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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, September 2, 2022, Vol. 26, No. 244

                            Headlines

109 JEROME AVE: Updates US Bank & Maxim Secured Claims Pay Details
8E14 NETWORKS: Unsecureds to Recover 85%-100% in Liquidating Plan
96 WYTHE ACQUISITION: Trustee Taps Fragomen as Special Counsel
A TREME MANAGEMENT: Amends BankPlus Secured Claim Pay Details
ADAMIS PHARMACEUTICALS: Stockholders Elect Five Directors

AEARO TECHNOLOGIES: 2 Tort Claimants Committees Named
AGWAY FARM: Taps Wilson Elser Moskowitz Edelman & Dicker as Counsel
ARMSTRONG FLOORING: Executives Seek Back Severance, Benefits
ART STONES DESIGN: Files Chapter 11 Subchapter V Case
AU HEALTH: Moody's Cuts Rating on Revenue Bond to Ba3, Outlook Neg.

AYRO INC: Removes Interim Tag, Names David Hollingsworth as CFO
AYTU BIOPHARMA: Issued First Patent for AR101/Enzastaurin
BANKS CONSTRUCTION: Seeks to Hire Bruner Wright as Legal Counsel
BAUSCH HEALTH: Moody's Cuts CFR to Caa2, Outlook Negative
BAUSCH HEALTH: S&P Downgrades ICR to 'CC', Outlook Negative

BROWNIE'S MARINE: Incurs $329K Net Loss in Second Quarter
BULLSTRAP LLC: Seeks Cash Collateral Access Thru Nov 25
BURNS ASSET: Bankruptcy Administrator Unable to Appoint Committee
CENTRAL DRILLING: Files for Chapter 11 to Pursue Sale
CLASSIC REFRIGERATION: Taps Baker Tilly US as Financial Advisor

CLEAN ENERGY: Two Directors Resign
COASTAL DRILLING: Wins Cash Collateral Access
DACO CONSTRUCTION: Seeks to Hire Marc Robert Kivitz as Counsel
DASEKE INC: S&P Upgrades ICR to 'B+', Outlook Stable
DEALER PRODUCTS: Files for Chapter 11 Bankruptcy Protection

DIGITAL MEDIA: S&P Downgrades ICR to 'B-', Outlook Negative
DR. R'KIONE: Business Operations, or Loan Proceeds, to Fund Plan
EXPRESSJET AIRLINES: Court Okay Key Worker Pay Plan Okayed In Ch.11
FIRST TO THE FINISH: Trustee Seeks to Hire Robert Litz as Mediator
GLOBAL OUTREACH: Moody's Cuts Revenue Bonds Rating to 'Ba3'

GOLD'S GYM: Rolls Out New Locations Years After Bankruptcy
GOOD GUYZ: Unsecured Creditors Will Get 1% of Claims over 60 Months
GRAND VIEW HOSPITAL: S&P Lowers 2021 Revenue Bond Rating to 'BB'
HARRELL REALTY: Taps Coldwell Banker Global Luxury as Broker
HARSCO CORP: Moody's Lowers CFR to 'B1', Outlook Negative

HELEN MARIE: Taps Michael D. Pinsky P.C. as Bankruptcy Counsel
HERSCHEND ENTERTAINMENT: Moody's Ups CFR to B, Outlook Positive
HTP INC: HTP-HyTech Distribution & Litigation Proceeds to Fund Plan
HUDSON RIVER: Moody's Cuts CFR to Ba2 & Alters Outlook to Negative
JAGUAR DISTRIBUTION: Liquidating Trustee Seeks to Tap Accountant

JAJE ONE LLC: Condo Files for Chapter 11 Bankruptcy
JASON GROUP: Moody's Withdraws 'Caa2' Corporate Family Rating
JOHNSON & JOHNSON: Unsecureds Will Get $5K per Month for 60 Months
KHAWAJA OF MANASSAS: Taps Magee Goldstein Lasky & Sayers as Counsel
KOSSOFF PLLC: AmEx Threatened With Sanctions in Bankruptcy Case

KOSSOFF PLLC: Michell Kossoff Steps Away From Settlement Talks
LAKEPORT CF: Seeks to Hire THK and Associates as Appraiser
LPL HOLDINGS: Moody's Puts 'Ba1' CFR on Review for Upgrade
LUCKY STAR-DEER: Gets OK to Hire Cushman & Wakefield as Broker
LUMILEDS HOLDING: Unsecureds Will Get 100% of Claims in Plan

LUMILEDS HOLDING: Wins Approval of First Day Motions
MDWERKS INC: Incurs $3K Net Loss in Second Quarter
MGA MANAGEMENT: Wins Access to SecurityPlus' Cash Collateral
MINERVA RESOURCES: Seeks to Hire Porter Hedges as Legal Counsel
MINERVA RESOURCES: Taps MACCO Restructuring as Financial Advisor

MONOGRAM FOOD: Moody's Affirms B2 CFR & Alters Outlook to Negative
MQ LAKEWOOD HILL: Taps Range Realty as Real Estate Broker
NATHAN'S FAMOUS: Moody's Upgrades CFR to B2, Outlook Stable
NGL ENERGY: S&P Downgrades ICR to 'B-', Outlook Negative
NIKKYO LLC: Case Summary & Nine Largest Unsecured Creditors

NOVELIS INC: Moody's Upgrades CFR to Ba2, Outlook Remains Stable
NXT ENERGY: Posts C$1.8 Million Net Loss in Second Quarter
OUTPUT SERVICES: S&P Ups ICR to 'CCC+' on Bankruptcy Emergence
PARK VIEW: Seeks to Tap DM Bankruptcy Law Group as Legal Counsel
PARKER MEDICAL: Trustee Gets Approval to Hire Tax Accountants

PARTY CITY: Moody's Cuts CFR to Caa1 & Alters Outlook to Negative
PG&E CORP: Appeals Court Says Bankruptcy Shorted Some Creditors
PLUS THERAPEUTICS: Awarded $17.6M Grant to Fund 186RNL Development
PROVENIR LLC: Amends Priority Tax Claims Pay Details
REVLON INC: Court Denies Shareholders' Bid to Appoint Committee

REVLON INC: Trustee Wants More Details on $36 Mil. Ch.11 Bonuses
RICCI TRANSPORT: Unsecureds Will Get 100 Cents on Dollar in Plan
ROCKING M MEDIA: Committee Taps Dundon as Financial Advisor
SAS AB: U.S. Trustee Wants SEB Out as Adviser
SERTA SIMMONS: Moody's Cuts CFR to 'Ca', Outlook Negative

SERTA SIMMONS: S&P Lowers ICR to 'CCC-', Outlook Negative
SIZZLING PLATTER: Moody's Alters Outlook on 'B3' CFR to Stable
TD HOLDINGS: Effects Reverse Common Stock Split
THREE ARROWS: Su Zhu Worries About Jail Time in Liquidator Spat
UNITED PROMOTIONS: Gets OK to Hire Akerman LLP as Special Counsel

UNITED PROMOTIONS: Gets OK to Hire Michael A. Marks as Accountant
WEINSTEIN CO: NY Chief Judge Grants Appeal of Harvey Weinstein
WILLIAM HOLDINGS: Files for Chapter 11 Bankruptcy
WORLEY CHIROPRACTIC: Taps Montgomery & Company as Accountant
WORLEY CHIROPRACTIC: Taps The Cooper Law Firm as Bankruptcy Counsel

ZHR BROS: U.S. Trustee Unable to Appoint Committee
ZIFF DAVIS: S&P Raises Convertible Notes Rating to 'BB-'
[^] BOOK REVIEW: The Phoenix Effect

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109 JEROME AVE: Updates US Bank & Maxim Secured Claims Pay Details
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109 Jerome Ave LLC submitted a Second Modified Disclosure Statement
describing Chapter 11 Plan dated August 29, 2022.

This is a plan of reorganization that provides for the payment of
creditors from capital infusions by the equity interest holders
commencing on or about the Effective Date, and for the ownership of
the Debtor's assets by the Debtor.

The Plan also provides that if the Debtor fails to make the
payments to creditors provided by the Plan, the Debtor's assets
will be sold, and creditors will be paid from the proceeds of that
sale. The Effective Date of the proposed Plan is the date on which
the conditions enumerated in the Plan have been fulfilled.  

Class 1 consists of the Allowed Secured Claim of US Bank
Cust/PC8Firsttrust Ban. The Allowed Claim in this Class shall be
paid in full in quarterly payments as follows:

     * the Certificate Price shall be paid over 3 years in 12
quarterly payments of $5,057.75 without interest commencing on the
Effective Date;

     * the Subsequent Payments shall be paid over three years with
interest at the rate of 18% per year accruing from the Petition
Date until paid in full. Interest has accrued and will continue to
accrue on the Subsequent Payments at $26.12 per diem from the
Petition Date. The interest on the Subsequent Payments which has
accrued between the Petition Date and the Effective Date shall be
paid in full on the Effective Date. Thereafter, the Subsequent
Payments will be paid over 3 years in 12 quarterly payments of
$5,730.85 at the rate of 18% per year commencing 3 months after the
Effective Date.

     * the Prepetition Interest shall be paid over 3 years in 12
quarterly payments of $955.07 without interest commencing on the
Effective Date.

     * In the event that the Debtor refinances or sells the
Property, US Bank's Tax Lien shall be paid in full through the
Borough of Deal's tax collector’s office pursuant to the Tax Sale
Law, N.J.S.A. 54:5-1 et seq., and the redemptive amount (the
"Redemptive Amount") of the Tax Lien shall be calculated by the
Borough of Deal tax collector as required by N.J.S.A. 54:5-60. The
Debtor shall receive a credit for payments made through the Chapter
11 Plan, either by a credit to the total Redemptive Amount or by a
refund of amounts paid to US Bank.

     * Notwithstanding any provision in the Plan to the contrary,
US Bank’s tax sale certificate number 20-00001, which is secured
by the property located at 109 Jerome Avenue, Deal, NJ, Block 4,
Lot 4.01 (the "Property") shall remain in full force and effect
after the Confirmation Date and the Effective Date until such time
that US Bank receives payment in full on its Tax Lien, in
accordance with the plan.

     * Pendency Interest shall be paid in full on the Effective
Date.

     * During the Plan Term, the Debtor must remain current on all
quarterly real estate tax payments, water charges, sewer charges
and all other municipal charges due and owing to the Borough of
Deal on account of the Property.

Class 2 consists of the Disputed Secured Claim of Maxim Credit
Group, LLC in the amount as of the Petition Date of $5,291,498.39
(the "Maxim Claim"). The Allowed Claim in this Class shall be paid
in full with interest as follows:

     * The Maxim Claim shall be paid in bimonthly payments
commencing 60 days after the Effective Date and based upon a
twenty-year amortization with a balloon final payment on the fifth
anniversary of the Effective Date. Payments shall be applied first
to interest on the interest-bearing portion of the Maxim
Foreclosure Judgment ($3,206,501.05 hereinafter referred to as the
"Base Amount") at the rate of 6.5% (the "Initial Plan Rate"), or in
the event of an objection to the Initial Rate by Maxim, then at
such greater or lesser rate as determined by the Court to be
necessary to satisfy § 1120(b)(1) and (2) of the Code (the
"Adjudicated Plan Rate") and the balance to the amortization of the
Base Amount. The bimonthly payments will be $37,566.59 if based on
the Initial Rate.

     * Pendency Interest shall accrue at the predefault rate of 10%
per year (the "Initial Pendency Rate") which is $26,721.00 per
month, or in the event of an objection to the Initial Pendency Rate
by Maxim, then at such greater or lesser rate as determined by the
Court (the "Adjudicated Pendency Rate"). The Debtor estimates that
there will be due on the Maxim Claim as of October 1, 2022 five
months of Pendency Interest which will total $133,604.20 at the
Initial Pendency Rate. Pendency Interest shall be paid in full on
the Effective Date.

     * The Debtor may prepay the Maxim Claim in whole or part
without penalty.

     * The determination of the Adjudicated Plan Rate and
Adjudicated Pendency Rate shall be made at or after Confirmation
and the Debtor shall make payments based upon the Initial Rate(s)
until the date of entry of a Final Order establishing the
Adjudicated Rate(s) (the "Final Order Date"). In the event the
Adjudicated Rate(s) exceed(s) the Initial Rate(s), the Debtor shall
cure the deficiency as follows: (a) with respect to the Adjudicated
Plan Rate, the Debtor shall pay the difference between the amount
of each bimonthly payment paid at the Initial Rate and the amount
of each payment that would have been paid using the Adjudicated
Rate (the "Payment Adjustment"), together with interest on each
Payment Adjustment at the Adjudicated Rate accrued between the due
date of each payment and the Final Order Date.

     * In the event any Initial Rate exceeds the Adjudicated Rate,
all payments made shall be adjusted and the excess applied to
reduce principal pro tanto and the amount of future payments
recalculated accordingly.

     * In the event that, as a result of the disposition of the
Maxim Foreclosure Judgment Appeal the amount of the Maxim
Foreclosure Judgment is reduced, upon entry of a Final Order in the
Maxim Foreclosure Action the allocation between principal and
interest payments made to Maxim up until that point shall be
adjusted retroactively. Payment amounts shall remain the same and
the amortization adjusted prospectively. In the event the 109
Jerome Property is sold prior to the disposition of the Maxim
Foreclosure Appeal and any remand, the disputed amount shall be
paid to and held by the attorneys for Maxim until entry of a Final
Order and paid to the party determined to be entitled to such
funds.

     * Maxim shall retain its prepetition Lien on the 109 Jerome
Property until its Allowed Claim has been paid in full. All
provisions of the Prepetition Loan Documents shall remain in full
force and effect except to the extent modified or in conflict with
the terms of the Plan which shall at all times control.

     * Notwithstanding any provision in the Plan to the contrary,
the following shall constitute an event of default ("Event of
Default"): (a) failure of the Debtor to tender in full any payment
to Maxim in accordance with the Plan, and (b) failure of the Debtor
to remain current on all post-petition quarterly real estate tax
payments, water charges, sewer charges and all other municipal
charges due and owing to Borough of Deal.

     * Upon the occurrence of an Event of Default which remains
uncured after 30 days' notice to the Debtor and Debtor's counsel,
then the 109 Jerome Property shall be marketed and sold.

The payments to be made under the Plan shall be funded by capital
contributions made by the Managing Member. The Managing Member has
access to funds by virtue of friends and relatives who have the
means to provide the necessary funding.

A full-text copy of the Second Modified Disclosure Statement dated
August 29, 2022, is available at https://bit.ly/3CJ7n96 from
PacerMonitor.com at no charge.

Attorneys for Debtor:

     Timothy P. Neumann, Esq.
     Geoffrey P. Neumann, Esq.
     BROEGE, NEUMANN, FISCHER & SHAVER, LLC
     25 Abe Voorhees Drive
     Manasquan, New Jersey 08736
     Tel.: (732) 223-8484
     Email: timothy.neumann25@gmail.com
     Email: Geoff.neumann@gmail.com

                      About 109 Jerome Ave

109 Jerome Ave LLC is the fee simple owner of a real property
located at 109 Jerome Ave, Deal, NJ 07723-1356 valued at $10
million (based on Debtor's opinion).  

The Debtor filed a Chapter 11 bankruptcy petition (Bankr. D.N.J.
Case No. 22-13417) on April 27, 2022.  In the petition signed by
Joseph Safdieh, managing member, the Debtor disclosed $10 million
to $50 million in assets and $1 million to $10 million in
liabilities. Timothy P. Neumann, Esq. Of BROEGE, NEUMANN, FISCHER
& SHAVER LLC is the Debtor's Counsel.


8E14 NETWORKS: Unsecureds to Recover 85%-100% in Liquidating Plan
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8e14 Networks, Inc., d/b/a Ananda Networks filed with the U.S.
Bankruptcy Court for the District of Delaware a Chapter 11 Plan of
Liquidation and Disclosure Statement dated August 29, 2022.

The Debtor operates a software company focused on the development
and commercialization of security features, including virtual
private network connections, zerotrust access, and network
optimization capabilities, among other features.

The Debtor's assets consist of intellectual property (including
patents, trademarks, domain names, and other intellectual property
described in significant detail in the Stalking Horse APA) and its
system, its customers, and its relationship with the talented
individuals employed by 8e14 LTD. The Debtor's other assets of
value are net operating losses and computers.

Prior to the Petition Date, the Debtor engaged in significant
negotiations over the sale of its assets with VMware, an industry
leader in the technology space, including with respect to the terms
and conditions of an asset purchase agreement. Additionally, VMware
was willing to provide bridge financing to the Debtor in order to
sustain operations until the sale closed. However, VMware was only
willing to purchase the assets and provide the financing if both
were done through a chapter 11 proceeding.

Facing no better option, the Debtor completed its negotiations with
VMware and entered into an Asset Purchase Agreement naming VMware
as its Stalking Horse Bidder on August 4, 2022, and that same day,
filed a voluntary petition for relief under chapter 11 of the
Bankruptcy Code. The Debtor also elected to proceed under
Subchapter V of chapter 11 of the Bankruptcy Code pursuant to the
Small Business Reorganization Act, as amended, and the U.S. Trustee
has appointed Jami Nimeroff, Esq. to serve as the Subchapter V
trustee in this Case pursuant to Bankruptcy Code section 1183(a).

The Debtor will continue marketing the Debtor's assets in order to
achieve the highest purchase price through a sale transaction.
Accordingly, this Plan sets a floor for recovery to creditors based
on the procedures from the proposed Stalking Horse APA, which
provides for a purchase price of (i) Twelve Million Five Hundred
Thousand ($12,500,000) in cash, less amounts outstanding under the
DIP Facility, plus (ii) up to One Million Five Hundred Thousand
($1,500,000) to fund a key employee incentive plan (together, the
"Proposed Purchase Price"). The Stalking Horse APA also provides
for the assumption of cure liabilities.

Under the Bidding Procedures, bids are due on or before October 4,
2022. All amounts outstanding under the DIP Facility are required
to be credit bid by VMware in accordance with Section 363(k) of the
Bankruptcy Code. If more than one qualified bid is received, then
an auction will be conducted on October 6, 2022, at which time the
Winning Bidder will be selected. Assuming court approval of the
hearing date is obtained, a hearing to consider approval of the
sale to the Winning Bidder will be held before the Bankruptcy Court
on or about October 21, 2022 (the "Sale Hearing"). The Sale Hearing
may be combined with the Confirmation Hearing if the Debtor and the
Winning Bidder desire to consummate an Asset Sale Liquidation
through the Plan.

The net proceeds received by the Debtor upon the close of an Asset
Sale Liquidation are to be used to make payments, to the extent of
available Cash, first, to holders of Allowed Claims in the order of
priority under section 507 of the Bankruptcy Code: Allowed
Administrative Claims (including Professional Fee Claims), Allowed
Priority Tax Claims, and Allowed Claims in Class 1, Class 2, and,
to the extent of available Cash, Pro Rata Distributions to Allowed
General Unsecured Claims in Class 3 and, if available Cash remains,
Pro Rata Distributions to Class 4 Common Interests.

Class 1 consists of Other Secured Claims against the Debtor. Each
Holder of an Allowed Other Secured Claim will receive, at the
Debtor's election: (a) if an Asset Sale Liquidation occurs, payment
in Cash in full from the Plan Administrator Assets; (b) delivery of
the collateral securing any such Claim and payment of any interest
required under section 506(b) of the Bankruptcy Code; (c)
reinstatement of such Claim; or (d) other treatment rendering such
Claim Unimpaired.

Class 2 consists of Other Priority Claims. Each Holder of an
Allowed Other Priority Claim will receive, if an Asset Sale
Liquidation occurs, payment in Cash, in full, from the Plan
Administrator Assets. The failure to object to Confirmation by a
Holder of an Allowed Other Priority Claim shall be deemed to be
such Holder's consent to receive treatment for such Claim that is
different from that set forth in section 1129(a)(9) of the
Bankruptcy Code.

Class 3 consists of all General Unsecured Claims. Each Holder of an
Allowed General Unsecured Claim will receive, if an Asset Sale
Liquidation occurs, from the Plan Administrator Assets, payment in
Cash of the Holder's Pro Rata share of the Sale Proceeds. Class 3
is Impaired. The allowed unsecured claims total $8,362,308. This
Class will receive a distribution of 85-100% of their allowed
claims.

Class 4 consists of all Holders of Common Interests. If the Sale
Proceeds from any Liquidation exceed the amount required to pay the
Holders of all Allowed General Unsecured Creditors, then each
Holder of a Common Interest shall receive his, her or its Pro Rata
share of the remaining Sales Proceeds.

The Reorganized Debtor will fund distributions under the Plan with
Cash on hand on the Effective Date and the revenues and proceeds of
all assets of the Debtor, including proceeds from all Causes of
Action not settled, released, discharged, enjoined, or exculpated
under the Plan or otherwise on or prior to the Effective Date.

A full-text copy of the Liquidating Plan dated August 29, 2022, is
available at https://bit.ly/3TD2i8u from PacerMonitor.com at no
charge.

Proposed Counsel to the Debtor:

     WOMBLE BOND DICKINSON (US) LLP
     Matthew P. Ward (DE Bar No. 4471)
     Morgan L. Patterson (DE Bar No. 5388)
     1313 North Market Street, Suite 1200
     Wilmington, Delaware 19801
     Telephone: (302) 252-4320
     Facsimile: (302) 252-4330
     Email: matthew.ward@wbd-us.com
     Email: morgan.patterson@wbd-us.com

Proposed Special Transactional Counsel to the Debtor:

     NORTON ROSE FULBRIGHT US LLP
     Eric Daucher (admitted pro hac vice)
     1301 Avenue of the Americas
     New York, New York 10019
     Telephone: (212) 318-3000
     Facsimile: (212) 318-3400
     Email: eric.daucher@nortonrosefulbright.com
     Rebecca J. Winthrop (admitted pro hac vice)
     555 South Flower Street, 41st Floor
     Los Angeles, California 90071
     Telephone: (213) 892-9200
     Facsimile: (213) 892-9494
     Email: rebecca.winthrop@nortonrosefulbright.com

                      About 8e14 Networks Inc

8e14 Networks Inc. -- https://www.ananda.net/ -- doing business as
Ananda Networks, is a Cyber Security company that builds a network
that is fast and secure, replacing old cybersecurity and networking
products.

8e14 Networks Inc. filed a voluntary petition for relief under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Del.
Case No. 22-10708) on August 4, 2022.  In the petition filed by
Adi Ruppin, as chief executive officer, the Debtor reported assets
and liabilities between $10 million and $50 million each.

Judge Brendan L. Shannon oversees the case.

Jami B Nimeroff has been appointed as Subchapter V trustee.

Matthew P. Ward, Esq., at Womble Bond Dickinson (US) LLP, is the
Debtor's counsel.


96 WYTHE ACQUISITION: Trustee Taps Fragomen as Special Counsel
--------------------------------------------------------------
Stephen S. Gray, the Chapter 11 trustee for 96 Wythe Acquisition,
LLC, seeks approval from the U.S. Bankruptcy Court for the Southern
District of New York to employ Fragomen Del Rey Bernsen & Loewy,
LLP as special employment counsel.

The Debtor requires a special counsel to review and assess its
relationships with individuals who provide services that are not on
the Debtor's payroll, and to provide legal advice regarding
applicable non-bankruptcy law and regulations related to employment
practices and requirements.

The firm will be paid a fixed fee of $5,000.

David Grunblatt, Esq., a partner at Fragomen Del Rey Bernsen &
Loewy, disclosed in a court filing that his firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached at:

     David M. Grunblatt, Esq.
     Fragomen Del Rey Bernsen & Loewy, LLP
     1400 Broadway
     New York, NY 10018
     Tel: (212) 688-8555
     Email: dgrunblatt@proskauer.com

                     About 96 Wythe Acquisition

96 Wythe Acquisition, LLC operates the Williamsburg Hotel, an
eight-story hotel located at 96 Wythe Ave., Brooklyn, N.Y.

96 Wythe Acquisition sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 21-22108) on Feb. 23,
2021, disclosing zero assets and $79,990,206 in liabilities. CRO
David Goldwasser signed the petition.

Judge Sean H. Lane oversees the case.

The Debtor tapped Backenroth Frankel & Krinsky, LLP and Mayer
Brown, LLP as bankruptcy counsels; Fern Flomenhaft, PLLC as
insurance counsel; and B. Riley Advisory Services as litigation
support consultant. Getzler Henrich & Associates, LLC and Hilco
Real Estate, LLC serve as the Debtor's financial advisors.

Stephen Gray was appointed as Chapter 11 trustee. Togut, Segal &
Segal, LLP and Fragomen Del Rey Bernsen & Loewy, LLP serve as the
trustee's bankruptcy counsel and special employment counsel,
respectively. Verdolino & Lowey P.C. is the trustee's tax
accountant.


A TREME MANAGEMENT: Amends BankPlus Secured Claim Pay Details
-------------------------------------------------------------
A Treme Management, LLC, submitted a Fourth Amended Plan of
Reorganization dated August 29, 2022.

Class 1 consists of the Allowed BankPlus Secured Claim. The Allowed
BankPlus Secured Claim, is fully allowed and is fully secured (the
"Allowed BankPlus Secured Claim") and shall be fixed and allowed as
of the Effective Date in the amount remaining outstanding on
BankPlus Note 1 and BankPlus Note 2, in the approximate amount of
$257,888.56 on BankPlus Note 1 (account no.110162448) and
$118,188.91 on BankPlus 2, (account no.110169090) for an aggregate
amount of $376,077.47, plus accruing interest, and any late fees
and expenses that are due.

* Debtor's two loans (BankPlus Note 1 and BankPlus Note 2)
(hereinafter sometimes both notes) with First Bank & Trust will be
reinstated upon confirmation of debtor's chapter 11 plan and debtor
will resume making regular monthly mortgage payments, as is
reflected in Note 1 and Note 2, which monthly payments currently
aggregate $3,098.07, subject to any interest rate change on Note 1
or Note 2, as is shown on said notes. Both notes will retain their
demand feature, which provides that either note is payable in full
on demand of the holder. Both notes will survive confirmation and
will continue to be binding obligations of the Debtor after
confirmation and discharge.

* To secure repayment of the Allowed BankPlus Secured Claim,
BankPlus shall retain the BankPlus MIM, with priority as existed
immediately prior to the Petition Date, as well as any other
mortgages, liens, privileges or security interests to which it is
entitled by operation of law.

* BankPlus will retain all personal guarantees executed in
conjunction with the Debtor's loan relationship with First Bank and
Trust, which guarantees will remain fully enforceable according to
their terms.

* The Debtor and the Holder of the Allowed BankPlus Secured Claim
may agree to modify any terms of BankPlus Note 1, BankPlus Note 2
or BankPlus MIN, with or without court approval, and as modified,
those obligations will remain fully enforceable, according to their
terms, even after confirmation and discharge.

* The Holder of the Allowed BankPlus Secured Claim is Impaired and
is entitled to vote to accept or reject the Plan.

Like in the prior iteration of the Plan, Allowed Unsecured Claims,
Class 2 Claimants will receive from the Debtor, ten (0%) percent of
the Holder's Allowed Unsecured Claim payable quarterly over a
period of 7 years. The first quarterly payment shall be due and
payable at the end of the first Quarter following the Initial
Distribution Date.

Class 3 Existing Equity Interest Holders shall retain their
Interests under the Plan, but shall not be entitled to receive any
distributions on account of such Equity Interests until all
distributions required by the Plan are paid in full.

On and after the Effective Date, the operation of Reorganized
Debtor shall become the responsibility of Derrick Anthony Tabb, who
will continue to be manager, managing the day-to-day operations of
the Debtor.

The Debtor and Reorganized Debtor will be authorized to take all
necessary steps and perform all necessary acts to consummate the
terms and conditions of this Plan. The Bankruptcy Court may direct
the Debtor and any other necessary party to execute or deliver or
to join the execution or delivery of any instrument required to
effect the Plan, and to perform any other act necessary to
consummate the Plan.

A full-text copy of the Fourth Amended Plan dated August 29, 2022,
is available at https://bit.ly/3B4upG5 from PacerMonitor.com at no
charge.

Attorney for the Debtor:

     Derek Terrell Russ, Esq.
     BANKRUPTCY CENTER OF LOUISIANA
     700 Camp Street
     New Orleans, LA 70130
     Tel: (504) 522-1717
     Fax: (504) 522-1715
     E-mail: derekruss@russlawfirm.net

                      About A Treme
Management

A Treme Management, LLC, a company that operates a commercial
business, filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. La. Case No. 21-11418) on Dec.
9, 2021. Judge Meredith S. Grabill oversees the case.

The Debtor is represented by Derek Terrell Russ, Esq., at
Bankruptcy Center of Louisiana.


ADAMIS PHARMACEUTICALS: Stockholders Elect Five Directors
---------------------------------------------------------
Adamis Pharmaceuticals Corporation held an annual meeting of
shareholders at which the shareholders:

   (1) elected Howard C. Birndorf, Meera J. Desai, Ph.D., NACD.DC,
David J. Marguglio, Vickie S. Reed, and Richard C. Williams to
serve as directors until the Company's annual meeting of
stockholders in 2023, or until such person's successor is duly
elected and qualified or until such person's earlier resignation,
death, or removal;

   (3) did not approve an amendment to the 2022 Equity Incentive
Plan;

   (4) did not approve, on a nonbinding advisory basis, the
compensation of the Company's named executive officers;

   (5) ratified the selection of BDO USA, LLP, as independent
registered public accounting firm for the year ending Dec. 31,
2022;

   (6) approved the adjournment of the Meeting, if necessary or
appropriate, to solicit additional proxies if there are
insufficient votes at the time of the Meeting to adopt the Reverse
Stock Split proposal No. 2.

With respect to Proposal No. 2 contained in the Proxy Statement,
the Reverse Stock Split Proposal, the Meeting was adjourned before
voting on the proposal in order to allow the Company additional
time to solicit proxies for the proposal.  The meeting was
adjourned until Sept. 8, 2022, at 10:00 a.m. Pacific Time.
Stockholders will be able to listen and participate in the
adjourned meeting as well as vote with respect to Proposal No. 2
and submit questions during the live webcast by visiting
www.virtualshareholdermeeting.com/ADMP2022.  Stockholders will need
the control number found on their proxy card or in the instructions
that accompanied their proxy materials to participate in the
virtual meeting.  Only stockholders of record on the record date of
July 6, 2022, are entitled to vote.

                   About Adamis Pharmaceuticals

Adamis Pharmaceuticals Corporation --
http://www.adamispharmaceuticals.com-- is a specialty
biopharmaceutical company primarily focused on developing and
commercializing products in various therapeutic areas, including
allergy, opioid overdose, respiratory and inflammatory disease.

Adamis reported a net loss applicable to common stock of $45.83
million for the year ended Dec. 31, 2021, compared to a net loss
applicable to common stock of $49.39 million for the year ended
Dec. 31, 2020.  As of June 30, 2022, the Company had $17.69 million
in total assets, $10.65 million in total liabilities, and $7.04
million in total stockholders' equity.

San Diego, California-based BDO USA, LLP, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated March 31, 2022, citing that the Company has suffered
recurring losses from operations and has a net capital deficiency
that raise substantial doubt about its ability to continue as a
going concern.


AEARO TECHNOLOGIES: 2 Tort Claimants Committees Named
-----------------------------------------------------
The U.S. Trustee for Region 10 appointed two separate official
committees to represent tort claimants in the Chapter 11 cases of
Aearo Technologies, LLC and its affiliates.

The tort claimants assert claims related to the use of faulty
combat arms earplugs and respirators manufactured by the
companies.

The members of the committee representing holders of claims related
to the use of combat arms earplugs are:

     1. Beal, James
        c/o Bryan Aylstock, Esq.
        Aylstock, Witkin, Kreis and Overholtz, PLC
        17 E. Main St., Suite 200
        Pensacola, FL 32502
        Phone: 850-202-2203
        Email: baylstock@awkolaw.com
        cc: bwilliams@awkolaw.com

     2. Beautiful Bald Eagle, Remi
        c/o Evan Buxner and Beth Gori
        The Gori Law Firm
        156 N. Main St.
        Edwardsville, IL 62025
        Phone: 618-659-9833
        Email: evan@gorilaw.com
               beth@gorilaw.com

     3. The Blue Cross Blue Shield Association
        by Brendan Stuhan, Assistant General Counsel of Litigation
        c/o Rawlings & Associates PLLC
        Attention: Robert Griffith and Mark Fischer
        1 Eden Parkway
        LaGrange, KY 40031
        Email: mdf@rawlingsandassociates.com

     4. Camarillorazo, Guillermo
        c/o Laminack, Pirtle & Martines
        5020 Montrose Blvd., 9th Floor
        Houston, TX 77006
        Phone: 713-292-2750
        Email: guillermo@lpm-triallaw.com

     5. Darnell, William
        c/o Kenneth S. Byrd
        Mark P. Chalos
        Elizabeth Cabraser
        Lieff Cabraser Heimann & Bernstein, LLP
        222 Second Avenue South, Suite 1640
        Nashville, TN 37201
        Phone: 615-313-9000
        Email: kbyrd@lchb.com
               mchalos@lchb.com
               ecabraser@lchb.com
        cc: Sheena Perry (sperry@lchb.com)

     6. Freeman, LaShaunda Parker
        c/o Christopher A. Seeger
        Seeger Weiss LLP
        55 Challenger Road
        Ridgefield Park, NJ 07660
        Phone: 973-639-9100
        Email: cseeger@seegerweiss.com

     7. Story, Grayson
        c/o Parafinczuk Wolf, P.A.
        Pembroke Pines Professional Centre
        9050 Pines Blvd., Suite 450-02
        Pembroke Pines, FL 33024
        Phone: 215-431-8264
        Email: sresnick@parawolf.com

     8. Watts, Randy
        c/o Rick Paul
        Paul LLP
        601 Walnut, Suite 300
        Kansas City, MO 64106
        Phone: 816-984-8100
        Email: Rick@PaulLLP.com

     9. Weir, Debra
        c/o Lisa Nathanson Busch
        Justine Delaney
        Weitz and Luxenberg, PC
        700 Broadway
        New York, NY 10003
        Phone: 212-558-5567
        Email: lbusch@weitzlux.com
               Jdelaney@weitzlux.com

James Beal and LaShaunda Parker Freeman have been appointed as
committee chairpersons.

Meanwhile, the committee members who represent holders of claims
related to the use of respirators are:

     1. Hoskins, Charlene
        Administrator of Estate of Ricky Hoskins
        c/o Curt D. Hochbein
        Mattingly Burke Cohen & Biederman LLP
        155 East Market Street, Suite 400
        Indianapolis, IN 46204
        Phone: 317.759.5035
        Email: curt.hochbein@mbcblaw.com

     2. Morgan, Josh
        c/o Martin Walton
        Mike Martin and Rhonda Harshbarger
        S. Friendswood Drive, Suite 107
        Houston, TX 77546-4580
        Phone: 713-773-2035
        Email: mmartin@martinwaltonlaw.com
               rhonda@martinwaltonlaw.com

     3. Webb, Jeremy
        c/o Martin Walton
        Mike Martin and Rhonda Harshbarger
        S. Friendswood Drive, Suite 107
        Houston, TX 77546-4580
        Phone: 713-773-2035
        Email: mmartin@martinwaltonlaw.com
               rhonda@martinwaltonlaw.com

Josh Morgan will serve as chairperson of the committee.

Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                     About Aearo Technologies

Aearo Technologies, LLC -- https://earglobal.com/en -- is a 3M
company that designs, manufactures, and sells personal protection
equipment. The Indianapolis-based company serves customers
worldwide.

To address claims related to the Combat Arms Earplugs Version 2,
Aearo Technologies and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Lead Case
No. 22-02890) on July 26, 2022.  In the petition filed by John R.
Castellano, as authorized signatory, Aearo Technologies listed $1
billion to $10 billion in both assets and liabilities.

The Debtors tapped Kirkland & Ellis and Ice Miller, LLP as
bankruptcy counsels; McDonald Hopkins, LLC as special counsel;
Bates White, LLC as claims valuation consultant; and AP Services,
LLC as restructuring advisor. John R. Castellano, managing director
at AlixPartners LLP, an affiliate of AP Services, serves as the
Debtors' chief restructuring officer. Kroll, LLC is the claims
agent and noticing agent.


AGWAY FARM: Taps Wilson Elser Moskowitz Edelman & Dicker as Counsel
-------------------------------------------------------------------
Agway Farm & Home Supply, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Wilson
Elser Moskowitz Edelman & Dicker LLP as its special litigation
counsel.

