com at no
charge.

                       About Asyntria, Inc.

Asyntria Inc., Inc., provides training to pharmaceutical
technicians and other medical professionals and manufactures
compounds that medical professional trainees utilize during patient
simulations.

Asyntria, Inc., filed a petition for relief under Subchapter V of
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 22
30696) on March 20, 2022.  In the petition signed by Michael
Johnston, president, the Debtor disclosed up to $50,000 in assets
and $1 million to $10 million in liabilities.  The Hon. Eduardo V.
Rodriguez oversees the case.  Susan Tran Adams, Esq. of TRAN SINGH,
LLP is the Debtor's counsel.


AZ TOWING: Unsecured Creditors to Split $47K over 5 Years
---------------------------------------------------------
AZ Towing, Inc., filed with the U.S. Bankruptcy Court for the
District of Maryland a Small Business Plan of Reorganization dated
June 20, 2022.

AZ Towing, Inc., was formed in 2005 to start a towing business
primarily in Howard County.  The sole stockholders and directors of
the Debtor are Mohamed Majeed and Pir Arshad, who are both Maryland
residents.

Just before the Covid-19 pandemic, the Debtor was encouraged by its
main referral source, AAA, to buy more tow trucks, which it did.
However, the unforeseen increase in gasoline prices significantly
ate into these profits, preventing the Debtor from being able to
catch up on the payments that had been missed and perform deferred
repairs and maintenance on the trucks. As a result, the Debtor
consulted with counsel to discuss the possibility of filing for
relief under Chapter 11 of the Bankruptcy Code and filed the within
case on March 22, 2022, under the provisions of the Small Business
Reorganization Act (SBRA).

Class C consists of all allowed general unsecured claims against
the Debtors, including the unsecured portion of Classes B-1, B-2,
and B-4. Holders of Class C claims shall be paid, without interest,
pro rata, a total of $47,294.24 in 20 quarterly payments of
$2,364.71, paid pro rata.

The pro rata share of the claimed amount of any claims which are
then subject to objections as to which a Final Order has not been
entered shall be deposited in an interest bearing bank account
until a Final Order is entered. When Final Orders are entered
disallowing or allowing and liquidating all Class C claims, the
remaining funds in the bank account shall be distributed to the
holders of all Class C claims pro rata. This class is impaired.

Class C Creditors include Amur Equipment Finance, Inc.
($25,536.99); First Business Specialty Finance, LLC ($37,243.10);
KLC Capital Partners, LLC ($33,763.11); and Cellco Partnership
($1,994.56).

Class D consists of all Equity Interests in the Debtor. The holders
of Class D interests shall retain such interests, provided that no
distributions may be made to such Class on account of their
ownership interest until all Class C creditors have been paid. This
class, as Insiders, may not vote on the Plan.

Funds for implementation of the Plan will be derived from income
from the Debtor's business.

A full-text copy of the Plan of Reorganization dated June 20, 2022,
is available at https://bit.ly/3y6Kcmq from PacerMonitor.com at no
charge.

Counsel to the Debtor:

     Brett Weiss, Esq.
     The Weiss Law Group, LLC
     8843 Greenbelt Road, Suite 299
     Greenbelt, MD 20770
     Telephone: (301) 924-4400
     Facsimile: (240) 627-4186
     Email: brett@BankruptcyLawMaryland.com

     Robert N. Grossbart, Esq.
     Grossbart, Portney and Rosenberg, P.A.
     100 n. Charles St., 20th floor
     Baltimore, Md 21201
     Phone: +1 410-837-0590
     Email: robert@grossbartlaw.com

                         About AZ Towing

AZ Towing, Inc., filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. D. Md. Case No. 22-11460) on March 22,
2022, listing as much as $50,000 in both assets and liabilities.  

Judge David E. Rice presides over the case.

Michael G. Wolff, Esq., at Wolff & Orenstein, LLC, was appointed as
Subchapter V trustee.

Robert N. Grossbart, Esq., at Grossbart, Portney and Rosenberg,
P.A. and Brett Weiss, Esq., at The Weiss Law Group, LLC are the
Debtor's bankruptcy attorneys.  Professional Tax and Accounting
Svcs, Inc. is the Debtor's accountant.


BESTWALL LLC: Asbestos Panel Taps Mills & Reeve as Foreign Counsel
------------------------------------------------------------------
The official committee of asbestos claimants appointed in Bestwall
LLC's Chapter 11 case received approval from the U.S. Bankruptcy
Court for the Western District of North Carolina to hire Mills &
Reeve, LLP as its special foreign counsel for any matters of United
Kingdom law regarding the discovery sought from Dr. Richard
Attanoos.

The committee seeks documents from, and the deposition of Dr.
Attanoos, a UK citizen, in connection with the estimation of
mesothelioma claims ordered by the bankruptcy court earlier this
year.

Mills & Reeve's services include:

     (a) providing UK legal advice to the committee with respect to
issues relating to the letter of request, subpoenas, service,
depositions, and document production;

     (b) preparing an application and supporting witness statement
and draft order to be submitted to the English court if it receives
the letter of request, including the potential retention of a
barrister for any hearing;

     (c) advising on and supporting a possible examination hearing
in England in order to obtain a transcript of Mr. Attanoos'
testimony; and

     (d) advising the committee on other matters related to the
Attanoos discovery.

The firm will charge these hourly fees:

     Partner                        GBP345 to GBP590
     Consultant                     GBP190 to GBP500
     Principal Associate            GBP225 to GBP460
     Legal Executive                GBP99 to GBP380
     Senior Associate               GBP195 to GBP370
     Associate                      GBP185 to GBP290
     Paralegal                      GBP25 to GBP250
     Trainee                        GBP65 to GBP195
     Library Information Services   GBP105 to GBP140

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

The firm can be reached through:

     Eric France
     Mills & Reeve LLP
     24 King William Street
     London EC4F 9AT
     England
     Phone: +44 207 6489220

                         About Bestwall LLC

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

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

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

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

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

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

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


BLACK CREEK: Unsecured Creditors Will Get 100% in 60 Months
-----------------------------------------------------------
Black Creek Condos LLC, and its Debtor Affiliates submitted a First
Amended Disclosure Statement describing Jointly Administered
Chapter 11 Plan of Reorganization dated June 21, 2022.

This is a plan of reorganization. The Proponents seek to accomplish
payments under the Plan with funds from (i) cash on deposit in the
Hook & Fatovich, LLC Attorney Trust Account on the Effective Date;
(ii) revenue from continued business operations from certain
condominium units owned by the Debtors; (iii) capital contributions
from NMR Associates, LLC a non-Debtor entity wholly owned by the
Debtors' principal; and (iv) the possible sale or mortgaging of
three properties owned by debtor Camp Monte once the secured lien
against those properties is paid off.

On or about March 29, 2022, Pender filed a Motion for a Charging
Order in the Superior Court of New Jersey, Sussex County. The
Bankruptcy Court subsequently ruled that the automatic stay does
not apply to Pender's Motion for Charging Order against the
Debtors' non-debtor affiliates.

On June 17, 2022, in response to Pender's motion to modify the
automatic stay, the Bankruptcy Court entered an Order modifying the
automatic stay for the sole purpose of allowing Pender to obtain an
Alias Writ in connection with its pre-petition foreclosure
proceedings. The Order specifically provides that (i) any sale
scheduled pursuant to the Alias Writ shall remain on the bankruptcy
stay list; and (ii) no sale of the Debtors' real properties shall
proceed absent further order of the Bankruptcy Court or dismissal
of the Debtor's Chapter 11 Cases.

Camp Monte has settled, via a Consent Order, the amount of the
Ditmas Park lien. Pursuant to the parties' Consent Order, the final
payment to Ditmas Park was due in February 2022; however, the
parties have agreed in writing to several extensions of the due
date. The final payment is currently due Ditmas Park on June 30,
2022, without prejudice to further extensions.

Once Ditmas is paid in full, the three Camp Monte condominium units
previously subject to Ditmas Park's lien will be available to sell,
mortgage or continue to generate a stream of rental income to help
fund the Debtors' Chapter 11 Plan. In addition, Mr. Rudich has
certified through pleadings previously filed with the Court that
NMR will continue to make capital contributions to the Debtors to
help fund their Chapter 11 Plan.

Class 1 consists of Pender East Credit 1 Reit, LLC Claim. Allowed
secured claim, as determined by the Bankruptcy Court prior to
Confirmation , paid in full with corresponding legal rate of
interest (less any post-petition payments made by or on behalf of
the Debtors)1 over 60 months from the Effective Date payable as
follows: $500,000.00 down payment on the Effective Date.
Thereafter, quarterly payments of $100,000.00 with balloon payment
of balance owed in month 60.

Class 3 consists of Vernon Township (real estate taxes) Claim.
Payment in full within 180 days of Effective Date.

Class 4 consists of Payment in full within 180 days of Effective
Date Claim. Payment in full within 180 days of Effective Date.

Class 5 consists of General unsecured claims in the amount of
$4,857.45. Each holder of an Allowed General Unsecured Claim  shall
receive 100% payment of its claim. Payment shall be made in equal
semi-annual installments over a period of 60 months commencing 6
months after the Effective Date.

The Plan will be funded by (i) cash on deposit in the Hook &
Fatovich Attorney Trust Account on the Effective Date; (ii) revenue
from continued operations, including but not limited to rental
income generated by the three condominium units subject to the
Ditmas Park lien; (iii) capital contributions from NMR; and (iv)
the possible sale or mortgaging of the Camp Monte properties
referenced in item (ii) herein once the secured lien held by Ditmas
Park on those properties is paid off.

A full-text copy of the First Amended Disclosure Statement dated
June 21, 2022, is available at https://bit.ly/3QMsJHi from
PacerMonitor.com at no charge.

Counsel for Jointly Administered Debtors:

     HOOK & FATOVICH, LLC
     1044 Route 23 North, Suite 100
     Wayne, New Jersey 07470
     Tel.: 973.686.3800
     Fax: 973.686.3801
     ILISSA CHURGIN HOOK, ESQ.
     MILICA A. FATOVICH, ESQ.

                     About Black Creek Condos

Black Creek Condos LLC filed a Chapter 11 petition (Bankr. D.N.J.
Lead Case No. 21-15192) on June 24, 2021, together with its two
affiliates, Black Creek Condos 57592 LLC and Black Creek Condos
57593 LLC.  A third affiliate, Camp Monte LLC, sought Chapter 11
protection (Bankr. D.N.J. Case No. 21-15195) the next day.  The
Debtors own a combined total of 23 condominium units in the Black
Creek Sanctuary Condominium Association development known as the
Black Creek Sanctuary located in the Township of Vernon, New
Jersey.

In the petitions signed by Moshe Rudich, managing member, each
Debtor estimated $1 million to $10 million in both assets and
liabilities.  The cases are jointly administered under Black
Creek Condos LLC's case.

Judge Stacey L. Meisel oversees the cases.

Hook & Fatovich, LLC, serves as counsel for the Debtors.


C.L. MAACK: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: C.L. Maack, Inc.
          d/b/a Ponderosa Market
        6114 Hardscrabble Mesa Road
        Pine, AZ 85544

Business Description: C.L. Maack, Inc. owns and operates a grocery
                      store.

Chapter 11 Petition Date: June 22, 2022

Court: United States Bankruptcy Court
       District of Arizona

Case No.: 22-04046

Judge: Hon. Paul Sala

Debtor's Counsel: Christopher R. Kaup, Esq.
                  TIFFANY & BOSCO, P.A.
                  2525 E. Camelback Road, Suite 700
                  Phoenix, AZ 85016
                  Tel: (602) 255-6000
                  Fax: (602) 255-0103
                  Email: crk@tblaw.com

Total Assets: $126,644

Total Liabilities: $1,051,759

The petition was signed by Cinthyan L. Maack as president/owner.

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

https://www.pacermonitor.com/view/ZSBRTKI/CL_MAACK_INC__azbke-22-04046__0001.0.pdf?mcid=tGE4TAMA


CARIBBEAN REAL ESTATE: Returns to Chapter 11 Bankruptcy
-------------------------------------------------------
Caribbean Real Estate Holdings, 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.

According to court filing, Caribbean Real Estate estimates 1 and 49
creditors.  The petition states funds will not be available to
unsecured creditors.

                   About Caribbean Real Estate

Caribbean Real Estate Holdings, Inc., is a New York State
Corporation registered in Nassau County as of January 4th, 2011.
Since 2011, CREH has been the owner of the commercial property
located at 225 Hempstead Turnpike, West Hempstead, NY 11552.  Sam's
Caribbean Marketplace is the sole tenant in the property.

Caribbean Real Estate previously sought Chapter 11 protection
(Bankr. E.D.N.Y. Case No. 18-bk-77164) on Oct. 23, 2018.  At the
behest of the U.S. Trustee, the case was dismissed in May 2019.

Caribbean Real Estate filed a petition for relief under Subchapter
V of Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
22-71477) on June 21, 2022.  In the petition filed by Andrew P.
Morris, as president, the Debtor estimated assets and liabilities
between $1 million and $10 million.

Salvatore LaMonica has been appointed as Subchapter V trustee.


CHICAGO AUTO: Unsecureds to be Paid in Full in Subchapter V Plan
----------------------------------------------------------------
Chicago Auto Credit Sales, Inc. filed with the U.S. Bankruptcy
Court for the Northern District of Illinois a Plan of
Reorganization for Small Business under Subchapter V.

The Debtor is an Illinois corporation with its principal place of
business currently located in East Dundee, Illinois. Since 2018,
the Debtor has been in the business of and operating a used car
sales lot.

In 2020, the Debtor's business operations suffered, and gross
revenues fell precipitously, with the onslaught on the covid
pandemic. As a result of a need to maintain business operations,
and in an effort to remain in possession of the Leased Property and
reinstate its ability to purchase and sell vehicles at the area
auto auctions the Debtor filed a Voluntary Petition for relief
under Chapter 11 of the Bankruptcy Code that was assigned Case
Number 22-03260. Through the Chapter 11 Case the Debtor seeks the
ability to restructure and repay its creditors over a term not to
exceed 1 year.

After the filing of the Bankruptcy Case, the Landlord and Debtor
entered into an agreement to allow stay modification and surrender
of the Lease Property in exchange for the Landlord waiving any and
all prepetition and post-petitions amount due under the Lease.
Fortunately, the Debtor was able to obtain and lease premises
located at 1040 Dundee Avenue, East Dundee, Illinois at a monthly
rent significantly less than the monthly lease payment for the
Leased Property. The Debtor has also been able to negotiate a
settlement agreement with NextGear that has been noticed for
hearing before the Court.

This Plan of Reorganization proposes to pay creditors of the Debtor
from cash flow from the operation of business and, to the extent
necessary, from contributions from Carlton McIntosh, the sole
shareholder of the Debtor.

Non-priority unsecured creditors holding allowed claims will
receive payment, in full, through periodic cash distributions. This
Plan also provides for the payment, in full, of administrative
claims.

Class 1 consists of the Claim of NextGear Capital, Inc. By
agreement of the Debtor and NextGear, Bankruptcy Court, NextGear
shall be allowed a secured claim in the amount of $11,400.00. The
Debtor will make payments to NextGear in the amount of $1,000.00
per month. Such payments shall commence upon the entry of the Order
Approving the Settlement and Compromise (the "Settlement Order")
with NextGear, and each month thereafter on the 22nd of each month
until such time as NextGear has been paid $11,400.00. The
Settlement Order also shall provide for the Debtor's return and
surrender of 3 vehicles: a 2007 Mercedes-Benz S Class, ae 2009 BMW
7- Series and ae 2006 Land Rover Range Rover Sport to NextGear
pursuant to approval of the Motion to Settle and Compromise. The
Plan does not provide for any further distributions to Class 1
claimants. Class 1 claimants may be prepaid without penalty or
discount. Class 1 claims are impaired under the Plan.

Class 2 consists of General Unsecured Non-Priority Claims. General
Unsecured Non-Priority Claims aggregate $2,258.60 as set forth on
the Allowed Unsecured Non-Priority Claims Register. The claims of
Danny Ata and Sam Jody (the "Landlord") are not included in the
foregoing figure and shall receive no distributions under the Plan.
Class 2 claims shall be paid, in full, through a one-time payment
to holders of Class 2 Claims on or before December 30, 2022. Class
2 claims are impaired under the Plan.

This Plan is self-executing. The Debtor shall not be required to
execute any newly created documents to evidence the claims, liens
or terms of repayment to the holder of an Allowed Claim.

The Plan shall be funded by proceeds from the Estate's available
cash, cash equivalents, proceeds generated from business operations
and, to the extent necessary, contributions from Carlton McIntosh
and/or Terry Coleman. The Debtor projects that its cash flow will
be sufficient to make the Plan payments.

A full-text copy of the Plan of Reorganization dated June 20, 2022,
is available at https://bit.ly/3HIzXrC from PacerMonitor.com at no
charge.  

Attorney for Debtor:

     Gregory K. Stern, Esq.
     Dennis E. Quaid, Esq.
     Monica C. O'Brien, Esq.
     Rachel S. Sandler, Esq.
     Gregory K. Stern, P.C.
     53 West Jackson Boulevard, Suite 1442
     Chicago, IL 60604
     Phone: 312- 427-1558
     Fax: 312- 427-1289
     Email: greg@gregstern.com
            dquaid3@gmail.com
            monica@gregstern.com

                  About Chicago Auto Credit
Sales

Chicago Auto Credit Sales, Inc. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No.
22-03260) on March 22, 2022, listing up to $50,000 in assets and up
to $500,000 in liabilities. Ken Novak serves as Subchapter V
trustee.

Judge Janet S. Baer oversees the case.

Gregory K. Stern, P.C. is the Debtor's bankruptcy counsel.


CHRISTIAN CARE: Court Okays Sales Plans, $5.8M Ch. 11 Loan
----------------------------------------------------------
Rick Archer of Law360 reports that a Texas bankruptcy judge
Tuesday, June 21, 2022, gave a nonprofit Dallas-area nursing home
operator, Christian Care Centers Inc., permission to tap into $5.8
million in Chapter 11 financing and go forward with its sale plans
after learning that objections from unsecured creditors had been
resolved.

At a hybrid hearing -- conducted both in person and remotely --
U.S. Bankruptcy Judge Stacey Jernigan approved both Christian Care
Centers Inc.'s debtor-in-possession loan package and its sale
procedures motion after counsel for the debtor, DIP lender and the
unsecured creditors committee said they had reached an agreement
during a recess on language to preserve the committee's challenges
to $10 million.

North Texas Benevolent Holdings, LLC, has signed a deal to purchase
the Debtors' assets for a purchase price of $45,000,000, plus the
assumption of liabilities, absent higher and better offers at the
auction.  Initial bids are due July 12, 2022, and an auction will
be conducted on July 14 if qualified bids are received.  As the
stalking horse bidder, NTBH will receive a 3% break-up fee and an
expense reimbursement (not to exceed $350,000) in the event it is
outbid at the auction.

                   About Christian Care Centers

Christian Care Centers, Inc. (CCCI) was incorporated in 1947 as a
nonprofit Texas corporation. Christian Care Centers Foundation,
Inc. was incorporated in 1994 also as a nonprofit Texas
corporation. CCCI, a faith-based organization, operates three
senior living housing and health care campuses in the Dallas/Fort
Worth Metroplex.  In addition, CCCI owns unimproved real property
in Dallas County and Tarrant County, adjacent to the Mesquite and
Fort Worth communities. The Foundation is a supporting organization
that serves as an endowment organization for CCCI.

CCCI and Christian Care Centers Foundation sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case
No. 22-80000) on May 23, 2022. In the petitions signed by Mark
Shapiro, chief restructuring officer, the Debtors disclosed up to
$100 million in both assets and liabilities.

Judge Stacey G. Jernigan oversees the cases.

The Debtors tapped Husch Blackwell, LLP as counsel; Glassratner
Advisory & Capital, LLC as restructuring advisor; and Houlihan
Lokey Capital, Inc. as investment banker. Epiq Corporate
Restructuring, LLC is the claims, noticing, and solicitation
agent.

The U.S. Trustee for Region 6 appointed an official committee of
unsecured creditors in the Debtors' Chapter 11 cases on June 3,
2022.


CINCINNATI TERRACE: July 29 Terrace Plaza Hotel Auction Set
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of New York
authorizes the immediate sale for the former Terrace Plaza Hotel
located at 15 W. 6th Street, Cincinnati, Ohio 45202, which property
owned by Cincinnati Terrace Associates LLC.

Qualified bidder must submit a minimum bid of $10,5 million no
later than 4:00 p.m. (EST) on July 22, 2022, and followed by an
auction on July 29, 2022, at 10:00 a.m. (EST).

As reported by Troubled Company Reporter on April 1, 2022, Judge
Elizabeth S. Stong of the U.S. Bankruptcy Court for the Eastern
District of New York authorized Cincinnati Terrace Associates,
LLC's consensual bidding procedures in connection with the auction
sale of its hotel property located at 15 West Sixth Street, in
Cincinnati, Ohio.

The sale is free and clear of all claims, liens, taxes and
contracts, subject to the Lender TBG Funding LLC's credit bid
rights as outlined in the Consensual Bidding Procedures and the
Debtor's obligations under the Agreed Entry with the City of
Cincinnati.

If the Debtor receives one or more bids from Qualified Bidders that
meet or exceed the Minimum Bid, then the Hotel Property will be
sold at a virtual public auction commencing on June 3, 2022 at
10:00 a.m. (ET), or such later date as the Consultation Parties, as
defined in the Consensual Bidding Procedures, agree, in accordance
with the Consensual Bidding Procedures.

