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

              Wednesday, October 19, 2022, Vol. 26, No. 291

                            Headlines

5280 AURARIA: Creditors to Get Proceeds From Liquidation
975 WALTON: Plan Reinstating Lender's Loan Cannot be Confirmed
ADVANCED DRAINAGE: S&P Raises ICR to 'BB', Outlook Stable
AEMETIS INC: Closes $25M USDA Guaranteed Project Financing
ALPHATEC HOLDINGS: Reports Select Preliminary Q3 Financial Results

AYTU BIOPHARMA: To Shift Focus on Commercial Operations
BERWICK CLINIC: Amends Unsecured Claims Pay Details
BIOSTAGE INC: Marcum LLP Replaces Wei, Wei & Co. as Auditor
BODY TEK: U.S. Trustee Unable to Appoint Committee
BROADRIDGE LA: Hires Goldberg Weprin Finkel Goldstein as Counsel

BROWNIE'S MARINE: Assurance Replaces Liggett & Webb as Auditor
BUCKINGHAM HEIGHTS: Unsecureds Unimpaired in Two-Option Plan
BURTS CONSTRUCTION: Unsecureds Will Get 25% of Claims in Plan
C & M ELECTRICAL: Richard J. Boyle as 'Ordinary Course' Counsel
CARNEGIE DEVELOPMENT: Taps Hood & Bolen as Legal Counsel

CAROLINA CAJUNS: Taps Reid and Riege as Bankruptcy Counsel
CLEANSPARK INC: Closes Acquisition of Sandersville Mining Facility
CROWN COMMERCIAL: Wins Cash Collateral Access Thru Oct 27
CRYSTAL PACKAGING: Amends Olympic & Rocky Mountain Secured Claims
CTI BIOPHARMA: Removes Chief Operating Officer Post

CTI BIOPHARMA: State Street Reports 12% Equity Stake
CYTODYN INC: Incurs $21 Million Net Loss in Quarter Ended Aug. 31
DELEK LOGISTICS: S&P Upgrades ICR to 'BB-', Outlook Stable
EAST END: Merchants Automotive Says Disclosures Inaccurate
ELITE INVESTORS: Amends PHH Mortgage Secured Claim Pay Details

ENVIA HOLDINGS: Dec. 8 Plan & Disclosure Hearing Set
EYEPOINT PHARMACEUTICALS: Terminates Deal With ImprimisRx
GARDOU GROUP: Taps Thomas-Chambers Company as Real Estate Broker
GAUCHO GROUP: Expands Argentina Real Estate Opportunities
GENEVER HOLDINGS: Ho Wan Kwok Entity Files for Chapter 11

GL INVESTMENTS: Plan & Disclosures Due Jan. 16, 2023
IBIO INC: Incurs $50.3 Million Net Loss in FY Ended June 30
INDIANA WELLNESS: Taps Hester Baker Krebs as Legal Counsel
J&C MAY PROPERTIES: TD Home Center Files in Arkansas
JAB OF ROCKLAND: Plan Filing Deadline Extended to Nov. 30

JCB TRUCKING: Taps Hester Baker Krebs as Legal Counsel
LANNETT COMPANY: Moody's Cuts CFR to Ca & First Lien Notes to Caa3
LUMILEDS HOLDING: $275MM DIP Loan from Deutsche Bank Has Final OK
MAM CORPORATION: Plan Filing Deadline Extended to Nov. 7
MCCLAIN INVESTMENTS: Taps Dunham Hildebrand as Legal Counsel

MERCURITY FINTECH: Appoints Five New Directors to Board
MIDAS CONSTRUCTION: Gets OK to Hire Steadman Law Firm as Counsel
MTG INC: Trustee's Spoliation Claim vs. Comerica Bank Denied
NATGASOLINE LLC: Moody's Affirms B1 CFR & Alters Outlook to Stable
NEKTAR THERAPEUTICS: Terminates Merger Talks With PureTech Health

NEPHROS INC: To Sell Pathogen Detection Systems Business to BWSI
NEXTPLAY TECHNOLOGIES: Unit Secures $200M Revolving Credit Facility
NUTEX HEALTH: Expects to Open 20 New Facilities by 2024
OMNIQ CORP: Receives $10M Purchase Agreement for IHC
ORIGIN AGRITECH: To Raise $2.5M From Securities Offering

ORYX MIDSTREAM: Fitch Affirms LongTerm IDR at 'BB-', Outlook Stable
PAPACINO'S BAGELS: Gets OK to Hire Ronald D. Weiss P.C. as Counsel
PARETEUM CORP: Court Confirms Liquidating Plan
PENTA STATE: DIAX Labs in Chapter 11 Due to Medicare Denials
PIPELINE HEALTH: U.S. Trustee Appoints Creditors' Committee

PLAYPOWER HOLDINGS: S&P Affirms 'CCC+' ICR, Off Watch Negative
QVA9 MANAGEMENT: Voluntary Chapter 11 Case Summary
R & E PETROLEUM: Taps Congeni Law Firm as Bankruptcy Counsel
RED RIVER: Court Grants Non-Material Modification to Plan
REMARK HOLDINGS: Issues $2.8M Convertible Debenture to Ionic

SAMN LLC: Files Chapter 11 Subchapter V Case
SAVANNAH CAPITAL: Unsecureds to Recover 100% After Sale
SCRANTON-LACKAWANNA HEALTH: S&P Affirms 'CCC+' LT Bonds Rating
SILVER STATE: Receiver Questions '100% Plan', Disclosures
SIZZLING PLATTER: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable

SNOWBIRD II CONDOMINIUMS: Taps Dickensheet & Assoc. as Appraiser
STEELCASE INC: S&P Lowers ICR to 'BB' on Looming Recession
STONE CLINICAL: Unsecureds Owed $7M to be Paid From Cash Fund
STONEMOR INC: Supplements Proxy Statement for Special Meeting
SUMMIT MIDSTREAM: S&P Affirms 'B' ICR, Outlook Stable

SUNGARD AS: Amends First Lien Credit Agreement Claims Pay Details
SYNAPTICS INC: Fitch Affirms LongTerm IDR at 'BB', Outlook Stable
T.J. MCDERMOTT: Wins Cash Collateral Access Thru Dec 15
VALLEY TRANSPORTATION: Taps Dritsas Groom McCormick as Accountant
VALLEY TRANSPORTATION: Taps Hatmaker Law Special Counsel

VALLEY TRANSPORTATION: Taps Raimondo Miller as Special Counsel
VENUS CONCEPT: Appoints Dr. Hemanth Varghese as President, CBO
VEREGY INTERMEDIATE: Moody's Assigns 'B3' CFR, Outlook Stable
VERTEX ENERGY: CEO, Five Others Hold 9.2% Stake
VERTEX ENERGY: State Street Reports 13.26% Equity Stake

VISION DEMOLITION: Case Summary & 20 Largest Unsecured Creditors
VOYAGER DIGITAL: Tap Deloitte & Touche as Accounting Advisor
VOYAGER DIGITAL: Taps Deloitte Tax as Tax Services Provider
WISECARE LLC: Taps Anderson Davis & Associates as Accountant
YOURWAY HOSPITALITY: Case Summary & 10 Unsecured Creditors

ZENTUARY GROUP: Court OKs Interim Cash Collateral Access
ZEOLI-BROWN LLC: Case Summary & 20 Largest Unsecured Creditors
ZOSANO PHARMA: Court Approves Disclosure Statement

                            *********

5280 AURARIA: Creditors to Get Proceeds From Liquidation
--------------------------------------------------------
5280 Auraria, LLC, filed with the U.S. Bankruptcy Court for the
District of Colorado a Disclosure Statement to accompany First Plan
of Reorganization dated October 17, 2022.

The Debtor is organized as a Delaware limited liability company.
Nelson Partners, LLC, a Utah limited liability company ("Nelson
Partners"), is the Member and Manager of the Debtor, and Patrick
Nelson owns the equity interests in Nelson Partners.

The Debtor owns certain real property located at 1051 14th Street,
Denver, Colorado 80202 and 1405 Curtis Street, Denver, Colorado
80202 (the "Real Property," also known as the "Auraria Student
Lofts"). The Auraria Student Lofts provides off-campus student
housing apartments near the University of Colorado – Denver,
Metropolitan State University, Denver Community College, and the
University of Denver. The Property has 125 rental units with 438
beds, occupying 153,860 square feet in downtown Denver.

The primary driver of the Debtor's bankruptcy filing was the
foreclosure proceeding in Denver County District Court, Case No.
2022CV031030, filed by Fortress. The foreclosure sale date was set
for June 9, 2022 at 10 a.m. The Debtor commenced this bankruptcy
case on June 9, 2022, in order to prevent the foreclosure. Chapter
11 protection was necessary to preserve value for the benefit of
all stakeholders and to regain the Debtor's ability to provide
service to the student-tenants who reside at the Real Property.

The Debtor filed its Plan with the Court on October 17, 2022. The
Plan provides for the renovation and orderly liquidation of the
principal asset of the Debtor, i.e., the Real Property, under
Chapter 11 of the Bankruptcy Code. Pursuant to the Plan, once the
Real Property has been liquidated, the Debtor shall distribute
funds to creditors in conformity with the Bankruptcy Code. The Plan
is a relatively simple Chapter 11 plan of reorganization.

Class 3 consists of Other General Unsecured Claims. Class 3 is
impaired under the Plan. The holders of Allowed Unsecured Claims in
Class 3 shall be paid from Net Sale Proceeds upon the closing of
the Sale in accordance with the Waterfall Recovery. For the
avoidance of doubt, a Class 3 claimant shall not receive a greater
amount under the Plan than the amount of its Allowed Claim.

Class 4 consists of the prepetition member interest of Nelson
Partners, as the sole member and manager of the Debtor. Class 4 is
impaired under the Plan. Unless and until all Allowed Claims of a
higher priority are paid in full, the holder of the Class 4 Equity
Interest will receive no rights in respect of its ownership in the
Debtor. If the Allowed Unsecured Claims are paid in full, the Class
4 Equity Interest shall be paid the remaining Net Sale Proceeds.

Upon the Effective Date, the Estate's Assets shall vest with the
reorganized Debtor. The reorganized Debtor will complete
renovations on the Real Property, to the extent applicable, and
shall operate the Real Property consistent with the Debtor's
practices during the Chapter 11 case.

The Debtor's Real Property and associated Personal Property will be
sold and proceeds used to pay Allowed Claims and, if sufficient,
provide a return to the Class 4 Claim holder. The Debtor shall
conduct the Sale in accordance with the following provisions:

     * In conjunction with a reputable broker, engaged in the
Chapter 11 Case subject to approval of the Court, the Debtor shall
establish and promulgate written procedures and deadlines in
consultation with the holder of the Class 1.d Claim. The Debtor may
modify the procedures from time to time in its business judgment,
after consultation. The Debtor will provide access to information
in a data room and make certain of the Debtor's Assets available
for inspection to qualified buyers who have signed an appropriate
non-disclosure agreement, if one is deemed advisable. This
marketing process may commence whether or not renovations have been
completed.

     * The Confirmation Order shall establish a deadline for
submission of initial bids that shall be accompanied by a deposit
determined by the Debtor and evidence of financial ability to
close, if not previously provided, acceptable to the Debtor in its
discretion.

     * If the Debtor obtains funding sufficient to pay all Allowed
Claims (in case or as may be negotiated), including sufficient
reserves for Disputed Claims of this Plan, the Debtor may proceed
with such transaction at any time, subject to the rights, if any,
of a stalking horse bidder.

The Debtor believes that the Real Property currently has a value of
$65 million or more. Moreover, the renovations the Debtor is in the
process of resuming should enhance the value significantly. The
Sale, if successfully carried out after completion of the
renovations, is expected to generate proceeds sufficient to pay all
allowed secured and unsecured claims, and generate a return to
equity.

A full-text copy of the Disclosure Statement dated October 17,
2022, is available at https://bit.ly/3TbfArW from PacerMonitor.com
at no charge.

Attorneys for the Debtor:

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

            About 5280 Auraria

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

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

Judge Kimberley H. Tyson oversees the case.

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


975 WALTON: Plan Reinstating Lender's Loan Cannot be Confirmed
--------------------------------------------------------------
Bankruptcy Judge Jil Mazer-Marino, on Oct. 6, 2022, issued a
memorandum decision concluding that 975 Walton Bronx LLC's Plan
cannot be confirmed to the extent that it provides for the Walton
Improvement Group LLC loan to be reinstated.

975 Walton Bronx's Amended Plan of Reorganization proposed to cure
the monetary default and reinstate the loan terms.  Walton
Improvement Group (the "Lender") objected to the plan claiming the
Debtor could not reinstate the loan because the Debtor had not, and
did not, propose to cure the control covenant default.

As background, the Debtor owns an apartment building that is
subject to a mortgage held by the Lender. The mortgage secures a
claim exceeding $20 million. Section 3(i) of the Loan Agreement
states: "No equity ownership in the Borrower may be transferred,
pledged or encumbered, directly or indirectly, without the prior
written consent of the Bank."  Specifically, the Loan Agreement
required 15-21 Crooke LLC ("Crooke") to be the sole owner of the
Debtor and for Benzion Kohn to control Crooke.

Pre-petition, the Lender acquired the loan and mortgage from
Investors Bank. At the time of the Lender's acquisition, the Debtor
was in default by failing to make debt service payments. The Debtor
also was in default of the loan covenants restricting the transfer
of interests in the Debtor.

Prior to the Lender's acquisition of the loan and mortgage, Crooke
sold 49.9% of its interests in the Debtor to The J Partners Group
("J Partners"), without notice to, or consent from, Investors
Bank.

In its April 7, 2022 decision, the Court determined that Crooke's
transfer of its interests in the Debtor violated the Control
Covenants and the Debtor was in default under the Loan Agreement.
The Court also held that the default was a non-monetary default,
and the Lender could not accelerate the loan unless (1) the Lender
suffered actual damages as a result of the default; (2) the default
impaired the Lender's security; and (3) the default makes the
future repayment of the loan less likely.

In its objection to the Debtor's plan, the Lender claims it
suffered actual damages from the Control Covenant defaults because
the Debtor's new management failed to make debt service payments
despite having funds to do so -- the Debtor failed to make debt
service payments from April 2020 through the Petition Date. The
Lender also claims that it suffered damages because J Partners
failed to pay taxes and water charges to preserve the Property.

In addition, the Lender claims that the Debtor's failure to escrow
the insurance proceeds (whether with Investors Bank or at any other
bank) impaired the Lender's interests in the insurance proceeds and
the Lender's ability to ensure the proceeds were used to remedy
Property damage created by the fire.

The Lender further claims that J Partners made distributions to
insiders that were repayments of capital contributions instead of
paying debt service. The Debtor's repayments to entities controlled
by Larry Jeremias while mortgage payments went unpaid is some
evidence that J Partners will continue to prefer insiders and pay
them prior to making mortgage payments, making future payments of
principal and interest to the Lender less likely.