The Debtor needs a special counsel to provide legal services in
connection with the proceedings entitled Timothy C. Kamyk, Personal
Representative of the Estate of Kenneth Kamyk v. Agway Farm & Home
Supply, now pending in Hampden Superior Court, Case No.
2179CV00662, or any claims otherwise arising or later to arise out
of, or in connection with an incident occurring on or about
February 22, 2021 in Westfield, Massachusetts, also referred as the
wrongful death action.

The firm expects that all of its fees incurred in relation to the
wrongful death action will be covered by insurance and the firm's
fees will not be paid from the Debtor's estate. There are no
retainer funds presently being held. The firm is currently owed a
balance of $62,363.07, which has been or will shortly be invoiced
to Nationwide Insurance, the liability insurance carrier.

Brett Corson, a partner at Wilson Elser Moskowitz Edelman & Dicker,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     Brett R. Corson, Esq.
     Wilson Elser Moskowitz Edelman & Dicker LLP
     260 Franklin Street, 14th Floor
     Boston, MA 02110
     Telephone: (617) 422-5302
     Facsimile: (617) 423-6917
     Email: brett.corson@wilsonelser.com

                  About Agway Farm & Home Supply

Agway Farm & Home Supply LLC -- https://www.agway.com/ -- is a
one-stop shop for lawn, garden, bird, pet and farm products. It is
based in Richmond, Va.

Agway Farm & Home Supply sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Case No. 22-10602) on July 6,
2022, listing $10 million to $50 million in both assets and
liabilities. Jay Quickel, president and chief executive officer,
signed the petition.

Judge J. Kate Stickles oversees the case.

The Debtor tapped Shulman Bastian Friedman & Bui, LLP as lead
bankruptcy counsel; Morris James, LLP as local Delaware counsel;
Wilson Elser Moskowitz Edelman & Dicker LLP as special litigation
counsel; and Focus Management Group USA, Inc. as financial advisor.
Stretto, Inc. is the claims and noticing agent and administrative
advisor.


ARMSTRONG FLOORING: Executives Seek Back Severance, Benefits
------------------------------------------------------------
Lis Scheid of LNP Lancaster Online reports that former Armstrong
Flooring executives say they are owed more than $4.5 million for
unpaid earned vacation, severance and deferred retirement
contributions.

President and CEO Michel Vermette, Chief Financial Officer Amy
Trojanowski, General Counsel and Chief Compliance Officer
Christopher Parisi, Human Resources Director John Bassett, Vice
President Scott Hess and Senior Vice President and Controller
Philip Gaudreau filed separate claims in Delaware bankruptcy court.


The claims come on top of the $4.8 million early payment of their
annual incentives disclosed in court and Security and Exchange
Commission filings in May. The incentive payments, a portion of
which they would get for a full year, were made in the first
quarter of the year, as LNP | LancasterOnline has previously
reported. Such bonuses are typically handed out at year’s end and
based on whether the company reached certain sales or revenue
targets. The bonuses were predicated on the lower target levels.

After months of trying to find a buyer or other solution, Armstrong
Flooring filed for Chapter 11 bankruptcy on May 8.

Payouts to executives prior to bankruptcy in other cases have
caught the attention of federal authorities and even threatened to
thwart Armstrong Flooring’s Chapter 11 plan. A report by the
federal Governmental Accountability Office in September 2021 found
42 companies paid out $165 million five months to two days before
filing bankruptcy in 2020.

The GAO study was conducted in response to potential abuses
involving executive bonuses after Congress amended the bankruptcy
code in 2005 to restrict debtors in Chapter 11 from paying
executives retention bonuses for staying through bankruptcy and, to
a lesser extent, incentive bonuses to achieve performance targets.
There was a provision in a congressional report for GAO to review
bankruptcy code on bonuses and a selected number and amount of
court-requested and approved bonuses in fiscal year 2020.

The GAO concluded that Congress should consider amending the
bankruptcy code to clearly subject bonuses debtors pay executives
shortly before a bankruptcy filing to bankruptcy court oversight
and to specify factors courts should consider to approve such
bonuses.

Armstrong Flooring's lender, Pathlight Capital, had opposed a new
bankruptcy loan because it argued that the loan was essentially, in
part, being used to restore funds that went to the executives.
Ultimately, Pathlight dropped its argument and Judge Mary Walrath
approved the financing.

                   More than 2,900 claims filed

The executives' claims are part of more than 2,900 claims seeking a
piece of the remnants of a $200 million sale of the company’s
assets in July. Armstrong Flooring owed creditors $317.8 million in
debt, including $160 million to pre-bankruptcy lenders, Pathlight
Capital and Bank of America, and another $24 million to the same
lenders for bankruptcy financing. The lenders are first in line for
payment because those loans are secured by property that was sold.


Armstrong Flooring, as the debtor-in-possession, will have to give
a full accounting of its finances in reports filed after the
confirmation of a plan of reorganization and before the case is
closed. In its last report, it had a cash balance of $788,678 at
the end of June. The next report covering the month of July when
the sale of the company was completed will likely be filed at the
end of this month.

When a company files for bankruptcy, its creditors, including
employees, can file claims for debts owed for up to 180 days prior
to bankruptcy. Some creditors don’t file claims because they
don’t expect there to be any money while others file just in case
there is some.

In Armstrong Flooring’s case it’s not likely they will see all
of that money, if any.

Employee wages have priority up to a certain amount if earned
within 180 days of the bankruptcy filing, according to bankruptcy
attorney Barry Solodky of Manheim Township-based Saxton & Stump.
Solodky helped some Armstrong Flooring workers who are not
executives file claims for pension benefits and severance pay.  

An LNP | LancasterOnline review of claims showed that some
employees were paid for part of their 2021 and 2022 incentives on
July 6.


While the LNP review showed no employees seeking back pay, there
are retirees seeking an untold amount of pension and life insurance
benefits and more than two dozen former workers who live in
Lancaster County seeking more than $1 million in severance earned
prior to the bankruptcy. The employee claims range from more than
$1 million to a few thousand dollars.

Some sought simply $15,150 for a priority claim, which is the
highest any employee can receive under bankruptcy law.

“Each individual employee of a bankrupt employer is given a
priority of $15,150 (as of April 2022, adjusted to inflation every
36 months) of all wages, salaries or commissions the employee
earned up to 180 days prior to the organization filing for
bankruptcy,” according to the Society of Human Resource Managers.
”In some cases, there will be sufficient assets to satisfy
employee claims in full; in others, employees may be compensated
for only a portion of their claims or receive nothing at all.”

Law firms representing the company, unsecured creditors and
retirees and financial advisors have applied to be paid more than
$15 million for their services.

Some of the executives are seeking severance, which is subject to
contracts between the company and employee.

Solodky said executory contracts, whether employee or otherwise,
can be assumed or rejected in the bankruptcy case. The buyer of
most of Armstrong Flooring’s North American assets, AHF Products,
assumed union contracts with some modifications. It did not assume
the executives' contracts and company officers except for Vermette
and Parisi were laid off on July 22, along with a few hundred of
mostly headquarters staff.

A 2016 severance agreement for Armstrong Flooring executives filed
with the Securities and Exchange Commission says the company may
permanently suspend benefits under severance allowances in pay
status in the event of the company’s insolvency, liquidation, or
bankruptcy reorganization or in the event the cost of providing
such benefits would lead to the company’s insolvency,
liquidation, or bankruptcy reorganization.

Former Armstrong Flooring CEO Vermette was paid $2,157,530 in 2021,
and the total compensation for the median employee in 2021 was
$56,826, resulting in an estimated ratio of CEO’s pay to the pay
of a median employee for 2021 of 37 to 1.

Vermette’s employment agreement says it is enforceable “except
to the extent that enforceability may be limited by applicable
bankruptcy, insolvency or similar laws affecting the enforcement of
creditors’ rights generally.” The contract was for three years
from August 2019.

Also, the bankruptcy estate may be able to recover some money via a
preferential transfer. Preference allows money spent 90 days prior
to bankruptcy to be brought back into the estate if the money was
given preferentially to a creditor, Solodky said. The
debtor-in-possession or the U.S. Trustee has two years from the
bankruptcy filing for transfer actions, which usually happen
towards the end of the process.

For money paid out to company insiders (officers, directors,
shareholders or anyone with an extremely close relationship to the
debtor) the preferential lookback is a year, Solodky said.

In 2020, Vermette saw the value of his pay plunge 73.7% to $1.19
million from $4.52 million the prior year, when he was hired and
was given stock valued at the time at $3.8 million, spread over
five years.

The stock grant was to replace compensation he would have received
if he had stayed at his prior post at Mohawk Industries and was to
reward him if Armstrong Flooring common stock’s stock price hit
certain marks.

LNP | LancasterOnline reported in 2021 that Armstrong Flooring
didn’t raise the salaries of Vermette and the other top
executives because of the pandemic, which slashed the company’s
financial results. Armstrong still gave the executives an annual
incentive payout, albeit at the minimum level, because the company
made progress on its strategic overhaul.

                  About Armstrong Flooring

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

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

Judge Mary F. Walrath oversees the case.

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


ART STONES DESIGN: Files Chapter 11 Subchapter V Case
-----------------------------------------------------
Art Stones Design Corp. filed for chapter 11 protection in the
Middle District of Florida.  The Debtor filed as a small business
debtor seeking relief under Subchapter V of Chapter 11 of the
Bankruptcy Code.

The Debtor's primary business activity is the custom fabrication
and installation of natural stones and man made material for
countertops.  

The Debtor rents its business premises from 4115 University Blvd.,
LLC in Jacksonville. The rent is $7,230.00 per month. The rent
arrearage
is currently $57,840.

Marco Pertile started Art Stones Design Corp. in 2010.  In 2017 he
decided to advance to digital production which would significantly
improve the quality and quantity of finished products.  In the
beginning of 2020, the Debtor signed a contract involving three
apartment projects and over 900 separate jobs.  The contact
contained a fixed price for each
unit.  Fabrication of these units began at the end of 2020.  Due to
the supply chain interruptions created by Covid, the cost of
material increased 79% from the start of the contract.  The Debtor
covered the cost increase but started making late payments on debt
and missing payments. The Debtor borrowed high interest loans at
32% in an effort to make delivery deadlines and avoid daily fines.
The contractor promised to assist with material cost which never
happened.  As the high interest lender continued to make automatic
withdrawals from the business account, the business could not
continue without debt relief in Chapter 11.

According to court filings, Art Stones Design Corp. estimates
between 1 and 49 unsecured creditors.  The petition states funds
will be available to unsecured  creditors.

                   About Art Stones Design Corp.

Art Stones Design Corp. is a granite supplier in Jacksonville,
Florida.

The Debtor filed a petition for relief under Subchapter V of
Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
22-01716) on August 27, 2022. In the petition filed by  Marco
Pertile, as president, the Debtor reports estimated assets between
$100,000 and $500,000 and estimated liabilities between $500,000
and $1 million.

Jerrett M McConnell has been appointed as Subchapter V trustee.

The Debtor is represented by Lisa C. Cohen of Ruff & Cohen PA.


AU HEALTH: Moody's Cuts Rating on Revenue Bond to Ba3, Outlook Neg.
-------------------------------------------------------------------
Moody's Investors Service has downgraded AU Health System, Inc.'s
(GA) (AUHS) revenue bond rating to Ba3 from Ba1. The outlook
remains negative. The system had approximately $234 million of debt
outstanding as of fiscal year end 2021.

RATINGS RATIONALE

The downgrade to Ba3 reflects rapid deterioration of unrestricted
cash and investments, along with an anticipated continuation of
weak operating performance, both of which will be worse than
originally expected for fiscal 2022. Additionally, there is a
higher risk of an event of default in the event debt service
coverage is below 1.0 times for a second consecutive year in fiscal
2023; the required debt service coverage of 1.1 times is not
expected to be met for fiscal 2022 when the audited financial
statements are delivered. Moreover, performance improvement will be
challenging given elevated labor and supply costs and volume
disruption, which have been exacerbated by the on-going pandemic. A
lack of management track record complicates AUHS's ability to
achieve a financial turnaround given the recent unexpected c-suite
turnover for the second time in three years; a Governance
consideration under Moody's ESG classifications. Moody's expects
liquidity to remain very weak through FYE 2023, with days cash on
hand likely to remain below 50 days, reflecting levels that are
materially weaker than prior expectations.

Factors supporting the Ba3 include robust population growth driven
by federal investments in the primary service area which will drive
volume demand; along with AUHS' competitive advantage as an
essential safety net provider and the academic medical center for
the Medical College of Georgia, the only public medical school in
the state. AUHS will, however, continue to face competition for
volumes given the nearby presence of several sizable health
systems. The rating also favorably incorporates the system's
distinctly leading position for pediatric services and full-service
array with an exclusive Level I trauma center designation, as the
only freestanding children's hospital in the market. Lastly, a
strong relationship with the Augusta University faculty physicians
will allow for labor productivity initiatives and strategic
alignment as the system endeavors to capture growing volumes in the
primary service area.

RATING OUTLOOK

The negative outlook reflects material and multiple risks that
could result in greater than expected operating losses and cash
declines during 2023 and beyond. Weaker than expected operating
cash flow margins in fiscal 2023, which AUHS projects to be in the
2.5% - 3.0% range, or a further decline in unrestricted cash and
investments (excluding Medicare accelerated payments) will likely
pressure the rating further. Lower than projected cashflow would
result in further liquidity decline and increase the risk of a
covenant breach and event of default. Additionally, the negative
outlook incorporates uncertainty around funding sources for and
financial impact of a sizeable construction project for a new
greenfield hospital in Columbia County. The impact of this project
on AUHS's rating will be assessed further as details become
available.

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING

     Materially improved and durable operating cash flow
margins

     Significantly improved cash levels and metrics
FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING

     Inability to achieve fiscal 2023 forecast or meet the debt
service coverage covenant

     Greater than anticipated deterioration of cash levels or
changes to the outstanding swap which results in material cash
collateral postings

     Inability to attain volume recovery or loss of market
share

     Additional direct or indirect debt which further stresses
operating cash flow or liquidity

     Inability to secure a long term management team for the
health system

LEGAL SECURITY

Debt is secured by a gross revenue pledge of the obligated group
and an interest in AU Medical Center's leasehold improvements in
hospital facilities. The obligated group includes AU Health System,
Inc., AU Medical Center, Inc. (AUMC), AU Medical Associates, Inc.
(AUMA) and Roosevelt Warm Springs Rehabilitation and Specialty
Hospitals, Inc. (RWSH). The only covenant per the Master Trust
Indenture is a 1.10 times debt service coverage ratio measured
annually. Remedies include consultant call if below 1.10 times
coverage and an Event of Default if below 1.0 times for two
consecutive years. The outstanding debt is not an obligation of
Augusta University nor the Board of Regents.

PROFILE

AU Health System, Inc. (AUHS, f/k/a AU Medical Center, Inc.) is
comprised of a 478-bed adult hospital and 154-bed children's
hospital located in Augusta, GA. AUHS serves as the academic
medical center for the Medical College of Georgia, the only public
medical school in the state. AU Health System, Inc. is the sole
corporate member of Roosevelt Warm Springs Rehabilitation &
Specialty Hospitals, Inc. (RWSH) and AU Medical Associates, Inc.
(AUMA), the physician faculty practice plan, and is a component
unit of the Board of Regents of the University System of Georgia.

METHODOLOGY

The principal methodology used in the rating was Not-For-Profit
Healthcare published in December 2018.


AYRO INC: Removes Interim Tag, Names David Hollingsworth as CFO
---------------------------------------------------------------
AYRO, Inc. has appointed David E. Hollingsworth as the Company's
chief financial officer, effective Aug. 23, 2022.  Mr.
Hollingsworth brings deep financial reporting and accounting
experience spanning 16 years, including most recently as the
interim CFO at the Company since January 2022.

"Dave has proven himself as a finance leader who brings strategic
thought and a deep knowledge of financial accounting, treasury,
enabling systems infrastructure, and reporting," noted Tom
Wittenschlaeger, AYRO CEO.  "I look forward to continuing the work
we started, with Dave's support in executing our product
development and growth strategy in the Low Speed Electric Vehicle
industry, beginning with our new AYRO Z platform."

Mr. Hollingsworth began his time at AYRO as a financial consultant.
During his tenure he established financial controls over reporting
and inventory, including new system integration and staffing
reorganization.  He instituted a companywide analysis to resolve
issues related to past operational and financial direction with an
aim to to streamline process, improve deliverables, reduce
expenditures, and improve critical outcomes.

Prior to his role as the interim CFO at AYRO, Mr. Hollingsworth
served in various financial leadership capacities, including roles
as controller and director of Accounting at Wondercide, Sunworks,
Inc., and CPI Products.  He has also served in a consulting
capacity at Bridgepoint Consulting and APH, Inc. and spent several
years with Marriott International.  Mr. Hollingsworth holds a
master's degree in business administration from Weber State
University and a bachelor of science degree in accounting from
Brigham Young University – Idaho.

"I look forward to continuing to work with Tom and the rest of the
leadership team.  I believe our strategy, culture, and seasoned
staff find us uniquely positioned to capitalize on our
next-generation, purpose-built, electric utility vehicle roadmap.
I believe my financial management experience in the public and
private sector will be extremely useful in helping accelerate the
Company's growth," added Mr. Hollingsworth.

Mr. Hollingsworth will be entitled to receive an annual base salary
of $230,000, payable in equal installments semi-monthly pursuant to
the Company's normal payroll practices.  For each fiscal year
during the employment period, Mr. Hollingsworth is eligible to
receive periodic bonuses of up to 40% of his annual base salary
upon achievement of target objectives and performance criteria,
payable on or before March 15 of the fiscal year following the
fiscal year to which the bonus relates.  Targets and performance
criteria will be established by the Board after consultation with
Mr. Hollingsworth and the Company's chief executive officer, but
the evaluation of Mr. Hollingsworth's performance will be at the
Board's sole discretion.  The Employment Agreement also entitles
Mr. Hollingsworth to receive customary benefits and reimbursement
for ordinary business expenses.

                            About AYRO

Texas-based AYRO, Inc., formerly known as DropCar, Inc. --
http://www.ayro.com-- engineers and manufactures purpose-built
electric vehicles to enable sustainable fleets.  AYRO's EVs are an
eco-friendly microdistribution alternative to gasoline vehicles.

Ayro reported a net loss of $33.08 million for the year ended Dec.
31, 2021, a net loss of $10.76 million for the year ended Dec. 31,
2020, a net loss of $8.66 million for the year ended Dec. 31,
2019,
and a net loss of $18.75 million for the year ended Dec. 31, 2018.
As of March 31, 2022, the Company had $73.07 million in total
assets, $3.60 million in total liabilities, and $69.46 million in
total stockholders' equity.


AYTU BIOPHARMA: Issued First Patent for AR101/Enzastaurin
---------------------------------------------------------
Aytu BioPharma, Inc. announced that the U.S. Patent and Trademark
Office has issued a new patent, No. 11,273,148 (the "148 patent"),
for AR101/Enzastaurin.  This patent, titled "Targeted Epigenetic
Therapy for Inherited Aortic Aneurism Condition," covers methods
for the targeted epigenetic therapy of inherited aortic aneurysm
and other diseases with altered regulation of TGFβ genes,
including Ehlers-Danlos Syndrome.  This is the first issued patent
supporting the portfolio and has an expiry date in August of 2038,
assuming no patent term extensions.

"This first patent issuance supporting the portfolio is an
important milestone as we build out a broad, global suite of
intellectual property supporting AR101.  This is the first of
multiple patent families filed which are collectively aimed at
yielding both IP breadth and depth to our global patent suite,"
remarked Josh Disbrow, chief executive officer of Aytu BioPharma.
"This issued patent underpins the broad potential clinical
application across numerous inherited vascular disorders, including
vascular Ehlers-Danlos Syndrome ("VEDS"), for which we are
advancing AR101 as an initial indication.  We expect to progress
the PREVEnt Trial in VEDS for AR101 and dose the first patient by
early 2023."

                       About Aytu BioPharma

Englewood, Colorado-based Aytu BioPharma, Inc., formerly known as
Aytu BioScience, Inc. -- http://www.aytubio.com-- is a specialty
pharmaceutical company with a growing commercial portfolio of
prescription therapeutics and consumer health products.  The
company's primary prescription products treat attention deficit
hyperactivity disorder (ADHD) and other common pediatric
conditions. Aytu markets ADHD products Adzenys XR-ODT (amphetamine)
extended-release orally disintegrating tablets,
Cotempla XR-ODT (methylphenidate) extended-release orally
disintegrating tablets, and Adzenys-ER (amphetamine)
extended-release oral suspension.

Aytu Biopharma reported a net loss of $58.29 million for the year
ended June 30, 2021, a net loss of $13.62 million for the year
ended June 30, 2020, and a net loss of $27.13 million for the year
ended June 30, 2019.  As of Dec. 31, 2021, the Company had $223.82
million in total assets, $118.29 million in total liabilities, and
$105.54 million in total stockholders' equity.


BANKS CONSTRUCTION: Seeks to Hire Bruner Wright as Legal Counsel
----------------------------------------------------------------
Banks Construction, LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Florida to employ Bruner Wright,
PA as its bankruptcy counsel.

The Debtor needs a counsel to give legal advice with respect to its
powers and duties in this Chapter 11 case.

The firm received a retainer in the amount of $11,100.

The hourly rates of Bruner Wright's attorneys and staff are as
follows:

     Robert C. Bruner   $450
     Byron Wright III   $375
     Paralegal          $150

Byron Wright III, a member at Bruner Wright, disclosed in a court
filing that his firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Byron Wright III, Esq.
     Bruner Wright, PA
     2810 Remington Green Circle
     Tallahassee, FL 32308
     Telephone: (850) 385-0342
     Facsimile: (850) 270-2441

                     About Banks Construction

Banks Construction, LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No.
22-30451) on Aug. 9, 2022, listing under $1 million in both assets
and liabilities. Judge Jerry C. Oldshue Jr. oversees the case.
Bruner Wright, PA serves as the Debtor's counsel.


BAUSCH HEALTH: Moody's Cuts CFR to Caa2, Outlook Negative
---------------------------------------------------------
Moody's Investors Service downgraded certain ratings of Bausch
Health Companies Inc. ("Bausch Health") and certain of its
subsidiaries. The downgrades include the Corporate Family Rating to
Caa2 from Caa1, the Probability of Default rating to Caa3-PD from
Caa1-PD, the senior secured ratings to B3 from B2, and the senior
unsecured rating to Caa3 from Caa2. The Caa3 rating on the
company's senior unsecured notes is likely to be downgraded further
if the company's proposed debt restructuring transaction is
completed. In addition, Moody's assigned a B3 (LGD2) rating to the
company's proposed new senior secured notes, and a Caa3 (LGD4)
rating to the company's proposed second lien secured notes. These
notes, together with secured notes at a new intermediate holding
company (unrated), are being offered as an exchange for certain
unsecured notes in a debt restructuring transaction that Moody's
deems to be a distressed exchange. There is no change to the
company's Speculative Grade Liquidity Rating SGL-2.

Moody's affirmed the B1 rating on the secured credit facilities of
Bausch + Lomb Corporation.

The outlook on all entities remains negative.

The downgrades follow the company's announcement of a proposed debt
restructuring transaction that would replace existing senior
unsecured debt with new first lien and second lien secured bonds.
The restructuring, if completed, would constitute a distressed
exchange, which is an event of default under Moody's definition.
Notwithstanding the reduction in debt and financial leverage that
will ensue if the transaction is completed, the Caa2 Corporate
Family Rating and Caa3-PD Probability of Default Rating more
properly reflect the risks associated with the pursuit of
distressed exchange transactions and additional actions the company
may take to address its capital structure. In addition, the Caa3
unsecured rating reflects Moody's estimate of expected loss for
unsecured creditors participating in the exchange.

If the debt restructuring is completed, Moody's anticipates a
further downgrade of the company's unsecured notes to Ca from Caa3.
This future downgrade would reflect the level of subordination
arising from the proposed exchange offer in which the mixture of
secured to unsecured debt would substantially weaken the credit
quality of both secured and unsecured debt outstanding. In
addition, after the restructuring transaction, Moody's anticipates
downgrading the Speculative Grade Liquidity Rating to SGL-3 from
SGL-2 reflecting tightening cushion in the secured leverage
covenant of the revolving credit facility.

Governance risk is a consideration in the rating action. The debt
restructuring transaction has negative implications for creditors
as it relates to financial strategy and risk management.

Downgrades:

Issuer: Bausch Health Companies Inc.

Corporate Family Rating, Downgraded to Caa2 from Caa1

Probability of Default Rating, Downgraded to Caa3-PD from Caa1-PD

Senior Secured Bank Credit Facility, Downgraded to B3 (LGD2) from
  B2 (LGD2)

Senior Secured Regular Bond/Debenture, Downgraded to B3 (LGD2)
  from B2 (LGD2)

Senior Unsecured Regular Bond/Debenture, Downgraded to Caa3
(LGD4)
  from Caa2 (LGD5)

Issuer: Bausch Health Americas, Inc.

Backed Senior Unsecured Regular Bond/Debenture, Downgraded to
  Caa3 (LGD4) from Caa2 (LGD5)

Affirmations:

Issuer: Bausch + Lomb Corporation

Senior Secured Bank Credit Facility, Affirmed B1 (LGD1)

Assignments:

Issuer: Bausch Health Companies Inc.

Senior Secured First Lien Regular Bond/Debenture, Assigned
  B3 (LGD2)

Senior Secured Second Lien Regular Bond/Debenture, Assigned
  Caa3 (LGD4)

Outlook Actions:

Issuer: Bausch Health Americas, Inc.

Outlook, Remains Negative

Issuer: Bausch Health Companies Inc.

Outlook, Remains Negative

Issuer: Bausch + Lomb Corporation

Outlook, Remains Negative

RATINGS RATIONALE

Bausch Health's Caa2 Corporate Family Rating reflects its high
financial leverage with gross debt/EBITDA of about 7x using Moody's
calculations and reflecting several recent transactions including
the IPO of Bausch + Lomb Corporation. Although the recently
proposed debt restructuring would reduce debt/EBITDA to about 6.5x
on a total-company basis, the credit profile is materially
constrained by the exposure to potential genericization of Xifaxan
– the company's largest product. A recent court decision
invalidated certain Xifaxan patents and validated others. The
timing of a generic launch remains uncertain, but would materially
raise financial leverage and the overhang has led to an untenable
capital structure. A planned spin-off of Bausch + Lomb would
increase business risks of the remaining company due to reduced
scale and diversity and high leverage initially, with targeted net
debt/EBITDA of 6.5x to 6.7x on an ex-Bausch + Lomb basis, and faces
execution risks in attaining this target.

These risks are tempered by the company's significant global scale
and diversity and solid cash flow. The credit profile is supported
by good liquidity, including solid free cash flow and revolver
availability.

The B3 rating on Bausch Health Companies Inc.'s senior secured
revolving credit facility, term loan and secured notes reflects a
1-notch negative override to the outcome produced from Moody's Loss
Given Default for Speculative-Grade Companies Methodology. This
reflects Moody's view of the potential for an increase in the
proportion of secured debt in the capital structure to support debt
exchange transactions.

ESG considerations are material to Bausch Health's credit profile,
reflected in the Credit Impact Score of CIS-5, Very Highly
Negative. Bausch Health faces very highly negative governance risk
exposures, reflected in the G-5 score. Despite a consistent debt
reduction strategy, gross debt/EBITDA has remained persistently
high, creating financial strategy and risk management exposures
which are now elevated following the Xifaxan court ruling. In
addition, the company faces execution risk in completing the Bausch
+ Lomb spinoff as well as subsequently operating the remaining
Bausch Pharma business, highlighting management credibility and
track record risks. In addition, like other pharmaceutical
companies Bausch Health has highly negative exposures to social
risks, reflected in the S-4 score. These exposures include a
variety of unresolved legal issues, notwithstanding significant
progress to date at resolving such matters. Other social risks
include exposure to regulatory and legislative efforts aimed at
reducing drug pricing. Bausch Health's product and geographic
diversification help mitigate some of that exposure, as well as
business lines outside of branded pharmaceuticals.

The negative outlook reflects the potential for additional credit
degradation that would ensue from a generic Xifaxan launch, or from
additional distressed exchange transactions. The potential
separation of Bausch + Lomb Corporation remains uncertain, but
would be credit negative based on reduced scale and diversity.

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

Factors that could lead to a downgrade include generic competition
for Xifaxan, other operating setbacks, large litigation-related
cash outflows, deteriorating liquidity or additional transactions
that increase the probability of default.

Factors that could lead to an upgrade include clarity in avoiding
or delaying generic competition for Xifaxan, solid operating
performance, and successful pipeline execution of new rifaximin
formulations. Debt reduction would also improve the company's
credit profile.

Bausch Health Companies Inc. is a global company that develops,
manufactures and markets a range of pharmaceutical, medical device
and over-the-counter products. These are primarily in the
therapeutic areas of eye health, gastroenterology and dermatology.
Revenues for the 12 months ended June 30, 2022 totaled
approximately $8.2 billion.

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


BAUSCH HEALTH: S&P Downgrades ICR to 'CC', Outlook Negative
-----------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Bausch
Health Cos. Inc. and its ratings on the company's outstanding
unsecured notes to 'CC' from 'CCC+'.

S&P said, "At the same time, we placed our 'B' rating on Bausch
Health's senior secured debt on CreditWatch with negative
implications, as we expect that recovery prospects will materially
weaken once the exchanges are completed and the new secured debt is
issued.

"The negative outlook reflects our expectation that upon completion
of the exchanges, we will lower the issuer credit rating to 'SD'
and our ratings on the unsecured notes to 'D'."

Bausch Health has announced exchange offers for its senior
unsecured notes, under which existing noteholders would receive
between 44 to 72 cents on the dollar in newly issued first-lien,
second-lien, and intermediate holding company notes.

S&P views these exchanges as distressed and tantamount to a
default, as the noteholders will be receiving less than originally
promised.

S&P said, "We view the exchanges as distressed.Under the proposed
terms of the exchanges, unsecured noteholders would receive a
combination of new first-lien notes, new second-lien notes, and new
intermediate holding company secured notes (secured only by assets
of the holding company issuer and not by Bausch Health or Bausch +
Lomb) at between 44 and 72 cents on the dollar. We view these
exchanges as tantamount to a default, as the noteholders will
receive far less than the original promise. As of the announcement,
holders of about 22.8% of the outstanding unsecured notes had
entered into a support agreement to tender all their existing
notes.

"The negative outlook reflects our expectation that we will lower
our issuer credit rating on Bausch Health to 'SD' and the ratings
on the unsecured debt to 'D' upon completion of the exchanges."



BROWNIE'S MARINE: Incurs $329K Net Loss in Second Quarter
---------------------------------------------------------
Brownie's Marine Group, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $328,663 on $2.40 million of total net revenues for the three
months ended June 30, 2022, compared to a net loss of $89,805 on
$1.71 million of total net revenues for the three months ended June
30, 2021.

For the six months ended June 30, 2022, the Company reported a net
loss of $772,754 on $4.37 million of total net revenues compared to
a net loss of $530,786 on $2.66 million of total net revenues for
the six months ended June 30, 2021.

As of June 30, 2022, the Company had $5.40 million in total assets,
$2.56 million in total liabilities, and $2.83 million in ttoal
stockholders' equity.

The Company had cash of $574,567 as of June 30, 2022.

Brownie's Marine stated, "We have a history of losses, and an
accumulated deficit of $15,317,359 as of June 30, 2022.  Despite a
working capital surplus of $1,792,309 at June 30, 2022, the
continued losses and cash used in operations raise substantial
doubt as to the Company's ability to continue as a going concern.
The Company's ability to continue as a going concern is dependent
upon the Company's ability to continue to increase revenues,
control expenses, raise capital, and continue to sustain adequate
working capital to finance its operations.  The failure to achieve
the necessary levels of profitability and cash flows would be
detrimental to the Company.  We are continuing to engage in
discussions with potential sources for additional capital, however,
our ability to raise capital is somewhat limited based upon our
revenue levels, net losses and limited market for our common stock.
If we fail to raise additional funds when needed, or if we do not
have sufficient cash flows from operations, we may be required to
scale back or cease certain of our operations."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1166708/000149315222023765/form10-q.htm

                      About Brownie's Marine

Headquartered in Pompano Beach, Florida, Brownie's Marine Group,
Inc., is the parent company to a family of innovative brands with a
unique concentration in the industrial, and recreational diving
industry.  The Company, together with its subsidiaries, designs,
tests, manufactures, and distributes recreational hookah diving,
yacht-based scuba air compressors and nitrox generation systems,
and scuba and water safety products in the United States and
internationally.  The Company has three subsidiaries: Trebor
Industries, Inc., founded in 1981, dba as "Brownie's Third Lung";
BLU3, Inc.; and Brownie's High-Pressure Services, Inc., dba LW
Americas.  The Company is headquartered in Pompano Beach, Florida.


Brownie's Marine reported a net loss of $1.59 million for the year
ended Dec. 31, 2021, compared to a net loss of $1.35 million for
the year ended Dec. 31, 2020.  As of Dec. 31, 2021, the Company had
$4.67 million in total assets, $2.05 million in total liabilities,
and $2.63 million in total stockholders' equity.

Boynton Beach, Florida-based Liggett & Webb, P.A., the Company's
auditor since 2018, issued a "going concern" qualification in its
report dated April 22, 2022, citing that the Company has
experienced net losses and has an accumulated deficit.  These
factors raise substantial doubt about the Company's ability to
continue as a going concern.


BULLSTRAP LLC: Seeks Cash Collateral Access Thru Nov 25
-------------------------------------------------------
Bullstrap, LLC asks the U.S. Bankruptcy Court for the Southern
District of Florida, West Palm Beach Division, for authority to,
among other things, use cash collateral and provide adequate
protection through November 25, 2022.

The Debtor requires the use of cash collateral for general
corporate and operational purposes.

As of the Petition Date, the Debtor's primary indebtedness is a
loan from the Small Business Administration relating to an Economic
Injury Disaster Loan. As of August 26, 2022, the outstanding
principal balance due under the Loan was $1,199,400. The Loan is
evidenced by an original note dated May 21, 2020 and security
agreement, a 1st modification of the note dated July 16, 2021, and
a 2nd Modified of Note and Amended Security Agreement encumbering
substantially all of the assets of the Debtor. The Note matured on
May 21, 2022.

Although Debtor does not yet take issue with the SBA's secured
position, Debtor reserves the right to challenge the validity,
priority and extent of the SBA's liens against the Debtor's
assets.

The SBA is adequately protected by virtue of the Debtor's continued
operations of their businesses and expenditure of cash on
maintaining the business.

As further adequate protection, the SBA will be granted a
replacement lien pursuant to 11 U.S.C. section 361(2) on and in all
property acquired or generated post-petition by the Debtor's
continued operations to the same extent and priority and of the
same kind and nature as the SBA would have had prior to the filing
of the bankruptcy case and subject to all objections and avoidance
claims.

The Debtor proposes that this replacement lien in the Post-Petition
Collateral will be valid and perfected only to the same extent as
and subject to the same objections and avoidance claims, without
the need for the execution, filing or recording of any further
documents or instruments, otherwise required to be executed or
filed under non-bankruptcy law.

In addition to that which Debtor proposes to provide as adequate
protection, the Debtor proposes to pay the SBA $1,500 each month as
an unallocated adequate protection payment. The payment is
unallocated at this juncture because there has been no
determination of secured status.

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

                       About Bullstrap, LLC

Bullstrap, LLC is a retailer of leather goods, including backpacks,
cellular telephone cases, smart watch wristbands, and other
lifestyle products. The Debtor has a substantial online presence.


The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-16627-EPK on August
26, 2022. In the petition signed by Claudio Conte, managing member,
the Debtor disclosed up to $500,000 in assets and up to $10 million
in liabilities.

Chad P. Pugatch, Esq., at Loriun Law is the Debtor's counsel.



BURNS ASSET: Bankruptcy Administrator Unable to Appoint Committee
-----------------------------------------------------------------
The U.S. Bankruptcy Administrator for the Eastern District of North
Carolina on Aug. 31 disclosed in a filing that no official
committee of unsecured creditors has been appointed in the Chapter
11 case of Burns Asset Management, Inc.

                   About Burns Asset Management

Burns Asset Management, which owns certain properties, first filed
a voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. E.D.N.C. Case No. 20-03888) on Dec. 14, 2020.  The
court entered an order confirming its Chapter 11 plan in September
2021.  The Debtor subsequently missed monthly payments to secured
creditor Deutsche Bank National Trust Company.  In July 2022, the
Debtor consented to the U.S. Trustee's motion for dismissal of the
case.