If the Debtor does not receive any bids equal to or in excess of
the Minimum Bid on or before the Bid Deadline, then the Debtor will
file a Notice of No Auction and Lender will be designated the
Successful Bidder on account of a credit bid in an amount to be
designated by Lender up to the amount of Lender's Prepetition
Secured Claim.

On the seventh day following the Debtor's filing of a Notice of No
Auction, the Lender will file a Notice of Election Regarding
Credit
Bid with the Bankruptcy Court advising the Court of Lender's
election to:

   i) proceed to close on the sale of the Hotel Property on account
of such credit bid at the Sale Hearing;

  ii) seeking entry of an order automatically dismissing the
Debtor's bankruptcy case, without further notice or hearing,
subject to the following provision:

      For a period of 24 months following entry of this Order,
      the Debtor will be ineligible to be a debtor under
      Section 109 of the Bankruptcy Code. In the event that
      the Debtor files a case in any bankruptcy court, or has
      a case filed against it in any bankruptcy court, in
      contravention of the Filing Bar, the filing will not
      result in the imposition of a stay under Section 362(a)
      of the Bankruptcy Code. Upon the request of any party
      in interest, without notice or opportunity for a
      hearing, the Court will promptly enter an order
      confirming the absence of a stay should any case be
      filed in contravention of the Filing Bar.

For the avoidance of all doubt, if the Lender selects to pursue
dismissal of the Debtor's chapter 11 case, the Court may will enter
an order dismissing the case with the aforementioned Filing Bar
without notice or further opportunity for hearing.

In the event the Debtor identifies a Successful Bidder at the
Auction or through the Lender's designation of a right to close on
a credit bid sale under its Notice of Election Regarding Credit
Bid, then the Bankruptcy Court will hold a hearing on June 13, 2022
at 2:00 p.m. (ET), or such later date and time in its convenience
and as the Consultation Parties agree, to approve the results of
the Auction and enter an Order approving the sale of the Hotel
Property to the Successful Bidder in accordance with the Consensual
Bidding Procedures.

Brokers can be reached at:

   Greg Corbin
   Senior Vice President / Principal
   Rosewood Realty Group
   Tel: +1 212-359-9904
   Email: greg@rosewoodrg.com

   Mark Abood, Esq.
   Senior Vice President / Principal
   Colliers
   Tel: +1 216-239-5060
   Email mark.abood@colliers.com

                About Cincinnati Terrace Associates

Brooklyn, N.Y.-based Cincinnati Terrace Associates, LLC, filed for
Chapter 11 protection (Bankr. E.D.N.Y. Case No. 21-41548) on June
9, 2021, listing as much as $50 million in both assets and
liabilities.  David Goldwasser, manager and restructuring officer
of FIA Capital Partners, signed the petition.

Judge Elizabeth S. Stong oversees the case.

Kevin J. Nash, Esq., at Goldberg Weprin Finkel Goldstein, LLP and
David Goldwasser of FIA Capital Partners, LLC serve as the Debtor's
legal counsel and chief restructuring officer, respectively.  West
Shell Commercial Inc., doing business as Colliers
International/Greater Cincinnati, is the Debtor's property manager.


CYPRESS ENVIRONMENTAL: Court Okays Chapter 11 Debt-Swap Plan
------------------------------------------------------------
Rick Archer of Law360 reports that a Texas bankruptcy court judge
on Tuesday, June 21, 2022, approved energy-sector inspection
service Cypress Environmental Partners' $60 million debt-for-equity
Chapter 11 plan, newly revised to free up more cash for unsecured
creditors.

U.S. Bankruptcy Judge Marvin Isgur approved the plan at a hearing
where he was told all objections had been resolved or adjourned and
that the company's new equity owners had agreed to help fund the
wind-down of the bankruptcy, instead of the expenses coming out of
a fund for unsecured creditors.

Cypress Environmental Partners on the Petition Date filed a
Prepackaged Plan that is expected to clear approximately $58
million worth of debt.  The priority senior secured lender, an
affiliate of Argonaut Private Equity, signed on to the
restructuring support agreement with the Debtor, and agreed to
provide a $5 million debtor-in-possession financing facility to the
Debtor.  As part of the Plan, Argonaut Private Equity will take
ownership of the Debtor in exchange for forgiving $58 million of
secured debt.

            About Cypress Environmental Partners

Cypress Environmental Partners LP's suite of services includes
inspection, water treatment, and other environmental services that
help their customers protect people, property, infrastructure, and
the environment with a focus on safety and sustainability.  Its
primary business -- inspection services -- provides essential
environmental services, including inspection and integrity services
on a variety of infrastructure assets such as midstream pipelines,
oil and gas well gathering systems, natural gas plants, storage
facilities, pumping stations, compression stations, and natural gas
distribution systems.

Cypress Environmental Partners LP and affiliates sought Chapter 11
bankruptcy protection (Bankr. S.D. Tex. Lead Case No. 22-90039) on
May 8, 2022. In the petition filed by Jeffrey Herbers, authorized
signatory, Cypress Environmental Partners LP listed estimated total
assets amounting to $96,978,000 and total liabilities of
$62,418,000.

The case is assigned to Honorable Bankruptcy Judge Hon. Marvin
Isgur.

The Debtor's counsels are James Grogan, Esq. of PAUL HASTINGS LLP,
Justin Rawlins, Esq., and Matthew Micheli, Esq. FTI CONSULTING,
INC. is the financial advisor, PIPER SANDLER & CO. is the
investment banker,and KURTZMAN CARSON CONSULTANTS LLC is the claims
agent.



DEPENDABLE MACHINE: Wins Cash Collateral Access Thru June 27
------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Indiana,
Indianapolis Division, authorized Dependable Machine Company, Inc.
to use up to $93,000 of cash collateral on an interim basis through
June 27, 2022.

KeyBank National Association will be granted replacement liens on:
(i) any additional cash collateral generated post-petition, (ii)
all cash collateral, and (iii) any and all post-petition assets of
the Debtor. The replacement liens will be effective as to the same
extent and priority as KeyBank enjoyed prior to the Petition Date.

No further filing by KeyBank is necessary to perfect any of the
replacement liens granted and any stay imposed by the Bankruptcy
Code is modified to permit such perfection or any filing made by
KeyBank even though such filing is not required.

The use of cash collateral will be terminated by: (i) the
expiration of the Interim Order; (ii) conversion or dismissal of
the case; (iii) removal of the debtor-in-possession pursuant to 11
U.S.C. section 1185; (iv) granting of relief from stay to KeyBank;
or (v) the entry of an order restricting or prohibiting further use
of cash collateral.

A final hearing on the matter is scheduled for June 27, 2022 at
11:30 am. Objections are due June 24.

A copy of the order and the Debtor's rolling budget is available at
https://bit.ly/3mX5AEb from PacerMonitor.com.

The budget provides for total operating expenses, on a weekly
basis, as follows:

     $2,920 for the week of May 26, 2022;
     $4,400 for the week of June 2, 2022;
     $1,550 for the week of June 9, 2022;
       $300 for the week of June 16, 2022;
     $4,570 for the week of June 23, 2022;
     $5,750 for the week of July 7, 2022;
       $200 for the week of July 14, 2022;
       $200 for the week of July 21, 2022;
     $4,120 for the week of July 28, 2022;
     $5,750 for the week of August 4, 2022;
       $200 for the week of August 11, 2022;
       $850 for the week of August 18, 2022;
     $4,020 for the week of August 25, 2022; and
     $5,070 for the week of September 1, 2022.

              About Dependable Machine Company, Inc.

Dependable Machine Company, Inc. provides precision machining
services. The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Ind. Case No. 22-02191) on June 7,
022. In the petition signed by Cory Lowe, owner, the Debtor
disclosed $2,189,630 in assets and $3,007,363 in liabilities.

Judge James M. Carr oversees the case.

Jeffrey Hester, Esq., at Hester Baker Krebs, LLC is the Debtor's
counsel.


DIAMOND SCAFFOLD: Files for Chapter 11 Bankruptcy
-------------------------------------------------
Diamond Scaffold Services, LLC, filed for chapter 11 protection in
the Southern District of Alabama, without stating a reason.

The Debtor's formal schedules of assets and liabilities and
statement of financial affairs are due July 5, 2022.

According to court filing, Diamond Scaffold Services LLC estimates
between 100 and 199 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 26, 2022 at 2:00 PM at John A. Campbell US Courthouse, 5th
Floor, 113 St. Joseph Street, Mobile, AL 36602.  Proofs of claim
are due by Oct. 24, 2022.

                About Diamond Scaffold Services

Diamond Scaffold Services LLC --https://www.diamondscaffold.com --
is an authorized distributor of Ring-lock, Cup-lock, Shoring, and
Frame Scaffold.

Diamond Scaffold Services, LLC, sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. Ala. Case No. 22-11208) on
June 21, 2022.  In the petition filed by Jewell Wayne Sumrall, as
president, the Debtor estimated assets between $1 million and $10
million and liabilities between $10 million and $50 million.

Alexandra K. Garrett, of Silver, Voit & Garrett, is the Debtor's
counsel. Jason R. Watkins is serving as special counsel,
representing the Debtor in various litigation.


DIOCESE OF CAMDEN: Aug. 29 Plan Confirmation Hearing Set
--------------------------------------------------------
The Diocese of Camden, New Jersey and the Official Committee of
Tort Claimant Creditors (the "Tort Committee," and collectively
with the Diocese, the "Plan Proponents") filed with the U.S.
Bankruptcy Court for the District of New Jersey an Eighth Amended
Disclosure Statement Describing Eighth Amended Plan Chapter 11 Plan
of Reorganization.

On June 20, 2022, Judge Jerrold N. Poslusny, Jr. approved the
Disclosure Statement and ordered that:

     * Holders of Claims in Class 5 (Tort Claims Other Than Unknown
Tort Claims) shall be served with the Solicitation Package by and
through the attorney who filed their proof of claim in this case,
if any, at the address reflected on the Claims and Noticing Agent's
claims register as of the Voting Record Date, unless such Holder or
attorney has notified the Claims and Noticing Agent that the
representation has terminated.

     * Holders of Claims in Class 6 (Unknown Tort Claims) shall
vote through the Unknown Claims Representative, who shall submit a
single ballot on behalf of Holders of Claims in Class 6.

     * Holders of Claims in Class 4 (Underfunded Pension Claims)
shall vote through the Plan Administrator of each pension plan, who
shall submit a single ballot for each pension plan.

     * Aug. 5, 2022 at 5:00 p.m. is the deadline to deliver each
Ballot in order to be counted as a vote to accept or reject the
Plan.

     * July 13, 2022 at 5:00 p.m. is the deadline for any creditor
seeking to challenge the allowance of its Claim for voting purposes
in accordance with the procedures to file with this Court a motion
for an order pursuant to Bankruptcy Rule 3018(a) temporarily
allowing such Claim in a different amount for purposes of voting to
accept or reject the Plan.

     * Aug. 29, 2022 at 9:00 a.m. is the Confirmation Hearing.

     * Aug. 15, 2022 at 5:00 p.m. is the deadline for any
objections to confirmation of the Plan or any proposed
modifications of the Plan.

Counsel to The Diocese of Camden, New Jersey:

     Richard D. Trenk, Esq.
     Robert S. Roglieri, Esq.
     TRENK ISABEL SIDDIQI & SHAHDANIAN P.C.
     290 W. Mt. Pleasant Ave., Suite 2350
     Livingston, NJ 07039
     Telephone: (973) 533-1000
     E-mail: rtrenk@trenkisabel.law
             rroglieri@trenkisabel.law

Counsel to the Official Committee of Tort Claimant Creditors:

     Jeffrey D. Prol, Esq.
     Michael A. Kaplan, Esq.
     Brent Weisenberg, Esq.
     LOWENSTEIN SANDLER LLP
     One Lowenstein Drive
     Roseland, NJ 07068
     Telephone: (973) 597-2500
     Email: jprol@lowenstein.com
            mkaplan@lowenstein.com
            bweisenberg@lowenstein.com

                 About The Diocese of Camden, NJ

The Diocese of Camden, New Jersey is a nonprofit religious
corporation organized pursuant to Title 16 of the Revised Statutes
of New Jersey.  The Diocese is the secular legal embodiment of
the Roman Catholic Diocese of Camden, a juridic person recognized
under Canon Law.

The Diocese of Camden sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.N.J. Case No. 20-21257) on Oct. 1, 2020.
The petition was signed by Reverend Robert E. Hughes, vicar General
and vice president.  At the time of the filing, the Debtor had
total assets of $53,575,365 and liabilities of
$25,727,209.  Judge Jerrold N. Poslusny Jr. oversees the
case.  McManimon, Scotland & Baumann, LLC, is the Debtor's legal
counsel.


DOT COM REALTY: Files Chapter 11 Subchapter V Case
--------------------------------------------------
Dot Com Realty, LLC, owner of a clothing store named Plato's
Closet, filed for chapter 11 protection, without stating a reason.
The Debtor filed as a small business debtor seeking relief under
Subchapter V of Chapter 11 of the Bankruptcy Code.

According to court documents, Dot Com Realty LLC estimates between
The Petition states funds will be available to Unsecured
Creditors.

A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
July 28, 2022 at 2:00 PM at Zoom 341 Meeting.  Proofs of claim are
due by Aug. 29, 2022.

                       About Dot Com Realty

Dot Com Realty, LLC, doing business as Plato's Closet, filed a
petition for relief under Subchapter V of Chapter 11 of the
Bankruptcy Code (Bankr. W.D.N.C. Case No. 22-30277) on June 20,
2022.  In the petition filed by Jayna Davis, managing member, the
Debtor estimated assets and liabilities between $100,000 and
$500,000.  Kimberly A. Sheek, of the Law Office of Kimberly A.
Sheek, is the Debtor's counsel.


ENVIVA INC: S&P Alters Outlook to Negative, Affirms 'BB-' ICR
-------------------------------------------------------------
S&P Global Ratings revised the outlook to negative from stable and
affirmed its 'BB-' issuer credit rating (ICR) on Enviva Inc. and
its 'B+' issue-level rating on the company's senior unsecured notes
outstanding. The outlook revision reflects the company's elevated
leverage.

At the same time, S&P Global Ratings assigned its 'B+' issue-level
rating and '5' recovery rating to Enviva's proposed $250 million
senior unsecured tax-exempt bonds due 2032. The '5' recovery rating
indicates its expectation for modest (10%-30%; rounded estimate:
20%) recovery in the event of default. The Industrial Development
Authority of Sumter County is the borrower of the issue.

The proceeds from the tax-exempt bonds are limited to funding costs
associated with the new Epes plant in Sumter Country, Ala. Bond
proceeds will be placed in an account with a trustee, and Enviva
will draw on them as needed for construction of the plant, with the
expected service date in mid-2023.

S&P said, "The negative outlook reflects our expectation that S&P
Global Ratings-adjusted leverage will peak in 2022 at about
7.5x-8.0x and decline to 4.5x-4.8x in 2023. The contracted nature
of Enviva's cash flows provides good visibility and supports our
expectations.

"We expect Enviva's leverage will be elevated in 2022. Enviva's
leverage will likely be elevated at about 7.5x-8.0x in 2022,
spurred by lower-than-expected EBITDA as a result of higher costs
during the first quarter of 2022. As per our criteria, we exclude
from our EBITDA calculations $15 million of acquisition and
integration costs; $16 million related to the "effects of the
pandemic", which include omicron-related absenteeism affecting the
workforce; $4 million related to the Russia-Ukraine conflict, which
includes price dislocation due to inflation and energy price
volatility; and $24 million of support payments related to the
previous management services fee waivers agreement between Enviva
and its former sponsor. In addition, we don't net the proceeds from
the tax-exempt bonds in our debt calculations.

"Our business risk profile on Enviva is largely unaffected by the
company undertaking larger projects. Since the conversion to a
corporate structure, Enviva started undertaking the construction of
ports and plants, as opposed to buying fully constructed
operational assets. We continue to view this as credit neutral and
not resulting in materially higher risks because the simple
build-and-copy approach minimizes construction risk. The company
should also be able to partially fund this growth with free cash
flows because it will retain more cash given the elimination of the
incentive distribution rights and a slower dividend growth profile.
Building assets internally could also result in better return on
investments.

"Short-term demand for wood pellets will remain robust, while the
medium-to-long-term outlook is uncertain. We expect demand for wood
pellets will remain robust during our short-term outlook horizon,
which should benefit Enviva as the largest wood-pellet provider.
However, the medium-to-long-term longevity for biomass remains
uncertain given ongoing regulatory changes. For example, the EU is
considering making sustainability requirements more stringent.
Although we think Enviva might benefit from stricter requirements
in terms of market share, this highlights the potential for
additional risks in the sector.

"The negative outlook indicates that we expect S&P Global
Ratings-adjusted debt to EBITDA will peak in 2022 at 7.5x-8.0x and
decline to 4.5x-4.8x in 2023. We expect leverage in 2022 will be
elevated because of higher selling, general, and administrative
expenses of about $60 million, most of which were incurred in the
first quarter of the year. Debt is expected to increase in line
with EBITDA, largely due to finance the construction of plants and
ports. In addition, we expect Enviva's contract profile will
develop further as the company continues to diversify and
counterparties' credit quality improves."

S&P could lower the rating if:

-- Enviva doesn't meet S&P's expectation of deleveraging below
5.5x by 2023. This could occur if the company encounters
operational problems, modifies its financial policy with
higher-than-expected debt-financed capital expenditures (capex), or
meaningfully increases its dividends.

-- The company encounters difficulties in acquiring or replacing
counterparties for offtake volume. This could occur if demand is
weaker than expected due to an unfavorable changing regulatory
environment.

S&P could revise the outlook to stable if:

-- Enviva performs well operationally and S&P expects it will
sustain S&P Global Ratings-adjusted debt to EBITDA below 5.5x.

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

S&P said, "Environmental factors are a neutral consideration in our
credit rating analysis of Enviva. We believe Enviva's management of
environmental risk is stronger than that of peers because the
company is does not transport hydrocarbons, but rather biomass in
the form of wood pellets. Enviva continues to benefit from
countries in Europe and Asia switching to biomass electricity
generation to reach their renewable energy production targets. We
also expect Enviva to procure wood pellets on a sustainable basis.
Governance is a moderately negative consideration. Our assessment
of the company's financial risk profile as aggressive reflects
corporate decision-making that prioritizes the interests of the
controlling owners, in line with our view of the majority of rated
entities owned by private-equity sponsors. We think financial
sponsors are more likely to hold these companies for shorter time
frames and focus on maximizing shareholder returns."



HELLO LIVING: Taps Law Office of Victor A. Worms as Co-Counsel
--------------------------------------------------------------
Hello Living Developer Nostrand, LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of New York to employ
the Law Office of Victor A. Worms as co-counsel with its bankruptcy
attorney, Leo Fox, Esq.

The firm's services include:

     a. advising the Debtor with respect to issues relating to its
lender;

     b. advising and consulting on the conduct of the Debtor's
Chapter 11 case as it relates to the issues raised by the lender
and the Debtor's prompt exit from Chapter 11;

     c. attending meetings and negotiating with representatives of
creditors and other parties in interest;

     d. preparing certain pleadings in connection with the
bankruptcy case;

     e. appearing before the court;

     f. taking all necessary actions to protect and preserve the
Debtor's estate; and

     g. taking all necessary actions with respect to any plan
supplement.

The firm will be paid at its hourly rate of $450.

Victor A. Worms, Esq., disclosed in a court filing that he is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

Mr. Worms holds office at:

     Victor A. Worms, Esq.
     Law Office of Victor A. Worms
     65 Broadway, Ste. 750
     New York, NY 10006
     Telephone: (212) 374-9590

               About Hello Living Developer Nostrand

Hello Living Developer Nostrand, LLC, is a single asset real estate
debtor (as defined in 11 U.S.C. Section 101(51B)).

Hello Living filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 21-22696) on
Dec. 21, 2021, disclosing $50 million to $100 million in both
assets and liabilities. Eli Karp, manager, signed the petition.  

Judge Sean H. Lane oversees the case.

The Debtor tapped Leo Fox, Esq., a practicing attorney in New York,
and Victor A. Worms, Esq., at the Law Office of Victor A. Worms to
handle its bankruptcy case.


HERTZ CORP: Makes First Settlement Offers to End False Arrest Suits
-------------------------------------------------------------------
Steven Church and David Welch of Bloomberg News report Hertz Corp.
has offered to settle about three dozen cases filed by renters that
say they were wrongly arrested for auto theft.

The settlement push comes a month after Colleen Batcheler took over
as general counsel for the rental company and made it her top
priority to end suits from more than 230 customers accusing Hertz
of improperly calling in police on its renters, mostly while
haggling about overdue rentals.

                        About Hertz Corp.

Hertz Corp. and its subsidiaries -- http://www.hertz.com/--
operate a worldwide vehicle rental business under the Hertz,
Dollar, and Thrifty brands, with car rental locations in North
America, Europe, Latin America, Africa, Asia, Australia, the
Caribbean, the Middle East, and New Zealand.  They also operate a
vehicle leasing and fleet management solutions business.

On May 22, 2020, The Hertz Corporation and certain of its U.S. and
Canadian subsidiaries and affiliates filed voluntary petitions for
reorganization under Chapter 11 in the U.S. Bankruptcy Court for
the District of Delaware (Bankr. D. Del. Case No. 20-11218).

