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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

              Monday, September 19, 2022, Vol. 26, No. 261

                            Headlines

212 EAST 72ND: Secured Creditor Submits Sale Plan
AE OPCO III: Oct. 14 Plan Confirmation Hearing Set
AMERICAN PUBLIC EDUCATION: S&P Affirms 'B+' Issuer Credit Rating
AMKOR TECHNOLOGY: Fitch Alters Outlook on 'BB' IDR to Positive
ARCHDIOCESE OF NEW ORLEANS: Gainsburgh Represents Abuse Victims

ARCHDIOCESE OF SANTA FE: Selling Las Vegas Property for $352K
ARTESIAN FUTURE: Unsec. Creditors Only Get 0.692% Under Plan
BAMC DEVELOPMENT: Unsecureds Owed $5K Unimpaired in Plan
BRAND 44: Sets Bidding Procedures for Substantially All Assets
BRAZOS ELECTRIC: Unsecured Creditors to Recover 89.5% in Plan

BRIAN MICHAEL MARSHALL: Kashou Buying Tampa Property for $2.4-Mil.
CALIFORNIA INDEPENDENT: Unsecureds to Recover 27% to 28% in Plan
CAROLINA CAJUNS: Case Summary & Eight Unsecured Creditors
CINEWORLD: Can Access $1.9 Billion Loan With Certain Limits
CNX RESOURCES: Fitch Assigns BB+ Rating to Sr. Unsecured Notes

COPPER MECHANICAL: Asks for 120-Day Extension for Plan Approval
DYNAMIC LIGHT: Seeks Chapter 7 Bankruptcy Protection
ENDO INTERNATIONAL: BSJ Represents DDLA NAS Committee
EXPRESSJET AIRLINES: Susan Kaufaman Represents Union Entities
FLOOR & DECOR: S&P Upgrades ICR to 'BB', Outlook Stable

GOHN ENTERPRISES: Case Summary & 20 Largest Unsecured Creditors
HERSHA HOSPITALITY: Will Sell Its Two Hotels to Pay Debt
JOGI PACK: Business Turnover or Sale to Fund Plan Payments
KING MOUNTAIN: Fine-Tunes Plan Documents
KOSSOFF PLLC: Trustee Selling Condo Unit in Highlands for $450K

LOS ANGELES CENTRAL: Voluntary Chapter 11 Case Summary
LOYALTY VENTURES: S&P Downgrades ICR to 'B-', Outlook Negative
MD HELICOPTERS: MBIA, New Management See Turnaround
MEN'S WEARHOUSE: Moody's Ups CFR to B1 & Alters Outlook to Stable
METROPOLITAN WATER: Amends Unsecured Claims Pay Details

MICHAEL BAKER: S&P Affirms 'B' ICR, Outlook Stable
NB HOTELS: Plan Disclosures Inadequate, Starwood Says
NCL CORP: Moody's Affirms B2 CFR, Outlook Remains Negative
NEUMEDICINES INC:  Nant, Brink Claims to Affect Unsecureds' Payouts
NICK'S CREATIVE: Case Summary & Five Unsecured Creditors

NJ ECONOMIC: Fitch Withdraws BB+ Rating on 2013/2014A Bonds
OAKVIEW FARMS: Plan & Disclosures Due No Later Than Sept. 20
OLYMPIA SPORTS: Sept. 20 Deadline Set for Panel Questionnaires
PELLETIER MANAGEMENT: Case Summary & 10 Unsecured Creditors
PERMIAN RESOURCES: Fitch Assigns 'BB-' LongTerm IDR

PROOFPOINT INC: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
QHC CRESTRIDGE: No Resident Care Concerns, PCO Report Says
QHC CRESTVIEW: No Supply Concerns, PCO Report Says
QHC HUMBOLDT NORTH: PCO Reports Challenges in Turnover of DON Role
QHC HUMBOLDT SOUTH: Completes Transfer of Patient Records, PCO Says

QHC MADISON: PCO Report Indicates Need for New Registered Nurse
QHC MITCHELLVILLE: PCO Files Fourth Interim Report
QHC VILLA COTTAGES: PCO Files Fourth Interim Report
QUAD/GRAPHICS INC: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
RANCHO CIELO: Unsecureds Owed $600K to Paid From Proceeds of Sale

REARDEN STEEL: Case Summary & Six Unsecured Creditors
RED RIVER: Unsecureds to Get Pro Rata Share of Liquidation Trust
RL ENTERPRISES: Files Bare-Bones Chapter 11 Petition
SEAGATE TECHNOLOGY: Fitch Affirms 'BB+' LongTerm IDR
STORED SOLAR: Drummond Represents Ad Hoc Creditors Committee

SUNGARD AS: Oct. 3 Hearing on Plan and Disclosures
SWISSBAKERS INC: Class 3C Members Agree to Eliminate Claims
THORNHILL BROTHERS: Unsecureds Slated to Recover 100% in Plan Sale
TUESDAY MORNING: Gets Strategic Investment From Pier 1 Owner
ULKER BISKUVI: S&P Downgrades ICR to 'B-', On Watch Negative

USF HOLDINGS: S&P Alters Outlook to Stable, Affirms 'CCC+' ICR
VOYAGER DIGITAL: FTX Emerges as Highest Bidder At Auction
WILLIAMS LAND: Case Summary & 20 Largest Unsecured Creditors
WIN BIG DEVELOPMENT: Glasir Buying Devonshire Project for $1.885M

                            *********

212 EAST 72ND: Secured Creditor Submits Sale Plan
-------------------------------------------------
Secured creditor 72nd Ninth LLC submitted a Plan of Liquidation and
Disclosure Statement for debtor 212 East 72nd Street LLC.

The Debtor's exclusive period to file a plan expired on July 20,
2022.  To date, the Debtor has been unable to raise sufficient
financing to fund a reorganization.  Consequently, the next logical
step was for Secured Creditor to file the Plan, which provides for
the liquidation of the Debtor by liquidating the Debtor's real
property and improvements thereon, commonly known as and located at
212 East 72nd Street, New York, New York 10021 (Block: 1426, Lot
42) (the "Property") and use the proceeds from the sale to pay
claims.

The Proponent intends to engage a broker (the "Broker") as its real
estate advisor and it shall market and auction the Property (the
"Sale") pursuant to 11 U.S.C. Sections 363, 1123(a)(5)(D), and
1123(b)(4) to obtain the highest and best price, in accordance with
the applicable provisions of the Bankruptcy Code. The Broker shall
be identified in a motion to appoint a broker in connection with
the plan to be filed prior to and heard at the hearing on the
approval of the disclosure statement.  The sale shall be conducted
following confirmation of the Plan, but subject to certain
conditions set forth in the Plan.

In the event that the Available Cash on the Effective Date is
insufficient to provide creditors of the Debtor's estate with the
distributions required to be made on the Effective Date, any
shortfall will be funded by the Proponent (by either reducing the
distribution to be made on account of the 72nd Ninth Secured Claim,
or through cash to be provided the Proponent) with any such
shortfall funding constituting an administrative claim against the
Debtor’s estate payable from Cash after the Effective Date.

Under the Plan, Class 4 General Unsecured Claims total $135,000.
In addition to the 72nd Ninth Unsecured Claim, which is in an
unknown amount at present, there are three claims, all scheduled,
that are General Unsecured Claims. The Claim of Con Edison is
scheduled at $135,000, which is the number listed above. The
Proponent believes that the other two scheduled General Unsecured
Claims, Hephaistos Construction ($2,800,000) and Perez Maintenance
($90,000), would likely be expunged and/or disallowed if they were
subject to objection.  Subject to the provisions of Article 8 of
the Plan with respect to Disputed Claims, and with the exception of
holders of General Unsecured Claims who waive any distribution
under the Plan on account of their Class 4 General Unsecured
Claims, each holder of an Allowed Class 4 General Unsecured Claim
will receive on account of such claim a pro rata distribution of
Available Cash after all payments to Class 1 Claims, the Class 2
Claim, the Class 3 Claims, and Statutory Fees, and Administrative
Claims, with interest from the Petition Date onwards at the rates
set forth in the applicable Notes as to Claims in Class 2 and
interest from the Petition Date onwards at the Federal Judgment
Rate as to Claims in Class 1, Class 3 and Class 4, with interest as
to all such Classes being paid in full prior to any payments being
made on account of principal; provided, however, that if the
Proponent is the Successful Bidder based on a credit bid, the
Proponent will provide a distribution of $13,500 to holders of
Claims in Class 4 other than the 72nd Ninth Unsecured Claim, the
Proponent agreeing to waive the right to receive any distribution
from such $13,500.00 as a member of this Class. Creditors will
recover approximately 10% or more of their claims. Under section
4.5 of the Plan, if the Proponent is the Successful Bidder based on
a credit bid, the Proponent will provide a distribution of $13,500
to holders of the General Unsecured Claims. This amount provides an
approximate floor of a 10% distribution based on the estimated
amount of claims in this class.  The Class is also entitled to
additional distributions when and if senior Classes are paid in
full. The Proponent believes that this is unlikely to occur,
however.  If the scheduled General Unsecured Claims of Hephaistos
Construction ($2,800,000) and Perez Maintenance ($90,000) are
allowed as scheduled and paid, the percentage distribution in this
Class from the $13,500 will be approximately 0.45%.  Class 4 is
impaired.

Attorneys for 72nd Ninth LLC:

     Jerold C. Feuerstein, Esq.
     Daniel N. Zinman, Esq.
     Stuart L. Kossar, Esq.
     KRISS & FEUERSTEIN LLP
     360 Lexington Avenue, Suite 1200
     New York, NY 10017
     Tel: (212) 661-2900
     Fax: (212) 661-9397
     E-mail: jfeuerstein@kandfllp.com
             skossar@kandfllp.com
             dzinman@kandfllp.com

A copy of the Disclosure Statement dated September 7, 2022, is
available at https://bit.ly/3RRU1LW from PacerMonitor.com.

                    About 212 East 72nd Street

212 East 72nd Street, LLC owns and operates a townhome located at
212 East 72nd St., N.Y.

212 East 72nd Street filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No.
22-10351) on March 22, 2022, listing as much $50 million in both
assets and liabilities. Evanthia Koutis, member, signed the
petition.

Judge Lisa G. Beckerman oversees the case.

Leo Fox, Esq., in New York, represents the Debtor in its Chapter 11
case.


AE OPCO III: Oct. 14 Plan Confirmation Hearing Set
--------------------------------------------------
Judge Catherine Peek McEwen has entered an order conditionally
approving the Disclosure Statement of AE OPCO III, LLC dba
Aeromatrix Composites.

The Court will conduct a hearing on confirmation of the Plan,
including timely filed objections to confirmation, objections to
the Disclosure Statement, motions for cramdown, applications for
compensation, and motions for allowance of administrative claims on
October 14, 2022 at 3:30 p.m. in Tampa, FL - Courtroom 8A, Sam M.
Gibbons United States Courthouse, 801 N. Florida Avenue.

Any written objections to the Disclosure Statement must be filed
with the Court and served no later than 7 days prior to the date of
the hearing on confirmation.

Parties in interest must submit their written ballot accepting or
rejecting the Plan no later than 8 days before the date of the
Confirmation Hearing.

Objections to confirmation must be filed and served no later than 7
days before the date of the Confirmation Hearing.

The Plan Proponent must file a ballot tabulation no later than 96
hours prior to the time set for the Confirmation Hearing.

                     About AE OPCO III, LLC

AE OPCO III, LLC owns and operates an aerospace composite
manufacturing facility.  AE OPCO III provides design services,
testing, assembling and repairs for commercial and governmental
customers.

AE OPCO III sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-01186) on March 25,
2022. In the petition signed by Jack Hall, president, the Debtor
disclosed up to $50 million in both assets and liabilities.

Judge Catherine Peek McEwen oversees the case.

Alberto F. Gomez, Jr., Esq., at Johnson, Pope, Bokor, Ruppel and
Burns, LLP, is the Debtor's counsel.


AMERICAN PUBLIC EDUCATION: S&P Affirms 'B+' Issuer Credit Rating
----------------------------------------------------------------
S&P Global Ratings revised its outlook on American Public Education
Inc.'s (APEI) 'B+' issuer credit rating to negative from stable.
S&P also affirmed its 'BB-' ratings on its $20 million revolver and
$175 million term loan.

S&P said, "The negative outlook reflects the risk that inflationary
pressures and weaker enrollment at recently acquired (RU) will
increase APEI's leverage to the low-5x area in 2022, which we view
as high for the rating. Although we expect the company to address
these challenges over the next 12 months, execution risk remains
such that the timing of operational recovery remains uncertain."

APEI, a for-profit higher education provider of online and
on-campus postsecondary education in the U.S, is facing adjunct
faculty staffing constraints at Rasmussen University (RU) coupled
with weakening enrollments trends, which are affecting its
operating performance.

Inflationary and enrollment pressures in the RU segment will lead
to a deterioration in key credit metrics. Operational missteps and
a challenging macroeconomic environment resulted in enrollment
declines in RU's non-nursing business, wage pressures (due to
record-low unemployment in local RU markets), and self-imposed
enrollment caps due to adjunct faculty shortages at certain
campuses. As such, non-nursing enrollment at RU declined 10% for
the period ended June 30, 2022, compared to the prior year, and the
company expects nursing enrollment at RU to decline by 8% in the
quarter ending Sept. 30, 2022. S&P expects this, coupled with
increased faculty and staff wages and increased marketing expenses,
will drive the company's EBITDA margin below 10% in 2022 from 15.4%
in 2021 on a reported basis, and thus S&P Global Ratings-adjusted
leverage to temporarily spike to the low-5x area at year end 2022.

APEI's shift to in-house marketing and change to the Army's
registration portal vendor pose some execution risk. APEI intends
to permit its contracts with Collegis LLC (RU relies on Collegis
LLC for outsourced information technology functions and marketing
services) to expire in 2024 and has transferred the majority of
Collegis services back to in-house, or to one or other third-party
vendors as of the third quarter of 2022. Although this may improve
long-term lead generation, the cost efficiency and impact on
operations and margins remain unknown. S&P said, "The company plans
to realign its organizational structure and eliminate redundancies
later this year, though we don't expect this to translate to margin
improvement until 2023. Furthermore, despite positive feedback from
the Air Force integration, the U.S. Army registration portal
upgrade and new third-party service provider are potential risks to
our base-case forecast."

S&P said, "Nevertheless, we expect APEI to generate healthy cash
flow and maintain sufficient liquidity. APEI generates solid free
operating cash flow (FOCF), mainly due to low capital spending. We
expect APEI to generate between $30 million and $50 million of
reported FOCF in fiscal years 2022 and 2023. We expect FOCF to
primarily fund growth through tuck-in acquisitions or business
investments such as campus expansion and improvement of internal
technological systems rather than share repurchases. As of June 30,
2022, the company had $158 million of unrestricted cash and cash
equivalents along with full availability under its $20 million
revolving credit facility."

APEI is vulnerable to regulatory changes because of its high
dependence on federal funding services. The company derives roughly
75% of its revenue from U.S. governmental funding sources including
Title IV, Tuition Assistance and Veterans Affairs funding, which
are vulnerable to changes in regulations and budgetary pressures.
The large reliance on these funds exposes both its American Public
University System Inc. (APUS) and nursing programs to regulatory
risk as governmental funding could be cut off or significantly
reduced due to changes in regulatory requirements, or if a
particular Hondros College of Nursing (HCN) program fails to meet
job placement and accreditation requirements set by the regulator.
In addition, cash payments and private loans make up a small
percentage of revenue because most applicants use some form of
student financing aid to support their education. Furthermore,
failing to remain in compliance with specified financial
responsibility standards by its regulators could lead to additional
regulatory requirements and reduced cash flow.

S&P said, "The negative outlook reflects the risk that inflationary
pressures and weaker enrollment at recently acquired RU will
increase APEI's leverage to the low-5x area in 2022, which we view
as high for the rating. Although we expect the company to address
these challenges over the next 12 months, execution risk remains
such that the timing of operational recovery remains uncertain."

S&P could lower the rating if it believes the company will sustain
S&P Global Ratings-gross adjusted leverage above 4x. This could
occur if:

-- Enrollment rates decline materially because of operational
missteps, loss of accreditation, or adverse regulatory changes that
reduces government-assisted funding sources; or

-- The company is unable to fully realize its intended cost cuts
from its intended corporate realignment and/or migrating its
marketing and enrollment services at RU to in-house from a
third-party provider.

S&P could revise the outlook to stable if inflationary pressures at
the company ease and enrollment trends improve such that adjusted
leverage declines below 4x on a sustained basis.

ESG Credit Indicators: E-2, S-2, G-2



AMKOR TECHNOLOGY: Fitch Alters Outlook on 'BB' IDR to Positive
--------------------------------------------------------------
Fitch Ratings has affirmed Amkor Technology, Inc.'s (Amkor)
Long-Term Issuer Default Rating (IDR) at 'BB' and senior unsecured
rating at 'BB'/'RR4'. The Rating Outlook is revised to Positive
from Stable.

The rating and Outlook reflect Fitch's expectations for higher
mid-cycle revenue and profit margins from Amkor's execution on its
technology roadmap and cost optimization, resulting in a richer
sales mix. Current supply chain constraints have been a tailwind
for demand visibility and pricing but Fitch still expects higher
than historical annual FCF through the cycle despite elevated
capital spending to support growth. Additionally, higher
profitability in conjunction with low levels of debt should enable
the company to weather what Fitch expects should be a moderate
semiconductor downturn in 2023. Longer term, Amkor will benefit
from a robust and broad-based demand driven by increasing
outsourcing and complexity, even as concentration to
smartphones/consumer remains a key concern.

KEY RATING DRIVERS

Barriers to Entry: Cumulative investments and expectations for high
ongoing capital intensity should sustain barriers to entry and,
therefore, Amkor's solid market positions over the intermediate
term. Capital intensity should remain between 10% and 15% of net
sales, supporting Amkor's broad geographic footprint and
technological capabilities, particularly in advanced packaging.
Meanwhile, leading foundries are using their greater financial
flexibility to invest in in-house packaging capabilities and
increasingly competing with outsourced semiconductor assembly and
test (OSAT) providers such as Amkor, potentially raising investment
requirements over the long term.

Modest FCF Generation: Amkor's modest scale and profit margins with
high capital intensity structurally constrain its cash flow
profile. Amkor's $6.5 billion of LTM revenue and operating EBITDA
margins of 21.8% are modest compared with other segments of the
semiconductor supply chain and capital intensity of 10%-15% is
in-line with or above average. Nonetheless, Fitch now expects low-
to mid-single digit FCF margins through the forecast period, versus
flat to low-single digits previously.

Secular Growth Drivers: Fitch believes increasing semiconductor
content and ongoing outsourcing trends supports low- to mid-single
digit long-term growth for Amkor. Accelerating digitalization and
electrification continues to drive increasing semiconductor
penetration across a wide range of products, in certain markets
doubling growth from volume alone. Meanwhile, ongoing adoption of
the fabless semiconductor model, particularly for advanced
technologies, continues unabated, expanding Amkor's addressable
market.

Conservative Financial Policies: Amkor's financial profile should
remain conservative for the rating, prompted in part by historical
operating volatility. Amkor is poised to sustain total
debt/operating EBITDA comfortably below Fitch's 3.5x positive
leverage sensitivities through the forecast period, absent a
material debt-funded acquisition.

Fitch expects positive FCF over the forecast period will add to
cash balances at the higher end of historical balances, which could
support capital returns in the out years. Fitch estimates Amkor's
gross leverage total debt/operating EBITDA was 0.8x for the LTM
ended June 30, 2022 and expects gross leverage will gradually
decline throughout the forecast period due to solid topline growth
from broad-based end-market demand.

Customer Concentration: Moderate customer concentration amplifies
Amkor's operating volatility. For fiscal 2022, Amkor's top-10
customers accounted for 65% of consolidated net sales and Apple
Inc. alone accounted for 13.7%. Despite long-standing,
collaborative relationships with customers, the shorter product
life cycles and commercial adoption uncertainty of smartphones and
other consumer-oriented products reduce visibility for revenue and
cash flow. At the same time, its share with leading smartphone
providers positions Amkor to benefit from highly defensible market
positions.

DERIVATION SUMMARY

Amkor's credit profile is increasingly in line with issuers rated
in the strong 'BB' rating category, even as OSAT providers are less
favorably positioned than other parts of the semiconductor supply
chain from an industry structure standpoint. The company benefits
from a number-two share position and moderately high barriers to
entry in OSAT markets but bargaining power with customers is
somewhat weak. Amkor's customer concentration, particularly with
smartphone makers, and outsourcing dynamics weigh on the company's
ability to meaningfully expand profit margins. Additionally,
barriers to entry require high ongoing investment levels to keep
pace with Moore's Law, which also results in comparatively weak
low-single-digit cash flow margins.

Secular semiconductor content growth and increased outsourcing
trends that should enable the company to outgrow competitors and
increase end-market and customer diversification over time. Amkor's
conservative financial profile positions it favorably versus
semiconductor peers. Leverage metrics are in line with the 'BBB'
category, ahead of metrics for 'BB' category-rated peers.

KEY ASSUMPTIONS

  -- Strong 2022 top-line growth driven by broad based demand and
     supply chain constraints;

  -- Mid-single digit revenue correction in 2023 from weaker
     smartphone, consumer and PC spending within the context of
     mounting macroeconomic headwinds;

  -- Resumption of low- to mid-single digit long-term average
     growth in 2024-2025;

  -- Higher revenue levels, the ongoing benefits of cost
     optimization and richer sales mix result in operating EBITDA
     margins in the low 20s through the forecast period;

  -- Elevated capex through the forecast period, supporting broad
     based geographic capacity expansion before returning to low-
     double digits as a percentage of revenue in the out years;

  -- Upcoming debt maturities are refinanced and cash flow used to
     support modest capital returns.

RATING SENSITIVITIES

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

  -- Mid-cycle FCF margin in the low- to mid-single digits.

  -- Sustained leverage (total debt with equity credit to
     operating EBITDA) below 3.5x and CFO less capex to total debt

     sustained in the high-teens.

  -- Increased end market diversification, so that top 10
     customers account for less than 40% of total revenue.

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

  -- Sustained negative FCF margins.

  -- Sustained leverage (total debt with equity credit to
     operating EBITDA) above 4.0x and CFO less capex to total debt
     sustained in the mid-single digits.

  -- Operating profile negatively impacted by weaker competitive
     position or loss of market share, resulting in lower than
     expected revenue growth and/or operating margins.

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Fitch believes Amkor's liquidity is
sufficient and was supported by $734 million of cash and cash
equivalents, $375 million of short-term investments, and a $600
million ABL in Singapore, of which the full amount was available
for borrowing as of June 30, 2022. Fitch's expectation for $100
million-$500 million of annual FCF through the forecast period also
supports liquidity.

ISSUER PROFILE

Amkor Technology, Inc., and its subsidiaries is the number two
global provider of OSAT services by revenue and the number one for
automotive markets. The company provides packaging and testing
services to integrated device manufacturers (IDMs), fabless
semiconductor companies and contract foundries.

ESG CONSIDERATIONS

Amkor Technology, Inc. has an ESG Relevance Score of '4' for
Governance Structure due to ownership concentration, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

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

  Debt                        Rating        Recovery  Prior
  ----                        ------        --------  -----    

Amkor Technology, Inc.  LT IDR  BB  Affirmed            BB

  senior unsecured      LT      BB  Affirmed  RR4       BB


ARCHDIOCESE OF NEW ORLEANS: Gainsburgh Represents Abuse Victims
---------------------------------------------------------------
In the Chapter 11 cases of The Roman Catholic Church of the
Archdiocese of New Orleans, the law firm of Gainsburgh, Benjamin,
David, Meunier & Warshauer, L.L.C. submitted a verified statement
under Rule 2019 of the Federal Rules of Bankruptcy Procedure, to
disclose that it is representing CDC #19-11521 Plaintiffs, B.L.,
R.M., E.C. and R.D.

Gainsburgh Benjamin was retained to represent Jane Doe and John
Doe, plaintiffs in the prepetition suit filed in Orleans Parish
Civil District Court Case No. 2019-11521, sexual abuse survivor
claimant who, for privacy reasons, is referred to as "B.L.," sexual
abuse survivor claimant who, for privacy reasons, is referred to as
"R.M.," sexual abuse survivor claimant who, for privacy reasons, is
referred to as "E.C.," and certain putative plaintiff in
forthcoming litigation.

Gainsburgh Benjamin only represents creditors in the Archdiocese's
bankruptcy case.

The CDC #19-11521 Plaintiffs, B.L., R.M., E.C. and R.D. are the
only creditors or other parties in interest in the Archdiocese's
bankruptcy for which Gainsburgh Benjamin is required to file a
Verified Statement pursuant to Federal Rule of Bankruptcy Procedure
2019.

In an effort to protect the privacy of the CDC #19-11521
Plaintiffs, B.L., R.M., E.C. and R.D., Gainsburgh Benjamin submits
that the name and address of CDC #19-11521 Plaintiffs' counsel,
B.L.'s counsel, R.M.'s counsel, E.C.'s counsel and R.D.'s counsel
are sufficient for purposes of Federal of Rule of Bankruptcy
Procedure 2019.

The nature of the CDC #19-11521 Plaintiffs', B.L.'s, R.M.'s, E.C.'s
and R.D.'s economic interests held in relation to the Archdiocese
are as creditors, with the amount of each entities' claim to be
determined.

Gainsburgh Benjamin reserves the right to amend or supplement this
Verified Statement in accordance with the requirements of
Bankruptcy Rule 2019.

Counsel for CDC #19-11521 Plaintiffs, B.L., R.M., E.C. and R.D. can
be reached at:

      GERALD E. MEUNIER, Esq.
      BRITTANY R. WOLF-FREEDMAN, Esq.
      GAINSBURGH, BENJAMIN, DAVID MEUNIER, & WARSHAUER, L.L.C.
      2800 Energy Centre
      1100 Poydras Street
      New Orleans, LA 70163-2800
      Telephone: (504) 522-2304
      E-mail: gmuenier@gainsben.com
              bwolf@gainsben.com

A copy of the Rule 2019 filing is available at
https://bit.ly/3qIhKTl at no extra charge.

                About The Roman Catholic Church of
                  the Archdiocese of New Orleans

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

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

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

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

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


ARCHDIOCESE OF SANTA FE: Selling Las Vegas Property for $352K
-------------------------------------------------------------
The Roman Catholic Church of the Archdiocese of Santa Fe seeks
approval from the U.S. Bankruptcy Court for the District of New
Mexico to sell the real property located at 901 and 909 Eighth
Street, in Las Vegas, San Miguel County, New Mexico 87701, to the
Las Vegas Jewish Community, Inc., for $352,000.

On Aug. 23, 2022, the Debtor and the Buyer executed a Commercial
Real Estate Purchase Agreement.  The Debtor requests that the Court
authorizes the sale of the Property pursuant to 11 U.S.C. Section
363(b).  The Buyer has agreed to pay the Purchase Price, which is
$2,000 higher than the estimated value of the Property.

The Property consists of a small residence and a historic
synagogue, and buyers for such buildings are limited.  The Buyer is
paying more than the estimated market value of the Property.  

The Debtor is liquidating several pieces of real estate, including
the Property, in an effort to fund a feasible plan of
reorganization.  The Buyer is not related to it.

Based on the foregoing, the Debtor has determined that, in its
business judgment, the proposed sale of the Property to Buyer in
accordance with the terms of the Agreement is for fair and
reasonable consideration, is in good faith, does not unfairly
benefit any party in interest, will maximize the value of the
Estate, and should be authorized.  It requests that the sale of the
Property be free and clear of all liens, claims, and interests with
any such liens, claims, and interests to attach to the net sale
proceeds.  Upon information and belief, there are no liens filed of
record attaching to the Property.  The Debtor is not aware of any
other claims or interests attaching to the Property.

The Debtor requests that the Court waives the 14-day stay of an
order resulting from the Motion otherwise required by Fed. R.
Bankr. P. 6004(h).  

A copy of Purchase Agreement is available for free at
https://tinyurl.com/5b8ds8ak from PacerMonitor.com free of charge.

                    About Roman Catholic Church
                  of The Archdiocese of Santa Fe

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

The Archdiocese of Santa Fe sought Chapter 11 protection (Bankr.
D.N.M. Case No. 18-13027) on Dec. 3, 2018, to deal with child
abuse
claims. It reported total assets of $49,184,579 and total
liabilities of $3,700,000 as of the bankruptcy filing.

Judge David T. Thuma oversees the case.

The archdiocese tapped Elsaesser Anderson, Chtd. and Walker &
Associates, P.C., as bankruptcy counsel; Stelzner, Winter,
Warburton, Flores, Sanchez & Dawes, P.A as special counsel; and
REDW, LLC as accountant.



ARTESIAN FUTURE: Unsec. Creditors Only Get 0.692% Under Plan
------------------------------------------------------------
Artesian Future Technology, LLC. submitted a Plan of
Reorganization.

Artesian Future Technology proposes in this Subchapter V Plan to
liquidate its assets and enter into a global settlement of all
claims against its founder, Noah Katz, and the estate's blanket
secured creditors, Belinda Novik and Barry Katz. The settlement
funds the Plan with a combination of contributed proceeds of
collateral and a monthly cash infusion over the Plan term.

Under the Plan, the Debtor will pay its allowed priority claims for
employee wages and benefits and consumer deposits in full, in cash
on the Plan's Effective Date.  Allowed priority tax claims will be
paid in full in equal monthly installments with interest by April
1, 2027. Allowed unsecured claims will receive a pro rata share of
$50,000 paid upon, or as soon as practicable after, the Effective
Date.  Secured creditors J.P. Morgan Chase, N.A. and Navitas will
retain their liens against collateral and their legal, equitable
and contractual rights without modification. Secured creditors
Belinda Novik and Barry Katz will retain the lien that secured
their collateral but agree to allow the use of their collateral to
pay allowed non-tax priority claims as a Carve Out and will, in
exchange for their Further Contribution as part of the Global
Compromise receive an assignment of all claims and causes of action
the estate may hold against them, Noah Katz, or any other person or
entity and any defenses to claims the estate may hold upon the
completion of payments under the Plan.

This Plan of Reorganization under chapter 11 of the Bankruptcy Code
proposes to pay creditors of Artesian Future Technology, LLC from
the proceeds of the inventory liquidation, a contribution equal to
the Debtor's $2,700 interest in the Tesla to be supplied by Belinda
Novik and Barry Katz, cash on hand, refunds from credit card
charges reversed, the Carve Out from collateral and, if necessary,
the Further Contribution, an infusion of capital from Belinda Novik
and Barry Katz necessary to pay the holders of allowed priority tax
claims under the Plan.

Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 0.6919 cents on the dollar.

Under the Plan, holders of Class 3 Non-priority Unsecured Claims
will receive a pro rata distribution of $50,000 on the Effective
Date. The total amount of projected unsecured non-priority claims
is in a chapter 7 case is $8,605,765.34.  In chapter 11, the claims
of the Plan Funders and Noah Katz are removed and the total is
reduced to $7,227,113. This results in a distribution of 0.6918% to
general unsecured creditors, rounded to 0.69% in chapter 11. Class
3 is impaired.

Attorney for the Plan Proponent:

     Robert G. Harris, Esq.

A copy of the Plan of Reorganization dated September 7, 2022, is
available at https://bit.ly/3BsEvAV from PacerMonitor.com.

               About Artesian Future Technology

Artesian Future Technology, LLC, doing business as Artesian Builds,
is a customized personal computer maker in Oakland, Calif.

Artesian Future Technology filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. N.D. Cal. Case No.
22-40396) on April 22, 2022, listing total assets of $1.27 million
and total liabilities of more than $3 million. Mark M. Sharf serves
as Subchapter V trustee.

Judge Charles Novack oversees the case.

Michael W. Malter, Esq., at Binder & Malter, LLP and Edward Webb, a
partner at BPM, LLP, serve as the Debtor's legal counsel and chief
restructuring officer, respectively.


BAMC DEVELOPMENT: Unsecureds Owed $5K Unimpaired in Plan
--------------------------------------------------------
BAMC Development Holding, LLC, submitted an Amended Plan of
Reorganization.

Under the Plan, Class 5 General Unsecured Claims total $5,182.  The
holders of claims in this class will receive a single payment
within 5 days after the Effective Date in an amount equal to 100%
of the allowed amount of such holder's claim.  Any Lien or Security
Interest claimed by the holder of a Claim in this Class on any
assets or property of the Debtor, shall be deemed avoided as of the
Effective Date and shall be of no further force and effect.  Class
5 is unimpaired.