The Court agrees with the Lender that not having a "bad act"
guaranty from the individuals managing the Debtor could diminish
the Lender's ability to collect the indebtedness (and impair its
collateral) because there would be no personal economic downside
for any individual that currently controls the Debtor if that
individual caused the Debtor to engage in conduct the Lender
perceived to be a "bad act," such as refusing to pay real estate
taxes or insure the Property.

Although the Debtor views the Lender's acquisition of the loan to
call a default as bad faith, the Court holds that the Lender's
ability to call a default is rooted in the Debtor's business
decision to conceal the change in its ownership from Investors Bank
and to withhold debt service payments to obtain a forbearance. The
Lender is within its rights to accelerate the loan based on the
Debtor's default under the Control Covenants.

The Court explains further that regardless of whether J Partners is
a better property manager than Benzion Kohn, the loan agreement
includes a prohibition on a change of control. The Lender is
entitled to have Benzion Kohn at the Debtor's helm or to accelerate
the loan and be paid in full.

A full-text copy of the Memorandum Decision dated Oct. 6, 2022, is
available at https://tinyurl.com/ycymcs4y from Leagle.com.

                      About 975 Walton Bronx

975 Walton Bronx, LLC, is a New York limited liability company,
which primarily owns a multi-family residential apartment building
at 975 Walton Avenue, Bronx, NY.  The property consists of 182
apartments and commercial space, including a cell tower.

975 Walton Bronx sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 21-40487) on Feb. 25,
2021.  At the time of filing, the Debtor had between $10 million
and $50 million in both assets and liabilities.  

Judge Jil Mazer-Marino oversees the case.  

Goldberg Weprin Finkel Goldstein, LLP, is the Debtor's legal
counsel.

Walton Improvement Group LLC, as lender, is represented by Benjamin
Mintz, Esq., at ARNOLD & PORTER KAYE SCHOLER LLP.


ADVANCED DRAINAGE: S&P Raises ICR to 'BB', Outlook Stable
---------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Hillard,
Ohio-based Advanced Drainage Systems Inc. (ADS) to 'BB' from 'BB-'.
At the same time, S&P raised the issue-level rating on the
company's first-lien term loan to 'BBB-' from 'BB+' and its senior
unsecured notes to 'BB-' from 'B+'. The recovery ratings on the
debt are unchanged.

S&P said, "The stable outlook reflects our view that Advanced
Drainage's credit metrics will remain favorable, with debt to
EBITDA remaining below 3x over the next 12 months and EBITDA margin
remaining above average at about 26%-27%.

"We expect Advanced Drainage to maintain debt leverage of below 3x
over the next 12 months even amid less favorable macroeconomic
expectations. The company has maintained lower-than-expected
leverage over the past two years. Even after issuing $500 million
of unsecured notes in the first quarter of 2022, leverage for the
trailing 12 months ended June 30, 2022 (March year-end) was 1.9x,
compared with our upgrade trigger of below 3x. Although we expect a
weaker macroeconomic environment over the next 12 months, we
forecast Advanced Drainage will maintain debt leverage of 1.5x-2.0x
in fiscal 2023, supported by a healthy backlog, volume growth from
new capacity additions, and price increases to offset inflation. In
fiscal 2024, we have incorporated an 11% decline in revenue and a
13%-14% decline in EBITDA because of weak demand in residential and
nonresidential construction end markets, which comprise about 85%
of the company's revenue base. In addition, we incorporate large
uses of cash of about $400 million annually over the next two years
that could be used for share repurchases, dividends, and
acquisitions because we expect the company to return cash to
shareholders rather than build large cash balances. Despite these
assumptions, we project debt leverage in fiscal 2024 to remain
below 3x.

"We do not expect Advanced Drainage to use debt to fund shareholder
returns over the next 12 months. We forecast that ADS will generate
healthy free operating cash flow of $300 million-$320 million in
fiscal 2023 despite higher capital spending ($180 million) to fund
expansion and automation efforts and a working capital use of cash
of about $115 million-$120 million given a higher inventory load.
In addition, on June 2, 2022, the company issued $500 million of
senior unsecured notes for general corporate purposes and to repay
amounts outstanding on its revolver. As a result, ADS ended the
first quarter of 2022 (June 30, 2022) with $464 million of balance
sheet cash. We do not expect ADS to hold such high cash balances
but to pursue acquisitions and return cash to shareholders through
share repurchases and dividends. The company has a $1 billion share
purchase authorization with no specified timeline of distribution.

"Our assessment of Advanced Drainage's competitive position is
based on its larger earnings base as a leading provider in niche
markets and exposure to cyclical end markets that is not fully
offset by above-average margins. The company has grown
significantly over the past few years, with revenue and EBITDA
increasing 65% and close to 112%, respectively, from 2020 to 2022.
The company is a leading provider in the niche thermoplastic
corrugated pipes and related water management industry. Its onsite
wastewater and storm water business (Infiltrator) increased its
position as a leader in the on-site septic market, as well as its
presence in new residential construction. We base our assessment of
the company's competitive position on its exposure to narrow,
fragmented, and cyclical construction markets focused on site
development and wastewater management, with approximately 60% of
sales tied to piping. Although the remaining sales are concentrated
in complementary products such as water management systems,
drainage solutions, and septic systems, which provide some
diversity, the end markets and general growth drivers of each are
all closely tied. The company is also highly exposed to cyclical
construction markets, with approximately 85% of sales tied to the
nonresidential and residential markets.

"The stable outlook on Advanced Drainage reflects our expectation
for debt leverage of below 3x and EBITDA margin of 25%-26% over the
next 12 months despite weaker macroeconomic expectations given a
healthy backlog, benefits from capacity expansion efforts, and
price increases to offset inflation. The stable outlook also
reflects strong cash flow generation, which could support
shareholder returns without incurring additional debt."

S&P could lower its rating on Advanced Drainage over the next 12
months if S&P anticipated leverage rising above 3x. This could
happen if:

-- EBITDA fell 40%-45% from S&P's base case assumption for 2023,
which though unlikely, could occur if the company faced stiff
competition in the market such that it lost its ability to pass
through raw material costs to customers or experienced a sharp
reduction in demand for its products.

-- It undertook large debt-financed acquisitions with little
prospect of a rapid deleveraging, or although unlikely, increased
debt to fund share repurchases and dividends.

S&P views an upgrade as unlikely given ADS' smaller scale compared
with higher rated peers and limited end-market diversity. However,
it could raise its rating on ADS if:

-- The company significantly expanded its size and diversifying
such that it were more in line with larger peers, and

-- Maintained S&P Global Ratings-adjusted leverage comfortably
below 3x across most market conditions.

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

S&P said, "ESG factors have an overall neutral influence on our
credit rating analysis of Advanced Drainage Systems. The company
does have some exposure to climate transition risks given its use
of thermoplastic to manufacture its corrugated pipes as well as
plastic products in its wastewater and storm management products.
However, this is offset by the less energy-intensive nature of its
operations compared with heavy building material peers."



AEMETIS INC: Closes $25M USDA Guaranteed Project Financing
----------------------------------------------------------
Aemetis, Inc. announced the closing of $25 million of long-term
financing with Greater Commercial Lending (GCL), which provides
loans to businesses and organizations in under-served and rural
communities, to build dairy biogas digesters and a biogas pipeline
for the Aemetis Biogas Central Dairy Digester Project located in
Stanislaus County, California.

The long-term, 20-year project financing was guaranteed by the U.S.
Department of Agriculture (USDA) through the Rural Energy for
America Program (REAP) and carries approximately a 6% fixed
interest rate for the first five years.

Methane digesters are systems that promote the decomposition of
organic matter, including animal manure, food wastes and wastewater
biosolids, into renewable fuels to replace petroleum products.  The
Aemetis biogas project is a collection of anerobic digesters at
dairy farm lagoons that utilize waste animal manure to generate
renewable methane gas to produce renewable natural gas (RNG).

The construction and testing of the six dairy biogas digesters
funded by the USDA guaranteed loan is scheduled for completion in
Q1 2023.  A biogas pipeline connects the dairies to the Aemetis
Keyes ethanol plant, where the biogas will be converted to low
carbon RNG to be used as a transportation fuel.  In addition to
using the RNG at the Aemetis ethanol plant and the onsite RNG
fueling station that is being built, Pacific Gas & Electric (PG&E)
will deliver the transportation fuel via gas pipeline throughout
California for sale to customers.

"Government-guaranteed loans, such as those through USDA REAP, can
be crucial in getting new and innovative projects such as the
Aemetis Biogas Central Dairy Digester project built.  With GCL's
support, we continue to expand the number of digesters which
capture methane emissions from dairy farms and convert the methane
into a negative carbon renewable fuel," said Eric McAfee, CEO and
founder of Aemetis, Inc.

"We are thrilled to be involved in this project, which is advancing
a pioneering solution to a real-world issue.  We truly believe
efforts like this need to be brought to market, and
government-backed loans can be a low-cost and long-term financing
source for these important projects," said Jeremy Gilpin, executive
vice president of GCL.  GCL is one of the largest providers of USDA
government-guaranteed loans.  "The Aemetis team has a proven track
record in promoting cutting-edge technologies in renewable fuels."

About 25% of the methane emissions in California are emitted from
dairy waste lagoons.  When fully built, the Aemetis biogas project
plans to connect dairy digesters spanning 66 dairy farms across a
40-mile pipeline, capturing more than 1.65 MMBtu of dairy methane
each year.  The fully operational project is designed to reduce
greenhouse gas emissions equivalent to an estimated 6.8 million
metric tonnes of carbon dioxide over ten years, equal to removing
the emissions from approximately 150,000 cars per year.

                            About Aemetis

Headquartered in Cupertino, California, Aemetis, Inc. --
http://www.aemetis.com-- is an international renewable natural
gas, renewable fuels and byproducts company focused on the
acquisition, development and commercialization of innovative
technologies that replace traditional petroleum-based products.
The Company operates in two reportable geographic segments: "North
America" and "India."

Aemetis reported a net loss of $47.15 million for the year ended
Dec. 31, 2021, compared to a net loss of $36.66 million for the
year ended Dec. 31, 2020.  As of June 30, 2022, the Company had
$178.45 million in total assets, $60.36 million in total current
liabilities, $240.80 million in total long-term liabilities, and a
total stockholders' deficit of $122.71 million.


ALPHATEC HOLDINGS: Reports Select Preliminary Q3 Financial Results
------------------------------------------------------------------
Alphatec Holdings, Inc. announced select preliminary financial
results for the third quarter ended Sept. 30, 2022, and updated
full-year 2022 revenue guidance ahead of investor meetings
scheduled during the 2022 North American Spine Society (NASS)
Annual Meeting.

Preliminary Third Quarter 2022 Revenue Ranges

                  Quarter Ended September 30, 2022

Organic Revenue         $78M to $78.8M
EOS-Related Revenue     $11M to $11.2M
Total Revenue           $89M to $90M

Preliminary, third quarter 2022 total revenue is expected to grow
42% to 43% compared to third quarter 2021.  Propelled by continued
strong momentum of the PTPTM approach, procedural volume growth
exceeded 30% and drove organic revenue growth of 51% to 53%.  The
Company closed the third quarter with a cash balance of
approximately $106 million.

The Company now expects full year 2022 revenue growth to
approximate 40% compared to the 34% growth expectation provided in
previous guidance.

The select preliminary financial results are based on the Company's
current expectations and may be adjusted as a result of, among
other things, completion of customary quarter-end close review
procedures and further financial review.

Date and Access Details for Third Quarter Financial Results

The Company expects to announce third quarter 2022 financial and
operating results on Nov. 3, 2022, after the market close.  The
Company will host a live webcast that day at 1:30 p.m. PT / 4:30
p.m. ET.

Webcast

To access the live webcast, please visit the Investor Relations
Section of ATEC's Corporate Website.

Dial-in

To dial into the live webcast, please register at this link.
Access details will be shared via email.

Replay

A replay of the webcast will remain available through the Investor
Relations Section of ATEC's Corporate Website for twelve months.
In addition, a dial-in replay will be available beginning two hours
after the webcast's completion through Nov. 10, 2022.  Access the
replay by dialing (800) 770-2030 and referencing conference ID
number 97241.

                      About Alphatec Holdings

Alphatec Holdings, Inc. (ATEC) (www.atecspine.com), through its
wholly-owned subsidiaries, Alphatec Spine, Inc. and SafeOp
Surgical, Inc., is a medical device company dedicated to
revolutionizing the approach to spine surgery through clinical
distinction.  ATEC architects and commercializes approach-based
technology that integrates seamlessly with the SafeOp Neural
InformatiX System to provide real-time, objective nerve information
that can enhance the safety and reproducibility of spine surgery.

Alphatec reported a net loss of $144.33 million for the year ended
Dec. 31, 2021, a net loss of $78.99 million for the year ended Dec.
31, 2020, a net loss of $57 million for the year ended Dec. 31,
2019, and a net loss of $28.97 million for the year ended Dec. 31,
2018.


AYTU BIOPHARMA: To Shift Focus on Commercial Operations
-------------------------------------------------------
Aytu BioPharma, Inc. announced a shift of the Company's strategy
aimed at accelerating the growth of its commercial business and
achieving profitability.  As a result, the Company is indefinitely
suspending its clinical development programs, including
AR101/enzastaurin for the treatment of Vascular Ehlers-Danlos
Syndrome (VEDS).  The suspension is expected to save the Company
over $20 million in projected future study costs and enable the
Company to achieve quarterly positive Adjusted EBITDA in the first
half of calendar 2023.

The Company's commercial operations include its prescription and
consumer health segments which generated net revenue of $96.7
million in the most recent fiscal year.  Excluding R&D expenses
related to its now suspended pipeline, the Company had a slightly
negative Adjusted EBITDA of $(961,000) from its commercial
operations during the quarter ending June 30, 2022, which included
the first ever profitable quarter for the Company's prescription
segment.

Josh Disbrow, chief executive officer of Aytu BioPharma, commented
"This strategic realignment enables us to dedicate our resources to
growing our prescription and consumer health segments.  Coupled
with the suspension of clinical development activities and
continued execution against our previously planned $15 million cost
cutting program, this shift enables the Company to achieve
near-term positive Adjusted EBITDA.  In today's economic
environment, we believe strongly it is in the best interest of all
stakeholders for us to focus our efforts on accelerating the growth
of the commercial businesses and generating positive cash flow."

Disbrow added, "We understand that the suspension of our AR101
clinical development program is a disappointment to the VEDS
community.  We did not take this pause of our clinical development
efforts lightly and intend to revisit the program at the
appropriate time with the expectation of funding all future
clinical development with internally generated cash flow or through
partnering."

Management expects to provide a more detailed financial outlook of
its strategy at its regularly scheduled quarterly investors call
scheduled for mid-November 2022.

                       About Aytu BioPharma

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

Aytu Biopharma reported a net loss of $110.17 million for the year
ended June 30, 2022, compared to a net loss of $58.29 million for
the year ended June 30, 2021. As of June 30, 2022, the Company had
$137.62 million in total assets, $91.53 million in total
liabilities, and $46.09 million in total stockholders' equity.