Judge Mary F. Walrath oversees the cases.  

The Debtors have tapped White & Case LLP as their bankruptcy
counsel, Richards, Layton & Finger, P.A., as local counsel, Moelis
& Co. as investment banker, and FTI Consulting as financial
advisor.  The Debtors also retained the services of Boston
Consulting Group to assist the Debtors in the development of their
business plan.  Prime Clerk LLC is the claims agent.

The U.S. Trustee for Regions 3 and 9 appointed a Committee to
represent unsecured creditors in Debtors' Chapter 11 cases.  The
Committee has tapped Kramer Levin Naftalis & Frankel LLP as its
bankruptcy counsel, Benesch Friedlander Coplan & Aronoff LLP as
Delaware counsel, UBS Securities LLC as investment banker, and
Berkeley Research Group, LLC, as financial advisor. Ernst & Young
LLP provides audit and tax services to the Committee.

                          *     *     *

Hertz Global and its subsidiaries emerged from Chapter 11
bankruptcy at the end of June 2021.  Hertz won approval of a Plan
of Reorganization that unimpaired all classes of creditors (who are
legally deemed to have accepted it) and was approved by more than
97% of voting shareholders.  The Plan provided for the existing
shareholders to receive more than $1 billion of value.

Recovery by shareholders of close to $8 a share was made possible
after a fierce competition among bidders for control in the
company.  Initial offers from potential bidders for Hertz in its
bankruptcy offered nothing for equity.  Hertz in May 2021 selected
investment firms Knighthead Capital Management LLC and Certares
Management LLC, joined by other investors including Apollo Global
Management Inc. and a group of existing shareholders, as the
winning bidders for control of the bankrupt company.  A rival group
that included Centerbridge Partners LP, Warburg Pincus LLC and
Dundon Capital Partners LLC was outbid at auction.

Hertz's Plan eliminated over $5 billion of debt, including all of
Hertz Europe's corporate debt, and will provide more than $2.2
billion of global liquidity to the reorganized Company.  Hertz also
emerged with (i) a new $2.8 billion exit credit facility consisting
of at least $1.3 billion of term loans and a revolving loan
facility, and (ii) an $7 billion of asset-backed vehicle financing
facility, each on favorable terms.




HORSE CARRIAGE: Seeks to Hire Adelstein & Kaliner as Legal Counsel
------------------------------------------------------------------
Horse Carriage Enterprises, LLC seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Pennsylvania to hire
Adelstein & Kaliner, LLC as its counsel.

The firm's services include:

     (a) preparing the records and reports as required by the
Bankruptcy Rules and Local Bankruptcy Rules;

     (b) preparing applications, motions and proposed orders to be
submitted to the court;

     (c) giving the Debtor legal advice with respect to its powers
and duties in general and under the bankruptcy laws in particular;

     (d) identifying and prosecuting the claims and causes of
action assertable by the Debtor, including but not limited to,
taking necessary action to avoid any liens against the Debtor's
property where appropriate, and representing the Debtor in
connection with the proceeding to protect and reclaim its assets;

     (e) examining proofs of claim previously filed and to be filed
and the possible prosecution of objections to certain of such
claims;

     (f) preparing legal papers; and,

     (g) performing other necessary legal services for the Debtor.

Jon M. Adelstein, Esq., at Adelstein & Kalimer, disclosed in a
court filing that he is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Jon M. Adelstein
     Adelstein & Kalimer, LLC
     3993 Huntingdon Pike, Suite 210
     Huntingdon Valley, PA 19006
     Tel: (215) 230-4250
     Fax: 215-230-4251
     Email: jadelstein@adelsteinkaliner.com

                 About Horse Carriage Enterprises

Horse Carriage Enterprises, LLC is a single asset real estate (as
defined in 11 U.S.C. Sec. 101(51B)).

Horse Carriage Enterprises sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 22-11370) on May
27, 2022, listing as much as $50,000 in both assets and
liabilities.

Judge Patricia M. Mayer oversees the case.

Jon M. Adelstein, Esq., at Adelstein & Kalimer, LLC is the Debtor's
legal counsel.


IDE REAL ESTATE: Claims Will be Paid from Property Sale Proceeds
----------------------------------------------------------------
IDE Real Estate Group, LLC, filed with the U.S. Bankruptcy Court
for the Eastern District of Michigan a Combined Plan of Liquidation
and Disclosure Statement dated June 20, 2022.

The Debtor is a limited liability company, organized under the laws
of the State of Michigan. The Debtor owns the Real Property. The
Real Property is a commercial real estate that the Debtor leases to
Signtext 2, Inc. and IDE-2, LLC.

Prior to the Petition Date, the Debtor had incurred significant
liabilities to including secured obligations to Oakland County and
the Bank. The Debtor had not been making payments to the Bank on
account of its mortgage for many months. Further complicating
matters, and exacerbating the Debtor's financial troubles, the
Debtor's tenants suffered dearly during the recent years as a
result of industry pressures and the COVID-19 global health
pandemic. As a result of the crosscollateralization of the
liabilities owed to the Bank by the Debtor, Signtext 2, Inc. and
Frasier, the Debtor was forced to ultimately see relief from the
Bankruptcy Court.

During the pendency of the Case, the Debtor filed the Motion for
(A) an Order (I) Establishing Bidding Procedures for the Sale of
Real Property; (II) Approving Form and Manner of the Sale and other
Notices; and (III) Scheduling an Auction and a Hearing to Consider
the Approval of the Sale; (B) Order Approving the Sale of the Real
Property Free and Clear of Liens, Claims, and Encumbrances; and (C)
Certain Related Relief (the "Sale Motion").

The Sale Motion remains pending at the time of the filing of the
Plan; however, it seeks to sell the Real Property pursuant to,
inter alia, 11 U.S.C. § 363(f) to Alliance Franchise Brands, LLC
for $1,300,000.  The Sale Motion also includes various provisions
for the Debtor and its professionals to solicit higher and better
offers for the Real Property. In the event that a qualified bid is
received, the Debtor will conduct an auction for the sale of the
Real Property.

Class I consists of the Secured Claim of the City of Farmington
Hills. The City shall possess an Allowed Secured Claim in the
amount of $42,797.73 against the Real Property. The fair market
value of the Real Property is $1,300,000.00. No part of the City's
Claim is an Unsecured Claim. The City's Allowed Secured Claim shall
be paid, in full, from the Sale Proceeds on the Distribution Date.

Class II consists of the Allowed Secured Claim of the Oakland
County Treasurer filed as Claim Number 2 in the Case. The Oakland
County Treasurer shall possess an Allowed Secured Claim in the
amount of $16,307.15 against the Real Property. The fair market
value of the Real Property is $1,300,000.00. No part of the Oakland
County Treasurer's Claim is an Unsecured Claim. The Oakland County
Treasurer's Allowed Secured Claim shall be paid, in full, from the
Sale Proceeds on the Distribution Date.

Class III consists of the Secured Claim of the Oakland County
Treasurer filed as Claim Number 3 in the Case. The Oakland County
Treasurer shall possess an Allowed Secured Claim in the amount of
$14,211.12 against the Real Property. The fair market value of the
Real Property is $1,300,000.00. No part of the Oakland County
Treasurer's Claim is an Unsecured Claim. The Oakland County
Treasurer's Allowed Secured Claim shall be paid, in full, from the
Sale Proceeds on the Distribution Date.

Class IV consists of the Secured Claim of Huntington Bank.
Huntington Bank shall possess an Allowed Secured Claim in the
amount of $1,708,044.00 against the Real Property. The fair market
value of the Real Property is $1,300,000.00. It is estimated that
$481,360.00 of Huntington Bank's Claim is an Unsecured Claim and
will be treated in Class V.

Huntington Bank's Allowed Secured Claim shall be paid from the Sale
Proceeds on the Distribution Date after the payment of, the City,
the Oakland County Treasurer, the necessary closing costs
associated with the sale of the Real Property, and the allowed
administrative claims of Stevenson & Bullock, P.L.C. and CBRE, Inc.
of the Debtor in the Case and the allowed administrative claims of
Stevenson & Bullock, P.L.C. and the Subchapter V Trustee in the
bankruptcy cases of Signtext 2, Inc. and The Frasiers.

Class V consists of the Holders of Allowed Unsecured Claims.
Neither pre-confirmation interest nor post-confirmation interest on
Allowed Class V Claims will be paid. A Creditor in this class shall
receive a pro rata distribution incident to its allowed Unsecured
Claim. This Class is Impaired.

Class VI will not receive payments and consists of the Interests of
the equity security holders in the Debtor. Frasier is the sole
Interest Holder of the Debtor. The holders of the equity security
Interests in the Debtor shall neither receive any distributions nor
retain any property under the Plan.

On the Effective Date, all of the Debtor's rights, titles, and
interests in and to all Assets shall revest in the Liquidating
Debtor to be operated and distributed by the Liquidating Debtor
pursuant to the provisions of this Plan. All of the tangible Assets
of the Debtor will be held in the Stevenson & Bullock, P.L.C. IOLTA
Account and will include, inter alia, the sale proceeds from the
sale of the Real Property, any receivables, and any cash
equivalents not otherwise sold pursuant to an order of the Court in
the Case, and any recoveries from Avoidance Actions.

The Liquidating Debtor shall have full responsibility for
maintaining and preserving all of the Assets and any other assets
or interests of the Debtor and Liquidating Debtor until all
disbursements are made in accordance with the provisions of the
Plan. Upon entry of the Confirmation Order, Stevenson & Bullock,
P.L.C. shall be authorized to make such distributions pursuant to
this Plan.

A full-text copy of the Combined Plan and Disclosure Statement
dated June 20, 2022, is available at https://bit.ly/3Otz7kG from
PacerMonitor.com at no charge.

Counsel for the Debtor:

     Stevenson & Bullock, P.L.C.
     Elliot G. Crowder
     Ernest M. Hassan, III
     26100 American Drive, Suite 500
     Southfield, MI 48034
     Phone: (248) 354-7906
     Facsimile: (248) 354-7907
     Email: ecrowder@sbplclaw.com
     Email: ehassan@sbplclaw.com

                 About IDE Real Estate Group

IDE Real Estate Group LLC is a Single Asset Real Estate (as defined
in 11 U.S.C. Section 101(51B)).

IDE Real Estate Group LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No.
22-42349) on March 26, 2022. The Debtor stated it has no creditors
holding unsecured claims. At the time of filing, the Debtor
estimated $500,000 to $1 million in assets and $1 million to $10
million in liabilities.

Judge Thomas J Tucker presides over the case.

Elliot G. Crowder, Esq. at STEVENSON & BULLOCK, P.L.C., is the
Debtor's counsel.


INLAND BOAT: Taps Dentons Durham Jones Pinegar as Legal Counsel
---------------------------------------------------------------
Inland Boat Club, LLC seeks approval from the U.S. Bankruptcy Court
for the District of Utah to employ Dentons Durham Jones Pinegar,
P.C. as its bankruptcy counsel.

The firm will represent the Debtor in the bankruptcy case with
respect to all duties and requirements set forth in the Bankruptcy
Code including reorganization and claims issues.

Kenneth Cannon II, Esq., and Penrod Keith, Esq., the firm's lawyers
who are likely to provide the services, charge $485 per hour and
$475 per hour, respectively.

The Debtor paid a cash retainer in the total amount of $50,000.

As disclosed in court filings, Dentons is a "disinterested person"
within the meaning of Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Kenneth L. Cannon II, Esq.
     Penrod W. Keith, Esq.
     Dentons Durham Jones Pinegar, P.C.
     111 South Main Street, Suite 2400
     P.O. Box 4050
     Salt Lake City, UT 84110-4050
     Telephone: (801) 415-3000
     Facsimile: (801) 415-3500
     Email: Kenneth.Cannon@dentons.com
                Penrod.Keith@dentons.com

                      About Inland Boat Club

Inland Boat Club, LLC -- https://www.inlandboatclub.com/ -- is a
boat club for avid boaters and water sport enthusiasts. It is based
in Lindon, Utah.

Inland Boat Club sought bankruptcy protection under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No.
22-21879) on May 20, 2022, listing as much as $10 million in both
assets and liabilities. D. Ray Strong of Berkeley Research Group
serves as Subchapter V trustee.

Judge R. Kimball Mosier oversees the case.

Kenneth L. Cannon, II, Esq., and Penrod W. Keith, Esq., at Dentons
Durham Jones Pinegar P.C. are the Debtor's bankruptcy attorneys.


KEYWAY APARTMENT: Case Summary & 18 Unsecured Creditors
-------------------------------------------------------
Debtor: Keyway Apartment Rentals, LLC
        122 Kinship Road
        Dundalk, MD 21222

Business Description: Keyway Apartment is a Single Asset Real
                      Estate (as defined in 11 U.S.C. Section
                      101(51B)).  The Debtor owns partment
                      buildings valued at $6.5 million.

Chapter 11 Petition Date: June 21, 2022

Court: United States Bankruptcy Court
       District of Maryland

Case No.: 22-13389

Debtor's Counsel: Joseph M. Selba, Esq.
                  TYDINGS & ROSENBERG LLP
                  1 E. Pratt Street
                  Suite 901
                  Baltimore, MD 21202
                  Tel: 410-752-9700
                  Email: jselba@tydingslaw.com

Total Assets: $6,653,350

Total Liabilities: $4,252,151

The petition was signed by George Divel, III as managing member.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 18 unsecured creditors is available for free
at PacerMonitor.com at:

https://www.pacermonitor.com/view/XRXVRMQ/Keyway_Apartment_Rentals_LLC__mdbke-22-13389__0001.0.pdf?mcid=tGE4TAMA


LAFORTA - GESTAO: Milbank, Pachulski Represent Backstop Lenders
---------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firms of Pachulski Stang Ziehl & Jones, LLP and Milbank LLP
submitted a verified statement to disclose that they are
representing the Backstop Lenders in the Chapter 11 cases of
Laforta - Gestao e Investimentos, Sociedade Unipessoal LDA.

In May 2022, certain holders, or investment advisors, sub-advisors
or managers of the account of such holders of the senior secured
notes issued pursuant to that certain indenture, dated as of
September 20, 2013, by and among Offshore Drilling Holding S.A., a
public limited liability company incorporated under the laws of the
Grand Duchy of Luxembourg, as Issuer, the Guarantors party thereto,
and Deutsche Bank Trust Company Americas, as trustee and collateral
agent, governing ODH's 8.375% Senior Secured Notes due 2020,
engaged Milbank LLP and Pachulski Stang Ziehl & Jones LLP in
connection with a potential restructuring of the Debtor.

The Legal Professionals represent only the Backstop Lenders and do
not represent or purport to represent any entity or entities other
than the Backstop Lenders in connection with this chapter 11 case.
In addition, the Backstop Lenders, both collectively and through
the individual members, do not represent or purport to represent
any other entities in connection with this chapter 11 case.

As of June 16, 2022, members of the Backstop Lenders and their
disclosable economic interests are:

                                         Amount of Notes
                                         ---------------

OWL CREEK I, L.P                           US$2,830,000
Owl Creek Asset Management L.P.
640 Fifth Ave 20th Floor
New York, NY 10019

OWL CREEK II, L.P.                         US$17,547,000
Owl Creek Asset Management L.P.
640 Fifth Ave 20th Floor
New York, NY 10019

OWL CREEK OVERSEAS MASTER FUND, LTD.       US$39,427,000
Owl Creek Asset Management L.P.
640 Fifth Ave 20th Floor
New York, NY 10019

OWL CREEK SRI MASTER FUND, LTD.            US$2,376,000
Owl Creek Asset Management L.P.
640 Fifth Ave 20th Floor
New York, NY 10019

OWL CREEK CREDIT OPPORTUNITIES             US$47,780,000
MASTER FUND, L.P.
Owl Creek Asset Management L.P.
640 Fifth Ave 20th Floor
New York, NY 10019

BANCO NACIONAL DE MEXICO, S.A.             US$40,000,000
INTEGRANTE DEL GRUPO FINANCIERO BANAMEX
DIVISION FIDUCIARIA, COMO FIDUCIARIO
DEL FIDEICOMISO IRREVOCABLE F/17297-7
Credit Suisse Asset Management
Paseo de la Reforma
115 Piso 25
11000 Ciudad de Mexico
CDMX Mexico

BANCO NACIONAL DE MEXICO, S.A.             US$9,550,000
INTEGRANTE DEL GRUPO FINANCIERO BANAMEX
DIVISION FIDUCIARIA, COMO FIDUCIARIO
DEL FIDEICOMISO IRREVOCABLE F/17937-8
Credit Suisse Asset Management
Paseo de la Reforma
115 Piso 25
11000 Ciudad de Mexico
CDMX Mexico

CLAREANT SCF S.A.R.L.                      US$78,497,000
Alcentra Limited
160 Queen Victoria Street
London
EC4V 4LA
UK

SAN BERNARDINO COUNTY                      US$15,692,000
EMPLOYEES' RETIREMENT ASSOCIATION
Alcentra Limited
160 Queen Victoria Street
London
EC4V 4LA
UK

MULTI-STRAT S.A.R.L.                       US$3,891,000
Alcentra Limited
160 Queen Victoria Street
London
EC4V 4LA
UK

ALCENTRA SCF II S.A.R.L.                   US$ 176,730,000
Alcentra Limited
160 Queen Victoria Street
London
EC4V 4LA
UK

The Legal Professionals do not own, nor has they ever owned, any
claims against the Debtor. Notwithstanding the forgoing, the Legal
Professionals are owed professional fees and expenses from the
Backstop Lenders. The Legal Professionals will seek to have their
fees and disbursements incurred on behalf of the Backstop Lenders
paid by the bankruptcy estate pursuant to title 11 of the United
States Code or as otherwise permitted in this chapter 11 case. More
specifically, the Debtor's Emergency Motion for Entry of Interim
and Final Orders Authorizing (I) Post-Petition Financing Secured By
Senior Liens, etc. [Docket No. 12] and the Court's Interim Order
thereon [Docket No. 26] authorize the payment of professionals'
fees and reimbursement of out-of-pocket expenses of the
professionals retained by the Backstop Lenders. The Legal
Professionals do not perceive any actual or potential conflict of
interest with respect to the representation of the Backstop Lenders
in this chapter 11 case.

All of the information contained herein is intended only to comply
with Bankruptcy Rule 2019 and is not intended for any other
purpose. Nothing contained in this Verified Statement should be
construed as a limitation upon, or waiver of, the Backstop Lenders'
right to assert, file and/or amend its claims in accordance with
applicable law and any orders entered in this chapter 11 case.

The Backstop Lenders, through their undersigned counsel, further
reserves the right to supplement and/or amend this Verified
Statement in accordance with the requirements set forth in
Bankruptcy Rule 2019 at any time in the future.

Counsel to the Backstop Lenders can be reached at:

      PACHULSKI STANG ZIEHL & JONES, LLP
      Michael D. Warner, Esq.
      Benjamin L. Wallen, Esq.
      440 Louisiana Street, Suite 900
      Houston, TX 77002
      Telephone: (713) 691-9385
      Facsimile: (713) 691-9407
      E-mail: mwarner@pszjlaw.com
              bwallen@pszjlaw.com

         - and -

      Mark Shinderman, Esq.
      Casey Fleck, Esq.
      Brian Kinney, Esq.
      Mohammad Tehrani, Esq.
      MILBANK LLP
      55 Hudson Yards
      New York, NY 10001
      Telephone: (212) 530-5000
      E-mail: mshinderman@milbank.com
              CFleck@milbank.com
              bkinney@milbank.com
              mtehrani@milbank.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3tSy326

              About La Forta - Gestao e Investmentos

Laforta - Gestao E Investimentos Sociedade Unipessoal LDA is a
private limited liability company organized under the laws of
Portugal.  LaForta is one of three "sister" companies wholly owned
by Offshore Drilling Holding S.A. that each hold a single
ultra-deepwater semi-submersible drilling rig.  LaForta owns La
Muralla IV, a ten-year old, sixth-generation, ultra-deepwater
semi-submersible drilling rig, while its sister companies own the
rigs Centenario GR and the Bicentenario.  ODH is one business among
several Mexico-based companies wholly or indirectly owned by ODH's
ultimate owners.  

LaForta - Gestao e Investmentos sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 22-90126).
In the petition filed by CRO David Weinhoffer, the Debtor estimated
assets between $50 million and $100 million and liabilities between
$1 billion and $10 billion.

Jackson Walker LLP, is the Debtor's counsel.  CLIFFORD CHANCE US
LLP is the corporate counsel.  Stretto is the claims agent.


LAX IN-FLITE: Unsecureds to Get 3.5% to 13.4% in Liquidating Plan
-----------------------------------------------------------------
LAX In-Flite Services, LLC, submitted a Fourth Amended Plan of
Liquidation for Small Business Under Subchapter V dated June 20,
2022.

The Debtor filed a voluntary chapter 11 petition in February 2021.
On July 20, 2021, the Court entered an order approving the sale of
substantially all of the Debtor's assets to Pacific Airline Linen
Services, LLC, pursuant to that certain Amended and Restated Asset
Purchase Agreement (the "APA"), dated as of July 16, 2021.  The
sale closed on July 31, 2021.

Under the APA, Pacific is responsible for paying or reimbursing
necessary and reasonable administrative expenses between Sale
Closing and the closing of the Bankruptcy Case, subject to certain
exceptions. The Debtor has already paid all known administrative
expenses that were incurred before the Sale Closing, except for the
$17,446.11 claim of Penske Truck Leasing, Co.