The cash payments under this Plan have been and/or will be
generated from cash on hand on the Effective Date, rent earned from
the Property and contributions by THPCP.  In the event THPCP fails
to fund the Plan, then such contributions will be funded by Thomas
Ortiz.

Attorney for the Debtor:

     Leon A. Williamson, Jr., Esq.
     WILLIAMSON LAW FIRM
     306 South Plant Ave., Suite B
     Tampa, FL 33606
     Telephone: (813) 253-3109
     Facsimile: (813) 253-3215
     E-mail: Leon@LwilliamsonLaw.com

A copy of the Amended Plan of Reorganization dated September 7,
2022, is available at https://bit.ly/3qmvcw6 from
PacerMonitor.com.

                About BAMC Development Holding

BAMC Development Holding, LLC is a Florida limited liability
company that owns in fee simple a parcel of real property located
at 212 South Fremont Ave. in Tampa, Florida. The Property is
partially leased to a bar/cafe for parking and is sub-leased for
residential purposes.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-01487) on April 31,
2022.  In the petition signed by Thomas Ortiz, managing member, the
Debtor disclosed up to $500,000 in assets and up to $10 million in
liabilities.

Judge Catherine Peek McEwen oversees the case.

Leon Williamson, Esq., at Law Office of Leon A. Williamson, Jr.,
P.A. is the Debtor's counsel.


BRAND 44: Sets Bidding Procedures for Substantially All Assets
--------------------------------------------------------------
Brand 44, LLC, asks the U.S. Bankruptcy Court for the District of
Colorado to authorize the bidding procedures in connection with the
auction sale of all or substantially all its assets.

The Debtor designs, manufactures and sells outdoor activities
products through a variety of distribution channels, including
through online sales, sporting good retailers, specialty catalogs
and large retail stores.  It sells its products both in the United
States and internationally on all five continents.  It produces and
sells its products under five product brand names: Slackers,
Playzone Fit, American Ninja Warrior, 4Fun, and Plum Play.

Starting in 2021 and continuing in 2022, the Debtor experienced
significant financial difficulties, including supply-chain
disruptions and increased costs that are largely attributed to the
effects of the COVID-19 pandemic.  In addition, it experienced
additional financial setbacks during this period, including cost
overruns from the replacement of its Enterprise Resource Planning
("ERP") system in January 2021.  In addition, the financial
setbacks corresponded with its inability to obtain additional
operating capital.

The Debtor filed its voluntary petition pursuant to Chapter 11,
Subchapter V of the Bankruptcy Code to focus on the sale of the
business as a going concern under 11 U.S.C. Section 363, or
alternatively, to complete an orderly liquidation of its assets
(assuming it does not receive a viable offer of investment in the
meantime).   

On the Petition Date, the Debtor owned assets that include accounts
receivable, inventory, the Brands, patents, tradenames, trademarks
and other intellectual property, which assets will be more
specifically described in its schedules.  It has determined, in its
business judgment, to proceed at the present time with a sale of
all or substantially all its assets.  Therefore, on Sept. 1, 2022,
the Debtor filed its Motion to Employ IJW & Co., LLC as Broker in
connection with a potential sale, in whole or in part, of its
Assets.  

The Debtor, in coordination with the Broker, seeks to solicit bids
for the Assets and to conduct an auction in order to obtain the
highest and best price for the Assets.  

On the Petition Date, the Debtor also filed its Motion for Interim
and Final Order (I) Authorizing the Use of Cash Collateral Pursuant
to Section 363 of the Bankruptcy Code, (II) Granting Adequate
Protection Pursuant to Sections 361, 362, and 262 of the Bankruptcy
Code, (III) Granting Liens and Superpriority Claims, (IV) Modifying
the Automatic Stay, and (V) Scheduling a Final Hearing.

Subject to Court approval, the Debtor and the Broker will solicit
bids and conduct an auction to sell the Assets on the terms and
conditions set forth in the Bid Procedures.  Any auction and any
sale of the Assets will be subject to Court approval.  In the event
of such approval, the Assets may be sold to a bidder at auction
free and clear of liens, claims, encumbrances and other interests,
with all such liens, claims, encumbrances and other interests,
pursuant to 11 U.S.C. Section 363(f).

Subject to approval of the Bid Procedures, the Debtor will file and
serve a Notice of Sale by Auction.  Following the conclusion of an
Auction, it will file a combined Notice of Auction Results and
Motion to Approve the Sale to the Successful Bidder, or to such
other party as is otherwise applicable.  It requests the Court to
sets Nov. 4, 2022 (14 days after the anticipated date of the filing
of the Sale Motion) as the deadline to object to the Sale Motion.

The salient terms of the Bidding Procedures are:

     a. Bid Deadline: Oct. 14, 2022, at 5:00 p.m. (MT)

     b. Initial Bid: TBD

     c. Deposit: 2% of the purchase price set forth in the Bid

     d. Auction: If two or more Qualified Bids are submitted, the
Debtor may conduct an auction on Oct. 19, 2022 at 2:00 p.m. (MT),
at a location or in the manner to be determined and announced, or
such other time, date or manner as the Debtor determines and in
consultation with Broker and Alpine.  If the Debtor does not
receive one or more Qualified Bids by the Bidding Deadline, it will
forego the Auction and immediately proceed with the orderly
liquidation of the Assets through its pre-existing distribution
channels and as otherwise required and appropriate.  

     e. Bid Increments: $10,000

     f. Sale Hearing: During the period of Nov. 15, 2022, to Nov.
23, 2022, or at such other date as the Court permits.  The Debtor
prefers the earliest date available.  

     g. Sale Objection Deadline: Nov. 4, 2022, or 14 days after the
date that the Combined Auction Results Notice/Sale Motion is filed,
or as otherwise determined by the Court.    

     h. Closing: Any closing for the sale of the Assets is targeted
to occur by Dec. 31, 2022.

The Debtor asks that the Court enters an Order granting the Bidding
Procedures Motion; approving and authorizing the Bid Procedures,
Bidding Deadline, the Sale Notice, the Auction, the Auction date
and the Sale Motion; setting the Sale Objection Deadline as Nov. 4,
2022; and granting such other relief as the Court deems proper.

A copy of the Bidding Procedures is available for free at
https://tinyurl.com/jdj2axkw from PacerMonitor.com free of charge.

                        About Brand 44 LLC

Brand 44 LLC designs, manufactures and sells outdoor activities
products through a variety of distribution channels, including
through online sales, sporting good retailers, specialty catalogs
and large retail stores.  Brand 44 sells its products both in the
United States and internationally on all five continents.  Brand
44
LLC produces and sells its products under five product brand
names:
Slackers, Playzone Fit, American Ninja Warrior1, 4Fun and Plum
Play.

Brand 44 LLC filed a petition for relief under Subchapter V of
Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No.
22-13369) on September 2, 2022. In the petition filed by Edward T.
O'Brien III, the Debtor reported assets and liabilities between $1
million and $10 million.

Mark David Dennis has been appointed as Subchapter V trustee.

The Debtor is represented by J. Brian Fletcher of Onsager Fletcher
Johnson LLC.



BRAZOS ELECTRIC: Unsecured Creditors to Recover 89.5% in Plan
-------------------------------------------------------------
Brazos Electric Power Cooperative, Inc., filed with the U.S.
Bankruptcy Court for the Southern District of Texas a Disclosure
Statement for Chapter 11 Plan of Reorganization dated September 12,
2022.

Headquartered in Waco, Texas and founded in 1941, Brazos Electric
is Texas's largest and oldest generation and transmission electric
cooperative ("G&T Co-Op").

Brazos Electric is a 4,000 megawatt G&T Co-Op and, as of the
Petition Date, had over 352 employees in Waco, at Brazos Electric's
power plants, and at transmission field offices. Brazos Electric
constructs, owns, and operates many of the transmission lines and
substation facilities that move electric power to its 16
distribution cooperative members' (each a "Member", and
collectively, the "Members") distribution systems.

The Plan contemplates a management severance plan (the "Management
Severance Plan"), initially approved by the Debtor's Board, but to
be implemented with respect to Reorganized Debtor on the Effective
Date of the Plan, the terms of which are materially consistent with
industry standards, and substantially in the form to be included in
the Plan Supplement.

The Plan also contemplates an employee retention and severance
program (the "Generation Employee Retention Plan") for employees
involved in the management, maintenance, and operation of the
Generation Assets and power-supply and related services, initially
approved by the Debtor's Board, but to be implemented with respect
to Reorganized Debtor on the Effective Date, the terms of which are
materially consistent with industry standards, and substantially in
the form to be included in the Plan Supplement.

In conjunction with the mediation of the ERCOT Claim Objection that
led to the ERCOT Settlement, the Debtor and the Committee engaged
in numerous mediation sessions with Judge Isgur regarding the
treatment of General Unsecured Claims under the Plan and ultimately
reached a settlement regarding such treatment and other terms and
conditions set forth in the Plan and Confirmation Order (the
"Committee Settlement"). The Committee Settlement includes the
following material terms and conditions:

     * Each Holder of an Allowed General Unsecured Claim will be
paid by the Reorganized Debtor through the GUC Cash Recovery an
aggregate amount in Cash that is sufficient to yield a recovery of
no less than 89.5 Cents on account of such Holder's Allowed General
Unsecured Claim, including the BSCEC Allowed GUC Claim and the
second tranche of the SCEA Allowed GUC Claim (i.e., the remaining
$130,000,000), unless any such Holder agrees to less favorable
treatment (including, as to the BSCEC Allowed GUC Claim, pursuant
to the BSCEC Claims Settlement Agreement, if any, and as to the
SCEA Allowed GUC Claim pursuant to the SCEA Claims Settlement).
Holders of Allowed General Unsecured Claims will be the sole
beneficiaries of any reduction in the amount of the Debtor’s
Estimated GUC Pool (i.e., if the amount of Allowed General
Unsecured Claims falls below the August 2022 Estimated GUC Pool,
including on account of any reduction in the BSCEC Claims as set
forth in the BSCEC Claims Settlement Agreement, each Holder of an
Allowed General Unsecured Claim will receive a proportionate
increase in its recovery under the Plan), unless any such Holder
agrees to less favorable treatment.

     * Holders of Class 7 Tort Claims will receive the treatment
set forth in Article III.B.7 of the Plan. To the extent that any
Holder of an Allowed Class 7 Tort Claim is entitled to receive
payment on account of such Allowed Claim under the applicable
General Liability Insurance Policies, the Reorganized Debtor shall
pay the amount of the deductible, if any, required under the
applicable General Liability Insurance Policies. Each Holder of an
Allowed Tort Claim shall have the option to elect Tort Convenience
Claim treatment and receive the Tort Convenience Recovery in
accordance with the Plan. Each Holder of an Allowed Tort Claim that
affirmatively elects on its Ballot to receive the Tort Convenience
Recovery as a Class 8 Tort Convenience Claim shall be deemed to be
a Releasing Party under the Plan and to have granted a full release
and waiver in respect of the Debtor, the Reorganized Debtor, each
of the Members, and each of the foregoing party's respective
Representatives on account of such Holder's Claim.

The Debtor believes that the Plan provides the best and most prompt
possible recovery to Holders of Claims. The Debtor believes that
(a) through the Plan, Holders of Allowed Claims will obtain a
recovery from the Estate equal to or greater than the recovery that
they would receive if the Debtor's assets were liquidated under
chapter 7 of the Bankruptcy Code and (b) consummation of the Plan
will maximize the recovery of the Holders of Allowed Claims.

Class 5 consists of all General Unsecured Claims against the
Debtor. Except to the extent that a Holder of an Allowed General
Unsecured Claim agrees to less favorable treatment (or otherwise
elects and is entitled to receive General Unsecured Convenience
Claim treatment on account of its Allowed General Unsecured Claim,
or with respect to SCEA and the BSCEC Trustee and the BSCEC
Collateral Trustee (on behalf of itself and for the BSCEC
Noteholders), as agreed pursuant to the settlements summarized in
Article IV.H and Article IV.I of the Plan, respectively), in full
and final satisfaction, compromise, settlement, release, and
discharge of and in exchange for such Allowed General Unsecured
Claim, each such Holder shall receive, up to the full amount of
such Holder's Allowed General Unsecured Claim, the GUC Cash
Recovery, with the Initial GUC Cash Payment to be made on the
Effective Date, the Additional GUC Cash Payment to be made on or
before the Generation Sale Closing Date (or within ten Business
Days thereafter, but in any case, such payment must be paid on or
before the Interim Distribution Deadline) and the Residual GUC Cash
Payment, if any, to be made on the date when all General Unsecured
Claims have either been Allowed or expunged.

Provided, that any such Holder of an Allowed General Unsecured
Claim that votes to accept the Plan shall have the option to
irrevocably elect on its Ballot to reduce the Allowed amount of its
Claim to the GUC Convenience Amount and receive the GUC Convenience
Recovery; provided, further that any Holder that (i) votes to
accept the Plan and (ii) affirmatively elects on its Ballot to
receive treatment as a General Unsecured Convenience Claim shall be
deemed to be a Releasing Party hereunder in exchange for receiving
the GUC Convenience Recovery. Class 5 is Impaired under the Plan.
This Class will receive a distribution of 89.5% of their allowed
claims.

Class 6 consists of all General Unsecured Convenience Claims
against the Debtor. Each such Holder shall receive the GUC
Convenience Recovery on the later of (i) the Effective Date or (ii)
the date that such Claim is Allowed. Class 6 shall consist of all
Claims that would otherwise be General Unsecured Claims and are
Allowed in the GUC Convenience Amount or less. Any Holder of an
Allowed Class 5 General Unsecured Claim that (i) votes to accept
the Plan and (ii) affirmatively elects on its Class 5 Ballot to
receive treatment as a General Unsecured Convenience Claim shall be
deemed to be a Releasing Party hereunder in exchange for receiving
the GUC Convenience Recovery.

Class 7 consists of all Tort Claims against the Debtor. Each such
Holder shall receive the Tort Claim Recovery; provided, that each
such Holder of an Allowed Tort Claim that votes to accept the Plan
shall have the option to irrevocably elect on its Ballot to be
treated as a Tort Convenience Claim and receive the Tort
Convenience Recovery in full and final satisfaction of such Allowed
Claim; provided, further that any Holder that (i) votes to accept
the Plan and (ii) affirmatively elects on its Ballot to receive
treatment as a Tort Convenience Claim shall be deemed to be a
Releasing Party hereunder and to have consented to and granted a
full release and waiver of any claims and causes of action against
the Members on account of such Holder’s Allowed Tort Claim in
exchange for receiving the Tort Convenience Recovery.

Class 8 consists of all Tort Convenience Claims against the Debtor.
Except to the extent that a Holder of an Allowed Tort Convenience
Claim agrees to less favorable treatment, in full and final
satisfaction, compromise, settlement, release, and discharge of and
in exchange for such Allowed Tort Convenience Claim, each such
Holder shall receive the Tort Convenience Recovery on the Effective
Date. Any Holder of a Allowed Class 7 Tort Claim that (i) votes to
accept the Plan and (ii) affirmatively elects on its Class 7 Ballot
to receive treatment as a Tort Convenience Claim shall be deemed to
be a Releasing Party hereunder and to have consented to and granted
a full release and waiver of any claims and causes of action
against the Members on account of such Holder’s Claim in exchange
for receiving the Tort Convenience Recovery.

Class 10 consists of all Member Other General Unsecured Claims
against the Debtor. Except to the extent that a Holder of an
Allowed Member Other General Unsecured Claim agrees to less
favorable treatment, in full and final satisfaction, compromise,
settlement, release, and discharge of and in exchange for such
Allowed Member Other General Unsecured Claim, each such Holder
shall receive treatment pursuant to the Member Settlement.

Except as otherwise provided in the Plan or the Confirmation Order,
the Debtor and the Reorganized Debtor, as applicable, shall fund
distributions under the Plan with, as applicable, (i) the TAA
Proceeds; (ii) the proceeds and loans available under the Exit
Facility and the RUS Exit Financing; (iii) Cash on hand; (iv)
Generation Sale Proceeds net of any transaction expenses in
accordance with the provisions of the Plan and subject to the terms
and conditions of the Amended and Restated RUS Secured Notes
Documents; and (v) any other sources of funding or other
consideration used for distributions under the Plan. For the
avoidance of doubt, funding for distributions under the Plan does
not include any Claim that has been Reinstated pursuant to the
Plan, and, upon a Member’s deposit of its TAA Balance with the
TAA Escrow Agent in accordance with the Plan, such Member shall not
be obligated to provide Plan funding.

A full-text copy of the Disclosure Statement dated September 1,
2022, is available at https://bit.ly/3xuJqz1 from Stretto, claims
agent.

Counsel for the Debtor:

     NORTON ROSE FULBRIGHT US LLP
     Jason L. Boland
     Julie Goodrich Harrison
     Maria Mokrzycka
     1301 McKinney Street, Suite 5100
     Houston, Texas 77010
     Telephone: (713) 651-5151
     jason.boland@nortonrosefulbright.com
     julie.harrison@nortonrosefulbright.com
     maria.mokrzycka@nortonrosefulbright.com

     James A. Copeland
     1301 Avenue of the Americas
     New York, New York 10019
     Telephone: (212) 408-5471
     james.copeland@nortonrosefulbright.com

     Paul Trahan
     Emily Despres Wolf
     98 San Jacinto Boulevard, Suite 1100
     Austin, Texas 79701
     Telephone: (512) 474-5201
     paul.trahan@nortonrosefulbright.com
     emily.wolf@nortonrosefulbright.com

Co-Counsel for the Debtor:

     O'MELVENY & MYERS LLP
     Louis R. Strubeck, Jr
     Nick Hendrix
     Laura Smith
     2501 North Harwood Street, Suite 1700
     Dallas, Texas 75201
     Telephone: (972) 360-1925
     lstrubeck@omm.com
     nhendrix@omm.com
     lsmith@omm.com

              About Brazos Electric Power
Cooperative

Brazos Electric Power Cooperative Inc. is a 3,994-megawatt
transmission and generation cooperative which members' service
territory covers 68 counties from the Texas Panhandle to Houston.
It was organized in 1941 and the first cooperative formed in the
Lone Star state with the primary intent of generating and supplying
electrical power. At present, Brazos Electric is the largest
generation and transmission cooperative in the state and is the
wholesale power supplier for its 16 member-owner distribution
cooperatives and one municipal system.

Brazos Electric filed a voluntary petition for relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 21-30725)
on March 1, 2021. At the time of the filing, the Debtor disclosed
assets of between $1 billion and $10 billion and liabilities of the
same range.

Judge David R. Jones oversees the case.

The Debtor tapped Norton Rose Fulbright US, LLP as bankruptcy
counsel, Foley & Lardner LLP and Eversheds Sutherland US LLP as
special counsel, Collet & Associates LLC as investment banker, and
Berkeley Research Group, LLC as financial advisor. Ted B. Lyon &
Associates, The Gallagher Law Firm, West & Associates LLP, Butch
Boyd Law Firm and Boyd Smith Law Firm, PLLC serve as special
litigation counsel.  Stretto is the claims and noticing
agent.

The U.S. Trustee for Region 7 appointed an official committee of
unsecured creditors in the Debtor's case on March 15, 2021. The
committee is represented by the law firms of Porter Hedges, LLP and
Kramer, Levin, Naftalis & Frankel, LLP. FTI Consulting, Inc. And
Lazard Freres & Co. LLC serve as the committee's financial advisor
and investment banker, respectively.


BRIAN MICHAEL MARSHALL: Kashou Buying Tampa Property for $2.4-Mil.
------------------------------------------------------------------
Brian Michael Marshall asks the U.S. Bankruptcy Court for the
Middle District of Florida to authorize him to sell his exempt
homestead property, at 600 Garrison Cove Lane, Unit 2C, in Tampa,
Florida 33602, to Hisham Kashou for $2.4 million.

On Aug. 5, 2022, the Debtor entered into a contract to sell the
Property for $2.4 million.  The parties to the contract have
extended the closing date to provide for the sale of the Property.
Pursuant to Section 13.1 of the Plan, "on the Effective Date, all
Interests of the Estate in any property of the Debtor will
terminate.  Title and ownership of any Assets will revest in the
Debtor free and clear of any and all Liens, debts, and obligations
of every kind and nature, except as otherwise provided in the
Plan."

Further pursuant to the Plan and the Order Confirming Plan, the
liens remaining against the Property are: PNC Bank in the amount of
$1,167,124.781; IRS in the amount of $154,173.51; Harbour Island
Community Services Association in the amount of $5,255.13; and
Garrison Condominium Association in the amount of $83,427.  Each of
the claims will be paid at the closing of sale.

On Aug. 31, 2022, title insurance determined that despite the
language of the Plan and the Order Confirming Plan, it was
necessary to acquire an order from the Court approving the sale
free and clear of liens.  

Pursuant to the Title Commitment, the Debtor requires an order of
the Court, which provides that the sale of the Property is free and
clear of the following liens, claims, and encumbrances: (i) the
claim of Elizabeth Forest Mann; (ii) the secured claims of the IRS;
the Garrison Association; BB&T; Electric Supply of Tampa, Inc.;
V.W. Credit Leasing Ltd.; the U.S. Securities and Exchange
Commission; Fireline Restoration, Inc.; and (iii) the unsecured
claim of Initiech Restoration, Inc.  Each of these claims are not
an impediment to the sale, and thus the Court should order the sale
of the Property free and clear of them.  Further as the Property is
the Debtor's homestead, none of the claim holders listed on the
Title Commitment would be a valid lien against the Property.

The Debtor respectfully request that the Court enters an Order (i)
granting the Motion, (ii) entering an order permitting the sale of
the Property free of clear of liens, with the liens being paid at
closing; (iii) that is recordable and will release the liens, and
(iv) awarding such other and further relief as the Court deems
proper.  

A copy of the Contract is available for free at
https://tinyurl.com/bddvf988 from PacerMonitor.com free of charge.

Brian Michael Marshall sought Chapter 11 protection (Bankr. M.D.
Fla. Case No. 17-06179) on July 17, 2017.  The Debtor tapped Eric D
Jacobs, Esq., at Jennis Law Firm as counsel.  On Dec. 23, 2019, the
Court confirmed the Debtor's Chapter 11 Plan.



CALIFORNIA INDEPENDENT: Unsecureds to Recover 27% to 28% in Plan
----------------------------------------------------------------
California Independent Petroleum Association submitted a Second
Amended Plan of Reorganization under Subchapter V dated September
12, 2022.

The Amended Plan is a reorganization plan in which Debtor has
reorganized its business operations to enable it to make orderly
distributions to creditors of Debtor's Estate on their prepetition
claims.

This Amended Plan provides for one class of secured claims (Class
1), one class of Priority Unsecured Claims (Class 2) and one class
of General Unsecured Claims (Class 3). Because Debtor is a
California corporation, Debtor is not organized for profit and no
part of Debtor's net earnings inures to the benefit of any private
shareholder or individual. As such, there is no class of interest
holders receiving any distributions under the Amended Plan.

This Amended Plan provides, subject to confirmation of the Amended
Plan, for the Plan Payments to be distributed on account of Allowed
Secured Claims, Allowed Administrative Claims, Allowed Priority Tax
Claims, Allowed Priority Unsecured Claims and Allowed General
Unsecured Claims. The Holders of Allowed General Unsecured Claims
also will be entitled to a pro rata share of the Net Insurance
Proceeds, if any, in addition to the $725,000 Aggregate Plan
Payment Amount allocated to such Holders.

Plan Payments under the Amended Plan will be made from Cash on Hand
that Debtor has accumulated as of the Effective Date, which
estimated Cash on Hand includes, among other things, cash obtained
from the $1,500,000 Term Loan from TCB and certain payments made to
Debtor from its subsidiaries.

Substantial consummation of the Amended Plan by satisfaction of the
Plan Payments will be accomplished on, as soon as practicable
after, the Effective Date of the Amended Plan, and Debtor expects
to file a motion to close the Bankruptcy Case following the entry
of a Final Order approving the Administrative Claims of all
Professionals and payment of all such Allowed Administrative Claims
by Debtor.

Pursuant to this Amended Plan and as part of the Confirmation
Order, Debtor seeks Bankruptcy Court approval of the Term Loan, the
proceeds of which will be used to make payments under this Amended
Plan, including payment in full of FCB's Allowed Secured Claim and
the Aggregate Plan Payment Amount. As such, FCB's lien on the Real
Property and Rents will be extinguished, and TCB will be granted a
valid, post-petition security interest in such collateral on the
Effective Date, and Debtor will pay its post Effective Date
obligations to TCB in accordance with the terms and conditions of
the Term Loan approved by the Bankruptcy Court.

Class 3 consists of General Unsecured Claims. Except to the extent
that the Holder of an Allowed General Unsecured Claim has agreed to
a less favorable treatment of such Claim, Allowed General Unsecured
Claims shall receive; (i) a pro rata share of the Aggregate Plan
Payment Amount; plus (ii) a pro rata share of the Net Insurance
Proceeds, if any. For clarity purposes, no Allowed General
Unsecured Claim shall accrue, or otherwise be entitled to receive,
any interest.

Debtor shall pay the Aggregate Plan Payment Amount to each Holder
of Allowed General Unsecured Claims in Cash equal to its pro rata
distribution of the Aggregate Plan Payment Amount on the latest of
(a) the Effective Date or as soon as reasonably practicable
thereafter, (b) the date on which such Disputed General Unsecured
Claim becomes an Allowed General Unsecured Claim, and (c) such
other date as mutually may be agreed to by and between Debtor and
the Holder of such Allowed General Unsecured Claim.

The estimated percentage recovery to Holders of Allowed General
Unsecured Claims in Class 2 on account of the Aggregate Plan
Payment Amount is estimated to be between 27% to 28%, based upon
all of the General Unsecured Claims, which claims shall be
considered Allowed Claims. The anticipated percentage recovery on
account of General Unsecured Claims, however, may be further
adjusted and subject to change based on the recovery of any Net
Insurance Proceeds, or subsequent claims or amendment of claims as
allowed by the Court.

The Plan Payments will be funded by Debtor's Cash on Hand as of the
Effective Date. Holders of General Unsecured Claims also will be
entitled to share pro rata in any Net Insurance Proceeds received
by the Reorganized Debtor.

A full-text copy of the Second Amended Plan dated September 12,
2022, is available at https://bit.ly/3qIDa2D from PacerMonitor.com
at no charge.

Counsel for Debtor:

     Ian S. Landsberg, Esq.
     Sklar Kirsh, LLP
     1880 Century Park East, Ste. 300
     Los Angeles, CA 90067
     Tel: (310) 845-6416
     Fax: (310) 929-4469
     Email: ilandsberg@sklarkirsh.com

                          About CIPA

California Independent Petroleum Association (CIPA) --
http://www.cipa.org/ --is a non-profit, non-partisan trade
association representing approximately 500 independent crude oil
and natural gas producers, royalty owners, and service and supply
companies operating in California.

CIPA filed a petition for Chapter 11 protection (Bankr. E.D. Cal.
Case No. 21-23169) on Sept. 5, 2021, listing $2,097,356 in assets
and $1,194,070 in liabilities.  CIPA CEO Rock Zierman signed
the petition. 

Judge Christopher D. Jaime oversees the case. 

Ian S. Landsberg, Esq., at Sklar Kirsh, LLP is the Debtor's
bankruptcy counsel. Manatt, Phelps & Phillips, LLP and Alcorn Law
Corporation serve as special counsel.


CAROLINA CAJUNS: Case Summary & Eight Unsecured Creditors
---------------------------------------------------------
Debtor: The Carolina Cajuns, LLC
        16 Cantlewood Drive
        Somers, CT 06071

Business Description: The Debtor is part of the restaurant
                      industry.

Chapter 11 Petition Date: September 16, 2022

Court: United States Bankruptcy Court
       District of Connecticut

Case No.: 22-20640

Judge: Hon. James J. Tancredi

Debtor's Counsel: John P. Newton, Esq.
                  REID AND RIEGE, P.C.
                  One Financial Plaza
                  Hartford, CT 06103
                  Tel: 860-278-1150
                  Fax: 860-240-1002
                  Email: jnewton@rrlawpc.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Steven A. Galloway as president.

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

https://www.pacermonitor.com/view/RABCGEQ/The_Carolina_Cajuns_LLC__ctbke-22-20640__0001.0.pdf?mcid=tGE4TAMA


CINEWORLD: Can Access $1.9 Billion Loan With Certain Limits
-----------------------------------------------------------
Vince Sullivan of Law360 reports that a Texas bankruptcy judge on
Friday, September 9, 2022, authorized bankrupt movie theater chain
Cineworld to access part of a proposed $1. 9 billion Chapter 11
loan, but balked at the company's request to use $1 billion of that
loan to repay prepetition borrowings on the first day of the case.


After a lengthy virtual hearing, U. S. Bankruptcy Judge Marvin
Isgur signed an order granting interim approval of the
debtor-in-possession financing package being administered by
prepetition lending agent Barclays Bank PLC, which lets Cineworld
PLC tap into $514 million of newly available cash to fund its
operational needs.

                    About Cineworld Group PLC

London-based Cineworld Group PLC was founded in 1995 and is the
world's second-largest cinema chain.  Cineworld operates 751 sites
with 9,000 screens in 10 countries, including the Cineworld and
Picturehouse screens in the UK and Ireland, Yes Planet in Israel,
and Regal Cinemas in the US.

According to The Guardian, the Griedinger family, including Mooky's
brother and deputy chief executive, Israel, have struggled to
maintain control of the ailing business but have been forced to
reduce their stake from 28% in recent years.  Cineworld's top five
investors include the Chinese Jangho Group at 13.8%, Polaris
Capital Management (7.82%), Aberdeen Standard Investments (4.98%)
and Aviva Investors (4.88%).

The London-listed Cineworld, which has run up debt of more than
$4.8 billion after losses soared during the pandemic, is pinning
its hopes on a meatier slate of movies in 2022 to bounce back from
a two-year lull.

Cineworld Group plc and 104 affiliates sought Chapter 11 protection
(Bankr. S.D. Tex. Lead Case No. 22-90168) on Sept. 7, 2022,
estimating more than $1 billion in assets and debt.

PJT Partners LP is providing financial advice, Kirkland & Ellis LLP
and Slaughter and May are acting as legal counsel and AlixPartners
LLP is serving as restructuring advisor to Cineworld.  Jackson
Walker LLP is the co-bankruptcy counsel.  Kroll is the claims
agent.


CNX RESOURCES: Fitch Assigns BB+ Rating to Sr. Unsecured Notes
--------------------------------------------------------------
Fitch Ratings has assigned a 'BB+'/'RR4' rating to CNX Resources
Corporation proposed senior unsecured notes. Proceeds will be used
to fund the tender of $350 million of the 2027 senior unsecured
notes and paydown borrowings under the revolver. The Issuer Default
Rating (IDR) is 'BB+' and the Rating Outlook is Stable.

The rating reflects CNX's material generation of FCF and the
expectation that this will continue over the forecast horizon, debt
reduction efforts, robust hedging program, lack of near-term
maturities and material liquidity. Rating concerns include the risk
of operating solely in the Appalachian Basin, where there are
concerns with takeaway constraints and wide differentials, and
concerns about the amount of high-quality inventory in the
company's portfolio.

CNX's hedging strategy is important as it provides greater
certainty to future FCF generation. Fitch believes CNX's emphasis
on further reducing debt, including the potential conversion of
convertible debt to equity, will further enhance the credit.

KEY RATING DRIVERS

Proposed Bond Issue: CNX is proposing to issue $500 million of
senior unsecured notes due 2031. Proceeds will be used to tender
for a portion of the 2027 senior unsecured notes and paydown
borrowings on the revolver. Fitch views the transaction positively
given the expectation of lower interest costs, enhanced liquidity
under the revolver, and extending debt maturities.

Material FCF Generation: CNX has generated positive FCF over the
past 10 quarters and Fitch expects the company to generate material
FCF under its Henry Hub natural gas price deck assumptions over the
forecast horizon. FCF is driven by the company's low operating cost
structure, reduced finding and development costs, strong hedging
program that locks in future revenues and modest production growth.
In particular, CNX's strong hedging program increases certainty in
projected cash flow despite the volatility of natural gas prices.
Fitch anticipates FCF will be applied equally to debt reduction and
stock buybacks over the forecasted horizon.

Low-Cost Operator: CNX is one of the lowest-cost operators in the
Appalachian Basin, driven by relatively lower firm transportation
charges, midstream ownership and investment in water
infrastructure. Transportation, gathering and compression costs are
well-below most competitors, as CNX has kept production growth
goals modest, which allowed the company not to compete for
high-cost, long-term capacity.

The company generated fully burdened cash costs (operating, SG&A,
interest) of $1.19/mcfe during the second quarter of 2022. Netbacks
should show improvement, as interest costs decline from expected
debt reduction.