Burns Asset Management sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 22-01721) on Aug. 5,
2022, listing as much as $1 million in both assets and liabilities.
James Burns, president of Burns Asset Management, signed the
petition.

J.M. Cook, Esq., at J.M. Cook, P.A., is the Debtor's counsel.


CENTRAL DRILLING: Files for Chapter 11 to Pursue Sale
-----------------------------------------------------
Coastal Drilling Land Company LLC has filed for chapter 11
protection.

The Debtor was formed in around 1998 as a drilling rig service
provider.  The Debtor focuses on providing oilfield services by
deploying its land rigs to customer locations in the South Texas
and Gulf Coast regions. Among other things, the Debtor’s asset
portfolio consists of two operational drilling rigs currently in
use by customers, three non-operating rigs, and various trucks,
trailers, drill pipe, and other equipment used to support its
business operations.

The Debtor maintains its corporate headquarters at 311 Saratoga
Blvd., Corpus Christi, Texas 78417.

The Debtor has 6 salaried employees and 45 hourly employees.

The Debtor has two members, each owning 50% of the Company:
Soutchoast Natural Resources, LLC, and John Powers' Horizon Rigs
LLC.

The Debtor has incurred a substantial amount of debt in order to
fund its activities and sustain operations.  The Debtor's
prepetition secured obligations to First Horizon Bank, as successor
by conversion to First Tennessee Bank National Association, matured
on June 30, 2022.  On July 22, 2022, the Debtor received a notice
of default from First Horizon providing that the outstanding amount
of $2,432,959.33 was due and owing to First Horizon.

In addition, the Debtor has other prepetition secured obligations
owed to John Powers, an insider of the Debtor, with respect to
certain of the Debtor's trucks on which Powers holds liens.  The
outstanding balance on the note due to Powers is approximately
$1,329,322.

The prolonged downturn and historic crash in commodity prices
resulting from the COVID-19 pandemic left the Debtor unable to
generate sufficient cash from operations to satisfy its obligations
as they become due, including the prepetition secured indebtedness
to First Horizon. These factors, along with ongoing supply chain
issues causing significant delays in receiving necessary parts and
equipment, have significantly harmed the Debtor's financial
position and its ability to effectively service its clients' needs.
The Debtor has been unable to dig itself out of this hole created
by the global pandemic, and as a result, it has continued to incur
losses from operations during the past several fiscal years.

However, with the recent rebound of commodity prices, the
Debtor’s outlook has improved.  The Debtor has been able to
resume business activities with its two operational drilling rigs,
and it currently generates a cash flow sufficient to cover its
costs and service the
prepetition secured debt.  

The Debtor filed the Chapter 11 case to reorganize its financial
affairs and avail itself of the protections afforded by the
automatic stay under section 362 of the Bankruptcy Code while it
endeavors to preserve its business and maximize value for all
stakeholders.  

The Debtor has determined that a sale of substantially all of its
assets consummated through a process under section 363 of the
Bankruptcy Code would likely provide the greatest return for all
creditors and therefore intends to pursue a such a sale in this
Chapter 11 Case.

After making the decision to file the Chapter 11 Case, the Debtor
engaged Energy Capital Solutions, LLC ("ECS") as an investment
banker on or about August 23, 2022 to market the assets. The Debtor
intends to file an application to employ ECS, on an expedited
basis, in the Chapter 11 Case to promptly begin the marketing
process in connection with the sale.

According to court filing Coastal Drilling Land estimates between
200 and 999 creditors.  The petition states funds will be available
to unsecured creditors.

                    About Coastal Drilling Land

Coastal Drilling Land Company LLC --
https://www.coastaldrilling.com -- is a drilling contractor in
Corpus Christi, Texas.

Coastal Drilling Land Company LLC sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 22-20204)
on August 28, 2022. In the petition signed by Chris McClanahan, as
CEO, the Debtor reports estimated assets and liabilities between
$10 million and $50 million.

The Debtor is represented by Matthew Scott Okin of Okin Adams LLP.


CLASSIC REFRIGERATION: Taps Baker Tilly US as Financial Advisor
---------------------------------------------------------------
Classic Refrigeration SoCal Inc. seeks approval from the U.S.
Bankruptcy Court for the Central District of California to employ
Baker Tilly US, LLP as its financial advisor.

Baker Tilly will render these services:

     (a) assist in the analysis, review, and monitoring of the
restructuring process;

     (b) monitor, and to the extent appropriate, assist the Debtor
in efforts to develop and solicit transactions which would support
unsecured creditor recovery;

     (c) assist the Debtor in identifying, valuing, and pursuing
estate causes of action;

     (d) advise the Debtor in negotiations with third parties;

     (e) assist the Debtor in reviewing the Debtor's financial
reports;

     (f) review and provide analysis of any proposed Chapter 11
plan;

     (g) attend meetings and assist in discussions with the Debtor,
the U.S. Trustee, the Subchapter V Trustee, and other
parties-in-interest and professionals;

     (h) prepare a liquidation analysis and projected disposable
income in connection with the Chapter 11 plan;

     (i) present at meetings of the Debtor, as well as meetings
with other key stakeholders and parties; and

     (j) perform such other advisory services for the Debtor as may
be necessary or proper in these proceedings, subject to the
aforementioned scope.

The hourly rates of Baker Tilly's counsel and staff are as
follows:

     Partners and Principals        $500 - $695
     Directors                      $395 - $495
     Managers and Senior Managers   $225 - $375
     Consultants                    $150 - $275
     Paraprofessionals               $75 - $175

In addition, the firm will seek reimbursement for expenses
incurred.

Jere Shawver, a managing partner at Baker Tilly, disclosed in a
court filing that the firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Jere G. Shawver, CPA
     Baker Tilly US, LLP
     6320 Canoga Ave., 17th Fl.
     Woodland Hills, CA 91367
     Telephone: (818) 995-0090
     Facsimile: (818) 995-1771

                 About Classic Refrigeration SoCal

Classic Refrigeration SoCal Inc. is in the business of designing,
instructing, equipping, servicing and maintaining large cold
storage units throughout Southern California.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-11239) on July 25,
2022. In the petition signed by David Rogers, chief financial
officer, the Debtor disclosed $6,000,000 in total assets and
$7,000,000 in total liabilities.

Judge Theodor Albert oversees the case.

The Debtor tapped Jeffrey K. Garfinkle, Esq., and Carolyn Djang,
Esq., at Buchalter, a Professional Corporation, as legal counsel
and Baker Tilly US, LLP as financial advisor.


CLEAN ENERGY: Two Directors Resign
----------------------------------
Jun Wang and Yongsheng Lyu, members of the Board of Directors of
Clean Energy Technology, Inc., notified the Company of their
intention to resign from its Board of Directors for personal
reasons effective immediately.  

Neither Mr. Wang nor Mr. Lyu advised the Company of any
disagreement with the Company on matters relating to its finances,
operations, policies or practices. Effective upon their
resignation, the size of the Company's Board of Directors will be
reduced from four to two.

                         About Clean Energy

Headquartered in Costa Mesa, California, Clean Energy Technologies,
Inc. -- http://www.cetyinc.com-- designs, produces and markets
clean energy products and integrated solutions focused on energy
efficiency and renewables.

Clean Energy reported a net loss of $3.44 million for the year
ended Dec. 31, 2020, compared to a net loss of $2.56 million for
the year ended Dec. 31, 2019. As of June 30, 2021, the Company had
$5.84 million in total assets, $8.23 million in total liabilities,
and a total stockholders' deficit of $2.39 million.

Spokane, Washington-based Fruci & Associates II, PLLC, the
Company's auditor since 2015, issued a "going concern"
qualification in its report dated April 15, 2021, citing that the
Company has an accumulated deficit, net losses, negative working
capital, and has utilized significant net cash in operations.
These factors raise substantial doubt about the Company's ability
to continue as a going concern.


COASTAL DRILLING: Wins Cash Collateral Access
---------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Corpus Christi Division, authorized Coastal Drilling Land Company,
L.L.C. to use cash collateral on an interim basis in accordance
with the budget, with a 15% variance.

The Debtor has an immediate and critical need to use cash
collateral to continue ordinary course business operations and
maintain the value of the bankruptcy estate.

As of the Petition Date, the Debtor was a party to a Loan Agreement
and a Security Agreement both dated August 19, 2015, by and between
the Debtor and First Horizon, pursuant to which First Horizon made
certain loans, advances, and other financial accommodations to the
Debtor to fund, among other things, the Debtor's operations. The
advances from First Horizon were represented by a Term Note in the
original principal amount of $5.75 million and a Revolving Credit
Note in the original principal amount of $2 million. First Horizon
alleges that (i) pursuant to the Loan Documents, the aggregate
amount of not less than approximately $2.28 million was due and
owing by the Debtor to First Horizon on the First Horizon Term Note
as of the Petition Date.

John Powers alleges that he is the subrogee of First Horizon with
respect to the First Horizon Revolving Credit Note. Powers alleges
that: (i) pursuant to the First Horizon Loan Documents, the
aggregate amount of not less than $2 million is due and owing by
the Debtor to him as subrogee of First Horizon on the First Horizon
Revolving Credit Note as of the Petition Date; (ii) the First
Horizon Revolving Credit Note constitutes the Debtor's legal, valid
and binding obligation, enforceable in accordance with the terms of
the First Horizon Loan Documents; and (iii) the First Horizon
Revolving Credit Note is secured by valid, binding, perfected and
enforceable liens and security interests granted by the Debtor to
and for the benefit of First Horizon and now to him as subrogee
pursuant to the First Horizon Loan Documents and further set forth
in the recorded UCC Financing Statement of First Horizon, upon and
in the property of the Debtor as described in the recorded First
Horizon Loan Documents whether then owned or thereafter acquired or
arising.

As adequate protection, each Secured Lender is granted Replacement
Liens, Superpriority Claims, and any applicable adequate protection
payments.

To the extent of any Diminution in Value, each Secured Lender, is
granted valid, automatically perfected and enforceable additional
adequate protection replacement liens, in accordance with the
priority of the applicable Secured Lender and subject to the
Carve-Out and only in collateral of the same type as such Secured
Lender has a valid prepetition lien.

Subject to the Carve-Out, and to the extent of any Diminution in
Value, the Secured Lenders are hereby further granted an allowed
superpriority administrative expense claim, as provided and to the
full extent allowed by sections 503(b) and 507(b) of the Bankruptcy
Code, with priority over all administrative expense claims and
unsecured claims against the Debtor and its estate, now existing or
hereafter arising, of any kind or nature whatsoever.

The Carve-Out means: (a) quarterly fees required to be paid
pursuant to 28 U.S.C. section 1930(a)(6); and any fees payable to
the Clerk of the Bankruptcy Court; (b) actually incurred expenses
included in the Budget but unpaid as of the termination of the
Debtor's right to use cash collateral under the Interim Order; and
(c) the aggregate amount of any fees, costs, disbursements, and
expenses of any estate professionals retained in accordance with
Sections 327, 328, or 363 of the Bankruptcy  and included in the
Budget, which are actually incurred, but unpaid as of the
termination of the Debtor's right to use cash collateral under the
Interim Order, provided that such fees and expenses have been
previously or subsequently are approved by the Court, and only to
the extent such incurred and unpaid fees and expenses exceed any
retainer held by any such Professional at the time of such
termination; provided, however, that the Carve-Out pertaining to
the Professional Fees will be limited in the aggregate to up to
$200,000; provided, further, that in the event that any statutory
committee is appointed in the chapter 11 case pursuant to Sections
1102 or 1103 of the Bankruptcy Code, then the Carve-Out for
Professional Fees will be increased by up to an additional
$75,000.

The final hearing on the matter is set for September 30, 2022 at 3
p.m.

These events consists a Termination Event:

     a. September 30, 2022, unless replaced by a Final Order
authorizing use of cash collateral;

     b. The Debtor's Case is dismissed or converted to a case under
chapter 7 of the Bankruptcy Code;

     c. Either (i) the Court enters an order appointing a trustee
or an examiner with enlarged powers (beyond those set forth in
Sections 1104(c) and 1106(a)(3) and (4) of the Bankruptcy Code) for
the Debtor; or, (ii) the Debtor files a motion, application or
other pleading consenting to or acquiescing in any such
appointment;

     d. The Court suspends this chapter 11 case under Section 305
of the Bankruptcy Code;

     e. The consummation of any transaction resulting in the sale
or disposition of all or substantially all of the assets of the
Debtor and its estate;

     f. The Interim Order becomes stayed, reversed, vacated,
amended or modified without the consent of the Secured Lenders;
and

     g. The Debtor fails to satisfy any of the obligations set
forth in the Interim Order or any other order entered by the Court
and fails to cure such failure upon three business days' notice
from any Secured Lender or the U.S. Trustee.

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

            About Coastal Drilling Land Company, L.L.C.

Coastal Drilling Land Company, L.L.C. offers drilling rigs and
services to the South Texas and Gulf Coast regions.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 22-20204) on August 28,
2022. In the petition signed by CEO Chris McClanahan, the Debtor
disclosed up to $50 million in both assets and liabilities.

Judge David R. Jones oversees the case.

Matthew Okin, Esq., at Okin Adams Bartlett Curry LLP is the
Debtor's counsel.


DACO CONSTRUCTION: Seeks to Hire Marc Robert Kivitz as Counsel
--------------------------------------------------------------
Daco Construction Corporation seeks approval from the U.S.
Bankruptcy Court for the District of Maryland to employ Marc Robert
Kivitz, Esq. as counsel.

The firm will provide these services:

   a. advise the Debtor with respect to its powers and duties in
its continued and future financial affairs;

   b. represent the Debtor in the prosecution and/or defense of any
proceeding instituted to reclaim property or to obtain relief from
the stay of Section 362(a) of the Bankruptcy Code;

   c. prepare any necessary applications, orders, reports, notices,
and other legal documents and to appear in the Debtor's behalf in
proceedings instituted by or against theDdebtor;

   d. assist the Debtor in the preparation of schedules, statement
of affairs, statement of executory contracts, and any amendments
thereto which the Debtor is required to file in these proceedings;
and

   e. represent the Debtor in its dealings with its creditors.

The firm will be paid based upon its normal and usual hourly
billing rates. The firm will also be reimbursed for reasonable
out-of-pocket expenses incurred.

The retainer is $10,000.

Marc Robert Kivitz, Esq., disclosed in a court filing that the firm
is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code.

The firm can be reached at:

     Marc Robert Kivitz, Esq.
     201 N. Charles Street, Suite 1330
     Baltimore, MD 21201
     Tel: (410) 625-2300
     Fax: (410) 576-0140
     Email: mkivitz@aol.com

               About DACO Construction Corporation

DACO Construction Corporation is a construction company based in
Hanover, Md.

DACO Construction Corporation sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 22-14371) on
August 10, 2022. In the petition filed by Pedro Couto, as chief
operating officer, the Debtor reported assets between $1 million
and $10 million and liabilities between $1 million and $10
million.

Judge Michelle M. Harner oversees the case.

Marc Robert Kivitz, of Law Office of Marc R. Kivitz, is the
Debtor's counsel.


DASEKE INC: S&P Upgrades ICR to 'B+', Outlook Stable
----------------------------------------------------
S&P Global Ratings raised the issuer credit rating on Daseke Inc.
to 'B+' from 'B'. At the same time, S&P raised its issue-level
rating on the company's first-lien credit facility to 'B+' from
'B'. The '3' recovery rating is unchanged, indicating its
expectation for meaningful (50%-70%; rounded estimate: 65%)
recovery in the event of a default.

The stable outlook reflects S&P's assumption that Daseke will
benefit from relatively firm revenue and earnings, supported by
favorable near-term demand trends in the flatbed freight market.

S&P said, "We forecast revenue growth in the low- to mid-teens
percentage area in 2022, driven by strong flatbed freight rates,
increased end-market demand, and higher fuel surcharge revenue with
low-single-digit percentage growth to follow in 2023. Daseke's
revenue has benefited from sustained strong rates, demand for its
open-deck transportation services from industrial end markets that
require heavy haul movement of complex freight, and higher fuel
surcharge revenue. Daseke's average freight rate increased 12.2%
from fiscal 2020 to 2021. As of June 30, 2022, it is 10.9% higher
than its fiscal 2021 average year rate. While demand has increased,
Daseke's total miles driven have declined year over year since
fiscal 2020, driven primarily by delays in receiving new equipment.
Daseke has offset the decline in total miles driven by
strategically deploying company-owned assets in end markets that
offer higher rates and margins and deferring excess volumes to its
brokerage service. As a result, revenue from Daseke's brokerage
business increased 15% from fiscal 2020-2021 and 48% year over year
as of June 30. Daseke's fuel surcharge revenue has benefited from
the persistent rise in crude oil prices since fiscal 2020, though
this is primarily a pass-through that doesn't significantly affect
EBITDA or cash flow. For fiscal 2022, we expect Daseke to continue
to benefit from strong flatbed freight rates and demand in key
industrial end markets as opposed to the commodity-oriented
consumer retail markets where rates are softening. We believe there
will be some freight rate normalization in 2023. Despite some
softening in crude oil prices, we also believe Daseke's revenue
will benefit from higher fuel surcharges for the remainder of 2022.
Therefore, we forecast revenue growth in the low- to mid-teens
percentage area in 2022 and the low-single-digit percentage area in
2023.

"Despite inflationary costs, we expect leverage in the 3x-3.5x
range in 2022 and 2023. Daseke's 2021 S&P Global Ratings-adjusted
debt to EBITDA of 3.2x exceeded our expectations of 4x, driven by
less debt and better than expected adjusted EBITDA. It refinanced a
portion of its debt facilities to reduce S&P Global
Ratings-adjusted balances to $755 million from $851 million in
2020. Additionally, fiscal 2021 adjusted EBITDA was higher than our
expectations, driven by elevated freight rates and lower
maintenance costs, partially offset by higher driver costs.
Throughout the first half of fiscal 2022, driver pay, fuel,
maintenance spending, and insurance costs rose. The strong flatbed
freight rates and increased demand helped Daseke to partially
offset these costs.

"Daseke managed year-end leverage in the mid-4x area from
2018-2020, which included slower industrial production in 2019 and
the COVID-19 pandemic. Although macroeconomic conditions and spot
market pricing could deteriorate beyond our base-case assumptions,
we believe peak leverage would likely rise to about these levels,
which would still be in line with the 'B+' rating. However, due to
our view on the cyclicality and overall volatility of the trucking
sector, we interpret differently scenarios whereby leverage would
rise to the mid-4x area. If leverage were to remain in the 4x area
as a matter of management's preference and financial policy, we
would assess it more negatively because of an insufficient cushion
to absorb a downturn. Our 'B+' rating incorporates a volatility
cushion, and we would view such a rise as a temporary trough.

"We forecast higher capital expenditure in 2022 and 2023. We expect
Daseke's capital expenditure in fiscal 2022 to be $70 million ($190
million gross including equipment financing) compared to $53.7
million in 2021 ($118.4 million including strategically added
equipment financing). A portion of the increase of fiscal 2022
capital expenditure includes $25 million from 2021, which the
company could not spend due to equipment shortages. We also
anticipate spending of about $10 million for system enhancements
and upgrades. We forecast Daseke's fiscal 2023 capital expenditure
to be $70 million ($160 million gross including equipment
financing). As a result, we forecast fiscal 2022 free operating
cash flow to debt in the 12%-14% range and 16%-18% for 2023.

"The stable outlook reflects our assumption that Daseke will
benefit from relatively firm revenue and earnings supported by
favorable near-term demand trends and stable margins this year. We
expect the company to maintain S&P Global Ratings-adjusted debt to
EBITDA in the 3x-3.5x range and funds from operations (FFO) to debt
of 20%-25% over the next year."

S&P could lower the rating on Daseke in the next 12 months if it
expect:

-- The company's debt-to-EBITDA ratio to increase above 4x; or

-- FFO to debt deteriorate to less than 20% on a sustained basis
because of management's preference under normal operating
environments.

This could be caused by weaker-than-anticipated operating
performance, demand or pricing pressure, unexpected execution
challenges, or large debt funded acquisitions.

Although unlikely, S&P could raise the rating on Daseke in the next
12 months if:

-- Adjusted debt to EBITDA improves comfortably below 3x; and

-- FFO to debt improves comfortably above 30% on a sustained
basis.

This could occur if continued supply-and-demand mismatches improve
market conditions in the trucking industry and the company's
margins and profitability beat our expectations.

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

Environmental factors are a moderately negative consideration in
S&P's credit rating analysis on Daseke, reflecting the potential
for long-term industry pressures to reduce greenhouse gas emissions
for truck haulage firms.


DEALER PRODUCTS: Files for Chapter 11 Bankruptcy Protection
-----------------------------------------------------------
Dealer Products Inc. filed for chapter 11 protection in the
Northern District of Texas.

The Debtor is business to business wholesale retailer of auto parts
and other automotive products to dealerships, body shops, collision
repair
shops throughout the State of Texas and parts of Oklahoma.  

The impact of the global COVID-19 epidemic and its unintended
economic
consequences, such as supply chain delays and shortages, have
detrimentally impacted Debtor's ability to source the necessary
materials for its business.  The Debtor has also suffered setbacks
from labor availability and heightened labor costs.  Additionally,
demand for its various lines of automotive products decreased as
many Americans were quarantined.  Additionally, inflation has
caused the price of products routinely purchased by Debtor for its
business customers to significantly increase.  The business
landscape has also changed over the past couple of decades as
businesses and consumers have migrated to the internet to purchase
automotive parts and supplies.  

The Debtor suffered operating losses as it tried to rebound from
the pandemic and took every avenue available to it, including two
Payroll Protection Program loans, which were both forgiven, and a
Covid-19 Economic injury Disaster Loan ("EIDL") through the Small
Business Administration {"SBA").  In March, 2022, the Debtor
received an addition to the EIDL, which may be secured by Debtor's
assets.  The Debtor is utilizing the EIDL for its working capital
needs.

The Debtor also has a revolving line of business credit with
Comerica from June 28, 2015, which may be secured by the Deb1tor's
assets, and has a prepetition balance of approximately $255,000.

Comerica has been pressing Debtor and its principals for several
months to stem losses from its operations and surrender this
revolving line, even though all Debtor's lines of credit with
Comerica have always been performing: loans, and never in arrears.

Over the past year, Debtor has invested in new salespeople to boost
revenue to no avail, and the strategy was abandoned r1ecently.
While this restructure proved ineffective, Debtor has begun the
process of migrating more of its business to an online platform
that will permit it to optimize its wholesale process to maximize
sales.

In the meantime, a series of new purchasing agents, with access to
Debtor's business credit cards, have ordered inventory in excess of
what Debtor has been able to sell within a reasonable time at a
reasonable profit.  These mishaps have led Debtor to carry this
inventory and
have exacerbated its losses month over month within the last
quarter as this inventory has been slow to tum. This series of
charges has also caused Debtor's business credit card accounts to
balloon to $237,901.

The Debtor has trimmed its sales staff and has monthly revenues
sufficient to pay its lease obligations and payroll but lacks
sufficient revenues to service its lenders and trade creditors.

Accordingly, the Debtor has decided to reorganize its affairs for
the benefit of creditors, the estate, and parties-in-interest.

According to court filings, Dealer Products estimates between 50
and 99 unsecured creditors.  The petition states funds will be
available to unsecured creditors.

                    About Dealer Products Inc.

Dealer Products Inc. -- https://www.dealpro.com -- provides
distribution of motor vehicle supplies and accessories.  The
Company offers cabinets, bulbs, bolts, clips, nuts, hoses, hinges,
rivets, rings, screws, washers, and shims, as well as repairs heavy
duty trucks, trailers, gears, and axle.  Dealer Products serves
customers in the State of Texas.

Dealer Products Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 22-41970) on Aug. 29,
2022. In the petition filed by Susan H. Fischer, as vice-president,
the Debtor reported assets and liabilities between $1 million and
$10 million.

The Debtor is represented by M. Jermaine Watson of Cantey Hanger
LLP.


DIGITAL MEDIA: S&P Downgrades ICR to 'B-', Outlook Negative
-----------------------------------------------------------
S&P Global Ratings lowered its rating on Digital Media Solutions to
'B-' from 'B'. S&P also lowered its rating on its senior secured
debt to 'B-' from 'B'.

The negative outlook reflects S&P's expectation that company
performance will remain pressured over the second half of 2022,
that S&P Global Ratings-adjusted leverage will remain elevated near
13x at year-end, and that the company will generate negative to
breakeven free cash flow in 2022. It also reflects minimal headroom
under its financial covenant with the potential for a breach over
the next 12 months, and the elevated risk of a recession that could
prolong the company's recovery and lead to sustained weak credit
metrics through 2023.

The downgrade reflects our expectation for elevated leverage over
the next 12 months, caused by a cyclical downturn in Digital Media
Solutions' (DMS) insurance verticals because of high inflation and
macroeconomic issues. S&P said, "We expect a material increase in
S&P Global Ratings-adjusted gross leverage to about 13x in 2022
from 7x at year-end 2021, due to an expected decline in S&P Global
Ratings-adjusted EBITDA of nearly 50% to about $15 million to $20
million in 2022 from about $35 million at year-end 2021. The large
contraction in EBITDA is a result of significant operational
headwinds DMS is facing in its insurance verticals, as well as
ongoing restructuring and transaction expense that we include in
adjusted EBITDA (an expected $8 million to $10 million). The high
inflation environment and higher loss ratios are resulting in
reduced profitability among property and casualty insurance
carriers. As such, these carriers have significantly reduced their
marketing spend through 2022. The company's health insurance
vertical, its second largest after auto insurance, is also being
pressured due to reduced marketing spending from health insurance
carriers that are tightening budgets in response to a difficult
economic environment. We believe the company's performance will
remain weak until inflation subsides, macroeconomic conditions
improve, and insurance carriers increase their advertising budgets,
which is unlikely to occur the remainder of 2022."

DMS' digital advertising is highly cyclical, which leads to
uncertainty regarding its recovery. This is because expectations
for consumer spending drive advertising budgets. Digital
advertising, especially the auction-based programmatic advertising
DMS offers, is sold in real time and tends to react much faster to
changes in sentiment. This makes it very easy for advertisers to
scale back or halt their ad campaigns. S&P said, "We believe
digital is often the first medium to be cut, evidenced by the
marked decline in digital advertising growth across the industry so
far in 2022, but it will also likely be the first to recover. We
think the pace of ad spending among insurance carriers will likely
improve sometime in 2023, as the carriers adjust insurance premiums
in response to macroeconomic conditions, but to what extent is
unclear. DMS should have additional revenue growth opportunities
from planned increases in the number of its independent insurance
agents as well as with its new strategic partnerships and recent
acquisitions. However, we still expect 2023 leverage to be around
8x, as we expect a slow recovery in its insurance verticals with
leverage not likely to fall below 6x until 2024."

DMS would likely need a covenant waiver or another form of covenant
relief within the next two quarters. The company has a net leverage
covenant of 5.0x that will step down to 4.5x on Dec. 31, 2022. The
company's EBITDA margin of covenant compliance was about 6% as of
June 30, 2022. S&P said, "We believe this cushion will further
tighten over the next two quarters given expectations for the
company's performance to remain weak for the remainder of 2022. We
view it likely the company will need some form of covenant relief
to avoid a technical default at either one of its next two covenant
tests. Absent a waiver, or amendment to its credit agreement, the
company's credit agreement does contain a provision that would
allow an equity injection to be credited to EBITDA to cure a
tripped covenant. In the event the company does not seek a covenant
waiver or a credit amendment to alter its covenants, we view it as
a possibility its equity holders would contribute relief. This is
due to the substantial positions the company's two largest
shareholders, Prism Data LLC (formed with management equity) and
private equity firm Clairvest Group Inc. have in the company; each
hold about 25%-30% of voting shares. Additionally, even if the
company does receive some form of covenant relief in 2022, we would
expect headroom to remain tight in 2023, with the potential need
for future credit amendments, covenant waivers or equity
injections."

S&P said, "We expect Digital Media Solutions to maintain sufficient
liquidity over the next 12 months to support its operations, but
cash flow will be thin.DMS had about $26.4 million of cash on its
balance sheet and full availability under its $50 million revolving
credit facility as of June 30, 2022. We expect this liquidity
cushion will allow DMS to fund its operations and service its debt
despite expected declines in revenue and EBITDA. Although we
consider a liquidity shortfall to be unlikely, we expect the
company to generate negative to breakeven free cash flow in 2022.

"The negative outlook reflects our expectation that company
performance will remain pressured over the second half of 2022,
that S&P Global Ratings-adjusted leverage will remain elevated near
13x at year-end, and that the company will generate negative to
breakeven free cash flow in 2022. It also reflects minimal headroom
under its financial covenant with the potential for a breach over
the next 12 months, and the elevated risk of a recession that could
prolong the company's recovery and lead to sustained weak credit
metrics through 2023."

S&P could lower its rating on Digital Media Solutions if it views
the company's long-term capital structure as unsustainable. This
could occur if:

-- Revenue and EBITDA growth remain weak such that S&P expects
Digital Media Solutions cannot reduce leverage toward 6x well in
advance of is term loan maturity in 2026;

-- The company cannot generate positive free cash flow; or

-- S&P views the company would be unable to cure a financial
covenant breach.

Although unlikely, S&P could revise its outlook to stable and
potentially raise its rating on Digital Media Solutions over the
next 12 months if:

-- Inflation subsides and macroeconomic conditions improve such
that the company sees rebounding growth;

-- S&P expects the company to reduce and sustain leverage below
6x;

-- It maintains free operating cash flow to debt of above 5%; and

-- The company addresses its financial covenants.

U.S.-based DMS provides technology-enabled, data-driven digital
performance advertising solutions connecting consumers and
advertisers. It generates revenue by delivering performance-based
marketing services and customer acquisition to clients through its
direct marketing services on behalf of its clients, and through its
owned and operated websites. DMS is a public company, although
Prism Data LLC (formed with management equity) and private equity
firm Clairvest Group Inc. each own approximately 25%-30% of the
company's total voting shares.

ISSUE RATINGD - Recovery

Key analytical factors

-- The company's capital structure comprises a $50 million senior
secured revolving credit facility due in 2026 and a $225 million
senior secured term loan due in 2026.

-- Digital Media Solutions LLC is the borrower of the credit
facility and substantially all its current and future direct and
indirect subsidiaries guarantee the debt. The debt is secured by a
pledge of all assets and stock of eligible subsidiaries.

Simulated default assumptions

-- S&P's simulated default scenario contemplates a default in 2024
because of a combination of a sharp decline in advertising and
marketing spending (due to economic weakness) and key client losses
or pricing pressure (due to increased competition). Other default
assumptions include an 85% draw on the revolving credit facility.
The spread on the revolving credit facility rises to 5% as the
company obtains covenant amendments. All debt includes six months
of prepetition interest.

-- S&P valued DMS on a going-concern basis using a 6x multiple of
its projected emergence EBITDA which is in line with that of other
similarly sized digital marketing companies it rates.

Simplified waterfall

-- EBITDA at emergence: About $30 million

-- EBITDA multiple: 6.0x

-- Gross enterprise value: About $180 million

-- Net enterprise value (after 5% administrative costs): About
$171 million

-- Value available for senior secured debt claims: About $171
million

-- Estimated senior secured debt claims: About $272 million

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

  Ratings Score Snapshot

  Issuer credit rating: B-/Negative/--

  Business risk: Weak

  Country risk: Very low
  Industry risk: Intermediate
  Competitive position: Weak
  Financial risk: Highly leveraged

  Cash flow/leverage : Highly leveraged
  Anchor: b-
  
  Modifiers:

  Diversification/Portfolio effect: Neutral (no impact)
  Capital structure: Neutral (no impact)
  Financial policy: Neutral (no impact)
  Liquidity: Less than adequate (no impact)
  Management and governance: Fair (no impact)
  Comparable rating analysis: Neutral (no impact)

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



DR. R'KIONE: Business Operations, or Loan Proceeds, to Fund Plan
----------------------------------------------------------------
Dr. R'Kione Britton Chiropractic Corporation filed with the U.S.
Bankruptcy Court for the Central District of California a Plan of
Reorganization for Small Business dated August 29, 2022.

The Debtor incorporated in 2015, and is located at 11075 Santa
Monica Blvd., Suite 175, Los Angeles, CA 90025. The overall
business model includes two other entities, West LA Medical, Inc.
and West LA Regenerative Medical, LLC. As a doctor of chiropractic,
Dr. Britton cannot offer medical services.

Once the pandemic restrictions lifted, there simply was not enough
income to service the pre-pandemic and pandemic related debt.
Debtor also took out what are known as "Merchant Cash Advances."
Here, a third-party purchases future accounts receivable in
exchange for a lump sum payment. Unfortunately, Debtor was unable
to service those Merchant Cash Advances, the Merchant Cash Advance
companies started putting liens and levies or otherwise restricting
cash flow the culmination of which made the bankruptcy filing
inevitable.

The Plan Proponent's financial projections show that the Debtor
will have projected disposable income of $366,000.

The final Plan payment is expected to be paid on November 1, 2027.

This Plan of Reorganization proposes to pay creditors of the Debtor
from cash flow from operations, infusions of capital or loan
proceeds or other future income.

Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 0.00 cents on the dollar. This Plan also provides
for the payment of administrative and priority claims.

Class 2 consists of Secured Claims:

     * Secured Claim 2a of the US Small Business Administration.
Proof of Claim #2. This Class shall be paid $3833 per months from
months 14 to 61.

     * Secured Claim 2b of New Lane Finance Company. Proof of Claim
#4. This Class shall be paid $266 a month from months 14 to 61.

     * Secured Claim 2c of Prolend/Ergoflex. No Proof of Claim.
This Class shall be paid $133 a month from months 14 to 61.

     * Secured Claim 2d of NCMIC. Proof of Claim #5. This Class
shall be paid $97 per month from months 14 to 61.

     * Secured Claim 2e of Softwave. No Proof of Claim. This Class
shall be paid $1107 a month from months 14 to 61.

     * Secured Claim 2f of Footleveler. No Proof of Claim. This
Class shall be paid $18 a month from months 14 to 61.

The Plan will be funded from cash flow from business operations,
capital contributions, loans and/or any other income.

A full-text copy of the Plan of Reorganization dated August 29,
2022, is available at https://bit.ly/3B1Dtf0 from PacerMonitor.com
at no charge.

Attorney for the Plan Proponent:

          Steven E. Cowen, Esq.
          S.E. Cowen Law
          333 H Street, Suite 500
          Chula Vista, CA 91910
          Tel: (619) 202-7511
          Fax: (619) 489-0431
          Email: Cowen.steve@secowenlaw.com

          About Dr. R'Kione Britton Chiropractic Corp.

Dr. R'Kione Britton Chiropractic Corporation is a Los Angeles based
healthcare company offering chiropractic, spinal and joint care;
neuropathy treatment; spinal decompression; soft tissue
rehabilitation and pain relief; muscle and joint injury
rehabilitation; chronic pain relief care; posture restoration;
laser therapy; peak performance and sports injury treatment; and
scar tissue treatment.

Dr. R'Kione Britton Chiropractic sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 22-13004)
on May 31, 2022. In the petition signed by Dr. R'Kione Britton,
president, the Debtor disclosed $226,317 in assets and $1,308,118
in liabilities.

Judge Deborah J. Saltzman oversees the case.

The Debtor tapped Steven E. Cowen, Esq., at S.E. Cowen Law as legal
counsel; Small Business Tax, Inc. as tax advisor; and Scott
Christansen, a principal at AAdvanced Business Systems, as
bookkeeper.


EXPRESSJET AIRLINES: Court Okay Key Worker Pay Plan Okayed In Ch.11
-------------------------------------------------------------------
Jeff Montgomery of Law360 reports that bankrupt regional carrier
ExpressJet Airlines LLC landed a fast-tracked Delaware bankruptcy
court approval Friday, August 26, 2022, for up to $450,000 in key
employee retention bonuses, telling a judge it faces potentially
disastrous worker defections without authorization to supplement
their pay.

U.S. Bankruptcy Judge Mary F. Walrath approved the measure despite
the lack of a creditors' committee in the case, after attorneys for
the company said imminent worker losses could threaten the value of
the company's key remaining assets ahead of a planned liquidation.


                  About ExpressJet Airlines

ExpressJet Airlines -- https://expressjet.com -- is a regional US
airline headquartered in College Park, Georgia.