The Debtor may also receive ERC Cash from the United States
Treasury Department and/or the Internal Revenue Service, though the
Debtor cannot predict the amount or timing of receipt and may
receive no ERC Cash at all. The allocation of the ERC between the
Debtor, Pacific, and Elite GG&K Associates, LLC ("Elite
GG&K")—the holder of a majority of the Debtor's equity
interests—was resolved by the ERC Settlement.

Under the ERC Settlement, if the Debtor receives all ERC it applied
for, it would receive $385,006 in ERC Cash.  Cash on hand and the
ERC are the Debtor's sole remaining assets of value.  The Debtor
retains the rights to bring avoidance actions under chapter 5 of
the Bankruptcy Code, except those rights purchased by Pacific under
the APA.  The Debtor does not believe there is any value in
potential avoidance actions.  The Debtor also has outstanding
accounts receivable in the aggregate face amount of $28,534.
Despite the Debtor's efforts to collect on these accounts, they
have been outstanding for more than six months.  Accordingly, the
value of these accounts receivable is likely zero.

Class 1 Priority Claims are comprised solely an allowed unsecured
claim for contributions to an employee benefit plan entitled to
priority under section 507(a)(5), in the amount of $750. Claims in
Class 1 will be paid in full, in cash, upon the Effective Date.
Class 1 is unimpaired.

Class 2 General Unsecured Claims are comprised of holders of all
claims other than Class Action Claims and claims entitled to
priority.  Class 2 is impaired.  Claims in Class 2 will be paid an
estimated percentage of 3.5% to 13.4% on allowed amounts.  Class 2
is impaired.

Class 4 Equity Security Holders comprise of holders of membership
interests in the Debtor. Class 4 shall not be entitled to any
distributions on account of their membership interests in the
Debtor, under this Plan or otherwise. Class 4 shall retain their
equity interests under the Plan until the Court's entry of a final
decree.  Upon entry of a final decree, all equity interests in the
Debtor shall be deemed cancelled and terminated. Class 4 is
impaired.

A full-text copy of the Fourth Amended Liquidating Plan dated June
20, 2022, is available at https://bit.ly/3OOnDbR from
PacerMonitor.com at no charge.

Attorneys for Debtor:

     ARTHUR A. GREENBERG, ESQ.
     agreenberg@gblawllp.com
     JEREMY H. ROTHSTEIN, ESQ.
     jrothstein@gblawllp.com
     G&B LAW LLP
     16000 Ventura Boulevard, Suite 1000
     Encino, California 91436 All
     Tel: (818) 382-6200 • Fax: (818) 986-6534

                     About LAX In-Flite Services

LAX In-Flite Services, LLC filed a voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case
No. 21-10956) on Feb. 5, 2021.  Mark Berlin, authorized
representative, signed the petition.  In the petition, the Debtor
disclosed $212,676 in assets and $6,532,846 in
liabilities.  Judge Neil W. Bason oversees the case.  G&B LAW,
LLP serves as the Debtor's legal counsel.About LAX In-Flite
Services

LAX In-Flite Services, LLC filed a voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case
No. 21-10956) on Feb. 5, 2021.  Mark Berlin, authorized
representative, signed the petition.  In the petition, the Debtor
disclosed $212,676 in assets and $6,532,846 in
liabilities.  Judge Neil W. Bason oversees the case.  G&B LAW,
LLP serves as the Debtor's legal counsel.


LOGOS INC: Gets Approval to Hire Alex Cooper as Auctioneer
----------------------------------------------------------
Logos, Inc. received approval from the U.S. Bankruptcy Court for
the District of Maryland to employ Alex Cooper Auctioneers, Inc. as
its auctioneer.

The firm will assist the Debtor in selling its properties at
auction to generate monies to pay its creditors.

The Debtor owns properties, which it uses to operate its restaurant
in Bel Air, Md. These properties include equipment, furniture, and
a real property lease hold interest.

The auction commission is a 6 percent buyer's premium.

As disclosed in court filings, Alex Cooper is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

The firm can be reached through:

     Paul R. Cooper
     Alex Cooper Auctioneers, Inc.
     908 York Road
     Towson, MD 21204
     Telephone: 410-828-4838
     Fax: 410-828-0875
     Email: info@alexcooper.com

                          About Logos Inc.

Logos Incorporated -- https://logos-development.com -- doing
business as 510 Johnnys, is a New York City-based
multi-disciplinary real estate development and investment advisory
company.

Logos filed a voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Md. Case No. 22-12491) on May 9, 2022.
In the petition filed by Mohammed Jadoo, vice-president, the Debtor
listed up to $50,000 in assets and up to $1 million in
liabilities.

Judge David E. Rice oversees the case.

Robert B. Scarlett, Esq., at Scarlett & Croll, PA and Weinblatt &
Associates, PA serve as the Debtor's legal counsel and accountant,
respectively.


MALLINCKRODT PLC: Advised by Latham & Watkins in Reorganization
---------------------------------------------------------------
Mallinckrodt disclosed that it has successfully completed its
reorganization process, emerged from Chapter 11, and completed the
Irish Examinership and Canadian recognition proceedings that
implemented the first global opioid litigation settlement.
Mallinckrodt 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.

Latham & Watkins LLP represents Mallinckrodt in the matter with a
cross-practice team led by Global Chair of the Restructuring &
Special Situations Practice George Davis and Vice Chair Jeff Bjork,
with New York partner Anupama Yerramalli and Chicago partner Jason
Gott. The team also included New York partners George Klidonas and
Keith Simon; Washington, D.C. partner Andy Sorkin; and New York
counsel Hugh Murtagh; with associates Liza Burton, Chris Beaucage,
Chris Kochman, Madeleine Parish, Randall Weber-Levine, Scott
Yousey, Jason Moehlmann, Jonathan Gordon, and Whit Morley — all
members of the firm's Restructuring & Special Situations Practice.
The bankruptcy litigation team was led by New York partner Chris
Harris, Boston partner Gwyn Williams, Los Angeles partner Amy
Quartarolo, and Boston counsel Betsy Marks. Advice was also
provided on corporate matters by Boston partners Hans Brigham,
Julie Scallen, Wes Holmes, and New York partner Ben Stern, with
associates Tyler Mills and Sam Niles; on antitrust matters by
Washington, D.C. partner Maggy Sullivan and counsel Anna Rathbun,
with associate Doug Tifft; on tax matters by Chicago partner Joe
Kronsnoble, with associate Michael Zucker; on employee benefits
matters by Chicago partner Robin Struve and New York counsel Rifka
Singer; on environmental matters by associate Peter Viola; on
healthcare matters by Washington, D.C. partners Stuart Kurlander
and Eric Greig; and on appellate matters by Washington, D.C.
partner Melissa Sherry, with associates James Tomberlin and Greg in
Den Berken.

                     About Mallinckrodt PLC

Mallinckrodt -- http://www.mallinckrodt.com/-- 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 and ophthalmology; immunotherapy and
neonatal respiratory critical care therapies; analgesics; and
gastrointestinal products.  Its Specialty Generics reportable
segment includes specialty generic drugs and active pharmaceutical
ingredients.

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.



NATIONAL REALTY: Gets Cautious Okay for Chapter 11 Property Sales
-----------------------------------------------------------------
Vince Sullivan of Law360 reports that real estate developer
National Realty Investment Advisors received tenuous approval
Tuesday, June 21, 2022, for a series of private property sales from
a New Jersey bankruptcy judge only after it agreed to segregate the
sale proceeds until investors could review the deals.

During a hybrid virtual and in-person hearing, U.S. Bankruptcy
Judge John K. Sherwood said he would allow the debtor to complete
the private sale transactions for eight of its condominium
properties for a combined $20 million despite his concerns about a
securities fraud investigation announced by New Jersey regulators
Tuesday, June 21, 2022.

The Debtor filed a motion to conduct private sales for these
unencumbered properties:

   (i) Property: 285 7th Street Condominium Unit No. 1 (Brooklyn,
NY)
       Debtor Seller: 7th Street Capital 285, LLC
       Purchasers: Alyson, Phyllis and Kenneth Aversa
       Purchase Price: $2,250,000;

  (ii) Property: 285 7th Street Condominium, Unit No. 2 (Brooklyn,
NY)     
       Debtor Seller: 7th Street Capital 285, LLC
       Purchasers: Sofian Rami and Yasmine Belkacemi
       Purchase Price: $1,650,000;

(iii) Property: 285 7th Street Condominium, Unit No. 3 (Brooklyn,
NY)   
       Debtor Seller: 7th Street Capital 285, LLC
       Purchasers: Nicolas Thiebaud and Clara Cambon-Thiebaud
       Purchase Price: $2,125,000.

  (iv) Property: 494 Seventh Street Condo., Unit No. 1 (Brooklyn,
NY)
       Debtor Seller: 7th Street Capital 494, LLC
       Purchasers: Sarah Greenberg & Oded Burger
       Purchase Price: $2,350,000;

   (v) Property: 494 Seventh Street Condo., Unit No. 2 (Brooklyn,
NY)   
       Debtor Seller: 7th Street Capital 494, LLC
       Purchasers: Alan Zhou and Frances Lee
       Purchase Price: $1,630,500;

  (vi) Property: 116 N. Croskey St. (Philadelphia, PA)
       Debtor Seller: Cherry Street Capital 113-27 LLC
       Purchasers: Jennifer Terker and Michael Petrakis
       Purchase Price: $1,762,500;

(vii) Property: 124 N. Croskey St. (Philadelphia, PA) to
       Debtor Seller: Cherry Street Capital 113-27 LLC
       Purchasers: Timothy Nester and Christopher Eckman
       Purchase Price: for $1,800,000

(viii) Property: Ocean Delray Condominium, Unit #8 (Delray Beach,
FL)
       Debtor Seller: Wright By The Sea 1901 LLC
       Purchasers: Matt Wollman
       Purchase Price: $6,450,000.

                 About National Realty Investment

National Realty Investment Advisors is a luxury-homes developer
based in Secaucus, New Jersey.

National Realty Investment Advisors, LLC, and 102 affiliates,
including NRIA Partners Portfolio Fund I, LLC, sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead
Case No. 22-14539) on June 7, 2022.  

In the petition filed by Brian Casey, as independent manager of
NRIA LLC, National Realty Investment Advisors estimated less than
$50,000 in assets and debt. NRI Partners Portfolio estimated assets
between $50 million and $100 million and liabilities between $500
million and $1 billion.

The cases are assigned to Honorable Bankruptcy Judge John K.
Sherwood.

S. Jason Teele, of Sills Cummis & Gross P.C., is the Debtors'
counsel.  Omni Agent Solutions is the claims agent.


NEIGHBORHOOD RADIOLOGY: Seeks Cash Collateral Access
----------------------------------------------------
CDP Holdings Group, LLC, Neighborhood Radiology Management
Services, LLC, and Neighborhood Radiology Services, P.C. ask the
U.S. Bankruptcy Court for the Eastern District of New York for
authority to use cash collateral on an interim basis and provide
adequate protection.

Debtors CDP and NRMS Management are what is commonly referred to in
the diagnostic imaging industry as management service
organizations. CDP and NRMS historically provided administrative
and operational non-medical services at various diagnostic imaging
locations operations by the Debtors. NRP PC is a radiology practice
owned by Dr. Matthew Diament through which he provides certain
medical services at sites operated by the MSOs.

The Debtors' bankruptcy filings were precipitated by a perfect
storm of factors, litigation, reduction of revenues, and the
crippling effects of the COVID-19 pandemic. While occurring at
different times since the inception of the Debtors' collective
enterprise, the cumulative effects have resulted in the Debtors
carrying outsized debt for a shrinking operation and an inability
to pay their various obligations as they come due.

Over the past year, the Debtors have been in survival mode. With a
goal of brining in needed cash to operate and weather the storm as
well as to mitigate the operating losses, the Debtors' principals
have extensively marketed different sites and assets for either a
straight sale as well as various strategic transactions.

In August 2021, the Debtor sold its Astoria site which was filed by
the closure of the Elmwood site and the "sale" (back to the
landlord) of the Sunnyside, NY site. The Sunnyside side was
intended to be the "jewel" of the Debtors' enterprise. However, the
Debtors experienced delays and setbacks during the build-out.
Though it was mostly complete, it was not finished when the
pandemic struck and the Debtor, lacking the resources to complete
construction, launch the site and carry it until it turned cash
positive, was forced to make the difficult decision not to open.

Earlier this month the Debtors' closed their Hewlett location and
surrendered possession due to continuing losses and an impending
eviction by the landlord. At the same time that the Debtors have
been downsizing locations and contracting their operations, the
services typically rendered by the MSOs and equipment owned by the
MSOs and used at the sites have been transitioned, in large part,
to NRS PC.

At present, only one site remains open and operating which is
located in Forest Hills, NY. This site now is burdened with debt --
accumulated by an enterprise more than three times its size. Every
day is a struggle to maintain critical relationships with suppliers
and service providers which has necessitated this Chapter 11
filing.

The Debtors' principals have been and continue to search for a
buyer and/ or strategic partner for its Forest Hills site. While a
sale is still a possibility, the potential of a strategic
transaction with a complimentary business appears to be the more
likely solution for these Debtors. Specifically, if the Forest
Hills facility and practice was converted to a multispecialty
facility, its potential for expanded revenues is substantially
increased.

Four creditors assert a "blanket lien" on certain of the Debtors'
assets and in varying priority based upon the apparent perfection
dates: Northpoint Commercial Credit, LLC, Northpoint Capital
Partners LLC, American Equity Bank, n/k/a Luminate Bank and The
Small Business Administration, an Agency of the U.S. Government.

On November 30, 2016, CDP entered into a Master Equipment Finance
Agreement with Northpoint Credit, number 9854.

While certain of the security interests which presumably were
granted in connection with the loans/ schedules relate to specific
equipment, for which certain UCC-1 financing statements were filed,
on February 1, 2017, Northpoint Credit filed a UCC-1 financing
statement indicating that it held a lien on all of the assets of
CDP.

On December 21, 2017, NRMS entered into a Master Equipment
Financing Agreement, number 7750 with Northpoint Capital, in the
amount of $5,000,000.  On December 21, 2017, Northpoint Credit
filed a UCC-1 financing statement indicating that it held a lien on
all of the assets of NRMS.

On January 17, 2018, Northpoint Capital filed a UCC-1 financing
statement indicating that it held a lien on all of the assets of
NRMS.

In an email from the principal of the Northpoint Entities, dated
March 18, 2021, the following principal balances for each loan --
which the Debtors do not concede -- were indicated:

     a. Loan number 9854-1, paid in full;
     b. Loan number 9854-4, $398,100; and
     c. Loan number 7750, $1,746,963.

The balance of these three loans, plus accrued interest and fees,
of the March 18, 2021 email was alleged to be $2,575,317.12. None
of the other loan/schedules were mentioned. The Debtors presume
that those balances were paid off from the proceeds of the AEB loan
closing.

In a statement dated February 15, 2022, Northpoint Credit indicated
that $172,940 was due and owing for Loan number 6549157009A, which
is a loan that does not correlate to any of the loan documents
annexed to the Motion.

In an email from Northpoint Credit dated May 24, 2022, the
following principal balances for each loan, which the Debtors do
not concede, were indicated:

     a. Loan number 9854-1, $210,600
     b. "Payroll Advances," $307,500
     c. Loan Number 7750, $1,230,329

The foregoing notwithstanding, on December 6, 2020, presumably in
connection with the closing on the Main Street Loan, both
Northpoint Credit and Northpoint Capital agreed to subordinate the
payment of all amounts due from the NRS as well as any rights that
the Northpoint entities may have to any collateral securing NRS'
indebtedness thereto.

On December 6, 2020, NRS entered into a "Main Street" loan
transaction with AEB. In connection with the loan, NRS tendered a
Term Promissory Note to AEB in the amount of $6,750,000. NRS
granted a "blanket lien" in all of its assets as security for the
AEB Note, the terms of which are set forth in a Security Agreement,
also executed by the parties on December 6, 2020.

On December 14, 2020, AEB filed a UCC-1 financing statement. The
image of such filing is marked "unavailable" online so the Debtor
is unable to verify the perfection of this lien at this time.

In connection with the closing of the loan with AEB, certain of the
debt due to the Northpoint Entities was paid off or paid down,
certain other liabilities of the Debtors were settled and the
balance of the loan proceeds were used for working capital.

A UCC-1 financing statement was filed on December 17, 2019, by AEB
against NRMS, which asserts a blanket lien on all of the assets of
that entity. The Debtor is unable to locate any loan documents or
other information relating to this purported lien or any underlying
loan.

On June 5, 2020, pursuant to the CARES Act, CDP tendered a
promissory note to the SBA in the original principal amount of
$150,000 plus accrued interest at a rate of 3.75% per annum. THE
CDP EIDL Loan was secured with a lien on all of CDP's assets, in
favor of the SBA, which grant is provided for in the Security
Agreement executed by the parties.

On June 16, 2020, a UCC-1 financing statement was filed by the SBA
thereby perfecting its lien on CDP's assets in accordance with the
CDP EIDL Loan documents.

The CDP EIDL Loan Documents require the Debtor to make monthly
installments of principal and interest in the amount of $731
monthly, beginning 12 months from the date of the SBA Loan. The
balance of principal and interest will be payable 30 years
thereafter.

As of June 15, 2022, there remained approximately $150,000 due and
owing from the CDP to the SBA.

On June 5, 2020, pursuant to the CARES Act, NRS tendered a
promissory note to the SBA in the original principal amount of
$150,000 plus accrued interest at a rate of 3.75% per annum. THE
NRS EIDL Loan was secured with a lien on all of NRS' assets, in
favor of the SBA, which grant is provided for in the Security
Agreement executed by the parties.

On June 17, 2020, a UCC-1 financing statement was filed by the SBA
thereby perfecting its lien on NRS' assets in accordance with the
NRS EIDL Loan documents.  The NRS EIDL Loan Documents require the
Debtor to make monthly installments of principal and interest in
the amount of $731 monthly, beginning 12 months from the date of
the SBA Loan. The balance of principal and interest will be payable
30 years thereafter. The commencement of payments to the SBA has
been extended until 2023. As of June 15, 2022, there remained
approximately $150,000 due and owing from NRS to the SBA.

On June 14, 2020, pursuant to the CARES Act, NRMS tendered a
promissory note to the SBA in the original principal amount of
$150,000 plus accrued interest at a rate of 3.75% per annum. The
NRMS EIDL Loan was secured with a lien on all of NRMS' assets, in
favor of the SBA, which grant is provided for in the Security
Agreement executed by the parties.

On June 29, 2020, a UCC-1 financing statement was filed by the SBA
thereby perfecting its lien on NRMS' assets in accordance with the
NRMS EIDL Loan documents.  The NRMS Loan Documents require NRMS to
make monthly installments of principal and interest in the amount
of $731 monthly, beginning 12 months from the date of the SBA Loan.
The balance of principal and interest will be payable 30 years
thereafter. The commencement of payments to the SBA has been
extended until 2023.  As of June 15, 2022, there remained
approximately $150,000 due and owing from the Debtor to the SBA.

As adequate protection, the Debtors propose to grant the Secured
Creditors replacement liens in all of the Debtors' post-petition
assets and proceeds, including the cash collateral and the proceeds
of the foregoing, to the extent that the Secured Creditors had a
valid security interests in said pre-petition assets on the
Petition Date and in the continuing order of priority that existed
as of the Petition Date.

The Replacement Liens will be subject and subordinate only to: (a)
United States Trustee fees payable under 28 U.S.C. Section 1930 and
31 U.S.C Section 3717; (b) professional fees of duly retained
professionals in this Chapter 11 case as may be awarded pursuant to
Sections 330 or 331 of the Code or pursuant to any monthly fee
order entered in the Debtor's Chapter 11 case; (c) the fees and
expenses of a hypothetical Chapter 7 trustee to the extent of
$10,000; and (d) the recovery of funds or proceeds from the
successful prosecution of avoidance actions pursuant to sections
502(d), 544, 545, 547, 548, 549, 550 or 553 of the Bankruptcy
Code.

As additional adequate protection, the Debtor will pay to AEB
monthly interest only debt service payments, at the contract
(non-default) rate of interest, as set forth in the AEB Loan
Agreements.

The Debtors assert that the value of the Collateral does not exceed
the amount due to AEB and as such, neither Northpoint or the SBA
are secured and entitled to adequate protection payments. In
addition, no debt service is currently required under the SBA Loan
Documents.

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

       About Neighborhood Radiology Management Services, LLC

Neighborhood Radiology Management Services, LLC, Neighborhood
Radiology Services, P.C., and CDP Holdings Group, LLC operate
medical and diagnostic laboratories. The Debtors sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case
Nos. 22-41393, 22-41394, 22-41392) on June 16, 2022.

In the petition signed by Daniel DiPeitro as manager/director of
operations, each of the Debtors disclosed under $50,000 in assets.
NRM and CDP estimated between $1 million to $10 million in
liabilities.  NRS estimated between $10 million to $50 million in
liabilities.

Judge Elizabeth Stong oversees the Debtors' cases.

Dawn Kirby, Esq., at Kirby Aisner & Curley LLP is the Debtors'
counsel.



OLYMPIA SPORTS: Unsecureds' Recover Hiked to 26.19% in Plan
-----------------------------------------------------------
Olympia Sports, Inc., submitted a Modified Plan of Reorganization
for Small Business.

The Plan Proponent's financial projections show that the Debtor
will have projected disposable income of $300,317.00.