Robust Hedging Program: CNX has one of the strongest hedging
positions in the industry, with approximately 79% of expected 2023
gas production hedged at an average of $3.01 per thousand cubic
feet (mcf) with 77% of the basis hedged at $2.46/mcf. For 2024, 67%
of expected 2024 gas production is hedged at an average of
$2.92/mcf with 67% of the basis hedged at $2.32/mcf.

CNX aims to enter corresponding basis hedges with its NYMEX hedges
for all future periods. The company attempts to be fully matched
for the next twelve months of production. The company maintains a
material portion of hedges through 2024. Fitch believes CNX has a
thoughtful hedging program that locks in expected returns and
reduces volatility in cash flows, while extensive basis hedging
protects from potential disruptions in the Appalachian Basin. CNX's
hedge program combined with a low-cost structure allows for capital
allocation flexibility for its future development program.

Production Scale and Inventory: CNX is significantly smaller in
terms of production than other 'BB+' rated issuers, such as EQT
Corporation, Southwestern Energy Corporation and Chesapeake Energy.
Fitch believes scale is important in that it can reduce operating
and capital costs per unit and provides ability to enhance
liquidity. CNX's strategy to limit growth, however, allows the
company to avoid costly long-term transportation and gathering
costs and to institute a robust hedging strategy on NYMEX price and
in-basin differentials.

Fitch estimates CNX's reserve to production ratio at 20 years.
There has been questions as to the remaining amount of high-quality
inventory, which could provide for some uncertainty on future cash
flows. Fitch believes that the company's strong credit metrics
provides for opportunities to address these uncertainties over
time.

Single Basin Risk: CNX's operations are primarily in Appalachia,
which exposes the company to significant basis risk due to takeaway
constraints, although differentials have improved as new pipeline
capacity was installed. CNX resisted signing into long-term
takeaway contracts to avoid entering into firm transportation
commitments that could have resulted in expensive long-term
obligations. Instead, the company used hedges to mitigate pricing
risk.

CNX was able to move production without entering into contracts
that would make it inflexible to adjust production during periods
of low natural gas prices as it had to meet takeaway commitments.
This strategy could be risky if Appalachia takeaway capacity ever
becomes constrained.

DERIVATION SUMMARY

CNX 2Q22 production profile of 1.6 billion cubic feet equivalent
per day (Bcfe/d) is below its Appalachian peers, including
Southwestern Energy Company (SWN; BB+/Positive) at 4.8 Bcfe; EQT
Corporation (BBB-Stable) at 5.5Bcfe/d; Chesapeake Energy
Corporation (BB+/Positive) at 4.1 Bcfe/d; and Ascent Resources
Utica Holdings (B/Stable) at 2.0 mcfe/d.

Consolidated leverage of 1.6x is in-line with other 'BB'
category-rated peers, such as SWN at 1.8x, and EQT at 1.6x.
Fitch-calculated unhedged cash netback margin as of 2Q 2022 of 84%
was the among the highest of its peers, due to the company's
material lower gathering and transportation costs.

CNX has one of the strongest hedge portfolios of all natural gas
companies. Although this has lowered returns in the current high
price environment, Fitch recognizes the long-term benefit of
locking in prices given the volatile nature of this commodity. CNX
also attempts to match its NYMEX hedge with basis hedges, which
provides significantly more price protection than its peers. Fitch
believes a strong hedge program is important given the volatility
of natural gas prices.

KEY ASSUMPTIONS

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

  -- Base case Henry Hub natural gas price of $6.25/mcf in 2022,
     $4.00/mcf in 2023, $3.25/mcf in 2024 and $2.75/mcf in the
     long term;

  -- Base case West Texas Intermediate oil prices of $100/bbl in
     2022, $81/bbl in 2023, $62/bbl in 2024 and $50/bbl in the
     long term;

  -- Mid-single-digit production growth throughout the forecast;

  -- Consolidated capex (including midstream) of $570 million in
     2022 and $525 million in 2023;

  -- FCF is applied proportionately to debt reduction and share
     repurchases.

RATING SENSITIVITIES

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

  -- Production scale approaching 2.5 bcfe/d and/or proved
     reserves approaching 20 tcfe;

  -- Increase in diversification of upstream operations;

  -- Mid-cycle stand-alone debt/EBITDA approaching 1.5x, or FFO
     leverage below 2.0x on a sustained basis.

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

  -- Inability to replace reserves or a material reduction in net
     production;

  -- Mid-cycle stand-alone debt/EBITDA above 2.5x, or FFO leverage

     below 3.0x on a sustained basis;

  -- Material reduction in FCF or reduced credit metrics from
     allocation of FCF to shareholder-friendly actions;

  -- Deviation from stated financial policy, including material
     reduction in hedging;

  -- Weakening of unit cost profile or capital returns.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity Position: CNX has $0.2 million of consolidated
cash on hand and $993 million of borrowing capacity on its revolver
as of June 30, 2022 after consideration for letters of credit. The
borrowing base is $2.25 billion while elected commitments are $1.3
billion. The revolver matures in October 2026. There is a maximum
net leverage ratio of no greater than 3.5/1.0, which is based on
net debt. CNX must also maintain a minimum current ratio of no less
than 1.0/1.0.

CNXM has its own RCF not guaranteed by CNX. The facility has $600
million in commitments and had $188 million of borrowings
outstanding, leaving availability at $412 million after
consideration for letters of credit, as of June 30, 2022.

Fitch considers CNX's maturity schedule manageable with the next
major maturity being the senior unsecured convertible notes in
2026. Excluding the revolver, the next note maturity is not until
2027. Fitch believes near-term liquidity should be sufficient given
the company's ability to generate material FCF, which benefits from
a high degree of certainty through the company's hedge program and
low-cost structure.

ISSUER PROFILE

CNX Resources Corporation (NYSE: CNX) is an independent oil and gas
company focused on the exploration, development, production,
gathering, processing and acquisition of natural gas properties
primarily in the Appalachian Basin. The company focuses on
unconventional shale formations, primarily in the Marcellus and
Utica shales.

ESG CONSIDERATIONS

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

  Debt                     Rating            Recovery  
  ----                     ------            --------      

CNX Resources Corporation

  senior unsecured      LT  BB+ New Rating    RR4


COPPER MECHANICAL: Asks for 120-Day Extension for Plan Approval
---------------------------------------------------------------
Copper Mechanical, Inc., filed a motion for an extension of the
time by which a Plan of Reorganization should be confirmed for an
additional 120 days, through and including Feb. 19, 2023.

This first requested extension of the time period for confirmation
is warranted and necessary to afford the Debtor a meaningful
opportunity to pursue the chapter 11 reorganization process and
build a consensus among economic stakeholders, all as contemplated
by chapter 11 of the Bankruptcy Code.

The first requested extension of the time period for confirmation,
is necessary due to the fact, that the time to confirm a plan is
set to expire on Oct. 22, 2022, but the hearing on the Debtor's
Disclosure Statement, filed on Sept. 6, 2022, is scheduled on Oct.
25, 2022, and in the event the filed Chapter 11 Small Business
Disclosure statement and/or plan of reorganization are needed to be
amended, the Debtor will need an additional time in order to comply
with the provisions of the Bankruptcy Code.

Attorney for the Debtor:

     Alla Kachan, Esq.
     LAW OFFICES OF ALLA KACHAN, P.C.
     2799 Coney Island Avenue, Suite 202
     Brooklyn, NY 11235
     Tel: (718) 513-3145

                     About Copper Mechanical

Copper Mechanical, Inc., sought Chapter 11 protection (Bankr.
E.D.N.Y. Case No. 21-41797) on July 12, 2021, listing under $1
million in both assets and liabilities. Judge Nancy H. Lord
oversees the case. The Debtor tapped the Law Offices of Alla
Kachan, PC as counsel and Wisdom Professional Services Inc. as
accountant.


DYNAMIC LIGHT: Seeks Chapter 7 Bankruptcy Protection
----------------------------------------------------
Paul Thompson of Austin Business Journal reports that Blood flow
imaging company Dynamic Light Inc. filed for Chapter 7 bankruptcy
in the U.S. Western District of Texas.

As opposed to a Chapter 11 bankruptcy filing, which typically
involves a company restructuring its operations and staying in
business, a Chapter 7 bankruptcy filing sets the table for a
company's assets to be liquidated and its operations to cease.

Dynamic Light was founded in 2018, and its mission is "to enable
real-time blood flow imaging to improve patient care and lower
health care costs," according to its website. The startup's
LinkedIn page shows it has fewer than 10 employees, including six
registered on the platform.

                    About Dynamic Light Inc.

Dynamic Light Inc. is a blood flow imaging company.

Dynamic Light Inc. sought protection under Chapter 7 of the U.S.
Bankruptcy Code (Bankr. W.D. Tex. Case No. 22-10582) on Sept. 6,
2022.

The case is overseen by Honorable Bankruptcy Judge Tony M. Davis.

The Debtor's counsel:

       Stephen W. Sather
       Barron & Newburger, PC
       512-476-9103 ext 220
       E-mail: ssather@bn-lawyers.com

The Chapter 7 Trustee:

        Randolph N Osherow
        342 W Woodlawn, Suite 100
        San Antonio, TX 78212


ENDO INTERNATIONAL: BSJ Represents DDLA NAS Committee
-----------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Branstetter, Stranch & Jennings, PLLC submitted a
verified statement to disclose that it is representing the Ad Hoc
Committee of DDLA NAS Children in the Chapter 11 cases of Endo
International PLC, et al.

The DDLA NAS Committee is comprised of scores of Tennessee parents
and guardians advocating on behalf of children born with Neonatal
Abstinence Syndrome who have claims under the Drug Dealer Liability
Acts of various states. The DDLA NAS Committee successfully
litigated DDLA NAS claims against Endo, including obtaining a
landmark decision from the Tennessee Supreme Court validating the
DDLA claims of NAS babies. Effler v. Purdue Pharma, L.P., 614
S.W.3d 681. Sixteen states have Drug Dealer Liability Acts that
permit babies born dependent on opioids to sue companies and
individuals that participated illegally in the drug market.

Tennessee's Drug Dealer Liability Act provides:

     Drug babies, who are clearly the most innocent and vulnerable
     of those affected by illegal drug use, are often the most
     physically and mentally damaged due to the existence of an
     illegal drug market in a community. For many of these babies,

     the only hope is extensive medical and psychological  
     treatment, physical therapy, and special education. All of
     these potential remedies are expensive. These babies, through

     their legal guardians and through court appointed guardians
     ad litem, should be able to recover damages from those in the

     community who have entered and participated in the marketing
     of the types of illegal drugs that have caused their
     injuries. Tenn. Code. Ann. §29-388-103(6).

Branstetter, Stranch & Jennings, PLLC represents babies born
dependent on opioids across the state of Tennessee. It has been
retained by the parents and legal guardians of these children to
file suit through appointed Guardians ad Litem. The firm filed the
first DDLA NAS lawsuits in the country, survived motions to dismiss
and summary judgment, successfully defended multiple Daubert
challenges, obtained a default judgment on liability against Endo
as a sanction, and settled its first trial-ready case on the eve of
trial.

BSJ has authority to represent the members of the DDLA NAS
Committee in both state court and in the Chapter 11 Cases. These
Chapter 11 cases commenced on or about August 17, 2022. Soon after,
the DDLA NAS Committee began monitoring the Chapter 11 Cases, and
it is prepared to take positions in these cases, as necessary to
protect committee members.

BSJ also represents Robert Asbury, who is the Guardian ad Litem for
some of the Tennessee DDLA NAS children. Mr. Asbury has been
appointed to serve on the Official Committee of Opioid Claimants in
these Chapter 11 Cases.

BSJ was also extensively involved throughout the Purdue Bankruptcy
proceedings, advocating against the involuntary release of
third-party non-debtors and successfully advocating for increased
contributions from all released parties.

The initials of each member of the DDLA NAS Committee are:

J.N.
L.N.
K.N.
R.N.
R.D.
L.S.
C.W.
I.H.
P.M.
A.R.
J.H.
T.B.

c/o Tricia R. Herzfeld
Branstetter Stranch & Jennings, PLLC
223 Rosa L. Parks Ave., Ste. 200
Nashville, TN 37203

* Economic interest: unsecured; Unliquidated Claim for personal
                     injuries; economic loss; and medical
                     monitoring

The DDLA NAS Committee believes that no further disclosure is
required because of the need to protect the confidentiality and
privacy of its members. Counsel does not make any representation in
this pleading regarding the validity, amount, allowance, or
priority of such claims, but will assert the rights of claimants.

The DDLA NAS Committee notes that there has been a filing by an Ad
Hoc Committee representing NAS children more generally. Based on
information and belief, there is no overlap between the two
groups.

Bankruptcy Rule 2019 does not limit or prescribe the number of ad
hoc committees.

Nothing contained in this Verified Statement should be construed as
a limitation upon, or waiver of, any rights of any member of the
DDLA NAS Committee to assert, file, and/or amend their claims.

The DDLA NAS Committee reserves the right to amend and/or
supplement this Verified Statement in accordance with Bankruptcy
Rule 2019.

Counsel for Ad Hoc Committee of DDLA NAS Children can be reached
at:

          BRANSTETTER STRANCH & JENNINGS, PLLC
          Tricia R. Herzfeld, Esq.
          J. Gerard Stranch, IV, Esq.
          223 Rosa L. Parks Ave., Ste. 200
          Nashville, TN 37203
          Tel: (615) 254-8801
          E-mail: triciah@bsjfirm.com
                  gerards@bsjfirm.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3Bluvby and https://bit.ly/3QJSU00

                    About Endo International

Endo International plc (NASDAQ: ENDP) is a specialty pharmaceutical
company committed to helping everyone they serve live their best
life through the delivery of quality, life-enhancing therapies.  On
the Web: http://www.endo.com/   

On August 16, 2022, Endo International plc and certain of its
subsidiaries initiated voluntary prearranged Chapter 11 proceedings
(Bankr. S.D.N.Y. Lead Case No. 22-22549). The Company's cases are
pending before the Honorable James L. Garrity, Jr.

The Company has put up a Web site dedicated to its restructuring:
http://www.endotomorrow.com/   

Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, PJT Partners LP is serving as investment banker, and
Alvarez & Marsal is serving as financial advisor to Endo.  Kroll is
the claims agent.


EXPRESSJET AIRLINES: Susan Kaufaman Represents Union Entities
-------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Susan E. Kaufman, LLC submitted a verified
statement to disclose that it is representing the Union Entities in
the Chapter 11 cases of ExpressJet Airlines, LLC.

Kaufman represents the following creditors in the above-captioned
case:

     a. International Association of Machinists and Aerospace
        Workers
        9000 Machinists Place
        Upper Marlboro, MD 20772

     b. Air Line Pilots Association, International
        7950 Jones Branch Drive, Suite 400S
        McLean, VA 22102

The IAMAW and ALPA have claims against the Debtor. These claims
arise from obligations of the Debtor under IAMAW and ALPA
collective bargaining agreements. The claims asserted by the Union
Entities arose both before and during the one year period prior to
the filing of the above-referenced case.

Susan E. Kaufman of Law Office of Susan E. Kaufman, LLC has
previously worked with the Union Entities on insolvency matters
pending in the Delaware Bankruptcy Court. IAMAW and ALPA each have
separate primary counsel.

Upon information and belief, Kaufman has no claims or interests
against the Debtor.

Counsel for IAMAW and ALPA can be reached at:

          LAW OFFICE OF SUSAN E. KAUFMAN, LLC
          Susan E. Kaufman, Esq.
          919 North Market Street, Suite 460
          Wilmington, DE 19801
          Tel: (302) 472-7420
          Fax: (302) 792-7420

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

                    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.


FLOOR & DECOR: S&P Upgrades ICR to 'BB', Outlook Stable
-------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Floor & Decor
Holdings Inc. (FND) to 'BB' from 'BB-'.

S&P said, "At the same time, we raised our rating on its senior
secured term loan due 2027 to 'BB' from 'BB-'. The '3' recovery
rating is unchanged and demonstrates our expectation for a
meaningful (50%-70%, rounded estimate: 55%) recovery in the event
of a default.
"The stable outlook reflects our expectation that FND will maintain
consistent profitability and leverage as it pursues its store
footprint expansion investments using internally generated cash and
some incremental debt.

"The upgrade reflects our expectation for continued double-digit
revenue growth and consistent profitability amid an ongoing store
growth initiative. FND demonstrated good performance over the past
several years, with limited annual profit margin volatility despite
an ambitious store growth initiative and a rapidly changing
macroeconomic environment. Through the first half of fiscal 2022,
it reported comparable sales growth of 11.7% while lapping 48.1%
growth in the prior year. FND's gross profit margin of about 40% in
the second quarter demonstrated its ability to manage costs and
maintain disciplined pricing. This further reflects normalizing
levels after rapid cost increases related to freight and supply
chain challenges drove a short-term contraction in the
fourth-quarter of 2021. Furthermore, while comparable transaction
volumes were down about 7% in the second quarter, we believe the
limited decline relative to the prior year's 62% growth reflects
its good value positioning that resonates with customers amid an
increasingly challenging consumer environment. We revised our
assessment of business risk to fair from weak to reflect our view
of FND's growing size and resilient business model.

"We expect total revenue growth of around 25% in 2022 and for FND
to maintain top-line growth in the 20% area over the following
12-24 months, driven primarily by its new stores. We think it can
withstand recent macroeconomic housing headwinds because its
offering primarily caters to existing homeowners, so lower housing
starts and new home sales affect it less. Meanwhile, we anticipate
S&P Global Ratings' adjusted EBITDA margin in the 18% area this
year, compared with 18.6% in 2021. We believe FND can expand its
profitability as freight and supply chain pressures abate and the
company increases its scale.

"We forecast FND to sustain leverage at around 2.3x, though
persistent negative free operating cash flow (FOCF) highlights
execution risks. The company's S&P Global Ratings' adjusted
leverage was 2.3x and funds from operation (FFO) to debt was 33% as
of the second quarter. We forecast revenue growth and stable
profitability to lead to EBITDA expansion that offsets increasing
adjusted debt as FND enters long-term leases for many of its new
warehouse-style stores and adds incremental funded debt over the
next 12-24 months. Since going public in 2017, FND has demonstrated
a conservative financial policy and has publicly indicated a goal
of maintaining low leverage, leading us to believe leverage will
likely be sustained at current levels.

FND depleted the over $360 million of cash reserves it built
through the first half of 2021 as it reaccelerated its store growth
initiative and increased inventory investments to enhance its
in-stock assortment. As of June 30, 2022, FND reported negative
FOCF of more than $200 million, resulting in only about $6 million
of cash on its balance sheet and about $68 million drawn under its
asset-based lending (ABL) facility. S&P said, "We anticipate
borrowings under its ABL revolver to increase through 2023 as FND
maintains a posture of aggressive store growth and continues to
invest in inventory. We believe the anticipated persistent negative
FOCF during this period presents heightened execution risks. Its
liquidity position could weaken if new store performance falters
relative to expectations. We maintain a negative comparable ratings
analysis modifier because we believe this risk is more pronounced
than that of peers with a similar business risk profile."

S&P said, "Still, we anticipate FND will maintain adequate
liquidity with remaining borrowing capacity under its recently
upsized $800 million ABL through the next 12-24 months.
Furthermore, we believe it has flexibility to pull back its
discretionary capital spending should it need to bolster its
liquidity position. This includes reducing its plans to acquire the
real estate associated with some new store openings or reducing the
number of new store openings.

"We believe inventory risk is limited because flooring product
trends tend to shift gradually over several years. FND has been
increasing its inventory holdings to improve in-stock positions,
with total inventory increasing 97% in the second quarter of 2022
compared with the same period in 2021. The increase also reflects
inflation, greater in-transit inventory, and its 20% larger store
base. The company operates in a non-seasonal retail category
subject to longer-term trends. Therefore, despite its higher
inventory position, we see only limited risk of inventory
obsolescence and believe inventory markdown risk is low.

"We expect FND will continue to take market share from smaller
independents. FND's growth initiatives include offering
complementary design services to enhance customer satisfaction. To
improve awareness and penetration among more affluent consumers, it
is also opening design studios in more densely populated markets to
showcase its offerings. We believe its design services drive
enhanced value perception and higher revenues per transaction. FND
is also growing sales among its professional customers, consisting
of contractors and flooring installers. This segment represents
around 40% of sales and has been growing more rapidly than the
homeowner segment. We believe FND's wide merchandise offering, good
inventory availability, and loyalty program provide incentives for
professional customers to do more business with FND and contributes
to recent growth in the segment.

"Still, the environment is very competitive in our view, and FND's
two largest competitors, Home Depot Inc. and Lowe's Cos. Inc., have
significantly greater financial resources. FND could be negatively
affected if these companies make more aggressive moves into hard
surface flooring categories.

"The stable outlook reflects our expectation for double-digit
percent revenue growth, consistent profitability, and S&P Global
Ratings' adjusted leverage maintained in the mid-2x area. We
anticipate negative FOCF in 2022 as FND pursues its reaccelerated
growth initiative and invests in working capital, though its
liquidity position should remain adequate."

S&P could lower its rating if:

-- FND underperforms S&P's forecast leading us to believe its
competitive position is eroding, perhaps because of execution
missteps related to its store growth initiative or limited adoption
by consumers in newer markets, resulting in consistently weak
comparable sales growth, contracting profitability, and
deteriorating cash flow prospects; or

-- It pursues a more aggressive financial policy, leading us to
expect S&P Global Ratings' adjusted debt to EBITDA will be
sustained at 3x or higher.

S&P could raise its rating if:

-- FND continues to maintain positive same-store sales trends and
expands profitability as it grows its scale, indicating that it is
capturing significant market share;

-- It generates materially positive FOCF such that we expect S&P
Global Ratings' adjusted FOCF-to-debt to consistently exceed 15%,
likely driven by a slowdown in its growth cadence; and

-- S&P expects it to maintain S&P Global Ratings' adjusted
leverage below 3x with support from its publicly stated financial
policy.

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



GOHN ENTERPRISES: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Gohn Enterprises, LLC
        121 Falcon Drive
        Johnstown, PA 15905

Chapter 11 Petition Date: September 2, 2022

Court: United States Bankruptcy Court
       Western District of Pennsylvania

Case No.: 22-70313

Judge: Hon. Jeffery A. Deller

Debtor's Counsel: Donald R. Calaiaro, Esq.
                  CALAIARO VALENCIK
                  938 Penn Avenue, 5th Fl.
                  Suite 501
                  Pittsburgh, PA 15222
                  Tel: 412-232-0930
                  Fax: 412-232-3858
                  Email: dcalaiaro@c-vlaw.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Christian Gohn as managing member.

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

https://www.pacermonitor.com/view/FAKFXJY/Gohn_Enterprises_LLC__pawbke-22-70313__0002.0.pdf?mcid=tGE4TAMA


HERSHA HOSPITALITY: Will Sell Its Two Hotels to Pay Debt
--------------------------------------------------------
Zac Fleming of Bloomberg Law reports that Hersha Hospitality Trust
has agreed to sell Hotel Milo Santa Barbara and Pan Pacific Seattle
for $125 million.

The company intends to use proceeds to pay down about $45 million
of debt and expects to utilize the remainder for general corporate
purposes including, but not limited to, additional debt repayment
and dividend payments.

                        About Herhsa Hospitality

Harrisburg, Pa.-based Hersha Hospitality Trust is a self-advised
Maryland real estate investment trust that was organized in 1998
and completed its initial public offering in January of 1999. Its
common shares are traded on the New York Stock Exchange under the
symbol "HT." Hersha invests primarily in institutional grade hotels
in major urban gateway markets including New York, Washington, DC,
Boston, Philadelphia, South Florida and select markets on the West
Coast.

As of Dec. 31, 2021, its portfolio consisted of 32 wholly owned
limited and full service properties with a total of 5,219 rooms, 1
hotel owned through a consolidated joint venture with a total of
115 rooms, and interests in 3 limited service properties owned
through joint venture investments with a total of 468 rooms. These
36 properties, with a total of 5,802 rooms, are located in
California, Connecticut, District of Columbia, Florida, Maryland,
Massachusetts, New York, Pennsylvania, and Washington and operate
under leading brands owned by Marriott International, Inc., Hilton
Worldwide, Inc., InterContinental Hotels Group, Hyatt Corporation,
and Pan Pacific Hotels and Resorts.  Some of its hotels operate as
independent hotels.  The majority of the wholly owned hotels are
managed by Hersha Hospitality Management, L.P., a privately held,
qualified management company owned primarily by other unaffiliated
third party investors and in which certain of the trustees and
executive officers have a minority investment.

As of Dec. 31, 2021, Hersha had $1.8 billion in total assets
against $1.2 billion in total liabilities.


JOGI PACK: Business Turnover or Sale to Fund Plan Payments
----------------------------------------------------------
Jogi Pack & Ship Services, LLC filed with the U.S. Bankruptcy Court
for the Middle District of Florida a Chapter 11 Plan and Disclosure
Statement dated September 12, 2022.

The Debtor operates a UPS Store franchise as a franchisee of The
UPS Store, Inc. ("TUPSS"), which is a subsidiary of United Parcel
Service ("UPS").

The Debtor filed this case on April 22, 2022. Prior to the filing
of this case, TUPSS notified the Debtor that TUPSS had determined
the Debtor overbilled corporate customers AT&T and Amazon. As a
result, TUPSS debited or otherwise setoff a combined total of
approximately $470,000.00 prepetition on account of the alleged
overbilling.

After the dismissal of the adversary proceeding, the Debtor
determined that it was in the best interests of the estate to
pursue a sale of the business. To that end, the Debtor and TUPSS
reached a settlement agreement whereby the Debtor has the ability
to market and potentially sell the business to attempt to generate
a return for the Debtor's creditors. The motion seeking approval of
the Debtor's settlement agreement with TUPSS (the "TUPSS Settlement
Agreement") was filed on August 31, 2022 on negative notice (the
"Settlement Motion,"). As seen in the TUPSS Settlement Agreement,
the Debtor has 60 days to market the business (through and
including November 5, 2022) and obtain offers and an additional 60
days to close the transaction. As of the filing of this Plan, no
objection to the Settlement Motion has been filed.

Through this Plan, the Debtor intends on selling its business. In
the event the Debtor is unable to sell the business for any reason,
the Debtor intends on winding down its operations.

This Plan proposes to pay creditors of the Debtor from remaining
funds on hand and/or any funds generated via a sale of the Debtor.
In the event the Debtor is not sold during the timeframe(s)
outlined in the TUPSS Settlement Agreement, the Debtor will
distribute funds on hand after the credit bid purchase by TUPSS.

This Plan provides for the payment of priority tax claims, two
classes of secured claims, one class of unexpired lease claims, one
class of executory contract claims, one class of general unsecured
claims, and one class of equity security holders. This Plan
provides for the payment of administrative and priority claims in
full.

Class 1 consists of the Secured Claim of The UPS Store, Inc.
("TUPSS"). The treatment of TUPSS claim shall be governed by the
TUPSS Settlement Agreement. To the extent anything contained in
this Plan conflicts with the Settlement Agreement, the Settlement
Agreement shall govern. The TUPSS Settlement Agreement. In the
event a sale does not occur, TUPSS will be paid any money the
Debtor has in its possession after payment of regular ongoing
business expenses and administrative expenses are paid in full,
including but not limited to any costs incurred in the turnover of
the business.

Class 2 consists of the Secured Claim of the U.S. Small Business
Administration ("SBA"). In the event that the net sale proceeds
from a sale of the Debtor are sufficient to pay 1) any required
sums to TUPSS pursuant to the TUPSS Settlement Agreement, 2)
administrative claims, and 3) priority claims in full, the SBA's
claim will be paid out of remaining funds on hand until paid in
full. If there is no sale of the Debtor, then the SBA's claim will
be fully unsecured and will not receive a dividend.

Class 3 consists of the Unexpired Lease Claim of S/Palm Lakes Pub,
Ltd. ("Landlord"). In the event the Debtor is able to sell its
business, then the Debtor will seek to Court approval to assume and
assign the lease with Landlord, including approval/ratification of
the extension signed post-petition.

Class 4 consists of Unexpired Executory Contract Claim of Wells
Fargo Lender Financial Services LLC ("Wells Fargo"). Wells Fargo's
claim is based on an equipment lease that the Debtor is current on.
In the event the Debtor is able to sell its business and the buyer
requests that the Debtor assume this executory contract, then the
Debtor will file a separate motion to assume and assign this
executory contract. Otherwise, the Debtor will file a separate
rejection notice which shall notify Wells Fargo of its right to
file any unsecured claim representing any alleged rejection
damages. Any rejection damages claim shall be filed within 30 days
after the filing of the rejection notice.

Class 5 consists of General Unsecured Claims. The class of general
unsecured claims shall receive a dividend only if sufficient funds
are generated from the sale of the Debtor. If fund are available,
they will be disbursed pro-rata within 90 days from the date the
Debtor receives the sale proceeds.

The equity security holders will only receive money in the event a
sale's net proceeds are sufficient to first pay all creditor and
administrative claimants in full.

Debtor shall fund its Plan from the sale of its business and/or
funds on hand after turnover of the business.

A full-text copy of the Chapter 11 Plan dated September 12, 2022,
is available at https://bit.ly/3S8ZMoL from PacerMonitor.com at no
charge.

Counsel for the Debtor:

     Robert C. Bruner, Esq.
     Byron Wright III, Esq.
     Bruner Wright, P.A.
     2810 Remington Green Circle
     Tallahassee, FL 32308
     Tel: (850) 385-0342
     Fax: (850) 270-2441
     Email: rbruner@brunerwright.com
            twright@brunerwright.com

                 About Jogi Pack & Ship Services

Jogi Pack & Ship Services, LLC, a limited liability company in
Florida, sought Chapter 11 bankruptcy protection (Bankr. M.D. Fla.
Case No. 22-00809) on April 22, 2022, listing as much as $500,000
in both assets and liabilities.  Divyan N. Patel, managing member,
signed the petition.

Judge Jason A. Burgess oversees the case.

Bruner Wright P.A. serves as the Debtor's legal counsel.


KING MOUNTAIN: Fine-Tunes Plan Documents
----------------------------------------
King Mountain Tobacco Company, Inc., submitted a Second Modified
Third Amended Plan of Reorganization dated September 12, 2022.

Class 4 consists of the Unsecured Claim of the State of Indiana. As
of the Effective Date, the Class 4 Claim shall be allowed on the
Effective Date in the amount of $3,506,121.  Commencing on the 10th
day of the first full month following the Effective Date, the
Reorganized Debtor shall make monthly deposits into the Escrow
Account designated for Indiana in the amount of $35,000 each,
exclusive of the final deposit in some lesser amount, until the
Class 4 Claim has been paid in full.

Class 5 consists of the Unsecured Claim of the State of South
Carolina.  As of the Effective Date, the Class 5 Claim shall be
allowed on the Effective Date in the amount of $2,520,568.
Commencing on the 10th day of the first full month following the
Effective Date, the Reorganized Debtor shall make monthly deposits
into the Escrow Account designated for South Carolina in the amount
of $24,000 each, exclusive of the final deposit in some lesser
amount, until the Class 5 Claim has been paid in full.

Class 6 consists of the Unsecured Claim of the USDA. As of the
Effective Date, the Class 6 Claim shall be allowed in the amount of
$5,288,549. Commencing on the 10th day of the first full month
following the Effective Date, the Reorganized Debtor shall make
monthly payments to the USDA in the amount of $45,000 each,
exclusive of the final payment in some lesser amount, until the
Class 6 Claim has been paid in full.

Class 7 consists of the Unsecured Claim of the FDA. As of the
Effective Date, the Class 7 Claim shall be allowed in the amount of
$2,955,656, or any resulting amount determined by FDA from time to
time in accordance with federal law and FDA regulations, policies,
and procedures. Commencing on the 10th day of the first full month
following the Effective Date, the Reorganized Debtor shall make
monthly payments to the FDA in the amount of $40,000.00 each,
exclusive of the final payment in some lesser amount, until the
Class 7 Claim has been paid in full.

Class 8 consists of all Administrative Convenience Claim. The
Debtor's Schedules indicate that the Claims that would qualify for
treatment under Class 8 total $11,075.36. The Debtor shall pay each
Holder of a Class 8 Claim a Cash payment equal to the full amount
of such Holder's Allowed Claim on the later of (i) ten (10)
Business Days after the Effective Date, or (ii) three (3) Business
Days following the date upon which the Debtor receives notice that
such Claim has become an Allowed Claim.

Class 9 consists of all Unsecured Claims other than Allowed Claims
that qualify for or elect treatment under Classes 4, 5, 6, 7 and 8.
The Debtor believes that all Class 9 Claims total approximately
$686,893.44, of which $665,667.94 will remain after assumption of
the Guardian Security Systems contracts and payment of cure in the
amount of $21,225.50 on the Effective Date.