ExpressJet Airlines LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Case No. 22-10787) on August
23, 2022. In the petition filed by John Greenlee, as president, the
Debtor reported assets and liabilities between $10 million and $50
million.

Morris, Nichols, Arsht & Tunnell LLC is the Debtor's counsel.
Eversheds Sutherland (US) LLP is the Debtor's special corporate &
transactional counsel.  Epiq Corporate Restructuring LLC is the
claims agent.


FIRST TO THE FINISH: Trustee Seeks to Hire Robert Litz as Mediator
------------------------------------------------------------------
Michael Collins, the trustee appointed in the Chapter 11 case of
First to the Finish Kim and Mike Viano Sports Inc., seeks approval
from the U.S. Bankruptcy Court for the Southern District of
Illinois to employ Robert Litz as mediator.

The trustee needs mediation services for disputes at issues in two
adversary proceedings, a complaint filed by Nike USA, Inc. against
CNB Bank & Trust, Adv. Proc. No. 22-03013, and a complaint filed by
the trustee against CNB Bank & Trust, Adv. Proc. No. 22-03016.

The mediator's fee is $250 flat administrative fee per party and
$425 per hour.

The professional can be reached at:

     Robert Litz
     United States Arbitration & Mediation
     500 N. Broadway, Suite 1800
     St. Louis, MO 63102
     Telephone: (314) 231-4642
     Facsimile: (314) 231-0137

                  About First to the Finish Kim
                    and Mike Viano Sports Inc.

First to the Finish Kim and Mike Viano Sports Inc., sells sporting
goods, hobbies, and musical instruments, filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
S.D. Ill. Case No. 20-30955) on Oct. 7, 2020. The petition was
signed by Mike Viano, president. At the time of filing, the Debtor
estimated $1 million to $10 million in both assets and
liabilities.

Judge Laura K. Grandy oversees the case.

The Debtor is represented by Carmody MacDonald P.C.

The Chapter 11 Trustee, Michael E. Collins, is represented by
Manier & Herod, P.C.

CNB Bank & Trust, N.A., as secured lender, is represented by Silver
Lake Group, Ltd.  Nike USA, Inc., also a secured lender, is
represented by A.M. Saccullo Legal, LLC.


GLOBAL OUTREACH: Moody's Cuts Revenue Bonds Rating to 'Ba3'
-----------------------------------------------------------
Moody's Investors Service has downgraded Global Outreach Charter
Academy Inc., FL's (GOCA)  revenue bonds to Ba3 from Ba2. Moody's
has also assigned a Ba3 rating to Florida Development Finance
Corporation (FL) $23 million Educational Facilities Revenue Bonds
(Global Outreach Charter Academy Projects), Series 2022A, along
with $485,000 Educational Facilities Revenue Bonds (Global Outreach
Charter Academy Projects), Taxable Series 2022B. The outlook is
stable.

RATINGS RATIONALE

The downgrade of GOCA's rating to Ba3 is driven by a significant
increase in leverage due to debt issuance to finance expansion. The
board has strategically embarked on a growth focused mission
including the debt financed purchase and construction of additional
campuses.This creates substantial challenges for GOCA over the next
two years. Debt service will increase 3x by 2025 before leveling
after capitalized interest ends. As a result, future operating
performance, debt service coverage, and liquidity will be highly
dependent on GOCA achieving enrollment projections by fall 2024, an
aggressive 50% increase over current enrollment levels. In
addition, GOCA is challenged by weak academic performance as it
approaches 2 of 3 charter renewal dates.

The Ba3 incorporates the benefits from a growing population base in
Duval County Public School district (DCPS), an experienced
management team and board of trustees, along with fair authorizer
oversight. GOCA has a history of enrollment growth which has
historically supported adequate debt service coverage and
liquidity. Currently, of the three charters which make up the
obligated group two are expected to be fully enrolled for fall 2022
and the third expects to start enrolling Fall 2024.

Global Outreach Charter Academy, Inc. is the sole member of GOCA
LLC and parent of four GOCA charter schools, three of which make up
the obligated group. GOCA Inc, a non-profit, is a family founded
and operated enterprise which inherently includes a degree of key
person risk.

RATING OUTLOOK

The stable outlook is underpinned by GOCA's Arts campus project
long period of capitalized interest which provides the school 12
months post construction completion capitalized interest in which
it expects to achieve full enrollment and staffing. Likewise,
construction management team is experienced which partially
mitigates the risk associated with the GOCA Arts campus
development. Critical to maintaining the stable outlook will be
improvement of its academic performance as its approaches its
charter renewals in 2024 and 2025 and meeting projected
enrollment.

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS

- On time and on budget completion of ongoing construction
   projects

 - Improved academic performance and successful charter renewal

 - Meeting enrollment projections

 - A post capitalized interest coverage and liquidity trend
   above 1.2x and over 100 days days Cash on hand

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS
 
- Inability to meet projected enrollment or financial targets

 - No improvement of academic performance

 - Weak liquidity or coverage levels that impair operating
   flexibility

- Charter renewal which results in materially costly findings
   or term that is less than five years

LEGAL SECURITY

The Series 2022A&B bonds are on parity with the series 2021 bonds.
Bonds are secured by payments to be made by GOCA Properties LLC
(the obligor) to the Florida Development Finance Corporation (the
issuer) pursuant to the Loan Agreement. GOCA Properties LLC's sole
member is Global Outreach Charter Academy Inc.

Under the Master Indenture, all of the bonds are equally and
ratably secured by the pledge and assignment of a security interest
in the Trust Estate. The first lien mortgage is supported through a
Future Advancement and Mortgage Spreader Agreement, where all the
facilities owned by GOCA LLC equally share in the lien of all
facilities. The bond covenants include a 1.1x  debt service
coverage ratio and days cash on hand of at least 45 days. If the
ratio is less than 1.1x and days cash on hand is less than 75 days
or days cash is less than 45 days GOCA is required to hire an
independent management consultant to review and analyze operations,
submit written reports, and make such recommendations, as to the
operation and administration of GOCA to achieve at least 1.1x ratio
for the following year.

An event of default arising from failure to achieve the debt
service coverage ratio shall only occur if the ratio is below 1.0x.
Additional covenants include an additional bonds test which
requires a historical coverage ratio for the prior 12 months of at
least 1.1x debt Service  plus lease payments and a projected
coverage ratio that requires 1.2x future Maximum Annual debt
Service including all parity debt as well as the additional debt
and lease payments. The debt service reserve fund is at least 10%
of principal amount of 2022 bonds, 125% of annual debt service, or
100% of MADS.

USE OF PROCEEDS

Bond proceeds will be used to purchase land, construct and furnish
facilities, pay debt issuance costs, and fund debt service and
capitalized interest. Projects include the completion of an
expanded facility funded with the series 2021 bonds at the high
school campus and purchase and build a new GOCA Arts campus for
grades K-8.

PROFILE

Global Outreach Charter School, Inc. operates a 5 campus, 4 charter
K-12 charter school system operating in Jacksonville, Florida. As
of academic year 2021-22 the school served 1,447 students in grades
K-11 across 3 of its 5 campuses. The obligated group consists of
 its flagship GOCA Elementary Middle School "Cub" campus (K-2) and
"Grizzly" campus (3-8) together totaling 1,107 students, the new
high school campus "Kodiak" serving 340 students in grades 9-11
(grade 12 enrolling fall 2022). Fall 2022 enrollment for GOCA
obligated group is 1,627. GOCA Arts, a newly received charter is
expected to open fall 2024. The obligated group charters are all 5
year terms expiring in 2024, 2025, and 2028 respectively. GOCA Inc
will also be opening for fall 2022 GOCA Intercoastal for grades
(K-4) expected to expand to K-8 in subsequent years. GOCA
Intercoastal is not a member of the obligated group.

METHODOLOGY

The principal methodology used in these ratings was US Charter
Schools published in September 2016.


GOLD'S GYM: Rolls Out New Locations Years After Bankruptcy
----------------------------------------------------------
Alexandra Skores of The Dallas Morning News reports that Gold's Gym
is rolling out new D-FW locations a few years after the business
was bought out of bankruptcy.

Sebastian Schoepe, CEO and president of RSG Group North America,
says he follows a German saying: "Don't sell fishing rods if you
don't fish yourself."

When it comes to fitness, he believes that RSG Group and Gold's Gym
are delivering a good product to their members.  RSG Group
purchased Gold's Gym back in 2020 after Gold's Gym had filed for
bankruptcy during the pandemic.

As the pandemic slows down, RSG Group is fulfilling its promise by
opening brand new gyms across large metropolitan areas, including
Dallas-Fort Worth.

What was important in the expansion plans was maintaining that same
"iconic" brand that Gold's Gym was known for.  Founder and
bodybuilder Joe Gold built the gym in Venice, Calif., as a place
for him and his friends to train for just $60 a year.  The homemade
equipment Gold created was used by old-time bodybuilders like
Arnold Schwarzenegger, Lou Ferrigno and Franco Columbu.

"We didn't hesitate much to see what we can do to really
reinvigorate the brand, and hopefully bring it back to the glory
days to turn it from bankruptcy into a very successful business
again," Schoepe said.
RSG Group and Gold's Gym are planting their roots in Texas, too,
with 62 Gold's Gyms in the Lone Star state.  Schoepe said the
company is creating clusters of gyms in different cities.  Gold's
has two offices, a main one in Los Angeles and one in Dallas, where
the company likes the idea of creating more gyms near those
locations.

RSG Group operates three fitness brands in North America: Heimat, a
wellness club; John Reed, a DJ-driven club; and Gold's Gym.

In February 2022, the company opened a John Reed Fitness in the
Preston Center. John Reed gyms, which originally began in Germany,
are known for "nightclub vibes" during workouts. Schoepe said RSG
Group is also eying a large-scale club in Victory Park.

In Dallas, Gold's Gym has three new clubs. Highland Meadows, the
latest location, opened in early August 2022, coming in at 22,230
square feet. Members can still get early membership for $25 a
month, but the price will eventually go to $40 a month after the
new opening deal.  Little Elm has a 30,447-square-foot location
that opened in May for $40 a month. Flower Mound opened its
20,561-square-foot location in February for $40 a month as well.
There are also two older locations in Richardson and Waxahachie.

The fitness industry took a hit during the pandemic as gyms closed
and at-home workouts became the norm. The rise of brands like
Peloton, where users purchased a bike or treadmill and worked out
from home, was the popular item on the fitness market. That has
since changed, as gyms reopen and companies like Peloton struggle.
Gold’s made its turnaround just in time, Schoepe said.

RSG Group operates 1,000 clubs around the world, Schoepe said, and
the members are loyal to the brand. He said it's clear the type of
audience they are appealing to based on the bodybuilder in the
brands famous logo.

"We have recalibrated the brand," Schoepe said. "What it actually
stands for is serious fitness. We're returning to our roots that
started in Venice in 1965, where it doesn't end at bodybuilding and
serious fitness doesn’t necessarily mean bulking."

There's still some "clean up" to do, Schoepe said. When RSG Group
acquired Gold's Gym, it had 61 company-owned clubs around the
world. Today RSG Group has expanded that number to 72.  Every two
months, RSG Group is looking at new cities where it can find
opportunity in a new market, he said.

All the while, Schoepe said, the company is going to continue to
deliver that same "legendary product" Gold's Gym is known for.

"We create these clubs because we're fitness," Schoepe said.  "We
love fitness."

                         About Gold's Gym

Founded in 1965, Gold's Gym operates a network of company-owned and
franchised fitness centers. It owns and operates approximately 95
gyms domestically, and holds franchise agreements for more than 600
gyms domestically and internationally. Its majority owner is TRT
Holdings, Inc. -- acquired the business in 2004.

GGI Holdings, LLC, Gold's Gym International, Inc., and other
related entities sought Chapter 11 protection (Bankr. N.D. Tex.
Lead Case No. 20-31318) on May 4, 2020.

GGI Holdings was estimated to have assets and debt of $50 million
to $100 million.

The Hon. Harlin Dewayne Hale is the case judge.

The Debtors tapped Dykema Gossett PLLC as bankruptcy counsel. BMC
Group Inc. is the claims agent.


GOOD GUYZ: Unsecured Creditors Will Get 1% of Claims over 60 Months
-------------------------------------------------------------------
Good Guyz Investments, LLC filed with the U.S. Bankruptcy Court for
the Southern District of Florida a Disclosure Statement for Small
Business Chapter 11 Plan.

The Debtor is a limited liability company. Since 2015, the Debtor
has been in the business of real estate investments. Bryan
Goldstein is the sole insider of the Debtor.

The Debtor was involved in various contested lawsuits. The Debtor
was required to file bankruptcy to reorganize to continue its
operations.

Class 2(a) consists of the Secured claim of DLJ Mortgage Capital,
Inc. Creditor has a secured claim for the real property located at
1920 NE 208 Terrace, Miami, FL 33179. Creditor will receive payment
for its judgment amount upon the closing for the real property with
SK Financial, LLC as provided below in Class 3(a).

Class 2(b) consists of the Secured claim of Wilmington Trust
National Association. Creditor has received partial relief from
stay to proceed to judgment for the real property located at 1925
NE 208 Terrace, Miami, FL 33179 but may not proceed with a
foreclosure sale. Debtor will value the real property. The Debtor
will utilize the 2022 Miami-Dade market value of $561,004. Within
90 days after confirmation, the Debtor will pay the value of the
real property to the Creditor. Creditor will have a general
unsecured claim for the unsecured portion of their allowed claim.

Class 2(c) consists of the Secured claim of Miami-Dade Tax
Collector. Creditor is owed real property taxes for 1925 NE 208
Terrace, Miami, FL 33179. Debtor will pay the taxes owed within 90
days after confirmation. This will be upon payment to the Class
2(b) creditor.

Class 3(a) consists of the claim of SK Financial, LLC. This
creditor will receive the 1920 NE 208 Terrace, Miami, FL 33179
subject to payment of the DLJ Mortgage Capital, Inc. mortgage.
Creditor will provide a full release of all claims against the
Debtor and against the 1925 NE 208 Terrace, Miami, FL 33179 in
accordance with a settlement agreement to be approved by the Court
under 9019 and § 363. Creditor will withdraw its proofs of claim
accordingly.

Class 3(b) consists of Non-priority unsecured creditors. General
unsecured creditors will receive 1% of their allowed claims.
Payment will begin within 30 days after confirmation and will be
payable in monthly installments over a 60 month period.

Class 4 consists of Equity security holders of the Debtor. Bryan
Goldstein will retain 100% of his equity interest with the
understanding that he will be providing new value in the form of
financial support to the Debtor.

The Debtor will operate with the assistance of the managing member
Bryan Goldstein. The Plan will be funded through the operation of
the Debtor and/or through funding provided by Bryan Goldstein.

A full-text copy of the Disclosure Statement dated August 28, 2022,
is available at https://bit.ly/3wJVgES from PacerMonitor.com at no
charge.

Debtor's Counsel:

     Richard R. Robles, Esq.
     Law Offices of Richard R. Robles, P.A.
     905 Brickell Bay Drive, Suite 228
     Miami, FL 33131
     Tel: (305) 755-9200
     Email: rrobles@roblespa.com

                    About Good Guyz
Investments

Good Guyz Investments, LLC, a company in Sunny Isles Beach, Fla.,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D. Fla. Case No. 22-10728) on Jan. 30, 2022, listing up to $1
million in assets and up to $10 million in liabilities. Bryan
Goldstein, manager, signed the petition.

Judge Laurel M. Isicoff oversees the case.

The Law Offices of Richard R. Robles, P.A. serves as the Debtor's
legal counsel.


GRAND VIEW HOSPITAL: S&P Lowers 2021 Revenue Bond Rating to 'BB'
----------------------------------------------------------------
S&P Global Ratings lowered its long-term rating to 'BB' from 'BB+'
on Bucks County Industrial Development Authority's series 2021
fixed-rate hospital revenue bonds, issued for Grand View Hospital
(GVH), Pa. The outlook is stable.

"The downgrade reflects the magnitude of unaudited operating losses
in 2022 coupled with persistent and larger-than-expected operating
losses budgeted in 2023 at a time that GVH has higher debt-related
metrics following last year's debt issuance," said S&P Global
Ratings credit analyst Wendy Towber. "It also reflects GVH's
weakened reserves and its plans to open a hospital expansion
project, which, while strategically beneficial, could further
exacerbate current operating challenges when less balance sheet
cushion is available to absorb losses," she added.

Gross revenues of the obligated group and a mortgage lien, as
defined in the governing bond documents, secure the series 2021
bonds, along with a fully funded debt service reserve fund and a
capitalized interest fund through 2023.



HARRELL REALTY: Taps Coldwell Banker Global Luxury as Broker
------------------------------------------------------------
Harrell Realty Corporation seeks approval from the U.S. Bankruptcy
Court for the Northern District of California to employ Coldwell
Banker Global Luxury as broker.

The Debtor needs a broker to assist in the marketing and sale of
its commercial property located at 940 Haight Street, San Francisco
California.

Coldwell Banker will receive a commission of 6 percent of the gross
sales price.

Herb Alston, a licensed agent at Chester Oak Group, which operates
under Coldwell Banker Global Luxury, disclosed in a court filing
that the firm is a "disinterested person" as defined in Section
101(14) of the Bankruptcy Code.

The firm can be reached through:
     
     Herb Alston
     Coldwell Banker Global Luxury
     1560 Van Ness Avenue
     San Francisco, CA 94109
     Telephone: (415) 474-1750
     Email: herb.alston@cbnorcal.com

                 About Harrell Realty Corporation

Harrell Realty Corporation, a real estate investment firm, sought
Chapter 11 bankruptcy protection (Bankr. N.D. Cal. Case No.
22-30362) on July 20, 2022. In the petition filed by Paula J.
Harrel, president, the Debtor listed $1 million to $10 million in
assets and $100,000 to $500,000 in liabilities.

Judge Dennis Montali oversees the case.  

Iain A. Macdonald, Esq., at Macdonald Fernandez LLP serves as the
Debtor's counsel.


HARSCO CORP: Moody's Lowers CFR to 'B1', Outlook Negative
---------------------------------------------------------
Moody's Investors Service downgraded the ratings of Harsco
Corporation, including the corporate family rating to B1 from Ba3,
probability of default rating to B1-PD from Ba3-PD, senior secured
debt to Ba3 from Ba2 and senior unsecured notes to B3 from B1.
 The outlook remains negative.  Additionally, the SGL-3
speculative grade liquidity rating is unchanged.          

The downgrades reflect expectations for weaker near-term results
following continued under-performance relative to Moody's previous
expectations, exacerbated by inflationary pressures and supply
chain delays that will likely continue into 2023.  This has led
the company to revise down its earnings guidance for fiscal 2022.
Leverage has remained high since the debt financed acquisition of
the Environmental Solutions business (ESOL) of Stericycle, Inc. in
April 2020.  Moody's adjusted debt-to-EBITDA will likely approach
7x for fiscal 2022 -- roughly 6.4x pro forma for the rail business
EBITDA (classified as discontinued operations) -- and will remain
high even with expected improvement in 2023.  The adjusted debt to
EBITDA includes Moody's standard adjustments for pension and leases
and outstanding securitization debt, which was $120 million at June
30, 2022.

Governance risk was a key consideration in the rating action, with
Moody's view that risks associated with the company's execution of
its transition to a pure focus on environmental solutions have
resulted in a financial policy that has led to higher leverage for
an extended period of time.  Therefore, Moody's has changed the
ESG governance issuer profile score to G-4 from G-3 and the CIS
score to CIS-4 from CIS-3.

Moody's notes the company faces the risk of losses on certain key
European rail contracts, for which it has recorded forward loss
provisions related to estimated contractual damages and penalties
for delayed deliveries mainly due to supply chain issues.  While
Harsco is negotiating with the customers to reduce the liabilities,
this has slowed the sales process for the rail business (along with
moderating economic growth), the proceeds of which Harsco has
stated would be used to pay down debt.

Moody's took the following actions for Harsco Corporation:

Downgrades:

Issuer: Harsco Corporation

Corporate Family Rating, Downgraded to B1 from Ba3

Probability of Default Rating, Downgraded to B1-PD from Ba3-PD

Senior Secured 1st Lien Term Loan B3 due 2028, Downgraded to Ba3
(LGD3) from Ba2 (LGD2)

Senior Secured Revolving Credit Facility due 2026, Downgraded to
Ba3 (LGD3) from Ba2 (LGD2)

Gtd Senior Unsecured Notes due 2027, Downgraded to B3 (LGD5) from
B1 (LGD5)

Outlook Actions:

Issuer: Harsco Corporation

Outlook remains negative

RATINGS RATIONALE

The ratings reflect Harsco's high leverage and cyclical exposure in
its Harsco Environmental (HE) segment where sales are largely
correlated with steel production volumes and affected by prolonged
slowdowns in steel mill production or excess production capacity.
HE is facing some volume weakness in Europe amid high energy costs
and supply constraints from the effects of the Russia-Ukraine
military conflict, although tempered by higher volumes in other
regions.  The planned divestiture of the rail business will result
in the loss of revenue scale, diversification and a business with
good longer term cash flow prospects.  Cost inflation, labor and
supply chain disruptions will exert margin pressures in the
continuing operations (i.e. the environmental businesses) likely
into 2023.  The company has implemented unprecedented price
increases, cost reductions and efficiency initiatives to offset the
inflationary pressures. Moody's expects these actions to support
margin improvement in 2023, although still lagging pre-pandemic
levels.  

The ratings also reflect Harsco's longstanding customer
relationships, evidenced in its sizeable order backlog and services
under contract that provide revenue visibility.  The company
operates in fragmented markets for its environmental services but
is well positioned considering high barriers to entry and its
diversification by region, end market and customer base. Demand for
services is partly driven by the need for customers to comply with
environmental waste regulations.  The backlog and demand
fundamentals, including new contract wins at HE and recurring waste
volumes at Clean Earth, should drive moderate top line growth over
the next year.  Moody's expects the revenue growth, along with
 higher pricing and ongoing cost and efficiency measures, to
support EBITDA growth in 2023 and reduce leverage towards 6x (about
5x pro forma for rail).

The Ba3 rating on the senior secured bank credit facility, one
notch above the B1 CFR, reflects the loss absorption provided by
the unsecured debt in the capital structure. The B3 rating on the
unsecured notes, two notches below the CFR, reflects the
significant amount of secured debt in the capital structure and the
junior status of the unsecured notes in priority of claim, in a
default scenario.

The negative outlook reflects execution risks amid challenging
operating conditions with cost inflation, continuing supply chain
disruptions and slowing global economic growth.  It also reflects
Harsco's limited cushion to absorb any additional debt or earnings
underperformance at the current rating level.

Moody's expects Harsco to have adequate liquidity over the next
year, as reflected by the SGL-3 speculative grade liquidity rating.
 This incorporates unrestricted cash of $97 million at June 30,
2022 and Moody's expectations of ample revolver availability and
positive free cash flow in 2023 after sustaining negative free cash
flow in recent years.  As well, there are no near term debt
maturities other than scheduled amortization of $5 million.  The
$700 million revolving facility, expiring in 2026, had $329 million
available at June 30, 2022. Moody's also expects the company to
maintain compliance with its covenants.  The company has recently
amended its covenants, mainly for relief on the previous step
downs.  The amendment requires net leverage to stay below 5.5x
until Q4 2023 and step down thereafter (versus quarterly step downs
of 0.25x to a floor of 4.0x in Q4 2023). The interest coverage
requirement was lowered to 2.75x from 3x.

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

Ratings could be upgraded with good execution demonstrated by
consistent top line growth and meaningfully stronger metrics.
 This includes adjusted debt-to-EBITDA sustained below 4x,
adjusted EBIT- to-interest expense at or above 2x and EBIT margin
above 6.5%. The maintenance of good liquidity, including consistent
positive free cash generation and ample covenant headroom, would
also be required for an upgrade.

The ratings could be downgraded with expectation of adjusted
debt-to-EBITDA to remain above 5x (pro forma with rail EBITDA) and
deteriorating EBIT-to-interest expense or margins beyond 2022, due
to execution challenges or weakening business fundamentals.  A
ratings downgrade could also occur should the company experience
any deterioration in liquidity. A meaningful increase in expected
losses related to continued delays on delivering under key European
rail contracts would also drive downwards rating pressure.

The principal methodology used in these ratings was Environmental
Services and Waste Management Companies published in April 2018.


HELEN MARIE: Taps Michael D. Pinsky P.C. as Bankruptcy Counsel
--------------------------------------------------------------
Helen Marie Simonsen, Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of New York to employ the Law
Office of Michael D. Pinsky, P.C. to serve as legal counsel in its
Chapter 11 case.

The firm's services include:

   a. legal advice regarding the Debtor's powers and duties in the
continued operation of its business and the appropriate management
of estate property;

   b. preparation of all records and reports as required by the
Bankruptcy Rules and the Local Bankruptcy Rules of the Southern
District of New York, and the operating guidelines of the Office of
the United States Trustee;

   c. assistance in determining the value of property of the
estate, the treatment of secured debt, the resolution of claims,
the defense of motions for modification of the automatic stay, the
provision of adequate protection, the disposition of property, and
the treatment of claims in connection with a Chapter 11 plan of
reorganization;

   d. preparation of legal papers;

   e. examination of proofs of claim and the prosecution of
objections to certain claims;

   f. formulation and preparation of a disclosure statement and
plan of reorganization;

   g. representation in adversary proceedings; and

   h. all other matters necessary to restructure the Debtor's debt
and reorganize its financial affairs.

The firm will be paid at these rates:

     Attorneys      $474 per hour
     Paralegals     $125 per hour

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

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

The firm can be reached at:

     Michael D. Pinsky, Esq.
     Law Office of Michael D. Pinsky, P.C.
     372 Fullerton Ave., Suite 11
     Newburgh, NY 12550
     Tel: (845) 245-6001
     Fax: (845) 684-0547
     Email: pinsky.bkr.law@gmail.com

                     About Helen Marie Simonsen

Helen Marie Simonsen, Inc. filed a Chapter 11 bankruptcy petition
(Bankr. S.D.N.Y. Case No. 22-35460) on July 22, 2022, disclosing as
much as $1 million in both assets and liabilities. Judge Cecelia G.
Morris oversees the case.

The Debtor is represented by the Law Office of Michael D. Pinsky,
P.C.


HERSCHEND ENTERTAINMENT: Moody's Ups CFR to B, Outlook Positive
---------------------------------------------------------------
Moody's Investors Service upgraded Herschend Entertainment Company,
LLC's corporate family rating and senior secured term loan rating
to B1 from B2. The outlook was changed to positive from stable.

The upgrade of the CFR and positive outlook reflect Moody's
expectation that leverage will continue to decrease to the 3x range
in 2023 driven by good consumer demand and additional investments
in the parks and resort properties. Herschend's operating
performance has improved above pre-pandemic levels and led to a
reduction in leverage to 3.5x as of Q2 2022 driven by ongoing
consumer demand and pricing initiatives which are likely to
continue through 2023.

Upgrades:

Issuer: Herschend Entertainment Company, LLC

Corporate Family Rating, Upgraded to B1 from B2

Probability of Default Rating, Upgraded to B1-PD
  from B2-PD

Senior Secured Term Loan B, Upgraded to B1 (LGD3)
  from B2 (LGD3)

Outlook Actions:

Issuer: Herschend Entertainment Company, LLC

Outlook, Changed To Positive From Stable

RATINGS RATIONALE

The B1 CFR reflects Moody's view that Herschend's revenue and
EBITDA will continue to improve through 2023 driven by consumer
demand, investments in new attractions and the expansion of resort
properties. The acquisition of Callaway Gardens and Resorts is
modest in size, but likely to support additional growth. Herschend
benefits from its three amusement parks including Dollywood, Silver
Dollar City, and Wild Adventures, in addition to water parks,
aquariums, adventure tours, dinner shows, lodging, and the Harlem
Globetrotters. While all of Herschend's businesses were
significantly impacted by the pandemic, the different businesses
reduce risks relative to companies with less diversified
entertainment offerings. Herschend's attractions are also largely
located in warmer climates or indoors which slightly reduces
seasonality and offers a longer operating season. The ownership of
significant amounts of land provide Herschend the opportunity for
future expansion or sources of liquidity if needed.

Herschend has concentrated exposure to Tennessee, Missouri, and
Georgia, which elevates risks to performance, although the Harlem
Globetrotters, Pink Jeep, and the aquarium businesses offer a
degree of diversification. Herschend competes for discretionary
consumer spending from an increasingly wide variety of other
leisure and entertainment activities as well as cyclical
discretionary consumer spending. The parks are seasonal and
sensitive to weather conditions, terrorism, public health issues as
well as other disruptions outside of the company's control.

ESG CONSIDERATIONS

Herschend's ESG Credit Impact Score is moderately-negative (CIS-3).
The company has reduced leverage significantly following the
pandemic and Moody's expects Herschend to maintain relatively
modest leverage levels going forward. Herschend is a private,
family owned company.

The positive outlook reflects Moody's expectation that operating
results will continue to improve driven by consumer demand for out
of home entertainment and significant investments which will reduce
leverage to the 3x range. High inflation rates and slower economic
growth may moderately elevate volatility in operating performance
in the near term, but Moody's expects revenue and profitability
will improve over time as attendance grows. Herschend will continue
to generate good operating cash flow which will fund substantial
investments in resort properties and rides which will support
higher attendance and average revenue per guest.

Moody's expects Herschend to maintain adequate liquidity in the
near term supported by approximately $203 million of pro forma cash
on the balance sheet as of Q2 2022. However, the company currently
does not have access to a revolving credit facility. Herschend
generates good free cash flow, but higher levels of capex spend in
the near term will significantly reduce free cash flow through
2023. Capex levels will likely decline over time to approximately
9% of revenue as near term projects are completed. The parks and
other entertainment assets are divisible and could be sold
individually, but all of the company's assets are pledged to the
credit facility (except for joint ventures such as Dollywood) and
asset sales trigger 100% mandatory repayment if proceeds are not
reinvested within 12 months. Herschend may consider additional
acquisitions going forward. The term loan is covenant lite.

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

A ratings upgrade could occur if leverage was sustained under 3x
with a good liquidity profile, including free cash flow as a
percentage of debt in the high single percentage range. Confidence
that the financial policy going forward would be consistent with a
higher rating would also be required.

A ratings downgrade could occur if leverage was maintained above
4.5x or liquidity deteriorates. A sizable decrease in cash or
sustained negative free cash flow would lead to negative ratings
pressure.

Herschend Entertainment Company, LLC (the lead borrower), and
co-borrowers Herschend Adventure Holdings, LLC, and Harlem
Globetrotters International, Inc. operate a portfolio of consumer
entertainment attraction including three amusement parks, three
waterparks, three aquariums, adventure tours (including Pink Jeep),
dinner shows, lodging, and the Harlem Globetrotters. Herschend is a
privately owned company by members of the Herschend family.
Herschend's revenue was over $650 million as of LTM Q2 2022.

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.


HTP INC: HTP-HyTech Distribution & Litigation Proceeds to Fund Plan
-------------------------------------------------------------------
HTP, Inc., filed with the U.S. Bankruptcy Court for the Western
District of Washington a Disclosure Statement for Plan of
Reorganization dated August 29, 2022.

The Debtor is a Washington corporation formed in 2012. Since that
time, the Debtor has been involved directly and/or indirectly in
the development of diesel engine emission control technology.

In mid-2018, HTP did not have the funds it needed to continue
development and commercialization of its technologies. HTP and an
individual named Joseph Clark, through his single-member LLC, JC
Aviation Investments, LLC ("JCAI"), agreed to form HyTech Power,
LLC ("HyTech") in order to advance the technologies. HTP
contributed the technologies it had developed and the patents it
had obtained and JCAI agreed to contribute JCAI's business plans,
contacts, customers, industry knowledge and other items uniquely
held by Clark. JCAI provided funding to HyTech on a secured basis.


The receiver sought to sell all of HTP's assets to Acamar in
exchange for a purported credit bid of Acamar's asserted secured
claim, notwithstanding that serious questions existed with respect
to whether Acamar's security interests were properly perfected. The
purported sale was scheduled for August 25, 2021. HTP filed this
bankruptcy proceeding so that it could seek to maximize the value
of its assets for all of its creditors.

On April 1, 2021, the Court approved the terms of the settlement by
and among HTP, HyTech, JCAI, Acamar, the Clark Estate, the Dean
Settling Parties, the Hurley Settling Parties, Van Maren, the
Gibbons Settling Parties, Engelhart, RA Aviation, the Zehentbauer
Settling Parties, the Reed Settling Parties and the Peters Settling
Parties relating to the HTP Case, the Dean Wage Litigation, the
Dean Wage Arbitration, the HTP Arbitration and the Acamar/JCAI Case
(the "Global Settlement").

The Settlement Agreement includes provisions relating to HTP's
membership interest in HyTech and the disposition of certain
litigation identified as assets in the Schedules. Pursuant to the
Settlement Agreement, HTP now holds a 24.5% membership interest in
HyTech (the "HTP-HyTech Membership Interest") and HTP will be
entitled to distributions on account of such membership agreement
as provided in the Settlement Agreement and the HyTech Operating
Agreement (each, a "HyTech-HTP Distribution").

Pursuant to the Settlement Agreement, HTP will retain its potential
causes of action against the FMG Parties based solely upon alleged
breaches of the FMG Contract and any duties of loyalty or care
arising under FMG Contract and related agency principles under
applicable law ("Remaining HTP FMG Claims"). Pursuant to the terms
of the Settlement Agreement, any other causes of action against the
FMG Contract relating to the technologies will belong to HyTech and
if HyTech ultimately obtains proceeds as a result of such claims or
causes of action, they will be distributed in accordance with the
HyTech Operating Agreement.

Class 1 consists of the Acamar HTP Loan Claim (the "Class 1
Claim"). The Class 1 Claim shall be paid pursuant to the terms of
the Settlement Agreement.

Class 2 consists of Allowed General Unsecured Claims (each, a
"Class 2 Claim"). Class 2 Claims shall be paid from HyTech-HTP
Distributions and/or the proceeds of the Remaining FMG Claims (the
"Litigation Proceeds") after payment in full of the Class 1 Claim
from the proceeds of the Acamar Asserted Collateral. Each Class 2
Claim shall accrue simple interest at the rate of four percent per
annum from the Effective Date through the date such Claim is paid
in full.

Class 3 consists of the Allowed Interests. Each Holder of an
Allowed Interest shall retain such Interest following Confirmation
but shall receive no distributions on account of such Interest
unless and until Holders of Class 1 Claims and Class 2 Claims have
been paid in full.

The Plan provides that Debtor shall continue to hold the HTP Hytech
Membership Interests and to operate its business in its sole
discretion and in the ordinary course of business without further
notice or order of the Court. So long as it complies with other
provisions of the Plan and the order of Confirmation, the Debtor
shall have full discretion as to all aspects of the operation of
its business.

The Plan provides that distributions to Classes 1 and 2 shall be
made from HTP-HyTech Distributions, if any, and Litigation
Proceeds, if any. Distributions required to be made from HTPHyTech
Distributions shall be made to Holders of Claims entitled to such
distributions within 30 days of the Debtor's receipt of a HTP
HyTech Distribution or of Litigation Proceeds, as the case may be.


Debtor's Counsel:

     Thomas A. Buford, Esq.
     Bush Kornfeld LLP
     601 Union St., Suite 5000  
     Seattle, WA 98101-2373
     Tel: (206) 521-3855 / (206) 292-2110
     Fax: (206) 292-2104
     Email: tbuford@bskd.com

                        About HTP Inc.

HTP, Inc.'s assets and operations consist of holding 48% of Hytech,
LLC and pursuing certain litigation against parties that have,
among other things, misappropriated technology and usurped business
opportunities.  The company is based in Sammamish, Wash.

HTP filed its voluntary petition for Chapter 11 protection (Bankr.
W.D. Wash. Case No. 21-11611) on Aug. 24, 2021, listing $772
million in total assets and $10.45 million in liabilities.  Judge
Timothy W. Dore presides oversees the case.

Bush Kornfeld, LLP and Western Washington Law Group, PLLC serve as
the Debtor's bankruptcy counsel and special counsel, respectively.

The U.S. Trustee for Region 18 appointed an official committee of
unsecured creditors on Sept. 17, 2021. The committee is represented
by Alan J. Wenokur, Esq., at Wenokur Riordan, PLLC.


HUDSON RIVER: Moody's Cuts CFR to Ba2 & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service has downgraded Hudson River Trading LLC's
(HRT) Corporate Family Rating to Ba2 from Ba1, and downgraded its
issuer rating and senior secured first lien term loan rating to Ba3
from Ba2. Moody's also changed HRT's outlook to negative from
stable.