This Plan of Reorganization proposes to pay creditors of the Debtor
from cash flow from operations, or future income.

Class 4 consists of Non-priority unsecured creditors. Unsecured
creditors to receive $159,750.00 pro rata based on nonexempt
equity. Based on scheduled claims that is estimated to be 26.19% of
claims. The allowed unsecured claims total $609,838.64.

Equity interest holders shall retain interest.

The Debtor operates retail stores for the sale of sneakers and
athletic merchandise. The Debtor has been able to enter into a
payment arrangement with the SBA which holds the Debtors largest
secured claim.

The Plan is to pay the secured claim of the SBA in full, cram down
the secured claim of Arrow on the POS System, pay administrative
and priority claims in full and make a pro rata distribution to
unsecured creditors. Payments will come from operations and money
on hand. Adidas has agreed to provide goods on Credit which will
help with cash flow and sales.

A full-text copy of the Modified Reorganizing Plan dated June 21,
2022, is available at https://bit.ly/3A15N18 from PacerMonitor.com
at no charge.

Attorney for the Plan Proponent:

     Robert Braverman, Esq.
     McDowell Law, PC
     46 West Main Street
     Maple Shade, NJ 08052
     Tel: (856) 482-5544
     Fax: (856) 482-5511
     Email: rbraverman@mcdowelllegal.com

                       About Olympia Sports

Olympia Sports, Inc., owns and operates a shoes and clothing retail
store. Olympia Sports sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 22-10535) on March
2, 2022.  In the petition signed by Jae Ko, president, the Debtor
disclosed $426,214 in assets and $1,001,666 in liabilities.

Judge Ashely M. Chan oversees the case.

Robert N. Braverman, Esq., at McDowell Law, PC, is the Debtor's
counsel.


PBF HOLDING: Fitch Hikes LongTerm Issuer Default Rating to 'BB-'
----------------------------------------------------------------
Fitch Ratings has upgraded PBF Holding Company LLC's Long-Term
Issuer Default Rating (IDR) to 'BB-' from 'B+'. Fitch has also
affirmed PBF Holding's revolving credit facility at 'BB+'/'RR1' and
upgraded the senior unsecured notes to 'BB-'/'RR4' from 'B-'/'RR6'.
The Rating Outlook is Stable. The upgrade reflects the redemption
of the $1.25 billion of senior secured bonds with cash, which
allows for further maturity extension, material permanent debt
reduction, and a more simplified capital structure.

The rating reflects improved refining sector conditions, relatively
low debt levels, strong liquidity, geographic diversification, and
the expectation of positive FCF generation over the rating horizon.
This is offset by the impact of increased regulatory obligations,
potential secular changes, including the impact of renewables, and
relatively higher cost structure to its peers.

The Stable Outlook reflects the expectation that refining
conditions will remain positive in the near term, continued debt
reduction efforts, and positive FCF generation.

KEY RATING DRIVERS

Materially Improved Capital Structure: PBF Holding announced it
would redeem $1.25 billion of its 9.25% first lien senior notes
with cash. The transaction results in a permanent reduction in
debt, frees up secured debt capacity, and greatly enhances the
prospects of refinancing the 2025 senior unsecured notes. The
company has made approximately $250 million of open market
repurchases on its 2025 and 2028 senior unsecured notes over the
past nine months. The expected result of approximately $1.5 billion
in debt reduction, improved liquidity, maturity extension, interest
savings, and increase in secured borrowing capacity is a material
improvement in the capital structure.

Currently Strong Refining Margins: PBF Holding is benefiting from
historically strong refining margins due to the impact of the
Russian-Ukraine war, increasing demand from the strengthening
economy, declining product imports, and below normal product
inventory levels. Fitch does not believe high refining margins are
sustainable over time, but near-term margins are likely to remain
elevated. Refining remains one of the most cyclical corporate
sectors, with sharp swings in crack spreads over the cycle,
although the impact of the coronavirus was deeper and longer than
most previous downturns. In addition to cyclical challenges, the
sector is also facing secular challenges with the growth of
electric vehicles and increasing environmental regulations that may
reduce the demand for hydrocarbons.

Higher Cost Refineries: PBF Holding's refineries have a higher cost
structure relative to other refining peers. Fitch believes this was
a significant reason the company underperformed its peers and
incurred relatively larger FCF deficits during the 2020-2021
industry downturn. In addition, PBF Holding's East Coast refinery
is exposed to European imports, although this is not an issue at
this time. The company did take steps during the pandemic to reduce
costs, including closing certain units at one of its East Coast
refineries. Higher natural gas prices have led to higher operating
expenses, as the company is exposed to a $75 million-$95 million
impact on a $1/million British thermal unit (MMbtu) change in
natural gas prices. This has been more than offset by the increase
in higher crack spreads.

Uncertain Impact of Regulatory Obligations: Fitch believes the
renewable identification numbers (RINs) and California "cap and
trade" obligations as manageable in the near term. The U.S. EPA
finalized the 2021 and 2022 Renewable Fuel Standard renewable
volume obligations (RVOs) and reduced the existing RVO for 2020 on
June 3, 2022. Historically, refiners have been able to pass along
RIN prices, but it becomes more challenging when prices move
sharply higher, particularly when combined with reduced demand.
Most of all California's 'cap and trade' obligations are passed on
to the buyer.

Chalmette Refinery Renewable Project: PBF Holding is investing in
renewable diesel project at its Chalmette refinery with an
anticipated start up in the first half of 2023. The company is
having discussions with potential financial partners to help
finance the 20,000 barrels per day production facility. The
renewable project would generate RINs, which would reduce the
dependence of buying RINs in the open market.

PBF Logistics Relationship: PBFX is a fee-based master limited
partnership established by PBF in 2014 to acquire, own and operate
crude oil and refined products logistics assets. PBF Energy Company
LLC owns 47.9% of PBFX and 100% of PBF Holding as of March 31,
2022. The operations of PBF Holding and PBFX are strongly
integrated, but the companies have separate boards of directors.

Relationship With PBF Energy: PBF Holding is an indirect subsidiary
of PBF Energy Inc., a holding company with primary subsidiaries of
PBF Holding and its 47.9% ownership in PBFX. PBF Holding typically
distributes cash to PBF Energy to fund tax payments and dividends.
PBFX also sends its 47.9% share of distributions to PBF Energy,
which can be used to cover a portion of the tax payments and
distributions. The parent has no debt.

DERIVATION SUMMARY

PBF Holding throughput capacity is 973 mbbl/d, which compares with
Delek U.S. Holdings (BB-/Stable) of 302 mbbl/d and CVR Energy, Inc.
(BB-/Stable) of 207 mbble/d. The Nelson Complexity Ration (NCR),
which measure the ability of a refinery to produce lighter and more
heavily refined and valuable products from a barrel of oil, is
12.8, which compares to 10.8 for CVR and 8.7-10.5 for Delek. All
three companies have adequate liquidity, although Delek's leverage
ratio is elevated due to recent acquisitions. CVR and Delek have
lower operating costs than PBF Holding. CVR is insulated by being a
niche operator in the Mid-Continent but is not diversified. Delek
has diversification through non-refining sectors, but is smaller in
scale. PBF Holding is exposed to regulatory pressure on RIN prices,
although both Delek and CVR have exposure to changing regulations
on the exemption of small market refineries to renewable
regulations.

KEY ASSUMPTIONS

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

-- West Texas Intermediate (WTI) oil price of $95 in 2022, $76 in

    2023, $57 in 2024, and $50 over the long term;

-- Gross refining margins at YTD levels in 2022 and reducing over

    the forecast to 5-year averages;

-- Long-term RIN expenses at $1.25 per gallon;

-- Throughput declining averaging slightly over 910 thousand
    barrels per day (mbpd) throughout the forecast period;

-- Capex to approximate $600 million throughout the forecasted
    period.

-- No assumptions for dividends, share repurchases, or
    acquisitions, although the company is expected to generate
    material FCF that could be used for these purposes.

RATING SENSITIVITIES

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

-- Materially improved cost structure that mitigates FCF deficits
    during refinery margin downturns;

-- Measure to reduce earnings volatility, including
    diversification through scale or operations;

-- Material reduction in RIN exposure;

-- Through-the-cycle gross debt/EBITDA below 2.0x;

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

-- Material reduction in liquidity, including reduced bank
    commitments or reduction in cash;

-- Regulatory changes that increase costs, including RINs and
    other federal and state regulations;

-- Inability to adequately access debt capital markets;

-- Through-the-cycle gross debt/EBITDA above 2.5x.

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

Sufficient Near-Term Liquidity: PBF Holding had cash on hand of
$1.381 billion and availability under its revolver of in excess of
$1.2 billion with $900 million borrowed on its revolver as of
March, 31 2022. The company amended the revolver on May 25, 2022.
The amendment provides for a Tranche A group that did not elect to
extend the maturity in an amount of $1.55 billion. A Tranche B
facility matures in Jan. 31, 2025 in the amount of $2.75 billion.
An accordion feature allows for an additional $500 million on the
Tranche B facility plus an amount equal to the Tranche A
commitments that decide to extend. The revolver borrowing base is
derived from a formula based on cash on hand, accounts receivable
and inventory and can fluctuate materially due to changes in
commodity prices, receivable payments, inventory supplies, and cash
on hand.

RIN and inventory adjustments can have material impacts on working
capital uses over the near term. RINs obligations for 2021 and 2022
will likely be paid in 2023, which would have a one-time effect on
working capital. Sharp changes in oil prices could also impact
working capital uses. Fitch believes liquidity is sufficient to
meet RIN obligations during the forecasted period, although a spike
in RIN prices combined with an inability to pass-through RIN costs
during an industry downturn could result in materially weaker
liquidity levels.

ISSUER PROFILE

PBF Holding Company LLC (PBF Holding) is a large independent
refiner and supplier of unbranded transportation fuels, heating
oil, petrochemical feedstocks, lubricants and other petroleum
products in the United States. PBF Holding owns and operates six
domestic oil refineries and related assets with a combined
throughput capacity of 973,000 barrels per day as of Dec. 31,
2021.

ESG CONSIDERATIONS

PBF Holding Company LLC has an ESG Relevance Score of '4' for
Exposure to Environmental Impacts due to the potential of
operational disruptions from extreme weather events, including PBF
Holding's exposure to hurricanes on the Gulf Coast through its
Chalmette refinery, which has a negative impact on the credit
profile, and is relevant to the rating[s] 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
   ----                 ------                   --------   -----
PBF Holding             
Company LLC            LT IDR   BB-     Upgrade             B+

   senior secured      LT       BB+     Affirmed    RR1     BB+

   senior secured      LT       BB      Affirmed    RR2     BB

   senior unsecured    LT       BB-     Upgrade     RR4     B-


PBF LOGISTICS: Fitch Upgrades LongTerm IDR to 'BB-', Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has upgraded PBF Logistics LP's (PBFX) Long-Term
Issuer Default Rating (IDR) to 'BB-' from 'B+' and senior unsecured
notes to 'BB-'/ 'RR4' from 'B+'/'RR4'. In addition, Fitch has
affirmed PBFX's senior secured revolver at 'BB+'/'RR1'. The Rating
Outlook is Stable. The notes are co-issued by PBF Logistics Finance
Corporation.

The upgrade and Stable Outlook reflect similar rating actions at
PBF Holding Company LLC, PBFX's affiliate and primary counterparty.
PBF Holding's Long-Term IDR was upgraded to 'BB-'/ Stable,
reflecting material debt reduction and a simplified capital
structure. The Stable Outlook reflects Fitch's expectation that
refining conditions will remain positive in the near term, the
company's continued debt reduction efforts and positive FCF.

PBFX's ratings reflect its strong credit linkage with PBF Holding.
The ratings also reflect the partnership's modest size, low
leverage and stable cash-flows supported by fee-based and
fixed-priced contracts that limit commodity price exposure and
provide volume protection through minimum volume commitments.

KEY RATING DRIVERS

Counterparty Concentration Risk: PBFX derives approximately 85% of
its revenues from its affiliate, PBF Holding. PBF Holding is
expected to remain the partnership's largest customer over Fitch's
rating horizon. PBFX provides PBF Holding with critical logistics
assets that support its refining operations on a long-term, fixed
fee basis with significant minimum volume commitments. As its
primary counterparty, PBFX is subject to PBF Holding's operational,
business and financial risks, whereby throughput volumes at PBFX's
facilities could be significantly reduced, which could adversely
impact cash flows and distributions. The equalization of IDR's
reflects this.

In the absence of expansion of the asset portfolio to service more
third-party customers, volume growth remains dependent on PBF
Holding, and could limit the partnership's future growth.

High Maturity Wall: With its deleveraging strategy, PBFX has
continued to enhance financial flexibility, but faces addressing
its near-term debt maturities. The partnership has a substantial
maturity wall, with $500 million revolving credit facility maturing
end of July 2023 and $525 million notes due in May 2023. Fitch
expects the partnership to likely extend the revolver before it
becomes current in July 2022, supported by the security package.
Management continues to evaluate the capital structure that best
fits the partnership in terms of amount and tenor for the revolver
and notes. Fitch views revolver refinancing critical before the
credit facility becomes current.

Low Leverage Provides Flexibility: PBFX has low leverage and strong
interest coverage relative to midstream peers. Leverage at YE 2022
is expected between 2.6x-2.8x, barring any unforeseen increases in
spending or acquisitions. The partnership is expected to operate
with modest leverage as it continues to utilize FCF towards debt
reduction. Although 2022 EBITDA is expected to decline as some of
the East Coast MVC's roll off, leverage is expected to continue
trending lower over the rating horizon, supported by the
partnership's deleveraging strategy. Fitch believes lower leverage
is important to PBFX's credit profile due to the partnership's
limited counterparty diversity.

Modest Size and Scale: The partnership is geographically
diversified, with presence in four Petroleum Administration for
Defense Districts' (PADD), although most of the assets and
operations are concentrated on the East Coast. Fitch believes this
operational concentration and the partnership's EBITDA of
approximately $200 million, makes PBFX vulnerable to weak East
Coast margins in the event of an outsized event or slowdown in the
region's refining market.

Cash Flow Assurance: PBFX's operations demonstrate stable cash
flows underpinned by long-term, take-or-pay contracts with PBF
Holding, with an approximate seven-year weighted average contract
life. PBFX provides services at fixed fee (including inflation
escalators and certain increases in operating costs) with minimum
volume commitments (MVC), limiting PBFX's commodity price
sensitivity and providing some volumetric downside protection. Cash
flow assurance, currently around 90% of revenues will remain high
in the near term, but the payments from MVCs will step down over
time.

Corporate Family Relations: PBFX is operationally and strategically
integral to PBF Holding as PBFX provides it critical
infrastructure. PBF Holding is the fourth largest independent
refiner in the U.S. and its parent, PBF Energy Company LLC (PBF
Energy) holds 100% of the general partnership interest and 47.9% of
limited partner interests in PBFX.

PBF has historically supported growth at PBFX with drop down
transactions, completing five drop-down transactions since
inception. PBFX also retains a 10-year right of first offer to
purchase certain logistics assets owned by PBF Holding in the event
PBF disposes, sells or transfers those assets. Given that PBF
directly benefits from the sustainable growth of PBFX through its
ownership, Fitch believes that PBFX will continue to benefit from
support from PBF Energy in the near term.

Parent Subsidiary Relationship: Fitch rates PBFX on a stand-alone
basis. PBFX and PBF Holding are affiliate entities within the PBF
Energy family. PBF Energy Inc. is the ultimate parent company with
its primary subsidiaries being PBF Holding and PBFX. PBFX pays
distributions to PBF Energy Inc. on its limited partner interest,
which can be used to cover a portion of tax payments and
distributions.

Fitch does not rate PBF Energy. The most important incentives are
legal ties, which are deemed weak, as there is no debt at PBF
Energy Inc., and PBFX does not provide upstream guarantees. There
are also provisions in place that restrict payments to PBF Energy
Inc.

In addition, there are no cross defaults that could occur elsewhere
in the group that could impact PBFX. Even though PBFX is
operationally integral to PBF Energy's core business, PBFX
maintains a separate board of directors and financing function.
Fitch believes there is legal insulation explicitly designed to
support PBFX's stand-alone credit profile.

DERIVATION SUMMARY

PBFX's leverage is strong for its rating category. Fitch expects
PBFX's leverage between 2.6x-2.8x for YE 2022. PBFX's ratings
reflect its strong strategic and operating ties to PBF Holding. The
heavy dependence on PBF Holding could present an outsized event
risk should there be an operating, production or financial issue at
PBF Holding. The partnership is geographically well diversified
with assets in four PADD's, but approximately 46%-50% of EBITDA is
generated from assets in the East Coast (Delaware and Paulsboro,
NJ).

PBFX is rated below Holly Energy Partners L.P (HEP; BB+/Stable).
Like PBFX, HEP's rating is supported by stable cash flows that are
largely minimum volume commitments from its investment grade
sponsor and largest counterparty, HF Sinclair ('BBB-'/Stable).
Fitch expects HEP's leverage to be under 4.0x in 2023. With
adjusted EBITDA roughly half of HEP, scale and the significant
exposure to PBF Holding are limiting factors to PBFX's ratings.

Relative to a 'BB-' rated issuer like Delek Logistics Partners, LP
(DKL; BB-/ Stable), PBFX is geographically more diversified and has
better leverage. Fitch expects DKL's leverage to be elevated at YE
2022 but reduce to around 4.0x YE 2023, trending lower in outer
years. Like PBFX, DKL has significant counterparty exposure to its
parent and sponsor, Delek US Holdings, Inc (Delek Holdings;
BB-/Stable). While leverage metrics at PBFX is expected to be
better than DKL, PBFX's rating is constrained by its primary
counterparty, PBF Holding. Relative to a 'BB-' rated peer like
NuStar (NS; BB-/ Stable), PBFX has better leverage, but
significantly smaller scale of operations. NuStar does not have
customer concentration like PBFX.

KEY ASSUMPTIONS

-- Fitch price deck for West Texas intermediate oil price of
    $95/bbl in 2022, $76/bbl in 2023, $57/bbl in 2024 and $50/bbl
    thereafter;

-- Revenues and EBITDA decline in 2022 as MVC's are reduced for
    some rail assets;

-- Capex spending in 2022 in line with management estimate;

-- Distributions held at current levels through 2023;

-- Notes due 2023 is refinanced and revolving credit facility is
    extended/refinanced;

-- No asset sale or equity issuance assumed.

RATING SENSITIVITIES

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

-- Favorable rating action at PBF Holding will lead to positive
    rating action for PBFX, provided the factors driving a rating
    change at PBF Holding have benefits that accrue to the credit
    profile of PBFX;

-- Expected leverage (total debt with equity credit/ operating
    EBITDA) at PBFX is at or below 3.0x on a sustained basis,
    provided the rating of PBF Holding is no longer a constraint
    on PBFX's rating;

-- Should PBFX demonstrate a move towards further insulation from

    its reliance on PBF Holding, such that third-party revenues
    contribute at least 30% of total revenues with credit metrics
    remaining within sensitivities, Fitch may consider a
    separation between its IDRs and PBF Holding's.

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

-- Lack of progress towards addressing the secured revolver
    before it becomes current and unsecured notes due 2023
    proactively and/or impairments to liquidity;

-- Negative rating action at PBF Holding will negatively impact
    PBFX's rating;

-- Expected leverage (total debt with equity credit/operating
    EBITDA) above 4.0X and/or Distribution Coverage below 1.0x on
    a sustained basis;

-- Material change to contractual arrangement or operating
    practices with PBF Holding that negatively impacts PBFX's cash

    flow or earnings profile;

-- Increases in capital spending beyond Fitch's expectation that
    have negative consequences for the credit profile (e.g. if not

    funded with a balance of debt and equity).

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity in Near Term: As of March 31, 2022, PBFX had
approximately $474.8 million in available liquidity. Cash on the
balance sheet was $53.3 million, in addition to the $421.5 million
available under the $500 million senior secured revolver. The
revolver includes a $75 million sub-limit for standby letters of
credit and a $25 million sub-limit for swing-line loans. PBFX had
letters of credit of $3.5 million outstanding under the revolver.
The partnership's liquidity in the near term is considered
adequate.

The revolver may be increased by an aggregate amount of $250
million, subject to lender's consent. It is secured by a
first-priority lien on the asset of PBFX and its restricted
subsidiaries that are joint and several guarantors under the
facility.

The bank agreement for the revolver has three financial covenants:
minimum consolidated interest coverage ratio is at least 2.5x,
consolidated total leverage ratio which cannot exceed 4.5x and
consolidated senior secured leverage ratio cannot exceed 3.5x. As
of March 31, 2022, PBFX was in compliance with its covenants and
Fitch expects PBFX to maintain compliance with its covenants in the
near term.

PBFX also has $525 million unsecured notes due May 2023 which are
co-issued by PBF Logistics Finance Corp, a wholly owned subsidiary
of PBFX. The notes are guaranteed on a senior unsecured basis by
all the subsidiaries of PBFX. In addition, PBF LLC, the general
partner provides limited guarantee to the notes for the collection
of principal amount, but is not subject to the covenants governing
the notes.

Debt Maturity Profile: PBFX has a concentrated debt-maturity
profile and is faced with the issue of debt refinancing. The
revolver becomes current end of July 2022 and Fitch believes a
maturity extension is likely due to the security backing the
facility. The revolver can be extended for one year up to two
occasions subject to lenders' consent. The unsecured notes are due
May 2023, which the partnership also needs to address.