Each Holder of a Class 9 Claim shall receive, on a monthly basis,
its Pro Rata share of a total monthly payment to Class 9 of
$20,000.00, commencing in the first full month following the
Effective Date, until all Class 9 Claims are paid in full. All
payments shall be made on or before the 10th day of each month in
which a payment is due. Simple interest shall accrue on the unpaid
balance of each Class 9 Claim at the Federal Judgment Rate.
Notwithstanding anything to the contrary herein, no distributions
shall be made to Heritage Bank on account of Heritage Bank's loan
to the Debtor pursuant to the Paycheck Protection Program.

Class 10 consists of Equity Interests. The Holder of the Equity
Interests shall retain such Equity Interests following Confirmation
and shall retain and exercise in the Holder's discretion all the
privileges and benefits arising from such Equity Interests without
further notice or order of the Court.

All Allowed Claims will be paid in full over time from net income
of the Reorganized Debtor, distributions detailed in the Plan
Support Agreement, and (in the case of Class 1) from distributions
of Escrow Funds.

A full-text copy of the Second Modified Third Amended Plan of
Reorganization dated September 12, 2022, is available at
https://bit.ly/3LAQwb7 from PacerMonitor.com at no charge.

The Debtor is represented by:

         James L. Day
         Richard B. Keeton
         BUSH KORNFELD LLP
         601 UNION STREET, SUITE 5000
         SEATTLE, WA 98101
         Tel: (206) 292-2110
         E-mail: jday@bskd.com
         E-mail: rkeeton@bskd.com

                  About King Mountain Tobacco

King Mountain Tobacco Company, Inc., is a Native American-owned
premium tobacco manufacturer.  It was founded by Delbert and
Trina Wheeler and incorporated in November 2005 under the laws of
the Yakama Nation, and registered as a foreign corporation with the
State of Washington.  Its products are 100% manufactured in the
United States.  King Mountain has paid Yakama Nation over $10
million in taxes over the past 10 years, which has been used to
assist the community in a variety of ways.  On the Web:
https://www.kingmountaintobacco.com/

King Mountain Tobacco Company sought Chapter 11 protection (Bankr.
W.D. Wash. Case No. 20-01808) on Sept. 25, 2020.  The Debtor
disclosed total assets of $28,586,378 and total liabilities of
$92,425,329 as of the bankruptcy filing.  The Hon. Whitman L.
Holt is the case judge.  James L. Day, Esq., at Bush Kornfeld
LLP, serves as the Debtor's legal counsel.


KOSSOFF PLLC: Trustee Selling Condo Unit in Highlands for $450K
---------------------------------------------------------------
Albert Togut, solely in his capacity as the Chapter 7 Trustee for
the estate of Kossoff PLLC, asks the U.S. Bankruptcy Court for the
Southern District of New York to authorize his private sale of the
condominium unit located at and known as Unit I-9, Twin Lights
Terrace Condominium, in Highlands, New Jersey 07732, to Anya
Kirillova and Christian Bennardello for $450,000, pursuant to the
terms of the Purchase Agreement.

A telephonic hearing on the Motion is set for Oct. 6, 2022, at
10:00 a.m. (ET).  The Objection Deadline is Sept. 29, 2022, at 4:00
p.m. (ET).

Prior to the Petition Date, Kossoff, the Debtor's sole member,
owned the Condominium which he leased to Anya Kirillova pursuant to
a two-year lease dated Dec. 31, 2016.  The Lease expired during
December 2020 and it was not renewed.  Yet the Tenant continues to
reside in the Condominium with a minor child.  

After the Petition Date, title to the Condominium was transferred
to the Trustee pursuant to the plea agreement between Kossoff and
the Manhattan District Attorney ("DA").  The Condominium is now
property of the Debtor's estate which may be sold by the Trustee
pursuant to section 363 of the Bankruptcy Code.

After the Condominium became property of the Debtor's estate, the
Trustee informed the Mortgage Servicer and the Twin Lights Terrace
Condominium Association Lien of his intent to sell the Condominium
and use the proceeds to satisfy the Mortgage, the Condo Association
Lien and any other valid and recorded liens.  The outstanding
balance of the Mortgage is approximately $250,000 and the Condo
Association Lien secures a claim of approximately $5,000.

By the Motion, the Trustee seeks authority to sell the Condominium
to the Buyers for $450,000.  The Purchase Price is the same as a
recent appraisal of the Condominium, and it exceeds the aggregate
amount of claims that are secured by liens that have been recorded
against the Condominium.

The following is a summary of the material terms of the Purchase
Agreement:

     a. Purchase Price: $450,000.

     b. Deposit: $35,000, which has been delivered to Phillips
Nizer.

     c. Closing Conditions Required by the Buyers: The Tenant's
closing conditions include, among other things: (i) the conditions
of title to the Condominium, and the ability of the Trustee to
deliver possession of the Condominium at closing free of liens,
claims and encumbrances, as provided in the Purchase Agreement;
(ii) the delivery of customary closing documents; and (iii) a Sale
Order being entered pursuant to section 363 of the Bankruptcy Code,
which order has not been stayed.

     d. Closing Conditions Required by the Trustee: The Trustee's
closing conditions will generally be limited to: (i) the accuracy
of the Buyers' representatives and warranties; (ii) the Buyers’
compliance with covenants and obligations contained in the Purchase
Agreement; and (iii) entry of the Sale Order.

     e. Closing Date: Not later than Nov. 22, 2022.

     f. No Reliance on Warranties or Representations: The
Condominium will be conveyed by the Trustee to, and accepted by,
the Buyers, "as i, where is, without faults, without any express or
implied warranty or representation of any kind."

The Sale is a private sale that the Trustee seeks to consummate
without soliciting higher offers.  Proceeds of the Sale will be
used to satisfy closing expenses and to satisfy the reconciled
amounts of the claims that are secured by the Liens against the
Condominium.

The Trustee also requests that the Sale Order includes a
determination by the Court that the Sale of the Condominium is
exempt from any real property transfer taxes under New Jersey law
in accordance with the exemption from such taxes set forth in N.J.
Rev. Stat. Section 46:15-10 (2021) as a transfer "by a receiver,
trustee in bankruptcy or liquidation, or assignee for the benefit
of creditors."

The Trustee has concluded, in his business judgment, that the Sale
of the Condominium to the Buyers is the most efficient and
value-maximizing means to liquidate this estate asset because it
eliminates the costs, expenses and delays that would be incurred if
the Trustee were required to seek to evict the Tenant and her minor
child from the Condominium and then seek to sell the Condominium
with the assistance of a real estate broker.  

Based upon the foregoing, the Trustee respectfully requests that
the Court approves (a) the Sale to the Buyers free and clear of
liens, claims, encumbrances and other interests pursuant to the
terms of the Purchase Agreement, (b) approving the form and manner
of notice of the Sale, and (c) granting related relief.

The Trustee requests that the Court waives the stay imposed by
Bankruptcy Rule 6004(h).

A copy of the Purchase Agreement is available for free at
https://tinyurl.com/mtexcx4u from PacerMonitor.com free of charge.

                       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.



LOS ANGELES CENTRAL: Voluntary Chapter 11 Case Summary
------------------------------------------------------
Debtor: Los Angeles Central Property, Inc.
        4424 South Central Avenue
        Los Angeles, CA 90011

Chapter 11 Petition Date: September 16, 2022

Court: United States Bankruptcy Court
       Central District of California

Case No.: 22-15054

Judge: Hon. Vincent P. Zurzolo

Debtor's Counsel: Stephen L. Burton, Esq.
                  STEPHEN L. BURTON
                  16133 Ventura Boulevard, 7th Floor
                  Encino, CA 91436
                  Tel: 818-501-5055
                  Email: steveburtonlaw@aol.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Aman Kamboj as president.

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

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

https://www.pacermonitor.com/view/GRTPJJI/Los_Angeles_Central_Property_Inc__cacbke-22-15054__0001.0.pdf?mcid=tGE4TAMA


LOYALTY VENTURES: S&P Downgrades ICR to 'B-', Outlook Negative
--------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Dallas-based
consumer loyalty solutions provider Loyalty Ventures Inc. (LVI) to
'B-' from 'B', and revised its business risk profile on the company
to vulnerable from weak.

At the same time, S&P Global Ratings revised its recovery rating on
the company's term loan to '3' from '2', and as a result, has
lowered its issue-level rating on LVI's loan to 'B-' from 'B+'. The
'3' recovery rating reflects S&P's expectation for meaningful
(50%-70%; rounded estimate: 60%) recovery in an event of default.

The negative outlook reflects the possibility of a subsequent
downgrade should inflationary headwinds, freight cost pressures,
and weaker macroeconomic conditions continue to weigh on LVI's
operating performance. The outlook also incorporates the risks that
LVI could be challenged to meaningfully improve its BL segment's
operating performance in the near term, resulting in weakening
liquidity and an unsustainable capital structure.

The downgrade reflects S&P's view that weakening macroeconomic
conditions and inflationary pressures will lead to elevated credit
metrics through 2023. The challenging macroeconomic conditions,
particularly in Europe, have negatively affected the operating
performance and overall year-to-date June 30, financial results in
the company's BL segment. Europe is BL's key operating region.
Although the segment's revenues increased, BL did not generate any
EBITDA for year-to-date June 30, 2022. At the same time, LVI
announced that it has realized a goodwill impairment charge of
approximately US$420 million for its BL segment, which is
significant in S&P's view. Due to high inflation, LVI continues to
experience elevated freight and merchandise costs that it can only
partially pass on to its end customers who are large retailers.
Furthermore, consumer preferences have shifted to general
merchandise and household items rather than luxury goods, thereby
weakening the appeal for BL's current in-market campaign programs.
For these reasons, LVI's overall EBITDA on an S&P Global
Ratings-adjusted basis for the last 12 months to June 30, 2022,
deteriorated meaningfully in the low double-digit percentage area.
At the same time, the company's debt-to-EBITDA ratio deteriorated
to 6.2x, which is higher than the same period last year.

S&P said, "Internally generated cash flow is insufficient to cover
fixed charges in the next 12 months. We expect that the challenging
conditions will persist through the remainder of 2022; LVI lowered
its 2022 EBITDA guidance to US$110 million from about US$155
million earlier this year. We now estimate that the company will
exit 2022 with a debt-to-EBITDA ratio in the mid-7x area as
calculated on an S&P Global Ratings-adjusted basis and maintain it
in the 7x area through 2023, which is a meaningful deterioration
from our previous expectation of about 5.5x-6.0x. We estimate
EBITDA of US$95 million-US$100 million on an S&P Global
Ratings-adjusted basis. We therefore assess that the company's
internally generated EBITDA would be insufficient to meet its fixed
charges consisting of debt amortization, cash interest, and cash
taxes totaling about US$120 million-US$125 million. Therefore, we
forecast the fixed-charge coverage ratio (FCCR) will be below 1x in
2022. We also believe that the highly seasonal nature of the BL
segment's business amplifies the risks to operating performance. In
our opinion, due to LVI's shrinking EBITDA scale relative to
previous years and current debt load, the company's capital
structure could become unsustainable, and its liquidity position
could deteriorate against a backdrop of challenging macroeconomic
conditions.

"We believe the company's turnaround action plan will partially
benefit EBITDA and margins starting in 2023. We note that LVI has
embarked on a turnaround action plan. This broadly includes cost
rationalization that should result in about US$15 million in cost
savings, better management of freight costs, efforts to onboard new
customers in the AIR MILES® Reward program division, and altering
campaign programs at the BL segment such that it appeals to
consumers in the current environment. While we view these
initiatives positively, we anticipate that they will modestly
benefit EBITDA and potentially benefit FCCR in 2023. Despite these
efforts, the challenging and competitive operating environment
could make it difficult for LVI to restore its EBITDA and margins
to historical levels within the next 12 months.

"We believe the company's AIR MILES division is similarly in
transition after LVI announced the loss of key coalition partner
Sobeys Inc. We believe that AIR MILES' competitive environment is
intensifying, which exacerbates the execution risks associated with
the company's ability to onboard new partners and improve its
EBITDA and margin profile amid intensifying macroeconomic
weakness.

"We believe LVI should be able to maintain an adequate liquidity
cushion for the next 12 months. Owing to our revised and lower
EBITDA expectations for 2022, we now expect that LVI will exit 2022
with modest free operating cash flow deficits. We forecast free
cash flows to break even in 2023 as the company's EBITDA improves
and LVI rationalizes its working capital investments. We estimate
LVI's fixed charges, consisting of mandatory debt amortization,
cash taxes, and cash interest, will be US$120 million-US$125
million. Therefore, we forecast LVI will rely on its balance-sheet
cash and revolver availability to meet its liquidity needs. The
company has sizable balance-sheet cash of approximately US$100
million and US$130 million availability under its revolving credit
facility as of June 30, 2022. However, we estimate LVI will exit
2022 with limited headroom under its total leverage covenants,
which in turn could limit its ability to fully draw on the
revolver. That said, we believe even with lower availability
(approximately US$50 million-US$60 million per our calculations) on
the revolver, LVI should be able to maintain a sufficient liquidity
cushion for the next 12 months."

The negative outlook reflects the possibility of subsequent
downgrade should inflationary headwinds, freight cost pressures, an
inability to onboard coalition partners, and weaker macroeconomic
conditions continue to weigh on LVI's operating performance. The
outlook also incorporates the risks that LVI could be challenged to
meaningfully improve its BL segment's operating performance in the
near term, resulting in weakening liquidity and an unsustainable
capital structure.

S&P said, "We could lower the rating if LVI's FCCR remains below 1x
beyond 2022. This could occur if the company underperforms relative
to our base-case assumption, spurred by further losses of key
customers and an inability to sign up new coalition partners,
and/or if LVI faces execution missteps in its turnaround
strategies.

"We could also lower the rating if weaker-than-expected operating
performance results in liquidity deterioration by way of higher
cash burn and limited availability on the company's revolver
facility.

"Although unlikely within the next 12 months, we could revise the
outlook to stable if LVI demonstrates meaningful growth in its
sponsor/coalition partner profile, combined with successful
execution of cost savings, which also contributes to meaningful
revenues and EBITDA growth.

"In this situation, we would expect the company to adequately cover
its fixed charges with internally generated EBITDA and sustain an
FCCR above 1x."

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



MD HELICOPTERS: MBIA, New Management See Turnaround
---------------------------------------------------
MD Helicopters has new ownership and management after the business
was acquired in Chapter 11 bankruptcy.

An investment consortium led by MBIA Insurance Corp., Bardin Hill,
and MB Global Partners has acquired the company and established new
leadership.

Brad Pedersen will lead the team as MD Helicopters' President and
CEO. Brad brings over 35 years of aerospace experience delivering
accelerated growth and financial performance in leadership
positions at Boeing Rotorcraft, Sikorsky Aircraft, Breeze-Eastern,
and other aerospace and defense companies.  Pedersen started his
career at Hughes Helicopters and has almost 20 years of Engineering
and Leadership experience with the MD Helicopter product lines.
Brad has also led the turnaround of several private and publicly
owned companies making him the ideal choice to lead MD.

Ed Dolanski who previously held the position of president of the
$10 billion U.S. government services business for Beoing Global
Services, will act as the board's chairman.

                        Bankruptcy in March

Then owned by Patriarch Partners and Lynn Tilton, MD Helicopters
went into voluntary bankruptcy to settle its debt, with efforts to
infuse the company with $60 million of fresh "debtor-in-possession"
capital.

In June 2022, Judge Karen B. Owens authorized MD Helicopters Inc.
and affiliate to sell substantially all their assets to MDH Holdco,
LLC.  The aggregate consideration was a credit bid against $150
million of the repetition term loan obligations and up to $60
million of the DIP
financing obligations, and well as the assumption of liabilities.

MDH Holdco was an entity formed by a group of creditors of the
Debtor.  MD Helicopters is now 62% majority held by MBIA, its major
bond issuer.  MBIA will occupy three seats on MD's new seven-member
board team which makes them somewhat of a significant player in the
company.

                      About MD Helicopters

MD Helicopters Inc. and Monterrey Aerospace, LLC are global
manufacturers and suppliers of commercial and military helicopters,
spare parts, and related services with their sole manufacturing
facility located in Mesa, Ariz.

The Debtors sought Chapter 11 bankruptcy protection (Bankr. D. Del.
Lead Case No. 22-10263) on March 30, 2022.  Barry Sullivan, chief
financial officer, signed the petitions.

The Debtors disclosed between $100 million and $500 million in both
assets and liabilities.

Judge Karen B. Owens oversees the cases.

The Debtors tapped Troutman Pepper Hamilton Sanders LLP and Latham
& Watkins LLP as bankruptcy counsels; AlixPartners, LLP as
financial advisor; Moelis & Company LLC as investment banker; and
Kroll Restructuring Administration LLC, formerly known as Prime
Clerk LLC, as claims and noticing agent and administrative advisor.


MEN'S WEARHOUSE: Moody's Ups CFR to B1 & Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service upgraded The Men's Wearhouse, LLC's
("Men's Wearhouse") ratings, including the Corporate Family Rating
to B1 from Caa1, Probability of Default Rating to B1-PD from
Caa1-PD, and the Senior Secured Takeback Term Loan due 2025 to B1
from Caa1.  The ratings on the company's Senior Secured Term
Loans, Priority due 2025 were withdrawn because they were recently
repaid in full. The outlook was changed to stable from positive.

"The upgrades reflect the substantial improvement in Men's
Wearhouse's operating performance, credit metrics and liquidity
since the company exited Chapter 11 bankruptcy in December 2020,"
stated Mike Zuccaro, Moody's Vice President. "We expect the company
to maintain solid credit metrics and very good liquidity over the
next 12-18 months despite the very challenging environment."

Upgrades:

Issuer: The Men's Wearhouse, LLC

Corporate Family Rating, Upgraded to B1 from Caa1

Probability of Default Rating, Upgraded to B1-PD from Caa1-PD

Senior Secured Term Loan, Upgraded to B1 (LGD4) from Caa1 (LGD4)

Withdrawals:

Issuer: The Men's Wearhouse, LLC

Senior Secured Term Loan, Priority PIK, Withdrawn, previously
rated B3 (LGD3)

Senior Secured Term Loan, Priority, Withdrawn, previously rated B3
(LGD3)

Outlook Actions:

Issuer: The Men's Wearhouse, LLC

Outlook, Changed To Stable From Positive

RATINGS RATIONALE

Men's Wearhouse's B1 CFR reflects the company's strong credit
metrics which have resulted from profitable revenue growth, strong
free cash flow generation and debt reduction. Per Moody's
estimates, the company's lease adjusted debt/EBITDAR, pro forma for
the repayment of its priority term loans in August 2022, was less
than 1.5 times and EBIT coverage of interest around 4.5 times. The
rating also reflects governance considerations, including its
private ownership.  Its balanced approach to capital allocation
and a commitment to a conservative leverage profile is also
reflected in the rating.  Also considered are Men's Wearhouse's
meaningful scale in the men's clothing market, offering a similar
product mix and brand diversity, with each brand focusing on
different customer demographics. While the company operates in a
relatively narrow segment of the apparel industry, primarily
selling and renting men's tailored and polished casual clothing for
business and special occasions, Moody's views this category as
generally having less fashion risk than most segments of apparel
retailing.  The rating is constrained by the company's high
business risk as an apparel retailer, and the ongoing risk
associated with the sustainability of its business recovery as the
company continues work to improve its business model and product
offerings and as pent-up demand has also likely contributed to
recent solid performance. Significant uncertainty remains around
potential normalization of demand, as well as increasing global
economic challenges.

Liquidity is very good, supported by balance sheet cash, positive
annual free cash flow, and ample excess revolver availability, all
of which should be sufficient to cover cash flow needs over the
next twelve months.

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

The stable outlook reflects Moody's expectation that the company
will maintain solid credit metrics and very good liquidity over the
next 12-18 months despite the very challenging environment.

An upgrade is unlikely over the near-to-intermediate term given
Men's Wearhouse's private ownership and concentrated focus on men's
clothing. Factors that could lead to an upgrade include a
significant increase in product diversity while maintaining
conservative financial policies and very good liquidity.
Quantitative metrics include Moody's debt/EBITDA sustained below
3.0 times and EBIT/Interest sustained above 3.0 times.

The ratings could be downgraded if operating performance
deteriorates, liquidity weakens, or financial policies turn more
aggressive such that debt/EBITDA is sustained above 4.0 times and
EBIT/Interest sustained below 2.25 times.

The Men's Wearhouse, LLC is an omni-channel specialty retailer of
menswear, including suits, formalwear and a broad selection of
business casual offerings. The company operates over 1,000 stores
in the U.S. and Canada under the Men's Wearhouse, Jos. A. Bank,
Moores Clothing and K&G brands. Annual revenue exceeds $2.6
billion. Parent company, Tailored Brands, Inc., and certain
subsidiaries emerged from Chapter 11 bankruptcy on December 1,
2020.

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


METROPOLITAN WATER: Amends Unsecured Claims Pay Details
-------------------------------------------------------
Metropolitan Water Company, L.P., and Met Water Vista Ridge, L.P.,
("MWVR," together with Met Water, the "Debtors"), submitted a
Modified First Amended Plan of Reorganization dated September 12,
2022.

MWVR originally scheduled interests in its Bankruptcy Case as the
lessee under three groundwater leases in Burleson County, Texas.
MWVR came into ownership of those three groundwater leases
beginning in 2016. It later added to its Schedules its lessee's
interests under another four groundwater leases in Milam County.

Two of MWVR's Burleson County leases, as well as all its Milam
County leases, are not producing and are still within their primary
terms. It is MWVR's opinion that those six non-producing leases
have de minimis value at this time, but that the expense of holding
the leases is also de minimus.

The third lease in Burleson County that MWVR scheduled as owned by
it, referred to herein as the "Baldwin Lease," has two wells on it
that are producing, and the water being withdrawn is being taken
and sold by Vista Ridge. The Baldwin Lease was the subject of
litigation, pending as of the Petition Date with the Blue Water
Parties and Vista Ridge, which claimed that MWVR and/or Met Water
should be compelled to transfer that lease to the Blue Water
Parties.

The dispute over the Baldwin Lease was also one of the issues in
the Washington County Litigation. Finally, it was the subject of
the suit in the federal District Court in the Western District of
Texas (the "Baldwin Lease Litigation"). In an interlocutory ruling,
the Washington County Court granted a partial summary judgment
against MWVR. In addition, the Bankruptcy Court ruled that Vista
Ridge's withdrawal of water from the real estate covered by the
Baldwin Lease does not violate the automatic stay. That ruling,
because made in connection with automatic stay litigation, was also
not a final, enforceable decision regarding MWVR's rights and
property interests.

However, on June 16, 2022, the United States District Court in the
Baldwin Lease Litigation found adversely to MWVR as to its claim to
its Baldwin Lease and its entitlement to the water withdrawn from
the property covered by that Lease, dismissing MWVR's claims with
prejudice pursuant to a Final Judgment. Neither Met Water (which
was also a party to that suit) or MWVR has appealed that Final
Judgment.

All Allowed Claims against Met Water shall be paid in full, by the
distribution to its Creditors of proceeds from the sales of water
from Met Water's groundwater leases, both in the 130 Project and
those that are now part of the Vista Ridge Project. Payments to
Creditors shall also be made from any recovery from any of the
Litigation or Litigation Assets. The Bankruptcy Case of MWVR shall
be converted to Chapter 7 on or shortly after the Effective Date of
the Plan, and Met Water shall continue as the Reorganized Debtor.

Class 1 consists of All Allowed General Unsecured Claims against
Met Water. The Allowed General Unsecured Claims against Met Water
shall be paid in full over the Plan Term. In particular, the Plan
Trustee as the Plan Disbursement Agent shall pay the Reorganized
Debtor's Disposable Income Pro Rata to the Creditors of Met Water
with Allowed General Unsecured Claims, until the earlier of 5 years
from the First Payment Date or the date each such Claim has been
paid in full. Such payments shall commence on the first business
day of the month following the first full month after the Effective
Date (hereinafter the "First Payment Date").

As soon as practicable after the Effective Date, the Plan Trustee
shall file a motion requesting distribution to him, on behalf of
the Reorganized Debtor, of the Bankruptcy Court Registry Funds. The
Plan Trustee shall have exclusive control of those Funds and
exclusive authority to make Plan Payments from those Funds and any
other Disposable Income of the Reorganized Debtor. Payments after
the First Payment Date shall be made at least annually on each
anniversary of the First Payment Date, except for additional
payments, if any, that shall be made from the Reorganized Debtor's
Disposable Income, if and when received from the Registry Funds
and/or the Bankruptcy Court Registry Funds and/or from any recovery
on any Litigation Assets.

Such additional payment(s) to Creditors shall be made on the first
business day of the month following the first full month after
receipt by the Plan Trustee of such Funds, if there are no
restrictions on using them to make Plan payments.

Class 2 consists of All Allowed General Unsecured Claims against
MWVR. Any payment on the Allowed General Unsecured Claims against
MWVR that are made from its Bankruptcy Estate shall be made by its
trustee in its Chapter 7 case. No payment on any Claim against MWVR
is permitted to be made under this Plan.

Class 3 consists of All Allowed Equity Interests in Met Water. Any
payment to the holders of Allowed Equity Interests in MWVR that are
made from its Bankruptcy Estate shall be made by its trustee in its
Chapter 7 case.

Class 4 consists of All Allowed Equity Interests in MWVR. Any
payment to the holders of Allowed Equity Interests in MWVR that are
made from its Bankruptcy Estate shall be made by its trustee in its
Chapter 7 case.

Implementation of the Plan depends on the continuing operation of
Met Water's groundwater leases, the continuation of its rights and
obligations under its contracts, the final resolution of the
Litigation Claims against Met Water and the realization of certain
of the Litigation Assets of Met Water. It also provides for a
continuing role of the current Subchapter V Trustee as Plan
Trustee.

In addition to making Plan payments and any post-Confirmation
agreements modifying treatment of Claims, during the Plan Term the
Plan Trustee shall be the sole signatory on each and every
financial account of Met Water and of the Reorganized Debtor, with
full checkbook control over the finances of the Reorganized
Debtor.

A full-text copy of the Modified First Amended Plan dated September
12, 2022, is available at https://bit.ly/3SdSZdg from
PacerMonitor.com at no charge.

Counsel for Plan Proponents:

     B. Weldon Ponder, Jr., Esq.
     4408 Spicewood Springs Road
     Austin, TX 78759
     Tel: (512) 342-8222
     Fax: (512) 342-8444
     Email: welpon@austin.rr.com

        -and-

     Catherine Lenox
     P.O. Box 9904
     Austin, TX 78766
     Tel: (512) 689-7273
     Fax: (512) 451-7273
     Email: clenox.law@gmail.com

            About Metropolitan Water Company and
                      Met Water Vista Ridge

Metropolitan Water Company, L.P., a water utility company in
Brenham, Texas, and its affiliate Met Water Vista Ridge, L.P.,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
W.D. Texas Case No. 21-10903) on Nov. 22, 2021.

At the time of the filing, Metropolitan Water Company listed as
much as $10 million in both assets and liabilities while Met Water
Vista Ridge listed up to $1 million in assets and up to $50,000 in
liabilities.

Judge H. Christopher Mott oversees the cases.

B. Weldon Ponder, Jr., Esq., and Catherine Lenox, Esq., are the
Debtors' bankruptcy attorneys while Howry Breen & Herman, LLP serve
as special counsel.


MICHAEL BAKER: S&P Affirms 'B' ICR, Outlook Stable
--------------------------------------------------
S&P Global Ratings affirmed 'B' issuer credit rating, with a stable
outlook, on U.S.-based engineering and consulting services
provider, Michael Baker International LLC.

S&P said, "At the same time, we affirmed our 'B' issue-level rating
on the company's first-lien senior secured term loan. Our '3'
recovery rating indicates our expectation for meaningful recovery
(50%-70%; rounded estimate: 50%) in the event of a payment
default.

"The stable outlook reflects our expectation of top-line growth and
free cash flow improvement into 2023.

"We anticipate the company's free cash flow will face some pressure
this year, pressured by some one-time items we do not expect to
recur. While we anticipate the company's cash flow will improve as
Michael Baker continues to grow revenues organically, along with
the roll off of some one-time costs, 2022 FOCF will likely be lower
than our previous forecast. We now expect the ratio of adjusted
FOCF to debt in the low-single digit percent range in 2022. Michael
Baker's last-12-month reported FOCF remained negative, driven by
some nonrecurring expenses, such as, deferred tax payments,
severance, and research and development (R&D) expenses due to
recent tax law changes. Higher working capital usage relative to
the same period last year has also affected FOCF; however, this is
in line with its increased revenue and growing backlog, in our
view.

"We expect continued revenue growth and relatively stable EBITDA
margins for the next 12 months, which should help cash flow
improvement. We assume mid- to high-single digit percent revenue
growth during the next 12 months, supported by good demand from its
end markets. Michael Baker's customers are mostly U.S. federal,
state, and municipal governments, including the Army Corps of
Engineers and multiple state departments of transportation, along
with commercial clients. The company achieved record backlog as of
the second quarter, which we anticipate a significant portion will
be converted to revenues within the next 12 months. We expect
EBITDA margins to be relatively stable in the low-teens percent
area in 2022 and 2023. In our view, the company's margin profile
benefits from the nature of its project mix, whereby engineering
design and consulting projects account for the majority of the
revenues. In our view, the company's operations are therefore less
affected by material or labor cost increases in an inflationary
environment relative to engineering and construction (E&C) peers.
We expect the company's S&P Global Ratings' adjusted debt to EBITDA
will remain below 6x, and FOCF to debt should improve in 2023.

"The stable outlook reflects our expectation of top-line growth as
the company executes on its increased backlog. We expect relatively
stable EBITDA margins and free cash flow to improve into 2023."

S&P could lower the rating within the next 12 months if:

-- Michael Baker's FOCF-to-debt ratio sustains at low-single-digit
percent area or lower;

-- S&P believes leverage will trend higher than 6x on a sustained
basis; or

-- The company's liquidity position deteriorates.

S&P considers an upgrade unlikely within the next 12 months given
our belief that Michael Baker's financial policies will remain
aggressive over the medium term with its financial sponsor.
However, S&P could raise the ratings if it comes to believe:

-- The company is committed to maintaining a FOCF-to-debt ratio in
the high-single-digit percent area;

-- It demonstrates sustained debt reduction (with leverage
approaching 4x); and

-- There is a low risk of increasing leverage above 5x adjusted
debt to EBITDA.

Environmental, Social, And Governance

ESG credit indicators: E2 S2 G3


NB HOTELS: Plan Disclosures Inadequate, Starwood Says
-----------------------------------------------------
Starwood (M) International, Inc., submitted a limited objection and
reservation of rights to the Disclosure Statement for NB Hotels
Dallas LLC's Plan of Reorganization.

Starwood points out that the Disclosure Statement does not contain
adequate information regarding whether the Debtor has sufficient
cash to cure the defaults under the License Agreement and other
Executory Contracts.  As the Debtor proposes to assume the License
Agreement under the Plan, the Debtor must cure all pre-petition
liabilities and any fees and expenses incurred post-petition by
Starwood. However, neither the Plan nor the Disclosure Statement
provide any information, let alone adequate information, regarding
proposed cure amounts and whether the Debtor will have sufficient
cash to cure any defaults under the License Agreement and other
potential executory contracts. Pursuant to the Disclosure
Statement, the Debtor only has $40,726.40 in cash on hand. This
amount is not adequate to cure the pre-petition License Fees of
$280,021.52 plus the post-petition License Fees.

Starwood further points out that the Disclosure Statement does not
contain adequate information regarding whether the Debtor's Equity
Structure is being altered under the Plan.  The Disclosure
Statement does not provide adequate information regarding whether
the Debtor's complete ownership or equity structure is being
altered under the Plan. Pursuant to the Plan, equity interests in
the Debtor are being retained.

Starwood asserts that the Disclosure Statement does not contain
adequate information regarding the legal basis for temporarily
enjoining Creditor actions against the Guarantor.  Under the Plan,
commencement of a judicial action, attempts to collect or enforce
any judgment, enforcement of any encumbrance, among other things,
are temporarily enjoined as to third-party guarantors. However,
under the Guarantee, the Guarantor is obligated to guarantee the
performance of the Debtor's obligations under the License
Agreement. The Disclosure Statement does not contain adequate
information regarding the legal basis for temporarily enjoining
creditors, including Starwood, from commencing an action against,
or collecting from, the Guarantor.