Downgrades:

Issuer: Hudson River Trading LLC

Corporate Family Rating, Downgraded to Ba2 from Ba1

Issuer Rating, Downgraded to Ba3 from Ba2

Senior Secured 1st Lien Bank Credit Facility, Downgraded to Ba3
from Ba2

Outlook Actions:

Issuer: Hudson River Trading LLC

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

Moody's said HRT's downgrade reflects evidence from the firm's
recent risk appetite, and related considerations pertaining to risk
management, not commensurate with its previous rating level.
Moody's said HRT's evolving trading strategies and related
expansion into certain regions and markets outside of its core
historical areas of focus, and which generally have a weaker market
structure relative to its historical operations, have increased the
risks to which it is exposed. Moody's believes these factors leave
HRT more susceptible to trading losses, adverse repercussions from
unforeseen events and with an increased need for evolving its risk
management practices to mitigate these risks.

Moody's said a wider diversification of trading products across
multiple geographies can increase a firm's complexity, raising
challenges for management and heighten risk. Although
diversification could be beneficial to the credit profile of firms
such as HRT, this would generally be the case when such
diversification results in a deeper market share in generally
mature capital markets.

Moody's said its change in HRT's outlook to negative from stable
reflects the ongoing credit risks associated with its increased
risk appetite, and related need to have heightened risk awareness
and risk management techniques to mitigate its evolving risk
profile.

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

Moody's said that because HRT's outlook is negative, there is
currently no upward pressure on its ratings. In the longer-term,
HRT's ratings could be upgraded if it: (1) controls its risk
appetite and delivers strong evidence of heightened risk awareness
and risk management capabilities; (2) improves the quality and
diversity of profitability and cash flows from the development of
substantial and lower-risk ancillary business activities; and (3)
increases its retained capital and liquidity while reducing
reliance on key prime brokerage relationships outside of US
equities trading.

HRT's ratings could be downgraded should evidence emerge that HRT's
risk appetite is accelerating, particularly with respect to
accelerated growth in regions and markets that have heightened
market, operational and liquidity risks. The ratings could also be
downgraded with evidence that HRT's risk awareness and risk
management capabilities are not operating at a level commensurate
with its evolving risk environment.

The principal methodology used in these ratings was Securities
Industry Market Makers Methodology published in November 2019.


JAGUAR DISTRIBUTION: Liquidating Trustee Seeks to Tap Accountant
----------------------------------------------------------------
Elissa Miller, the liquidating trustee appointed in the Chapter 11
case of Jaguar Distribution Corp., seeks approval from the U.S.
Bankruptcy Court for the Central District of California to employ
Holthouse Carlin & Van Trigt LLP as her accountant.

The firm will render these services:

     (a) provide accounting services to the Jaguar Liquidating
Trust;

     (b) prepare projections and such other reports as are
necessary to support the Liquidating Trustee's implementation and
continued management of the Trust;

     (c) prepare the quarterly post confirmation reports required
by the United States Trustee; and

     (d) perform such other reasonable duties assigned by the
liquidating trustee.

The hourly rates of the firm's professionals are as follows:

     Charlene Greene   $640
     Maria Poltorak    $350

The firm requested a retainer of $10,000 from the Debtor.

Charlene Greene, principal at Holthouse Carlin & Van Trigt,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     Charlene W. Greene
     Holthouse Carlin & Van Trigt LLP
     350 W. Colorado Blvd., 5th Floor
     Pasadena, CA 91105
     Telephone: (626) 243-5100
     Facsimile: (626) 243-5101
     Email: charlene.greene@hcvt.com

                 About Jaguar Distribution Corp.

Established in 1982, Jaguar Distribution Corp. --
http://www.jaguardc.com-- is a distributor of independent films to
the worldwide in-flight marketplace.

Jaguar Distribution sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Cal. Case No. 20-11358) on July 31,
2020, disclosing total assets of $1,768,195 and total liabilities
of $9,018,419. James Wong, chief restructuring officer, signed the
petition.

Judge Martin R. Barash oversees the case.

Danning, Gill, Israel & Krasnoff, LLP and Greg Seigel, CPA serve as
the Debtor's legal counsel and accountant, respectively.

The U.S. Trustee for Region 16 appointed an official committee of
unsecured creditors on Aug. 21, 2020. The committee is represented
by SulmeyerKupetz, A Professional Corporation.

Elissa D. Miller, the official overseeing the Jaguar Liquidating
Trust, is represented by Greenspoon Marder, LLP. The trustee
Holthouse Carlin & Van Trigt LLP as her accountant.


JAJE ONE LLC: Condo Files for Chapter 11 Bankruptcy
---------------------------------------------------
JAJE One LLC filed for chapter 11 protection in the Southern
District of Florida.

According to the case management summary, the Debtor owns a
condominium property at 20191 E Country Club Dr, apt 403. Miami, FL
33180.  It said that a state court litigation over the property
prompted the chapter 11 filing.

The Debtor's condo is valued at $1.3 million.  Secured creditor
Deutsche Bank is owed $645,000.

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

                      About JAJE One LLC

JAJE One LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-16629) on August 28,
2022. In the petition filed by Laurent Benzaquen, of MGRM JJLB
PROPERTY MANAGEMENT LLC, the Debtor reports estimated assets
between $1 million and $10 million and estimated liabilities
between $500,000 and $1 million.

The Debtor is represented by Joel M. Aresty, Esq. of Joel M.
Aresty, P.A.


JASON GROUP: Moody's Withdraws 'Caa2' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has withdrawn the ratings and outlook of
Jason Group Inc. due to insufficient information.

Withdrawals:

Issuer: Jason Group Inc.

Corporate Family Rating, Withdrawn, previously rated Caa2

Probability of Default Rating, Withdrawn, previously rated
Caa2-PD

Senior Secured 1st Lien Term Loan, Withdrawn, previously rated
Caa1 (LGD3)

Senior Secured Junior Lien Term Loan, Withdrawn, previously rated
Caa3 (LGD5)

Outlook Actions:

Issuer: Jason Group Inc.

Outlook, Changed To Rating Withdrawn From Stable

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the ratings.

COMPANY PROFILE

Headquartered in Milwaukee, Wisconsin, Jason Group Inc. is an
industrial manufacturer serving diverse end markets. Its products
generally fall into two categories: the industrial segment
(industrial brushes, buffing wheels and compounds) and engineered
products (static and suspension seating for motorcycle,
construction, agricultural, lawn and turf-care equipment). The
company is owned by pre-petition creditors including Credit Suisse
Asset Management, Monomoy Capital Partners, and Angel Island
Capital.


JOHNSON & JOHNSON: Unsecureds Will Get $5K per Month for 60 Months
------------------------------------------------------------------
Johnson & Johnson Construction Company Corp., filed with the U.S.
Bankruptcy Court for the Southern District of Florida a Small
Business Plan of Reorganization under Subchapter V dated AUgust 29,
2022.

The Debtor is a minority owned business construction contractor
formed in July 2016. The Debtor serves as a general contractor for
various government contracts throughout the country.

At the time the case was filed, the Debtor had the Coral Springs
property which had equity in the approximate amount of $187,449.00.
There were also pre-petition receivables in the approximate amount
of $111,400.00.

The Debtor's ability to fully fund the plan and make payments is
dependent on the ability of the company to 1) refinance the Coral
Springs property, and 2) continue to operate and generate
sufficient revenue to pay its expenses in the ordinary course.

The Debtor projects disposable income will average approximately
$5,000.00 a month. This will result in amount is sufficient funds
to pay more than the liquidation amount and pay creditors
approximately 50% of their claims over 60 months.

Class 1 consists of the allowed secured claim of Civic Real Estate
Holdings (Fay Servicing) in the amount of $508,111.45 and will be
paid in full upon the Debtor obtaining refinancing. This Class is
unimpaired.

Class 2 consists of the Secured claim of Zions Bank in the amount
of $104,440 and will be paid in full upon the Debtor obtaining
refinancing. This Class is unimpaired.

Class 3 consists of the Secured claim of U.S. Small Business
Administration in the amount of $150,000.00 and will be paid in
accordance with the terms of the loan. This Class is unimpaired.

Class 4 consists of General unsecured creditors. General unsecured
creditors' claims exceed $550,000.00. The Debtor can pay $5,000 per
month for a period of 60 months. The creditors will share this
amount pro rata. This Class is impaired.

The owner of the Debtor shall retain all property of the estate.

A full-text copy of the Plan of Reorganization dated August 29,
2022, is available at https://bit.ly/3QdtiYV from PacerMonitor.com
at no charge.

Debtor's Counsel:

     BRIAN K. MCMAHON, P.A.
     1401 Forum Way, 6th Floor
     West Palm Beach, FL 33401
     Tel (561) 478-2500
     Fax (561) 478-3111
     briankmcmahon@gmail.com
     Brian K. McMahon
     FL Bar No. 853704

                About Johnson & Johnson Construction

Johnson & Johnson Construction Co. Corp. is a Florida-based
construction company.

Johnson & Johnson Construction Company Corp. filed a petition for
relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code
(Bankr. S.D. Fla. Case No. 22-14226) on May 30, 2022.  In the
petition, the Debtor disclosed assets of $500,000 to $1 million and
liabilities of at least $1 million.

The case is assigned to Honorable Bankruptcy Judge Robert A Mark.

Brian K. McMahon, of Brian K. McMahon, PA, is the Debtor's
counsel.

Linda Marie Leali has been named as Subchapter V trustee.


KHAWAJA OF MANASSAS: Taps Magee Goldstein Lasky & Sayers as Counsel
-------------------------------------------------------------------
Khawaja of Manassas, Inc. seeks approval from the U.S. Bankruptcy
Court for the Western District of Virginia to employ Magee
Goldstein Lasky & Sayers, PC as its counsel.

The firm will render these legal services:

     (a) advise the Debtor with respect to its powers and duties in
the continued management and operation of its business and
properties;

     (b) advise and consult on the conduct of the bankruptcy case;

     (c) attend meetings and negotiate with representatives of the
Debtor's creditors and other parties-in-interest;

     (d) take all necessary action to protect and preserve the
Debtor's estate;

     (e) prepare legal papers;

     (f) represent the Debtor in connection with obtaining
post-petition financing, if necessary;

     (g) advise the Debtor in connection with any potential sale of
assets;

     (h) appear before the court to represent the interests of the
Debtor's estate before the court;

     (i) take any necessary action on behalf of the Debtor to
negotiate, prepare on behalf of the Debtor, and obtain approval of
a Chapter 11 plan and documents related thereto; and

     (j) perform all other necessary or otherwise beneficial legal
services to the Debtor.

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

     Attorneys    $250 - $400
     Paralegals          $100

Prior to the petition date, the firm agreed to accept $10,000
retainer, plus the filing fee of $1,738 from the Debtor.

Andrew Goldstein, Esq., an attorney at Magee Goldstein Lasky &
Sayers, disclosed in a court filing that the firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

The firm can be reached through:

      Andrew S. Goldstein, Esq.
      Magee Goldstein Lasky & Sayers, PC
      P.O. Box 404
      Roanoke, VA 24003-0404
      Telephone: (540) 343-9800
      Facsimile: (540) 343-9898
      Email: agoldstein@mglspc.com

                    About Khawaja of Manassas

Khawaja of Manassas, Inc. filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Va. Case No.
22-70482), listing under $1 million in both assets and liabilities.
Saef Khawaja, president, signed the petition. Judge Paul M. Black
oversees the case. Andrew S. Goldstein, Esq., at Magee Goldstein
Lasky & Sayers, PC serves as the Debtor's counsel.


KOSSOFF PLLC: AmEx Threatened With Sanctions in Bankruptcy Case
---------------------------------------------------------------
Grace Dixon of Law360 reports that a New York bankruptcy judge has
ordered American Express to turn over unredacted credit card
statements or face sanctions in the bankruptcy proceedings of
Kossoff PLLC, whose principal is serving over a decade in prison
for stealing $14.6 million from clients.

Chapter 7 Trustee Albert Togut had asked American Express to turn
over the statements in July 2021 amid Kossoff PLLC's bankruptcy
proceedings. According to Togut, the Manhattan District Attorney's
Office discovered transfers from Mitchell Kossoff to third parties
through American Express amid the parallel criminal investigation
that ended in Kossoff's 13½-year sentence for wide-ranging escrow
theft.

                      About Kossoff PLLC

Kossoff PLLC is a real estate law firm based in New York City. It
operated as a law firm with offices located at 217 Broadway in New
York City. The firm held itself out as a law firm that provided
full-service real estate legal services specializing in litigation
and transactional matters, including leasing, sale and acquisition
of real property, commercial landlord tenant matters, real estate
litigation, and city, state and federal agency regulatory matters.

Mitchell H. Kossoff, the firm's founder and only known managing
member, is alleged to have failed to and/or refused to return
millions of dollars of client funds when requested by clients.  

Since on or about April 1, 2021, Kossoff's whereabouts have been
unknown, and Kossoffhas ceased all communications with the Debtor's
clients and with the attorneys and staff who were employed by the
Debtor.

Kossoff PLLC is subject to an involuntary petition for Chapter 7
bankruptcy (Bankr. S.D.N.Y. Case No. 21-10699) by creditors on
April 13, 2021. The case is handled by Honorable Judge David S.
Jones.  

Gran Sabana Corp NV, Louis & Jeanmarie Giordano, and other former
clients of the Debtor signed the involuntary petition. Carter
Ledyard & Milburn LLP, led by Aaron R. Cahn, represents the
petitioners.

Veteran restructuring lawyer Albert Togut of Togut, Segal & Segal
LLP, was named as Chapter 7 Trustee.  He tapped his own firm as
counsel in the case.


KOSSOFF PLLC: Michell Kossoff Steps Away From Settlement Talks
--------------------------------------------------------------
Grace Dixon of Law360 reports that disbarred and incarcerated New
York City real estate attorney Mitchell Kossoff abruptly stepped
away from the negotiating table with a former client attempting to
recover $4.5 million stolen from escrow, saying the suit seeks to
circumvent parallel bankruptcy proceedings.

Miami-based real estate investor Gran Sabana Corp. NV and Kossoff
had been in talks all summer attempting to hammer out a settlement
to return the investor's missing funds placed in escrow with
Kossoff PLLC, while the former attorney is serving up to 13½ years
for wide-ranging escrow theft.

                        About Kossoff PLLC

Kossoff PLLC is a real estate law firm based in New York City. It
operated as a law firm with offices located at 217 Broadway in New
York City. The firm held itself out as a law firm that provided
full-service real estate legal services specializing in litigation
and transactional matters, including leasing, sale and acquisition
of real property, commercial landlord tenant matters, real estate
litigation, and city, state and federal agency regulatory matters.

Mitchell H. Kossoff, the firm's founder and only known managing
member, is alleged to have failed to and/or refused to return
millions of dollars of client funds when requested by clients.  

Since on or about April 1, 2021, Kossoff's whereabouts have been
unknown, and Kossoffhas ceased all communications with the Debtor's
clients and with the attorneys and staff who were employed by the
Debtor.

Kossoff PLLC is subject to an involuntary petition for Chapter 7
bankruptcy (Bankr. S.D.N.Y. Case No. 21-10699) by creditors on
April 13, 2021. The case is handled by Honorable Judge David S.
Jones.  

Gran Sabana Corp NV, Louis & Jeanmarie Giordano, and other former
clients of the Debtor signed the involuntary petition. Carter
Ledyard & Milburn LLP, led by Aaron R. Cahn, represents the
petitioners.

Veteran restructuring lawyer Albert Togut of Togut, Segal & Segal
LLP, was named as Chapter 7 Trustee. He tapped his own firm as
counsel in the case.



LAKEPORT CF: Seeks to Hire THK and Associates as Appraiser
----------------------------------------------------------
Lakeport CF, LLC seeks approval from the U.S. Bankruptcy Court for
the District of Colorado to employ THK and Associates, Inc. as
appraiser.

THK will render these services:

     (a) prepare a rebuttal report for the appraisal obtained by
the River Bend and Pinetree Financial Corporations; and

     (b) provide expert witness testimony at the hearing on the
River Bend Stay Relief Motion concerning the value of the Debtor's
property and the deficiencies in the appraisal obtained by the
River Bend and Pinetree Financial Corporations.

The standard hourly billing rate for E. Peter Elzi, Jr., a
principal at THK responsible for performing the work in this
matter, is $165 per hour for generating a rebuttal report and trial
preparation, and $250 per hour for trial testimony and attendance.

Mr. Elzi disclosed in a court filing that the firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

The firm can be reached through:

      E. Peter Elzi, Jr.
      THK and Associates, Inc.
      2953 South Peoria Street #101
      Aurora, CO 80014-5716
      Telephone: (303) 770-7201
      Facsimile: (303)770-7132

                        About Lakeport CF

Lakeport CF, LLC, sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Colo. Case No. 22-11941) on May 31,
2022. In the petition filed by Jean Marc Orlando, president, on
behalf of Jay Home 2, LLC, manager of the Debtor, Lakeport CF was
estimated to have assets and liabilities between $10 million and
$50 million.

Judge Michael E. Romero oversees the case.

Jeffrey A. Weinman, Esq., at Allen Vellone Wolf Helfrich & Factor,
PC serves as the Debtor's counsel.


LPL HOLDINGS: Moody's Puts 'Ba1' CFR on Review for Upgrade
----------------------------------------------------------
Moody's Investors Service has placed on review for upgrade LPL
Holdings, Inc.'s Ba1 corporate family rating, Ba2 senior unsecured
rating and Baa3 senior secured bank credit facility ratings.

Moody's has taken the following rating actions:

Issuer: LPL Holdings, Inc.

Corporate Family Rating, Placed on Review for
Upgrade, currently at Ba1

Senior Secured Bank Credit Facility, Placed on Review
for Upgrade, currently at Baa3

BACKED Senior Secured Bank Credit Facility, Placed on
Review for Upgrade, currently at Baa3

Senior Unsecured Regular Bond/Debenture, Placed on
Review for Upgrade, currently at Ba2

Outlook Actions:

Issuer: LPL Holdings, Inc.

Outlook, changed to Ratings Under Review from Positive

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

Moody's said its rating action reflects LPL's strong financial
profile, driven by its strong franchise, impressive scale, solid
organic growth, favorable shift in revenue mix towards recurring
advisory asset fees, and maintenance of creditor-friendly financial
policies during challenging operating environments. The rating
action also reflects Moody's expectation that LPL's financial
profile will benefit substantially from rising interest rates, and
recognizes that the firm's strong competitive position provides
additional flexibility to weather cyclical downturns in financial
markets and the possibility of lower interest rates in the future.
LPL's scale and product offerings have expanded, driven by a
combination of solid organic growth and acquired assets. These
factors, along with LPL's strong balance sheet and ability to
generate positive operating leverage, has buffered the negative
effects of the 2022 declines in equity and bond markets.

Moody's said the firm's net debt leverage, as calculated by LPL's
credit agreement, was 2.1x for the trailing-twelve months ended
June 30, 2022. Since 2018, LPL's management has committed to a net
debt leverage target of 2.0x-2.75x, from 3.25x -3.5x previously;
and this ratio is now at the favorable end of its target range.
LPL's transparent and maintained focus on managing its capital
structure and leverage appetite has been credit positive. LPL's
Moody's-adjusted trailing-twelve-months' debt to EBITDA ratio at
June 30, 2022 improved 2.8x from 3.2x a year prior, with the
earlier period being immediately after LPL issued debt to partially
fund its Waddell & Reed acquisition. Moody's expects LPL's earnings
and cash flows to continue to grow, as the revenue-benefits from
higher interest rates further materialize. Because this growth will
result in the firm's leverage ratio remaining on a favorable
trajectory towards the outside bound of the lower end of its stated
leverage target, LPL could choose to increase debt to fund
acquisitions or shareholder distributions.

Moody's said that in considering an upgrade of LPL to
investment-grade status, it will focus on examining the stability
of the firm's financial strategy & risk management, examine its
board structure & policies, and assess the firm's level of
commitment towards maintaining its stated leverage and liquidity
targets. The review will also consider LPL's long-term capital and
liquidity planning in the context of its growth strategy.

LPL's ratings could be upgraded should Moody's conclude its review
by assessing that the firm's financial profile and policies will
likely remain consistent in the longer-term, including with respect
to the firm's leverage and liquidity targets, and that its appetite
for debt-funded acquisitions will not become outsized.

LPL's ratings could be downgraded should there be a shift in its
financial policy that significantly increases debt to fund
shareholder distributions or should debt be issued to fund M&A
resulting in a sustained level of Moody's-adjusted debt leverage
above 3.5x. A significant failure in LPL's regulatory compliance or
technology infrastructure could also lead to a downgrade.

The principal methodology used in these ratings was Securities
Industry Service Providers Methodology published in November 2019.


LUCKY STAR-DEER: Gets OK to Hire Cushman & Wakefield as Broker
--------------------------------------------------------------
Lucky Star-Deer Park, LLC received approval from the U.S.
Bankruptcy Court for the Eastern District of New York to employ
Cushman & Wakefield U.S., Inc. to market for sale its real property
in Deer Park, N.Y.

The firm will be paid 1.5 percent of the sales price, if sold to
third party. In the event that the secured lender is the successful
buyer of the real property, the firm will receive $100,000 as
commission.

Toby Dodd, president of New York-Tri State at Cushman & Wakefield
U.S., disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The firm can be reached at:

     Toby Dodd
     Cushman & Wakefield U.S., Inc.
     1290 Avenue of the Americas
     New York, NY 10104-0101
     Tel: (212) 841-7500

                     About Lucky Star-Deer Park

Lucky Star-Deer Park, LLC is a single asset real estate as defined
in 11 U.S.C. Section 101(51B). The company is based in Flushing,
N.Y.

Lucky Star-Deer Park and affiliates, Flushing Landmark Realty LLC
and Victoria Towers Development Corp., sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case Nos.
20-73301, 20-73302 and 20-73303) on Oct. 30, 2020. On Nov. 3, 2020,
another affiliate, Queen Elizabeth Realty Corp., filed a Chapter 11
petition (Bankr. E.D.N.Y. Case No. 20-73327). Judge Robert E.
Grossman oversees the cases, which are jointly administered under
Case No. 20-73301.

At the time of the filing, Lucky Star-Deer Park listed up to
$50,000 in assets and up to $500,000 in liabilities.

The Debtors tapped Rosen & Kantrow, PLLC as bankruptcy counsel;
Certilman Balin and The Law Offices of Fred L. Seeman as special
counsels; Joseph A. Broderick, P.C. as accountant; and Miu & Co. as
audit consultant.


LUMILEDS HOLDING: Unsecureds Will Get 100% of Claims in Plan
------------------------------------------------------------
Lumileds Holding B.V., and its Debtor Affiliates filed with the
U.S. Bankruptcy Court for the Southern District of New York a
Disclosure Statement describing Joint Prepackaged Plan of
Reorganization dated August 29, 2022.

Lumileds is a long-established manufacturer of innovative lighting
solutions that is headquartered in Schiphol, The Netherlands.
Lumileds operates on a global scale, with seven world-class
manufacturing plants in the United States, Asia, and Europe, and
sales offices and operations throughout the world.

The Plan that the Debtors have proposed pursuant to the
Restructuring Support Agreement will restructure the Debtors'
balance sheet and, together with their consistent operational
strength, position the Debtors and the entire Lumileds enterprise
for success going forward. The Plan is predicated upon a total
enterprise value of $700 million and a postpetition capital
structure that includes the Exit First Lien Term Loan Facility of
$400 million, consisting of (i) Exit First Lien Converted Term
Loans of up to $275 million and (ii) the Exit First Lien Takeback
Term Loans of $125 million, provided by the DIP Lenders and the
First Lien Lenders, respectively, and secured by a pari passu lien
on all currently pledged assets under the Prepetition First Lien
Facility, plus the first-tier foreign subsidiaries of Holdings and,
subject to exceptions to be agreed upon, any other direct or
indirect subsidiaries of Lumileds International B.V.

The proposed restructuring reduces total funded debt by
approximately $1.7 billion to approximately $400 million. That is a
reduction of approximately $1.3 billion of debt. The resulting
total leverage at emergence is anticipated to be less than 25% of
the Debtors' prepetition leverage, based on 2021 EBITDA.
Importantly, the proposed restructuring effects minimal changes to
the non-financing obligations of the Debtors and the Company.

The Restructuring Support Agreement contemplates that all creditors
will be treated fairly in accordance with their respective Claims
and legal entitlements. The Plan contemplates that (i) all Holders
of Claims against the Debtors (including General Unsecured Claims),
other than the Claims of First Lien Lenders, will be paid in full
in the ordinary course, have their Claims Reinstated, or otherwise
be rendered Unimpaired, and (ii) all Intercompany Claims and
Intercompany Interests will be Reinstated, set off, settled,
distributed, contributed, merged, canceled, or released, in each
case in the Debtors' discretion with the reasonable consent of the
Required Consenting First Lien Lenders.

Existing Interests in Luminescence Cooperatief U.A. will be
canceled and released, and Existing Co-Investment Interests in
Aegletes B.V. will be canceled and released (or otherwise excluded,
in accordance with Dutch Law) with no distribution to be made on
account thereof (except that, to the extent required under Dutch
Law, a nominal amount will be paid to the Existing Co-Investment
Interests in Aegletes B.V. in connection with such cancellation).

The terms of the DIP Facilities are the result of arm's-length,
good-faith negotiations conducted by the Debtors and their Advisors
with the DIP Lenders. These discussions spanned several weeks and
lasted until shortly before the date hereof. Ultimately, the
Debtors, in consultation with their Advisors, determined that the
DIP Facility represents the best post-petition DIP financing option
available to the Debtors. In addition to demonstrating the
confidence of the First Lien Lenders in the Debtors' restructuring
strategy, the DIP Facility is essential to the Debtors' maintenance
of the support of key constituencies, including their workforce,
vendors, and customers, and avoidance of severe interruption of
their businesses or other involuntary and adverse modification of
operations.

The Debtors estimate that they have approximately $13 million in
General Unsecured Claims outstanding as of the date hereof. The
Plan provides for payment in full in Cash in the ordinary course of
business for all such Claims.  

Class 4 consists of the General Unsecured Claims. Subject to
Article V.C of the Plan, and except to the extent that a Holder of
a General Unsecured Claim agrees to less favorable treatment, in
full and final satisfaction, settlement, release, and discharge and
in exchange for each Allowed General Unsecured Claim, each Holder
of an Allowed General Unsecured Claim against a Debtor shall
receive payment in full in Cash on the date due in the ordinary
course of business in accordance with the terms and conditions of
the particular transaction giving rise to such Allowed General
Unsecured Claim. This Class will receive a distribution of 100% of
their allowed claims. Class 4 is Unimpaired.

Class 7 consists of the Existing Interests in Luminescence
Cooperatief U.A. On the Plan Effective Date, all Existing Interests
in Luminescence Cooperatief U.A. will be cancelled and extinguished
(in accordance with the Transaction Steps Plan, which will
incorporate the requirements of applicable Law) and will be of no
further force or effect. No distribution will be made on account of
Existing Interests in Luminescence Cooperatief U.A.

Class 8 consists of the Existing Co-Investment Interests in
Aegletes B.V. On the Plan Effective Date, all Existing Co
Investment Interests in Aegletes B.V. will be cancelled and
extinguished (in accordance with the Transaction Steps Plan, which
will incorporate the requirements of applicable Law) and will be of
no further force or effect. No distribution (except a nominal
amount to be paid in connection with the cancellation, as and to
the extent required by Dutch Law) will be made on account of
Existing Co-Investment Interests in Aegletes B.V.

The Debtors shall fund distributions under the Plan with Cash on
hand and the proceeds of the Exit Facilities and by the issuance of
the New Common Equity Interests. The Debtors and the Reorganized
Debtors, as applicable, may also make such payments using Cash
received from their subsidiaries through their respective
consolidated cash management systems and the incurrence of
intercompany transactions, but in all cases subject to the terms
and conditions of the Definitive Documents.

A full-text copy of the Disclosure Statement dated August 29, 2022,
is available at https://bit.ly/3CMo1Vj from PacerMonitor.com at no
charge.

Proposed Counsel to the Debtors:

     LATHAM & WATKINS LLP
     1271 Avenue of the Americas
     New York, NY 10020
     Telephone: (212) 906-1200
     Facsimile: (212) 751-4864
     George A. Davis
     George Klidonas
     Anupama Yerramalli
     Liza L. Burton
     Misha E. Ross

                   About Lumileds Holding B.V.

Lumileds Holding B.V. is a global manufacturer of innovative
lighting solutions. In the 1960s, the Company expanded its
offerings to also include state-of-the-art LED devices alongside
the automotive lighting technologies that it had continued to
innovate.  Today, the Company continues to develop and
manufacture high-tech lighting products for the automotive, mobile
device, consumer, general lighting, and industrial markets.

Lumileds Holding and several affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case
No. 22-11155) on August 29, 2022. In the petition signed by
Johannes Paulus Teuwen, chief financial officer, Lumileds Holding
disclosed up to $100 million in assets and up to $500 million in
liabilities.

Judge Lisa G. Beckerman oversees the case.

The Debtor tapped Latham & Watkins LLP as legal counsel, Paul,
Weiss, Rifkind, Wharton & Garrison LLP as special financing and
employee compensation counsel, AlixPartners, LLP as financial
advisor, and Evercore Inc. as investment banker, and Epiq Corporate
Restructuring, LLC as claims and noticing agent.

Davis Polk & Wardwell LLP serves as counsel to the DIP Lenders. The
Secured Lender Group retained Gibson Dunn & Crutcher LLP, Loyens &
Loeff N.V., Roland Berger LP, and PJT Partners LP, as counsel or
financial advisor.


LUMILEDS HOLDING: Wins Approval of First Day Motions
----------------------------------------------------
Lumileds Holding B.V., a global leader in innovative lighting
solutions, announced Aug. 30, 2022, that it has received interim
approval from the U.S. Bankruptcy Court for the Southern District
of New York for all the first day motions related to its
prepackaged Chapter 11 filed on August 29, 2022.  The approved
motions will immediately solidify the Company’s liquidity
position and maintain normal course operations throughout the
financial restructuring.

As part of these motions, the Court granted Lumileds access to up
to $275 million in debtor-in-possession ("DIP") financing that,
together with the Company’s available cash reserves and cash
provided by operations, will provide sufficient liquidity for
Lumileds to continue meeting its ongoing obligations in the
ordinary course.  Lumileds will continue to seamlessly deliver
products and services to customers.  Lumileds' vendors and
suppliers will not be impaired and will be paid for all valid
amounts owed as they come due. Employees will also continue to
receive their usual wages and benefits without interruption.

"The approval of our first day motions is an important milestone in
our recapitalization and financial restructuring efforts, which
will allow us to operate in the normal course as we de-leverage our
balance sheet and further position Lumileds to capture
opportunities in the market and accelerate our growth," said Matt
Roney, CEO of Lumileds.  "We remain focused on driving innovation
and delivering never before possible solutions for lighting,
safety, and well-being. I want to reiterate my thanks to our
customers, vendors, suppliers, employees, and lenders for their
continued support as we move through this process on an expedited
timeline."

As previously announced, Lumileds has received support from the
requisite lenders on the terms of a comprehensive financial
restructuring that would significantly de-leverage and strengthen
its balance sheet by over $1.3 billion, accelerate Lumileds’
growth, and enable further investment in innovation to pursue
additional strategic opportunities. The narrowly focused
prepackaged Chapter 11 filing is limited to Lumileds’ U.S. and
Dutch entities and the Company expects to emerge from the Chapter
11 process within approximately sixty days.

                     About Lumileds Holding

Lumileds Holding B.V. is a global leader in OEM and aftermarket
automotive lighting and accessories, camera flash for mobile
devices, MicroLED, and light sources for general illumination,
horticulture, and human-centric lighting.  Its approximately 7,000
employees operate in over 30 countries and partner with our
customers to deliver never before possible solutions for lighting,
safety, and well-being.  On the Web: https://lumileds.com.

Lumileds Holding B.V. and its affiliates, including Lumileds LLC,
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. S.D.N.Y. Lead Case No. 22-11155) on Aug. 29, 2022. In the
petition filed by Johannes Paulus Teuwen, as chief financial
officer, the Debtor reports estimated assets and liabilities
between $100 million and $500 million each.

Evercore is acting as investment banker for the Company; Paul,
Weiss, Rifkind, Wharton & Garrison, LLP, and Latham & Watkins LLP
are acting as corporate and restructuring counsel to Lumileds, and
AlixPartners, LLP, as financial advisor.  Epiq Corporate
Restructuring, LLC, is the claims agent.

PJT Partners is acting as financial advisor for an ad hoc group of
Lumileds' lenders, and Gibson, Dunn & Crutcher LLP is acting as the
group's legal counsel.

                          *     *     *

Lumileds, an Apollo Global Management LLC-owned lighting components
firm, filed for Chapter 11 protection after reaching terms of a
restructuring plan to help reduce debt by $1.3 billion, as it
grapples with supply chain constraints exacerbated by the war in
Ukraine.  It said it expected to emerge from proceedings within 60
days.


MDWERKS INC: Incurs $3K Net Loss in Second Quarter
--------------------------------------------------
MDwerks, Inc. filed with the Securities and Exchange Commission its
Quarterly Report on Form 10-Q reporting a net loss of $3,152 for
the three months ended June 30, 2022, compared to a net loss of
$561 for the three months ended June 30, 2021.

For the six months ended June 30, 2022, the Company reported a net
loss of $8,646 compared to net income of $57,836 for the same
period during the prior year.

As of June 30, 2022, the Company had zero asset, $239,444 in total
liabilities, and a total stockholders' deficit of $239,444.

The Company had an accumulated deficit of $302,649 as of and for
the six months ended June 30, 2022.  Although management believes
that it will be able to successfully execute a Business
Combination, which includes third party financing and the raising
of capital to meet the Company's future liquidity needs, there can
be no assurances in this regard.  These matters raise substantial
doubt about the Company's ability to continue as a going concern.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1295514/000149315222023700/form10-q.htm

                           About MDWerks

MDwerks, Inc. is a public shell company seeking to create value for
its shareholders by merging with another entity with experienced
management and opportunities for growth in return for shares of its
common stock.  No potential merger candidate has been identified at
this time.  The Company does not propose to restrict its search for
a business opportunity to any particular industry or geographical
area and may, therefore, engage in essentially any business in any
industry.  The Company has unrestricted discretion in seeking and
participating in a business opportunity, subject to the
availability of such opportunities, economic conditions, and other
factors.

MDwerks reported net income of $37,976 for the year ended Dec. 31,
2021, compared to a net loss of $20,553 for the year ended Dec. 31,
2020. As of Dec. 31, 2021, the Company reported zero asset,
$230,798 in total liabilities, and a total stockholders' deficit of
$230,798.

Diamond Bar, Calif.-based TAAD LLP, the Company's auditor since
2020, issued a "going concern" qualification in its report dated
April 15, 2022, citing that the Company has suffered recurring
losses from operations that raises substantial doubt about its
ability to continue as a going concern.


MGA MANAGEMENT: Wins Access to SecurityPlus' Cash Collateral
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Connecticut, Hartford
Division, authorized MGA Management, LLC to use the cash collateral
of SecurityPlus Federal Credit Union on an interim basis in
accordance with the budget through September 30, 2022.

The Debtor assert it is essential to its business and operations,
and the preservation of the value of its assets, that it obtain
interim access to cash receipts to pay business expenses necessary
to avoid irreparable harm to the estate.

As of the Petition Date, the Credit Union made loans to the Debtor
for which it received security interests.

As of November 5, 2019, for valuable consideration received, the
Debtor executed in favor of the Credit Union a Promissory Note in
the original principal amount of $1,600,000. As of the Petition
Date, the Debtor owes at least $1,785,037 on account of the Note.
An itemization of the foregoing is set forth in the Credit Union's
proof of claim, which Claim the Debtor does not contest at this
time.

As adequate protection, the Credit Union is granted a continuing
post-petition lien and security interest in all of the Debtor's
prepetition property as it existed on the Petition Date, of the
same type against which the Credit Union held validly perfected
liens and security interests as of the Petition Date; and a
continuing post-petition lien in all property acquired by the
Debtor after the Petition Date of the same type against which the
Credit Union held validly perfected liens and security interests as
of the Petition Date.

The Debtor will also provide a continuing post petition liens
reflecting the Debtor's Adequate Protection payments of $11,928 as
expressed in the Budget.