ISSUER PROFILE

PBFX is a master limited partnership (MLP) that owns, leases,
operates and develops crude oil and refined petroleum products
terminals, pipelines, storage facilities, and other logistics
assets that primarily support PBF Holding's refineries in the
Northeast, Midwest, Gulf Coast, and West Coast of the U.S.

ESG CONSIDERATIONS

PBF Logistics LP has an ESG Relevance Score of '4' for Group
Structure due to material related party transactions with its
affiliate, PBF Holding, which has a negative impact on the credit
profile, and is relevant to the rating[s] 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
   ----                 ------                  --------   -----
PBF Logistics LP       LT IDR   BB-    Upgrade             B+

   senior secured      LT       BB+    Affirmed   RR1      BB+

   senior unsecured    LT       BB-    Upgrade    RR4      B+

PBF Logistics Finance
Corporation

   senior unsecured    LT       BB-     Upgrade   RR4      B+


RESURGE LLC: Unsecureds Will Get 1% of Claims in Liquidating Plan
-----------------------------------------------------------------
Resurge, LLC, submitted an Amended Small Business Plan of
Liquidation dated June 20, 2022.

This Plan of Liquidation is a proposed plan for liquidating the
assets of the Debtor and making payments to creditors and to seek
your vote to accept the Plan. This Plan is submitted as an
amendment to the Small Business Debtor's Plan of Reorganization
previously filed in this case.  

The Plan provides for the payment in full, plus interest, if
applicable, to holders of Allowed Administrative Expense Claims
unless otherwise agreed by the Claimant. Holders of Allowed General
Unsecured Claims shall receive a pro-rata payment of their Allowed
Claims from the funds on hand remaining after the payment of Class
1 and Class 2 Claims plus $50,000 contributed by Advantix Logistics
from the amount being due to it for its Chapter 11 Administrative
Claim.

The Plan will be funded through a wind down of the Debtor's
business operations and liquidation of assets.

Class 1 is comprised of the pre-petition secured claims of Onelink
Solutions in the approximate amount of $257,954.11. Payment in full
on the later of (i) the Effective Date of Plan, or as soon as
practicable thereafter; (ii) on a date mutually agreed upon between
the Debtor and the creditor; and (iii) the entry of a final order
allowing the claim.

Class 2 is comprised of all General Unsecured Creditors. The Debtor
estimates that the total Allowed General Unsecured Claims are
$3,146,339, subject to objections to be filed. This amount includes
an estimate of amounts which may be asserted in connection with the
Debtor's rejection of its executory contracts. The Debtor will pay
$50,000 to be distributed to allowed General Unsecured Claims on a
pro-rata basis. It is estimated that this will result in a 1%
distribution to General Unsecured Creditors.

Class 3 is comprised of insiders and is ineligible to vote on the
Plan. Class 3 Equity Interest Holder shall not receive any
distribution. All equity interests will be cancelled and
extinguished upon confirmation of the Plan.

The Plan will be implemented through the cessation of the Debtor's
business and liquidation of the Debtor's assets. The Debtor will
assume its lease for 183 Three Brooks Road, Freehold, New Jersey
(the "Lease") and the executory contracts with Wells Fargo and
Liftec for its forklifts on the Effective Date or by order of the
Bankruptcy Court, whichever is sooner, and assign it to Smart
Warehousing.

The Debtor will continue to collect its accounts receivable, which
will accrue until operations are terminated. As of June 17, 2022,
revenue is projected to be $908,053 for June and July. The Debtor
will sell its equipment and furnishings, which are estimated to
bring in $50,000. The Debtor will collect refunds, deposits and
credits due to it, estimated to be approximately $80,000.

The Debtor will use its funds to pay its operating expenses until
Smart Warehousing has assumed control of the Lease and Debtor's
clients have removed or transitioned their inventory. Funds
remaining at that time will be utilized to fund the Plan.

It is anticipated that the funds remaining after the payment of the
Super Priority Administrative Claim owed to Onelink will not be
sufficient to pay Administrative Claim Holders in full. To address
this and to fund the payments provided for under the Plan to the
Administrative Claim Holders and the General Unsecured Creditors,
Michael Mortorano will contribute funds by agreeing to accept less
than full payment to Advantix Logistics, which is owned by Michael
Mortorano, and which is a Chapter 11 administrative creditor that
has not been paid in full.

A full-text copy of the Amended Liquidating Plan dated June 20,
2022, is available at https://bit.ly/39PED2e from PacerMonitor.com
at no charge.

Attorneys for Debtor:

     FORMAN HOLT
     365 West Passaic Street, Suite 400
     Rochelle Park, NJ 07662
     Erin J. Kennedy, Esq.
     ekennedy@formanlaw.com
     (201) 845-1000

                      About Resurge, L.L.C.

Resurge, L.L.C., is an order fulfillment provider with primary
locations in Freehold, N.J. and Reno, Nevada.

Resurge sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D.N.J. Case No. 21-19109) on Nov. 26, 2021.  In the
petition signed by CEO Adam Napoli, the Debtor disclosed $1,057,862
in assets and $3,023,798 in liabilities.

Forman Holt, led by Erin J. Kennedy, is the Debtor's counsel.
Michael Mercier is the financial advisor.


ROCKIES EXPRESS: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Rockies Express Pipeline LLC's (ROCKIE)
Long-Term Issuer Default Rating (IDR) at 'BB+' and Senior Unsecured
Rating at 'BB+'/'RR4'. The Rating Outlook is Stable.

The ratings are supported by ROCKIE's highly contracted revenue
profile generating stable cash flows from long-term (approximately
10-years) take-or-pay contracts, the company's four biggest
long-term customers that have seen their credit profiles improve in
the last twelve months (weighted average credit rating of BB),
ROCKIE's demonstrated ability to obtain new contracts for the
expiring capacity, and the company's ability to keep the debt level
steady during times of minimal growth capex. Concerns are a
contract cliff in mid-2024 when ROCKIE's most remunerative contract
expires along with some other small contracts, which could lead to
increased leveraged in 2024 and 2025.

KEY RATING DRIVERS

Long-term Take-or-Pay Contracts: The majority of ROCKIE's revenues
come from long-term take-or-pay contracts. The weighted average (by
volume) contract life of all of the company's contract is nearly a
decade. The company was recently (in the last twelve months) able
to replace some of the expiring contracts and also add some new
contracts with longer duration. ROCKIE successfully re-contracted
one of its east end expiring contracts at a better than expected
rate and slightly higher volume commitment.

The company has a contract cliff in 2024; its most remunerative
contract along with some other small contracts expire in mid-2024
creating a "cliff." Fitch, in its forecast, has considered this
risk and has made estimates on re-contracting capacity and rates.

Increasing Leverage in 2024: For the contracts expiring in 2024 as
mentioned above, Fitch expects the company will be able to
re-contract most of its capacity. The company in the last twelve
months has demonstrated their ability to extract value by utilizing
the freed-up capacity by adding new contracts.

Fitch, in its forecast, has estimated the re-contracting rate for
the contracts expiring both east and west end of ROCKIE's service
based on recent contract wins (last twelve months) by the company
in the respective ends. Based on the estimates, Fitch forecasts a
leverage of approximately 4.6x in 2024 and approximately 4.9x in
2025. ROCKIE has its revolving credit facility maturing in 2024 and
a senior unsecured debt maturing in 2025, Fitch expects the company
will be able to extend the maturity on its revolver and refinance
the senior unsecured debt.

Customer Counterparty Credit Profile: ROCKIE's counterparty credit
quality has improved considerably this year, which has helped
reduce its counterparty risk. Higher commodity prices have helped
improve credit ratings (senior unsecured) of many E&P companies.
ROCKIE's two biggest customers were recently upgraded to investment
grade by Fitch. Out of the two customers that were upgraded to an
investment-grade rating, one of them is ROCKIE's largest east end
customer.

The majority of the company's revenue comes from the east end
customers (shipping east-to-west), which includes ROCKIE's four
largest long-term customers. Though some of the east end customers
received an upgrade, majority of them continue to be non-investment
grade. Hence, ROCKIE remains exposed to the risk of a sizeable
customer falling into distress.

High Utilization Factor: ROCKIE is a highly contracted pipeline.
The Zone 3 segment which extends from Clarington, Ohio in the east
to Mississippi river in the west typically runs at a high
utilization factor with gas flowing in the east-to-west direction.
This segment is also ROCKIE's most important segment contributing a
sizable amount to ROCKIE's EBITDA. Contracts in this segment have a
weighted average (by volume) life of over a decade. This segment is
also bi-directional and is able to move nearly 4.4 Bcf/d of natural
gas in total including both the directions. Customers in this
segment are credit worthy and the company was able to add four new
customers on this segment in the past one-year; further
illustrating its value.

Furthermore, ROCKIE recently, made capacity enhancements (by making
compressors bi-directional in Zone 2) for services from Zone 3 (in
the east) to Zone 2 and Zone 1 (in the west). As a result, in the
past one-year it has been able to add new contracts from strong
counterparties interested in shipping in this direction. Fitch
expects the company could do more such capacity enhancements in
future. ROCKIE's other two zones (Zone 1 and Zone 2) are also
fairly contracted and in fact its largest contract is serviced in
Zone 2.

Trailblazer CO2 Conversion Project: Tallgrass Energy Partners, LP
(Tallgrass; BB-/Stable), one of ROCKIE's owners, in May 2022
announced in a press release that it has entered into an agreement
with Archer-Daniels-Midland (NYSE: ADM) to capture and transport
CO2 emissions from ADM's corn processing complex in Nebraska and
transport it to Tallgrass' Eastern Wyoming Sequestration Hub.

In a related move, Tallgrass disclosed that it amended the ROCKIE
limited liability company agreement so as to facilitate capex in
order to convert the Trailblazer natural gas pipeline (also owned
by Tallgrass) into a CO2 transportation pipeline. The project if
successful, is expected to move some of Trailblazer's natural gas
volumes to ROCKIE. Fitch, believes, that it is an important factor
to be considered, given the aforementioned 2024 contract cliff.

DERIVATION SUMMARY

Most of ROCKIE's EBITDA comes from long-term take-or-pay contracts.
In the universe of 'BB' rated midstream companies that have
long-term, i.e., approximately 10-years of take-or-pay contracts,
Sunoco, LP (SUN; BB/Positive) is the best comparable for ROCKIE.

Approximately 25% of SUN's volume is taken by a subsidiary of
7-Eleven, Inc. under a long-term take-or-pay contract with 12 years
of remaining life. In addition, SUN's resilient business has helped
it generate stable cash flows. Fitch rates SUN 'BB' with a Positive
Outlook. The Outlook was assigned based on the company being in the
final stages of achieving its long-term leverage target policy of
4.0x. Fitch's 2022 forecast shows that SUN is close to the leverage
level where an upgrade could occur. Fitch forecasts that ROCKIE
will have a leverage of approximately 3.6x in 2022, which will
increase to approximately 4.9x in 2025.

Compared with SUN, ROCKIE has a higher contract coverage generating
more cash flow under long-term contracts. Better contract coverage
and lower leverage in the medium term is the reason why ROCKIE is
rated one-notch higher than SUN; in spite of the higher leverage
ROCKIE is expected to have in 2025.

KEY ASSUMPTIONS

-- West end re-contracting for a large contract and other small
    contracts expiring in 2024, will obtain rates similar to
    recent contract wins in the west end;

-- East end re-contracting of contracts expiring in 2023-2025,
    will obtain rates similar to recent contract wins in the east
    end;

-- A probabilistic assumption is made that the Trailblazer CO2
    conversion project will be successful and some of its west-to-
    east volume will move to ROCKIE;

-- Minimal maintenance capital expenditure and no growth
projects;

-- ROCKIE's owners distribute all cash flow after funding
    maintenance capital;

-- Operating costs will be consistent with what it has been in
    the past three years (2019-2021);

-- Extension of the revolving credit facility maturing in 2024;

-- Refinancing of the senior unsecured debt maturing in 2025;

-- Fitch price deck of natural gas at Henry Hub of $4.0/Mcf in
    2023 and $3.25/Mcf in 2024.

RATING SENSITIVITIES

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

-- The ratio of (a) total debt with equity credit (note:
    currently there are no hybrids) to (b) operating EBITDA of at
    or below 4.3x in 2025 and after;

-- A weighted average (by volume) shipper rating of 'BB+' for its

    four large customers shipping east-to-west

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

-- The ratio of (a) total debt with equity credit (note:
    currently there are no hybrids) to (b) operating EBITDA of
    above 5.1x forecasted on a sustained basis;

-- One of the top four customers approaching a distressed
    financial condition, e.g., showing weak access to capital
    markets, or a collection of smaller companies being in a
    similar condition.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: As of March 31, 2022, ROCKIE had approximately
$138 million of liquidity. The company had $2 million of cash on
the balance sheet and $136 million available on its $150 million
credit facility. The credit facility matures on Nov. 18, 2024. The
revolver includes a $75 million sublimit for letters of credit and
a $20 million sublimit for swing line loans and may be used for
working capital and general company purposes. As defined in the
credit facility, the financial covenants permit a maximum leverage
of 5.0x. ROCKIE had a leverage ratio of 3.66x as of March 31, 2022
(under the bank defined credit agreement).

ISSUER PROFILE

ROCKIE transports natural gas. ROCKIE's pipeline system stretches
from Ohio to Wyoming. The company is regulated by the Federal
Energy Regulatory Commission of the federal government.

SUMMARY OF FINANCIAL ADJUSTMENTS

A financial adjustment is made pertaining to revenues for contracts
with Ovintiv Inc. and EQT Corporation. A few years ago, Ovintiv
reduced its contractual rate paid to ROCKIE from a flat rate to a
variable rate, and ROCKIE added a new contract with EQT in the
latter half of the last year which also has a variable rate. Under
accounting rules, ROCKIE is required to recognize an approximately
level amount of revenue from these contracts.

For the Ovintiv contract, in the early years, more revenue was
booked than cash was received. Now, and in the future till the
contract expires, more cash is received than revenue is booked.
Whereas, with the EQT contract its vice-versa where currently more
revenue is booked than cash received and from 2025 onwards more
cash will be received than revenue booked. Accordingly, Fitch
adjusted the EBITDA in the time periods 2021-2025 inclusive of the
difference between cash and revenue in these contracts.

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
   ----                ------                     --------   -----

Rockies Express        LT IDR    BB+    Affirmed              BB+
Pipeline LLC

   senior unsecured    LT        BB+    Affirmed     RR4      BB+


ROOF IT BETTER: July 6 Final Hearing on Cash Collateral Use
-----------------------------------------------------------
Roof it Better, LLC sought and obtained interim authority from the
U.S. Bankruptcy Court for the Southern District of Florida, West
Palm Beach Division, to use cash collateral in accordance with the
budget, with a 10% variance and provide adequate protection.

The Court will hold a hearing July 6 to consider final approval of
the request.

The Debtor requires the use of cash collateral to pay regular
operating expenses in the regular course of business, as well as
the administrative expenses in the Chapter 11 proceedings as they
become due to continue operating as a going concern, and to
maintain compliance with the guidelines of the Office of the U.S.
Trustee.

One Funder may have a lien on the cash collateral of Debtor by
virtue of a UCC-1 filed on October 14, 2021 by CT Corporation
System, as representative (Instrument No. 202108775899) in the
Florida Secured Transaction Registry. Pursuant to the UCC-1
Financing Statement, the secured assets include accounts, rights to
the payment of money, and deposit accounts of the Debtor.

Forward Financing, LLC may have a lien on the cash collateral of
the of the Debtor by virtue of a UUC-1 filed on January 17, 2022
(Instrument No. 202200159077) in the Florida Secured Transaction
Registry. Pursuant to the UCC-1 Financing Statement, Forward has a
security interest in the future receivables of the Debtor.

Because of the description of collateral by One and Forward, the
Debtor believes One and Forward may not have a lien on the Debtor's
cash collateral, the Debtor files the Motion in an abundance of
caution requesting authorization of the Court to use One and
Forward's cash collateral pursuant to 11 U.S.C. section 363 to the
extent these creditors, may, in fact, have liens.

The Debtor will grant a replacement lien to One and Forward to the
same extent as any pre-petition lien, pursuant to 11 U.S.C. section
361(2) on and in all property set forth in the respective security
agreements and related lien documents on an interim basis through
and including the interim hearing in the matter, without any waiver
by the Debtor as to the extent, validity or priority of said
liens.

For the full month of June and July, the Debtor projects $375,000
in sales each month.  Expenses are expected to total $372,725 for
June and $372,500 for July.

A copy of the motion is available at https://bit.ly/3ba4WAD from
PacerMonitor.com.

                     About Roof it Better, LLC

Roof it Better, LLC is a residential and commercial roofing
contractor. The Debtor sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-14651) on June
15, 2022. In the petition signed by Teresa Mehaffey, manager, the
Debtor disclosed $123,739 in assets and $2,102,056 in liabilities.

Judge Mindy A. Mora oversees the case.

Craig I. Kelley, Esq., at Kelley, Fulton and Kaplan, PL is the
Debtor's counsel.



SCIENCE APPLICATIONS: S&P Affirms 'BB+' Rating on Sr. Secured Debt
------------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' issue-level rating on Reston,
Va.-based Science Applications International Corp.'s (SAIC) senior
secured debt. The '4' recovery rating indicates its expectation for
average (30%-50%; rounded estimate: 35%) recovery in the event of a
default. S&P revised the rounded estimate from 45%. S&P also
affirmed its 'BB-' issue-level rating on the senior unsecured notes
with a '6' recovery rating (0%-10%; rounded estimate: 0%).

S&P said, "Our other ratings on SAIC are unchanged. SAIC intends to
upsize its term loan A by $500 million to $1.23 billion and extend
the maturity to June 2027 from October 2023. SAIC will use the
proceeds to repay in full its $99 million term loan A-2 due in
October 2023 and $400 million of its term loan B due in October
2025. We expect the term loan B balance at close to be $579
million. SAIC is making no changes to the $272 million term loan
B-2 due in March 2027 or $400 million senior unsecured notes due in
April 2028. Lastly, SAIC will upsize its revolving credit facility
to $1 billion from $400 million and extend the maturity to June
2027 from October 2023.

"We view the transaction as leverage neutral, with the increased
capacity under the revolver potentially being used for tuck-in
acquisitions, though none are known to S&P Global Ratings. However,
we are lowering our rounded recovery estimate 10% on the secured
debt as mentioned above. We did not assign any incremental
distressed enterprise value in our recovery analysis. We will
evaluate whether additional value is warranted should the revolver
be utilized for acquisitions. With our recovery analysis assuming
an 85% draw on the revolver, the $600 million increase is
contributing to a higher senior secured debt balance in our
simulated default scenario, thus the lower recovery percentage."

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- S&P values SAIC on a going-concern basis using a 5x multiple of
our projected emergence EBITDA.

-- Other key assumptions at default include an 85% draw on the $1
billion revolver and 100% draw on the $300 million accounts
receivable facility, which we treat as a priority claim.

Simulated default assumptions

-- Simulated year of default: 2027
-- EBITDA at emergence: $293 million
-- EBITDA multiple: 5x
-- LIBOR at default: 2.5%

Simplified waterfall

-- Net enterprise value (after 5% administrative costs): $1.39
billion

-- Valuation split (obligors/nonobligors): 100%/0%

-- Value available for first-lien claims: $1.09 billion

-- Secured first-lien debt claims: $3 billion

    --Recovery expectations: 30%-50% (rounded estimate: 35%)

-- Value available for unsecured claims: $0

-- Senior unsecured note claims: $410 million

    --Recovery expectations: 0%-10% (rounded estimate: 0%)



SMITH TRUCKING: Continued Operations to Fund Plan Payments
----------------------------------------------------------
Smith Trucking, Inc., filed with the U.S. Bankruptcy Court for the
Southern District of Indiana a Combined Small Business Chapter 11
Plan of Reorganization and Disclosure Statement dated June 20,
2022.

The Debtor was formed by its current owner, Terry Smith, in 2018.
It operates nine tractors that haul trailers owned by others using
vehicles it financed through Ryder Truck Rental, Inc., a national
firm providing such equipment financing.

The Debtor has continued to operate its business as it did pre
petition, except that Ryder has performed its obligations post
petition to supply loaner vehicles for any of those covered by the
Ryder agreement that broke down. That has enabled the Debtor to
maximize the value of the Ryder agreement and to leverage the
vehicles it operates thereunder to generate operating revenue and
profit. Such profit will likely fund a full pay plan in less than a
year as indicated in the projections.

Ideally the Ryder litigation is resolved in a way that the Debtor
gets credit for all of its damages to be offset against its
obligations under Ryder agreement and is able to exercise the
purchase option under the terms it believes apply. Regardless of
that outcome however, the Debtor is able to fund a full pay plan
and will continue its ordinary course business operations to
accomplish that.

Class 2 consists of Secured Claims Including Deficiency Claims of
Under Secured Creditors. The Debtor takes the position that the
Ryder agreement is a secured transaction but, in an abundance of
caution has also sought to assume the agreement to the extent it is
deemed an executory contract. Given the dispute documented by the
Ryder litigation, its not clear that the Debtor owes Ryder anything
for the equipment covered by the Ryder agreement. If ultimately it
is concluded that the Ryder agree is an executory contract then the
Debtor shall cure any determined deficiency by paying the amount it
has escrowed with counsel, and then making monthly payments over
the remining life of the agreement sufficient to cure the
deficiency in full, while making regular monthly payments under the
agreement.