Denver, Colorado-based Plante & Moran, PLLC, the Company's auditor
since 2015, issued a "going concern" qualification in its report
dated Sept. 27, 2022, citing that the Company's operations have
historically consumed cash and are expected to continue to consume
cash, which raises substantial doubt about the Company's ability to
continue as a going concern.


BERWICK CLINIC: Amends Unsecured Claims Pay Details
---------------------------------------------------
Berwick Clinic Company, LLC, submitted a First Amended Small
Business Plan of Reorganization under Subchapter V dated October
13, 2022.

Priyam Sharma purchased the equity of Berwick Clinic Company in
December 2020.  The costs to continue to operate the clinic with
the compensation structure negotiated by the previous owners was
not sustainable, and having to respond to COVID related issues also
impacted Debtor's ability to continue to operate.

In order to keep Berwick Clinic Company operating over the past
several years, Debtor's principals and related entities have put in
over 2.8 million dollars that will not be repaid in this chapter 11
bankruptcy.  None of their claims or the claims of any related
entities will be paid by this Plan.

Prepetition, the Debtor operated 6 clinics at various locations in
the Berwick Pennsylvania area.  Shortly after the petition date,
the Debtor closed various locations that were not cost-effective or
did not have sufficient professionals. From the petition date to
Sept. 23, 2022, the Debtor continued to operate the vascular
clinic.  The Debtor ceased operating the vascular clinic as part of
its winding down of operations in September 2022. Dr. John
Guerriero will be opening a vascular clinic in his own name at the
same location with the same staff as of November 1, 2022.

Postpetition until the vascular clinic ceased operating, the
vascular clinic in Berwick, Pennsylvania employed approximately 10
employees, 1 Nurse Practitioner, and 1 employed physician.
Currently, 1 nurse practitioner, who is overseen by Dr. Guerriero,
and 2 other staff for the patient transition protocol, work for the
Debtor.

Though the Debtor has ceased operations at the vascular clinic, it
will continue to collect receivables while it is cost-effective. An
entity related to Debtor by common ownership, Berwick Hospital
Company LLC, filed a chapter 11 subchapter V bankruptcy on
September 30, 2022. The filing of the related entity will not
affect patient care or the Debtor's financial affairs.

The Debtor filed its chapter 11 bankruptcy because its revenue was
not sufficient to pay its ongoing expenses including payroll. The
Debtor's revenues were impacted negatively by COVID. Furthermore,
the expenses inherited when Priyam Sharma purchased the equity of
Debtor in December 2020 were not sustainable because of how
professional contracts were structured. Through this chapter 11
filing, Debtor has sought to, among other things, provide for
ongoing patient care, and to pay creditors and interest holders as
required by the Bankruptcy Code.

General unsecured Claims are not secured by property of the estate
and are not entitled to priority under Sec. 507(a) of the Code. The
Class GUC shall be paid pursuant to the Plan in full satisfaction
of their claims. Because it is unclear as to the base amount of
claims, it cannot be determined what percentage unsecured creditors
will receive. In any event, general unsecured creditors will
receive a greater distribution than they would in a chapter 7
liquidation. Plan payments will be made by the Debtor directly.

The Debtor anticipates that the allowed amount of general non
priority unsecured claims will be approximately $529,157.33 after
the PPP loans are forgiven and the insider claims are subordinated
for purposes of payment but not voting. Upon the Effective Date,
$25,000 shall be distributed for payment of the general unsecured
creditor class, to be distributed pro rata. Debtor shall also pay
all net receivable proceeds to the general unsecured class, in an
additional amount of up to $28,000, on a quarterly basis while it
continues to collect receivables. Debtor shall submit quarterly
collection reports to the Subchapter V Trustee who shall monitor
the collections.

Priyam Sharma is the sole equity holder of the Debtor.
Notwithstanding anything else in this Plan or 11 U.S.C. §
1141(d)(1)(B), Priyam Sharma shall retain her equity interest in
the reorganized Debtor in the same manner, nature, and extent as
prior to the Petition Date. Upon the completion of the Plan
Payments, Ms. Sharma shall own the Debtor free and clear of all
liens, claims and encumbrances as the Plan Payments shall be in
full satisfaction of all claims and administrative expenses.

On the Effective Date, Priyam Sharma or her designee shall
contribute sufficient funds to fund the Plan Payments (the "Exit
Financing") in addition to cash on hand and the collection of
receivables. Upon the payment of the Plan Payments, all liens,
claims, encumbrances and expenses as to Debtor shall be deemed
satisfied and Priyam Sharma or her designee shall own the Debtor
free and clear of all liens, claims and encumbrances. Furthermore,
on Confirmation of the Plan, all property of the Debtor, tangible
and intangible, including, without limitation, licenses, furniture,
fixtures and equipment, will revert, free and clear of all Claims
and Equitable Interests except as provided in the Plan, to the
Debtor.

A full-text copy of the First Amended Plan dated October 13, 2022,
is available at https://bit.ly/3Spyw5j from PacerMonitor.com at no
charge.  

Attorneys for Debtor:

      Robert Bassel, Esq.
      P.O. Box T
      Clinton, MI 49236
      Phone: (248) 835-7683
      Email: bbassel@gmail.com

                About Berwick Clinic Company

Berwick Clinic Company, LLC, operates a health-care business in
Bloomfield Hills, Mich.

Berwick Clinic filed a Chapter 11 petition (Bankr. E.D. Mich. Case
No. 22 45589) on July 18, 2022, disclosing $100,000 to $500,000 in
assets and $1 million to $10 million in liabilities.  Priyam
Sharma, a principal at Berwick Clinic, signed the petition.

Judge Lisa S. Gretchko oversees the case.

Berwick Clinic tapped Robert Bassel, Esq., a practicing attorney in
Clinton, Mich., to handle its Chapter 11 case.


BIOSTAGE INC: Marcum LLP Replaces Wei, Wei & Co. as Auditor
-----------------------------------------------------------
The Audit Committee of the Board of Directors of Biostage, Inc.
dismissed Wei, Wei & Co., LLP as its independent registered public
accounting firm.

The report of Wei on the audited financial statements of the
Company for the fiscal year ended Dec. 31, 2021 did not contain any
adverse opinion or disclaimer of opinion, nor was it qualified or
modified as to uncertainty, audit scope, or accounting principles,
except for the addition of a paragraph expressing substantial doubt
about the Company's ability to continue as a going concern.

During the Company's two most recent fiscal years, the subsequent
interim periods thereto, and through Oct. 10, 2022, there were no
disagreements with Wei on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or
procedure, which disagreements, if not resolved to the satisfaction
of Wei, would have caused it to make reference in connection with
its opinion to the subject matter of the disagreement.

On Oct. 10, 2022, the Audit Committee of the Board of Directors of
the Company engaged Marcum LLP as the Company's independent
registered public accounting firm.

During the years ended Dec. 31, 2021 and Dec. 31, 2020, the
subsequent interim periods thereto, and through Oct. 10, 2022,
neither the Company nor anyone acting on its behalf consulted
Marcum with respect to (i) the application of accounting principles
to a specified transaction, either completed or proposed, or the
type of audit opinion that might be rendered on the Company's
financial statements, and neither a written report nor oral advice
was provided to the Company that Marcum concluded was an important
factor considered by the Company in reaching a decision as to the
accounting, auditing or financial reporting issues; or (ii) any
matter that was the subject of a disagreement or a reportable event
set forth in Item 304(a)(1)(iv) and (v), respectively, of
Regulation S-K promulgated under the Exchange Act of 1934.

                          About Biostage

Holliston, Massachusetts-based Biostage, Inc. -- www.biostage.com
-- is a clinical-stage biotech company that uses cell therapy to
regenerate organs inside the human body to treat cancer, trauma and
birth defects.  The Company has performed the world's first
regeneration of an esophagus in a human cancer patient.  This
surgery was performed at Mayo Clinic and was published in August
2021.

Biostage reported a net loss of $7.98 million for the year ended
Dec. 31, 2021, compared to a net loss of $4.87 million for the year
ended Dec. 31, 2020.  As of June 30, 2022, the Company had $5.16
million in total assets, $2.14 million in total liabilities, $4.02
million in series E convertible preferred stock, and a total
stockholders' deficit of $997,000.

Flushing, New York-based Wei, Wei & Co., LLP, the Company's auditor
since 2021, issued a "going concern" qualification in its report
dated March 31, 2022, citing that the Company has suffered
recurring losses from operations, has an accumulated deficit, uses
cash flows in its operations, and will require additional financing
to continue to fund its operations.  This raises substantial doubt
about the Company's ability to continue as a going concern.


BODY TEK: U.S. Trustee Unable to Appoint Committee
--------------------------------------------------
The U.S. Trustee for Region 21, until further notice, will not
appoint an official committee of unsecured creditors in the Chapter
11 case of Body Tek Fitness, Inc., according to court dockets.
    
                      About Body Tek Fitness
  
Body Tek Fitness, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-16881) on Sept. 1,
2022, with up to $100,000 in assets and up to $1 million in
liabilities. Judge Scott M. Grossman oversees the case.

Susan D. Lasky P.A. is the Debtor's legal counsel.


BROADRIDGE LA: Hires Goldberg Weprin Finkel Goldstein as Counsel
----------------------------------------------------------------
Broadridge LA, LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of New York to employ Goldberg Weprin
Finkel Goldstein, LLP as its bankruptcy counsel.

The firm's services include:

   (a) representing the Debtor in all proceedings before the
bankruptcy court and the Office of the U.S. Trustee;

   (b) reviewing, preparing and filing all necessary legal papers;
and

   (c) providing all legal services required by the Debtor in
connection with negotiations with its lender and pursuit of
confirmation of a plan of reorganization; and

   (d) providing the Debtor with all necessary representation in
connection with its Chapter 11 case.

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

     Partners       $685 per hour
     Associates     $275 to $500 per hour

Prior to the petition date, the firm received payment of $15,000
from the Debtor, including $2,000 for filing fees and notice
expenses.

Kevin Nash, Esq., a member of Goldberg, disclosed in a court filing
that his firm is a "disinterested person" as that term is defined
in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Kevin J. Nash, Esq.
     Goldberg Weprin Finkel Goldstein, LLP
     1501 Broadway, 22nd Floor
     New York, NY 10036
     Telephone: (212) 221-5700
     Email: knash@gwfglaw.com

                        About Broadridge LA

Broadridge LA, LLC filed a Chapter 11 bankruptcy petition (Bankr.
E.D.N.Y. Case No. 22-72048) on Aug. 9, 2022, with $100 million to
$500 million in both assets and liabilities. Judge Louis A.
Scarcella oversees the case.

The Debtor tapped Goldberg Weprin Finkel Goldstein, LLP as its
bankruptcy counsel.


BROWNIE'S MARINE: Assurance Replaces Liggett & Webb as Auditor
--------------------------------------------------------------
Effective as of Oct. 10, 2022, Liggett & Webb, P.A. resigned as the
independent registered public accounting firm engaged to audit the
financial statements of Brownie's Marine Group, Inc.  Also on that
date, the Company's Board of Directors engaged Assurance
Dimensions, Inc. to serve as its independent registered public
accounting firm to review its Quarterly Report on Form 10-Q for the
quarter ended Sept. 30, 2022.

The reports of Liggett & Webb on the financial statements of the
Company for the fiscal years ended Dec. 31, 2021 and Dec. 31, 2020,
did not contain any adverse opinion or disclaimer of opinion and
were not qualified or modified as to uncertainty, audit scope or
accounting principles, except that such reports included an
explanatory paragraph with respect to the Company's ability to
continue as a going concern.

During the years ended Dec. 31, 2021 and Dec. 31, 2020, and the
subsequent interim periods from Jan. 1, 2022 through the date of
this report, there were no (a) disagreements (as defined in Item
304(a)(1)(iv) of Regulation S-K) with Liggett & Webb on any matter
of accounting principles or practices, financial statement
disclosure or auditing scope or procedure, which disagreements, if
not resolved to Liggett & Webb's satisfaction, would have caused
Liggett & Webb to make reference to the subject matter thereof in
connection with its reports for such years; or (b) reportable
events, as described under Item 304(a)(1)(v) of Regulation S-K.

During the years ended Dec. 31, 2021 and Dec. 31, 2020, and through
Oct. 12, 2022 (the date of this report), neither the Company nor
anyone on its behalf has previously consulted with Assurance
regarding either (a) the application of accounting principles to a
specified transaction, either completed or proposed, or the type of
audit opinion that might be rendered on the Company's financial
statements, and neither a written report was provided nor oral
advice was provided to the Company that Assurance concluded was an
important factor considered by the Company in reaching a decision
as to the accounting, auditing or financial reporting issue; or (b)
any matter that was either the subject of a disagreement (as
defined in paragraph 304(a)(1)(iv) of Regulation S-K and the
related instructions thereto) or a reportable event (as described
in paragraph 304(a)(1)(v)) of Regulation S-K).

                       About Brownie's Marine

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

Brownie's Marine reported a net loss of $1.59 million for the year
ended Dec. 31, 2021, compared to a net loss of $1.35 million for
the year ended Dec. 31, 2020. As of June 30, 2022, the Company had
$5.40 million in total assets, $2.56 million in total liabilities,
and $2.83 million in total stockholders' equity.

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


BUCKINGHAM HEIGHTS: Unsecureds Unimpaired in Two-Option Plan
------------------------------------------------------------
Buckingham Heights Business Park (a California Limited Partnership)
filed with the U.S. Bankruptcy Court for the Central District of
California a Disclosure Statement for Chapter 11 Plan of
Reorganization dated October 13, 2022.

The Debtor was founded in 1978 by John P. Sullivan to own and
develop the Property as a business park. The Debtor purchased the
fee simple interest in the Property in 1978 and obtained
construction financing from Crocker National Bank in order to
develop the Property to its current use as a business park
complex.

The Debtor is the lessee under a ground lease of a commercial and
industrial business park located in Culver City, California (the
"Property") with ground lessor Buckingham Heights Lease LLC
("Ground Lessor").

This Chapter 11 Case was precipitated by the unconscionability of
the Participation Rental obligation in the Ground Lease after
repayment of the Leasehold Loans, the harassment the Debtor has
suffered at the hands of the current Ground Lessor, and the need to
find a path forward that allows the Debtor to maximize the value of
its leasehold interest in the Property for the benefit of the
Debtor's estate.

The Plan includes a liquidating option and a reorganizing option.
The liquidating option contemplates the possibility that the Debtor
may reach agreement with respect to an Asset Sale with a
third-party bidder either: (x) in the near term pursuant to the
Pre-Confirmation Asset Sale procedures (i.e., a sale that is
finalized and approved at the Confirmation Hearing), or (y) within
two years of the Confirmation Date pursuant to the Post
Confirmation Asset Sale procedures (i.e., a sale that is finalized
and approved after the Confirmation Hearing). In the event of
either a Pre- or PostConfirmation Asset Sale, the Plan will be a
liquidating plan.