Attorneys for Starwood (M) International, Inc.:

     Michael T. Driscoll, Esq.
     Benjamin O. Gilbert, Esq.
     SHEPPARD, MULLIN, RICHTER & HAMPTON LLP
     30 Rockefeller Plaza
     New York, NY 10112
     Telephone: (212) 653-8700
     E-mail: mdriscoll@sheppardmullin.com
             bogilbert@sheppardmullin.com

          - and -

     Steven G. Gersten, Esq.
     SHEPPARD, MULLIN, RICHTER & HAMPTON LLP
     2200 Ross Avenue, 20th Floor
     Dallas, TX 75201
     Telephone: (469) 391-7400
     E-mail: sgersten@sheppardmullin.com

                   About NB Hotels Dallas LLC

NB Hotels Dallas LLC owns and operates the Le Meridien Hotel Dallas
located at 13402 Noel Road, Dallas, Texas. The Debtor sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
N.D. Tex. Case No. 22-30681) on April 18, 2022. In the petition
signed by Nadir Badruddin, its president, the Debtor disclosed up
to $100 million in both assets and liabilities.

Judge Harlin Dewayne Hale oversees the case.

Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC, is
the Debtor's counsel.

Wells Fargo Bank, National Association as Trustee for Morgan
Stanley Capital Trust 2019-22 for the benefit of the Commercial
Mortgage Pass-Through Certificate Holder, as lender, is represented
by Bruce J. Zabarauskas, Esq., at Holland & Knight LLP.


NCL CORP: Moody's Affirms B2 CFR, Outlook Remains Negative
----------------------------------------------------------
Moody's Investors Service affirmed the ratings of NCL Corporation
Ltd. including its Corporate Family Rating at B2, Probability of
Default Rating at B2-PD, senior secured note and senior secured
bank credit facility rating at B1 and its senior unsecured rating
at Caa1. The company's speculative grade liquidity rating of SGL-3
remains unchanged. The outlook is negative.

"The affirmation reflects Moody's view that NCL's pricing
discipline and meaningful increase in capacity over the coming
years positions the company well to benefit from strong booking
trends and significantly reduce leverage in 2023 and beyond,"
stated Pete Trombetta, Moody's VP-Senior Analyst. In the second
quarter of 2022 NCL's net revenue per passenger cruise day was 11%
higher than the same quarter in 2019. This will cause occupancy
improvements to lag peers who are discounting to fill ships in the
near term and contribute to negative EBITDA again in 2022. However,
booking trends indicate 2023 will see load factors near 2019 levels
and at higher prices, which will enable the company to generate at
least pre-pandemic levels of EBITDA.  

The negative outlook reflects continued uncertainty around the pace
of deleveraging, particularly in light of rising interest rates and
meaningful new ship capex over the next 18 months, which will limit
the company's ability to reduce debt balances. The negative outlook
also reflects some upcoming refinancing needs. Although the
company's liquidity is currently adequate, its $1.5 billion term
loan and fully drawn $875 million revolver become current in
January 2023.

Affirmations:

Issuer: NCL Corporation Ltd.

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Senior Secured Bank Credit Facility, Affirmed
B1 (LGD3)

Senior Secured Regular Bond/Debenture, Affirmed
B1 (LGD3)

Senior Unsecured Regular Bond/Debenture, Affirmed
Caa1 (LGD6) from (LGD5)

Issuer: NCL Finance, Ltd.

Senior Unsecured Regular Bond/Debenture, Affirmed
Caa1 (LGD6) from (LGD5)

Outlook Actions:

Issuer: NCL Corporation Ltd.

Outlook, Remains Negative

Issuer: NCL Finance, Ltd.

Outlook, Remains Negative

RATINGS RATIONALE

NCL's credit profile benefits from its market position as the third
largest ocean cruise operator worldwide and its well-known brand
names – Norwegian Cruise Line, Oceania Cruises and Regent Seven
Seas Cruises. The credit profile also reflects the company's
adequate liquidity which will support the company's cash needs over
the next 12 months. NCL also benefits from Moody's view that over
the long run, the value proposition of a cruise vacation relative
to land-based destinations as well as a group of loyal cruise
customers supports a base level of demand. NCL's credit profile is
constrained by its very weak credit metrics including leverage that
will exceed its 6.5x downgrade factor through 2023 (includes
Moody's standard adjustments). The company's adjusted EBITDA will
turn positive in the second half of 2022 but free cash flow
available for debt reduction will be modest until 2024. The normal
ongoing credit risks include the highly seasonal and capital
intensive nature of cruise companies, competition with all other
vacation options and the cruise industry's exposure to economic and
industry cycles as well as weather related incidents and
geopolitical events.

NCL's liquidity is adequate reflecting its cash balances of about
$1.9 billion at June 30, 2022 and a $1.0 billion financing
commitment available through March 2023. The company has no access
to additional sources of committed external liquidity as it has
fully drawn its committed $875 million revolver due January 2024.
The company has negotiated amendments to its credit facilities that
suspends the testing of certain financial covenants through
December 31, 2022. Beginning March 31, 2023 the company will be
subject to a total net funded debt to total capitalization ratio
(as defined) of less than 0.86 to 1.00, 0.85 to 1.00 on June 30,
2023 and 0.83 to 1.00 at the end of each fiscal quarter thereafter.
Free liquidity also needs to be equal to or greater than $200
million. Moody's expects the company will have adequate cushion
over the next 12 months. Most of NCL's assets are encumbered either
to ship level debt, the revolving credit facilities and term loans
or secured notes. While cruise ships are valuable long-term assets,
Moody's believes it would be difficult for the company to sell
ships quickly to raise cash, if necessary.

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

Ratings could be upgraded if leverage is maintained below 5.5x with
EBITA/interest expense sustained above 2.0x. Ratings could be
downgraded if the company's liquidity weakened in any way,
including due to slower than anticipated earnings recovery, which
could raise refinancing risk. Ratings could also be downgraded if
it appears that debt/EBITDA will remain above 6.5x over the longer
term, or if the company cannot produce positive free cash flow.

NCL Corporation Ltd., headquartered in Miami, FL, is a wholly owned
subsidiary of Norwegian Cruise Line Holdings Ltd. Norwegian
operates 29 cruise ships with approximately 62,000 berths under
three brand names; Norwegian Cruise Line, Oceania Cruises and
Regent Seven Seas Cruises. Net revenue was about $1.7 billion for
the trailing 12 months ended June 30, 2022.

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


NEUMEDICINES INC:  Nant, Brink Claims to Affect Unsecureds' Payouts
-------------------------------------------------------------------
Neumedicines, Inc., submitted a Third Amended Plan of Liquidation.

Under the Plan, Class 5 General Unsecured Claims total $2,572,210.
Each holder will be entitled to receive pro rata distributions from
the Reorganized Debtor in accordance with the terms and provisions
of the Plan, an amount up to 100% of such Holder's Allowed Class 5
Claim, plus interest from the Petition Date at the Interest Rate;
In full satisfaction of Allowed Class 5 Claims, each Holder shall
be entitled to receive pro rata Distributions from the Reorganized
Debtor in accordance with the terms and provisions of the Plan, in
an amount up to 100% of such Holder's Allowed Class 5 Claim, plus
interest from the Petition Date at the Interest Rate; provided
however that no payment shall be made to Allowed Class 5 Holders
unless and until satisfaction of the following conditions: (i) the
entry of a Final Order resolving all claim objections, the
settlement of all such disputes or the establishment of a Disputed
Claim Reserve which is either agreed upon by the Debtor and the
Disputed Claim Holder(s) or has been established by Order of the
Court; (ii) payment in full of all Allowed Secured, Administrative
and Priority Claims; and (iii) the funding into a segregated
Reserve of funds sufficient to pay all projected Post Confirmation
Professional fees and expenses, including the Disbursing Agent,
Royalty Auditor, professionals of the Oversight Committee and
projected operating expenses of the Reorganized Debtor.

Payments to Allowed Class 5 Claim Holders shall commence as soon as
reasonably practicable after the satisfaction of all conditions of
the Plan on the Distribution Date immediately following the date
that such conditions have been satisfied.  Class 5 is impaired.

Class 6a Unsecured Claim of Libo for Loans Made and Taxes Advanced
total $1,200,000.  In full satisfaction of Allowed Class 6a Claim,
the Class 6a Claim Holder will receive the same treatment (and
subject to the same conditions precedent) as that provided to the
Holders of Allowed Class 5 Claims and shall be entitled to receive
pro rata distributions from the Reorganized Debtor in accordance
with the terms and provisions of the Plan, an amount up to 100% of
the Holder's Allowed Class 6a Claim, plus interest from the
Petition Date at the Interest Rate; provided however that no
payment shall be made to the Allowed Class 6a Holder unless and
until satisfaction of the following conditions: (i) the entry of a
Final Order resolving all claim objections, the settlement of all
such disputes or the establishment of a Disputed Claim Reserve
which is either agreed upon by the Debtor and the Disputed Claim
Holder(s) or has been established by Order of the Court; (ii)
payment in full of all Allowed Secured, Administrative and Priority
Claims; and (iii) the funding into a segregated Reserve of funds
sufficient to pay all projected Post Confirmation Professional fees
and expenses, including the Disbursing Agent, Royalty Auditor,
professionals of the Oversight Committee and projected operating
expenses of the Reorganized Debtor.

Payments to the Allowed Class 6a Claim Holder shall commence as
soon as reasonably practicable after the satisfaction of all
conditions of the Plan on the Distribution Date immediately
following the date that such conditions have been satisfied.  Class
6a is impaired.

With respect to Class 6b: General Unsecured Claim of Libo for
Rejection Damages, subject to the satisfaction of other conditions
precedent to payment of Class 5 Allowed Claim Holders, then in full
satisfaction of Allowed Class 6b Claim, the Class 6b Claim Holder
will be entitled to receive 9% of the Contingent PRV Payment and
Royalty Payment (each as defined in the Royalty Agreement) actually
received by the Disbursing Agent, net of withholding taxes deducted
by Karyopharm in accordance with the Royalty Agreement and the
Reorganized Debtor's out of- pocket costs incurred (or being
reasonably reserved to incur) in connection with the exercise of
its rights and remedies under the Royalty Agreement, including
audit, inspection, dispute resolution and enforcement costs (the
"Royalty Sharing").  The Disbursing Agent shall pay Royalty Sharing
amounts less any withholding taxes to Libo by wire transfer of
immediately available funds to a single account specified by Libo
in writing to the Disbursing Agent within 30 days after the
Disbursing Agent receives funds from Karyopharm.

The Disbursing Agent shall provide to Libo (a) notice of receipt of
the Contingent PRV Payment within 7 days after receipt of same and
(b) a copy of each quarterly sales report received from Karyopharm
under the Royalty Agreement within 7 days after receipt of same.
The Disbursing Agent shall make any applicable withholding payments
due on behalf of Libo and shall provide Libo upon request with such
written documentation regarding any such payment as available to
the Disbursing Agent relating to an application by Libo for a
foreign tax credit for such payment with the United States Internal
Revenue Service. Class 6b is impaired.

All cash necessary for the Reorganized Debtor to make payments of
Cash pursuant to the Plan shall be obtained from the following
sources: (a) the Debtor's Cash on hand, which shall be deemed
vested in the Reorganized Debtor upon the entry of a Final Order of
Confirmation, (b) Cash received in liquidation of the Assets of the
Debtor, including payments due under or consideration to be
received under the APA, and (c) proceeds of the Causes of Action.

Nant and Brink have filed claims in unspecified amounts and are
included in Class 5 of General Unsecured Claims.  Depending upon
the amount of these allowed claims, it could have a significant
impact on the total Distribution received by each Holder of
Unsecured General Claims as well as Equity Interest Holders.  The
Plan proposes that each holder of a General Unsecured Claim will
receive pro rata distributions in an amount up to 100% of each
Holder's Allowed Class 5 Claim, plus interest from the Petition
Date at the Interest Rate. Should these claims be Allowed in a
multimilliondollar amount, Class 5 General Unsecured Claims would
no longer receive distributions in an amount up to 100% of each
claim.  Instead, at best each Holder of General Unsecured Claim
would receive a substantially reduced pro rata Distribution, or at
worst, an insignificant and meaningless pro rata Distribution, and
Nant and/or Brink would receive the majority and largest
Distributions of Class 5 as the Holder of the largest Unsecured
General Claim. The Allowance or disallowance of these Claims could
also impact what is received by Equity Interest Holders.

The confirmation hearing will be held on September 14, 2022 at
10:00 a.m. in courtroom 1568, 255 E. Temple Street, Los Angeles, CA
90012.

General Bankruptcy Counsel to Chapter 11 Debtor and Debtor in
Possession, Neumedicines, Inc.:

     Daniel J. Weintraub, Esq.
     James R. Selth, Esq.
     WEINTRAUB & SELTH, APC
     11766 Wilshire Boulevard, Suite 450
     Los Angeles, CA 90025
     Telephone: (310) 207-1494
     Facsimile: (310) 442-0660
     E-mail: dan@wsrlaw.net

A copy of the Third Amended Plan of Liquidation dated September 7,
2022, is available at https://bit.ly/3L3n2ly from
PacerMonitor.com.

                   About Neumedicines Inc.

Neumedicines, Inc. -- https://www.neumedicines.com/ -- is a
clinical-stage biopharmaceutical company in Arcadia, Calif., which
is engaged in the research and development of HemaMax, recombinant
human interleukin 12 (rHuIL-12), for the treatment of cancer in
combination with standard of care (SOC, radiotherapy, chemotherapy,
or immunotherapy) and Hematopoietic Syndrome of Acute Radiation
Syndrome (HSARS) as a monotherapy.

Neumedicines filed a Chapter 11 petition (Bankr. C.D. Calif. Case
No. 20-16475) on July 17, 2020. In the petition signed by Timothy
Gallaher, president, the Debtor disclosed total assets of up to
$500,000 and total liabilities of up to $10 million.

Judge Ernest M. Robles presides over the case.

The Debtor tapped Weintraub & Seth, APC as bankruptcy counsel;
Sheppard, Mullin, Richter & Hampton, LLP as special counsel; and
Menchaca & Company, LLP as financial advisor.


NICK'S CREATIVE: Case Summary & Five Unsecured Creditors
--------------------------------------------------------
Debtor: Nick's Creative Marine, Inc.
        2280 Avenue L.
        Riviera Beach, FL 33404

Business Description: The Debtor owns a marine supply store in
                      Riviera Beach, Florida.

Chapter 11 Petition Date: September 16, 2022

Court: United States Bankruptcy Court
       Southern District of Florida

Case No.: 22-17170

Judge: Hon. Erik P. Kimball

Debtor's Counsel: Craig I. Kelley, Esq.
                  KELLEY, FULTON & KAPLAN, P.L.
                  1665 Palm Beach Lakes Blvd
                  The Forum - Suite 1000
                  West Palm Beach, FL 33401
                  Tel: 561-491-1200
                  Email: craig@kelleylawoffice.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Nicholas Scafidi as vice-president.

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

https://www.pacermonitor.com/view/S26V2LI/Nicks_Creative_Marine_Inc__flsbke-22-17170__0001.0.pdf?mcid=tGE4TAMA


NJ ECONOMIC: Fitch Withdraws BB+ Rating on 2013/2014A Bonds
-----------------------------------------------------------
Fitch Ratings has withdrawn its ratings for the following bonds due
to prerefunding activity:

-- New Jersey Economic Development Authority economic development

    revenue refunding bonds series 2013 (prerefunded maturities
    only - 64577HRT0, 64577HRW3, 64577HRX1, 64577HRY9, 64577HRZ6,
    64577HSA0, 64577HSB8, 64577HRU7, 64577HRV5). Previous Rating:
    'BB+'/Stable;

-- New Jersey Economic Development Authority economic development

    revenue refunding bonds series 2014A (prerefunded maturities
    only - 64577M8P8, 64577M8Q6, 64577M8S2, 64577M8R4). Previous
    Rating: 'BB+'/Stable.

Fitch has also withdrawn the following Issuer Default Rating as it
is no longer considered by Fitch to be relevant to the agency's
coverage:

-- United Methodist Homes of New Jersey Issuer Default Rating.
    Previous Rating: 'BB+'/Stable.

Following the withdrawal of United Methodist Homes of New Jersey's
ratings, Fitch will no longer be providing the associated ESG
Relevance Scores for the issuer.

The bond ratings are being withdrawn because the bonds have been
prerefunded, and the IDR is no longer considered by Fitch to be
relevant to the agency's coverage.


OAKVIEW FARMS: Plan & Disclosures Due No Later Than Sept. 20
------------------------------------------------------------
Oakview Farms, LLC, filed an unopposed motion to extend its
deadline to file a plan and a disclosure statement.  Accordingly,
Judge Eduardo V. Rodriguez entered an order extending Oakview
Farms' deadline to file its Disclosure Statement and Plan to Sept.
20, 2022.

                      About Oakview Farms

Oakview Farms, LLC, sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Texas Case No. 22-31588) on June 7,
2022. At the time of the filing, the Debtor listed as much as $10
million in both assets and liabilities.

The case is assigned to Judge Eduardo V. Rodriguez.

Susan Tran Adams, Esq., at Tran Singh, LLP is the Debtor's counsel.


OLYMPIA SPORTS: Sept. 20 Deadline Set for Panel Questionnaires
--------------------------------------------------------------
The United States Trustee is soliciting members for committee of
unsecured creditors in the bankruptcy case Olympia Sports
Acquisitions, LLC, et al.

If a party wishes to be considered for membership on any official
committee that is appointed, it must complete a Questionnaire
available at https://bit.ly/3BthXyG  and return by email it to
Linda Richenderfer --  Linda.Richenderfer@usdoj.gov  -- at the
Office of the United States Trustee so that it is received no later
than 4:00 p.m., on Sept. 20, 2022.

If the U.S. Trustee receives sufficient creditor interest in the
solicitation, it may schedule a meeting or telephone conference for
the purpose of forming a committee.

                   About Olympia Sports

Olympia Sports Acquisitions, LLC, is a sporting goods retail
company that maintains brick and mortar locations across the East
Coast, including Maine, New Hampshire, Vermont, New York,
Massachusetts, Rhode Island, and New Jersey.

On Sept. 11, 2022, Olympia Sports and several affiliates,
including, RSG Acquisitions, LLC, Project Running Specialties,
Inc., and The Running Specialty Group, LLC, sought Chapter 11
bankruptcy protection (Bankr. D. Del. Lead Case No. 22-10853).

Olympia Sports estimated assets of $1 million to $10 million and
liabilities of $10 million to $50 million as of the bankruptcy
filing.

The Debtors tapped Shulman Bastian Friedman & Bui LLP as general
bankruptcy counsel; Morris James LLP as local Delaware counsel; and
Force 10 Partners as restructuring advisor.  BMC Group is the
claims agent.


PELLETIER MANAGEMENT: Case Summary & 10 Unsecured Creditors
-----------------------------------------------------------
Debtor: Pelletier Management and Consulting LLC
        1601 Robinhood Rd
        Vista, CA 92084

Business Description: The Debtor owns four properties located in
                      Montgomery County, Ohio; Flaxton, ND; Burke
                      County, North Dakota; and Flaxton, ND having

                      an aggregate current value of $928,000.

Chapter 11 Petition Date: September 16, 2022

Court: United States Bankruptcy Court
       Southern District of Ohio

Case No.: 22-31296

Judge: Hon. Beth A. Buchanan

Debtor's Counsel: Patricia J. Friesinger, Esq.
                  COOLIDGE WALL CO., L.P.A.
                  33 West First Street, Suite 200
                  Dayton, OH 45402
                  Tel: 937-223-8177
                  Fax: 937-223-6705
                  Email: friesinger@coollaw.com

Total Assets: $928,000

Total Liabilities: $3,211,440

The petition was signed by Gaetan Pelletier as chief executive
officer.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 10 unsecured creditors is available for free
at PacerMonitor.com at:

https://www.pacermonitor.com/view/EBWAYBA/Pelletier_Management_and_Consulting__ohsbke-22-31296__0001.0.pdf?mcid=tGE4TAMA


PERMIAN RESOURCES: Fitch Assigns 'BB-' LongTerm IDR
---------------------------------------------------
Fitch Ratings has assigned first-time Long-Term Issuer Default
Ratings (IDRs) of 'BB-' to Permian Resources Corporation (PR) and
Permian Resources Operating, LLC (Operating). Fitch has also
assigned a 'BB+'/'RR1' rating to Operating's senior secured
reserve-based lending credit facility (RBL) and a 'BB-'/'RR4'
rating to the unsecured notes. The Rating Outlook is Stable.

Fitch has removed Colgate Energy Partners III, LLC (Colgate) from
Rating Watch Positive and upgraded the Long-Term IDR to 'BB-' from
'B+' with a Stable Outlook. Fitch has also affirmed the rating on
the RBL at 'BB+'/'RR1', affirmed the senior unsecured notes at
'BB-' and revised the recovery rating to 'RR4' from 'RR3'.

This follows the close of the merger of equals between Centennial
Resource Development, Inc. (CDEV) and Colgate, which formed PR on
September 1, and assumption of Colgate's unsecured notes by PR
which rank pari passu with the existing PR notes.

Fitch has subsequently withdrawn all the ratings of Colgate given
the reorganization of the entity and are no longer considered by
Fitch to be relevant to the agency's coverage.

KEY RATING DRIVERS

PR's ratings reflect its large, liquids-weighted Delaware asset
base following the merger, estimated 15-year inventory of economic
drilling locations, positive FCF generation and expectation that
proceeds will reduce RBL borrowings in the near-term, clear
maturity profile, forecast sub-1.5x mid-cycle leverage metrics and
strong hedge book. These factors are partially offset by moderate
execution risk around transaction integration and realization of
operational savings and synergies.

Enhanced Delaware Asset Base: PR's asset base consists of
approximately 180,000 net acres and 40,000 net royalty acres in the
core of the Delaware basin split primarily between Eddy, Lea,
Reeves and Ward counties. The leasehold is 94% operated, 97% held
by production and will produce approximately 145Mboepd in 4Q22.
Fitch estimates the company has approximately 15 years of drilling
inventory at the current drilling pace given the company's expected
improvements in capital efficiency and cost synergy potential.
Fitch believes the company's high-quality asset base, inventory
runway and expected synergies support strong unit economics and FCF
generation in the long-term.

Near-Term Synergy Potential: Fitch believes the combination of
operational best practices and the significant acreage overlap
between prior companies should allow PR to achieve most of its
expected synergies and operational savings by 3Q23. Management is
targeting approximately $65 million of annual corporate synergies
inclusive of operational savings from drilling and completion
design modifications, larger average pad sizes, improved cycle
times, leasehold optimization, water recycling, G&A reductions and
accretive debt refinancing potential. Fitch believes successful
execution on these objectives should improve long-term unit costs,
cash netbacks and FCF.

Capital-Efficient Development Plan; Strong FCF: PR's current
eight-rig drilling program is expected to be reduced to seven rigs
in November and potentially down to six rigs in 2023 as operational
and capital efficiencies are achieved. Management's 2023 capital
plan includes approximately $1.25 billion of total capex spend,
split roughly half between Texas and New Mexico development,
135-155 gross well spuds and 140-160 gross well completions which
should bring FY23 production toward 150Mboepd-165Mboepd.

At Fitch's 2023 base case price assumption of $82 WTI, the agency
forecasts PR will generate approximately $1.0 billion of
pre-dividend FCF, which improves to $1.3 billion at current strip
prices. Fitch expects FCF will be allocated first toward the RBL
until it is fully repaid and then in 2Q23 the company expects to
distribute at least 50% of FCF toward shareholders via variable
dividends or share repurchases.

Hedge Book Supports RBL Repayment: Near-term FCF and RBL repayment
is further supported by the company's strong hedge book. PR is
currently hedging approximately 45% of its 2H22 oil production (80%
of the total through swaps) at a weighted average strike price of
approximately $91 WTI, which steps down to 32% of 1H23 oil
production at an average price of $85 WTI. PR is also hedging
approximately 30% of natural gas volumes for FY23 at a weighted
average price of approximately $5.00/mcf.

The hedge book provides meaningful downside protection and supports
FCF generation and continued repayment of the RBL through 1H23.
Management expects to maintain at least 15% hedge coverage in the
long-term to cover its base dividend down to $40 WTI with the
current capital program.

Sub-1.5x Mid-Cycle Leverage: Fitch's base case forecasts gross
debt/EBITDA of 0.8x in 2023, which moderates toward 1.4x at Fitch's
$50 mid-cycle WTI price assumption. While post-close gross debt is
higher than similar-sized peers, Fitch believes execution of RBL
repayment will happen rapidly over the next six months which will
bring gross debt to approximately $1.8 billion by 2Q23 which is in
line with 'BB-' category E&P thresholds. PR's maturity profile
remains clear until 2026 which provides the company flexibility and
opportunities to either repay or refinance the maturities during
optimal market conditions.

Balanced Shareholder Returns: Management expects to initiate a base
quarterly dividend of approximately $0.05 per share or $30 million
(roughly 2.5% dividend yield at current market capitalization) in
4Q22 and is committed to sustainable base dividend growth over the
medium to long term. PR expects to start additional shareholder
return programs in 2Q23, following repayment of the RBL, in which
it will allocate at least 50% of post-base dividend FCF toward
variable dividends and/or share buybacks. The dividend program is
supported by the company's asset, hedging and FCF profiles and also
provides flexibility to further strengthen the balance sheet over
time.

DERIVATION SUMMARY

With 145Mboepd of production expected in 4Q22 and increasing toward
150Mboepd-165Mboepd in 2023, PR will be of similar size to SM
Energy Company (BB-/Stable; 146.6 Mboepd at 1Q22), larger than
other Permian peers CrownRock, L.P. (BB-/Stable; 115Mboepd in 3Q21)
Matador Resources Company (B+/Stable; 110.2Mboepd in 2Q22) and
Earthstone Energy, Inc. (B+/Stable; 77.1Mboepd in 2Q22), but
smaller than DJ basin producer Civitas Resources, Inc. (BB-/Stable;
175.2Mboepd in 2Q22).

In terms of cost structure, Fitch believes PR's costs will trend
toward the middle-to-lower end of the Permian peer average going
forward following expected operational and development synergies
over the next six months. The combination of the prior companies'
best practices will allow for improvement in both unit costs and
ultimately cash netbacks.

The company's leverage profile remains consistent with the Permian
peer average in 2023 with Fitch forecast debt/EBITDA of sub-1.0x
and mid-cycle leverage of sub-1.5x, which remains within Fitch's
'BB-' category thresholds. The company's $1.8 billion of long-term
debt is also similar to both SM Energy and CrownRock.

KEY ASSUMPTIONS

  -- WTI prices of $100/bbl in 2022, $81/bbl in 2023, $62/bbl in
     2024, and $50/bbl in 2025 and longer term;

  -- Henry Hub natural gas prices of $6.25/mcf in 2022, $4.00/mcf
     in 2023, $3.25/mcf in 2024, and 2.75/mcf in 2025 and longer
     term;

  -- Pro forma average daily production of 160Mboepd in 2023
     followed by single-digit growth thereafter;

  -- Growth-linked capital expenditures throughout the rating
     case;

  -- Prioritization of near-term FCF toward RBL repayment;

  -- Increase in shareholder returns via variable dividends and
     share repurchases starting in 2Q23

RATING SENSITIVITIES

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

  -- Average daily production approaching 175Mboepd while
     maintaining economic inventory and reserve life;

  -- Realization of operational savings that improves unit costs,
     netbacks and enhances FCF generation;

  -- Mid-cycle debt/EBITDA sustained below 2.0x.

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

  -- Inability to generate FCF and failure to reduce RBL
     borrowings that materially erodes the liquidity profile;

  -- Loss of operational momentum leading to average daily
     production approaching 125Mboepd;

  -- Deviation from stated conservative financial and capital
     allocation policy;

  -- Mid-cycle debt/EBITDA sustained above 2.5x.

LIQUIDITY AND DEBT STRUCTURE

Solid Liquidity: PR's post-close liquidity profile consists of over
50% of availability under the company's elected $1.5 billion RBL
credit facility due 2026 ($2.5 billion borrowing base). Management
expects to fully repay the outstanding balance in 1Q23, as they
estimate the company will generate approximately $100 million of
FCF per month at current strip prices. Repayment of the RBL is
further supported by the company's strong hedge position with
average oil strike prices at $91 WTI, which supports FCF and
protects against downward price movements.

Clear Maturity Profile: PR has ample time before the 7.750% and
5.375% notes mature in 2026 which allows the company to be
opportunistic in its decisions to refinance or repay its
outstanding debt.

ISSUER PROFILE

Permian Resources Corporation was formed through the merger of
equals between CDEV and Colgate. The company is now the largest
pure-play Delaware basin E&P company with approximately 180,000 net
acres and 145Mboepd of expected 4Q22 production.

ESG CONSIDERATIONS

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

  Debt                      Rating              Recovery    Prior
  ----                      ------              --------    -----  


Permian Resources  
Operating, LLC      LT IDR   BB-   New Rating

  senior unsecured  LT       BB-   New Rating    RR4

  senior secured    LT       BB+   New Rating    RR1

Permian Resources
Corporation         LT IDR   BB-   New Rating

Colgate Energy
Partners III, LLC   LT IDR   BB-   Upgrade                   B+

                    LT IDR   WD    Withdrawn                 BB-

  senior unsecured  LT       WD    Withdrawn                 BB-

  senior unsecured  LT       BB-   Affirmed      RR4         BB-

  senior secured    LT       WD    Withdrawn                 BB+

  senior secured    LT       BB+   Affirmed      RR1         BB+


PROOFPOINT INC: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Proofpoint, Inc.'s Long-Term Issuer
Default Rating (IDR) at 'B'. The Rating Outlook is Stable. Fitch
has also affirmed the $300 million secured revolving credit
facility (RCF) and $2.6 billion first-lien secured term loan at
'BB-'/'RR2'. The $800 million second-lien secured term loan is not
being rated.

Fitch's ratings are supported by Proofpoint's highly recurring
revenues that translate into resilient cash flow generation. As a
private equity owned company, Fitch expects financial leverage to
remain elevated, as equity owners optimize ROE over debt reduction.
Fitch estimates gross leverage to be approximately 7.9x in 2022 and
declining to below 7x in 2023, driven by EBITDA growth due to
continuing revenue growth and implementation of operational
optimization. Fitch forecasts gross leverage to remain above
previously established positive sensitivities of 5.5x through 2024.
The operating profile and financial metrics are consistent with a
'B' IDR.

KEY RATING DRIVERS

Leader in Niche Cybersecurity Industry: In the highly fragmented
enterprise cybersecurity industry, Proofpoint has been a recognized
leader in enterprise email security and compliance with products
that protect against threats across email, web, networks, cloud
applications, data governance and data retention enforcement.

Secular Tailwind Supporting Growth: Proofpoint benefits from the
growing cybersecurity industry, which is forecasted to have CAGR in
the teens in a normal economic environment. The importance of
cybersecurity has been elevated in recent years with increasing
complexity of IT networks and continued digitalization of
information. High profile cybersecurity breaches have also
heightened awareness for more comprehensive cybersecurity
solutions. Fitch believes these factors will benefit subsegment
leaders such as Proofpoint as part of the overall solution.

Highly Recurring Revenue with High Retention: Over 95% of
Proofpoint's revenue is recurring in nature, with over 90% gross
retention rates. The strong revenue retention implies sticky
products supported by Proofpoint's platform of cybersecurity
products, which solidify its market position. The high revenue
retention and recurring revenue enhances the predictability of
Proofpoint's financial performance and maximizes the lifetime value
of customers.

Diversified Customer Base: Proofpoint serves approximately 8,000
customers across diverse industry verticals including financial
services, healthcare, TMT, industrial, and manufacturing. The broad
exposure effectively reduces Proofpoint's customer concentration
risks and reduces revenue volatility through economic cycles. Fitch
views such characteristics favorably as it reduces
industry-specific risks.

Execution Risk in Operational Improvements: Since the acquisition
by Thoma Bravo in 2021, the company has undergone significant
operational optimization to enhance its operational efficiency to
levels comparable to industry peers. Through 1Q22, the company has
successfully executed on a significant portion of the plan and is
tracking inline against expectations. This has substantially
reduced the risks as the company continues to execute on the
remaining plan. Fitch expects improvements in operational
performance should lead to FCF margin expansion approaching
industry peers.

Elevated Leverage Profile with Deleveraging Capacity: Fitch
estimates Proofpoint's gross leverage will be elevated at 7.9x for
2022, as the company executes on its operational improvements.
Fitch forecasts the gross leverage to decline to below 7x in 2023,
the first full year benefiting from the operational efficiency gain
driving EBITDA growth. Despite the further deleveraging capacity
projected beyond 2022 supported by the company's FCF generation,
Fitch expects limited deleveraging as Proofpoint's private equity
ownership would likely prioritize ROE maximization over debt
prepayment. These could include acquisitions to broaden
Proofpoint's market position and dividend payments.