If the transaction is determined to be a secured one, and that the
collateral securing the Debtor's obligation is equal to or in
excess of the amount of such obligation in value, the Debtor shall
fully amortize the remaining balance due over the remaining life of
the Ryder agreement with interest at 6%. Ryder may be entitled to
receive its attorney's fees, which shall be added to such remining
balance and paid in full. Ryder shall retain its liens and title to
the equipment constituting its collateral until it is paid in full,
and shall release such liens or deliver good title to the equipment
upon receipt of such payment. Ryder is impaired and is entitled to
vote on the Plan.

Class 3 consists of Allowed General Unsecured Claims which claims
shall receive a pro rata payment under the Plan from operation of
the business of the Debtor, up to the full amount of the allowed
claim of such creditor. General unsecured claims shall be allowed,
settled, compromised, satisfied and paid by an annual distribution
of 100% of the net profits of the Debtor for the preceding year
calculated in accordance with generally accepted accounting
principles for the term of the Plan net of taxes, commencing with
the end of first quarter 2023 for the first year after the
Effective Date and continuing at the same time thereafter for two
more years.

In order for creditors and the Subchapter V Trustee to monitor the
progress of the Debtor toward such payment the Debtor shall submit
a profit and loss statement for 12 quarters following confirmation
of the Plan to the Subchapter V Trustee. Class 3 is impaired and is
entitled to vote on the Plan.  

Class 4 consists of the Equity Interests, which interests shall be
retained by existing shareholders.

The Debtor shall operate its business in accordance with the
projection of income, and shall pay its net after tax disposable
income to satisfy creditor claims.

A full-text copy of the Combined Plan and Disclosure Statement
dated June 20, 2022, is available at https://bit.ly/39PED2e from
PacerMonitor.com at no charge.

Attorneys for the Debtor:

     KC Cohen, Esq.
     KC Cohen, Lawyer, PC
     151 N. Delaware St., Ste. 1106
     Indianapolis, IN 46204-2573
     Telephone: (317) 715-1845
     Facsimile: (317) 636-8686
     Email: kc@smallbusiness11.com

                       About Smith Trucking

Smith Trucking, Inc. filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 22-00951) on
March 22, 2022, listing as much as $1 million in both assets and
liabilities. Judy Wolf Weiker serves as Subchapter V trustee.

Judge Robyn L. Moberly oversees the case.

KC Cohen, Esq., at KC Cohen, Lawyer, PC, is the Debtor's legal
counsel.


SOUTHERN FIDELITY: 4th Insurer to Go Bankrupt Since February
------------------------------------------------------------
Tarik Minor of News4Jax reports that nearly 80,000 Florida
homeowners will have to find new insurance, after Southern Fidelity
declared bankruptcy.  The Tallahassee based company is the fourth
insurer to declare insolvency since February 2022.

Southern Fidelity's bankruptcy filing is concerning because,
according to insurance agents, a large portion of those dropped
customers will likely have to reinsure their homes using Citizens
Property Insurance -- the state-owned property insurance company.
Insurance agents say Citizens has ballooned as a private company,
and just one hurricane could detrimentally affect homeowners across
the state.

Southern Fidelity's shutdown comes less than a month after state
lawmakers held a special session to stabilize what's been described
as an industry in crisis.  The company announced in early June
2022, that it won't be able to purchase reinsurance in time for the
2022 Hurricane season.

According to state insurance records: Lighthouse Property Insurance
Corporation, Avatar Property and Casualty Insurance and St. Johns
Insurance Company shut their doors over the past four months. Local
insurance owner and agent, Sean Way, tells News4JAX, finding some
of these homeowners affordable new policies can be challenging.

"Especially for those that are on fixed incomes, they have now
retired," Way said. "And they may have been with the company for
years and it's just been an automatic process -- now to find
themselves in that position is very tough, frightening, especially
with this being the beginning of hurricane season."

Way and other local insurance agents say they are concerned that
the state-owned property insurance company Citizens is being
overloaded with policies from homeowners who were recently dropped.
He says Citizens was designed to be an insurance carrier of last
resort and wasn't created to compete with other carriers like it's
doing today.  New numbers from May reveal that Citizens has more
than 883,000 policies -- up from more than 463,000 policies just
two years earlier.

"So what happens the more policies we place with Citizens -- think
of it this way, it's owned by the state, it's owned by all of us."
Way said.

Way says Florida's special session was a good start at tackling
rampant insurance litigation and fraud. The new legislation
lawmakers agreed on also gives insurance companies more financial
backing to insure themselves, but Way says one hurricane could
unravel any progress Florida has made.

"If we get hit by a hurricane and we gave Citizens as the largest
carrier, then it's going to be, this crisis that we're in, is going
to be prolonged," Way said.

Insurance agents we spoke with about this story say there are some
ways to avoid being dropped -- keep your roof updated and in good
shape, repair any minor damage as it happens -- and if you’re
worried about being cancelled, consider wind protection measures.
Purchase hurricane straps for your roof or talk to a contractor
about roof bracing measures.

Effective June 15, 2022, Southern Fidelity Insurance Company
("Company" or "Southern Fidelity") was ordered into liquidation by
the Second Judicial Circuit Court in Leon County, Florida. The
Florida Department of Financial Services ("Department" or
"Receiver") is the court appointed receiver for the Company. Copies
of the Liquidation Order and other relevant information are
available on the Department’s website,
https://www.myfloridacfo.com/division/receiver/.

With the entry of the liquidation order, the Florida Insurance
Guaranty Association ("FIGA") has been activated to help pay
outstanding Florida claims for property and casualty policies. The
processing and payment of covered claims will be made by FIGA
(subject to the lesser of policy limits or FIGA's maximum cap). The
maximum amount FIGA will cover is generally $300,000 per claim.  An
additional $200,000 is available for structures and contents on
homeowners’ claims.  No claim will be paid in excess of this cap.
For more information on FIGA's claim handling see the FAQ section
of this Web site.

                   Return of Unearned Premium

FIGA will pay unearned premium claims after the Receiver completes
its processing of the policy records and sends the unearned premium
records to FIGA. FIGA expects to issue payments of unearned
premiums within 45 to 60 days from the liquidation date.

                     About Southern Fidelity

Southern Fidelity is an insurance company in Florida.


STAR UK: S&P Alters Outlook to Stable, Affirms 'B-' ICR
-------------------------------------------------------
S&P Global Ratings revised its outlook on U.S.-based pump and
compressor manufacturer Star UK Midco Ltd. (Sundyne) to stable from
positive and affirmed all of its ratings, including its 'B-' issuer
credit ratings on the company and its subsidiary, Star US Bidco
LLC.

The stable outlook on Sundyne reflects S&P's forecast that the
company will maintain S&P Global Ratings-adjusted debt to EBITDA of
7x-7.5x over the next 12 months while generating positive free
operating cash flow (FOCF).

Sundyne will pay a dividend to its shareholders, raising March 31,
2022 S&P Global Ratings--adjusted debt to EBITDA to 7x-7.5x pro
forma for the transaction.

The debt-funded dividend will keep leverage high over the next 12
months. Sundyne has issued $105 million of second-lien term loan
(unrated) and plans to use balance sheet cash to fund a dividend to
shareholders, primarily consisting of financial sponsor Warburg
Pincus, as well as pay associated fees. S&P forecasts this
transaction will increase Sundyne's cash interest by at least $12
million annually, significantly reducing its FOCF over the next 12
months.

S&P said, "The dividend indicates a more aggressive financial
policy in our view. Sundyne has generated cumulative FOCF of just
over $50 million starting from the third quarter of 2020, following
its sale to Warburg in March 2020. We view the sponsor's extraction
of a dividend that is almost three times as large as the free cash
flow as indicating that the financial policy is more aggressive
than we expected. We forecast Sundyne's leverage will remain high
as a result.

"Hydrocarbon demand could soften if global GDP underperforms our
expectations. Demand for fuel and petrochemicals has been strong
during the first half of 2022 as a result of good economic
activity." However, S&P Global has marked down its real GDP
forecast, expecting it to grow only 2.4% and 2.7% in the U.S. and
eurozone, respectively, for the full year. Economic activity which
underperforms our expectations could pressure hydrocarbon demand.

New equipment backlog provides some earnings stability. Sundyne's
aftermarket sales are more profitable than its original equipment
and generate a significant portion of the company's EBITDA.
However, new equipment backlog typically converts to revenue in
nine to 12 months, providing some earnings stability when
short-cycle aftermarket demand decreases, as occurred in 2020. In
the first quarter of 2022, Sundyne's backlog increased
significantly, driven by new equipment order growth. S&P believes a
decrease in aftermarket sales would push EBITDA lower, but the new
equipment backlog would partially mitigate the impact for up to 12
months. The company seeks to manage the inflation exposure of new
equipment backlog by ordering key components from suppliers shortly
after it receives a new equipment order, in an effort to address
its material costs.

The stable outlook on Sundyne reflects S&P's forecast that the
company will maintain S&P Global Ratings-adjusted debt to EBITDA of
7x-7.5x over the next 12 months while generating positive FOCF.

S&P could lower its rating on Sundyne over the next 12 months if it
expects:

-- The company's capital structure will become unsustainable in
its view, for example if decreased EBITDA causes leverage to worsen
significantly;

-- Negative free cash flow over an extended period will cause
leverage to increase and liquidity to deteriorate; or

-- It will increase its reliance on its revolver such that the
springing leverage covenant is triggered, and S&P believes it will
not maintain headroom of at least 15%

S&P said, "Although unlikely over the next 12 months, we could
raise our rating if Sundyne reduces S&P Global Ratings-adjusted
debt to EBITDA below 6.5x, inclusive of all acquisitions and
shareholder rewards, and we believe its financial sponsor has
adopted a more conservative financial policy which allows leverage
to stay below this level. We would also expect the company to
generate consistent positive FOCF."

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

S&P said, "Environmental factors are a moderately negative
consideration in our credit rating analysis of Sundyne. As a
manufacturer of pumps and compressors primarily used in the
liquified natural gas, petrochemical, oil refining, chemical, and
gas processing, as well as general industrial applications, we
believe the climate transition could weigh on demand over the long
term. Governance factors are also a moderately negative
consideration, 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 the controlling owners (Warburg
Pincus, since 2020). This also reflects the generally finite
holding periods and a focus on maximizing shareholder returns."



SUNNY MILLS: SARE Seeks Chapter 11 Protection
---------------------------------------------
Sunny Mills, LLC, filed for chapter 11 protection in the Southern
District of Florida without stating a reason.

The petition indicates that the Debtor is a Single Asset Real
Estate as defined in 11 U.S.C. Sec. 101(51B)).  The Debtor says its
property located at 80 Lake Mills Road, Chuluota, FL 3276, is
valued at $1 million.  Secured creditor Bayway Investment Fund LP
has a claim of $835,000, backed by a lien on the property.

According to court documents, Sunny Mills estimates between 1 and
49 creditors.  The petition states funds will be available to
unsecured creditors.

A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
July 27, 2022, at 9:00 AM by TELEPHONE.  Proofs of claim are due by
Aug. 29, 2022.

                       About Sunny Mills

Sunny Mills, LLC, is a Single Asset Real Estate (as defined in 11
U.S.C. Sec. 101(51B)), owning a property in Chuluota, Florida.

Sunny Mills, LLC, sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-14770) on June 20,
2022.  In the petition filed by Aida Johanna Montanez, as MGMR, the
Debtor estimated assets and liabilities between $500,000 and $1
million.  Marilyn L Maloy, of MALOY LAW GROUP, LLC, is the Debtor's
counsel.


TALEN ENERGY: S&P Assigns 'BB+' Rating on $1BB DIP Term Loan
------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' point-in-time rating to the
$1 billion "new money" debtor-in-possession (DIP) term loan and
$300 million revolving credit facility provided to Talen Energy
Supply LLC. Talen, an independent power producer that filed for
bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code
on May 9, 2022.

S&P said, "Our 'BB+' issue-level rating on Talen's DIP term loan
reflects our view of the credit risk borne by the DIP lenders,
including our view of the company's ability to meet its financial
requirements during bankruptcy through our debtor credit profile
(DCP) assessment, the prospects for full repayment through the
company's reorganization and emergence from Chapter 11 (via our
capacity for repayment at emergence [CRE] assessment), and the
potential for full repayment in a liquidation scenario (via our
additional protection in a liquidation scenario [APLS]
assessment).

"Our DCP of 'BB-' reflects the combination of Talen's weak business
risk profile and intermediate financial risk profile, together with
our consideration of the applicable ratings modifiers during
bankruptcy. Our CRE assessment of slightly above 200% for the new
money DIP debt in an emergence scenario is indicative of favorable
coverage of between 150% to 250%, which provides an uplift of one
notch over the DCP. We assess the repayment prospects for purposes
of the CRE assessment as if the DIP facilities were required to be
repaid in full in cash at emergence. Although our APLS assessment
of slightly above 105% indicates less than 125% total value
coverage in a liquidation scenario, we have a high degree of
confidence of 100% recovery and therefore apply the one-notch
uplift under our APLS assessment, which results in a 'BB+' DIP
issue-level rating."

S&P attributes the bankruptcy filing to Talen's large debt burden
and lack of liquidity that exacerbated the challenging commodity
price environment and rendered it unable to meet the margin calls
for its hedging profile. S&P lowered its assessment of Talen's
business risk to weak to reflect the following:

-- A relatively weak competitive position due to the age of the
company's generation fleet and heavy reliance on a single asset
(Susquehanna) for greater than 50% of expected cash flow

-- Smaller scale relative to other IPPs with significant margin
concentration in the PJM market, no meaningful retail presence, and
exposure to the ERCOT market as well.

-- Weak cost competitiveness and limited flexibility in the
company's fixed cost structure relative to the peer group

S&P said, "From a financial risk perspective, our DCP on Talen
reflects our expectation for rising EBITDA over the next two years,
its moderate capital expenditure (capex) needs, and its materially
lower leverage than pre-petition levels. Our forecast for leverage
of 2x includes the entire DIP facility (which leads to a
substantially reduced debt load), and operating leases liabilities
and pension obligations of about $370 million. We also expect
adjusted positive funds from operations (FFO) of about $500 million
and positive discretionary cash flow (DCF). Despite recently
cleared PJM capacity prices for 2023/2024 that are marginally below
our expectations, we expect Talen's leverage to remain in the low
2.0x range during the bankruptcy."



TCN LIBERTY: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: TCN Liberty Management Inc.
        244 Fifth Avenue
        New York, NY 10177

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


Chapter 11 Petition Date: June 22, 2022

Court: United States Bankruptcy Court
       Eastern District of New York

Case No.: 22-41452

Judge: Hon. Nancy Hershey Lord

Debtor's Counsel: Ilevu Yakubov, Esq.
                  JACOBS P.C.
                  450 Lexington Avenue - 4th Floor
                  New York, NY 10017
                  Tel: 718-772-8704
                  Email: leo@jabcospc.com

Estimated Assets: $500,000 to $1 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Avraam Boruchov as chief executive
officer.

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/BDMDAKY/TCN_Liberty_Management_Inc__nyebke-22-41452__0001.0.pdf?mcid=tGE4TAMA


TPC GROUP: Fitch Lowers LongTerm Issuer Default Rating to 'D'
-------------------------------------------------------------
Fitch Ratings 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.

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.

ISSUER PROFILE

TPC, headquartered in Houston, TX, is a leading producer of
value-added products derived from niche petrochemical raw
materials, such as C4 hydrocarbons.

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.

   DEBT               RATING                   RECOVERY   PRIOR
   ----               ------                   --------   -----

TPC Group Inc        LT IDR    D      Downgrade           RD

   senior secured    LT        CCC    Affirmed    RR1     CCC

   senior secured    LT        C      Affirmed    RR6     C


VCH RANCH: Wins Interim Cash Collateral Access
----------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida, Fort
Myers Division, authorized VCH Ranch-Florida, LLC to use cash
collateral on an interim basis in accordance with the budget.

The Debtor is permitted to use cash collateral to pay: (a) amounts
expressly authorized by the Court, (b) the current and necessary
expenses set forth in the budgets, plus an amount not be exceed 10%
for each line item; and (c) additional amounts as may be expressly
approved in writing by Farm Credit of Florida, ACA.

The Secured Creditor and any other party with a security interest
or other interest in cash collateral will have a perfected
post-petition lien or interest against cash collateral to the same
extent and with the same validity and priority as its prepetition
lien or interest, without the need to file or execute any document
as may otherwise be required under applicable non-bankruptcy law.

As adequate protection, the Debtor will provide Secured Creditor
with the following:

     a. Quarterly payments of $5,000 each with the first payment
being made on June 1, 2022 and every subsequent quarter thereafter
until further order of the Court pursuant to the attached budget.

     b. A post-petition replacement lien or interest in cash
collateral equal in validity and dignity as it existed
pre-petition.

     c. The Debtor will timely perform all obligations of a debtor
in possession required by the Bankruptcy Code and orders of the
Court.

The Debtor will maintain insurance coverage for its property in
accordance with the obligations under the loan and security
documents with the Secured Creditor. The Debtor will provide proof
of insurance upon written request.

A continued preliminary hearing on the matter is scheduled for July
27, 2022 at 10 a.m.

A copy of the order and the Debtor's budget for the period from May
to October 2022 is available at https://bit.ly/3bftUPi from
PacerMonitor.com.

The Debtor projects $0 in total income and $42,118 in total
expenses for June 2022.

                     About VCH Ranch - Florida

VCH Ranch - Florida, LLC owns and operates a cattle ranch in
Arcadia, Florida. VCH Ranch sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
22-00129) on Feb. 1, 2022, listing up to $1 million in assets and
up to $500,000 in liabilities.

Judge Caryl E. Delano oversees the case.

Alberto F. Gomez, Jr., Esq., at Johnson Pope Bokor Ruppel & Burns,
LLP serves as the Debtor's legal counsel.




VSTG ACQUISITION: S&P Assigns 'B' ICR, Outlook Stable
-----------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to VSTG
Acquisition Parent Corp. with a stable outlook.

S&P said, "We also assigned our 'B' issue-level rating and '3'
recovery rating (rounded estimate: 55%) to the company's proposed
first-lien credit facilities. When the transaction closes, we plan
to withdraw our ratings on Vistage's existing debt.

"The stable outlook reflects our expectation that Vistage's
subscription and membership growth will drive leverage down to the
high-6x area by the end of fiscal 2023 from the low-7x area at the
time of the leveraged buyout (LBO) recapitalization and the company
continues generating free operation cash flow (FOCF) to debt above
5%."

Private equity sponsor Gridiron Capital LLC plans to acquire U.S.
peer advisory company Vistage Worldwide Inc. from Providence
Private Equity.

S&P said, "Our issuer credit rating reflects Vistage's operations
in the niche and highly fragmented small business CEO peer advisory
market with many nondirect competitors and low barriers to entry,
small scale, limited geographic diversity, and aggressive financial
policy by financial sponsor ownership. These challenges are
somewhat offset by the company's leading position in the market
with high historical client-retention rates, large member base with
minimal member and group facilitator concentration, and healthy
cash-flow generation.

"The proposed debt issuance as part of the announced LBO will
modestly increase the company's pro forma fiscal 2023 leverage but
remain below our 7x downgrade trigger. Pro forma for the
transaction, we anticipate the proposed debt issuances will
modestly increase Vistage's pro forma (preliminary) leverage to the
low-7x area from 5.2x, as of the 12 months ended March 31, 2022.
However, we expect the company's leverage to decline to the mid-6x
area in fiscal 2023 and low-6x area in fiscal 2024 based on our
expectation of continued demand for the company's services coupled
with corresponding increased pricing and debt paydown. Despite the
increase in Vistage's debt, we expect its recurring revenue model
and low capex would generate healthy levels of free operating cash
flow and EBITDA over the longer term."

Vistage's subscription-based model and high historical retention
rates provide adequate revenue visibility. Although Vistage
competes in the niche peer advisory services business, which has
limited barriers to entry, it has a leading market position. The
company generates approximately 97% of its revenues through
subscriptions, which clients pay in advance on a monthly,
quarterly, semi-annual, or annual basis, thus giving revenue
visibility. Vistage has historically had high member retention
rates of about 80% with average U.S. Chief Executive member
lifetime of seven years.

The company's highly variable cost structure should help support
profitability through a potential downturn.

The company has a highly variable-cost structure because most of
its costs are related to chairs' compensation expenses and speaker
fees. Indeed, these expenses are incurred only when the
revenue-generating events occur. The company successfully mitigated
the adverse effects of the pandemic on its membership base and
operations by temporarily pivoting to online group meetings,
hosting virtual speakers, and offering online resources. This,
along with a flexible chair pay model, provides Vistage the
flexibility to reduce costs during a typical economic downturn and
partially offset revenue headwinds stemming from a weakened
economic environment, which supports S&P's assessment of the
company's operational capabilities given its expectation of 1-in-3
chances of a recession in the U.S. within the next 12 months.

S&P said, "We expect the company will maintain its aggressive
financial policy due to its financial sponsor ownership. Vistage's
pro forma leverage is in the low-7x area, and although we expect
credit improvement on EBITDA growth we believe leverage will remain
elevated over the next 2 years under its new ownership of Gridiron.
Although there is an excess cash flow sweep in place when the
company's first-lien net leverage ratio is above 4.2x, we believe
financial sponsors such as Gridiron can use leverage as a tool to
grow the business inorganically or issue special dividends, which
could inhibit deleveraging in the longer term such that leverage is
sustained above 5x, consistent with our 'B' issuer credit rating.