The Reorganizing Plan Option in the Plan contemplates the
possibility that the Debtor may not be able to locate a third-party
buyer to implement a Pre- or Post-Confirmation Asset Sale, and
instead may simply opt to assume the Ground Lease and all related
subleases and continue its operations post-Effective Date. In this
scenario, the Plan would be a reorganizing Plan. The occurrence of
the Effective Date in this scenario is referred to herein as the
Reorganizing Plan Option.

Under the Reorganizing Option, the Plan shall be funded by Cash on
hand and through Plan Contributions, which allows one or more Class
3 Equity Interest Holders on the Effective Date or concurrent with
assumption of the Ground Lease to make a Cash contribution
(referred to herein and defined in the Plan as a "Plan
Contribution"). Under the Liquidating Plan Option, in addition to
available Cash on hand and potential Plan Contributions that the
General Partner may in its sole discretion determine are necessary
to fund the Plan, the Plan may also be funded through the proceeds
of an Asset Sale.

In this Chapter 11 Case, the Plan contemplates assumption of the
Ground Lease (and all subleases) then either (a) the Debtor's
reorganization and continued operations under the Ground Lease or
(b) a sale of the Debtor's interest in the Ground Lease and all
related subleases to a potential third-party buyer through (i) a
Pre-Confirmation Asset Sale or (ii) a Post-Confirmation Asset Sale.
The Debtor's largest asset is its leasehold interest in the Ground
Lease and its largest potential Claim is the alleged Cure
Obligation of the Ground Lessor, which has yet to specify a dollar
amount for its asserted Claim. The Debtor shall have up to two
years from the Confirmation Date to assign its interest in the
Ground Lease and all subleases pursuant to an Asset Sale under the
Plan (under the Liquidating Plan Option).

The Plan contemplates payment in full on the Effective Date of all
Administrative Claims, Priority Claims, Priority Tax Claims, the
Ground Lessor's Claims, and the General Unsecured Claims. These
parties are unimpaired and conclusively deemed to accept the Plan.
The Debtor's current Equity Interest Holders, however, are Impaired
under the Plan and therefore entitled to vote to accept or reject
the Plan. The Debtor urges all Equity Interest Holders to vote to
accept the Plan.  

Class 2 consists of the General Unsecured Claims. The Debtor shall
have up to the Claims Objection Deadline to file an Objection to a
Proof of Claim. The Debtor estimates that there are approximately
$50,000 in Allowed Class 2 Claims. On the Effective Date, each
Holder of an Allowed Class 2 Claim shall receive Cash in an amount
equal to such Allowed Claim plus post-petition interest under
applicable law, or such other treatment as may be agreed among the
Holder of such Claim and the Debtor or Reorganized Debtor, as
applicable. Class 3 consists of the Equity Interests of all Equity
Interest Holders.

Class 3 consists of the Equity Interests of all Equity Interest
Holders.

     * Treatment Under the Liquidating Plan Option: In the event of
a Pre-Confirmation Asset Sale or a Post-Confirmation Asset Sale,
each Holder of an Equity Interest will receive a Pro Rata
Distribution as set forth in the Limited Partnership Agreement, of
all net proceeds of such a sale following all costs of sale and
payment of all Allowed Administrative Claims, Allowed Professional
Fee Claims, Allowed Priority Claims, Allowed Class 1 Claims, and
Allowed Class 2 Claims.

     * Treatment Under the Reorganizing Plan Option: Under the
Reorganizing Plan Option, the Holders of Class 3 Equity Interests
will retain their Equity Interests, subject to their Equity
Interests potentially being diluted if they choose not to make a
Plan Contribution. Each Holder of a Class 3 Equity Interest will be
provided with an option to make a Plan Contribution, which will be
utilized to help fund the Plan Distributions. The amount of the
Plan Contribution for each Holder of a Class 3 Equity Interest will
be determined by the number of Equity Interest Holders that elect
to make such contribution and the resolution of the Claim Objection
and the amount and/or nature of the Cure Obligation.

Under the Liquidating Plan Option, the Plan will be funded by
Available Cash and the proceeds of the Pre-Confirmation Asset Sale
or Post-Confirmation Asset Sale (as applicable). Under the
Reorganizing Plan Option, the Plan will be funded by Available Cash
and/or the Cash raised through Plan Contributions.

A full-text copy of the Disclosure Statement dated October 13,
2022, is available at https://bit.ly/3gh0SBh from PacerMonitor.com
at no charge.

Attorneys for Debtor:

     Michael M. Lauter, Esq.
     Jeannie Kim, Esq.
     Sheppard Mullin Richter & Hampton LLC
     Four Embarcadero Center, 17 th Floor
     San Francisco, CA 94111-4109
     Telephone:  415.434.9100
     Facsimile:  415.434.3947
     Email:  mlauter@sheppardmullin.com
             jekim@sheppardmullin.com

     Paul S. Malingagio, Esq.
     Alan M. Feld, Esq.
     Shadi Farzan, Esq.
     Alexandria G. Lattner, Esq.
     333 South Hope Street, 43rd Floor
     Telephone 213.620.1780
     Facsimile: 213.620.1398
     Email: pmalingagio@sheppardmullin.com
            afeld@sheppardmullin.com
            sfarzan@sheppardmullin.com
            alattner@sheppardmullin.com

              About Buckingham Heights Business Park

Culver City, Calif.-based Buckingham Heights Business Park (a
California Limited Partnership) filed a petition for Chapter 11
protection (Bankr. C.D. Calif. Case No. 21-17060) on Sept. 8, 2021,
listing up to $50 million in assets and up to $500,000 in
liabilities. Judge Sheri Bluebond oversees the case.

Sheppard, Mullin, Richter & Hampton, LLP and KB&T Tax & Consulting,
Inc. serve as the Debtor's legal counsel and accountant,
respectively.


BURTS CONSTRUCTION: Unsecureds Will Get 25% of Claims in Plan
-------------------------------------------------------------
Burts Construction, Inc., filed with the U.S. Bankruptcy Court for
the Southern District of Texas a Disclosure Statement describing
Chapter 11 Plan dated October 17, 2022.

The Debtor was incorporated under the laws of the State of Texas on
February 12, 1990. Katherine Burts is the President and a Director
and her husband, Leonard Burts is the Secretary and a Director.
Since incorporation the Debtor performed site work for commercial
construction.  

On September 23, 2022, the Debtor sold its real property located at
7644 Eagle Lane, #62, Spring, Texas 77379 to Northtown Auto Center,
GP LLC for $765,000.00. The Debtor's 26 foot scissor lift valued at
$6,000.00 was included as part of the sale. After the payment of
the underlying mortgage, taxes, closing costs, commissions and
other fees, the Debtor netted $494,450.52 from the sale (the "Real
Property Proceeds").

On October 18, 2022, the Debtor closed on the sale of the 1993
Peterbilt 389 Day Cab Tractor to Kyle Burts, the son of the
Debtor's President, for the equivalent of $80,000.00. The Debtor
netted $60,802.30 from the sale. The Tractor proceeds are currently
held in the Debtor's DIP account and used to pay expenses in the
ordinary course of the Debtor's business.

On October 12, 2022, Terra Point conducted an auction of the
majority of the Debtor's equipment listed in response to question
number 50 on the Debtor's amended Schedule A/B. After paying the
costs and commissions, and the equipment lenders in the amount of
$1,029.001.15, the Debtor netted $490,219.85 from the sale. By
agreement, Terra Point paid this net sum to Allegiance Bank in
partial satisfaction of its secured claim. The remaining balance
due to Allegiance Bank is approximately $129,131.00.

Finally, the Debtor still has approximately $150,000.00 in accounts
receivable, excluding retainage (the "Accounts Receivable") to be
collected. The Retainage Receivables, the Real Property Proceeds,
the Equipment Proceeds, and the Accounts Receivable shall be used
to fund the Plan.

The Plan of Liquidation proposes to pay all of the Debtor's
creditors from the orderly liquidation of the Debtor's assets and
collection of accounts receivable. The funds from the sale(s) shall
be placed in a separate Debtor-in-Possession Account (the
"Segregated Account"), pending further Order of this Court or
confirmation of the Plan.

Class 6 is impaired and consists of the unsecured claims in this
Estate, excluding insider claims and the claim of Plains State
Bank. The claimants in this Class are in the amount of
$3,592,001.50. They will receive a pro-rata distribution of the net
funds after payment of all other Classes under the Plan. An initial
payment will be made on the effective date of the Plan with
additional payments made annually over a two-year period as
receivables are collected. The Debtor anticipates the claimants in
this class will receive approximately 25% of their claims.

A full-text copy of the Disclosure Statement dated October 17,
2022, is available at https://bit.ly/3yQyoEP from PacerMonitor.com
at no charge.

Attorneys for the Debtor:

     Julie M. Koenig, Esq.
     Cooper & Scully, P.C.
     815 Walker St., Suite 1040
     Houston, TX 77002
     Tel: (713) 236-6800
     Fax: (713) 236-6880
     Email: julie.koenig@cooperscully.com

                      About Burts Construction

Burts Construction, Inc. is a family-owned general contractor that
offers, among other services, land clearing, demolition, site
preparation, soil stabilization, underground  utilities, and paving
services.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 22-31700) on June 20,
2022. In the petition signed by Katherine Burts, president, the
Debtor disclosed up to $500,000 in assets and up to $10 million in
liabilities.

Judge Christopher M. Lopez oversees the case.

Julie M. Koenig, Esq., at Cooper and Scully, PC is the Debtor's
counsel.


C & M ELECTRICAL: Richard J. Boyle as 'Ordinary Course' Counsel
---------------------------------------------------------------
C & M Electrical Contractors, Inc. seeks approval from the U.S.
Bankruptcy Court for the Northern District of Georgia to employ
Richard J. Boyle, Esq., LLC as its ordinary course counsel.

The firm will act as general counsel for the Debtor in all matter
relating to its contracts and business dealings outside of its
Chapter 11 proceeding.

The firm will be paid a monthly fee of $1,000, which essentially
represents a general retainer. The terms of the engagement are
based on a maximum of eight hours per month of services, with
additional work beyond that to be charged at $200 per hour, which
is a significant discount on the firm's standard hourly rate.

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

The firm can be reached at:

     Richard J. Boyle, Esq.
     Richard J. Boyle, Esq., LLC
     15410 Woodmar Ct
     Wellington, FL 33414
     Tel: (706) 389-5290
     Email: richie@richardjboylelaw.com

                About C & M Electrical Contractors

C & M Electrical Contractors, Inc. provides a complete range of
electrical and mechanical solutions for the governmental,
industrial, commercial and agricultural sectors. The company is
based in Jefferson, Ga.

C & M sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Ga. Case No. 22-20649) on July 14, 2022, with up
to $1 million in assets and up to $10 million in liabilities.
Richard Cody Esco, sole shareholder, signed the petition.

Judge James R. Sacca oversees the case.

The Debtor tapped Benjamn Keck, Esq., at Keck Legal, LLC as
bankruptcy counsel and Richard J. Boyle, Esq., LLC as ordinary
course counsel.


CARNEGIE DEVELOPMENT: Taps Hood & Bolen as Legal Counsel
--------------------------------------------------------
Carnegie Development, LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of Mississippi to employ Hood &
Bolen, PLLC to serve as legal counsel in its Chapter 11 case.

The firm will be paid at these rates:

     Partners       $300 per hour
     Associates     $200 per hour
     Paralegals     $85 to $125 per hour

In addition, the firm will be reimbursed for out-of-pocket expenses
incurred.

The retainer is $5,000.

R. Michael Bolen, Esq., a partner at Hood & Bolen, disclosed in a
court filing that his firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     R. Michael Bolen, Esq.
     Hood & Bolen, PLLC
     3770 Hwy. 80 West
     Jackson, MS 39209
     Tel: (601)923-0788
     Email: rmb@hoodbolen.com

                     About Carnegie Development

Carnegie Development, LLC filed a Chapter 11 bankruptcy petition
(Bankr. S.D. Miss. Case No. 22-01983) on Sept. 28, 2022, with up to
$1 million in both assets and liabilities. Judge Jamie A. Wilson
oversees the case.

The Debtor is represented by R. Michael Bolen, Esq., at Hood &
Bolen, PLLC.


CAROLINA CAJUNS: Taps Reid and Riege as Bankruptcy Counsel
----------------------------------------------------------
The Carolina Cajuns, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Connecticut to employ Reid and Riege,
P.C. as its bankruptcy counsel.

The firm's services include:

   a. giving the Debtor legal advice with respect to its powers and
duties and the continued management of its properties;

   b. taking necessary action to enjoin and stay, until final
decree, the continuation of judicial proceedings against the
Debtor, if any;

   c. representing the Debtor in connection with adversary
proceedings, which may be instituted in the court;

   d. preparing legal papers; and

   e. performing other necessary legal services for the Debtor.

The firm will be paid at these rates:

     Shareholders          $320 to $585 per hour
     Associates            $300 per hour
     Paraprofessionals     $140 to $250 per hour

In addition, Reid and Riege will be reimbursed for out-of-pocket
expenses incurred.

The Debtor paid the firm a retainer of $20,000.

Jon Newton, Esq., a partner at Reid and Riege, disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Jon P. Newton, Esq.
     Reid and Riege, P.C.
     One Financial Plaza, 21st Floor
     Hartford, CT 06103
     Tel: (860) 278-1150
     Fax: (860) 240-1002
     Email: jnewton@rrlawpc.com

                     About The Carolina Cajuns

The Carolina Cajuns, LLC operates in the restaurant industry and is
based in Somers, Conn.

Carolina Cajuns sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Conn. Case No. 22-20640) on Sept. 16,
2022, with up to $50,000 in assets and up to $10 million in
liabilities. Steven A. Galloway, president of Carolina Cajuns,
signed the petition.

Judge James J. Tancredi oversees the case.

John P. Newton, Esq., at Reid and Riege, P.C. is the Debtor's
counsel.


CLEANSPARK INC: Closes Acquisition of Sandersville Mining Facility
------------------------------------------------------------------
CleanSpark, Inc. has completed the acquisition of Mawson
Infrastructure Group Inc.'s bitcoin mining facility in
Sandersville, Georgia, effective October 8.  The acquisition
includes nearly 6,500 miners, or about 560 petahashes per second
(PH/s).  Mawson's former staff at the site have transitioned to
CleanSpark's team.

The Sandersville site is CleanSpark's fourth campus in Georgia,
with other locations in College Park, Norcross, and Washington.
The company co-locates machines in Massena, NY, and has co-location
agreements with Lancium in West Texas, slated to start hashing in
2023.  Including Sandersville, CleanSpark operates about 220 MW of
bitcoin miners with a hashrate of over 4.7 EH/s.  CleanSpark draws
power predominantly from low-carbon sources, such as nuclear
energy, and boasts a clean energy profile that is over 90%
non-carbon.