The Credit Union's Replacement Liens will maintain the same
priority, validity, extent and enforceability as the Credit Union's
security interest and/or liens and liens had on the Prepetition
Collateral and will be recognized only to the extent of any actual
diminution in the value of the Prepetition Collateral resulting
from the use of cash collateral pursuant to the Order.

A further hearing on the matter is scheduled for September 27 at 12
p.m.

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

The Debtor projects $46,386 in rental income and $34,466 in total
expenses for September 2022.

                     About MGA Management

MGA Management, LLC, is the fee simple owner of a real property
located in Hartford, Connecticut, having a current value of $3
million. MGA Management filed a petition for relief under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Conn.
Case No. 22-20315) on May 9, 2022. In the petition signed by
Michael Ancona, member, the Debtor listed $3,041,461 in total
assets and $1,452,000 in total liabilities.
Judge James J. Tancredi oversees the case.  Joseph J. D'Agostino,
Jr., Esq., serves as the Debtor's counsel.


MINERVA RESOURCES: Seeks to Hire Porter Hedges as Legal Counsel
---------------------------------------------------------------
Minerva Resources, LLC and Cronus Mineral Holdings, LLC seek
approval from the U.S. Bankruptcy Court for the Southern District
of Texas to employ Porter Hedges, LLP to serve as legal counsel in
their Chapter 11 cases.

The firm's services include:

   a. providing legal advice with respect to the Debtors' rights
and duties and the continued operation of their businesses;

   b. assisting in analyzing the Debtors' capital structure,
investigating the extent and validity of liens, cash collateral
stipulations or contested matters;

   c. assisting the Debtors with respect to the use of cash
collateral;

   d. assisting the Debtors in the formulation of a disclosure
statement and plan of reorganization and assisting the Debtors in
obtaining confirmation and consummation of a plan of
reorganization;

   e. assisting the Debtors in any manner relevant to preserving
and protecting their estate;

   f. investigating and prosecuting preference, fraudulent transfer
and other actions arising under the Debtors' bankruptcy avoiding
powers;

   g. preparing legal papers and appearing before the court;

   h. assisting the Debtors in administrative, litigation and
corporate matters;

   i. performing all other necessary legal services for the
Debtors;

The firm will be paid at these rates:

     Partners              $575 to $950 per hour
     Counsels              $625 to $730 per hour
     Associates            $440 to $730 per hour
     Paraprofessionals     $275 to $385 per hour

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

Porter Hedges received a retainer in the amount of $100,000.

Joshua Wolfshohl, Esq., a partner at Porter Hedges, disclosed in a
court filing that his firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Joshua W. Wolfshohl, Esq.
     Porter Hedges LLP
     1000 Main Street, 36th Floor
     Houston, TX 77002
     Tel: (713) 226-6000
     Email: jwolfshohl@porterhedges.com

                  About Minerva Resources LLC

Minerva Resources LLC was formed for the purpose of owning
non-operated working interests in various oil and gas assets.
Cronus Mineral Holdings, LLC was formed for the purpose of holding
certain overriding royalty interests in oil and gas properties.
Cronus is also one of the owners of the company that manages
Minerva.

Minerva Resources and affiliate Cronus Mineral Holdings sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
S.D. Texas Lead Case No. 22-32291) on Aug. 11, 2022. At the time of
the filing, Minerva Resources listed as much as $50 million in both
assets and liabilities while Cronus Mineral Holdings listed up to
$1 million in assets and up to $50,000 in liabilities.

Judge Christopher M. Lopez oversees the cases.

The Debtors tapped Porter Hedges, LLP as legal counsel and MACCO
Restructuring Group, LLC as financial advisor. Drew McManigle,
managing director at MACCO, serves as the Debtors' chief
restructuring officer. EnergyNet.com, LLC has been tapped to
preform sales brokerage and consulting services for the disposition
of the Debtors' assets.


MINERVA RESOURCES: Taps MACCO Restructuring as Financial Advisor
----------------------------------------------------------------
Minerva Resources, LLC and Cronus Mineral Holdings, LLC seek
approval from the U.S. Bankruptcy Court for the Southern District
of Texas to employ MACCO Restructuring Group, LLC as financial
advisor.

The firm's services include:

   a. assisting or preparing a weekly 13-week cash flow forecast
and related financial and business models;

   b. identifying and implementing both short-term and long-term
liquidity generating initiatives;

   c. evaluating and making recommendations and decisions in
connection with strategic alternatives to maximize the value of the
Debtors;

   d. providing business and debt restructuring advice, including
business strategy and other key elements of the business, including
preparing of the statement of financial affairs and schedules,
monthly operating reports and other similar Chapter 11 reporting
requirements;

   e. evaluating and assisting in developing a liquidation
analysis;

   f. providing advice on restructuring alternatives, including but
not limited to, any asset sales or a plan of reorganization; and

   g. rendering such other restructuring, general business,
consulting or other assistance as may be requested and mutually
agreed.

The firm will be paid at these rates:

     Managing Directors       $525 to $750 per hour
     Directors                $425 to $525 per hour
     Financial Analysts       $325 to $500 per hour
     Administrative Staff     $100 to $300 per hour

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

The retainer is $10,000.

Drew McManigle, a partner at Macco Restructuring Group, disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Drew McManigle
     Macco Restructuring Group LLC
     700 Milam St #1300
     Houston, TX 77002
     Telephone: (410) 350-1839
     Email: Drew@macco.group

                  About Minerva Resources LLC

Minerva Resources LLC was formed for the purpose of owning
non-operated working interests in various oil and gas assets.
Cronus Mineral Holdings, LLC was formed for the purpose of holding
certain overriding royalty interests in oil and gas properties.
Cronus is also one of the owners of the company that manages
Minerva.

Minerva Resources and affiliate Cronus Mineral Holdings sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
S.D. Texas Lead Case No. 22-32291) on Aug. 11, 2022. At the time of
the filing, Minerva Resources listed as much as $50 million in both
assets and liabilities while Cronus Mineral Holdings listed up to
$1 million in assets and up to $50,000 in liabilities.

Judge Christopher M. Lopez oversees the cases.

The Debtors tapped Porter Hedges, LLP as legal counsel and MACCO
Restructuring Group, LLC as financial advisor. Drew McManigle,
managing director at MACCO, serves as the Debtors' chief
restructuring officer. EnergyNet.com, LLC has been tapped to
preform sales brokerage and consulting services for the disposition
of the Debtors' assets.


MONOGRAM FOOD: Moody's Affirms B2 CFR & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service affirmed the ratings of Monogram Food
Solutions, LLC, including the B2 Corporate Family Rating, B2-PD
Probability of Default Rating, and the B2 rating on the company's
senior secured first lien revolving credit facility and senior
secured first lien term loan. Moody's revised the outlook to
negative from stable.

The outlook revision to negative from stable reflects Moody's
expectation that Monogram's operating performance in the next 12 to
18 months will be weaker than expected as a result of inflationary
headwinds and supply chain challenges. In addition, free cash flow
is likely to be negative over the next 12 to 18 months due to
higher capital expenditures as management invests in building out
its manufacturing capacity. Given the company's negative free cash
flow, management has financed its manufacturing capacity growth
through equipment lease financing which when combined with weaker
EBITDA has resulted in an increase in the company's Moody's
adjusted debt-to EBITDA leverage to 7x, which is high for the B2
credit profile.

Moody's nonetheless affirmed the ratings because the company should
be able to reduce its Moody's adjusted debt-EBITDA leverage to 6x
within the next 12 to 18 months, as the company begins to realize
incremental revenues and EBITDA growth from its current capacity
expansion projects. In addition, recently implemented price
increases should help to offset inflationary headwinds and drive
EBITDA growth. Although Monogram's supply chain challenges could
persist in the next 6 to 12 month, the company's capacity expansion
projects and price increases should result in EBITDA growth despite
the supply chain challenges. The affirmation reflects Moody's
expectation that Monogram's $0 cash balance as of April 2, 2022 and
$71 million of availability on its $100 million senior secured
first lien revolving credit facility ($25 million drawn as of July
2, 2022) provide adequate liquidity to fund the cash burn and debt
service over the next 12 to 18 months while the company invests in
its capacity expansion projects through equipment lease financing.

Affirmations:

Issuer: Monogram Food Solutions, LLC

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Senior Secured 1st Lien Term Loan B, Affirmed B2 to (LGD3) from
(LGD4)

Senior Secured 1st Lien Revolving Credit Facility, Affirmed B2 to
(LGD3) from (LGD4)

Outlook Actions:

Issuer: Monogram Food Solutions, LLC

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

Monogram's B2 Corporate Family Rating reflects its high financial
leverage, small scale relative to other larger and well capitalized
peers, customer concentration, lower profitability compared with
branded manufacturers, and constrained free cash flow as the
company invests in plant expansion projects. The rating also
reflects event risk associated with additional leveraging
investments and potential for shareholder distributions given the
company's investment firm ownership, though Moody's do not expected
dividends to be paid over the next 12-18 months given the company's
current focus on re-investment in its business. At the same time,
the rating incorporates Monogram's good channel diversification,
the relative stability of the package food sector, the increasing
trends by branded companies towards third party manufacturers and
growth in private label brands. Additionally, the company benefits
from established customer relationships and its ability to pass
through commodity costs fluctuations on the majority of their
contracts.

Moody's expects Monogram to operate with adequate liquidity based
on $0 cash as of April 2, 2022, approximately $71 million of
availability under the $100 million first lien revolver, no
meaningful maturities through 2023 aside from approximately $4.35
million of term loan amortization for the term loan B and
approximately $5 million of required annual debt amortization for
the unsecured seller notes (part of Monogram's financing for its
acquisition of Quality Food Processors, LLC in 2021)  paid
quarterly, and loan agreement covenant flexibility.

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

Ratings could be downgraded if operating performance weakens. A
downgrade could also occur if the company's financial policy is
aggressive with higher financial leverage from debt financed
acquisitions, investments, or shareholder distributions. A
downgrade would be likely if debt-to-EBITDA is sustained above 6.0x
or if liquidity deteriorates.

Ratings could be upgraded if the company sustains debt to EBITDA
below 5.0x, operating margins improve, the company generates
consistently strong positive free cash flow, and adopts a more
conservative financial policy. The company would also need to
generate consistent positive organic revenue growth.

Monogram Food Solutions, LLC ("Monogram") ESG Credit Impact score
is highly negative (CIS-4). The CIS score reflects the company's
highly negative governance risk, as well as its moderately negative
environmental and social risks. Monogram's highly negative
governance risk stems from its aggressive financial policies and
lack of an independent board under majority control by a private
investment firm owned by the Pritzker family.  The company's
moderately negative environmental risks stems from its natural
capital and waste and pollution risks as the company reliance on
raw materials that are natural resource intensive.

Monogram's exposure to environmental risk is moderately negative
(E-3).  This reflects the company's exposure to moderately
negative natural capital and waste and pollution. The company is
reliant on raw materials, such as beef, pork, poultry, and
vegetables, which are natural resource intensive.  In addition,
the company's exposure to waste and pollution stems from its use of
packaging materials that often are not or cannot be recycled.

Monogram's exposure to social risk is moderately negative (S-3).
Responsible production risk is moderately negative as the company
must cost-effectively manage a supply chain to ensure sufficient
flow of raw materials to meet production schedules in addition to
maintaining safety and quality measures. The company's exposure to
customer relations reflects risks around proper labeling,
contamination, or product recalls. Demographic and societal trends
risk is moderately negative, in-line with other packaged food
companies, because the company must continually invest to sustain
product development that adjusts to changing consumer preferences.
The company also manufactures meat products, snacks and appetizers
such as corn dogs, protein snacks, sandwiches and bacon that may
lose favor with consumers focused on healthier foods.  Lastly, the
company is susceptible to the health and safety risks of its
employees as a food manufacturer because it must protect employees
from workplace injuries and from health concerns that could arise
from contact with raw materials and chemicals.

Monogram's exposure to governance risk is highly negative (G-4),
which reflects the company's aggressive financial policies under
private equity ownership, including high leverage and debt financed
acquisitions. PPC Investment Partners LP has the largest ownership
position and is an investment firm owned by the Pritzker family.
Given the limited amount of time since the company's acquisition by
PPC Investment Partners LP in July 2021, management credibility and
track record is a moderately negative risk. Lastly, the lack of an
independent board at the company is a very highly negative risk
because concentrated decision making creates potential for event
risk and decisions that favor shareholders over creditors.

The principal methodology used in these ratings was Consumer
Packaged Goods published in June 2022.

Headquartered in Memphis, Tennessee and founded in 2004 initially
with assets from Sara Lee, Monogram Food Solutions, LLC is a
manufacturer and marketer of meat products, snacks and appetizers
including corn dogs, protein snacks, sandwiches, and bacon.
Monogram operates 13 manufacturing facilities across 7 states and
has around 3,700 employees nationwide. PPC Investment Partners LP
investment firm has the largest ownership position, with the
remainder of the company owned by other new investors, management
and other rollover investors. Monogram generates annual sales of
approximately $1 billion as of last-twelve-months ending April
2022.


MQ LAKEWOOD HILL: Taps Range Realty as Real Estate Broker
---------------------------------------------------------
MQ Lakewood Hill, LLC and its affiliates seeks approval from the
U.S. Bankruptcy Court for the Northern District of Texas to employ
Range Realty Advisors, LLC as real estate broker.

The firm will market and sell the Debtors' real properties located
at Parkwood, Denton, Park Vista, and Longhorn, in the state of
Texas.

The firm will be paid a commission of 6 percent of the gross sales
price.

Christopher Young, a senior real estate salesperson at Range Realty
Advisors, disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached at:

     Christopher Young
     Range Realty Advisors, LLC
     4633 N. Central Expy, Suite 250
     Dallas, TX 75205
     Email: cyoung@rangerealtyadvisors.com

                       About MQ Lakewood Hill

MQ Lakewood Hill, LLC and its affiliates, MQ Lakewood Two, LLC and
MQ Lakewood Three, LLC, filed voluntary petitions for Chapter 11
protection (Bankr. N.D. Texas Lead Case No. 22-40852) on April 18,
2022. In its petition, MQ Lakewood Hill listed as much as $10
million in both assets and liabilities. Donald L. Silverman,
manager, signed the petition.

Judge Mark X. Mullin oversees the case.

Crowe & Dunlevy, P.C. serves as the Debtor's legal counsel.


NATHAN'S FAMOUS: Moody's Upgrades CFR to B2, Outlook Stable
-----------------------------------------------------------
Moody's Investors Service upgraded Nathan's Famous, Inc.'s
corporate family rating to B2 from B3 and its $150 million ($110
million outstanding) senior secured notes rating to B2 from B3. In
addition, Moody's affirmed Nathan's B2-PD probability of default
rating. The speculative grade liquidity rating remains unchanged at
SGL-2 and the outlook is stable.  

"The upgrade reflects Nathan's materially lower debt levels and
stable operating trends that have resulted in stronger credit
metrics with debt to EBITDA of about 3.5 times for the LTM period
ending June 26, 2022." stated Bill Fahy, Moody's Senior Credit
Officer. The company repaid approximately $40 million of its
outstanding $150 million senior secured notes leaving approximately
$110 million outstanding. The remaining notes mature in November
2025 although any call premium on the notes goes away in November
2022.

Upgrades:

Issuer: Nathan's Famous, Inc.

Corporate Family Rating, Upgraded to B2 from B3

Senior Secured Global Notes, Upgraded to B2 (LGD4) from B3 (LGD4)

Affirmations:

Issuer: Nathan's Famous, Inc.

Probability of Default Rating, Affirmed B2-PD

Outlook Actions:

Issuer: Nathan's Famous, Inc.

Outlook, Remains Stable

RATINGS RATIONALE

Nathan's credit profile is constrained by its product, supplier and
customer concentration and very modest level of revenues and
earnings. The company benefits from its high level of brand
awareness of its core product, premium beef hot dogs, higher margin
and less volatile earnings stream from licensing and franchise
revenues, and good liquidity.

The stable outlook reflects Moody's view that credit metrics will
remain around current levels as the strong operating performance of
Nathan's licensing agreement is supplemented by new franchise
agreements. The outlook also incorporates Moody's expectation that
liquidity will remain good supported by a significant unrestricted
cash balance.

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

Factors that Could Lead to an Upgrade

Factors that could result in an upgrade include greater scale,
product breath and a more diversified supplier base as well as a
maintaining conservative financial strategies and good credit
metrics. Specifically, a higher rating would require  debt to
EBITDA maintained at or below 4.0 times and EBIT to interest of
over 2.5 times. A higher rating would also require maintaining at
least good liquidity.

Factors that Could Lead to a Downgrade

Factors that could result in a downgrade include debt to EBITDA
above 5.0 times or EBIT to interest below 2.0 times. A
deterioration in liquidity for any reason could also result in
downward rating pressure.

Headquartered in Jericho, NY, Nathan's is engaged in the marketing
of the "Nathan's Famous" brand and the sale of products bearing the
"Nathan's Famous" trademarks through several different channels of
distribution. Nathan's is a public company although there is a
certain level of ownership concentration with Howard Lorber
beneficially owning 23.9% and GAMCO Investors beneficially owning
15.9%. For the LTM period ending June 26, 2022, revenue was around
$121 million (excluding about $2.0 million of advertising fund
revenue).

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


NGL ENERGY: S&P Downgrades ICR to 'B-', Outlook Negative
--------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on NGL Energy
Partners L.P. (NGL) to 'B-' from 'B'. S&P also lowered its
issue-level rating on the partnership's senior secured debt to 'B+'
from 'BB-'. S&P's '1' recovery rating on the debt is unchanged,
indicating its expectation for very high (90%-100%; rounded
estimate: 95%) recovery.

S&P said, "At the same time, we lowered our issue-level rating on
the partnership's senior unsecured debt to 'CCC' from 'CCC+'. Our
'6' recovery rating on the debt is unchanged, indicating our
expectation for negligible (0%-10%; rounded estimate: 0%)
recovery.

"The negative outlook highlights that NGL still needs to address
its $450 million near-term debt maturity (November 2023) and
elevated leverage. In addition, it reflects the company's debt
maturities in 2025 and 2026. We forecast that the company will
achieve an S&P Global Ratings-adjusted debt-to-EBITDA ratio in the
6.5x-6.7x range in fiscal 2023 and fiscal 2024."

NGL's concentration of debt maturities in the next four years poses
meaningful refinancing risk, given the size of these maturities in
relation to the company's liquidity sources and leverage profile.

S&P said, "NGL's elevated leverage and capital structure expose the
company to refinancing risks. We expect NGL's credit metrics will
be stable during our forecast period, albeit higher than expected
at about 6.5x-6.7x for fiscal 2023 and fiscal 2024. The stacked
debt maturity profile remains problematic, with $450 million senior
unsecured notes due November 2023, $378 million senior unsecured
notes due March 2025, $2.0 billion senior secured notes due
February 2026, and $330 million senior unsecured notes due April
2026. Historically, the company has repurchased about $20 million
of the 2023 notes in the open market each quarter. We view the
repurchases as opportunistic, given the average purchase price is
close to par and we believe NGL would be able to avoid insolvency
or bankruptcy in the near term. However, we could view future note
repurchases as distressed exchanges if the company purchased bonds
at a significant discount to par and there was a realistic
possibility of a conventional default."

Management has implemented cost-saving measures to support
liquidity. NGL's most significant working capital borrowing needs
generally occur between June and December, when it is building its
natural gas liquids inventories in anticipation of the butane
blending and heating season. Borrowing needs vary during the year
and generally decline between January and March when cash inflows
from the liquids logistics segment are the highest. NGL recently
took steps to bolster its liquidity by reducing planned capital
spending and eliminating the common and preferred unit
distributions until it meets certain leverage thresholds in the
terms of its first-lien notes. These actions will allow NGL to
retain cash to further pay down its debt. The acquisitions NGL has
completed to bolster its water solutions segment over the past few
years no longer require as much capital spending because it has
predominately integrated these systems into its platform. As
drilling activity increases in the Delaware Basin, the partnership
will also generate additional free cash flow that it could use to
pay down debt.

The water solutions segment continues its strong growth trajectory.
NGL's business performance is recovering toward pre-pandemic
levels, with a faster recovery in its water solutions segment
because of the increasing volume of crude oil production stemming
from higher prices and completion activity, mainly in the Delaware
Basin. S&P expects S&P Global Ratings-adjusted EBITDA of about $600
million-$610 million in fiscal 2023 and $570 million-$580 million
in fiscal 2024.

The negative outlook reflects NGL's sizable 2023 debt maturity and
elevated leverage metrics, as well as the company's significant
maturities in 2025 and 2026. S&P estimates the company will achieve
S&P Global Ratings-adjusted debt to EBITDA in the 6.5x-6.7x range
in fiscal 2023 and fiscal 2024.

S&P would consider a negative rating action on NGL if:

-- Management does not take action to address the maturity of
notes due in 2023;

-- S&P Global Ratings-adjusted debt to EBITDA rises above 7.0x for
an extended period; or

-- The company purchases bonds at a significant discount to par
and there is a realistic possibility of a conventional default.

S&P could revise the outlook to stable if NGL addresses its 2023
debt maturity without affecting liquidity while maintaining S&P
Global Ratings-adjusted leverage below 6.0x on a sustained basis;
and if the company improves its capital structure, such as reducing
its sizable medium-term debt maturities in 2025 and 2026.

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

Environmental factors are a moderately negative consideration in
S&P's credit rating analysis of NGL. Although the company's recent
diversification into water solutions supports the longevity of
NGL's business, it also faces multiple risks related to climate
change, including longer-term volume risks from reduced drilling
activity or demand due to the transition to renewable energy
sources in the midstream industry. Governance is also a moderately
negative consideration because of NGL's history of leveraging
acquisitions, which have stretched its balance sheet and led S&P to
assess its financial risk profile as highly leveraged.


NIKKYO LLC: Case Summary & Nine Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Nikkyo, LLC
          DBA Deluxe Systems of Florida
        9530 N. Trask St.
        Tampa, FL 33624

Business Description: The Debtor offers racking, shelving, and
                      modular storage systems for safe, efficient,
                      and effective control of material handling
                      requirements.

Chapter 11 Petition Date: September 1, 2022

Court: United States Bankruptcy Court
       Middle District of Florida

Case No.: 22-03599

Debtor's Counsel: Buddy D. Ford, Esq.
                  BUDDY D. FORD, P.A.
                  9301 West Hillsborough Avenue
                  Tampa, FL 33615-3008
                  Tel: (813) 877-4669
                  Fax: (813) 877-5543
                  Email: All@tampaesq.com

Total Assets: $589,255

Total Liabilities: $2,015,611

The petition was signed by Saul Ackovitz as managing member.

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

https://www.pacermonitor.com/view/GDUNGTQ/Nikkyo_LLC__flmbke-22-03599__0001.0.pdf?mcid=tGE4TAMA


NOVELIS INC: Moody's Upgrades CFR to Ba2, Outlook Remains Stable
----------------------------------------------------------------
Moody's Investors Service upgraded Novelis Inc.'s ("Novelis")
corporate family rating to Ba2 from Ba3, Probability of Default
Rating to Ba2-PD from Ba3-PD and the ratings of senior unsecured
notes of Novelis Corporation and Novelis Sheet Ingot GmbH to Ba3
from B1. The Speculative Grade Liquidity Rating remains SGL-1. The
outlook is stable.

"The ratings upgrade reflects Novelis' strengthened balance sheet
following the reduction in gross debt since FQ1 2021, leading
positions in packaging and ground transportation markets, a
geographic breadth of its global operations and its ability to
maintain a strong credit profile commensurate with Ba2 rating in a
potentially distressed economic environment when the company might
have to increase borrowings to fund its large growth program" said
Botir Sharipov, Moody's senior credit officer and lead analyst for
Novelis.

Upgrades:

Issuer: Novelis Inc.

Corporate Family Rating, Upgraded to Ba2 from Ba3

Probability of Default Rating, Upgraded to Ba2-PD from Ba3-PD

Issuer: Novelis Corporation

GTD Senior Unsecured Regular Bond/Debenture, Upgraded to Ba3
(LGD4) from B1 (LGD5)

Issuer: Novelis Sheet Ingot GmbH

GTD Senior Unsecured Regular Bond/Debenture, Upgraded to Ba3
(LGD4) from B1 (LGD5)

Outlook Actions:

Issuer: Novelis Inc.

Outlook, Remains Stable

Issuer: Novelis Corporation

Outlook, Remains Stable

Issuer: Novelis Sheet Ingot GmbH

Outlook, Remains Stable

RATINGS RATIONALE

Novelis' Ba2 CFR reflects the company's large scale and significant
market position in a number of end markets including can packaging,
where it enjoys a leading market share. The CFR also considers the
company's broad geographic footprint with operations in North and
South America, Europe and Asia. Novelis' margin-on-metal business
construct allows the company to pass through aluminum costs on
nearly all of its sales through contracts or hedge exposure,
mitigating the impact of aluminum price volatility. Despite this
pass-through pricing model for a large portion of its business, the
company remains susceptible to input cost volatility during the
interim periods through a metal price lag effect.

The impact of the metal price lag and cost pressures has been
evident as the combination of very high aluminum prices, regional
premiums and rising freight, labor and energy costs amid stronger
demand from certain end-markets and supply chain bottlenecks
resulted in a working capital build-up of about $851 million in the
LTM ended June 30, 2022. Despite significantly higher working
capital and other inflationary headwinds, in the LTM, Novelis
generated $2.2 billion in Moody's-adjusted EBITDA and $392 million
in positive free cash flow (net of dividends to Hindalco). Moody's
expects strong operating cash flow generation to continue in FY2023
given the recent decline in aluminum prices and regional premiums.

Despite strong performance in FY2022 and in FQ1 2023, the company's
financial results have been impacted by supply chain and end-market
disruptions including semiconductor shortages, strike at one of its
plants in Asia during the December quarter as well as labor,
freight and energy cost increases, particularly in Europe where the
company has 11 operating facilities and faces a risk of natural gas
rationing between August 1, 2022 and March 31, 2023. Novelis passes
through a portion of higher energy costs to customers, with the
balance partially offset by price increases, hedged through
derivative contracts or absorbed by the company.

Novelis continues to focus on value-added products as it expands
its rolling and recycling capabilities to capture the growing
demand for sustainable packaging products and increasing use of
aluminum in the automotive market while reducing the share of
commodity type businesses. Novelis has recently completed the 200kt
automotive finishing line greenfield expansion at the company's
Guthrie, Kentucky facility, new 100kt automotive finishing line at
its facility in Changzhou, China and 100kt casting and recycling
expansion in Pindamonhangaba, Brazil to support the demand growth
in the beverage can market. All three projects are expected to
meaningfully contribute to the revenues and cash flow generation
from FY2023 onwards. The company has also recently announced a new
5-year, $3.4 billion organic growth program that includes
investments into 5 strategic projects in US and Asia, including a
new Greenfield Rolling Mill ($2.5 billion) in Alabama. The fully
integrated, low-carbon aluminum facility will have an initial
flat-rolled capacity of 600kt with hot & cold rolling, recycling,
casting and can finishing capabilities. The mill will also have the
flexibility to produce automotive and specialty aluminum products.

Moody's expects Novelis to generate about $2.2-2.3 billion in
Moody's-adjusted EBITDA in FY2023, a moderate y-o-y growth driven
by full-year contribution from the recently completed projects and
gradual recovery in auto build rates in North America. Moody's also
estimates that Novelis will be modestly free cash flow positive in
FY2023 but, due to peak growth capex spending, will generate
negative free cash flow in FY2024 and FY2025, Moody's forecasts
that Novelis will utilize its asset-based revolving credit facility
(ABL) to help fund its growth capex and maintain the adequate cash
levels on the balance sheet. Under this base case scenario,
Debt/EBITDA, as adjusted by Moody's, is expected to be in the range
of 3-3.5x during the FY2023-2025 period, which is commensurate with
a Ba2 credit rating.

The stable outlook anticipates that Novelis will maintain its focus
on operating costs and leveraging its pricing power to continue
delivering strong earnings and cash flow generation. The outlook
also assumes the company will remain disciplined in deploying
capital and will maintain its excellent liquidity position.

Novelis' excellent liquidity (SGL-1) is supported by its $1.04
billion cash position as of June 30, 2022 and the recently upsized
and extended $2 billion senior secured asset-based revolving credit
facility (ABL) maturing in August 2027 (unrated), subject to
certain springing requirements concerning timing of repayment of
the term loan and other debt facilities. The ABL is secured by
accounts receivable and inventory. At any time, the availability
under the ABL is less than the greater of (a) $150 million and (b)
10% of the lesser of the facility commitment or the borrowing base,
the company will be required to maintain a minimum fixed charge
coverage of at least 1.25x. Availability is viewed as remaining
sufficient such that this will not be tested. Novelis is expected
to maintain its excellent liquidity profile.

The company's secured term loan facilities (unrated) have a
covenant restricting senior secured net leverage to no more than
3.5x and interest coverage ratio covenant of at least 2x. In
addition, the company has short-term credit facilities in Korea,
Brazil and China to support operations in these countries. The Ba3
rating on the senior unsecured notes reflects their effective
subordination to the significant amount of secured debt under the
term loans, the ABL and priority payables. The notes have a
downstream guarantee from Novelis Inc. and are guaranteed by all of
Novelis' existing and future US restricted subsidiaries, certain
existing Canadian and other non-US foreign restricted
subsidiaries.

As a producer of flat-rolled aluminum products, Novelis faces a
number of ESG risks, particularly with respect to air emissions,
energy intensity, water use, wastewater discharges and site
remediation. The company is subject to many environmental laws and
regulations in the regions in which it operates. That said, Novelis
is a leading recycler of aluminum, which is less energy intensive
in the rolling process than the production of primary aluminum.
Approximately 57% of the company's raw material input is sourced
from recycled aluminum. In April 2021, Novelis announced a
commitment to become a net carbon-neutral company by 2050 or
sooner, and by 2026, to reduce its carbon footprint 30% waste to
landfills by 20%, energy intensity by 10%, and water consumption by
10% (based on a baseline of fiscal 2016). Governance risk is
average for Novelis. Although the company is 100% owned by Hindalco
Industries Limited, publicly traded Indian aluminum and copper
producer, Novelis follows a balanced capital allocation policy. In
May 2021, Novelis announced a new capital allocation framework that
prioritizes organic growth opportunities and $2.6 billion in debt
reduction from peak leverage in June 2020 with a medium-term net
debt ratio target of about 2.5x, while setting the dividend payout
(to Hindalco) target range of 8-10% of post-maintenance capital
expenditure adjusted free cash flow, subject to the discretion of
the board of directors.

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

Moody's would consider an upgrade of Novelis Inc.'s credit ratings
if leverage (adjusted debt/EBITDA) improves to and is sustained
below 3x, adjusted EBIT margin is sustained above 8% and
(CFO-Dividends)/Debt increases to and is sustained above 30%.

Novelis' ratings could be downgraded if liquidity, measured as cash
plus ABL availability, evidences a material deterioration, if
company makes substantial debt-financed acquisitions or if
shareholder returns meaningfully exceed the capital allocation
framework targets established by Hindalco Industries, the ultimate
parent company of Novelis Inc. Expectations of significant
production rate cuts by the company or its customers, or an
extended slump in the end-markets served could lead to negative
pressure on the ratings. Quantitatively, ratings could be
downgraded if the adjusted EBIT margin is expected to be sustained
below 5% or (Cash flow from operations less dividends)/debt is
sustained below 15% and leverage, measured as debt/EBITDA ratio, is
expected to be sustained above 4x.

Headquartered in Atlanta, Georgia, Novelis is the world's largest
producer of aluminum rolled products. The company operates through
four regional segments, North America, Europe, Asia and South
America. While Novelis sells into a number of end markets, the
company generates about 50% of sales in the can sheet market,
although sales to the automotive market are increasing as a
percentage of sales. Novelis generated approximately $18.4 billion
in revenues for the twelve months ended June 30,2022. Novelis is
ultimately 100% owned by Hindalco Industries Limited (unrated)
domiciled in India.

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


NXT ENERGY: Posts C$1.8 Million Net Loss in Second Quarter
----------------------------------------------------------
NXT Energy Solutions Inc. reported a net loss and comprehensive
loss of C$1.77 million on C$0 of revenue for the three months ended
June 30, 2022, compared to net income and comprehensive income of
C$1.53 million on C$3.14 million of revenue for the three months
ended June 30, 2021.

For the six months ended June 30, 2022, the Company reported a net
loss and comprehensive loss of C$3.61 million on C$0 of revenue
compared to a net loss and comprehensive loss of C$115,770 on
C$3.14 million of revenue for the six months ended June 30, 2021.

As of June 30, 2022, the Company had C$17.96 million in total
assets, C$3.35 million in total liabilities, and C$14.61 million in
shareholders' equity.

NXT stated, "NXT continues to develop its pipeline of opportunities
to secure new revenue contracts.  However, the Company's
longer-term success remains dependent upon its ability to convert
these opportunities into successful contracts, to continue to
attract new client projects, expand its revenue base to a level
sufficient to exceed fixed operating costs, and generate consistent
positive cash flow from operations.  The occurrence and timing of
these events cannot be predicted with sufficient certainty."

A full-text copy of the Form 6-K is available for free at:

https://www.sec.gov/Archives/edgar/data/0001009922/000165495422011466/nsfdf_ex991.htm

                           About NXT Energy

NXT Energy Solutions Inc. is a Calgary-based technology company
whose proprietary SFD survey system utilizes quantum-scale sensors
to detect gravity field perturbations in an airborne survey method
which can be used both onshore and offshore to remotely identify
areas with exploration potential for traps and reservoirs.  The SFD
survey system enables the Company's clients to focus their
hydrocarbon exploration decisions concerning land commitments, data
acquisition expenditures and prospect prioritization on areas with
the greatest potential. SFD is environmentally friendly and
unaffected by ground security issues or difficult terrain and is
the registered trademark of NXT Energy Solutions Inc.  NXT Energy
Solutions provides its clients with an effective and reliable
method to reduce time, costs, and risks related to exploration.

NXT Energy reported a net loss and comprehensive loss of C$3.12
million for the year ended Dec. 31, 2021, compared to a net loss
and comprehensive loss of $6.03 million for the year ended Dec. 31,
2020. As of March 31, 2022, the Company had C$19.66 million in
total assets, C$3.31 million in total liabilities, and C$16.35
million in shareholders' equity.

Calgary, Canada-based KPMG LLP, the Company's auditor since 2006,
issued a "going concern" qualification in its report dated March
31, 2022, citing that the Company's current and forecasted cash and
cash equivalents and short-term investments position are not
expected to be sufficient to meet its obligations that raises
substantial doubt about its ability to continue as a going
concern.


OUTPUT SERVICES: S&P Ups ICR to 'CCC+' on Bankruptcy Emergence
--------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Ridgefield
Park, N.J.-based billing and critical communications provider
Output Services Group Inc. (OSG) to 'CCC+' from 'D'. The outlook is
negative.

S&P raised its issue-level rating on the company's first-lien
credit facility to 'CCC+' from 'D', reflecting its expectation for
meaningful (50%-70%; rounded estimate: 65%) recovery in the event
of a default. S&P has withdrawn its ratings on the second-lien term
loan.

The negative outlook reflects the risk of further distressed debt
restructuring or a payment default given OSG's limited liquidity
position, declining demand for its core print billing offerings,
and elevated execution risks as it develops its digital products
and services.

OSG has emerged from its Chapter 11 reorganization. The financial
restructuring improves OSG's near-term debt maturity profile and
modestly reduces its leverage and cash debt service costs.

The upgrade reflects improvement in OSG's near-term liquidity
position following the restructuring. The debt restructuring
transaction extends the maturity dates under OSG's first-lien
revolving credit facility and term loan by over two years and under
the reinstated stub second-lien term loan by three years.
Consequently, the company's near-term debt maturity burden over the
next 24 months is modest and is reduced from over $780 million
before the restructuring. In addition, the restructuring resulted
in the exchange of about $120 million in second-lien term loan debt
for equity, reducing its pro forma S&P Global Ratings-adjusted
leverage by about 1.4x. The maturity extensions provide OSG with
vital near-term financial flexibility as it pursues its business
turn-around program and repositions its offerings in the face of
shifting customer demand.