"The stable outlook reflects our expectation that Vistage's
subscription and membership growth will drive leverage down to the
high-6x area by the end of fiscal 2023 from the low-7x area at the
time of the leveraged buyout (LBO) recapitalization and the company
continues generating free operation cash flow (FOCF) to debt above
5%.

"We could lower the rating by one notch if we expect FOCF to
decline and remain below 5% or if adjusted leverage remains above
7x on a sustained basis, indicating a potentially higher liquidity
risk."

This could result from:

-- A weakening recessionary economic environment slows down
membership growth or pressures subscription pricing;

-- A larger-than-forecasted member attrition rate and/or increased
competition that leads to severe pricing pressures; or

-- The issuance of additional debt to fund acquisitions or
shareholder distributions, such that S&P expects the company to
tolerate higher leverage over time.

S&P views an upgrade as unlikely over the next 12 months.

S&P could raise the rating on Vistage if it can:

-- Reduce leverage to below 5x while maintaining FOCF to debt
above the 10% area on a sustained basis; and

-- Improve revenue diversification and commit to a less-aggressive
financial policy on an ongoing basis.

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

Governance is a moderately negative consideration, as it is for
most rated entities owned by private-equity sponsors. S&P believes
Vistage's highly leveraged financial risk profile points to
corporate decision-making that prioritizes the interests of
controlling owners. This also reflects private-equity sponsors'
generally finite holding periods and focus on maximizing
shareholder returns.



WC BRAKER: Trustee Has Deal on Cash Collateral Use
--------------------------------------------------
Dawn Ragan, the Chapter 11 trustee of the WC Braker Portfolio, LLC,
asks the U.S. Bankruptcy Court for the Western District of Texas,
Austin Division, for entry of a stipulated order permitting the
Trustee to utilize cash collateral on a limited emergency basis to
pay utilities.

The Trustee and ATX Braker Sr., LLC, as Mortgage Lender, agree that
ensuring the continuation of Utility Services to the Debtor's
properties is of critical importance to allow the Debtor to
maintain the Properties, meet its obligations to tenants, and for
preserving the value of the Properties for the benefit of all
creditors and holders of equity interests. As such, the parties
have agreed to the entry of an order permitting the use of asserted
cash collateral for the limited purpose of paying all post-petition
amounts currently due to the Utility Companies and fund the Cash
Reserve.

In the normal conduct of its business operations, the Debtor has
relationships with several companies for the provisions of various
utility services for the Debtor's Properties, including the
provision of electric, water, sewer, natural gas, trash removal,
and similar utility products and services. The total amount
currently owed and past due to the Utility Companies postpetition
is $20,373, based on the Trustee's review of invoices. As
additional invoices may be located and the monthly expense is
believed to approximate no more than $30,000, the Trustee is
requesting authority to immediately use up to $30,000 for the
payment of outstanding utility expenses. Additional amounts are
owed by Debtor for prepetition Utility Services. The Trustee
anticipates filing a separate motion seeking authority to establish
a $30,000 cash reserve as adequate assurance payments under
Bankruptcy Code § 366 and is also requesting authority to fund
that Cash Reserve.

On February 28, 2019, the Debtor, as borrower and JPMorgan Chase
Bank, National Association, as lender, entered into a Loan
Agreement and the Debtor, as borrower, executed a Promissory Note,
pursuant to which JPMorgan agreed to make a $71 million loan to the
Debtor. The Debtor used the proceeds of the Mortgage Loan to
refinance 13 low-rise office buildings and a nearby retail center
that it owned, all located in Austin, Texas.

On April 29, 2022, ATX Braker Sr., LLC acquired the Mortgage Loan
from JPMorgan.

As of the Petition Date, the aggregate principal amount outstanding
under the Mortgage Loan Agreement, together with all other amounts
due under the Loan Documents, including the amount of accrued and
unpaid interest, was scheduled as not less than approximately $73
million.

The Properties represent the single most valuable assets of the
Debtor's estate and the primary source of the Debtor's income.
Allowing Utility Services for these Properties to remain unpaid
could lead to a disruption in Utility Services and potential losses
not only to the Debtor, but also tenants, many of whom are in the
food services business, and who rely on the Utility Services for
the operation of their businesses.

The Mortgage Lender has consented to the use of cash collateral for
the limited purposes set forth in the proposed Order, and has
requested only a superpriority administrative expense claim as
adequate protection -- solely to the extent of any diminution in
value of the collateral.

The Trustee believes this adequate protection package is fair and
appropriate given the significant need associated with the request
for the use of cash collateral.

A copy of the motion is available at https://bit.ly/3xC56Zb from
PacerMonitor.com.

           About WC Braker Portfolio

WC Braker Portfolio is primarily engaged in renting and leasing
real estate properties. The Debtor filed Chapter 11 Petition
(Bankr. W.D. Tex. Case No. 22-10293) on May 2, 2022.

Hon. Tony M. Davis oversees the case.

Todd Headden, Esq. of HAYWARD PLLC is the Debtor's Counsel.

In the petition signed by Natin Paul, authorized signatory, the
Debtor disclosed $100 million to $500 million in assets and $50
million to $100 million in liabilities.

ATX Braker SR, LLC, as mortgage lender, is represented by Liz
Boydston, Esq. and Stephen P. McKitt, Esq. at Polsinelli PC and
Mitchell A. Karlan, Esq. and Keith R. Martorana, Esq. at Gibson,
Dunn & Crutcher LLP.



WHEEL PROS: S&P Alters Outlook to Negative, Affirms 'B-' ICR
------------------------------------------------------------
S&P Global Ratings revised its rating outlook on Wheel Pros Inc.
to negative from stable and affirmed all ratings including its 'B-'
issuer credit rating on the company.

The negative outlook reflects the possibility that S&P could
downgrade Wheel Pros over the next 12 months if cash flows remained
negative, further reducing liquidity and increasing leverage to
unsustainable levels. This could occur due to operating performance
deterioration, a further significant decrease in demand for Wheel
Pros products, or material problems integrating the Transamerican
acquisition.

S&P said, "The negative outlook reflects our expectation that
credit metrics and cash flows will remain weak and the risk that
they could weaken further should consumer demand for the company's
products weaken over the next 12 months. Wheel Pros Inc.'s S&P
Global Ratings-adjusted leverage increased to 11.7x for the 12
months ended March 31, 2022, which is up from 6.5x for the same
twelve-month period the previous year. This was due to inflationary
pressures from rising material and labor costs, higher operating
expenses due to increased payroll additions, and an increase in
debt to fund multiple acquisitions. The company generated
significant negative free cash flow in 2021 and in the first
quarter of 2022 due to margin pressures and a significant increase
in inventory that was exacerbated by a falloff in demand for Wheel
Pros' products. We expect that earnings will remain pressured
through the rest of 2022 as operating expenses continue to remain
high, but gross margins should benefit from pricing actions in the
second half of the year. We do not expect a material earnings
contribution from the Transamerican acquisition until 2023 because
the company will be taking operational restructuring actions to
improve its earnings profile.

"While liquidity remains adequate and we expect cash flows to
improve in the second half of 2022, we believe there are downside
risks if the company does not unwind its working capital usage or
if demand should fall more than expected. The company has drawn
significantly on its revolving credit facility to fund working
capital and acquisitions, leaving reduced revolver availability.
While the expected injection of $125 million in equity to fund the
$50 million acquisition of Transamerican should temporarily improve
liquidity, the majority of this excess capital will be used to fund
restructuring of Transamerican over the next 12-18 months. Overall,
we do not expect positive free cash flow generation in 2022 but we
expect working capital to improve in the second half of the year.
Our base expectation is for the company to reduce inventories and
increase cash flows to repay the revolver by the end of the year to
about $100 million outstanding. If working capital reversal and
revolver repayment do not progress in line with our expectation,
liquidity could be further pressured, and we could lower the
ratings. Still, in our base case, we expect cash free operating
cash flow (FOCF) to turn positive in 2023 due to pricing actions
improving gross margins, Transamerican contributing positive
earnings, and stronger working capital management.

"We believe the company's revenue is susceptible to economic
downside risk given its discretionary products. We believe that if
the economy goes into a prolonged recession, coupled with higher
interest rates, discretionary spending could weaken and demand for
the company's products could decline. We believe that topline is
already under pressure as unit volumes declined 23% in first
quarter 2022 compared with the same quarter the previous year, but
this was due in part to a strong 2021, when there was also some
pull-forward demand. We expect unit volume decline to slow in the
second half of 2022 as year-over-year comps improve. So far, the
company has offset volume declines with increased pricing, but if
unit declines don't start slowing, gross margins could be under
further pressure."

Wheel Pros' financial sponsor ownership remains aggressive and as
such there is limited downside cushion at the current ratings
level. The company has been very aggressive with its financial
policy, recently acquiring Throtl and Teraflex and now
Transamerican, in 2022. S&P said, "While the Transamerican
transaction will be funded by a $50 million equity investment, we
believe the transaction carries integration and restructuring
risks, which could pressure earnings and constrain liquidity if the
integration takes longer or incurs more costs than expected. While
in our base case we expect operating performance to improve in the
second half of the year and into 2023, leverage is currently above
10x and liquidity sources have been declining, leaving little
cushion for downside performance."

S&P said, "The negative outlook reflects the possibility that we
could downgrade Wheel Pros over the next 12 months if cash flows
remained negative, further reducing liquidity, or if leverage
increased, resulting in the capital structure becoming
unsustainable. This could occur due to further operating
performance deterioration, a further significant decrease in demand
for Wheel Pros products, or material problems integrating the
Transamerican acquisition.

"We could lower our rating on Wheel Pros if its capital structure
became unsustainable or liquidity became more constrained. This
could happen if EBITDA contracted significantly and caused its FOCF
to remain negative over the next year, reducing liquidity such that
it becomes constrained or increasing leverage. This would cause us
to view its financial commitments as unsustainable. This could
occur if the company were unable to unwind its working capital use,
inflationary pressures continued to pressure margins, demand for
Wheel Pros' products fell significantly due to an economic
recession or pullback in discretionary spending, or if the
Transamerican integration took longer and were more costly than
expected."

S&P could revise its outlook on Wheel Pros to stable if:

-- It improved FOCF generation to at least break even on a
sustained basis and materially repaid its ABL, or

-- There were no operational missteps with respect to the
Transamerican acquisition integration and economic conditions
didn't materially worsen.

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

S&P said, "Environmental factors have an overall neutral influence
on our rating analysis on Wheel Pros Inc. The company focuses on
aftermarket accessories (wheels) that are not dependent on the type
of vehicle engine propulsion. Governance is a moderately negative
consideration. Our assessment of the company's financial risk
profile as highly leveraged reflects corporate decision-making that
prioritizes the interests of the controlling owners, in line with
our view of the majority of rated entities owned by private-equity
sponsors. Our assessment also reflects their generally finite
holding periods and a focus on maximizing shareholder returns."



WISECARE LLC: Seeks to Hire Transworld Business as Sales Agent
--------------------------------------------------------------
WiseCare, LLC seeks approval from the U.S. Bankruptcy Court for the
District of Maryland to employ Jenna Porzillo of Transworld
Business Advisors of Bel Air as selling agent to market for sale
its assets.

The firm will receive a commission equal to 12 percent, with a
minimum commission of $15,000.

As disclosed in court filings, Ms. Porzillo is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

Ms. Porzillo can be reached at:

     Jenna Porzillo
     Transworld Business Advisors of Bel Air
     The Think Tank, 16A Bel Air S Pkwy
     Bel Air, MD 21015
     Phone: +1 410-803-3746

                         About WiseCare LLC

WiseCare, LLC offers a variety of diagnostic and treatment services
for the urgent care needs of patients of all ages.  The company is
based in Severn, Md.

WiseCare filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. D. Md. Case No. 21-17794) on Dec.
14, 2021, listing $100,000 to $500,000 in assets and $1 million to
$10 million in liabilities. Perry Weisman, owner, signed the
petition.

Judge David E. Rice oversees the case.

Joseph Selba, Esq., at Tydings & Rosenberg, LLP serves as the
Debtor's legal counsel.


XPO LOGISTICS: S&P Places 'BB' ICR on Watch Pos. on Divestitures
----------------------------------------------------------------
S&P Global Ratings placed all ratings, including its 'BB' issuer
credit rating on XPO Logistics Inc., on CreditWatch with positive
implications.

XPO Logistics continues to progress on the strategic review of its
business lines while also repaying debt.

Although additional divestitures will likely reduce the company's
overall scale, S&P believes additional debt reduction could lead to
a higher rating.

S&P said, "We believe XPO is likely to use at least a portion of
proceeds from its proposed divestitures to reduce debt. In April,
following the sale of its intermodal business, XPO redeemed $630
million of its 2025 unsecured notes. Subsequently, the company
amended its senior secured credit agreement to allow for further
debt repayment from proceeds of asset sales and other dispositions,
including the proposed spin-off of the company's truck brokerage
business. We believe these events demonstrate a greater likelihood
that XPO will continue to reduce its debt load as it completes its
strategic review.

"We continue to monitor how weaker macroeconomic growth could
affect demand for XPO's services. We currently expect XPO's North
American less-than-truckload (LTL) business will benefit from
pricing gains and improved industrial production levels, with the
assumption that supply chain constraints continue to ease somewhat
over the year. We also expect the segment's operating earnings
should benefit from the reduced use of third-party transportation.
Outside of LTL, we believe more normal spot market truck pricing
will lead to lower revenue growth within the company's brokerage
business. However, brokerage profitability should improve as a
greater portion of business shifts to contracted rates.

"Nonetheless, we believe a higher degree of macroeconomic
uncertainty presents some risk to our base case scenario. As a
provider of LTL transportation, XPO derives a large portion of its
business from customers in the industrial and manufacturing
sectors, which represented about 37% of revenue in 2021, as well as
the retail industry, which represented about 23%. We believe both
of these sectors would experience weaker demand in a cyclical
economic downturn. Although S&P Global Economics does not currently
forecast a recession for the U.S. over the next 12 months, we
believe the risks for a recession have increased amid higher
inflation and interest rates. Continued macroeconomic weakness
could reduce the likelihood of a higher rating in the near term.

"Following the proposed transactions, we believe the company will
have a somewhat smaller operating scale. Our current assessment of
XPO's competitive position incorporates the company's global
geographic presence and variety of business lines, including LTL
transportation and third-party logistics services, including truck
brokerage and last mile delivery. Should the company implement its
current proposals, after the spinoffs, it would mainly provide LTL
transportation in North America. Although LTL is more concentrated
and consists of fewer participants than the broader truckload
market, we view the sector as higher risk, with greater cyclicality
than third-party logistics. In order for S&P Global Ratings to
consider a higher rating, an improvement in the company's credit
metrics would need to offset the potential for a weaker competitive
position relative to rating peers.

"We will resolve the CreditWatch placement once XPO has completed,
or is sufficiently likely to complete, its planned divestitures and
we have a better understanding of the company's capital structure
and financial policy following the transactions. At that time, we
expect to raise our issuer credit rating by one notch, depending on
the company's capitalization."



ZOHAR III: Clears Plan Confirmation Over Objections
---------------------------------------------------
Jeff Montgomery of Law360 reports that the remnants of the Zohar
business turnaround empire once controlled by collateralized debt
promoter Lynn Tilton secured a Delaware bankruptcy judge's Chapter
11 liquidation plan confirmation Tuesday, June 21, 2022, with
multiple challenges and appeals already in the works.

U.S. Bankruptcy Judge Karen B. Owens, ruling from the bench,
confirmed the bankruptcy exit blueprint drawn up by the Zohar and
related entities after a day-long, in-court argument focused in
part on Tilton's claim that creditor recoveries should be
subordinate to those of her Patriarch management company claims.

As reported in the TCR, Zohar III, Corp., et al., asked the
Bankruptcy Court to confirm their Third Amended Plan despite
outstanding objections from Lynn Tilton and Patriarch Partners.

"The Patriarch Stakeholders do not wish to stand in the way of
confirmation.  The current version of the Plan, however, is no
benign attempt to exit bankruptcy for the noble goal of reducing
costs.  Instead, the Plan is a blunt instrument intended to
demolish the Patriarch Stakeholders' right to defend themselves
against litigation claims brought by the Debtors and MBIA seeking
hundreds of millions of dollars in damages," the Patriarch
Stakeholders said in their objections.

A copy of the Order Confirming the Plan is available at

https://www.pacermonitor.com/view/4BY7CKQ/Zohar_III_Corp__debke-18-10512__3400.0.pdf?mcid=tGE4TAMA

                    About the Zohar Funds

New York-based Patriarch Partners, LLC, is a private equity firm
specializing in acquisition, buyouts, and turnaround investment in
distressed American companies and brands. Patriarch Partners was
founded by Lynn Tilton in 2000.  Lynn Tilton and her affiliates
held substantial equity stakes in portfolio companies, which
include iconic American manufacturing companies with tens of
thousands of employees.

The Zohar funds were created to raise money through selling a form
of notes called collateralized loan obligations to investors that
was then used to extend loans to dozens of distressed mid-size
companies, often in connection with the acquisition of those
companies out of bankruptcy.

Patriarch bought "distressed" companies via funding from a series
of collateralized loan obligations (CLOs) marketed through
Patriarch via its $2.5 billion "Zohar" funds. Tilton placed the
funds into bankruptcy in 2018 in an attempt to keep Patriarch's
portfolio from being liquidated by Zohar creditors including bond
insurer MBIA, which insured $1 billion worth of Zohar notes.
Combined debt of the funds is estimated at $1.7 billion.

Zohar CDO 2003-1, Zohar CDO 2003-1 Corp., Zohar II 2005-1, Limited,
Zohar II 2005-1 Corp., Zohar III, Limited, and Zohar III, Corp.
(collectively, the "Zohar Funds"), sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D. Del. Case Nos. 18-10512 to
18-10517) on March 11, 2018.  In the petition signed by Lynn
Tilton, director, the Debtors were estimated to have $1 billion to
$10 billion in assets and $500 million to $1 billion in
liabilities.  

Young Conaway Stargatt & Taylor, LLP, is the Debtors' bankruptcy
counsel.


[] BOOK REVIEW: Bankruptcy and Secured Lending in Cyberspace
------------------------------------------------------------
Author: Warren E. Agin
Publisher: Bowne Publishing Co.
List price: $225.00
Review by Gail Owens Hoelscher

Red Hat Inc. finds itself with a high of 151 5/8 and low of 20 over
the last 12 months! Microstrategy Inc. has roller-coasted from a
high of 333 to a low of 7 over the same period! Just when the IPO
boom is imploding and high-technology companies are running out of
cash, Warren Agin comes out with a guide to the legal issues of the
cyberage.

The word "cyberspace" did not appear in the Merriam-Webster
Dictionary until 1986, defined as "the on-line world of computer
networks." The word "Internet" showed up that year as well, as "an
electronic communications network that connects computer networks
and organizational computer facilities around the world."
Cyberspace has been leading a kaleidoscopic parade ever since, with
the legal profession striding smartly in rhythm. There is no
definition for the word "cyberassets" in the current
Merriam-Webster. Fortunately, Bankruptcy and Secured Lending in
Cyberspace tells us what cyberassets are and lays out in meticulous
detail how to address them, not only for troubled technology
companies, but for all companies with websites and domain names.
Cyberassets are primarily websites and domain names, but also
include technology contracts and licenses. There are four types of
assets embodied in a website: content, hardware, the Internet
connection, and software. The website's content is its fundamental
asset and may include databases, text, pictures, and video and
sound clips. The value of a website depends largely on the traffic
it generates.

A domain name provides the mechanism to reach the information
provided by a company on its website, or find the products or
services the company is selling over the Internet. Examples are
Amazon.com, bankrupt.com, and "swiggartagin.com." Determining the
value of a domain name is comparable to valuing trademark rights.
Domain names can come at a high price! Compaq Computer Corp. paid
Alta Vista Technology Inc. more than $3 million for "Altavista.com"
when it developed its AltaVista search engine.

The subject matter covered in this book falls into three groups:
the Internet's effect on the practice of bankruptcy law; the ways
substantive bankruptcy law handles the impact of cyberspace on
basic concepts and procedures; and issues related to cyberassets as
secured lending collateral.

The book includes point-by-point treatment of the effect of
cyberassets on venue and jurisdiction in bankruptcy proceedings;
electronic filing and access to official records and pleadings in
bankruptcy cases; using the Internet for communications and
noticing in bankruptcy cases; administration of bankruptcy estates
with cyberassets; selling bankruptcy estate assets over the
Internet; trading in bankruptcy claims over the Internet; and
technology contracts and licenses under the bankruptcy codes. The
chapters on secured lending detail technology escrow agreements for
cyberassets; obtaining and perfecting security interests for
cyberassets; enforcing rights against collateral for cyberassets;
and bankruptcy concerns for the secured lender with regard to
cyberassets.

The book concludes with chapters on Y2K and bankruptcy; revisions
in the Uniform Commercial Code in the electronic age; and a
compendium of bankruptcy and secured lending resources on the
Internet. The appendix consists of a comprehensive set of forms for
cyberspace-related bankruptcy issues and cyberasset lending
transactions. The forms include bankruptcy orders authorizing a
domain name sale; forms for electronic filing of documents;
bankruptcy motions related to domain names; and security agreements
for Web sites.

Bankruptcy and Secured Lending in Cyberspace is a well-written,
succinct, and comprehensive reference for lending against
cyberassets and treating cyberassets in bankruptcy cases.



                            *********

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
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are $25 each.  For subscription information, contact Peter A.
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