"Mawson has built a world-class facility, staffed by an incredible
team, and we are looking forward to continuing their work in
Sandersville, eventually building this site to its full potential
of 230 MW as we work toward our 2023 year-end guidance of 22.4
EH/s," said Zach Bradford, CleanSpark's CEO.  "We are equally
committed to deepening and developing our relationship with the
people of Sandersville as we build sustainable bitcoin
infrastructure."

In accordance with the definitive agreements, Mawson received at
closing consideration of approximately $34.3 million, which
includes 1,590,175 shares of CleanSpark common stock, subject to
certain holdbacks.  Mawson may receive an additional $2 million in
a seller-financed earn-out payable after 60 days post-closing once
certain conditions are met."

H.C. Wainwright & Co. acted as financial advisor to CleanSpark.
Baker Donelson and Katten Muchin Rosenman LLP served as legal
counsel for CleanSpark in connection with the transaction.

                         About CleanSpark

Headquartered in Bountiful, Utah, CleanSpark, Inc. --
www.cleanspark.com -- is a sustainable bitcoin mining and energy
technology company that is solving modern energy challenges.

CleanSpark reported a net loss of $21.81 million for the year ended
Sept. 30, 2021, a net loss of $23.35 million for the year ended
Sept. 30, 2020, and a net loss of $26.12 million for the year ended
Sept. 30, 2019. As of June 30, 2022, the Company had $411.06
million in total assets, $34.19 million in total liabilities, and
$376.87 million in total stockholders' equity.


CROWN COMMERCIAL: Wins Cash Collateral Access Thru Oct 27
---------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois,
Eastern Division, authorized Crown Commercial Real Estate and
Development, LLC to use cash collateral on an interim basis in
accordance with the budget.

The Debtor and Rialto Capital Advisors, LLC, have agreed to the
terms of the seventh interim order on cash collateral access.
Rialto is the Special Servicer and Attorney-in-Fact for secured
creditor U.S. Bank National Association, as Trustee for the benefit
of the holders of Morgan Stanley Capital I Inc., Commercial
Mortgage Pass-Through Certificates, Series 2012-05.

The Debtor stipulates and agrees to continue operating its business
and pay expenses only in accordance with the terms of the interim
order from October 14 through and including October 27, 2022.

Bank of America, N.A. made a loan to the Debtor in the original
principal amount of $27,450,000, pursuant to a loan agreement dated
June 26, 2012.  The Loan is evidenced by a promissory note dated
June 26, 2012, in the original principal amount of $27,450,000 made
by the Debtor and payable to the order of the Original Lender.

To secure repayment of the Loan, the Debtor executed and delivered
to the Original Lender a Mortgage, Assignment of Leases and Rents,
and Security Agreement dated as of June 26, 2012, encumbering the
Debtor's real property, a real property improved by a shopping
center commonly known as Chatham Village Square Shopping Center,
located at 87th Street and Cottage Grove Avenue, Chicago, IL 60619,
recorded with the Cook County Recorder of Deeds on July 20, 2012,
as document number 1220213054.

As further security for the Loan, the Debtor granted the Original
Lender a lien on all of its personal assets. On June 29, 2012, the
Original Lender perfected its security interest in the Debtor's
assets by filing a UCC Financing Statement with the Illinois
Secretary of State identifying Crown Commercial as the debtor and
the Original Lender as the secured party.

On July 2, 2012, the Original Lender negotiated the Note to the
order of Rialto pursuant to an allonge and delivered the Note with
the Allonge to Rialto.

On August 8, 2012, the Original Lender assigned the Mortgage to
Morgan Stanley Capital I Inc., Commercial Mortgage Pass-Through
Certificates, Series 2012-05, by executing and delivering to the
Lender an Assignment of Mortgage, Assignment of Leases and Rents,
and Security Agreement, which was recorded with the Cook County
Recorder of Deeds on September 10, 2012, as document number
1225408405.

On August 30, 2012, Rialto perfected its security interest in the
Debtor's assets by filing a UCC Financing Statement Amendment with
the Illinois Secretary of State identifying the Debtor as the
debtor and the Lender as the secured party, as subsequently
continued by filing of those UCC Financing Statement Amendments on
September 6, 2012, January 11, 2017, and January 18, 2022.

As of the Petition Date, the Debtor owed Rialto $22,874,831.

The Debtor is directed to use cash collateral only to pay actual,
ordinary, and necessary operating expenses for the purpose of
operating its business as debtor-in-possession. The use of Rialto's
cash collateral to pay any extraordinary expense in excess of
actual, ordinary, and necessary operating expenses will require the
prior written approval of the Lender, or further Court order, upon
three days' notice.

The Debtor will ensure the payment of all personal property taxes,
real property taxes, sales taxes, payroll taxes, insurance,
maintenance expenses, and payroll/wages in connection with
preserving the Property coming due during the Interim Period.

These events constitute an "Event of Default:"

     a. The Debtor's failure to maintain appropriate insurance for
the Collateral;

     b. Except for disclosed payments made following the Petition
Date through the date of the Order, if the Debtor pays obligations
not showing on the Budget without the Lender's prior written
consent or further Court order or exceeds the Budget amounts by
more than 15%;

     c. The Debtor fails to provide, when due, any reports or
accounting information reasonably required by the Agreed Interim
Order;

     d. Any termination by the Court of the Debtor's use of cash
collateral; or

A further interim hearing on the matter is scheduled for October 26
at 10 a.m.

A copy of the order and the Debtor's budget is available at
https://bit.ly/3rWd2lx from PacerMonitor.com.

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

      $6,000 for the week ending October 20, 2022; and

      $8,500 for the week ending October 27, 2022.

                    About Crown Commercial
                Real Estate and Development, LLC

Crown Commercial Real Estate and Development, LLC operates shopping
center, located at 87th Street and Cottage Grove Avenue, Chicago,
IL 60619. The Property consists of a shopping center owned and
operated for 25 years by Crown Commercial.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 22-05113) on May 3,
2022. In the petition signed by Musa P. Tadro, manager, the Debtor
disclosed up to $50,000 in assets and up to $50 million in
liabilities.

The Law Offices of Konstantine Sparagis is the Debtor's counsel.

Judge Janet S. Baer oversees the case.



CRYSTAL PACKAGING: Amends Olympic & Rocky Mountain Secured Claims
-----------------------------------------------------------------
Crystal Packaging, Inc., submitted a Second Amended Subchapter V
Plan of Reorganization dated October 13, 2022.

During the Chapter 11 Case, the Debtor has continued operations and
its performance has exceeded its projections. The Debtor obtained
authorization to use cash collateral and a debtor in possession
financing agreement with A/R Funding.

Class 5 Olympic Distribution Center, LLC. ODC's Class 5 Secured
Claim in the amount of $190,870 shall accrue interest at the rate
of 7.25% and be paid in monthly installment payments of $2,241 for
a period of 10 years beginning the first full calendar month after
the Effective Date until paid in full. ODC shall retain its liens
against property to the extent of the amount of the Class 5 Secured
Claim until the Class 5 Secured Claim is paid in full.

Class 6 Rocky Mountain Petroleum Corp. RMP's Class 6 Secured Claim
in the amount of $407,465 shall accrue interest at the rate of
9.25% and be paid in monthly installment payments of $6,607 for a
period of 7 years beginning the first full calendar month after the
Effective Date until paid in full. RMP shall retain its liens
against property to the extent of the amount of the Class 6 Secured
Claim until the Class 6 Secured Claim is paid in full.

The Amended Plan does not alter the proposed treatment for
unsecured creditors and the equity holder:

     * Class 7 consists of the Allowed Claims of unsecured
creditors. Class 7 shall receive all of the Debtor's Projected
Disposable Income for a five-year period beginning on the Effective
Date. Class 7 Claim shall be paid on a Pro Rata basis in quarterly
installments beginning the first full calendar quarter after the
Effective Date.

     * Class 8 consists of the Interests in the Debtor. Upon
confirmation of the Plan, all Interest holders will retain their
identical ownership interests in the Debtor.

The Reorganized Debtor shall be empowered to take such action as
may be necessary to perform its obligations under this Plan.

The Debtor believes that the Plan, as proposed, is feasible. The
Debtor projects having approximately $250,000 of cash on the
Effective Date. The Debtor intends to reserve approximately
$225,000 of this amount for the payment of (i) 2022 Adams County
real property taxes, which shall be paid to BH, (ii) deferred rent
due in January 2025, and (iii) administrative expenses.

Funding for the Plan will come from the Debtor's continued
operations.

A full-text copy of the Second Amended Plan dated October 13, 2022,
is available at https://bit.ly/3TbXsOy from PacerMonitor.com at no
charge.

Attorneys for Debtor:

      David V. Wadsworth, Esq.
      Wadsworth Garber Warner Conrardy, PC
      2580 West Main Street, Suite 200
      Littleton, CO 80120
      Telephone: (303) 296-1999
      Facsimile: (303) 296-7600
      Email: dwadsworth@wgwc-law.com

                    About Crystal Packaging

Crystal Packaging, Inc. is a specialty chemical and petroleum
contract packager and private label manufacturer in the Rocky
Mountain Region.

Crystal Packaging filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. D. Colo. Case No. 22-10990) on March
26, 2022, listing up to $10 million in both assets and liabilities.
Mark David Dennis serves as Subchapter V trustee.

Judge Elizabeth E. Brown oversees the case.

Wadsworth Garber Warner Conrardy, PC, led by David V. Wadsworth,
Esq., is the Debtor's bankruptcy counsel while Scott A. Hale, P.C.
serves as its special counsel.


CTI BIOPHARMA: Removes Chief Operating Officer Post
---------------------------------------------------
CTI BioPharma Corp. has eliminated the position of chief operating
officer.  Accordingly, Bruce Seeley resigned as chief operating
officer, effective as of Oct. 10, 2022.  In connection with his
separation from the Company, Mr. Seeley will be entitled to payment
of severance benefits pursuant to his severance agreement with the
Company.  The Company wishes to acknowledge Mr. Seeley's
contributions to the approval and launch of VONJO and is supportive
of his pursuit of senior leadership opportunities.

As the commercialization of VONJO transitions from the initial
launch phase, Jim Fong, the Company's chief commercial officer, has
been promoted to executive vice president and chief commercial
officer, and will begin reporting directly to the Company's chief
executive officer.  The management functions of the former chief
operating officer role have been reassigned to other members of the
senior management team.

                        About CTI BioPharma

Headquartered in Seattle, Washington, CTI BioPharma Corp. is a
biopharmaceutical company focused on the acquisition, development
and commercialization of novel targeted therapies for blood-related
cancers that offer a unique benefit to patients and their
healthcare providers.  The Company concentrates its efforts on
treatments that target blood-related cancers where there is an
unmet medical need.  In particular, the Company is focused on
evaluating pacritinib, its sole product candidate currently in
active development, for the treatment of adult patients with
myelofibrosis.  In addition, the Company has recently started
developing pacritinib for use in hospitalized patients with severe
COVID-19, in response to the COVID-19 pandemic.

CTI Biopharma reported a net loss of $97.91 million for the year
ended Dec. 31, 2021, compared to a net loss of $52.45 million for
the year ended Dec. 31, 2020. As of June 30, 2022, the Company had
$134.53 million in total assets, $139.81 million in total
liabilities, and a total stockholders' deficit of $5.27 million.

Seattle, Washington-based Ernst & Young LLP, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated March 31, 2022, citing that the Company has suffered
recurring losses from operations and has stated that substantial
doubt exists about the Company's ability to continue as a going
concern.


CTI BIOPHARMA: State Street Reports 12% Equity Stake
----------------------------------------------------
State Street Corporation disclosed in a Schedule 13G filed with the
Securities and Exchange Commission that as of Sept. 30, 2022, it
beneficially owns 13,742,554 shares of common stock of CTI
BioPharma Corp, representing 12.01 percent of the shares
outstanding.  SSGA Funds Management, Inc. also reported beneficial
ownership of 12,026,960 Common Shares or 10.51%.  A full-text copy
of the regulatory filing is available for free at:

https://www.sec.gov/Archives/edgar/data/93751/000009375122000609/CTI_BioPharma_Inc.txt

                        About CTI BioPharma

Headquartered in Seattle, Washington, CTI BioPharma Corp. is a
biopharmaceutical company focused on the acquisition, development
and commercialization of novel targeted therapies for blood-related
cancers that offer a unique benefit to patients and their
healthcare providers . The Company concentrates its efforts on
treatments that target blood-related cancers where there is an
unmet medical need.  In particular, the Company is focused on
evaluating pacritinib, its sole product candidate currently in
active development, for the treatment of adult patients with
myelofibrosis.  In addition, the Company has recently started
developing pacritinib for use in hospitalized patients with severe
COVID-19, in response to the COVID-19 pandemic.

CTI Biopharma reported a net loss of $97.91 million for the year
ended Dec. 31, 2021, compared to a net loss of $52.45 million for
the year ended Dec. 31, 2020.  As of June 30, 2022, the Company had
$134.53 million in total assets, $139.81 million in total
liabilities, and a total stockholders' deficit of $5.27 million.

Seattle, Washington-based Ernst & Young LLP, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated March 31, 2022, citing that the Company has suffered
recurring losses from operations and has stated that substantial
doubt exists about the Company's ability to continue as a going
concern.


CYTODYN INC: Incurs $21 Million Net Loss in Quarter Ended Aug. 31
-----------------------------------------------------------------
CytoDyn Inc. filed with the Securities and Exchange Commission its
Quarterly Report on Form 10-Q reporting a net loss of $20.99
million on $0 of revenue for the three months ended Aug. 31, 2022,
compared to a net loss of $45.34 million on $41,000 of revenue for
the three months ended Aug. 31, 2021.

As of Aug. 31, 2022, the Company had $28.39 million in total
assets, $122.71 million in total liabilities, and a total
stockholders' deficit of $94.31 million.

As of Aug. 31, 2022, the Company had a total of approximately $4.7
million in cash and approximately $122.3 million in short-term
liabilities.  

CytoDyn said, "We expect to continue to incur operating losses and
require a significant amount of capital in the future as we
continue to develop and seek approval to commercialize leronlimab.
Despite the Company's negative working capital position, vendor
relations remain relatively accommodative, and we do not currently
anticipate significant delays in our business initiatives schedule
due to liquidity constraints.  We cannot be certain, however, that
future funding will be available to us when needed on terms that
are acceptable to us, or at all.  We sell securities and incur debt
when the terms of such agreements are deemed favorable to both
parties under then current circumstances and as necessary to fund
our current and projected cash needs."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1175680/000155837022014943/cydy-20220831x10q.htm

                        About CytoDyn Inc.

Headquartered in Vancouver, Washington, CytoDyn Inc. --
http://www.cytodyn.com-- is a late-stage biotechnology company
focused on the clinical development and potential commercialization
of leronlimab (PRO 140), a CCR5 antagonist to treat HIV infection,
with the potential for multiple therapeutic indications.