S&P said, "Nevertheless, we continue to view OSG's capital
structure as unsustainable given its still very high leverage and
minimal free operating cash flow (FOCF), and we believe the risk of
additional debt restructuring is high. While the restructuring
transaction resulted in a modest reduction to OSG's debt burden and
debt service costs, we expect S&P Global Ratings-adjusted leverage
will remain above 9x in 2022 and 2023 with negligible FOCF
generation under our updated base case forecast. We forecast cash
flow deficits after pension, debt, and capital lease amortization
payments such that OSG's total liquidity position tightens to
within $5 million of its $15 million permitted minimum required
amount during the seasonal cash low period in the third quarter of
2023.

"The company is undertaking a significant transformation in its
business, and we believe its turn-around program is unlikely to
yield an immediate improvement in its operating performance. We
forecast OSG's earnings will remain weak in the near-term as it
incurs upfront investments to expand its Europe, Middle East, and
Africa (EMEA) salesforce and develop its digital capabilities while
labor, pulp, and power costs remain high. Consequently, we expect
covenant relief, an equity cash infusion, or further debt
restructuring may be required in 2024."

OSG's core markets are in secular decline, and S&P sees elevated
execution risks around the company's business turnaround. Revenue
growth in OSG's two largest segments, North America Print and Mail
and EMEA Customer Experience (together 75% of 2021 revenue), are
likely to remain challenged in the near term. Growing demand for
digital services is weakening growth across OSG's core print
billing end-markets, and customer churn has exceeded expectations
in its Customer Experience segment following a platform migration
and decline in its salesforce.

To meet growing demand for digital services, which include online
payment, document scanning, call center support, email marketing,
and network management services, OSG will invest significantly in
its technology, labor, infrastructure, and product research and
development. OSG expects to complete its investment plan and
realize the associated benefits in 2023; however, it has
consistently underperformed its projections in recent years. While
OSG's digital services have demonstrated healthy organic revenue
and earnings growth, these offerings are modest in proportion to
its overall revenue (10% of 2021 revenue), and S&P believes the
company may need to pursue acquisition opportunities to
meaningfully change its business composition. This could result in
ongoing transaction and integration cash costs that could further
strain liquidity beyond its base case expectation.

The negative outlook reflects the risk of further distressed debt
restructuring or a payment default given OSG's limited liquidity
position, declining demand for its core print billing services, and
elevated execution risks as it develops digital products and
services.

S&P could lower its ratings on OSG if S&P expected it would
undertake another distressed debt exchange, breach its first-lien
net leverage covenant, or miss an interest payment within the next
12 months.

S&P could revise its outlook to stable or raise its ratings on the
company with a sustained improvement in operating performance and
liquidity. Under this scenario:

-- OSG stems revenue declines through improved new business wins
and declining customer attrition;

-- S&P Global Ratings-adjusted EBITDA margins improve toward the
high-teens percent area through solid cost control and top-line
expansion with operating leverage;

-- The company generates positive cash flow after pension, capital
lease, and debt amortization costs; and

-- Financial policy remains reserved with respect to leveraging
acquisitions and shareholder returns, and the company repays debt
using asset sale proceeds.

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
the company's highly leveraged financial risk profile points to
corporate decision-making that prioritizes the interests of the
controlling owners. This also reflects private-equity sponsors'
generally finite holding periods and focus on maximizing
shareholder returns.



PARK VIEW: Seeks to Tap DM Bankruptcy Law Group as Legal Counsel
----------------------------------------------------------------
Park View School, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Arizona to employ DM Bankruptcy Law
Group, LLC to handle its Chapter 11 case.

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

     Attorney     $300
     Paralegal    $150

The attorney will be paid at his hourly rate of $295. He received a
prepetition retainer of $10,000.

Chris Dutkiewicz, Esq., an attorney at DM Bankruptcy Law Group,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

      Chris Dutkiewicz, Esq.
      DM Bankruptcy Law Group, LLC
      1425 S Higley Rd., Ste. 101
      Gilbert, AZ 85296
      Telephone: (480) 842-8786
      Email: chris@azdebtattorney.com

                      About Park View School

Park View School Inc. -- https://www.parkviewschool.org/ -- is a
middle school in Prescott Valley, Arizona.

Park View School Inc. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 22-04720) on July
19, 2022. In the petition signed by Douglas Pike, president, the
Debtor disclosed between $1 million and $10 million in both assets
and liabilities.

Judge Daniel P. Collins oversees the case.

Christopher Dutkiewicz, Esq., at DM Bankruptcy Law Group, LLC
serves as the Debtor's counsel.


PARKER MEDICAL: Trustee Gets Approval to Hire Tax Accountants
-------------------------------------------------------------
Mark Smith, the trustee appointed in the Chapter 11 cases of Parker
Medical Holding Company, Inc. and its affiliates, received approval
from the U.S. Bankruptcy Court for the Northern District of Georgia
to employ McNair, McLemore, Middlebrooks & Co. as tax accountants.

The trustee requires the assistance of tax accountants in order to
assist him with the duty of filing the Debtors' tax returns.

The firm will be paid a $30,000 flat fee for its services.

G. Justin Bankston, a partner at McNair, McLemore, Middlebrooks &
Co., disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

      G. Justin Bankston
      McNair, McLemore, Middlebrooks & Co.
      389 Mulberry Street
      P.O. Box One
      Macon, GA 31202
      Telephone: (478) 746-6277
      Facsimile: (478) 741-8353

               About Parker Medical Holding Company

Parker Medical Holding Company, Inc. and affiliates, Midwest
Medical Associates, Inc. and Peachtree Medical Products, LLC, filed
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Ga. Lead Case No. 22-50369) on Jan. 14, 2022.

At the time of filing, Parker and Midwest listed up to $50 million
in assets and up to $10 million in liabilities. Meanwhile,
Peachtree listed up to $1 million in assets and up to $500,000 in
liabilities.

Jimmy L. Paul, Esq., and Drew V. Greene, Esq., at Chamberlain
Hrdlicka White Williams & Aughtry, are the Debtors' attorneys.

Mark A. Smith is the Chapter 11 trustee appointed in the Debtors'
cases. The trustee tapped Scroggins & Williamson, PC as counsel and
McNair, McLemore, Middlebrooks & Co. as tax accountants.


PARTY CITY: Moody's Cuts CFR to Caa1 & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service downgraded Party City Holdings Inc.'s
ratings, including its Corporate Family Rating to Caa1 from B3,
Probability of Default Rating to Caa1-PD from B3-PD, Senior Secured
Notes Ratings to Caa1 from B3 and Senior Unsecured Notes Ratings to
Caa3 from Caa2. Moody's also downgraded the company's Speculative
Grade Liquidity Rating to SGL-3 from SGL-2. The rating outlook is
changed to negative from stable.

The downgrades reflect the impact of Party City's deteriorating
profitability on its liquidity, free cash flow and credit metrics.
Operating performance has been impacted by rising costs in its
supply chain, helium shortages and declining demand because of
inflationary pressures in the broader macroeconomic environment.
Inventory balances are up 59% year over year partly attributable to
higher freight and storage costs which have contributed to free
cash flow deficits of $150 million for the first half of 2022. The
company has increased prices to help offset these higher costs, but
the discretionary nature of the company's products coupled with
lower consumer purchasing power has also led to a slowdown in
demand. While certain headwinds that Party City has faced appear to
be transitory, such as the helium shortages, the overall
macroeconomic environment remains challenging. Inflationary
pressures are expected to persist and while there has been evidence
of freight costs starting to decline, the situation remains
dynamic.

The downgrade of the speculative grade liquidity rating to SGL-3
reflects the company's adequate but weakening liquidity position
which includes increased revolver borrowings and free cash flow
deficits which are expected to continue for the remainder in 2022.
The company increased the committed amount of its ABL to $562
million which had $142 million availability as of June 30, 2022.
Party City also had $39 million of balance sheet cash. The company
has springing fixed-charge coverage ratio of 1x that is tested when
excess availability is less than the greater of 10% of the line cap
and $46 million. While Moody's expect the company to remain in
compliance, continued deterioration in operating performance could
leave covenant compliance at risk. While Moody's currently views
the company's liquidity as adequate, there is significant downside
risk given the seasonal nature of the business and weak performance
in the first half of 2022.

The negative outlook reflects the meaningful deterioration in
profitability and credit metrics as well as weakening liquidity.
The negative outlook also reflects Moody's view that the capital
structure could be unsustainable and default risk could increase if
the company is unable to improve its profitability amid the
challenging operating environment.

Downgrades:

Issuer: Party City Holdings Inc.

Corporate Family Rating, Downgraded to Caa1 from B3

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

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

Senior Secured Regular Bond/Debenture, Downgraded to Caa1 (LGD4)
from B3 (LGD3)

Senior Unsecured Regular Bond/Debenture, Downgraded to Caa3 (LGD6)
from Caa2 (LGD6)

Outlook Actions:

Issuer: Party City Holdings Inc.

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

Party City's Caa1 CFR is constrained by the company's weak
operating performance. While the company recovered from challenges
driven by the pandemic in 2021, supply chain costs, helium
shortages and weakening demand has significantly impacted the
company's profitability and liquidity in 2022. As a result, credit
metrics are currently very weak with debt/EBITDA of 8.4x and
EBIT/interest of 0.7x.  While helium headwinds will likely
subside, the company will have to continue to navigate global
supply chain issues and the inflationary impact on demand for the
company's products. Party City is also exposed to changing
demographic and societal trends, including the shift of consumers
to purchasing goods and accessories online. The rating is supported
by Party City's strong market presence in both retail and
wholesale, geographic diversification, and the historically
recurring and stable party goods and accessories segment. The Caa1
is also supported by Party City's adequate liquidity and no near
dated debt maturities other than the 2023 senior notes maturity of
$23 million which Moody's expect the company to be able to repay
with cash.

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

An upgrade would require sustained improvement in operating
performance such that debt/EBITDA is sustained below 6.5x and
EBIT/interest expense sustained above 1x. An upgrade would also
require an improvement in free cash flow generation such that it is
at least modestly positive along with an increase in availability
under its revolving credit facility.

Ratings could be downgraded if the company's operating performance
or liquidity weakens more than expected including lower than
expected revolver availability or free cash flow deficits that are
larger or longer than anticipated. The ratings could also be
downgraded if the probability of default increases for any reason.
Quantitatively, the ratings could be downgraded if debt/EBITDA
remains above 7.5x.

Party City Holdings Inc. is a designer, manufacturer, distributor
and retailer of party goods and related accessories. The company's
retail brands principally include Party City and Halloween City.
Total revenue is approximately $2.2 billion for the LTM period
ending June 30, 2022.

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


PG&E CORP: Appeals Court Says Bankruptcy Shorted Some Creditors
---------------------------------------------------------------
James Nani of Bloomberg Law reports that utility giant PG&E Corp.'s
bankruptcy plan wrongly forced some of its creditors to accept a
lower interest rate on their recoveries, an appeals court ruled in
a reversal that will force reconsideration of whether creditors
should get some $200 million more in interest payments.

In a split decision Monday, the U.S. Court of Appeals for the Ninth
Circuit said an ad hoc committee of trade creditors in PG&E's
bankruptcy had a right to receive post-petition interest at rates
governed by state law or their contract -- not at the lower 2.59%
federal rate.

                      About PG&E Corporation

PG&E Corporation (NYSE: PCG) -- http://www.pgecorp.com/-- is a
Fortune 200 energy-based holding company, headquartered in San
Francisco. It is the parent company of Pacific Gas and Electric
Company, an energy company that serves 16 million Californians
across a 70,000-square-mile service area in Northern and Central
California.

PG&E Corporation and its regulated utility subsidiary, Pacific Gas
and Electric Company, faced extraordinary challenges relating to a
series of catastrophic wildfires that occurred in Northern
California in 2017 and 2018. The utility faced an estimated $30
billion in potential liability damages from California's deadliest
wildfires of 2017 and 2018.

On Jan. 29, 2019, PG&E Corp. and its primary operating subsidiary,
Pacific Gas and Electric Company, filed voluntary Chapter 11
petitions (Bankr. N.D. Cal. Lead Case No. 19-30088).  As of Sept.
30, 2018, the Debtors, on a consolidated basis, had reported $71.4
billion in assets on a book value basis and $51.7 billion in
liabilities on a book value basis.

Weil, Gotshal & Manges LLP and Cravath, Swaine & Moore LLP served
as PG&E's legal counsel, Lazard as its investment banker and
AlixPartners, LLP as the restructuring advisor to PG&E. Prime Clerk
LLC is the claims and noticing agent.

PG&E has appointed James A. Mesterharm, a managing director at
AlixPartners, LLP, and an authorized representative of AP Services,
LLC, to serve as Chief Restructuring Officer. In addition, PG&E
appointed John Boken also a Managing Director at AlixPartners and
an authorized representative of APS, to serve as Deputy Chief
Restructuring Officer.

Morrison & Foerster LLP served as the Debtors' special regulatory
counsel. Munger Tolles & Olson LLP also served as special counsel.

The Office of the U.S. Trustee appointed an official committee of
creditors on Feb. 12, 2019. The Committee retained Milbank LLP as
counsel; FTI Consulting, Inc., as financial advisor; Centerview
Partners LLC as investment banker; and Epiq Corporate
Restructuring, LLC as claims and noticing agent.

On Feb. 15, 2019, the U.S. trustee appointed an official committee
of tort claimants.  The tort claimants' committee is represented by
Baker & Hostetler LLP.

                          *     *     *

PG&E Corporation and Pacific Gas and Electric Company announced
July 1, 2020, that PG&E has emerged from Chapter 11, successfully
completing its restructuring process and implementing PG&E's Plan
of Reorganization ("Plan") that was confirmed by the United States
Bankruptcy Court on June 20, 2020.  

For the benefit of fire victims, the Plan provided for a Fire
Victim Trust, which was funded with an oft-stated value of $13.5
billion, to be half in cash and half in new company PG&E common
stock.  The $6.75 billion in cash was paid.  With respect to the
stock consideration, 478 million shares of PG&E stock were
delivered to the Fire Victim Trust in accordance with an agreed-to
formula under the Plan.


PLUS THERAPEUTICS: Awarded $17.6M Grant to Fund 186RNL Development
------------------------------------------------------------------
Plus Therapeutics, Inc. has been awarded a $17.6 million Product
Development Research grant by the Cancer Prevention and Research
Institute of Texas to fund the continued development of the
Company's lead investigational targeted radiotherapeutic,
Rhenium-186 NanoLiposome ("186RNL"), for the treatment of patients
with leptomeningeal metastases.

Previously, on Aug. 13, 2022, the Company announced that the dose
administered in the first cohort of the Company's Phase 1/2a dose
escalation trial of 186RNL for the treatment of patients with LM
was well-tolerated with no treatment-related adverse events greater
than grade 1, and that the three patients in the cohort experienced
186RNL distribution throughout the cerebrospinal fluid subarachnoid
space and a decreased CSF cell count after treatment, each of which
was durable past one week.

Separately, on Aug. 15, 2022, the Company announced that its Board
of Directors has approved a share repurchase program pursuant to
which the Company is authorized to repurchase up to $2.0 million of
the Company's outstanding common stock.  The timing and amount of
any shares repurchased will be determined based on the Company's
evaluation of market conditions and other factors, including
consent of the Company's lender.  Repurchases may be made from time
to time on the open market over the next 12 months.  The Company is
not obligated to acquire any shares and the program may be
discontinued or suspended at any time.

                      About Plus Therapeutics

Headquartered in Austin, Texas, Plus Therapeutics, Inc. --
http://www.plustherapeutics.com-- is a clinical-stage
pharmaceutical company focused on the discovery, development, and
manufacturing scale up of complex and innovative treatments for
patients battling cancer and other life-threatening diseases.

Plus Therapeutics reported a net loss of $13.40 million for the
year ended Dec. 31, 2021, a net loss of $8.24 million on $303,000
for the year ended Dec. 31, 2020, a net loss of $10.89 million for
the year ended Dec. 31, 2019, a net loss of $12.63 million for the
year ended Dec. 31, 2018, and a net loss of $22.68 million for the
year ended Dec. 31, 2017.  As of June 30, 2022, the Company had
$21.27 million in total assets, $11.59 million in total
liabilities, and $9.68 million in total stockholders' equity.


PROVENIR LLC: Amends Priority Tax Claims Pay Details
----------------------------------------------------
Provenir, LLC, submitted a First Amended Plan of Reorganization for
a Small Business under Subchapter V dated August 29, 2022.

The Debtor's financial projections show that the Debtor will have
projected disposable income of $54,181.13.

This Plan of Reorganization proposes to pay creditors of the Debtor
from the cash flow generated from the operations of the company and
its future income.

The following Priority Tax Claims have been filed in this case:

     * Texas Comptroller of Public Accounts - $9,890.00 for
franchise taxes due for 2022 (Amended Claim No. 10). The return for
these taxes has now been filed. The Comptroller's timely-filed
claim for franchise taxes is a priority claim under §
507(a)(8)(C). In accordance with § 1129(a)(9)(C), if the
Comptroller's claim is not paid in full on the Effective Date, the
Comptroller is entitled to be paid interest at a rate to be
determined under applicable nonbankruptcy law in accordance with 11
U.S.C. § 511(a). The current rate of interest on delinquent Texas
taxes is 4.25% (which was the prime rate plus one percent on
January 2, 2022 in accordance with Texas Tax Code § 111.060(b)).
Further, the Claim shall be paid over a period of time not
exceeding 5 years from the Petition Date. The Debtor has budgeted
$202.00/mo. for 54 months to pay the Comptroller's Allowed Claim in
full with statutory interest.

     * TWC - $285.74 for alleged 1st Qtr, 2022, late fees due
(Claim No. 3). This claim will be paid on the Effective Date in
full in one Cash payment.

     * TWC – Claims 13 and 14 in the approximate amount of
$957.15 were filed for unemployment taxes due for the 2nd quarter
of 2022, but those claims have been withdrawn as these taxes were
paid by the Debtor as authorized by the Court.

Like in the prior iteration of the Plan, Debtor shall set aside the
cumulative amounts identified as "Running Disposable Income" during
the period of time which is 60 months from the Effective Date of
the Plan, which shall be known as the "General Unsecured Creditor
Fund". All Creditors holding Allowed Unsecured Claims shall be paid
a Pro Rata share of the funds deposited in the General Unsecured
Creditor Fund on an annual basis, with each payment being due on
the yearly anniversary of the Effective Date.

All Equity Members shall retain their membership interests in the
Reorganized Debtor.

This Plan is based upon the distributions to Creditors by the
Debtor, at its option, by means of one or more of the following:
(a) cash presently held by the Debtor and cash to be acquired
through the operation of its business including cash generated from
the contracts the Debtor is currently under and those contracts
that the Debtor may enter into at a later date; and (b) collection
of accounts receivable.

After the Effective Date, the Reorganized Debtor shall continue in
business and shall carry on its business affairs without
consultation or approval from the Bankruptcy Court or the
Creditors. The Reorganized Debtor shall be free to use or sell its
assets, hire, and compensate Professionals and otherwise operate
free of the restrictions, limitations and constraints existing
under the Code. The Reorganized Debtor shall operate in conformity
with the Plan and shall make distributions to Creditors timely and
in accordance with the Plan.

A full-text copy of the First Amended Plan of Reorganization dated
August 29, 2022, is available at https://bit.ly/3RxX4Jj from
PacerMonitor.com at no charge.

Attorney for Provenir:

     H. Anthony Hervol
     Law Office of H. Anthony Hervol
     4414 Centerview Drive, Suite 207
     San Antonio, Texas 78228
     Fax: (210) 522-0205
     Email: hervol@sbcglobal.net

                       About Provenir, LLC

Provenir, LLC, provides employment services specializing in
healthcare recruitment.  Provenir sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 22-50514)
on May 15, 2022.  In the petition filed by Brigitta M. Glick,
managing member, the Debtor disclosed $463,311 in assets and
$1,258,237 in liabilities.

Judge Michael M. Parker oversees the case.

H. Anthony Hervol, Esq., at the Law Office of H. Anthony Hervol is
the Debtor's counsel.


REVLON INC: Court Denies Shareholders' Bid to Appoint Committee
---------------------------------------------------------------
Revlon Inc.'s minority shareholders failed to convince a U.S.
bankruptcy court to appoint an official committee that will
represent them in the company's Chapter 11 bankruptcy.

Judge David Jones of the U.S. Bankruptcy Court for the Southern
District of New York denied the motion from the minority
shareholders who claimed that the company is not insolvent as
evidenced by the increases in its share price after it filed for
Chapter 11.

In its motion filed early last month, the minority shareholders
pointed to the 650% increase in Revlon's share price in the week
following the company's bankruptcy filing, indicating that there is
"material equity value" behind the approximately $3.5 billion of
funded debt.

Revlon and the official committee representing unsecured creditors
had opposed the appointment of an equity committee, saying minority
shareholders are unlikely to receive meaningful distributions since
the company needs to pay $3.5 billion in debt before the
shareholders are entitled to a recovery.

Revlon lenders, including Citibank N.A., MidCap Funding IV Trust
and the ad hoc BrandCo lenders group, joined in the objection.

                         About Revlon Inc.

Revlon Inc. manufactures, markets and sells an extensive array of
beauty and personal care products worldwide, including color
cosmetics; fragrances; skin care; hair color, hair care and hair
treatments; beauty tools; men's grooming products; anti-perspirant
deodorants; and other beauty care products. Today, Revlon's
diversified portfolio of brands is sold in approximately 150
countries around the world in most retail distribution channels,
including prestige, salon, mass, and online.

Since its breakthrough launch of the first opaque nail enamel in
1932, Revlon has provided consumers with high quality product
innovation, performance and sophisticated glamour. In 2016, Revlon
acquired the iconic Elizabeth Arden company and its portfolio of
brands, including its leading designer, heritage and celebrity
fragrances.

Revlon is among the leading global beauty companies, with some of
the world's most iconic and desired brands and product offerings in
color cosmetics, skin care, hair color, hair care and fragrances
under brands such as Revlon, Revlon Professional, Elizabeth Arden,
Almay, Mitchum, CND, American Crew, Creme of Nature, Cutex, Juicy
Couture, Elizabeth Taylor, Britney Spears, Curve, John Varvatos,
Christina Aguilera and AllSaints.

Revlon sought Chapter 11 protection (Bankr. S.D.N.Y. Case No.
22-10760) on June 15, 2022.  Fifty affiliates, including Almay,
Inc, Beautyge Brands USA, Inc., and Elizabeth Arden, Inc., also
sought bankruptcy protection on June 15 and June 16, 2022.

Revlon disclosed total assets of $2,328,093,000 against total
liabilities of $3,689,240,395 as of April 30, 2022.

The Hon. David S. Jones is the case judge.

The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison, LLP as
bankruptcy counsel; Mololamken, LLC as special litigation counsel;
PJT Partners, LP as investment banker; KPMG, LLP as tax services
provider; and Alvarez & Marsal North America, LLC as restructuring
advisor. Robert M. Caruso of Alvarez & Marsal serves as the
Debtors' chief restructuring officer. Meanwhile, Kroll
Restructuring Administration, LLC is the Debtors' claims agent and
administrative advisor.

The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors on June 24, 2022.  Brown Rudnick, LLP,
Province, LLC and Houlihan Lokey Capital, Inc. serve as the
committee's legal counsel, financial advisor and investment banker,
respectively.


REVLON INC: Trustee Wants More Details on $36 Mil. Ch.11 Bonuses
----------------------------------------------------------------
The federal bankruptcy watchdog objected Thursday, August 25, 2022,
to a key employee incentive plan proposed by Revlon Inc. that could
pay insiders up to $36 million in bonuses, saying there isn't
enough documentation to support the plan.

In its objection, the Office of the U.S. Trustee said the proposal
would pay eight executives the bonuses based on performance metrics
over the next 18 months, but the debtor's business plan hasn't been
made publicly available to determine if the bonus benchmarks are
appropriate.

The KEIP Motion seeks to provide to eight senior executives
aggregate "Threshold," "Target," and "Maximum" opportunities of
approximately $14,486,166, $28,972,332, and $36,015,415,
respectively, over its 18-month duration.  

The U.S. trustee notes that that threshold metrics are based upon
the Debtors' Business Plan and/or the DIP Business Plan neither of
which has been made public.  It adds that even if the plans were
publicly available, the KEIP Motion fails to establish that the
KEIP Performance Metrics are rigorous and incentivizing because of
the absence of historical data regarding the various performance
metrics.

"Given the retentive characteristics of the KEIP, Section 503(c)(1)
applies and requires inter alia, that the KEIP recipients must have
a bona fide job offer in order to be permissible.  While the KEIP
Motion advises that two of the senior executives have provided
notice of their
departure, no evidence of job offers have been disclosed," the U.S.
Trustee points out.

                        About Revlon Inc.

Revlon Inc. manufactures, markets and sells an extensive array of
beauty and personal care products worldwide, including color
cosmetics; fragrances; skin care; hair color, hair care and hair
treatments; beauty tools; men's grooming products; anti-perspirant
deodorants; and other beauty care products.  Today, Revlon's
diversified portfolio of brands is sold in approximately 150
countries around the world in most retail distribution channels,
including prestige, salon, mass, and online.

Since its breakthrough launch of the first opaque nail enamel in
1932, Revlon has provided consumers with high quality product
innovation, performance and sophisticated glamour.  In 2016, Revlon
acquired the iconic Elizabeth Arden company and its portfolio of
brands, including its leading designer, heritage and celebrity
fragrances.

Revlon is among the leading global beauty companies, with some of
the world's most iconic and desired brands and product offerings in
color cosmetics, skin care, hair color, hair care and fragrances
under brands such as Revlon, Revlon Professional, Elizabeth Arden,
Almay, Mitchum, CND, American Crew, Creme of Nature, Cutex, Juicy
Couture, Elizabeth Taylor, Britney Spears, Curve, John Varvatos,
Christina Aguilera and AllSaints.

Revlon, Inc., sought Chapter 11 protection (Bankr. S.D.N.Y. Case
No. 22-10760) on June 15, 2022.  Fifty affiliates, including Almay,
Inc, Beautyge Brands USA, Inc., and Elizabeth Arden, Inc., also
sought bankruptcy protection on June 15 and June 16, 2022.

Revlon disclosed total assets of $2,328,093,000 against total
liabilities of $3,689,240,395 as of April 30, 2022.

The Hon. David S. Jones is the case judge.

PJT Partners is acting as financial advisor to Revlon and Alvarez &
Marsal is acting as restructuring advisor.  Paul, Weiss, Rifkind,
Wharton & Garrison LLP is acting as legal advisor to the Company.
Mololamken, LLC, is the conflicts counsel.  Kroll, LLC, is the
claims agent.


RICCI TRANSPORT: Unsecureds Will Get 100 Cents on Dollar in Plan
----------------------------------------------------------------
Ricci Transport & Recovery Inc., filed with the U.S. Bankruptcy
Court for the Eastern District of Pennsylvania a First Amended Plan
of Reorganization for Small Business dated August 29, 2022.

The Debtor is a corporation. Since 2006, the Debtor has been in the
business of vehicular towing services.

The Plan Proponent's financial projections show that the Debtor
will have projected disposable income of $3,662.00.

The final Plan payment is expected to be paid in the 60th month
following confirmation of this Plan.

The original plan indicated that the Debtor intended to sell up to
five of its seven tow trucks. But as the monthly operating reports
demonstrate, the Debtor has recently seen an uptick in business
which is made possible by the operation of multiple trucks. Thus,
the Debtor only intends to pursue the sale if circumstances change
and the uptick in business does not continue. No potential buyers
have been identified.

This amendment to the Plan has been filed to make minor
modifications necessary to obtain support of the creditors. The
Debtor is currently seeking confirmation of this plan under 11
U.S.C. § 1191(a) but will proceed to confirmation under 11 U.S.C.
§ 1191(b) if creditors do not consent to confirmation as §
1191(a) requires.

This Plan of Reorganization proposes to pay creditors of the Debtor
from various sources, including sale of assets, cash flow from
operations, and future income.

Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 100 cents on the dollar. This Plan also provides
for the payment of administrative and priority claims.

Class 2 consists of the Secured claim of FC Marketplace LLC. Class
2 is impaired by this Plan. The holder of the Class 2 Claim will be
paid in full, in cash, over 36 months at 6% interest.

Class 3 consists of Non-priority unsecured creditors and all
deficiency claims of Class 2 claimholders. Class 3 is impaired by
this Plan. Each holder of a Class 3 Claim will be paid in full, in
cash, after all Class 1 and Class 2 claims have been paid in full.
Class 3 is Impaired.

The Debtor may sell up to five of its seven tow trucks. If the
trucks are sold pursuant to this Plan, the transaction will be
exempt from transfer tax pursuant to 11 U.S.C. § 1146(a). The
Debtor expects that the proceeds of that sale could be as much as
$100,000. The Debtor would be permitted to use the sale proceeds to
pay FC Marketplace LLC in satisfaction of its allowed secured claim
(Class 2). If the proceeds of the sale exceed the amount of FC
Marketplace's allowed secured claim, all excess funds will be paid
to the trustee for distribution to creditors.

Starting on the Effective Date and then monthly by the 15th day
after the close of the months set forth on the Debtor's projected
cash flows, the Debtor will pay its aggregate Disposable Income to
the Subchapter V Trustee for disbursement consistent with this
Plan.

A hearing on confirmation of this plan will be held via video
conference on September 14, 2022 at 11:00 a.m. before U.S.
Bankruptcy Judge Eric L. Frank.

A full-text copy of the First Amended Plan dated August 29, 2022,
is available at https://bit.ly/3CRkkOk from PacerMonitor.com at no
charge.

Counsel for Debtor:

     Michael A. Cibik, Esq.
     Michael I. Assad, Esq.
     Cibik Law, P.C.
     1500 Walnut St, Suite 900
     Philadelphia, PA 19102
     Phone: 215-735-1060

             About Ricci Transport & Recovery

Ricci Transport & Recovery, Inc., sought protection for relief
under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No.
22-10969) on April 14, 2022, listing up to $500,000 in both assets
and liabilities.

Judge Eric L. Frank oversees the case.

Michael A. Cibik, Esq., at Cibik Law, PC and Rey's Tax & Accounting
Services serve as the Debtor's counsel and accountant,
respectively.


ROCKING M MEDIA: Committee Taps Dundon as Financial Advisor
-----------------------------------------------------------
The official committee of unsecured creditors of Rocking M Media,
LLC and its affiliates seek approval from the U.S. Bankruptcy Court
for the District of Kansas to employ Dundon Advisers, LLC as
financial advisor.

The firm's services include:

   a. monitoring the marketing and sale processes and the Debtors'
sales brokers plans to sell various assets to maximize returns to
the creditors of the estate;

   b. becoming familiar with and analyzing the Debtors' financials,
cash flow performance, assets and liabilities, and overall
financial condition;

   c. reviewing financial and operational information furnished by
the Debtors to the Committee;

   d. scrutinizing the economic terms of various agreements,
including, but not limited to, the Debtors' motions and various
professional retentions;

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

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

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

   h. assisting the committee in reviewing the Debtors' financial
reports, including, but not limited to, SOFAs, schedules, cash
budgets, and Monthly Operating Reports;

   i. advising the committee on the current state of the Debtors'
chapter 11 cases;

   j. representing the committee in negotiations with the Debtors
and third parties, as necessary;

   k. participating as a witness in hearings before the Bankruptcy
Court with respect to matters upon which the firm has provided
advice; and

   l. any other activities as are approved by the committee, the
committee's counsel, and as agreed to by the firm.

The firm will be paid at these rates:

     Principal                 $850 per hour
     Managing Director         $760 per hour
     Senior Director           $625 per hour
     Director                  $625 per hour
     Associate Director        $450 to 500 per hour
     Associate                 $370 to 475 per hour

Peter Hurwitz, a partner at Dundon Advisers, disclosed in a court
filing that his firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Peter Hurwitz
     Dundon Advisers LLC
     Ten Bank Street, Suite 1100
     White Plains NY 10606
     Tel: (914) 341-1188
     Fax: (212) 202-4437
     Email: PH@dundon.com

                      About Rocking M Media

Rocking M Media, LLC and its affiliates own and operate radio
stations, radio networks, and digital media platforms that provide
music, news, sports, and weather to its listeners and viewers.
Rocking M Media supports local, regional, and national businesses
and organizations across the State of Kansas as well as Nebraska,
Colorado, Oklahoma, and Texas.

The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Kan. Case No. 22-20242) on March 26,
2022.  In the petition signed by Monte M. Miller, chief executive
officer, the Debtors disclosed up to $1 million in assets and up to
$10 million in liabilities.

Judge Dale L. Somers oversees the cases.

The Debtors tapped Sharon L. Stolte, Esq., at Sandberg Phoenix &
von Gontard PC as legal counsel and AdamsBrown, LLC as accountant.

Creditors Kansas State Bank of Manhattan, Belate LLC, and Farmers
and Merchants Bank of Colby are represented by Stinson LLP, Spencer
Fane LLP, and Hite, Fanning & Honeyman LLP, respectively.

The U.S. Trustee for Region 20 appointed an official committee of
unsecured creditors in the Debtors' Chapter 11 cases on July 7,
2022. Loeb & Loeb, LLP and Dundon Advisers, LLC serve as the
committee's legal counsel and financial advisor, respectively.


SAS AB: U.S. Trustee Wants SEB Out as Adviser
---------------------------------------------
Kati Pohjanpalo of Bloomberg News reports that the United States
objects to Scandinavian carrier SAS AB retaining SEB AB as
co-investment banker during its restructuring, citing a conflict of
interest for SEB Chairman Marcus Wallenberg.

The US Trustee, a Justice Department body that serves an oversight
function, asked that the bankruptcy court administering SAS's
Chapter 11 restructuring deny the airline's request to engage SEB,
according to court documents.  The Trustee's objection was first
reported by Norway's E24.no.

                   About Scandinavian Airlines

SAS SAB, Scandinavia's leading airline, with main hubs in
Copenhagen, Oslo and Stockholm, is flying to destinations in
Europe, USA and Asia. Spurred by a Scandinavian heritage and
sustainable values, SAS aims to be the global leader in sustainable
aviation.  The airline will reduce total carbon emissions by 25
percent by 2025, by using more sustainable aviation fuel and our
modern fleet with fuel-efficient aircraft.  In addition to flight
operations, SAS offers ground handling services, technical
maintenance and air cargo services. SAS is a founder member of the
Star Alliance, and together with its partner airlines offers a wide
network worldwide. On the Web: https://www.sasgroup.net

SAS AB and its affiliates, including Scandinavian Airlines Systems
Denmark-Norway-Sweden and Scandinavian Airlines of North America
Inc., sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D.N.Y. Case No. 22-10925) on July 5, 2022. In the
petition filed by Erno Hildén, as authorized representative, the
Debtor SAS AB estimated assets between $10 billion and $50 billion
and liabilities between $1 billion and $10 billion.

Weil, Gotshal & Manges LLP is serving as global legal counsel and
Mannheimer Swartling Advokatbyra AB is serving as Swedish legal
counsel to SAS.  Seabury Securities LLC and Skandinaviska Enskilda
Banken AB are serving as investment bankers, Seabury is also
serving as restructuring advisor.  FTI Consulting is serving as
financial advisor.  Kroll Restructuring Advisors is the claims
agent.


SERTA SIMMONS: Moody's Cuts CFR to 'Ca', Outlook Negative
---------------------------------------------------------
Moody's Investors Service downgraded Serta Simmons Bedding, LLC's
("Serta Simmons") Corporate Family Rating to Ca from Caa3,
Probability of Default Rating to Ca-PD from Caa3-PD, first lien
super-priority "first-out" term loan (FLFO) to B3 from B2, first
lien super-priority "second-out" term loan (FLSO) to Ca from Caa2,
and first lien term loan to C from Ca. The outlook is negative.

These downgrades capture Moody's view that a debt restructuring is
likely as Serta Simmons' liquidity and solvency position face acute
pressure from $1.9 billion of debt maturities that come due in the
second half of 2023. Serta Simmons' capital structure is untenable
due to weak operating performance, very high leverage, and a high
interest rate burden. Liquidity is weak relative to the company's
expected cash uses over the next year to service debt, working
capital, and capital expenditures. Serta Simmons has $345 million
of cash as of 2Q 2022 (down from $518 million at year-end 2021) and
$171 million of capacity on its ABL revolver (factoring in $29
million letters of credit outstanding). Moody's expects negative
free cash flow of $125 million to $145 million over the next 12
months (including cash priority term loan interest payments that
the company records as a financing outflow).

Serta Simmons is under pressure to execute on its turnaround plans
to stem market share losses in recent years, address inefficiencies
in the company's supply chain that were exacerbated during the
pandemic, and return to profitability and organic cash generation.
These plans will be further challenged as mattress volumes have
inflected down across the industry after a strong 2021 while
margins remain impacted from elevated commodity, transportation,
and labor costs.