DERIVATION SUMMARY

Proofpoint operates in the sub-segment of the fragmented
cybersecurity industry. The broader enterprise security market has
been growing supported by greater awareness around security
breaches and the increasing complexity of IT networks and
applications. While the company had been growing at rates
significantly higher than industry average as a public company, its
profitability as measured by EBITDA and FCF margins had been below
those of industry peers. As part of the plan to be acquired by
Thoma Bravo in 2021, the company devised plan to execute on
operational efficiency improvements to close the profitability gap
with industry peers.

Within the broader enterprise security market, peers include
NortonLifeLock (BB+/Stable). Proofpoint has smaller scale and lower
EBITDA margins than NortonLifeLock. Proofpoint also has higher
financial leverage.

KEY ASSUMPTIONS

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

-- Organic revenue growth in the mid-teens and decelerates to the

    low-teens;

-- EBITDA margins expanding to near comparable industry peers by
    2023;

-- Deferred RSU payments spread out between 2021-2028 with the
    single year peak in 2022;

-- Capex intensity of approximately 4% per year;

-- Aggregate acquisitions totaling $750 million through 2024.

KEY RECOVERY RATING ASSUMPTIONS

-- The recovery analysis assumes that Proofpoint would be
    reorganized as a going-concern in bankruptcy rather than
    liquidated.

-- Fitch has assumed a 10% administrative claim.

Going-Concern (GC) Approach

-- In the event of a bankruptcy reorganization, Fitch assumes
    that Proofpoint would continue to execute on its cost
    reduction plan as part of the reorganization plan. In such a
    scenario, Proofpoint's GC EBITDA is assumed to be
    approximately 20% below the estimated 2022 pro forma adjusted
    EBITDA.

-- The GC EBITDA estimate reflects Fitch's view of a sustainable,

    post-reorganization EBITDA level that should be approaching
    industry norm while incorporating the risks associated with
    necessary operational improvements, upon which Fitch bases the

    enterprise valuation.

-- An enterprise value (EV) multiple of 7x EBITDA is applied to
    the GC EBITDA to calculate a post-reorganization EV. The
    choice of this multiple considered the following factors:

-- The historical bankruptcy case study exit multiples for
    technology peer companies ranged from 2.6x-10.8x. Of these
    companies, only three were in the Software sector: Allen
    Systems Group, Inc.; Avaya, Inc.; and Aspect Software Parent,
    Inc., which received recovery multiples of 8.4x, 8.1x, and
    5.5x, respectively.

-- The highly recurring nature of Proofpoint's revenue and
    mission critical nature of the product support the high-end of

    the range.

-- After applying the 10% administrative claim, adjusted EV of
    $2.356 billion is available for claims by creditors resulting
    in 'BB-'/'RR2' recovery rating for the $2.6 billion secured
    first lien debt.

RATING SENSITIVITIES

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

-- Success to fully execute on planned operational improvements;

-- Fitch's expectation of Total Debt with Equity Credit/Operating

    EBITDA remaining below 5.5x;

-- (CFO-Capex)/Total Debt with Equity Credit above 8%.

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

-- Failure to fully execute on planned operational improvements;
    
-- Fitch's expectation of Total Debt with Equity Credit/Operating

    EBITDA remaining above 7x;

-- (CFO-Capex)/Total Debt with Equity Credit below 3%;

-- Negative revenue growth reflecting erosion in market position
    for core products.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: The company's liquidity is projected to be
adequately supported by over $750 million cash on balance sheet at
the end of 1Q22, $300 million undrawn RCF, and projected FCF
generation after 2022 as operational improvement plans are
executed.

Debt Structure: Proofpoint has $2.6 billion of secured first lien
debt due 2028 and $800 million of secured second lien debt due
2029. Upon successful execution of operational efficiency
improvements, Fitch expects Proofpoint to generate ample FCF to
make its required debt payments.

ISSUER PROFILE

Proofpoint is a leading cybersecurity and compliance company
serving large and mid-sized organizations with a focus around
protecting employees from IT security threats and compliance risks.
The company's products are designed to be people-centric security
and compliance programs, and are primarily cloud-delivered.

ESG CONSIDERATIONS

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



QHC CRESTRIDGE: No Resident Care Concerns, PCO Report Says
----------------------------------------------------------
Susan Goodman, the appointed patient care ombudsman for QHC
Crestridge, LLC, filed with the U.S. Bankruptcy Court for the
Southern District of Iowa a fourth interim report regarding the
situation at the Crestridge Care Center in Maquoketa.   

According to the report, Crestridge Care Center remains stable,
filled entirely with core staff and maintaining its census in the
high 50's. On the date of the PCO's site visit, the facility was
staffed with three nurses, four aids, one float aid, and one
restorative aid for 57 residents.

PCO observed staff assisting residents and colleagues beyond their
assigned roles, resulting in a resident-centric approach.

The PCO, again, has no concerns to report at Crestridge Care
Center. While some open positions remain, including that of a
permanent director of nursing, the team remains effective with the
resources available to them.

A copy of the fourth interim report is available for free at
https://bit.ly/3xgyxR9 from PacerMonitor.com.

The Ombudsman may be reached at:

     Susan N. Goodman, Esq.
     Pivot Health Law, LLC
     P.O. Box 69734
     Oro Valley, AZ 85737
     Tel: (520) 744-7061
     Email: sgoodman@pivothealthaz.com

                        About QHC Crestridge

QHC Crestridge, LLC, doing business as Crestridge Care Center,
operates continuing care retirement communities and assisted living
facilities for the elderly.

QHC Crestridge sought Chapter 11 bankruptcy protection (Bankr. S.D.
Iowa Case No. 21-01649) on Dec. 29, 2021, with between $1 million
and $10 million in assets and between $10 million and $50 million
in liabilities. Nancy A. Voyna, managing member, signed the
petition.

Judge Anita L. Shodeen oversees the case.

Jeffrey D. Goetz, Esq., at Bradshaw, Fowler, Proctor & Fairgrave,
PC is the Debtor's counsel.

Susan N. Goodman of Pivot Health Law, LLC is the patient care
ombudsman appointed in the Debtor's case.


QHC CRESTVIEW: No Supply Concerns, PCO Report Says
--------------------------------------------------
Susan N. Goodman, the appointed patient care ombudsman for QHC
Crestview Acres Inc., filed with the U.S. Bankruptcy Court for the
Southern District of Iowa a fourth interim report regarding the
situation at the Sunnycrest Nursing Center.   

According to the report, Sunnycrest Nursing Center has been
actively engaged in resident placement for facility closure. The
census at the facility was 25 at the time of the closure
announcement.

At the time of the filing of the report, the remaining resident
census was two. One resident was expected to move and one resident
will remain at Sunnycrest Nursing Center to allow a graceful
passing in lieu of an end-of-life move.

The PCO reported that Sunnycrest Nursing Center has been fortunate
that staff have remained to assist residents with placement. In
fact, some members of the Sunnycrest team have also provided
closure assistance to Mitchellville and nursing support to other
facilities.

The PCO noted that Sunnycrest Nursing Center continues to deny
supply concerns. As previously reported, resident records at this
location are organized and marked such that the PCO does not
anticipate delays in getting these records moved upon facility
closure. The reported plan was to move the boxed records to the
corporate office in Clive, Iowa.

A copy of the fourth interim report is available for free at
https://bit.ly/3qCMCo5 from PacerMonitor.com.

The ombudsman may be reached at:

     Susan N. Goodman, Esq.
     Pivot Health Law, LLC
     P.O. Box 69734
     Oro Valley, AZ 85737
     Tel: (520) 744-7061
     Email: sgoodman@pivothealthaz.com

                        About QHC Crestview

QHC Crestview Acres Inc., doing business as QHC Sunnycrest, LLC,
owns and operates continuing care retirement communities and
assisted living facilities for the elderly.

The Debtor sought Chapter 11 bankruptcy protection (Bankr. S.D.
Iowa Case No. 21 01650) on Dec. 29, 2021, with between $1 million
and $10 million in assets and between $10 million and $50 million
in liabilities. Nancy A. Voyna, managing member, signed the
petition.

Judge Anita L. Shodeen oversees the case.

Jeffrey D. Goetz, Esq., at Bradshaw, Fowler, Proctor & Fairgrave,
PC is the Debtor's counsel.

Susan N. Goodman of Pivot Health Law, LLC is the patient care
ombudsman appointed in the Debtor's case.


QHC HUMBOLDT NORTH: PCO Reports Challenges in Turnover of DON Role
------------------------------------------------------------------
Susan Goodman, the appointed Patient Care Ombudsman for QHC
Humboldt North, LLC, filed with the U.S. Bankruptcy Court for the
Southern District of Iowa a fourth interim report regarding the
situation at the Humboldt Care Center North.  

The PCO reported that the most significant news at this location
relates to the turnover in the director of nursing (DON) role aside
from the current COVID outbreak. The DON who was in place at the
time of the third interim report, resigned and departed. The former
regional nurse consultant, who had been serving as the interim DON
at the Fort Dodge location, decided to move to the Humboldt North
location.

Fortunately, Humboldt North was able to hire a part-time nurse
consultant who previously worked for the Iowa Department of
Inspections and Appeals. At the time of the PCO's visit, this nurse
was actively engaged in resident care plan reviews and updates. She
will also be focused on infection prevention duties.

The PCO noted that the staffing on the date of PCO's site visit was
reported as typical, a variation where the team members are a
heavier mix of nurses/medication aides was also utilized, if
needed, based on the type of agency staff available. However, some
challenges with this latter staffing matrix were reported by the
nurses' aide team when the nurses and medication aides were not
engaged in supporting direct care needs in addition to medication
and treatment duties.

The larger challenge that remains unchanged for Humboldt, along
with other facilities, is moving from agency staffing to directly
employed core staff coverage.

The PCO concluded that successive turnover in the DON role has been
a challenge for Humboldt North. The PCO candidly discussed her
experiences at this facility with the additional operational
management support and the Blue Care Home operational team member.
The operational team reported ongoing efforts associated with
nursing recruitment.

A copy of the fourth interim report is available for free at
https://bit.ly/3RGpYaC from PacerMonitor.com.

The Ombudsman may be reached at:

     Susan N. Goodman, Esq.
     Pivot Health Law, LLC
     P.O. Box 69734
     Oro Valley, AZ 85737
     Tel: (520) 744-7061
     Email: sgoodman@pivothealthaz.com

                      About QHC Humboldt North

QHC Humboldt North, LLC, doing business as Humboldt Care Center
North, owns and operates continuing care retirement communities and
assisted living facilities for the elderly.

QHC Humboldt North sought Chapter 11 bankruptcy protection (Bankr.
S.D. Iowa Case No. 21-01651) on Dec. 29, 2021, with between $1
million and $10 million in assets and between $10 million and $50
million in liabilities. Nancy A. Voyna, managing member, signed the
petition.

Judge Anita L. Shodeen oversees the case.

Jeffrey D. Goetz, Esq., at Bradshaw, Fowler, Proctor & Fairgrave,
PC is the Debtor's counsel.

Susan N. Goodman of Pivot Health Law, LLC is the patient care
ombudsman appointed in the Debtor's case.


QHC HUMBOLDT SOUTH: Completes Transfer of Patient Records, PCO Says
-------------------------------------------------------------------
Susan Goodman, the appointed patient care ombudsman for QHC
Humboldt South, LLC, filed with the U.S. Bankruptcy Court for the
Southern District of Iowa a fourth interim report regarding the
situation at the Humboldt Care Center South.

The PCO reported that the continued storage of patient records in a
mobile mini behind the Humboldt South facility was one important
item that remained outstanding at the time of the PCO's
supplemental report, which was filed on July 15. During her most
recent site visits, the PCO engaged in a joint call with the
administrator and the third-party vendor responsible for moving the
storage units to agree on a date for the transfer of the records to
the Humboldt North property. Fortunately, the vendor was able to
complete the move of these patient records in advance of the filing
of the PCO's fourth interim report.

A copy of the fourth interim report is available for free at
https://bit.ly/3B1DP3S from PacerMonitor.com.

The Ombudsman may be reached at:

     Susan N. Goodman, Esq.
     Pivot Health Law, LLC
     P.O. Box 69734
     Oro Valley, AZ 85737
     Tel: (520) 744-7061
     Email: sgoodman@pivothealthaz.com

                     About QHC Humboldt South

HC Humboldt South, LLC, doing business as Humboldt Care Center
South, operates continuing care retirement communities and assisted
living facilities for the elderly.

HC Humboldt South sought Chapter 11 bankruptcy protection (Bankr.
S.D. Iowa Case No. 21-01652) on Dec. 29, 2021, with between $1
million and $10 million in assets and between $10 million and $50
million in liabilities. Nancy A. Voyna, managing member, signed the
petition.

Judge Anita L. Shodeen oversees the case.

Jeffrey D. Goetz, Esq., at Bradshaw, Fowler, Proctor & Fairgrave,
PC is the Debtor's counsel.

Susan N. Goodman of Pivot Health Law, LLC is the patient care
ombudsman appointed in the Debtor's case.


QHC MADISON: PCO Report Indicates Need for New Registered Nurse
---------------------------------------------------------------
Susan Goodman, the appointed patient care ombudsman for QHC Madison
Square, LLC, filed with the U.S. Bankruptcy Court for the Southern
District of Iowa a fourth interim report regarding the situation at
the Madison Square Assisted Living & Memory Care.

The PCO chose not to visit Madison Square on the latest round of
site visits given the stability reported by the manager and the
long tenured licensed practical nurse (LPN). The Blue Care Homes
operational team member remained engaged and reported efforts
relative to readying vacant apartments for rental and getting bids
to replace the end-of-life facility boiler. Two anticipated
move-ins for this upcoming reporting cycle are anticipated.

The PCO confirmed that all service plans were updated by the
manager and the LPN, and reviewed and approved by a registered
nurse  (RN) in the interim reporting period. The PCO discussed the
need to identify a new registered nurse to review and approve
service plans as new residents move in because the registered nurse
who assisted the team most recently resigned. Again, the Blue Care
Homes operational team member is engaged on this topic and reported
following up on leads for RN candidates.

Madison Square reported a waiting list of individuals interested in
residing in this community. The Blue Care Homes operational team
member reported having one double occupancy and two single
occupancy units ready for new residents with move-ins scheduled.
Boiler replacement options were being investigated. Sale
finalization can only help Madison Square recruit RN support,
whether dedicated to this location or shared with Winterset as it
looks to aggressively recruit and fill core position openings.

A copy of the fourth interim report is available for free at
https://bit.ly/3Bd8Dix from PacerMonitor.com.

The ombudsman may be reached at:

     Susan N. Goodman, Esq.
     Pivot Health Law, LLC
     P.O. Box 69734
     Oro Valley, AZ 85737
     Tel: (520) 744-7061
     Email: sgoodman@pivothealthaz.com

                     About QHC Madison Square

QHC Madison Square, LLC is an operator of continuing care
retirement communities and assisted living facilities for the
elderly.

QHC Madison Square sought Chapter 11 bankruptcy protection (Bankr.
S.D. Iowa Case No. 21-01647) on Dec. 29, 2021, with between $1
million and $10 million in assets and between $10 million and $50
million in liabilities. Nancy A. Voyna, managing member, signed the
petition.

Judge Anita L. Shodeen oversees the case.

Jeffrey D. Goetz, Esq., at Bradshaw, Fowler, Proctor & Fairgrave,
PC is the Debtor's counsel.

Susan N. Goodman of Pivot Health Law, LLC is the patient care
ombudsman appointed in the Debtor's case.


QHC MITCHELLVILLE: PCO Files Fourth Interim Report
--------------------------------------------------
Susan Goodman, the appointed patient care ombudsman for QHC
Mitchellville, LLC, filed with the U.S. Bankruptcy Court for the
Southern District of Iowa a fourth interim report regarding the
situation at the Mitchell Village Care Center.

The recent PCO filing reported ongoing remote monitoring,
interactions with the Blue Care Home operational team member, and a
recent site visit.

According to the report, the Mitchellville location has been
actively engaged in resident placement in anticipation of facility
closure. When the process began, the facility had 19 residents.
Currently, five residents remain, four of whom have certain
placement although the moving dates have been delayed due to
remodeling occurring at the receiving facility. Facility leadership
reported having appropriate staff, family and state agency
engagement to get a placement plan finalized for the one resident
who does not yet have a finalized transition plan.  

On a recent site visit, PCO interacted with staff, leadership and
remaining residents. While turnover in some of the long-term agency
staff occurred (particularly in nursing roles, including the
director of nursing) the facility reported continued availability
of agency staffing pools to fill required roles, according to the
PCO report.

A copy of the fourth interim report is available for free at
https://bit.ly/3xdSIPO from PacerMonitor.com.

The ombudsman may be reached at:

     Susan N. Goodman, Esq.
     Pivot Health Law, LLC
     P.O. Box 69734
     Oro Valley, AZ 85737
     Tel: (520) 744-7061
     Email: sgoodman@pivothealthaz.com

                      About QHC Mitchellville

QHC Mitchellville, LLC, doing business as Mitchell Village Care
Center, owns and operates continuing care retirement communities
and assisted living facilities for the elderly.

QHC Mitchellville sought Chapter 11 bankruptcy protection (Bankr.
S.D. Iowa Case No. 21-01645) on Dec. 29, 2021, with between $1
million and $10 million in assets and between $10 million and $50
million in liabilities. Nancy A. Voyna, managing member, signed the
petition.

Judge Anita L. Shodeen oversees the case.

Jeffrey D. Goetz, Esq., at Bradshaw, Fowler, Proctor & Fairgrave,
PC is the Debtor's counsel.

Susan N. Goodman of Pivot Health Law, LLC is the patient care
ombudsman appointed in the Debtor's case.


QHC VILLA COTTAGES: PCO Files Fourth Interim Report
---------------------------------------------------
Susan Goodman, the appointed patient care ombudsman for QHC Villa
Cottages, LLC, filed with the U.S. Bankruptcy Court for the
Southern District of Iowa a fourth interim report regarding the
situation at the Villa Cottages Assisted Living.  

According to the report, occupancy at the Villa Cottages remained
unchanged from previous reports (15 out of 20 apartments filled).
The PCO also reported that while the Villa Cottages have not
experienced care-associated bankruptcy impacts, they remain anxious
for the sale to finalize so that they can define a path to make
necessary facility investments to improve their curb appeal to
better compete with other assisted living offerings as was
discussed in the PCO's first interim report dated Feb. 10, 2022.

A copy of the fourth interim report is available for free at
https://bit.ly/3DecZIJ from PacerMonitor.com.

The Ombudsman may be reached at:

     Susan N. Goodman, Esq.
     Pivot Health Law, LLC
     P.O. Box 69734
     Oro Valley, AZ 85737
     Tel: (520) 744-7061
     Email: sgoodman@pivothealthaz.com

                     About QHC Villa Cottages

QHC Villa Cottages, LLC owns and operates an assisted living
facility in Fort Dodge, Iowa.

QHC Villa Cottages sought Chapter 11 bankruptcy protection (Bankr.
S.D. Iowa Case No. 21-01653) on Dec. 29, 2021, with between $1
million and $10 million in assets and between $10 million and $50
million in liabilities. Nancy A. Voyna, managing member, signed the
petition.

Judge Anita L. Shodeen oversees the case.

Jeffrey D. Goetz, Esq., at Bradshaw, Fowler, Proctor & Fairgrave,
PC is the Debtor's counsel.

Susan N. Goodman of Pivot Health Law, LLC is the patient care
ombudsman appointed in the Debtor's case.


QUAD/GRAPHICS INC: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating
(IDR) of Quad/Graphics, Inc. (Quad) at 'B+' with a Stable Rating
Outlook. Fitch has upgraded Quad's USD revolver and term loan A to
'BB'/'RR2' from 'BB-'/'RR2'.

The upgrade of the senior secured facility reflects better recovery
prospects for the USD revolver and term loan A in Fitch's recovery
waterfall analysis following debt reduction since the last review.
Quad's ratings reflect its leading market position, expectations
that gross leverage will remain near 3x in the next 18-24 months,
and expectations of low but positive FCFs. The ratings are
constrained by secular industry headwinds limiting revenue growth
over the forecast period.

KEY RATING DRIVERS

Leading Market Position: Quad's ratings reflect its leading market
position as the second largest commercial printer in the U.S. Fitch
believes the company's significant scale and size provides
economies of scale benefits in a highly competitive and fragmented
printing industry. Quad also benefits from longstanding
relationship with its clients (its largest clients average over 20
years as customers), a high contracted revenue and low customer
concentration.

Secular Industry Pressures: Quad's business profile continues to
face secular headwinds, limiting revenue growth over the forecast.
Fitch believes the print industry will continue to see volume
declines as digital substitution has curbed demand for printed
products. The pandemic accelerated the shift to digital media,
because it catapulted the distribution and hosting of media content
through online channels. The declining demand has resulted in
overcapacity and pricing pressures in the U.S. print industry.

Leverage: Fitch expects gross leverage at approximately 3.1x by the
end of FY2024 improving from 3.3x gross leverage at YE2021 largely
due to debt reduction. Quad repaid the remaining outstanding
balance of approximately $211 million on unsecured notes in May
2022 using cash and its revolving facility. Fitch expects
management to balance debt repayments and shareholder returns as
use of capital going forward. Quad has a long-term net leverage
target of 2.0-2.5x. The company recently reinitiated share
repurchases after a gap of more than three years against its
previously instituted $100 million share buyback authorization.
Fitch has assumed the company will utilize the entire capacity by
the end of 2025.

Financial Flexibility: The ratings are supported by sufficient
liquidity derived from cash balances, availability under revolver
and expectation for Quad to generate low but positive FCFs over the
forecast. Fitch believes that continued cost rationalizations and
deleveraging with sale of any non-core asset sales could also
provide additional financial flexibility.

Diversifying Revenue: Quad is diversifying its revenue base by
expanding its higher growth marketing solutions with new and
existing clients. During 2021, approximately 10% of revenue came
from agency solutions. Quad's transformation as a marketing
solutions provider began in 2014 when the company started making
several growth acquisitions/ investments. Fitch believes this
revenue diversification combined with continued cost
rationalization will continue to transform Quad's operating profile
over the long run.

DERIVATION SUMMARY

Quad's ratings reflect its leading market position, Fitch's
expectation that gross leverage will remain in the low 3x range
over the next 18-24 months, and financial flexibility supported by
sufficient liquidity and expectation of positive FCFs. The ratings
are constrained by secular industry headwinds that limit revenue
growth from digital substitution.

Quad has a relatively strong competitive position based on the
scale and size of its operations in the U.S. commercial printing
market. The company is the second largest in revenue after R.R.
Donnelly & Sons (RRD). Both companies have historically had similar
financial profile in terms of EBITDA margins near high single
digits and FCF margins in the low single digits. RRD was acquired
and became a private company earlier this year.

KEY ASSUMPTIONS

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

  -- Fitch expects 2022 revenue to grow in low to mid-single
     digits supported by market share gains and price increases.
     For 2023, Fitch's base case assumes a recessionary
     environment resulting in near mid-single digit revenue
     declines.

  -- EBITDA margins are assumed in 7.0%-8.0% range in 2022 and
     2023 over the forecast.

  -- Capex is assumed in $55 million-$65 million range annually.

  -- Dividends are assumed to resume beginning 2023.

  -- Share buybacks ranging in $10 million-$25 million assumed in
     2022 and 2023.

Key Recovery Rating Assumptions

The recovery analysis assumes that Quad. would be reorganized as a
going-concern in bankruptcy rather than liquidated. Fitch has
assumed a 10% administrative claim.

Going-Concern (GC) Approach: Quad's GC EBITDA estimate reflects
Fitch's view of a sustainable, post-reorganization EBITDA level
upon which Fitch bases the enterprise valuation. The GC EBITDA is
assumed at $200 million and reflects a secular decline in
commercial printing industry as well as highly competitive and
fragmented nature of the industry.

An EV multiple of 5x EBITDA is applied to the GC EBITDA to
calculate a post-reorganization enterprise value. The historical
bankruptcy case study exit multiples in TMT sector have ranged from
4.0x-7.0x, with a median of 5.9x. According to the 2021 TMT
Bankruptcy Enterprise Values and Creditor Recoveries report, the
post-reorganization recovery multiples of companies in the printing
and related services sector have ranged from 4.2x (Quebecor World
(USA), Inc.) to 7.3x (Education Holdings 1, Inc.).

Revolver is assumed to be fully drawn. The waterfall results in a
recovery rating of 'RR2' (ranging from 71% to 90%) for senior
secured credit facility. The recovery percentage improved due to
debt reduction.

RATING SENSITIVITIES

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

  -- Material improvement in operating profile evidenced by
     sustained positive revenue growth supported by revenue
     transformation and EBITDA margins sustained in double-digits.

  -- Fitch-calculated gross leverage (total debt/EBITDA) sustained

     below 3.0x.

  -- Consistently positive FCFs with FCF margin near mid-single
     digits.

  -- (CFO-Capex)/Total debt above 10%.

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

  -- Sustained revenue declines near mid-single digits or higher
     than expected deterioration of EBITDA margins.

  -- Fitch-calculated gross leverage sustained at or above 4.0x.

  -- FCFs sustained near zero.

  -- (CFO-Capex)/Total debt less than 5%

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Fitch views liquidity as sufficient supported
by cash balances of $11.8 million and $286.5 million availability
under the revolving facility as of June 30, 2022. Total liquidity
is reduced to $183.2 million under the company's most restrictive
debt covenants, and consists of $11.8 million in cash and $171.4
million available under its revolving facility. Fitch expects low
but positive FCFs as we assume Quad will resume dividends in 2023.

Debt Structure: Quad amended its credit facility in Nov 2021 that
reduced the revolver commitment from $500 million to 432.5 million
and extended the maturity of the revolver and term loan. A portion
of the revolver ($90M) and term loan ($91.5M) is due on Jan 31,
2024 while the remaining outstanding amounts are due on Nov 2,
2026. The amendment also increased the interest rate margins on the
loans by 0.50% to L+2.75%. As of June 30, 2022, $111.1 million and
$569.4 million were outstanding on revolver and term loan,
respectively.

The credit facility is secured by substantially all domestic and
Mexican assets and two-third interest in international entities and
guaranteed by Quad's material domestic subsidiaries. The company is
subject to total leverage ratio of 3.75x. Quad is also subject to
net secured leverage and interest coverage financial covenants of
3.5x and 3.0x under its revolver & Term Loan A. Net secured
leverage steps down to 3.25x starting Dec 2023 quarter (except for
any third quarter ending in Sept, the ratio will remain 3.5x).

The unsecured notes ($211.5 million of outstanding balance) due in
May 2022 were repaid in full using cash on hand and revolver
drawings.

ISSUER PROFILE

Quad/Graphics, Inc. (Quad) is the second largest commercial
printing company in the U.S. and one of the largest globally in the
very fragmented printing industry.

ESG CONSIDERATIONS

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

  Debt                     Rating          Recovery  Prior
  ----                     ------          --------  -----    

Quad/Graphics, Inc.   LT IDR  B+  Affirmed            B+

  senior secured      LT      BB  Upgrade   RR2       BB-


RANCHO CIELO: Unsecureds Owed $600K to Paid From Proceeds of Sale
-----------------------------------------------------------------
Rancho Cielo Estates, LTD., submitted a Corrected Second Amended
Disclosure Statement.

This is a liquidating plan. In other words, the Proponent seeks to
accomplish payments under the Plan by completing a sale
transaction. The Effective Date of the proposed Plan is 14 days
after the close of the sale of substantially all of the Debtor's
assets to Avanti Acquisition Company, LLC ("Avanti") or its
affiliated assignee.

After substantial marketing efforts by its Court-approved real
estate professionals and many months of arm's length negotiations,
the Debtor entered into the Second Amended and Restated Escrow
Instructions and Purchase and Sale Agreement (the "APSA") for the
sale of substantially all of its real property parcels with Avanti
Acquisition Company, LLC ("Avanti"). The Debtor filed its motion to
approve the APSA and overbid procedures on January 25, 2022 (the
"Sale Motion"). The Court entered its Order approving the Debtor's
proposed overbid procedures on March 7, 2022. Prior to approval of
the Sale Motion, the Debtor and Avanti entered into a First
Amendment to the APSA dated May 10, 2022, which extended the
Approval Date through June 24, 2022, in essence, to provide
sufficient time for the order approving the sale to be processed
and entered. By the time of the overbid hearing, Avanti was the
sole buyer willing to assume the expense and risk of acquiring the
Debtor's real property assets.

The Court entered its order granting the Debtor's Motion to Sell to
Avanti free and clear of liens, claims and encumbrances and
determining that Avanti is a good faith purchaser on May 23, 2022
(the "Sale Order").

As evidenced by the lengthy sale negotiation process and the
evidence filed in support of the Sale Motion (and pleadings filed
in connection therewith by other parties), the sale of the Debtor's
assets is a highly complicated process.  As a result, the APSA
currently provides for a 12-month period for escrow to close
commencing the day on which Sale Order became final.  During its
continued due diligence in accordance with the APSA, Avanti learned
(and has provided evidence to the Debtor) that engineering issues
related to the completion of Via Ambiente and other issues will be
significantly more time consuming and costly than anticipated.  As
a result, the Debtor has agreed to, and the Bankruptcy Court has
approved a 24-month escrow period, in order to maximize the chances
of a sale closing.

Under the Plan, Class 5 General Unsecured Claims total $612,420.33.
The class 5 total amount does not include claims of Cielo HOA and
the County of San Diego in excess of $4,000,000 related to the
completion of Via Ambiente and the stockpile, which the Debtor
contends will be resolved via the sale to Avanti, and to the extent
necessary, the Debtor shall file objections to these claims. Class
5 creditors will be paid from the proceeds of the sale to Avanti on
a pro-rata basis after payment of the secured claims and closing
costs which is estimated to result in $1,888,171, due to the Debtor
and of which $1,800,000 is paid to SurTec.  Since $50,000 will have
been breleased to the Debtor prior to the close of sale, there
shall be $38,171.14 of unencumbered funds as result of the closing
of the sale. In addition on closing of the sale to Avanti,
SureTec's bond obligations (hence its claim) will be reduced to
$2,400,000, resulting in an additional $580,000 available to fund
the Plan. Additionally, as stated herein $550 per day will be added
to the sale price of the Debtor's assets until the close of the
sale.  Therefore, if the closing of sale does not occur for the
full 24 months escrow period, there will be proceeds available to
the estate of an approximately an additional $401,500 available to
fund the Plan and pay claims. Payment shall be made to this class
90 days after the Effective Date with no interest. Based on the
foregoing the Debtor estimates that allowed claims will be paid
close to, or totally, in full, depending on the closing date and
approved administrative claims. Class 5 is impaired.

As to Class 6 Subordinated claims, Crestfield Holdings, Inc., will
have an unsecured claim in the amount of $139,134,395 which claim
will be subordinated and junior to all other classes and which will
receive no distribution unless and until all other allowed senior
claims are paid in full. Distribution to this class, if any, is
expected to be a maximum of $61,530, or less than 1% of the claim.
Class 6 is impaired.

The Plan will be funded via cash on hand in the approximate amount
of $85,000 and the proceeds of the sale to Avanti.

The Plan confirmation hearing will be on November 2, 2022 at 11:00
a.m. in court room 1539.

Attorneys for the Debtor:

     Jeffrey S. Shinbrot, Esq.
     JEFFREY S. SHINBROT, APLC
     15260 Ventura Blvd., Suite 1200
     Sherman Oaks, CA 91403
     Tel: (310) 659-5444
     Fax: (310) 878-8304
     E-mail: jeffrey@shinbrotfirm.com

A copy of the Corrected Second Amended Disclosure Statement dated
September 7, 2022, is available at https://bit.ly/3xdBIch from
PacerMonitor.com.

                   About Rancho Cielo Estates

Rancho Cielo Estates, LTD, based in Gardena, CA, filed a Chapter 11
petition (Bankr. C.D. Cal. Case No. 20-12306) on Feb. 29, 2020.  In
the petition signed by Peter Fagrell, president, the Debtor
disclosed $3,207,977 in assets and $142,576,987 in liabilities. The
Hon. Sheri Bluebond oversees the case. Jeffrey S. Shinbrot, Esq.,
at Jeffrey S. Shinbrot, APLC, serves as bankruptcy counsel to the
Debtor.