Cytodyn reported a net loss of $210.82 million for the year ended
May 31, 2022, compared to a net loss of $176.47 million for the
year ended May 31, 2021. As of May 31, 2022, the Company had $29.19
million in total assets, $123.58 million in total liabilities, and
a total stockholders' deficit of $94.40 million.

San Jose, California-based Macias Gini & O'Connell LLP, the
Company's auditor since 2022, issued a "going concern"
qualification in its report dated Aug. 15, 2022, citing that the
Company incurred a net loss of approximately $210,820,000 for the
year ended May 31, 2022 and has an accumulated deficit of
approximately $766,131,000 through May 31, 2022, which raises
substantial doubt about its ability to continue as a going concern.


DELEK LOGISTICS: S&P Upgrades ICR to 'BB-', Outlook Stable
----------------------------------------------------------
S&P Global Ratings upgraded Delek Logistics Partners L.P. to 'BB-'
from 'B+'. The outlook is stable. At the same time, S&P upgraded
its issue-level ratings to 'BB-' from 'B+'. The '4' recovery is
unchanged.

The stable outlook reflects S&P's expectation that Delek will have
elevated leverage in 2022, falling to about 4x in 2023.

Delek Logistic's (DKL) acquisition of 3Bear will expand scale by
$100 million and improve customer diversity. S&P said, "As a
result, we view DKL's business risk as improving to fair.
Historically, DKL's cash flows have heavily depended on parent
Delek US Holdings; pro forma for the acquisition, we expect 40% of
DKL's contribution margin to come from third parties. This
additional customer diversification is a credit positive."

S&P said, "We expect elevated debt to EBITDA leverage in 2022,
reflecting the acquisition. With a full year of EBITDA contribution
from 3Bear, we expect 2023 leverage to fall to about 4x.

"We consider Delek Logistics to be strategically important to Delek
US. We believe Delek US could provide support to Delek Logistics
under many scenarios, including if it could not access the capital
markets or if it experienced operational or liquidity stress. In
our view, the partnership's assets are integral to Delek US'
refining operations, and we expect Delek US to maintain control of
the partnership. Even if Delek US monetized a portion of its 80%
interest in the partnership, as long as it continues to control the
general partner it would not change our assessment of its strategic
importance.

"The stable outlook reflects that of its parent and most
significant customer, Delek US. We forecast Delek Logistics to have
elevated leverage in 2022 due to the timing of the 3Bear
acquisition, falling to around 4x in 2023. We expect Delek
Logistics to maintain adequate liquidity.

"We could lower our rating on Delek Logistics if we lowered our
rating on Delek US. We could consider a negative rating action on
Delek US if we forecast consolidated adjusted leverage to be
sustained above 4.5x under a midcycle commodity environment. This
could occur if margins were weaker than expected or if the company
pursued a more aggressive financial policy.

"Separately, we could lower our rating on Delek Logistics if the
partnership fails to lower leverage in 2023 in-line with our
current expectations or if liquidity becomes constrained.

"We consider a positive rating action unlikely at this time. If we
took a positive rating action on Delek US that would not
necessarily lead to a similar rating action at Delek Logistics."

ESG credit indicators: E3, S2, G2

Environmental credit factors are a moderately negative
consideration in S&P's credit rating analysis of Delek Logistics
Partners L.P. As a refined products and feedstock transportation
business, it is indirectly exposed to waste and pollution. If any
of the refineries were offline, it would directly affect volumes
and cash flows. Delek Logistics also faces risks associated with
the energy transition, which could pressure volumes.



EAST END: Merchants Automotive Says Disclosures Inaccurate
----------------------------------------------------------
Merchants Automotive Group, Inc., objects to approval of the
Amended Disclosure Statement filed by East End Bus Lines, Inc., et
al., and states as follows:

     * Merchants is a principal creditor of the Debtors and the
owner/lessor of a substantial majority of the school buses operated
by the Debtors, as lessees.

     * The vehicle leases between Merchants and the Debtors which
will remain in effect post-confirmation are by design and agreement
closed end leases which grant the lessee no option to purchase the
leased vehicles at the end of the stated term and reserve to the
lessor the entire economic benefit of the residual value of the
leased vehicles.

     * The text of the Amended Disclosure Statement (the
"Statement") does not fully and accurately describe this particular
term of the vehicle leases although Debtors' counsel has agreed in
a separate writing to further amend the Statement to clarify and
correct the description of this term.

     * Because the agreed clarification and correction will not
affect the Debtors' payment obligations during the stated term of
the vehicle leases, the further amendment of the Statement does not
appear to be material to the interests of other creditors and
parties in interest.

     * Both Merchants' present agreements and future discretionary
undertakings to provide vehicle lease financing to the Debtors and
the reorganized debtor were made and done by Merchants in reliance
on the amount and treatment of certain other significant claims
under the plan of reorganization which is the subject of the
Statement.

     * On October 11, 2022, Debtors' counsel corresponded with
Court and parties and provided a copy of an agreement between KTJ
Bus Company, the principal of the Debtors, John Mensch, and the
Debtors, and the Statement and Plan provide that the amount of a
secured claim related to this agreement will be greater than the
amount agreed upon with Merchants.

Merchants recognizes that the Debtors have been required to further
negotiate with other parties and that a fully consensual resolution
of open questions is likely before the scheduled hearing date on
approval of the Statement, October 27, 2022, and Merchants,
therefore, files this limited objection as a placeholder in
anticipation of further discussions and/or agreements satisfactory
to Merchants and otherwise not material to approval of the
Statement. Nevertheless, Merchants reserves its right to request
leave of the Court to raise any unresolved matters and issues prior
to approval of the Statement.

A full-text copy of Merchants Automotive's objection dated October
13, 2022, is available at https://bit.ly/3gigJPO from
PacerMonitor.com at no charge.

Attorney for Creditor Merchants Automotive:

     Alexander Terras (pro hac vice)
     Husch Blackwell LLP
     120 S. Riverside Plaza, Ste 2200
     Chicago, Illinois 60601
     (312) 655-1500
     Email: alex.terras@huschblackwell.com

               About East End Bus Lines

East End Bus Lines Inc. and its subsidiaries --
https://www.eastendbus.com/ -- offer bus transportation services
for students.  East End Bus Lines and Montauk Student Transport are
dedicated to providing cost-effective solutions for transportation
requirements for private schools, public schools, charter trips,
and camping events.  Founded in 2007, East End Bus Lines was later
joined by Montauk Student Transport under the guidance of John
Mensch.

East End Bus Lines and its subsidiaries, namely, Montauk Student
Transport LLC, and Montauk Transit Service LLC, filed voluntary
Chapter 11 petitions (Bankr. E.D. N.Y. Lead Case No. 18-76176) on
Sept. 13, 2018.

In the petitions signed by John Mensch, president, East End Bus
Lines and Montauk Student Transport estimated up to $50,000 in
assets and $10 million to $50 million in liabilities while Montauk
Transit Service estimated up to $50,000 in assets and $1 million to
$10 million in liabilities.

The Debtors tapped Weinberg, Gross & Pergament LLP as their legal
counsel, and Giambalvo, Stalzer & Company, CPA's, PC as their
accountant.  The Debtors hired Littler Mendelson PC, as special
counsel to represent them in labor relations matters.

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


ELITE INVESTORS: Amends PHH Mortgage Secured Claim Pay Details
--------------------------------------------------------------
Elite Investors, Inc., submitted an Amended Disclosure Statement
describing its Chapter 11 Plan of Liquidation dated October 16,
2022.

This is a Liquidation Plan. In other words, the Proponent seeks to
liquidate its assets to satisfy the Plan obligations. The Effective
Date of the proposed Plan is the date on which the Order of
Confirmation becomes final.

Class 1 consists of the Secured Claim of PHH Mortgage Corporation
on behalf of The Bank of New York Mellon. The allowed Secured Claim
of PHH Mortgage Corporation shall be paid from the sale of the
Debtor's Real Property which shall occur within 6 months subsequent
to the Effective Date. If the Real Estate is not sold within the
6-month period, an auctioneer shall be retained by the Debtor and
the Real Estate sold at auction sale. The Debtor anticipates the
filing of a Motion to Determine the Extent and Validity of Claim
No. 2-1 of PHH Mortgage Corporation.

Like in the prior iteration of the Plan, General Unsecured Claims
shall be paid in full from the sale of the Debtor's Real Property
which shall occur within 6 months subsequent to the Effective Date.
If the Real Estate is not sold within the 6-month period, an
auctioneer shall be retained by the Debtor and the Real Estate sold
at auction sale.

Interest holder Thomas Ippolito shall be paid to the extent
available after payment of all other creditor claims.

The Plan will be funded from the sale of the Debtor's Real Property
located at 2103 River Road, Point Pleasant Beach, NJ 08742.

The Debtor shall have 60 days subsequent to confirmation to object
to the allowance of claims. The Debtor anticipates the filing of a
Motion to Expunge the Claims of Global Funding Dynamics, Inc. and
Sunny Raja as there are no amounts owed by the Debtor to these
parties and it is the Debtor's position that these liens were
improperly placed upon the Debtor's Real Property.

Alternatively, or in the event that the Debtor is unsuccessful in
its Motions with respect to the claims of Global Funding Dynamics,
Inc. and Sunny Raja, the Debtor shall file a Motion to Sell its
Real Property Free and Clear of Liens and Encumbrances with
proceeds to attach to the allowed secured claim of PHH Mortgage
Corporation on behalf of The Bank of New York Mellon.

A full-text copy of the Amended Disclosure Statement dated October
16, 2022, is available at https://bit.ly/3ggpRVo from
PacerMonitor.com at no charge.

Attorney for Debtor:

     Eugene D. Roth, Esq.
     Valley Park East
     2520 Highway 35, Suite 307
     Manasquan, New Jersey 08736
     Telephone: (732) 292-9288

                   About Elite Investors Inc.

Elite Investors Inc. is a Single Asset Real Estate debtor (as
defined in 11 U.S.C. Section 101(51B)).  The Debtor is the fee
simple owner of a property located at 2103 River Road, Point
Pleasant, NJ valued at $1.58 million.

Elite Investors Inc. sought Chapter 11 bankruptcy protection
(Bankr. D.N.J. Case No. 22-13766) on May 9, 2022.  In the petition
filed by Thomas Ippolito, as president, Elite Investors estimated
assets between $ million and $10 million and estimated liabilities
between $500,000 and $1 million.  Eugene D. Roth, Esq., of LAW
OFFICE OF EUGENE D. ROTH, is the Debtor's counsel.


ENVIA HOLDINGS: Dec. 8 Plan & Disclosure Hearing Set
----------------------------------------------------
On Sept. 7, 2022, Envia Holdings LLC filed with the U.S. Bankruptcy
Court for the Northern District of California a Combined Plan and
Disclosure Statement.

On Oct. 13, 2022, Judge M. Elaine Hammond tentatively approved the
Disclosure Statement and ordered that:

     * Dec. 1, 2022, is fixed as the last day to file written
ballots accepting or rejecting the Plan.

     * Dec. 1, 2022, is fixed as the last day to file written
objections to the Disclosure Statement or to confirmation of the
Plan.

     * Dec. 8, 2022, in Courtroom 11, 280 South First Street, San
Jose, California is the hearing on final approval of the Disclosure
Statement and on confirmation of the Plan.

A copy of the order dated October 13, 2022, is available at
https://bit.ly/3CHUJ8F from PacerMonitor.com at no charge.

Debtor's counsel:

      Lars T. Fuller, Esq.
      Sam Taherian, Esq.
      Joyce K. Lau, Esq.
      The Fuller Law Firm, PC
      60 No. Keeble Ave.
      San Jose, CA 95126
      Tel: (408) 295-5595
      Fax: (408) 295-9852
      Email: admin@fullerlawfirm.net

                     About Envia Holdings

Envia Holdings, LLC, is a single asset real estate (as defined in
11 U.S.C. Sec. 101(51B)).  The company is based in San Jose,
Calif.

Envia Holdings sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Cal. Case No. 22-50489) on June 2, 2022, listing
between $1 million and $10 million in both assets and liabilities.
Nathaniel Villareal, sole member, signed the petition.

The case is assigned to Judge M. Elaine Hammond.

Lars T. Fuller, Esq., at The Fuller Law Firm, is the Debtor's
counsel.


EYEPOINT PHARMACEUTICALS: Terminates Deal With ImprimisRx
---------------------------------------------------------
As previously reported, EyePoint Pharmaceuticals, Inc. and Imprimis
Rx, LLC, a wholly owned subsidiary of Harrow Health, Inc., entered
into a Commercial Alliance Agreement, made effective as of Aug. 1,
2020, as modified by a Letter Agreement dated Nov. 12, 2020, and by
the further Letter Agreement dated Dec. 6, 2021.  

As a result of the calendar year 2023 Medicare Hospital Outpatient
Prospective Payment System and ASC Payment System Proposed Rule
published in the Federal Register by the Center for Medicare &
Medicaid Services on July 26, 2022, which did not contain an
extension of the pass-through payment period for DEXYCU beyond Dec.
31, 2022, the Company entered into a Mutual Termination Agreement
with ImprimisRx on Oct. 7, 2022, pursuant to which ImprimisRx and
the Company agreed to (a) continue to support the sales and
marketing of DEXYCU through the fourth quarter of 2022, consistent
with the ImprimisRx's level of effort during the January through
June 2022 period, (b) decrease the required minimum quarterly sales
levels based on DEXYCU unit demand for the fourth quarter of 2022,
and (c) terminate the Agreements effective Jan. 1, 2023.

                  About EyePoint Pharmaceuticals

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

EyePoint reported a net loss of $58.42 million for the year ended
Dec. 31, 2021, a net loss of $45.39 million for the year ended
Dec. 31, 2020, a net loss of $56.79 million for the year ended Dec.
31, 2019, and a net loss of $53.17 million for the year ended
June 30, 2018.  As of June 30, 2022, the Company had $233.43
million in total assets, $82.07 million in total liabilities, and
$151.37 million in total stockholders' equity.


GARDOU GROUP: Taps Thomas-Chambers Company as Real Estate Broker
----------------------------------------------------------------
Gardou Group, LLC seeks approval from the U.S. Bankruptcy Court for
the Northern District of California to employ Thomas-Chambers
Company to market for sale its real property located at 988 91st
Ave., Oakland, Calif.

The firm will be paid a commission of 5 percent of the sales
price.

Mathew Thomas, a partner at Thomas-Chambers Company, disclosed in a
court filing that his firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Mathew Thomas
     Thomas-Chambers Company
     449 W. MacArthur Blvd.
     Oakland, CA 94609
     Tel: (510) 214-6788
     Email: hq@thomas-chambersrealty.com

                         About Gardou Group

Gardou Group, LLC filed a petition under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Calif. Case No. 22-40889) on Sept. 12,
2022, with up to $1 million in both assets and liabilities. Joe
Jamar James Douglass, managing member, signed the petition.

Judge William J. Lafferty oversees the case.

Marc Voisenat, Esq., serves as the Debtor's legal counsel.