The B3 rating on the FLFO term loan is four notches above the
company's Ca CFR, while the Ca rating on the FLSO is in line with
the CFR. The remaining first lien term loan is rated one notch
below the CFR at C. This notching reflects the term loans' priority
payment positions and accounts for recovery expectations in a
default scenario. The FLSO rating is a notch below the loss given
default model implied rating reflecting a heightened risk for lower
than expected recovery relative to the model outcome. The
instrument ratings are based on the current priority of claims. One
non-exchanging lender and its affiliatess in the 2020 debt
restructuring has a pending lawsuit against Serta Simmons disputing
the validity of the transactions. Should this litigation lead to
the transaction being disallowed, or to other negative outcomes,
this could weaken the company's liquidity position and potentially
lead to default.

Downgrades:

Issuer: Serta Simmons Bedding, LLC

Corporate Family Rating, Downgraded to Ca from Caa3

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

Senior Secured 1st Lien Term Loan , Downgraded to C (LGD5) from Ca
(LGD5)

Senior Secured 1st Lien "first-out" Term Loan, Downgraded to B3
(LGD2) from B2 (LGD2)

Senior Secured 1st Lien "second-out" Term Loan, Downgraded to Ca
(LGD3) from Caa2 (LGD3)

Outlook Actions:

Issuer: Serta Simmons Bedding, LLC

Outlook, Remains Negative

RATINGS RATIONALE

Serta Simmons' Ca CFR reflects the company's negative free cash
flow, unsustainable leverage and weak liquidity that creates
elevated default risk. The company does not have sufficient
liquidity to service its large debt wall maturing in August and
November 2023 even though a sizable cash balance can fund its
business needs such as working capital and capital expenditures
until the maturities. Financial leverage is high, greater than 30x
debt-to-EBITDA as of June 2022 and Moody's does not expect
meaningful improvement in the next 12-18 months. The very
aggressive financial policy under private equity ownership is also
a credit negative evidenced by the $670 million debt financed
dividend paid in 2016, discounted debt repurchases, and debt
exchanges that adversely affected the collateral priority of
existing creditors. The rating is also constrained by Serta
Simmons' declining earnings trend prior to and during the
coronavirus and the continued challenges it faces to executing a
material earnings turnaround amid growing competition. The company
is vulnerable to weakness in cyclical consumer spending and higher
input costs. Positive consideration is given to Serta Simmons'
large scale as the second largest mattress company, well-known
brand names and multiple distribution channels.

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

The negative outlook reflects uncertainty around recovery rates in
a debt restructuring given the weak operating performance and
continued negative free cash flow. The negative outlook also
reflects Moody's view that Serta Simmons' ability to materially
improve revenues, earnings and free cash flow is weakened by lower
mattress volumes, increasing competition, and poor investment
flexibility. Ongoing debt restructuring litigation also creates
uncertainty regarding the debt restructure and could consume cash.

Ratings could be downgraded if Serta Simmons' recovery values on
debt weaken because of continued weak operating performance,
negative free cash flow or a negative litigation outcome.

An upgrade would require that Serta Simmons materially improve its
operating performance and reduce its financial leverage. Moody's
would also need to gain greater comfort that the company's capital
structure is sustainable and the company will generate positive
free cash flow and successfully address upcoming maturities before
considering an upgrade.

Serta Simmons' exposure to environmental risks reflects reliance on
energy-intensive manufacturing and reliance on natural capital
including raw materials such as wood, steel, and cotton in its
products. Waste and pollution risks reflect that mattresses are
typically not recycled at the end of their useful life as often it
is cost prohibitive to do so.  Some municipalities require
mattress recycling programs that are expensive to run and may
require additional investment in more recycled products.

Serta Simmons' exposure to social risks reflects health and safety
and responsible production risks. Health and safety reflects the
large and cumbersome nature of mattress manufacturing. Initiatives
to increase automation and reduce labor intensity of Serta Simmons'
plants requires significant investment. Responsible production
reflects the need to responsibly source component products in its
supply chain.

Serta Simmon' governance risk exposure reflects a very aggressive
financial strategy under private equity ownership as evidenced by
high financial leverage, continued underperformance of its
operations and an unsustainable capital structure. The willingness
to execute a lender-adverse priming transaction while preserving
equity ownership also elevates governance risks. Concentrated
ownership and decision making creates potential for event risk and
decisions that favor shareholders over creditors.

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

Serta Simmons Bedding, LLC ("Serta Simmons") manufactures,
distributes and sells mattresses, foundations, and other related
bedding products. The company's brand names include, Serta,
Beautyrest, Tuft & Needle and Simmons. The company has been
majority owned by Advent International since 2012 and generated
about $2.2 billion in revenue for the twelve months ending June
2022.


SERTA SIMMONS: S&P Lowers ICR to 'CCC-', Outlook Negative
---------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
mattress manufacturer and marketer, Serta Simmons Bedding LLC (SSB)
to 'CCC-' from 'CCC'.

S&P said, "Concurrently, we lowered the following issue-level
ratings: a $200 million first out super priority bank loan due Aug.
10, 2023, moved to 'B-' from 'B', with the recovery rating
remaining '1+'; a $851 million second out super priority bank loan
due Aug. 10, 2023, moved to 'CCC+' from 'B-', with the recovery
rating remaining '1'; and a $1.95 billion floating rate first-lien
term bank loan due Nov. 8, 2023, moved to 'C' from 'CC', with the
recovery rating remaining '6'.

"The negative outlook reflects the probability we will lower our
ratings if SSB defaults on its payments, restructures its debt, or
files for bankruptcy to address its maturities and unsustainable
capital structure."

SSB's entire capital structure matures in 2023, increasing the
likelihood of a near-term debt restructuring. SSB's $200 million
asset-based loan (ABL) facility matures Aug. 7, 2023. It also has
about $2 billion in term loans maturing 2023: $1.1 billion priority
term loans outstanding that mature Aug. 10, 2023 and $868 million
of first-lien term loan that mature Nov. 8, 2023. SSB disclosed in
its second quarter results filing that it intends to renegotiate,
restructure, or complete some transaction related to its capital
structure before its first maturities in August 2023.

SSB has a track record of restructuring transactions. In June 2020,
SSB completed a recapitalization that allowed for new money
super-priority debt and a debt exchange. S&P viewed the
transactions as tantamount to a selective default because they
involved debt exchange at a discount, whereby existing lenders
received less than originally promised, as well as a shift in
priority debt, resulting in a less favorable position for certain
existing lenders. Subsequently, in April 2021, SSB completed a
tender offer for its second-lien term loans at about $0.60 on the
dollar. S&P considered it a distressed exchange and tantamount to a
default because debt holders received less than par.

Liquidity is weak. As of June 30, 2022, SSB had about $344.7
million cash on hand and no borrowings under its ABL credit
agreement. This should support its ability to meet near-term
operating needs and interest payments. However, over the next 12
months, there is a material deficit of its ratio of cash sources to
uses because of the ABL and term loan maturities in 2023, absent a
refinancing or capital raise. SSB's estimated 2022 interest expense
is $145 million-$150 million, which is unsustainable given its
minimal EBITDA and negative cash flow generation.

Operating performance continues to deteriorate in a weak
macroeconomic environment. Net sales for the second quarter ended
June 30, 2022, decreased about 12.6% due to a double-digit drop in
volume, partially offset by higher prices. S&P said, "We estimate
negative EBITDA for the quarter due to lower sales volumes,
unfavorable mix into lower margin products, and higher logistics
costs. As a result, we estimate double-digit leverage for the last
12 months ended June 30, 2022, and EBITDA interest coverage well
below 1x. We expect continued lower demand from declining consumer
confidence and discretionary spending. A substantial improvement
will be difficult over the near term with a weakening macroeconomic
environment. We believe consumers will defer replacing mattresses,
a key driver of demand, and will continue to shift spending to
essentials or away-from-home categories. Additionally, a housing
market slowdown will likely pressure demand down for bedding."

The negative outlook reflects the potential for lower ratings in
the next six months.

S&P could lower its ratings if SSB:

-- Announces a distressed debt exchange or restructuring to
address its revolver and term loan maturities.

-- Is unable to meet its principal or interest payments.

S&P could raise its ratings if it believes:

-- A distressed exchange is unlikely, most likely because of an
unexpected turnaround in operations, proceeds from asset sales
repaying debt, or SSB's owners infusing cash equity; and

-- SSB can address its upcoming maturities without a distressed
exchange or restructuring.

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

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



SIZZLING PLATTER: Moody's Alters Outlook on 'B3' CFR to Stable
--------------------------------------------------------------
Moody's Investors Service changed Sizzling Platter, LLC's outlook
to stable from negative. At the same time, Moody's affirmed all of
Sizzling Platter's ratings, including its B3 corporate family
rating, B3 senior secured rating and B3-PD probability of default
rating.

"The outlook change to stable reflects stabilized operating trends
that have driven improved credit metrics with debt to EBITDA
expected to approach 6.0x over the next 12 months", stated Moody's
analyst, Matt Furbish. "Despite a challenging environment due to
commodity inflation and labor shortages, as well as the impact of
inflation on the consumer, Sizzling Platter's margins have remained
resilient due to the company's ability to increase pricing and
drive positive same store sales. These trends reflect the brand
recognition and value perception of the Little Caesars' franchise,
which accounts for the majority of Sizzling Platter's stores. The
stable outlook is also supported by the company's good liquidity,
as well as modest free cash flow after planned growth capital
expenditures." stated Furbish.

Affirmations:

Issuer: Sizzling Platter, LLC

Corporate Family Rating, Affirmed B3

Probability of Default Rating, Affirmed B3-PD

Senior Secured Regular Bond/Debenture, Affirmed B3 to (LGD3) from
(LGD4)

Outlook Actions:

Issuer: Sizzling Platter, LLC

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

The B3 CFR reflects Sizzling Platter's high leverage and weak
interest coverage, particularly given its modest scale as measured
by revenue and number of restaurants, some geographic concentration
and narrow product offering primarily focused on Little Caesars'
pizza franchises in Florida, the Southwest US and Mexico.  On an
LTM basis as of April 17, 2022, debt to EBITDA was 6.9x and is
forecast to approach 6.0x by year-end 2022. The rating is also
constrained by weak interest coverage with EBITA to interest of
0.7x for the same period. However, the ratings are supported by
Sizzling Platter's improving earnings and same-store trends, the
high level of brand awareness at the Little Caesars' franchise, as
well as its growth and diversification into other franchise brands
that provide value-oriented offerings. The ratings are also
supported by good liquidity which includes ample availability on
the revolver and some cash on hand, however, modest free cash flow
is expected after capital expenditures earmarked for new restaurant
development.

Sizzling Platter's private ownership is a rating factor given the
potential implications from both a capital structure and operating
perspective. Financial policies are always a key concern of
privately-owned companies given the potential for higher leverage,
distributions to the sponsor, or more aggressive growth
strategies.

The stable outlook reflects Moody's view that credit metrics will
continue to improve to below current levels with stronger earnings
as revenue from new units and prudent expense management take hold.
The outlook also incorporates Moody's expectation that liquidity
will remain good and cash flow will be used to support new unit
growth.

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

An upgrade would require debt to EBITDA to below 5.5 times and
EBITA coverage of gross interest of around 1.5 times, both on a
sustained basis. An upgrade would also require the maintenance of
good liquidity and positive free cash flow.

A downgrade could occur if same store sales turned negative
resulting in an inability to sustain credit metrics below the
current levels. Quantitatively, a downgrade could occur if debt to
EBITDA were sustained above 6.5x or EBITA to interest did not
approach 1.0x on a sustained basis. A deterioration in liquidity
for any reason could also result in a downgrade.

Sizzling Platter, with headquarters in Murray, Utah, owns and
operates 446 Little Caesars, 94 Jambas, 81 Wingstop, 20 Dunkin', 9
Sizzlers Steak House, 6 Red Robin, 2 Cinnabon, and 1 Jersey Mike's
franchised restaurants as of April 17, 2022. Revenues for the LTM
period ended April 2022 were $679 million. Sizzling Platter is
owned by CapitalSpring.

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


TD HOLDINGS: Effects Reverse Common Stock Split
-----------------------------------------------
TD Holdings, Inc.'s common stock began trading on a reverse stock
split-adjusted basis on Aug. 17, 2022, under the existing trading
symbol "GLG."

The reverse stock split is primarily intended to bring the Company
into compliance with the minimum bid price requirements for
maintaining its listing on the Nasdaq Capital Market.  The new
CUSIP number following the reverse stock split will be 87250W202.

As a result of the reverse stock split, every five shares of the
Company's common stock issued and outstanding will be automatically
reclassified into one new share of common stock.  The reverse stock
split will not modify any rights or preferences of the shares of
the company's common stock.  No fractional shares will be issued
because of the reverse stock split.  Instead, any fractional shares
that would have resulted from the reverse split will be rounded up
to the next whole number.

                        About TD Holdings

TD Holdings, Inc. is a service provider currently engaging in
commodity trading business and supply chain service business in
China. Its commodities trading business primarily involves
purchasing non-ferrous metal product from upstream metal and
mineral suppliers and then selling to downstream customers. Its
supply chain service business primarily has served as a one-stop
commodity supply chain service and digital intelligence supply
chain platform integrating upstream and downstream enterprises,
warehouses, logistics, information, and futures trading. For more
information, please visit http://ir.tdglg.com.

TD Holdings reported a net loss of $940,357 for the year ended Dec.
31, 2021, a net loss of $5.95 million for the year ended Dec. 31,
2020, and a net loss of $6.94 million for the year ended Dec. 31,
2019.  As of March 31, 2022, the Company had $279.13 million in
total assets, $33.48 million in total liabilities, and $245.65
million in total equity.


THREE ARROWS: Su Zhu Worries About Jail Time in Liquidator Spat
---------------------------------------------------------------
Joanna Ossinger, Jeremy Hill and Stacy-Marie ishmael of Bloomberg
News report that the fight between the founders of defunct crypto
hedge fund Three Arrows Capital and the court-appointed liquidators
charged with unwinding their assets has reached Thailand.  Su Zhu,
who along with his co-founder Kyle Davies, has been evasive about
his whereabouts since the spectacular collapse of their fund,
delivered an affidavit in person in Bangkok on August 19, 2022,
according to a notarized document seen by Bloomberg News.

In the affidavit, Zhu accused the liquidators of misleading the
High Court of Singapore about the hedge fund's structure.  Three
Arrows shifted its registration to the British Virgin Islands after
having previously operated out of Singapore.  Zhu in April had also
disclosed plans to move the fund's headquarters to Dubai.

A court in the British Virgin Islands in June appointed advisory
firm Teneo to liquidate Three Arrows' assets.  The fund's implosion
and failure to meet margin calls precipitated a series of market
declines and fueled significant distress among its creditors.  The
fund's liquidators have accused the two founders of failing to
cooperate with their efforts, court papers show, a characterization
Zhu challenged on Twitter.

The liquidators have said in court that Zhu and Davies have
provided "rather selective and piecemeal disclosures" about the
fund’s assets. Zhu's affidavit alleges the liquidators "had not
provided an entirely complete or accurate version of events" to the
Singapore court, which earlier this week formally granted a
petition by Teneo to recognize the liquidation order in the
country.

In the affidavit, Zhu cites multiple different entities in his and
his co-founder's financial universe.  According to Zhu, the
liquidators have offered "inaccurate and misleading"
representations of the operations, relationships and timelines
associated with these entities in their petitions to the Singapore
court.

Seeking Cooperation

"The joint liquidators strongly disagree with the positions set out
in Su Zhu's affidavit," a statement provided by Teneo
representatives said. The liquidators have filed responses to the
Singapore court, according to the statement.  They declined to
comment on specific positions pending the court's decision.

Zhu identified himself as a director of Three Arrows Capital Pte
Ltd, or TACPL. This entity, according to Zhu, first became a
registered fund manager in Singapore "in or around" August 2013 and
was licensed there until July 31, 2021.

Zhu also described two feeder funds: Three Arrows Fund Ltd, or
TAFL, registered in the British Virgin Islands, and Three Arrows
Fund LP, or TAFLP, registered in the US state of Delaware. These
entities fed into a master fund named in the affidavit as "the
Company."

'Draconian Consequences'

The entity formerly registered in Singapore, TACPL, ceased to be
the investment manager for the master and feeder funds as of Sept.
1, 2021, according to the affidavit. In its place, enter a fourth
entity: ThreeAC Ltd, domiciled in the British Virgin Islands and
which has operated as investment manager for those funds “since
in or around August 2021.”

The specifics of these representations matter, according to Zhu,
because the fund’s Singapore entity, TACPL, may not be able to
fully comply with the liquidators’ wide-ranging demands for
information. TACPL is the entity of which Zhu identified himself as
a director.

TACPL is concerned "about the potentially draconian consequences
arising from the Liquidators' exercise of their wide powers," the
affidavit said.

Zhu noted that TACPL's officers and representatives, of which as a
director he is one, could themselves face fines and imprisonment if
they are found in contempt of the court.

Zhu declined to comment beyond the affidavit. The Singapore court
had no comment.

The liquidators "rely on full and immediate cooperation from
relevant parties, including those situated in Singapore," according
to the statement provided by Teneo.  "We remain optimistic that
such parties will provide access to complete records and all
relevant information to enable us to discharge our responsibilities
fully in the interests of the creditors of 3AC."

                    About Three Arrows Capital

Three Arrows Capital Ltd. was an investment firm engaged in
short-term opportunities trading, and is heavily invested in
cryptocurrency, funded through borrowings.

As of April 2022, the Debtor was reported to have over $3 billion
of assets under its management.

Three Arrows Capital Ltd. was incorporated as a business company
under the laws of the British Virgin Islands. Its sole shareholder
owning all of its "management shares" is Three Arrows Capital Pte.
Ltd., which previously operated as a regulated fund manager in
Singapore until 2021, when it shifted its domicile to the BVI, as
part of a global corporate plan to relocate operations to Dubai.

The Debtor borrowed digital and fiat currency from multiple lenders
to fund its cryptocurrency investments.   After cryptocurrency lost
99% of its value, and then prices of other cryptocurrencies had
rapid declines, the Debtor reportedly defaulted on its
obligations.

On June 24, 2022, one of the Debtor's many creditors -- DRB Panama
Inc.  -- filed an application to appoint joint provisional
liquidators -- and thereafter, full Liquidators -- in the Eastern
Caribbean Supreme Court in the High Court of Justice (Commercial
Division) located in BVI. The application was assigned claim number
BVIHCOM2022/0117.

Subsequently, on June 27, 2022, the Debtor filed its own
application for the appointment of joint liquidators before the BVI
Commercial Court.

On June 29, 2022, the Honorable Mr. Justice Jack of the BVI
Commercial Court appointed Russell Crumpler and Christopher Farmer
of Teneo (BVI) Limited as joint liquidators of Three Arrows Capital
Ltd.

On July 1, 2022, liquidators of Three Arrows Capital filed a
Chapter 15 bankruptcy in the U.S. (Bankr. S.D.N.Y. Case No.
22-10920) to seek recognition of the BVI proceedings. Judge Martin
Glenn is the case judge.  Latham & Watkins, led by Adam J. Goldberg
is counsel in the U.S. case.

The law firm of Ogier, led by Grant Carroll, is advising the
liquidators in the BVI proceedings.




UNITED PROMOTIONS: Gets OK to Hire Akerman LLP as Special Counsel
-----------------------------------------------------------------
United Promotions, Inc. received approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to employ Akerman, LLP
as its special counsel.

Akerman will provide legal assistance to the Debtor in connection
with the arbitration with Unit Chemical Corporation. The firm will
also advise the Debtor on intellectual property matters.

The firm will be paid at these rates:

     Attorneys            $350 to $1,250 per hour
     Legal Assistants     $150 to $400 per hour

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

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

The firm can be reached at:

     Jeffrey J. Toney, Esq.
     Akerman, LLP
     999 Peachtree Street, NE Suite 1700
     Atlanta, GA 30309
     Tel: (404) 733-98700
     Fax: (404) 733-9898
     Email: jeffrey.toney@akerman.com

                     About United Promotions

United Promotions Inc. -- https://www.upitrading.com/ -- is an
Atlanta-based international trading company that innovates
sanitizing and biochemical products.

United Promotions sought Chapter 11 bankruptcy protection (Bankr.
N.D. Ga. Case No. 22-52993) on April 19, 2022. In the petition
filed by Catalina Figueredo, executive vice president and marketing
director, the Debtor disclosed up to $1 million in assets and up to
$10 million in liabilities.

Judge Jeffery W. Cavender oversees the case.

The Debtor tapped Todd C. Meyers, Esq., at Kilpatrick Townsend &
Stockton, LLP as bankruptcy counsel; Akerman, LLP as special
counsel; and Michael A. Marks, CPA, PC as accountant.


UNITED PROMOTIONS: Gets OK to Hire Michael A. Marks as Accountant
-----------------------------------------------------------------
United Promotions, Inc. received approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to employ Michael A.
Marks, CPA, PC as its accountant.

The firm's services include:

   a. assisting in reporting to the Office of the U.S. Trustee
regarding the financial status of the Debtor;

   b. assisting with the preparation of the Debtor's monthly
operating reports;

   c. assisting with the Debtor's schedules and statement of
financial affairs;

   d. closing the Debtor's books each month;

   e. preparing and filing all necessary tax returns and other
required tax filings;

   f. attending court hearings, if necessary; and

   g. performing all other accounting services for the Debtor that
may be necessary and proper in its Chapter 11 proceeding.

The firm will be paid as follows:

   -- $800 per month for the preparation of monthly operating
reports, closing the Debtor's books for the previous month, and
other related accounting issues;

   -- flat fee of $2,500 for corporate tax returns; and

   -- $200 per hour for the other services.

Michael Marks, a partner at Michael A. Marks, CPA, disclosed in a
court filing that his firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Michael A. Marks
     Michael A. Marks, CPA PC
     2440 Sandy Plains Road, Bldg. 14, Suite A
     Marietta, GA 30066 -7218
     Tel: (770) 973-7755
     Email: mmarks@mmarkscpa.com

                     About United Promotions

United Promotions Inc. -- https://www.upitrading.com/ -- is an
Atlanta-based international trading company that innovates
sanitizing and biochemical products.

United Promotions sought Chapter 11 bankruptcy protection (Bankr.
N.D. Ga. Case No. 22-52993) on April 19, 2022. In the petition
filed by Catalina Figueredo, executive vice president and marketing
director, the Debtor disclosed up to $1 million in assets and up to
$10 million in liabilities.

Judge Jeffery W. Cavender oversees the case.

The Debtor tapped Todd C. Meyers, Esq., at Kilpatrick Townsend &
Stockton, LLP as bankruptcy counsel; Akerman, LLP as special
counsel; and Michael A. Marks, CPA, PC as accountant.


WEINSTEIN CO: NY Chief Judge Grants Appeal of Harvey Weinstein
--------------------------------------------------------------
Frank G. Runyeon of Law360 reports that Harvey Weinstein's
successful bid to appeal his rape conviction to New York's highest
court marks an exceedingly rare victory for a criminal defendant,
giving the disgraced movie mogul one last chance to challenge the
MeToo verdict and perhaps erase his 23-year sentence.

Chief Judge Janet DiFiore personally granted Weinstein the
opportunity Aug. 19 after seeing a preview of his appeal, which
features arguments of a tardy prosecution, prejudicial evidence and
a dishonest juror, according to a copy of the leave application
provided to Law360 Thursday, August 25, 2022, by his attorneys, who
received the order the day before.

                     About The Weinstein Company

The Weinstein Company (TWC) -- http://www.WeinsteinCo.com/-- was a
multimedia production and distribution company launched in 2005 in
New York by Bob and Harvey Weinstein, the brothers who founded
Miramax Films in 1979. TWC also encompasses Dimension Films, the
genre label founded in 1993 by Bob Weinstein. During Harvey and
Bob's tenure at Miramax and TWC, they have received 341 Oscar
nominations and won 81 Academy Awards.  

TWC dismissed Harvey Weinstein in October 2017, after dozens of
women came forward to accuse him of sexual harassment, assault or
rape.

The Weinstein Company Holdings LLC and 54 affiliates sought Chapter
11 protection (Bankr. D. Del. Lead Case No. 18-10601) on March 19,
2018, after reaching a deal to sell all assets to Lantern Asset
Management for $310 million.

The Weinstein Company Holdings estimated $500 million to $1 billion
in assets and $500 million to $1 billion in liabilities.

The Hon. Mary F. Walrath served as the case judge.

Cravath, Swaine & Moore LLP acted as the Debtors' bankruptcy
counsel, with the engagement led by Paul H. Zumbro, George E.
Zobitz, and Karin A. DeMasi, in New York.

Richards, Layton & Finger, P.A., served as the local counsel, with
the engagement headed by Mark D. Collins, Paul N. Heath, Zachary I.
Shapiro, Brett M. Haywood, and David T. Queroli, in Wilmington,
Delaware.

The Debtors also tapped FTI Consulting, Inc., as restructuring
advisor; Moelis & Company LLC as investment banker; and Epiq
Bankruptcy Solutions, LLC as claims and noticing agent.

The official committee of unsecured creditors retained Pachulski
Stang Ziehl & Jones, LLP as its legal counsel, and Berkeley
Research Group, LLC, as its financial advisor.

Renamed TWC Liquidation Trust, LLC, following the asset sale, the
Debtors obtained confirmation of their bankruptcy plan on January
26, 2021.


WILLIAM HOLDINGS: Files for Chapter 11 Bankruptcy
-------------------------------------------------
Saying it is unable to pay its debts as they come due, William
Holdings LLC has filed for chapter 11 protection.

According to court filings, William Holdings estimates between 1
and 49 creditors.  The petition states that funds will be available
to Unsecured Creditors.

                     About William Holdings LLC

William Holdings LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-14708) on August 29,
3033. In the petition filed by Kameron Segal, as CEO, the Debtor
reports estimated assets and liabilities between $10 million and
$50 million each.

The Debtor is represented by Michael Jay Berger of the Law Offices
of Michael Jay Berger.



WORLEY CHIROPRACTIC: Taps Montgomery & Company as Accountant
------------------------------------------------------------
Worley Chiropractic Clinic, PA, seeks approval from the U.S.
Bankruptcy Court for the District of South Carolina to employ
Montgomery & Company, CPAs, PA as its accountant.

The firm's services include monthly bookkeeping services and the
preparation of the Debtor's Chapter 11 monthly operating reports
and annual tax returns.

The firm will be paid at these rates:

     Partners           $450 per hour
     Advisors           $325 per hour
     Accountants        $200 per hour
     Support Staffs     $50 per hour

Joseph Montgomery, a partner at Montgomery & Company, disclosed in
a court filing that his firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Joseph F. Montgomery
     Montgomery & Company, CPAs, PA
     101 Roper Creek Drove
     Greenville, SC 29615
     Tel: (864) 233-8449
     Email: info@montgomeryandco.com

                  About Worley Chiropractic Clinic

Worley Chiropractic Clinic PA is a chiropractic clinic located in
Greenwood, S.C.

Worley Chiropractic Clinic sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. S.C. Case No. 22-01831) on July
12, 2022, listing $500,000 to $1 million in assets and $1 million
to $10 million in liabilities. Donald B. Worley, president, signed
the petition.

Judge Helen E. Burris oversees the case.

Robert H. Cooper, Esq., at The Cooper Law Firm, serves as the
Debtor's legal counsel while Montgomery & Company, CPAs, PA is the
Debtor's accountant.


WORLEY CHIROPRACTIC: Taps The Cooper Law Firm as Bankruptcy Counsel
-------------------------------------------------------------------
Worley Chiropractic Clinic, PA seeks approval from the U.S.
Bankruptcy Court for the District of South Carolina to employ The
Cooper Law Firm to handle its Chapter 11 bankruptcy case.

The firm will be paid at these rates:

     Attorneys      $295 per hour
     Associates     $150 to $195 per hour
     Paralegals     $95 per hour

The firm will also be reimbursed for its out-of-pocket expenses.

The retainer is $15,000.

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

The firm can be reached at:

     Robert H. Cooper, Esq.
     The Cooper Law Firm
     150 Milestone Way, Suite B
     Greenville, SC 29615
     Tel: (864) 271-9911
     Fax: (864) 232-5236
     Email: rhcooper@thecooperlawfirm.com

                  About Worley Chiropractic Clinic

Worley Chiropractic Clinic PA is a chiropractic clinic located in
Greenwood, S.C.

Worley Chiropractic Clinic sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. S.C. Case No. 22-01831) on July
12, 2022, listing $500,000 to $1 million in assets and $1 million
to $10 million in liabilities. Donald B. Worley, president, signed
the petition.

Judge Helen E. Burris oversees the case.

Robert H. Cooper, Esq., at The Cooper Law Firm, serves as the
Debtor's legal counsel while Montgomery & Company, CPAs, PA is the
Debtor's accountant.


ZHR BROS: U.S. Trustee Unable to Appoint Committee
--------------------------------------------------
The U.S. Trustee for Region 21, until further notice, will not
appoint an official committee of unsecured creditors in the Chapter
11 case of ZHR Bros, LLC, according to court dockets.
    
                          About ZHR Bros

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

ZHR Bros sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D. Fla. Case No. 22-15912) on July 29, 2022, listing
$1 million to $10 million in both assets and liabilities.  Zachary
Gindi, president of ZHR Bros, signed the petition.

Judge Robert A. Mark oversees the case.

Zachary Malnik, Esq., at The Salkin Law Firm P.A., is the Debtor's
counsel.


ZIFF DAVIS: S&P Raises Convertible Notes Rating to 'BB-'
--------------------------------------------------------
S&P Global Ratings raised its issue-level rating on Ziff Davis
Inc.'s 1.75% senior convertible notes due 2026 to 'BB-' from 'B+'
and revised the recovery rating to '5' from '6' due to its
expectation for improved recovery prospects. The company's capital
structure comprises an undrawn $100 million senior secured
revolving credit facility (not rated) due 2026, $484.9 million
(outstanding) of 4.625% senior unsecured notes due 2030, and $550
million of 1.75% convertible notes due 2026. The 1.75% convertible
notes are subordinated to the company's 4.625% senior unsecured
notes and its revolving credit facility.

Ziff Davis reduced the outstanding balance on its 4.625% senior
unsecured notes to $484.9 million from $641.3 million as of Dec.
31, 2021, which increased the amount of recovery proceeds available
for its subordinated debtholders in our simulated default scenario.
The company paid down this debt with a combination of cash and
proceeds from the recent debt-for-equity exchange of part of its
minority investment in Consensus Cloud Solutions Inc., which netted
it $90 million of cash.

S&P said, "Following the debt paydown, we believe the recovery
prospects for the 4.625% senior unsecured notes have improved
considerably. However, we limit our recovery ratings on the
unsecured debt issued by companies we rate in the 'BB' category at
'3' to reflect our expectation that the lenders' recovery could be
impaired by the issuance of significant additional pari passu or
priority debt on the path to default. As such, our 'BB' issue-level
rating and '3' recovery rating on Ziff Davis' $484.9 million senior
unsecured notes remain unchanged.

"However, the paydown of the senior unsecured notes increased the
amount of collateral value available to the holders of the
convertible notes in our simulated default scenario. As such, we
believe the convertible notes' recovery prospects have improved.
This results in the recovery rating on the convertible notes being
revised to '5' from '6' and the issue-level rating upgraded to
'BB-' from 'B+'."

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

The company's capital structure comprises an undrawn $100 million
senior secured revolving credit facility (not rated) due 2026,
$484.9 million (outstanding) of 4.625% senior unsecured notes due
2030, and $550 million of 1.75% convertible notes due 2026.

S&P limits its recovery ratings on the unsecured debt issued by
companies it rates in the 'BB' category at '3' to reflect its
expectation that the lenders' recovery could be impaired by the
issuance of significant additional pari passu or priority debt on
the path to default.

Simulated default assumptions

-- S&P said, "Our simulated default scenario contemplates a
default occurring in 2027 because of the combination of a sharp
decline in advertising and marketing spending (due to economic
weakness) and key client losses or pricing pressure (due to
increased competition). We assume the company's debt is refinanced
and its maturities are pushed out on the path to default."

-- Other default assumptions include an 85% draw on the revolving
credit facility, the spread on the revolving credit facility rises
to 5% as the company obtains covenant amendments, and all debt
amounts include six months of prepetition interest.

-- S&P valued Ziff Davis on a going-concern basis using a 6x
multiple of its projected emergence EBITDA, which is in line with
the multiples it uses for comparable digital marketing companies.

Simplified waterfall

-- EBITDA at emergence: $124 million

-- EBITDA multiple: 6.0x

-- Gross enterprise value: $744 million

-- Net enterprise value (after 5% administrative costs): $706
million

-- Estimated senior secured debt claims (revolving credit
facility): $88 million

-- Value available for senior unsecured debt claims: $618 million

-- Estimated senior unsecured debt claims: $496 million

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

-- Value available for convertible debt claims: $122 million

-- Estimated convertible debt claims: $555 million

    --Recovery expectations: 10%-30% (rounded estimate: 20%)



[^] BOOK REVIEW: The Phoenix Effect
-----------------------------------
Nine Revitalizing Strategies No Business Can Do Without

Authors: Carter Pate and Harlann Platt
Publisher: John Wiley & Sons, Inc.
Softcover: 244 Pages
List Price: $27.95
Review by Gail Owens Hoelscher
Buy a copy for yourself and one for a colleague on-line at
http://amazon.com/exec/obidos/ASIN/0471062626/internetbankrupt

Think of all the managers of faltering companies who dream of
watching those companies rise from the ashes all around them! With
a record number of companies failing in 2001, and another
record-setting year expected for 2002, there are a lot of ashes
from which to rise these days.

Carter Pate and Harlan Platt highly value strong leadership able to
sharpen a company's focus and show the way to the future. They
believe that all too often, appropriate actions required to improve
organizations are overlooked because upper management either isn't
aware of the seriousness of the issues they face or they don't know
where to turn for accurate information to best address their
concerns. In the Phoenix Effect, the authors present their ideas to
"confront, comprehend, and conquer a company's ills, big and
small."

These ideas are grouped into nine steps: (i) Find out whether the
company needs a tune-up, a turnaround, or crisis management. Locate
the source of "the pain." (ii) Analyze the true scope of the
company's operations. Decide whether to stay in the same
businesses, withdraw from existing businesses, or enter new ones.
(iii) Hold the company to its mission statement. If it strives to
be "the most environmentally friendly." Figure out how. (iv) Manage
scale. Should the company grow, stay the same size, or shrink? (v)
Determine debt obligations and work toward debt relief. (vi) Get
the most from the company's assets. Eliminate superfluous assets
and evaluate underused assets. (vii) Get the most from the
company's employees. Increase output and lower workforce costs.
(viii) Get the most from the
company's products. Turn out products that are developed and
marketed to fill actual, current customer needs. (ix) Produce the
product. Search for alternate ways to create the product: owning or
leasing facilities, outsourcing, etc.

The authors believe that "how you're doing is where you're going."
They assert that the "one fundamental source of life in companies,
as in people, is the capacity for self-renewal, the ability to
excite your team for game after game. to go for broke season after
season." This ability can come from "(g)enetics, charisma, sheer
luck, stock options -- all crucial, yes, but the best renewal
insurance is a leader who always knows exactly how his or her
company is doing."

There are a lot of books written on this topic. Pate and Platt
successfully bridge the gap between overgeneralization and too
detail. They are equally adept at advising on how to go about
determining a business's scope and arguing for Monday rather than
Friday for implementing layoffs. They don't dwell on sappy
motivational techniques. They don't condescend to the reader or
depend too much on folksy vernacular and cliche. Their message is
clear: your company's phoenix, too, can rise from its ashes.

Carter Pate has served on the Board of multiple public companies.
During his two decades as a Partner at PricewaterhouseCoopers, he
held several global leadership positions, including being the
Global Managing Partner of the Advisory Services Practice,
Healthcare Practice and the Government practice.  He subsequently
served as the CEO of Providence Service Corporation (revenue $1.5B)
and as the CEO of MV Transportation, one of the largest privately
held transportation companies.

Dr. Harlan D. Platt is a professor of Finance and Insurance at
Northeastern University. He is president of 911RISK, Inc., which
specializes in developing analytical models to predict corporate
distress.  He received a Ph.D. from the University of Michigan, and
holds a B.A. degree from Northwestern University.



                            *********

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
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re-mailing and photocopying) is strictly prohibited without prior
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