REARDEN STEEL: Case Summary & Six Unsecured Creditors
-----------------------------------------------------
Debtor: Rearden Steel Manufacturing LLC
        5350 Steel Blvd
        Fort Pierce, FL 34946-9129

Chapter 11 Petition Date: September 16, 2022

Court: United States Bankruptcy Court
       Southern District of Florida

Case No.: 22-17243

Judge: Hon. Erik P. Kimball

Debtor's Counsel: Julianne Frank, Esq.
                  JULIANNE FRANK, ATTY AT LAW
                  4495 Miliytary Trl Ste 107
                  Jupiter, FL 33458-4818
                  Email: julianne@jrfesq.com

Total Assets; $2,018,246

Total Liabilities: $2,955,049

The petition was signed by Lynn Shepard, manager/member.

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

https://www.pacermonitor.com/view/KRPRTZY/Rearden_Steel_Manufacturing_LLC__flsbke-22-17243__0001.0.pdf?mcid=tGE4TAMA


RED RIVER: Unsecureds to Get Pro Rata Share of Liquidation Trust
----------------------------------------------------------------
Red River Waste Solutions, LP, submitted a Disclosure Statement for
the Fourth Amended Chapter 11 Plan.

The purpose of the Plan is to distribute the remaining sale
proceeds, maximize the value of and liquidate for the benefit of
the administrative-expense holders and other creditors assets of
the bankruptcy estate – including causes of action – remaining
after the sale to Platform. The Plan establishes a liquidating
trust and appoints a liquidating trustee to oversee and administer
that trust for the benefit of the liquidation-trust beneficiaries
– that is, the administrative-expense holders and other creditors
of the bankruptcy estate. The Plan's goal is to (a) implement the
Global Settlement and pursue certain litigation, (b) distribute the
Sale Proceeds following the Sale of substantially all the Debtor's
tangible Assets, and (c) wind down the Estate.

During the Chapter 11 Case, Union Bank, the Estate, the Committee,
and Equity have been involved in existing and potential litigation
related to their various disputes. In an attempt to avoid the
expense, inconvenience, delay, and uncertainty of continuing this
litigation, the Estate, the Debtor, Union Bank, the Committee, and
Equity mediated their disputes and then agreed to a resolution. The
parties have agreed to modify this, given the results of the
Platform sale. This modified resolution is the "Global Settlement"
outlined in the Plan.

Necessary funding for confirmation of the Plan will come from
either (a) the Sale Proceeds, (b) the Liquidation Trust Assets, (c)
payments received by the Debtor and/or its Estate under the Global
Settlement, and (d) the recoveries from certain litigation that
will be controlled by a Liquidation Trust.

The Plan classifies Holders of Claims and Interests according to
the type of the Holder's Claim or Interest, as more fully described
below. As governed by the voting procedures approved by the
Bankruptcy Court (the "Voting Procedures"), Holders of Claims in
Classes 1 and 3 - 22 are entitled to vote to accept or reject the
Plan. Holders of Claims in Classes 24 and 25 are Impaired under the
Plan and conclusively presumed to have rejected the Plan.

* Class 1 consists of Other Priority Claims. Except to the extent
that a Holder of a Class 1 Claim agrees to less favorable treatment
of its Allowed Class 1 Claim, each such Holder shall receive
payment in full in Cash (a) after all Allowed Administrative
Expense Claims and Claims higher in priority under the Bankruptcy
Code are paid in full and (b) on the later of (i) the Effective
Date, (ii) the date on which such Priority Claim becomes an Allowed
Claim or as soon as reasonably practicable thereafter (or, if not
then due, when such Allowed Priority Tax Claim is due or as soon as
reasonably practicable thereafter), and (iii) when sufficient Cash
exists to pay such Claims in full in Cash, even if that date is
after entry of the Confirmation Order and the occurrence of the
Effective Date.

* Class 3 consists of the Union Bank Claim. Class 3 Claims will be
paid in full and final satisfaction, settlement, release, and
discharge of and in exchange for each such Class 3 Claim pursuant
to the terms of the Global Settlement and the Liquidation Trust
Waterfall set forth on Exhibit A. According to the Global
Settlement, among other things, The Class 3 Claim is Allowed in the
amount of $31,105,474.10. On account of its Class 3 Claim, Union
Bank shall receive (a) an initial Distribution of $5,000,000.00,
consisting of (i) $3,850,000.00, which was paid on the Sale Closing
Date and (ii) $1,150,000.00 on the earlier of (y) September 30,
2022, and (z) the Effective Date; (b) Distributions pursuant to the
Liquidation Trust Waterfall; and (c) the Union Bank Releases
described in Article IX.D and the Global Settlement.

* Class 4 consists of Comerica Bank Secured Claims. Except to the
extent that a Holder of an Allowed Class 4 Claim agrees to less
favorable treatment, in full and final satisfaction, compromise,
settlement, release, and discharge of, and in exchange for, its
Class 4 Claim, Class 4 Claims will be paid in full pursuant to the
Comerica Settlement.

* Class 5 consists of Signature's Secured Claims. Each Holder of a
Class 5 Claim received the Collateral for such Class 5 Claims in
full and final satisfaction, settlement, release, and discharge of
and in exchange for each Holder's Class 5 Claim. The amount,
validity, extent, value, and priority of the Allowed Class 5 Claims
under section 506 of the Bankruptcy Code will be determined by the
Bankruptcy Court after the Effective Date. Any Deficiency Claim or
other Unsecured Claim of a Holder of Class 5 Claim shall be treated
in Class 16.

* Class 6 consists of Northpoint Secured Claims. Each Holder of a
Class 6 Claim was paid pursuant to the terms of the Sale Order in
full and final satisfaction, settlement, release, and discharge of
and in exchange for each Holder's Class 6 Claim.

* Class 7 consists of Caterpillar Secured Claims. Each Holder of a
Class 7 Claim was paid pursuant to the terms of the Sale Order in
full and final satisfaction, settlement, release, and discharge of
and in exchange for each Holder's Class 7 Claim. The amount,
validity, extent, value, and priority of the Allowed Class 7 Claims
under section 506 of the Bankruptcy Code will be determined by the
Bankruptcy Court after the Effective Date. Any Deficiency Claim or
other Unsecured Claim of a Holder of a Class 7 Claim shall be
treated in Class 16.

* Class 8 consists of John Deere Secured Claims. Each Holder of a
Class 8 Claim was paid pursuant to the terms of the Sale Order in
full and final satisfaction, settlement, release, and discharge of
and in exchange for each Holder's Class 8 Claim. The amount,
validity, extent, value, and priority of the Allowed Class 8 Claims
under section 506 of the Bankruptcy Code will be determined by the
Bankruptcy Court after the Effective Date. Any Deficiency Claim or
other Unsecured Claim of a Holder of Class 8 Claim shall be treated
in Class 16.

* Class 9 consists of Santander Secured Claims. Each Holder of a
Class 9 Claim received the Collateral for such Class 9 Claims in
full and final satisfaction, settlement, release, and discharge of
and in exchange for each Holder's Class 9 Claim. The amount,
validity, extent, value, and priority of the Allowed Class 9 Claims
under section 506 of the Bankruptcy Code will be determined by the
Bankruptcy Court after the Effective Date. Any Deficiency Claim or
other Unsecured Claim of a Holder of Class 9 Claim shall be treated
in Class 16.

* Class 10 consists of TBK Bank Secured Claims. Each Holder of a
Class 10 Claim received the Collateral for such Class 10 Claim in
full and final satisfaction, settlement, release, and discharge of
and in exchange for such Holder's Class 10 Claim. The amount,
validity, extent, value, and priority of the Allowed Class 10 Claim
under section 506 of the Bankruptcy Code will be determined by the
Bankruptcy Court after the Effective Date. Any Deficiency Claim or
other Unsecured Claim of a Holder of Class 10 Claim shall be
treated in Class 16.

* Class 11 consists of TCF Secured Claims. Each Holder of a Class
11 Claim was paid pursuant to the terms of the Sale Order in full
and final satisfaction, settlement, release, and discharge of and
in exchange for each Holder's Class 11 Claim.

* Class 12 consists of VFSUS Secured Claims. Each Holder of a Class
12 Claim was paid pursuant to the terms of the Sale Order in full
and final satisfaction, settlement, release, and discharge of and
in exchange for each Holder's Class 12 Claim.

* Class 14 consists of Fort Wayne Claims. Class 14 Claims were paid
pursuant to the Ft. Wayne Settlement.

* Class 15 consists of Argonaut Claims. Class 15 Claims were paid
pursuant to the Ft. Wayne Settlement.

* Class 16 consists of General Unsecured Claims totaling
$9,070,370. On the Effective Date, in full and final satisfaction,
compromise, settlement, release, and discharge of, and in exchange
for, its Allowed General Unsecured Claim, each Holder of an Allowed
General Unsecured Claim against the Debtor shall receive its Pro
Rata share of Liquidation Trust Interests. Class 16 is impaired.

* Class 18 consists of Val Verde County Claims. Each Holder of a
Class 18 Claim was paid pursuant to the terms of the Sale Order in
full and final satisfaction, settlement, release, and discharge of
and in exchange for each Holder's Class 18 Claim.

* Class 19 consists of the VFS Leasing Secured Claims. Each Holder
of a Class 19 Claim was paid pursuant to the terms of the Sale
Order in full and final satisfaction, settlement, release, and
discharge of and in exchange for each Holder's Class 19 Claim.

* Class 20 consists of the BOW Secured Claim. Each Holder of a
Class 20 Claim received the Collateral for such Class 20 Claims in
full and final satisfaction, settlement, release, and discharge of
and in exchange for each Holder's Class 20 Claim. The amount,
validity, extent, value, and priority of the Allowed Class 20 Claim
under section 506 of the Bankruptcy Code will be determined by the
Bankruptcy Court after the Effective Date. Any Deficiency Claim or
other Unsecured Claim of a Holder of Class 20 Claim shall be
treated in Class 16.

* Class 21 consists of Nashville Secured Claims. Except to the
extent that a Holder of an Allowed Class 21 Claim agrees to less
favorable treatment, in full and final satisfaction, compromise,
settlement, release, and discharge of, and in exchange for, its
Class 21 Claim, Class 21 Claims will be paid in full pursuant to
the Nashville Settlement.

* Class 22 consists of Sumitomo Secured Claims. Each Holder of a
Class 22 Claim received the Collateral for such Class 22 Claims in
full and final satisfaction, settlement, release, and discharge of
and in exchange for each Holder's Class 22 Claim. The amount,
validity, extent, value, and priority of the Allowed Class 22
Claims under section 506 of the Bankruptcy Code will be determined
by the Bankruptcy Court after the Effective Date. Any Deficiency
Claim or other Unsecured Claim of a Holder of Class 22 Claim shall
be treated in Class 16.

* Class 24 consists of Preferred Interests. On the Effective Date,
all Preferred Interests shall be deemed cancelled, discharged,
released, and extinguished in full, and of no further effect, and
each Holder shall receive no Distribution on account of its Class
24 Claim.

* Class 25 consists of Common Interests. On the Effective Date, all
Common Interests shall be deemed cancelled, discharged, released,
and extinguished in full, and of no further effect, and each Holder
shall receive no Distribution on account of its Class 25 Claim.

Counsel for the Debtor:

     Marcus A. Helt, Esq.
     Jane A. Gerber, Esq.
     Jack G. Haake, Esq.
     MCDERMOTT WILL & EMERY LLP
     2501 North Harwood Street, Suite 1900
     Dallas, TX 75201
     Tel: (214) 210-2821
     Fax: (972) 528-5765
     E-mail: mhelt@mwe.com
             jagerber@mwe.com
             jhaake@mwe.com

A copy of the Disclosure Statement dated September 7, 2022, is
available at https://bit.ly/3d3LZRw from Stretto, the claims
agent.

                                          About Red River Waste
Solutions

Red River Waste Solutions LP is a company in Dripping Springs,
Texas, that provides waste management services. It also offers
solid waste and garbage pickup, recycling, industrial waste
collection, disposal, and landfill management services.

Red River Waste Solutions sought Chapter 11 protection (Bankr. N.D.
Texas Case No. 21-42423) on Oct. 14, 2021, listing up to $50
million in assets and up to $100 million in liabilities. James
Calandra, chief restructuring officer of Red River Waste Solutions,
signed the petition.

Judge Morris oversees the case.

The Debtor tapped Marcus Alan Helt, Esq., at McDermott Will &
Emery, LLP as bankruptcy counsel; Schiffer Hicks Johnson, PLLC as
special counsel; and CRS Capstone Partners LLC as restructuring
advisor. Mr. Calandra, CRS managing director, serves as the
Debtor's CRO. Stretto, Inc. is the claims and noticing agent.

The Debtor's official committee of unsecured creditors tapped
Womble Bond Dickinson (US) LLP as legal counsel and Rock Creek
Advisors, LLC as financial advisor.

The Debtor filed its proposed Chapter 11 plan on Feb. 9, 2022, and
its disclosure statement on June 1, 2022.


RL ENTERPRISES: Files Bare-Bones Chapter 11 Petition
----------------------------------------------------
RL Enterprises Inc. filed for Chapter 11 bankruptcy protection in
Nevada without stating a reason.

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

The meeting of creditors is slated for Oct. 13, 2022.  Proofs of
claim are due Jan. 11, 2023.

                      About RL Enterprises

RL Enterprises Inc. offers customized training programs that
generate results to improve employee skill sets.

RL Enterprises Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Nev. Case No. 22-13254) on Sept. 11,
2022. In the petition filed by Roman Libonao, as president, the
Debtor reported assets and liabilities between $1 million and $10
million.

The Debtor is represented by Matthew L. Johnson of JOHNSON &
GUBLER, P.C.


SEAGATE TECHNOLOGY: Fitch Affirms 'BB+' LongTerm IDR
----------------------------------------------------
Fitch Ratings has affirmed the 'BB+' Long-Term Issuer Default
Rating (IDR) for Seagate Technology plc and its wholly-owned
subsidiary, Seagate HDD Cayman, as well as the 'BB+'/'RR4' senior
unsecured rating for Seagate HDD Cayman. The Rating Outlook is
Stable.

The ratings and Outlook reflect Fitch's expectations for solid
long-term operating performance despite near-term macroeconomic and
supply-chain-related headwinds, driven by secular demand, rationale
supply additions and a strong product technology roadmap. Concerns
center on the potential for opportunistic financial policies.
Seagate will continue to use cash flow for shareholder returns, but
the ratings consider the potential for incremental debt issuance to
support stock buybacks in excess of FCF.

KEY RATING DRIVERS

Prioritization of Capital Returns: Fitch expects Seagate to
prioritize capital returns through the forecast, but that stock
buybacks will be mainly funded with FCF, given that cash is close
to Fitch's estimated operating minimum. Seagate has articulated in
its long-term financial model its intention to use at least 70% of
annual pre-divided FCF for shareholder returns. Fitch estimates
Seagate has modest capacity for debt-funded capital returns under
Fitch's 3.0x negative leverage (total debt to operating EBITDA)
rating sensitivity.

Strengthening FCF Profile: Fitch expects Seagate's FCF profile will
strengthen and margins will be in the mid to high single digits
following three consecutive years with FCF margins in the low- to
mid-4% range. Lower capital spending, as the company absorbs
recently elevated investment levels, in conjunction with stronger
positive revenue growth and a richer profit mix, will yield $500
million to $1 billion of annual FCF. Dividends should remain flat
at near $650 million, with annual dividend per share growth offset
by ongoing common stock repurchases.

Secular Demand: Fitch believes robust demand for storage across
media types provides a path for modest positive organic long-term
revenue growth. Artificial intelligence and 5G-enabled applications
across computing environments will be a significant driver of
demand. Fitch expects the significant majority of data creation
will be cool/cold storage on lower cost hard-disk drive (HDD)-based
capacity drives in the public cloud, driving the bulk of Seagate's
revenue growth through the forecast period, with surveillance
penetration and gaming markets leading the remainder of top-line
growth.

Constructive Supply Conditions: Fitch believes Seagate's nearly 50%
capacity drive market share supports constructive supply conditions
that should enable profitable growth and solid FCF margins.
Seagate's intensified capital spending in recent years and the
repurposing of existing capacity as legacy revenue declines should
enable the company to manage capital spending at structurally lower
levels through the forecast, with upside driven by stronger than
expected revenue growth.

Meaningful Technology Risk: Fitch believes storage technology and
product risks remain meaningful, with regular areal density
increases required to offset significant pricing pressure to
sustain HDD's total cost of ownership (TCO) advantage over SSDs and
keep pace with its chief competitor, WD. Energy assist-based drives
promise to provide a roughly decadelong roadmap to drives of more
than 50 terabytes (TB; versus 20TB drives shipping today), reducing
Seagate's technology risk. At the same time, the breakdown of
Moore's Law constrains SSD makers' ability to close the TCO gap.

DERIVATION SUMMARY

Fitch believes Seagate and its chief competitor, WD, are both
appropriately positioned at the lower end of investment grade from
a business model perspective, given industry revenue growth
characteristics for disk drives. This results in a 2.5x total debt
to operating EBITDA cutoff between investment grade and high yield,
versus 3.0x for technology companies with stronger business models.
Fitch believes WD's vertically integrated SSD business yields
higher and more diversified revenue growth, but also adds
meaningfully higher operating cyclicality and investment intensity
compared with Seagate. Solid earnings growth for both companies has
resulted in strong leverage metrics for the rating, but near-term
headwinds and potentially opportunistic financial policies weigh on
further positive rating actions.

KEY ASSUMPTIONS

-- High-single digit negative revenue growth in fiscal 2023,
    driven by macroeconomic headwinds and ongoing supply
    constraints that could extend into the first half of fiscal
    2024;

-- Markets recover and Seagate resumes positive low-single digit
    revenue growth through the remainder of the forecast period;

-- Blended Fitch-adjusted gross profit margins remain in the high

    20% to low-30% range through the forecast period and, combined

    with roughly flat operating expenses, should yield operating
    EBITDA margins in the high-teens to low-20%.

-- Capital intensity remains in the 3.5%-4.5% range;

-- No material acquisitions and the company refinances all
    upcoming debt maturities;

-- 100% of FCF used for share repurchases, which results in lower

    share count offsetting growing dividend per share growth.

RATING SENSITIVITIES

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

-- Public commitment to manage debt levels for total leverage
    sustained below 2.5x;

-- Expectations for annual FCF margins consistently in the mid to

    high single digits while growing revenue, structurally higher
    market share and diversifying end market and product exposure.

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

-- Expectations. for annual FCF sustained below $500 million or
    FCF margins in the low single digits from persistently weaker
    than expected revenue trends or profit margins, indicating
    poor execution on its roadmap;

-- Expectations for total leverage sustained above 3.0x, from
    debt issuance to support debt-funded shareholder returns
    persistently in excess of FCF.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch expects Seagate's liquidity will remain
adequate and, as of July 1, 2022, it consisted of $615 million in
cash and cash equivalents and an undrawn $1.725 billion senior
unsecured revolving credit facility expiring Oct. 14, 2026. Fitch's
expectation for $500 million-$1 billion of annual FCF also supports
liquidity.

ISSUER PROFILE

Seagate Technology Plc (Seagate) is a leading provider of data
storage technology, primarily hard disk drives (HDD), a market in
which it has roughly 45% share. Seagate focuses on storage
solutions for edge- to-cloud service providers (SP), original
equipment (OEM) and design manufacturers (ODM), as well as
surveillance, gaming, digital video recording and attached storage
providers.

ESG Considerations

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

RATING ACTIONS

  Entity/Debt                Rating               Prior
  -----------                ------               -----
Seagate Technology
Public Limited Company     LT IDR  BB+  Affirmed       BB+


Seagate HDD Cayman         LT IDR  BB+  Affirmed       BB+

  senior unsecured         LT      BB+  Affirmed  RR4  BB+


STORED SOLAR: Drummond Represents Ad Hoc Creditors Committee
------------------------------------------------------------
In the Chapter 11 cases of Stored Solar Enterprises, Series LLC,
the law firm of Drummond Woodsum submitted a verified statement
under Rule 2019 of the Federal Rules of Bankruptcy Procedure, to
disclose that it is representing the Ad Hoc Committee of Unsecured
Creditors.

The Committee consists of the following members: (a) H.C. Haynes,
Inc., (b) Eversource, (c) Kennebec Lumber Company, and (d) Lignum
Support, LLC.

Pursuant to Bankruptcy Rule 2019(b)(1), the members of the
Committee are acting in concert in the above-captioned chapter 11
case of Stored Solar Enterprises, Series LLC to advance their
common interests pending formation of an official committee of
unsecured creditors by the Office of the United States Trustee. The
members are not affiliates or insiders of one another.

Pursuant to Bankruptcy Rule 2019(c)(1)(A), the members of the
Committee jointly decided to form the Committee on September 15,
2022 because an official committee of unsecured creditors would not
be formed in advance of the hearing on the Debtor's motion for
authority to use cash collateral. The Committee members are among
the Debtor's largest unsecured creditors and they intend to act to
protect their common interests as unsecured creditors.

Pursuant to Bankruptcy Rule 2019(c)(1)(B), Drummond Woodsum has
been employed by the Committee at the instance of each of the
members of the Committee.

As of Sept. 15, 2022, the committee members and their disclosable
economic interests are:

H.C. Haynes, Inc.
P.O. Box 96
Winn, Maine 04495

* Economic interest: $674,303.88 for unpaid goods/services in
                     2021-2022

Eversource
PO Box 56003
Boston, Massachusetts 02205- 6003

* Economic interest: $223,274.71 for unpaid goods/services in
                     2021-2022

Kennebec Lumber Company
PO Box 288
105 South Street
Solon, Maine 04979

* Economic interest: $39,639.67 for unpaid goods/services in 2021-
                     2022

Lignum Support, LLC
P.O. Box 709
McFarland, California 93250

* Economic interest: $135,000 for unpaid goods/services in 2021-
                     2022

Also pursuant to Bankruptcy Rule 2019(c)(2), Drummond Woodsum's
address is stated below, and Drummond Woodsum does not have any
"disclosable economic interests" in relation to the Debtor to
report.

Pursuant to Bankruptcy Rule 2019(c)(4), there are no instruments
authorizing the Committee to act on behalf of creditors or equity
security holders.

The information contained herein is provided solely to comply with
Federal Rule of Bankruptcy Procedure 2019 and is not intended for
any other use or purpose. Nothing in this verified statement should
be construed as a limitation upon, or waiver of, any Committee
member's right to assert, file, or amend its claims in accordance
with applicable law.

Additional unsecured creditors of the Debtor may become members of
the Committee, and certain of the existing members may cease to be
members of the Committee, in the future. Drummond Woodsum reserves
the right to amend or supplement this Verified Statement in
accordance with the requirements set forth in Bankruptcy Rule
2019.

Counsel for Ad Hoc Committee of Unsecured Creditors can be reached
at:

          Jeremy R. Fischer, Esq.
          Benjamin E. Marcus, Esq.
          Jeffrey T. Piampiano, Esq.
          Kellie W. Fisher, Esq.
          DRUMMOND WOODSUM
          84 Marginal Way, Suite 600
          Portland, ME 04101-2480
          Telephone: (207) 772-1941
          E-mail: jfischer@dwmlaw.com
                  bmarcus@dwmlaw.com
                  jpiampiano@dwmlaw.com
                  kfisher@dwmlaw.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3LoeZ33

                        About Stored Solar

Stored Solar Enterprises, Series LLC, owns and operates seven
biomass-                     fueled, renewable energy generating
facilities located in Maine, Massachusetts and New Hampshire.  The
Plants produce electric energy which is transmitted into, and earns
payments from, the ISO New England power grid.

Stored Solar Enterprises, Series LLC, sought Chapter 11 protection
(Bankr. D. Maine Case No. Case No. 22-10191) on Sept. 14, 2022.  In
the petition signed by William Harrington as manager, the Debtor
disclosed $50 million to $100 million in assets against $10 million
to $50 million in liabilities. George J. Marcus at MARCUS CLEGG is
the Debtor's counsel.


SUNGARD AS: Oct. 3 Hearing on Plan and Disclosures
--------------------------------------------------
Judge David R. Jones has entered an order conditionally approving
the Disclosure Statement of Sungard as New Holdings, LLC, et al.
and is subject to final approval of the Court at the Combined
Hearing.

The Debtors' request for a Combined Hearing on the approval of the
Disclosure Statement and Confirmation of the Plan is approved.
Cause exists to shorten the deadlines set forth by Bankruptcy Rule
2002(b).

The Plan Confirmation Schedule is approved.

The deadline to mail assumption notices will be on Sept. 16, 2022.

The plan supplement filing deadline will be on Sept. 19, 2022.

The voting deadline will be on Sept. 26, 2022 at 4:00 p.m.
(prevailing Central Time).

The deadline to file a voting report will be on Sept. 30, 2022.

The combined hearing on Disclosure Statement and Plan will be on
October 3, 2022 at 2:00 p.m. (prevailing Central Time.

The deadline to object to the Plan and Disclosure Statement is
September 26, 2022, at 4:00 p.m. (prevailing Central Time).

The Debtors shall cause the Presumed to Reject Notice to be served
on Holders of Claims in Class 4 (Second Lien Credit Agreement
Claims), Class 5 (Non-Extending Second Lien Credit Agreement
Claims), Class 6 (General Unsecured Claims), Class 7 (Section
510(b) Claims) and Class 10 (Existing Equity Interests). The
Debtors shall cause the Presumed to Accept Notice to be served on
Holders of Claims in Class 1 (Other Secured Claims) and Class 2
(Other Priority Claims).

                  About Sungard AS New Holdings

Sungard Availability Services is a Wayne, Pa.-based
information-technology services provider owned by Angelo Gordon,
Blackstone Credit, FS/KKR Advisor LLC and Carlyle Group Inc. It
provides disaster recovery services, colocation and network
services, cloud and managed services and workplace recovery to
customers in North America, Europe and Asia.

The company and its affiliates filed for Chapter 11 protection
twice in three years.

Sungard filed for Chapter 11 bankruptcy in 2019 with a prepackaged
plan that was approved by a New York bankruptcy court one day after
it was filed.

Sungard AS New Holdings, LLC and affiliates, including Sungard
Availability Services, LP, sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. S.D. Texas Case No. 22-90018) on April
11, 2022. Judge David R. Jones oversees the case.

In the petition signed by Michael K. Robinson, CEO and president,
Sungard AS disclosed up to $1 billion in both assets and
liabilities.

Sungard Availability Services (UK) Limited, an indirect subsidiary
of Holdings, entered into administration in the UK on March 25,
2022.  Meanwhile, Sungard Canada filed an application for
recognition in Canada under the Companies Creditors' Arrangement
Act of its Chapter 11 case.

Akin Gump Strauss Hauer & Feld LLP and Jackson Walker serve as
legal counsel to the Debtors. Cassels Brock & Blackwell LLP, serves
as their Canadian legal counsel.  DH Capital, LLC and Houlihan
Lokey, Inc., act as investment bankers.  FTI Consulting, Inc.
serves as financial and restructuring advisor.

Alvarez & Marsal Canada Inc., serves as Canadian court-appointed
information officer and is represented by Bennett Jones, LLP as
counsel in connection with the Canadian proceedings.

Kroll Restructuring Administration, LLC serves as notice and claims
agent.

Proskauer Rose, LLP and Gray Reed & McGraw, LLP serve as counsel to
Acquiom Agency Services LLC, the Term Loan DIP agent, and Term Loan
DIP lenders.

PNC Bank, National Association, serves as administrative agent and
collateral agent, under the DIP ABL facility.  PNC is represented
by Thompson Coburn Hahn & Hessen LLP as counsel.


SWISSBAKERS INC: Class 3C Members Agree to Eliminate Claims
-----------------------------------------------------------
Swissbakers, Inc. modifies its First Amended Plan of Reorganization
dated June 29, 2022 by eliminating Class 3C, whose members have
separately agreed to waive their claims, by making the following
changes.

* The second paragraph of Article 1 is amended to read as follows:


  This Plan provides for:

     2 classes of priority claims;
     1 class of secured claims;
     2 classes of non-priority unsecured claims; and
     1 class of equity security holders.

* Section 2.5 of the Plan is deleted in its entirety.

* Under Article 4, the reference to Class 3C is deleted in its
entirety.

Attorneys for Swissbakers, Inc.:

     Joseph S.U. Bodoff, Esq.
     RUBIN AND RUDMAN LLP
     53 State Street
     Boston, MA 02109
     Tel: (617) 330-7038
     E-mail: jbodoff@rubinrudman.com

                    About Swissbakers, Inc.

Swissbakers, Inc., is a family-owned European bakery. Swissbakers
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. D. Mass. Case No. 22-10357) on March 18, 2022. In the
petition signed by Nicolas Stohr, chief executive officer, the
Debtor disclosed up to $500,000 in assets and up to $10 million in
liabilities.

Judge Janet E. Bostwick oversees the case.

Joseph S.U. Bodoff, Esq., at Rubin and Rudman LLP is the Debtor's
counsel.


THORNHILL BROTHERS: Unsecureds Slated to Recover 100% in Plan Sale
------------------------------------------------------------------
Thornhill Brothers Fitness, LLC, submitted a Materially Modified
Plan of Liquidation.

The Debtor does not own any real property, and estimates its
personal property (or its interest in such) to be valued at
$103,840. The majority of the Debtor's personal property is
equipment.

Under the Plan, Class 1 General Unsecured Claims totaling $130,000,
not including the unliquidated claims of William Flynn and Billie
Flynn.  The Debtor will conduct a "Plan Sale" of its business,
including accounts receivable, to Nicky LaMotte and Belinda LaMotte
(or assigns) for $275,000, with the purchasers anticipated to
continue operating the Anytime Fitness location presently operated
by Debtor. T he proposed purchasers have been preliminarily
approved by Anytime Fitness, who is still vetting their application
to become the franchisee.  During the Distribution Period and after
satisfaction of all Allowed Administrative Expense Claims, each
holder of an Allowed General Unsecured Claim shall be paid in pro
rata fashion and without interest from proceeds of the Plan Sale
and all other funds belonging to Debtor, including those in
Debtor's deposit account.  If the grant of the motion to compromise
the claims of William Flynn and Billie Flynn is affirmed or
otherwise withstands the pending appeal, it is anticipated that
Class 1 shall receive 100% of the value of its respective Allowed
General Unsecured Claims.  However, if the grant of the compromise
motion is reversed, it is anticipated that Class 1 shall receive a
nominal fraction of the value of its respective Allowed General
Unsecured Claims. Debtor reserves the right to request estimation
of the value of all outstanding claims, including those of William
Flynn and Billie Flynn. Class 1 is impaired.

The Plan will be funded from the proceeds of the Plan Sale (as
outlined in Section 3.6 of this Plan), and by other income
generated by the Debtor's business operations, less all operating
and other expenses, including provisions for property taxes and
assessments, necessary extraordinary items, overhead and capital
expenditures made or incurred. The Plan Sale is expected to close
on or before December 1, 2022, and all interests and claims in any
property sold will be referred to the proceeds.

A hearing on the confirmation of the Plan is scheduled for October
6, 2022 at 10:00 a.m. at the United States Courthouse, 201 Jackson
Street, 3rd floor, Monroe, Louisiana, 71201.

Attorneys for the Debtor in Possession:

     Bradley L. Drell, Esq.
     Heather M. Mathews, Esq.
     GOLD, WEEMS, BRUSER, SUES & RUNDELL
     P. O. Box 6118
     Alexandria, LA 71307-6118
     Tel: (318) 445-6471
     Fax: (318) 445-6476
     E-mail: bdrell@goldweems.com

A copy of the Materially Modified Plan of Liquidation dated
September 7, 2022, is available at https://bit.ly/3ROwprF from
PacerMonitor.com.

                 About Thornhill Brothers Fitness

Thornhill Brothers Fitness, LLC, filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. W.D. La. Case No.
22-30301) on March 16, 2022, disclosing as much as $1 million in
both assets and liabilities.  

Judge John S. Hodge oversees the case.

Thomas R. Willson has been appointed as Subchapter V trustee.

The Debtor is represented by Gold Weems Bruser Sues & Rundell,
APLC.


TUESDAY MORNING: Gets Strategic Investment From Pier 1 Owner
------------------------------------------------------------
Tuesday Morning Corporation (NASDAQ: TUEM), a leading off-price
retailer of home goods and décor, on Sept. 9, 2022, announced that
it has entered into an agreement to secure $32 million in
convertible debt financing from a special purpose vehicle ("SPV")
formed by Retail Ecommerce Ventures LLC ("REV"), the owner of a
diverse portfolio of consumer brands that includes Pier 1 Imports
("Pier 1"), Linens 'n Things, Stein Mart, Modell's Sporting Goods,
and Ayon Capital, LLC ("Ayon").  Additionally, certain members of
Tuesday Morning's management team, including Chief Executive
Officer Fred Hand, are providing $3 million in convertible debt
financing.