GAUCHO GROUP: Expands Argentina Real Estate Opportunities
---------------------------------------------------------
Gaucho Group Holdings, Inc. announced the formation of Gaucho
Development SRL, an Argentine holdings company slated to develop
the Company's recently acquired land holdings in the commercial and
business districts of San Rafael, Mendoza and Cordoba.  The Company
estimates potential rental income of more than US$260,000 annually,
once development is complete.

Last year, the Company purchased land holdings in Argentina in an
all-stock transaction valued at approximately $2.4 million.  One of
the property lots is located in the San Rafael, Mendoza region of
Argentina, and the other is located in the country's second largest
city of Cordoba, with the estimated fair market value of the
combined properties totaling approximately $2.4 million.  Both
properties are also located on major thoroughfares, seeing
significant foot and street traffic, and both with ample parking, a
feature considered a rare benefit in Argentine cities.

Scott Mathis, CEO & Chairman of Gaucho Holdings commented, "We've
already secured our first tenant (a well-known, multi-unit business
that has demonstrated a long operating history in Argentina) with a
ten-year lease at our San Rafael location.  As part of the same
property that is yet to be developed, there's an adjacent area on
which we intend to build a two-floor business center and commercial
marketplace containing six units on the ground floor and two units
on the top.  Similarly, at our Cordoba property, we intend to
develop a two-floor business center and marketplace containing four
units on the ground level and five units on the upper level.  As
both these locations offer ample customer parking, generally a rare
feature in Argentine cities, we believe we can set a premium on
rental asking prices.  Additionally, when we factor in an estimated
inflationary increase annually, the numbers year-over-year may be
significantly higher.  We believe the valuation of the real estate
was temporarily lowered because of the Covid crisis, which could
allow for substantial appreciation in the years ahead."

"Argentina's challenging economic environment certainly has its
negatives, but it can also provide extraordinary opportunities.  It
may serve us well to build in Argentine pesos, at the equivalent of
USD 70 per sq ft—which includes paying labor in the devalued
peso, and then further benefit from that scenario by leasing those
properties in U.S. dollars.  Our goal and model is to attempt to
'produce in pesos, then sell in USD' as much as we can.  We believe
we can duplicate this same model throughout Argentina's biggest
cities, such as Cordoba as well as Buenos Aires, for which we've
already targeted multiple prime locations.  One of our biggest
strengths may ultimately be having the ability to leverage
opportunities such as this because of our local, on-the-ground
experience.  Over the next 36 months, our goal is to invest 30
million USD under this same scenario.  We are excited about the
long-term opportunities this model may provide."

Algodon's Chief Operating Officer, Sergio Manzur Odstrcil,
commented: "Due to the current USD to Peso conversion rates and its
effect on labor and some materials costs, we are seeing historic
lows in building costs -- at values we have not seen in 30 years,
so now is the time to build.  We estimate it may cost approximately
USD 650 per sq m (USD 60 per sq ft) to build these commercial
business centers which, when combined, total approximate 2150 sq m
(23,142 sq ft).  We believe with the potential rental income we
could make back our building costs in a matter of just a few
years."

                        About Gaucho Group

Headquartered in New York, NY, Gaucho Group Holdings, Inc. --
http://www.algodongroup.com-- was incorporated on April 5, 1999.  
Effective Oct. 1, 2018, the Company changed its name from Algodon
Wines & Luxury Development, Inc. to Algodon Group, Inc., and
effective March 11, 2019, the Company changed its name from Algodon
Group, Inc. to Gaucho Group Holdings, Inc.  Through its
wholly-owned subsidiaries, GGH invests in, develops and operates
real estate projects in Argentina.  GGH operates a hotel, golf and
tennis resort, vineyard and producing winery in addition to
developing residential lots located near the resort.  In 2016, GGH
formed a new subsidiary and in 2018, established an e-commerce
platform for the manufacture and sale of high-end fashion and
accessories.  The activities in Argentina are conducted through its
operating entities: InvestProperty Group, LLC, Algodon Global
Properties, LLC, The Algodon - Recoleta S.R.L, Algodon Properties
II S.R.L., and Algodon Wine Estates S.R.L. Algodon distributes its
wines in Europe through its United Kingdom entity, Algodon Europe,
LTD.

Gaucho Group reported a net loss of $2.39 million for the year
ended Dec. 31, 2021, a net loss of $5.78 million for the year ended
Dec. 31, 2020, and a net loss of $6.96 million for the year ended
Dec. 31, 2019.  As of June 30, 2022, the Company had $25.01 million
in total assets, $10.25 million in total liabilities and $14.75
million in total stockholders' equity.


GENEVER HOLDINGS: Ho Wan Kwok Entity Files for Chapter 11
---------------------------------------------------------
Genever Holdings Corporation, a British Virgin Islands-based
company owned by Ho Wan Kwok, joined its owner and another
affiliate in Chapter 11 bankruptcy.

On Feb. 15, 2022, Ho Wan Kwok filed with the Court a voluntary
petition for relief under Chapter 11 of the Bankruptcy Code.

On June 15, 2022, the Court entered a memorandum of decision and
order directing the United States Trustee to appoint a Chapter 11
trustee in Ho Wan Kwok's case.  The United States Trustee selected
Luc A. Despins as the Trustee.

On Aug. 10, 2022, the Court entered an order (the "Corporate
Governance Rights Order") which, among other things, confirms the
Trustee holds all of the Individual Debtor's economic and
governance rights with respect to all corporate entities owned
and/or controlled by the Individual Debtor, including the Genever
(BVI) Debtor.

In accordance with the Corporate Governance Rights Order, the
Individual Debtor's shares in the Genever (BVI) Debtor were
transferred to the Trustee and such transfer was registered with
the registered agent for the Genever (BVI) Debtor in the British
Virgin Islands ("BVI").

On Sept. 14, 2022, the Trustee removed Ho Wan Kwok as the sole
director of the Genever (BVI) Debtor, replacing him with Claire
Abrehart of Harneys Corporate Services Limited (a BVI company that
provides, among other things, director services to clients
incorporated in the BVI).

On Oct. 12, 2020, Genever Holdings LLC ("Genever (US) Debtor")
filed its chapter 11 petition in the United State Bankruptcy Court
for the Southern District of New York (Bankr. S.D.N.Y. Case No.
20-12411).  The petition was signed by Clair Abrehart.

Genever (US) Debtor is a wholly owned subsidiary of Genever
Holdings Corporation (Genever (BVI) Debtor).  In its schedules of
assets and liabilities, the Genever (US) Debtor's only scheduled
assets are the Residence at the Sherry Netherland Hotel in New
York, New York, and a related security deposit for a total
scheduled value of approximately $73 million.

On Sept. 30, 2022, the Trustee and the Genever (US) Debtor filed a
motion in the New York Bankruptcy Court requesting that the Genever
(US) Debtor's chapter 11 case be transferred to the U.S. Bankruptcy
Court for the District of Connecticut, so that the Genever (US)
Debtor's chapter 11 case can be jointly administered with the
Individual Debtor's chapter 11 case.  The hearing on the Venue
Transfer Motion is currently scheduled for Oct. 25, 2022.

On Oct. 11, 2022, Genever Holdings Corporation (Genever (BVI)
Debtor) filed a Chapter 11 petition in Connecticut.  The Debtor
said it had total debt of at least $100 million and between 100 and
199 creditors.  The petition states that funds will be available to
unsecured creditors.

The Ho Wan Kwok Trustee and the Genever (BVI) Debtor have filed a
motion for joint administration of their Chapter 11 cases.

"Given that the Trustee is administering the Individual Debtor's
estate and is the registered owner of the shares in the Genever
(BVI) Debtor, joint administration of the Chapter 11 Cases will
provide significant administrative convenience without harming the
substantive rights of any party in interest.  Many of the motions,
hearings, and orders in the Chapter 11 Cases will affect both the
Individual Debtor and the Genever (BVI) Debtor, including as it
relates to the Sherry Netherland Apartment," according to the
motion for joint administration.

                  About Genever Holdings Corporation

Genever Holdings Corporation is engaged in activities related to
real estate.

Genever Holdings Corporation sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Conn. Case No. 22-50542) on
Oct. 11, 2022. In the petition filed by Claire Abrehart, as
director, the Debtor reported assets between $10 million and $50
million and liabilities between $100 million and $500 million.

The Debtor is represented by Patrick R. Linsey of Neubert Pepe &
Monteith, P.C.


GL INVESTMENTS: Plan & Disclosures Due Jan. 16, 2023
----------------------------------------------------
Judge Victoria S. Kaufman has entered an order that GL Investments
Group, LLC must file a proposed Chapter 11 Plan and related
Disclosure Statement no later than Jan. 16, 2023.

The Court will hold a continued Chapter 11 status conference in the
bankruptcy case on Feb. 9, 2023 at 1:00 p.m. in Courtroom 301,
21041 Burbank Blvd., Woodland Hills, CA 91347.

That the Debtor or any appointed Chapter 11 trustee must file a
status report, to be served on the Debtor's 20 largest unsecured
creditors, all secured creditors, and the United States trustee, no
later than Jan. 26, 2023.  The status report must be supported by
evidence in the form of declarations and supporting documents.

                    About GL Investments Group

GL Investments Group, LLC, a company in Reseda, Calif., filed its
voluntary petition for Chapter 11 protection (Bankr. C.D. Cal. Case
No. 22-10960) on Aug. 17, 2022, with up to $50,000 in assets and up
to $10 million in liabilities.  Hen Levi, manager of GL Investments
Group, signed the petition.

Judge Hon. Victoria S. Kaufman oversees the case.

Matthew Abbasi, Esq., at Abbasi Law Corporation, serves as the
Debtor's legal counsel.


IBIO INC: Incurs $50.3 Million Net Loss in FY Ended June 30
-----------------------------------------------------------
iBio Inc. filed with the Securities and Exchange Commission its
Annual Report on Form 10-K reporting a net loss attributable to the
company of $50.30 million on $2.38 million of revenues for the year
ended June 30, 2022, compared to a net loss attributable to the
company of $23.21 million on $2.37 million of revenues for the year
ended June 30, 2021.

As of June 30, 2022, the Company had $99.41 million in total
assets, $35.92 million in total liabilities, and $63.48 million in
total equity.

Holmdel, New Jersey-based CohnReznick LLP, the Company's auditor
since 2010, issued a "going concern" qualification in its report
dated Oct. 11, 2022, citing that the Company has suffered recurring
losses from operations and negative cash flows from operating
activities for the years ended June 30, 2022 and 2021 and has an
accumulated deficit as of June 30, 2022.  These matters, among
others, raise substantial doubt about its ability to continue as a
going concern.

iBio said, "We held cash, cash equivalents and investments in debt
securities of $39.5 million as of June 30, 2022.  Based on current
trends and activities, there is significant doubt that we can
continue as a going concern beyond Q3 of Fiscal 2023.  We are
currently evaluating a number of potential options to expand our
cash runway, the implementation of which will impact our liquidity.
Potential options being considered to increase liquidity include
lowering our expenses through decreasing spending and focusing
product development on a select number of product candidates, the
sale or out-licensing of certain product candidates or parts of the
business, raising money from capital markets, grant revenue or
collaborations, or a combination thereof.  Regardless of whether we
are able to reduce our burn rate or sell or out-licensing certain
assets or parts of the business, we will need to raise additional
capital in order to fully execute our longer-term business plan.
We believe based on input from expert advisors, that it is likely
we will be able to implement one or more options that will extend
our cash runway for 12 months or more from the date of the filing
of this Annual Report on Form 10-K.  However, there can be no
assurance that we will be successful in implementing any of the
options that we are evaluating."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1420720/000142072022000064/ibio-20220630x10k.htm

                               About iBio

Bryan, Texas- based iBio, Inc. -- http://www.ibioinc.com-- is a
developer of next-generation biopharmaceuticals using its
proprietary Artificial Intelligence-Driven Discovery Platform and
FastPharming Manufacturing System.  The Company is focusing its
technologies on the research and development of novel products at
its Drug Discovery Center in California.  The Company is currently
using its FastPharming Manufacturing System and GlycaneeringSM
Technologies to develop its portfolio of proprietary biologic drug
candidates.  The Company also offers contract development and
manufacturing services from its 130,000 square foot cGMP facility
in Texas.


INDIANA WELLNESS: Taps Hester Baker Krebs as Legal Counsel
----------------------------------------------------------
Indiana Wellness, LLC seeks approval from the U.S. Bankruptcy Court
for the Northern District of Indiana to employ Hester Baker Krebs,
LLC as its legal counsel.

The firm's services include:

   a. taking necessary or appropriate actions to protect and
preserve the Debtor's estate, including the prosecution of actions
on the Debtor's behalf, the defense of any actions commenced
against the Debtor, the negotiation of disputes in which the Debtor
is involved, and the preparation of objections to claims filed
against the estate;

   b. preparing legal papers;

   c. providing advice and assisting in the preparation of
necessary documentation and pleadings regarding debt restructuring,
statutory bankruptcy issues, post-petition financing, real estate,
business and commercial litigation, tax, and, as applicable, asset
dispositions;

   d. advising the Debtor with regard to its rights and obligations
and its powers and duties in the continued management and
operations of its businesses and properties;

   e. taking actions in connection with a plan of reorganization,
disclosure statement and all related documents, and such further
actions as may be required in connection with the administration of
the estate; and

   f. performing other necessary legal services in connection with
the Debtor's Chapter 11 case.

The firm will be paid at these rates:

     David R. Krebs, Attorney     $415 per hour
     Donna Adams, Paralegal       $180 per hour

In addition, the firm will be reimbursed for its out-of-pocket
expenses.

David Krebs, Esq., a partner at Hester Baker Krebs, disclosed in a
court filing that his firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.

Hester Baker Krebs can be reached at:

     David R. Krebs, Esq.
     Hester Baker Krebs, LLC
     1 Indiana Square, Suite 1600
     Indianapolis, IN 46204
     Tel: (317) 833-3030
     Email: dkrebs@hbkfirm.com

                       About Indiana Wellness

Indiana Wellness, LLC is a company in Lafayette, Ind., which is
primarily engaged in general out-patient care services.

Indiana Wellness filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. N.D. Ind. Case No. 22-40176) on July
11, 2022, with $190,785 in assets and $3,710,496 in liabilities.
Douglas R. Adelsperger serves as Subchapter V trustee.

Judge Robert E. Grant oversees the case.

David R. Krebs, Esq., at Hester Baker Krebs, LLC and Thieme Adair &
Riley CPAs serve as the Debtor's legal counsel and accountant,
respectively.


J&C MAY PROPERTIES: TD Home Center Files in Arkansas
----------------------------------------------------
J&C May Properties LLC filed for chapter 11 protection in the
Eastern District of Arkansas without stating a reason.

J&C May Properties LLC, doing business as TD Home Center, disclosed
$3.219 million in total assets against $5.111 million in
liabilities in its schedules.  The Debtor says it owns property at
314 Sylamore Avenue, at Mountain View, Arkansas 72560 valued at
$1.34 million.