The proceeds from the parties' investments (collectively, the
"Transaction") are expected to strengthen Tuesday Morning's balance
sheet and allow it to begin executing an omni-channel strategy,
which will now include an ecommerce presence and digital
activations to complement the Company's store footprint over the
long-term.  The Transaction's terms also provide for the
following:

  * Tuesday Morning will have access to REV’s fulfillment
network, infrastructure and systems, and technology and ecommerce
capabilities;

  * Tuesday Morning will enter into a new licensing agreement that
will allow the Company to sell Pier 1 products, and;

  * Tuesday Morning's board of directors (the “Board”) will be
reconstituted, with REV and Ayon having their designees comprise a
majority of the Board.

REV, founded by Tai Lopez and Alex Mehr in 2019, has significant
experience acquiring retail brands and partnering with management
teams to deploy ecommerce-focused strategies. Examples include Pier
1, Linens ‘n Things, Stein Mart and RadioShack.

Mr. Hand commented: "We believe this milestone transaction will
strengthen our financial position and provide sufficient liquidity
to execute on our strategic plan, allowing us to maintain strong
relationships with our valued partners and elevate offerings for
our customers. We look forward to the partnership with REV and
Ayon."

Messrs. Lopez and Mehr added: "REV is excited to make this
investment as we see tremendous long-term opportunity for Tuesday
Morning in the home goods and décor category, especially as more
consumers expect an omnichannel experience in the post-pandemic
world. We look forward to making our transformation expertise,
technology capabilities and the Pier 1 brand available to the
Company. Our experienced and proven team is the right partner at
the right time for Tuesday Morning."

Sidd Pagidipati, Chairman of Ayon, concluded: "Ayon is pleased to
partner with REV and Tuesday Morning’s management team to fund
the Company’s evolution. Tuesday Morning has a history of
delighting customers and offering unique value in the home goods
category. By making this significant investment, we are excited to
be part of the next chapter at Tuesday Morning, including its loyal
customers and wonderful employees."

                 Terms of the Proposed Transaction

The Transaction includes the purchase by the SPV of (i) $7.5
million in aggregate principal amount of FILO C Term Loan Notes due
December 31, 2027 (the "FILO C Term Loan Notes"), and (ii) $24.5
million in aggregate principal amount of junior secured
exchangeable notes due December 31, 2027 (the "SPV Convertible
Notes"). In addition, members of the management team will purchase
$3.0 million of the junior secured exchangeable notes (together
with the SPV Convertible Note, the "Convertible Notes").  In
addition to providing liquidity to support the Company's ongoing
operations, proceeds of the Transaction are expected to repay a
portion of Tuesday Morning’s borrowings under its ABL revolving
credit facility and $7.5 million of the Company's currently
outstanding "first in last out" term loans, in addition to closing
costs of the Transaction.

The FILO C Term Loan Notes and the Convertible Notes (together, the
"Convertible Debt") will be exchangeable into shares of the
Company's common stock at a conversion price of $0.077 per share,
or approximately 454,545,454 shares issuable upon exchange in full.
Only a portion of the Convertible Debt can be immediately
exchanged into 90 million shares of the Company's common stock.
The remaining portion of Convertible Debt cannot be exchanged into
the Company's common stock unless and until the Company's
certificate of incorporation is amended to increase the Company's
authorized capital stock or to provide for a reverse stock split of
the Company's common stock.

The Nasdaq Stock Market LLC ("Nasdaq") rules would normally require
stockholder approval prior to the closing of the Transaction;
however, the Company requested and received a financial viability
exception to the stockholder approval requirement pursuant to
Nasdaq Listing Rule 5635(f). The financial viability exception
allows an issuer to issue securities upon prior written application
to Nasdaq when the delay in securing stockholder approval of such
issuance would seriously jeopardize the financial viability of the
issuer. As required by Nasdaq rules, the Audit Committee of the
Company's board of directors, which is comprised solely of
independent and disinterested directors, approved the Company's
reliance on the Nasdaq financial viability exception. As a
condition to reliance on the Nasdaq financial viability exception,
the Company is mailing a letter to stockholders no later than 10
days before the anticipated closing date notifying them of the
Company's intention to close the Transaction without stockholder
approval.

Based upon the number of shares of the Company's common stock
currently outstanding, and upon exchange of a portion of the
Convertible Debt for 90 million shares, the SPV will own a majority
of the Company's outstanding common stock and will accordingly have
the ability to approve an amendment to the Company’s certificate
of incorporation to increase the Company’s authorized capital
stock or to provide for a reverse stock split of the Company’s
common stock.

The Transaction will result in a change in control of the Company
and the SPV will designate a majority of the Company's board of
directors at the closing of the Transaction. Tuesday Morning's
board of directors will be reconstituted as a nine-member Board
comprised of five directors designated by the SPV reasonably
accepted to the Board, three independent directors reasonably
acceptable to each of the SPV and the Board, and Fred Hand, Chief
Executive Officer of Tuesday Morning. Tuesday Morning's management
team remains in place under Mr. Hand’s leadership as Chief
Executive Officer.

The Transaction is expected to close on or about September 19,
2022. The closing of the Transaction is subject to the satisfaction
of certain conditions and there can be no assurance that the
Transaction will be consummated.

Further details regarding the terms and conditions of the proposed
Transaction are set forth in the Company's Current Report on Form
8-K filed with the Securities and Exchange Commission on September
9, 2022.

Piper Sandler is serving as financial advisor and Haynes and Boone,
LLP, Troutman Pepper Hamilton Sanders LLP and Wachtell, Lipton,
Rosen & Katz are serving as legal advisors to the Company. Barnett
Kirkwood Koche Long & Foster, P.A., Taft Stettinius & Hollister LLP
and Vinson & Elkins LLP are serving as legal advisors to the SPV.

         Announcement of Fiscal Year 2022 Financial Results

In light of the expected timing of the Transaction, the Company now
expects to announce financial results for the fiscal year ended
July 2, 2022, on or about September 23, 2022.

                        About Tuesday Morning

Tuesday Morning Corporation is one of the original off-price
retailers specializing in name-brand, high-quality products for the
home, including upscale home textiles, home furnishings,
housewares, gourmet food, toys and seasonal décor, at prices
generally below those found in boutique, specialty and department
stores, catalogs and on-line retailers. Based in Dallas, Texas, the
Company opened its first store in 1974 and currently operates 487
stores in 40 states.  On the Web: http://www.tuesdaymorning.com/

Tuesday Morning Corporation, then with around 700 stores in 40
states, filed Chapter 11 protection on May 27, 2020 (Bankr. N.D.
Tex. Lead Case No. 20-31476).  Tuesday Morning, which sought
bankruptcy protection with its subsidiaries, disclosed total assets
of $92 million and total liabilities of $88.35 million as of April
30, 2020.

The Hon. Harlin Dewayne Hale was the case judge.

The Debtors tapped Haynes and Boone, LLP as general bankruptcy
counsel; Alixpartners LLP as financial advisor; Stifel, Nicolaus &
Co., Inc. as investment banker; A&G Realty Partners, LLC as real
estate consultant; and Great American Group, LLC as liquidation
consultant. Epiq Corporate Restructuring, LLC was the claims and
noticing agent. The official committee of unsecured creditors
tapped Munsch Hardt Kopf & Harr, P.C., as counsel.

                          *     *     *

Tuesday Morning announced Jan. 4, 2021, it has successfully
completed its reorganization and emerged from Chapter 11
bankruptcy. Tuesday Morning is supported by a $110 million
asset-backed lending facility provided by J.P. Morgan, Wells Fargo,
and Bank of America. The Company further optimized its store
footprint and exited Chapter 11 with 490 of its best performing
stores.  Following emergence from Chapter 11, Tuesday Morning began
trading on Jan. 21, 2021, on OTCQX under the symbol "TUEM" and then
commenced trading on the Nasdaq Capital Market on May 25, 2021,
under the ticker symbol "TUEM".


ULKER BISKUVI: S&P Downgrades ICR to 'B-', On Watch Negative
------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit and issue
ratings on confectionary producer Ulker Biskuvi Sanayi (Ulker)  and
its senior unsecured notes to 'B-' from 'B'. S&P placed all the
ratings on CreditWatch with negative implications.

The CreditWatch placement reflects the potential for a further
downgrade within the next three months if the company fails to
demonstrate tangible progress in refinancing its large near-term
debt maturities.

The rating action reflects the very large bank debt maturities due
April 2023, as well as the narrowing refinancing opportunities amid
the difficult market conditions that lead us to assess liquidity
profile as weak.

S&P said, "Our key credit concern is that Ulker faces large
near-term bank debt maturities (about 42% of total debt as of June
30, 2022) in about seven months, which is significantly weakening
its liquidity position. Given the maturity situation and its
sizable hard currency debt, we currently see only a very narrow
refinancing window." The debt maturities due on April 20, 2023
are:

-- A EUR244 million floating rate syndicated bank loan;

-- A $110 million floating rate syndicated bank loan; and

-- A EUR75 million floating rate bilateral bank loan from the
European Bank for Reconstruction and Development (EBRD).

S&P said, "As of June 30, 2022, we calculate that the company's
available liquidity sources over the next 12 months will not fully
cover liquidity uses. In our calculation, we project Ulker to
generate slightly positive FOCF in 2022 and 2023 but we view this
as uncertain given current working capital volatility in consumer
foods. We continue to prudently apply a 40% haircut to reported
values on its short-term financial investments because we foresee
potentially high market price volatility related to values. While
the company was able to liquidate some (about TRY1.7 billion) of
its short-term investments to fund the Onem acquisition (TRY3.7
billion) in 2021, the previous monetization was modest compared to
current requirements in the event that the company cannot attract
enough lender commitments. In addition, previous monetization came
at a time when financial markets were much more accommodative. As a
result, we have revised our assessment of the company's liquidity
position to weak, from less than adequate, which underpins the
negative rating action."

That said, Ulker has maintained good relationships with its main
lenders and remains a high-profile and profitable subsidiary of
large influential conglomerate in Turkey. S&P said, "While it held
constructive preliminary talks with existing bank lenders over the
summer, we understand Ulker has not yet secured lender commitments.
Its focus has been on amending existing debt documentation to
regain headroom under current maintenance financial covenants. We
understand the company received unanimous and quick support from
lenders on the financial covenant amendment process of the bank
debt documentation. We also factor in that Ulker is a profitable
company with 12 months trailing (at June 30, 2022) S&P Global
Ratings-adjusted EBITDA margin of 24.4%, as well as adjusted debt
leverage of 4.8x, FFO to debt of about 13%, and EBITDA interest
coverage of 3.9x. We also note that Ulker is blue-chip in Turkey
and majority owned by one of Turkey's largest conglomerates, Yildiz
Holding, which we think should help with negotiations with lenders.
That said, the fast-approaching general election in 2023 is adding
market uncertainty."

S&P said, "We believe a return to positive FOCF generation is
essential for 2022 to shore up cash balances and reduce dependence
on the liquidation of short-term investments ahead of key maturity
dates. Our current base-case incorporates positive FOCF of TRY400
million-TRY500 million for fiscal 2022, supported by continued
positive volume growth on a consolidated level (+7% in first-half
2022). The company appeared to have improved its FOCF generation in
the second quarter following a large raw material procurement at
the end of 2021 and in first-quarter 2022 to ensure enough stock to
meet demand over 2022 and 2023. That said, FOCF was negative TRY1.2
billion for the 12 months trailing to June 30, 2022. Given the
early procurement effort, we think this should reduce working
capital intensity in the second half of the year and therefore see
a return to positive FOCF generation. That said, there appears to
be some residual uncertainty, particularly for fourth-quarter 2022,
as the overall supply chain remains volatile. Management monitors
demand trends and raw material supplies on a daily basis.

"Even though, according to Ulker, Turkey's consumer food inflation
reached an unprecedented about 95% in July 2022, we note that its
products (biscuits, chocolate, and cake) are part of the broader
consumer staples category. Moreover, Turkey is a largely
duopolistic market with Ulker a clear market leader in the key
biscuits and chocolate categories, with relatively low private
label penetration. Considering the relatively small share of a
household's wallet, we believe that volume demand should continue
in the current environment. We view a return to positive FOCF
generation in 2022 as essential to shore up cash balances ahead of
2023 refinancing needs, thereby reducing its reliance on the
liquidation of the short-term financial investments portfolio.

"The rating action incorporates our revised assessment of Ulker's
risk management standards, which we view as having weakened.This
reflects the lack of tangible progress to refinance the large debt
maturities at least 12 months in advance, which we would have seen
as much more prudent. This is particularly so in the context of
Ulker's focus on highly volatile emerging markets. We also note its
relatively unconventional treasury policy of investing sizable cash
balances abroad in securities that expose its liquidity profile to
market risk." This is also in the context of the lumpy debt
maturity of its capital structure, with bank debt maturities due in
April 2023 followed by the very large Eurobond maturity of $650
million in October 2025.

The CreditWatch placement reflects the potential for a further
downgrade within the next three months if the company fails to
progress with the refinancing of its large bank debt. Depending on
the negotiation progress with bank lenders, the company could rely
on the material monetization of its short-term financial
investments to meet its financial obligations. If S&P sees
insufficient progress on the refinancing, for example firm
commitments from lenders by year-end, this would lead us to lower
our ratings further.

S&P said, "We could remove the ratings from CreditWatch negative if
Ulker makes material progress in the refinancing, including firm
commitments from bank lenders, such that we would expect a
successful refinancing taking place. Under such circumstances, we
would also expect to see stable operating performance and the
company self-funding."

Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:

-- Risk management, culture, and oversight.

ESG credit indicators: To E-2, S-2, G-3; From E-2, S-2, G-2

S&P said, "Governance factors are now a moderately negative
consideration in our credit rating analysis of Ulker. This reflects
our view that the company's current treasury policy can be
perceived as risky given that it has not addressed, well in
advance, the refinancing of large bank debt maturities due April
2023. In our view, this points to weaker risk management, culture,
and oversight. We also note the unusual policy of Ulker holding a
large investment portfolio that exposes a major source of liquidity
to financial markets volatility. Social and environmental factors
are an overall neutral consideration in our credit analysis of
Ulker."



USF HOLDINGS: S&P Alters Outlook to Stable, Affirms 'CCC+' ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook to stable from developing on
USF Holdings LLC and affirmed the 'CCC+' issuer credit rating. The
first-lien term loan rating and recovery rating remain 'CCC+' and
'3' (50%-70% recovery, rounded estimate: 60%), respectively.

The stable outlook reflects S&P's view of a reduced likelihood of a
downgrade within the next 12 months as USF's operating performance
has been in line with its expectations and continued margin
improvement could lead to better credit metrics.

The company's financial performance has stabilized from the impact
of COVID-19 in 2020 and the supply chain disruptions in 2021. USF
recorded a large increase in revenues during the first half of 2022
compared with the prior year because of successfully launching
several new automotive original equipment manufacturer (OEM)
vehicle programs and slight improvement in vehicle production
levels with key automotive OEM customers. Despite the outsized
revenue increase relative to the previous year, USF's margins
remain lower amid inflationary pressures associated with commodity
resin inputs, factory wages, and freight costs along with operating
inefficiencies affected by OEM production volatility. To address
these inflationary cost pressures, the company has negotiated price
increases with several of its key OEM customers that are expected
to accelerate in the second half of 2022 and subsequent years. The
increase in sales volumes combined with pricing actions translated
to higher S&P Global Ratings' adjusted EBITDA margins in the low
teens, which is supportive of better credit metrics in S&P's base
case forecast.

The forecasted performance improvement leads to de-leveraging from
the 8x peak in 2021 to the 5.5x-6x range during 2022 and the mid-4x
thereafter. Free operating cash flow (FOCF) similarly improves as
EBITDA margins recover and USF better manages its working capital.

S&P said, "Debt-refinancing risks persist over the next 18-24
months amid tightening credit markets, tight covenant cushions, and
rising floating rates. Covenant cushions in the latest 12-month
period ended remained tighter at below 20% levels as weaker
performance during the second half of 2021 was burdened by COVID-19
disruptions, semiconductor chip supply shortages, and inflationary
cost pressures that weighed on profitability. We expect covenant
cushions will improve in our base case forecast as EBITDA margins
recover from the first quarter earnings trough, coupled with
further improvement during the remainder of 2022 as pricing actions
take effect.

"USF's capital structure consists solely of floating rate debt and
continued rate hikes by the Federal Reserve could weaken both FOCF
and liquidity. The company's first-lien term loan is priced at the
secured overnight financing rate (SOFR) plus an applicable rate of
4.25%, implying an all-in rate in the mid-6% range at present. Our
assessment of USF's liquidity as less than adequate is reflective
of our view that it would unlikely be able to absorb high-impact,
low-probability events, such as sharp rate hikes, combined with its
covenant cushions being tighter than 20%. Despite the less than
adequate qualitative characteristics, USF's total liquidity has
improved to $93 million at June 30, 2022 from nearly $45 million
the prior year and we expect that it will maintain positive net
sources in our base case forecast."

The company's capital structure could also face deficiencies to the
extent that its first-lien term loan due December 2024 becomes
current in the fourth quarter of 2023. Current high yield market
conditions have proven challenging for issuers to access the loan
market, and continued monetary tightening could complicate
addressing the capital structure in a timely manner.

The stable outlook reflects S&P's view of a reduced likelihood of a
downgrade within the next 12 months as USF's operating performance
has been in line with its expectations and continued margin
improvement could lead to better credit metrics.

S&P could raise its ratings on USF within the next 12 months if:

-- Revenue remains stable and EBITDA margins continue to recover
in support of continued de-leveraging and sustainable FOCF
generation; and

-- The company appropriately addressed its upcoming debt
maturities in a manner that results in creditors receiving nothing
less than the value promised when the debt was issued.

S&P could lower the ratings on USF if:

-- Financial performance deteriorates such that FOCF is
persistently negative, which would further weaken its prospects to
refinance upcoming debt maturities in a timely manner. Weaker
financial performance could be attributed to a protracted slowdown
in OEM production due to a higher likelihood of a recession or
ongoing inflationary challenges that USF is unable to offset
through price increases with key customers; or

-- It appears likely to breach any of its financial covenants or
triggers the springing liquidity ratio on its ABL revolver; or

-- S&P believes there is a greater likelihood USF will pursue a
distressed exchange that results in creditors receiving less than
full value as promised at origination, which it considers as
tantamount to a default.

ESG Credit Indicators: E-2, S-2, G-3

S&P said, "Environmental and social factors have an overall neutral
influence on our rating analysis on USF Holdings LLC. USF makes
various highly engineered plastic parts throughout the vehicle,
most of which are not dependent on the internal combustion engine,
such as air baffles, fender flares, and seat shields. Governance is
a moderately negative consideration. Our assessment of the
company's financial risk profile as highly leveraged reflects
corporate decision-making that prioritizes the interests of the
controlling owners, in line with our view of the majority of rated
entities owned by private-equity sponsors. Our assessment also
reflects financial sponsors generally finite holding periods and a
focus on maximizing shareholder returns."



VOYAGER DIGITAL: FTX Emerges as Highest Bidder At Auction
---------------------------------------------------------
Investing.com reports that court documents reveal that Sam
Bankman-Fried's crypto exchange FTX is currently the highest bidder
in the move to purchase the assets of Voyager Digital, the crypto
lender that filed for bankruptcy in July.

A court document from the U.S. Bankruptcy Court Southern District
of New York has revealed that Moelis (NYSE:MC) & Company, the
investment bank of Voyager Digital, held an auction for the crypto
lender's assets on Tuesday, September 13th.

According to Voyager's lawyers, there were 88 parties interesting
acquiring the assets.  While none of the names of the interested
entities were explicitly published, both FTX and Binance have
previously expressed an interest in Voyager's assets.

While it is unclear how high the figure FTX that bid for Voyager's
assets was, the crypto exchange is said to have edged out Wave
Financial, a digital asset investment firm.

            When Will Customers Get Their Money Back?

The sale of assets by Voyager is aimed at generating liquidity in
order to pay its customers, whose funds have been frozen since July
1st.  According to the court document, the winner of the bid will
not be revealed until September 29th.

The possible repayment of creditors and users whose funds have been
tied down is expected to begin after this date. Voyager has also
been undergoing restructuring since filing for Chapter 11
bankruptcy on July 6th.

On the Flipside

    In July, FTX CEO Sam Bankman-Fried made an offer to take over
Voyager’s assets, but the company rejected the proposal, claiming
it was a “low-ball” bid.

                 About Voyager Digital Holdings

Based in Toronto, Canada, Voyager Digital Holdings Inc. --
https://www.investvoyager.com/ -- runs a cryptocurrency platform.
Voyager claims to offer a secure way to trade over 100 different
crypto assets using its easy-to-use mobile application. Through its
subsidiary Coinify ApS, Voyager provides crypto payment solutions
for both consumers and merchants around the globe.

Voyager Digital Holdings Inc. and two affiliates sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead
Case No. 22-10943) on July 5, 2022. In the petition filed by
Stephen Ehrlich, as chief executive officer, the Debtor estimated
assets and liabilities between $1 billion and $10 billion.

The Debtors tapped Kirkland & Ellis, LLP as general bankruptcy
counsel; Berkeley Research Group, LLC as financial advisor; Moelis
& Company as investment banker; and Consello Group as strategic
financial advisor. Stretto, Inc., is the claims agent.


WILLIAMS LAND: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Williams Land Clearing, Grading, and Timber Logger, LLC
        1600 Sweetwater Lane
        Raleigh, NC 27610

Chapter 11 Petition Date: September 16, 2022

Court: United States Bankruptcy Court
       Eastern District of North Carolina

Case No.: 22-02094

Judge: Hon. Pamela W. Mcafee

Debtor's Counsel: William P. Janvier, Esq.
                  STEVENS MARTIN VAUGHN & TADYCH, PLLC
                  6300 Creedmoor Road
                  Suite 170-370
                  Raleigh, NC 27612
                  Tel: 919-582-2323
                  Fax: 866-809-2379
                  Email: wjanvier@smvt.com

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Lamonte Williams as manager.

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

https://www.pacermonitor.com/view/5AMLT3I/Williams_Land_Clearing_Grading__ncebke-22-02094__0001.0.pdf?mcid=tGE4TAMA

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. Amur Equipment Finance, Inc.                           $400,000
Attn: Managing Agent
304 W. 3rd Street
Grand Island, NE 68801

2. Ascentium Capital                                      $500,000
Attn: Managing Agent
23970 US-59
Kingwood, TX 77339

3. Auxilior Capital                                       $814,618
Partners, Inc.
Attn: Managing Agent
620 W. Germantown Pke. Ste 450
Plymouth Meeting
Pa 19462

4. Commercial Credit Group, Inc.                        $2,028,580
Attn: Managing Agent
525 N. Tryon St. Ste 1000
Charlotte, NC 28202

5. Couch Oil Company                                      $500,000
Attn: Managing Agent
PO Box 2753
Durham, NC 27715

6. Equify Financial, LLC                                  $261,000
Attn: Managing Agent
777 Main St. Ste. 3900
Fort Worth, TX 76102

7. Fiji Funding                                         $1,000,000
Attn: Managing Agent
1969 Rutgers
University Blvd
Lakewood, NJ 08701

8. John Deere                                             $347,500
Construction & Forestry
Attn: Managing Agent
6400 NW 86th St.
Johnston, IA 50131

9. M2 Equipment Finance, LLC                              $325,000
Attn: Managing Agent
175 N. Patrick Blvd.
Ste. 140
Brookfield, WI 53045
Email: kwardlaw@m2equipmentfinance.com

10. MHC Financial Services                                $288,700
Attn: Managing Agent
4501 College Blvd.,
Ste. 160
Leawood, KS 66211

11. Midland Equipment                                   $1,354,754
Finance Equipment
Attn: Managing Agent
105 14th Ave., Ste. 300
Seattle, WA 9812

12. National Credit Funding                               $330,000
Attn: Managing Agent
9101 Southern Pine
Blvd., Ste. 205
Charlotte, NC 28278

13. North Mill Equipment Finance                          $410,962
Attn: Managing Agent
9 Executive Cir., Ste. 230
Irvine, CA 92614

14. Peak Leasing                                          $753,190
Attn: Managing Agent
5510 Hwy 421
Wilmington, NC 28401

15. People's United Equipment Finance Corp                $600,000
Attn: Managing Agent
10715 David Taylor
Dr. Ste. 550(BR10)
Charlotte, NC 28262

16. PNC Equipment                                         $390,000
Finance, LLC
Attn: Managing Agent
655 Business Center
Dr., Ste. 250
Horsham, PA 19044

17. Signature Finance, LLC                                $255,000
Attn: Managing Agent
12100 NE 195th St.,
Ste. 315
Bothell, WA 98011

18. TLG Financial                                         $500,000
Attn: Managing Agent
4350 S. National
Ave., Ste. B116
Springfield, MO 65810

19. Verdant Commercial                                    $215,000
Capital, LLC
Attn: Managing Agent
4540 Cooper Rd.,
Ste. 305
Cincinnati, OH 45242

20. Volvo Finance Services                                $847,790
Attn: Managing Agent
PO Box 7247-6667
Philadelphia, PA
19170-6667


WIN BIG DEVELOPMENT: Glasir Buying Devonshire Project for $1.885M
-----------------------------------------------------------------
Win Big Development, LLC, asks the U.S. Bankruptcy Court for the
District of Arizona to approve its short sale of the real property
located at 1205 and 1215 E. Devonshire Avenue, in Phoenix, Arizona,
a total of 12 lots and common area, free and clear of liens, and
with the distribution of the sales proceeds, to Glasir Capital
Partners, LLC, or assign for $1.885 million, subject to higher and
better offers.

The request is the third Motion to Approve Sale brought by the
Debtor related to the 1205 and 1215 E. Devonshire Avenue parcels.
On June 16, 2021, the first Motion was brought, seeking to approve
the $1.86 million offer submitted by McEquity Group.  At the July
6, 2021, hearing, JET Real Estate Holding was high bidder at a
price of $1.95 million.  Chestnut Realty Group was the approved
backup bidder at $1.91 million.  Thereafter, both JET and Chestnut
cancelled at the end of their due diligence periods.

On April 7, 2022, the second Motion was brought, seeking to approve
the $1.95 million offer of MTT Construction. The hearing was held
June 7, 2022.  The Order Approving Sale was issued July 13, 2022.
The approved high bid of Rev Equity Group, LLC of $2 million was
approved. The backup bid of MTT Construction of $2 million, but
calling for a higher brokerage commission was allowed as the
alternate purchaser.  Thereafter, Rev cancelled at the end of its
due diligence period, citing an inability to timely obtain
financing.  MTT Construction was notified of its right to then
proceed as buyer but did not respond.

As a result of the effects of the COVID—19 outbreak, the Debtor's
efforts to complete and sell residences was adversely affected.
This caused it to default under the terms of its loans with the its
primary source of funding, America's Specialty Finance Co.
("ASFC"), holder of the first position deed of trust against 1205
E. Devonshire, Lots 1-4, and second position deed of trust on Lots
5 and 8-12, and which then began foreclosure proceedings.

The subject of the Motion is 12 lots and common area which are
commonly known as 1205 E. Devonshire, Lots 1-4, and 1215 E.
Devonshire, Lots 5-12 ("the Devonshire Project").  Partially built
houses were present on the lots at the time of filing the Debtor's
Petition.  In August 2020, they were damaged by fire.  Lots 1-4
were destroyed.

Available insurance proceeds reimbursed the City of Phoenix for the
cost to remove the destroyed structures and clean up the lots.  The
insurance carrier, Zurich, also issued payment in the amount of
$415,460 as a result of the fire damage.  Payment was primarily
made for the damage to Lots 1-4.  Payment was issued jointly to the
Debtor and the senior secured lender on Lots 1-4, ASFC.  The funds,
by Stipulation of the parties, are currently held in a separate DIP
account to be disbursed only upon court order.  The total insurance
proceeds held is $419,795, and includes $4,335 for a prior and
separate damage event related to Lots 1-4.  The sale terms are
contingent, in part, on the distribution of the insurance proceeds
in a manner agreed upon by the Debtor and ASFC.

The  Debtor has entered into a Commercial Real Estate Purchase
Contract for the sale of the Devonshire project.  The purchase
price is $1,885,000.  A $60,000 deposit will be paid upon Court
approval.  The balance is due all cash at close of sale.  Escrow is
to close 51 days after Court approval.

America’s Specialty holds a note secured by a first position deed
of trust with original balance of $1.36 million against Lots 1-4.
Its most recent payoff demand was of approximately $2.1 million.
The amount accrued now is anticipated to be higher.  This same loan
is secured by junior position deeds of trust against Lots 5 and
8-12.  

Capital Fund II, LLC, formerly held a note secured by a first
position deed of trust with original balance of $300,000 against
Lots 5 through 12.  Its note and deed of trust have been assigned
to Devoir Oblige Capital Group, LLC. t previously submitted a
payoff demand of $367,000 although the amount now with accrued
interest is understood to be higher.

There is a second position deed of trust recorded against Lot 6 in
favor of Real Estate Finance Corp. ("REFCO"), securing the
principal amount of $300,000.  A 33.3% interest in such note and
deed of trust was assigned to each of (1) the Evelyn J. Howe
Revocable Living Trust, and (2) the Larry L. Howe Revocable Living
Trust, and each as to the principal amount of $100,000.

There is a second position deed of trust recorded against Lot 7 in
favor of REFCO, securing the principal amount of $300,000.  A 73%
interest in such note and deed of trust was assigned to Arnold P.
Friedman as to the principal amount of $220,000.

There is a Judgment Lien recorded against the Devonshire Project by
Logo Builders Southwest, LLC, resulting from Maricopa County
Superior Court Case No. CV2019-015741, of $114,996.91, recorded on
March 11, 2020, and in a position junior to the Deeds of Trust,
referenced.

REFCO works with Debtor and has been involved in the financing of
certain of its holdings and administration of the construction
projects.  It has agreed to waive its security held as to Lots 6
and 7 and receive no proceeds of sale.  Its waiver, however, does
not affect the deeds of trust recorded against these two lots to
the extent assigned to the Evelyn Howe Trust, the Larry Howe Trust,
and Friedman.

On Nov. 2, 2020, the Court issued its Order Authorizing Employment
of Marcus and Millichap Real Estate Investment Service and broker
Ryan Sarbinoff to list and sell the Devonshire Project for Debtor.
Pursuant to its agreement with Debtor, it was to receive a 6%
commission to be shared with a buyer's broker.  Sean Connolly has
been the agent representing the Debtor.  This listing agreement,
however, has expired.  This broker was not involved in obtaining
the Purchase Contract now being submitted for approval.

Pursuant to the Purchase Contract, the Buyer is represented by US
Investment Realty, LLC, and its agent, Alan Robinson.

The contemplated sale is a short sale.  The amount due under the
secured liens exceeds the purchase price.

The July 9, 2021, Order, and July 13, 2022, Order each included a
provision by which the portion of the sales proceeds to be
disbursed to secured creditors and lienholders would be deferred to
allow the Court to later determine the amount due to each in View
of the divergent priorities.  The Debtor asks a similar procedure
and provision be applied again.

The Debtor will not receive any proceeds of sale.  It is expected
to receive a portion of the insurance proceeds to be able to pay
administrative expenses, including U.S. Trustee's quarterly fees
and attorney fees and costs.

The Debtor asks any objections be filed no later than five days
before the hearing.

The only commission to be paid from the sale's proceeds will be to
the Buyer's agent, US Investment Realty, LLC, of 2%, a total of
$37,100.

There is no current appraisal of the property.

The sale of the Devonshire Project is a typical transaction of the
Debtor's, although unique in the sense construction on the Lots
being sold is incomplete and, as to several lots, destroyed by
fire.  This sale, if approved, will allow the pay down of the
Debtor's obligations to the secured creditors and lienholders.

The Debtor therefore asks Court for an order approving the sale in
accordance with 11 U.S.C Section 363 and Bankruptcy Rule 6004, and
providing it be effective immediately.

A copy of Purchase Contract is available for free at
https://tinyurl.com/yckfs9jt from PacerMonitor.com free of charge.

                    About Win Big Development

Win Big Development, LLC, a company based in Scottsdale, Ariz.,
filed a Chapter 11 petition (Bankr. D. Ariz. Case No. 20-07495) on
June 24, 2020.  In the petition signed by James Guajardo, manager,
the Debtor was estimated to have $1 million to $10 million in both
assets and liabilities.

Judge Daniel P. Collins oversees the case.

Richard W. Hundley, Esq., at The Kozub Law Group, PLC, serves as
Debtor's bankruptcy counsel.



                            *********

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
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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
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                            *********

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