The Debtor said it had between 1 and 49 creditors, and that funds
will be available to unsecured creditors.

A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
Nov. 15, 2022, at 10:00 AM at Ch. 11 Tele-Meeting of Creditors.

                   About J&C May Properties

J&C May Properties LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 22-12804) on
October 11, 2022. In the petition filed by Contessa May, as member,
the Debtor reported assets and liabilities between $1 million and
$10 million each.

The Debtor is represented by Kevin P. Keech of KEECH LAW FIRM, PA.



JAB OF ROCKLAND: Plan Filing Deadline Extended to Nov. 30
---------------------------------------------------------
Judge Sean H. Lane has entered an order the time for the JAB of
Rockland, Inc., d/b/a David's Bagels, to file a Chapter 11 Plan and
Disclosure Statement pursuant to 11 U.S.C. Sec. 1121 (e)(3) is
extended up to and including Nov. 30, 2022.

The time for the Debtor to obtain confirmation of a Chapter 11 Plan
pursuant to 11 U.S.C. Sec. 1121 (e)(3) is extended up to and
including Jan. 15, 2023.

                     About JAB of Rockland

JAB of Rockland, Inc., which conducts business under the name
David's Bagels, filed a Chapter 11 bankruptcy petition (Bankr.
S.D.N.Y. Case No. 19-23153) on June 11, 2019, disclosing under $1
million in both assets and liabilities. Judge Robert D. Drain
oversees the case.  The Debtor is represented by Elizabeth A. Haas,
Esq., PLLC.


JCB TRUCKING: Taps Hester Baker Krebs as Legal Counsel
------------------------------------------------------
JCB Trucking Enterprises, LLC seeks approval from the U.S.
Bankruptcy Court for the Northern District of Indiana to employ
Hester Baker Krebs, LLC as its legal counsel.

The firm's services include:

   a. taking necessary or appropriate actions to protect and
preserve the Debtor's estate, including the prosecution of actions
on the Debtor's behalf, the defense of any actions commenced
against the Debtor, the negotiation of disputes in which the Debtor
is involved, and the preparation of objections to claims filed
against the estate;

   b. preparing legal papers;

   c. providing advice and assisting in the preparation of
necessary documentation and pleadings regarding debt restructuring,
statutory bankruptcy issues, post-petition financing, real estate,
business and commercial litigation, tax, and, as applicable, asset
dispositions;

   d. advising the Debtor with regard to its rights and obligations
and its powers and duties in the continued management and
operations of its businesses and properties;

   e. taking actions in connection with a plan of reorganization,
disclosure statement and all related documents, and such further
actions as may be required in connection with the administration of
the estate; and

   f. performing other necessary legal services in connection with
the Debtor's Chapter 11 case.

Hester will be paid $415 per hour for the services of its attorneys
and $180 per hour for paralegal services. The firm will be
reimbursed for its out-of-pocket expenses.

David Krebs, Esq., a partner at Hester Baker Krebs, disclosed in a
court filing that his firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.

Hester Baker Krebs can be reached at:

     David R. Krebs, Esq.
     Hester Baker Krebs, LLC
     1 Indiana Square, Suite 1600
     Indianapolis, IN 46204
     Tel: (317) 833-3030
     Email: dkrebs@hbkfirm.com

                  About JCB Trucking Enterprises

JCB Trucking Enterprises, LLC is a privately held company operating
in the general freight trucking industry. The company is based in
Lafayette, Ind.

JCB Trucking Enterprises and its affiliate, JKM Storage & Rentals,
LLC, filed petitions under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. N.D. Ind. Lead Case No. 22-40047) on March
18, 2022, listing up to $50,000 in assets and up to $10 million in
liabilities. Douglas R. Adelsperger serves as Subchapter V
trustee.

Judge Robert E. Grant oversees the cases.

David R. Krebs, Esq., at Hester Baker Krebs, LLC and Heath CPA &
Associates serve as the Debtors' legal counsel and accountant,
respectively.


LANNETT COMPANY: Moody's Cuts CFR to Ca & First Lien Notes to Caa3
------------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Lannett
Company, Inc., including the Corporate Family Rating to Ca from
Caa1 and the Probability of Default Rating to Ca-PD from B3-PD.
Moody's also downgraded the first lien senior secured notes rating
to Caa3 from B3. The Speculative Grade Liquidity Rating was
downgraded to SGL-4 from SGL-3. The ratings outlook is stable.

The downgrade reflects Moody's expectation for continued
deterioration in Lannett's operating performance, as base portfolio
of oral generic drugs will continue to erode due to intense
competitive pricing pressures. Given the forecast of negative
EBITDA over the next year, Moody's views Lannett's debt levels as
unsustainably high, and liquidity as weak, with the company
continuing to burn through cash balance, well into fiscal year
2024. Therefore, Moody's believes there is an increasing likelihood
of a distressed exchange, over the next 12-18 months.

Lannett will be very dependent on the approval and commercial
success of several pipeline opportunities to return to earnings
growth and to de-lever. These include biosimilar versions of
insulin glargine and aspart, as well as generic Advair. However,
none of these will have a meaningful contribution to earnings until
fiscal 2024. Furthermore, given Lannett's material reduction in
capital market access and enterprise value, any major setbacks to
these programs will further increase probability of a distressed
exchange or a default.

Governance considerations are material to the rating action. The
company's earnings have deviated materially from management's prior
forecasts resulting in ongoing operating losses. While the company
is dealing with its operational challenges, its liquidity has
weakened due to negative free cash flow in recent quarters. The
uncertain prospects of near-term profit recovery raise the risk of
Lannett pursuing a transaction that Moody's considers to be a
distressed exchange (and hence a default under Moody's
definition).

Downgrades:

Issuer: Lannett Company, Inc.

Corporate Family Rating, Downgraded to Ca from Caa1

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

Speculative Grade Liquidity Rating, Downgraded to SGL-4 from
SGL-3

Senior Secured 1st Lien Global Notes, Downgraded to Caa3 (LGD3)
from B3 (LGD4)

Outlook Actions:

Issuer: Lannett Company, Inc.

Outlook, Remains Stable

RATINGS RATIONALE

Lannett's Ca Corporate Family Rating is constrained by negative
earnings and very high debt levels, along with weak liquidity
reflected in sustained negative free cash flows. The rating is also
constrained by Lannett's modest size with revenues declining to
under $350 million and concentration in the US generic drug market.
Critical to Lannett's ability to reverse earnings declines will be
the cumulative contributions from higher value new product launches
from Lannett's internal and acquired pipeline. Lannett has several
sizeable market opportunities that remain in development but are
several years away.

The SGL-4 reflects Moody's expectation that Lannett's liquidity
will be weak over the next 12-15 months. The company had roughly
$88 million of cash as of June 30, 2022, which will be bolstered by
a tax refund of approximately $26 million, expected to be received
over the next couple of months. However, Lannett will remain
materially cash flow consumptive over the next 12 months, with the
expectation of negative EBITDA. Beginning in April 2022, interest
paid on Lannett's second lien credit facility is paid half in-kind
($9.5 million) and half in cash (previously all paid-in-kind).

Lannett has a $45 million asset-based revolver (ABL) that will
expire in the earlier of April 2026 or 90 days prior to any debt
maturity, and which was undrawn as of June 30, 2022. The ABL has a
springing fixed charge covenant only when availability drops below
15% (less than $6.8 million). The 2nd lien also has a minimum cash
requirement of $15 million at the end of every month and $5 million
at any time.

The first lien senior secured notes are rated Caa3, one notch
higher than the Ca Corporate Family Rating, reflecting uplift from
junior debt in the capital structure in the form of a second lien
facility (unrated) and $86 million of unsecured convertible notes
(unrated). The Caa3 rating reflects the increased risk of a default
given that the company remains distressed and has weak liquidity as
well as Moody's expectation that without the success of Lannett's
large pipeline opportunities, recovery would be low.

The outlook is stable. Moody's expects Lannett to remain distressed
and there is a heightened risk of default given the weak liquidity
and risks surrounding the ongoing sustainability of the business
and operating performance

ESG considerations have a very highly negative credit impact
(CIS-5) on Lannett (previously CIS-3). Lannett faces very highly
negative exposures to governance risk (G-5, previously G-4). The
score reflects financial policies that are aggressive, given that
Lannett operates with very high debt levels, and a capital
structure that Moody's views as untenable. In addition, the score
reflects weakness in management's track record highlighted by
declining earnings that have deviated materially from management's
prior forecasts resulting in ongoing operating losses.

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

Factors that could lead to a downgrade include weakening liquidity
primarily due to weaker cash flow or unfavorable regulatory
outcomes on Lannett's key late-stage pipeline assets. Failure to
demonstrate sustainable earnings growth or transactions that
increase the probability of default could also result in a
downgrade.

Factors that could lead to an upgrade include improved earnings
growth and improving liquidity from cash flow generation.

Lannett Company, Inc. ("Lannett"), headquartered in Philadelphia,
Pennsylvania is a generic drug manufacturer and distributor with
capabilities in difficult-to-manufacture products. Lannett reported
revenues of $341 million for the twelve months ended June 30,
2022.

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


LUMILEDS HOLDING: $275MM DIP Loan from Deutsche Bank Has Final OK
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The U.S. Bankruptcy Court for the Southern District of New York
authorized Bright Bidco B.V., an affiliate of Lumileds Holding B.V.
to, among other things, use cash collateral and obtain postpetition
financing, on a final basis.

Bright Bidco B.V., in its capacity as borrower, and each of the
other Debtors, with the exception of Luminescence Cooperatief U.A.
and Aegletes B.V., as guarantors, obtained postpetition financing,
on a joint and several basis, under a senior secured superpriority
term loan debtor-in-possession facility in an aggregate principal
amount of $275 million, consisting of:

     (i) a first lien senior secured superpriority term loan
facility in the aggregate principal amount of up to $175 million,
which will, upon entry of the Proposed Interim Order, be available
to be drawn in up to two drawings, and

    (ii) a delayed-draw term loan in a principal amount of up to
$100 million, with the funding of the DIP Loans to be coordinated
by Deutsche Bank Securities Inc., which will available to be drawn
in a single drawing upon entry of the Proposed Final Order;
provided, however, the Delayed Draw DIP Facility will only be
funded if (A) the Debtors do not obtain authority from the Court to
maintain a Receivables Factoring Facility or (B) Credit Agricole
fails to continue performing under the Receivables Factoring
Facility.

Deutsche Bank AG New York Branch serves as administrative agent,
collateral agent, and escrow agent under the DIP Agreement.

Under the agreement dated as of June 30, 2017, by and among Bright
Bidco B.V., certain of the Debtors, the lenders party thereto, and
Deutsche Bank, as administrative agent and collateral agent, the
Prepetition Lenders provided loans thereunder in a total aggregate
principal amount outstanding as of the Petition Date of not less
than $1.7 billion, including (a) $1.6 billion in principal amount
of Term Loans and (b) $87.5 million of Revolving Facility Loans. In
addition, there are not less than $12.1 million of letters of
credit that have been issued (but remain undrawn) under the
Prepetition Credit Agreement pursuant to a letter of credit
sub-facility.

As adequate protection, the Prepetition First Lien Secured Parties
are granted valid, enforceable, binding, non-avoidable, and fully
perfected first priority priming liens on and senior security
interests in substantially all of the property, assets, and other
interests in property and assets of the Debtor Loan Parties.

As further adequate protection, the Prepetition First Lien Secured
Parties are granted superpriority administrative expense claims
against each of the Debtors' estates to the Funding Coordinator,
the DIP Agent and the DIP Lenders with respect to the DIP
Obligations over any and all administrative expenses of any kind or
nature subject and subordinate only to the payment of the Carve Out
on the terms and conditions set forth in the Court's Order and the
DIP Loan Documents.

The Carve Out refers to certain statutory fees, including allowed
professional fees of the Debtors and any official committee of
unsecured creditors appointed in these Chapter 11 Cases pursuant to
section 1103 of the Bankruptcy Code.

The DIP Loan Agreement provides for certain milestones related to
the Chapter 11 Cases, including:

     (a) Entry of Proposed Interim Order that is acceptable the DIP
Agent and to the DIP Lenders holding at least 50.1% of the
outstanding unused commitments and term loans under the DIP
Facility, within five days following the Petition Date;

     (b) Entry of Proposed Final Order that is acceptable to the
DIP Agent the Requisite DIP Lenders within 30 days following the
Petition Date;

     (c) Entry by the Bankruptcy Court of a combined order
confirming a plan of reorganization that is acceptable to the
Requisite DIP Lenders and approving the disclosure statement with
respect to the Acceptable Plan within 45 days following the
Petition Date; and

     (d) Consummation of the Acceptable Plan within 65 days
following the Petition Date.

The Debtors' failure to comply with the milestones will constitute
an "Event of Default" in accordance with the terms of the DIP Loan
Agreement.  

A copy of the order is available at https://bit.ly/3rZ5Y7W from
PacerMonitor.com.

                   About Lumileds Holding B.V.

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

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

Judge Lisa G. Beckerman oversees the case.

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

Davis Polk & Wardwell LLP serves as counsel to the DIP Lenders.

The Secured Lender Group retained Gibson Dunn & Crutcher LLP,
Loyens & Loeff N.V., Roland Berger LP, and PJT Partners LP, as
counsel or financial advisor.



MAM CORPORATION: Plan Filing Deadline Extended to Nov. 7
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Judge Edward A. Godoy has entered an order granting the motion
filed by Mam Corporation for a 30-day extension of time to file the
Disclosure Statement and Plan of Reorganization until Nov. 7,
2022.

In seeking an extension, the Debtor explained that during the past
weeks, the Debtor and secured creditor OSP Consortium LLC have been
engaged in settlement negotiations that may dispose of the
contested matters and address the treatment for OSP's claim within
the case.

OSP figures and remains as the only secured creditor in the case
with interest over the collateral.  Further, as it is, it is a
creditor with substantial amounts when compared to other
creditors.

Therefore, according to the Debtor, the result and terms of a
settlement with this secured creditor are critical to the filing of
a plan, as these terms will define the nature and structure of the
Plan itself.  Although the parties have cooperating in good faith
to conclude the negotiations, and have it submitted to the Court,
due to its complexity, they were unable to complete such task prior
to the initial timeframe to file a Plan.

                      About MAM Corporation

MAM Corporation sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 22-01315) on May 9, 2022,
listing up to $1 million in assets and up to $10 million in
liabilities.  Agustin Rivera Guzman, president of MAM Corporation,
signed the petition.

Judge Edward A. Godoy oversees the case.

The Debtor tapped Wigberto Lugo Mender, Esq., at Lugo Mender Group,
LLC, as legal counsel.


MCCLAIN INVESTMENTS: Taps Dunham Hildebrand as Legal Counsel
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McClain Investments TN, LLC seeks approval from the U.S. Bankruptcy
Court for the Middle District of Tennessee to employ Dunham
Hildebrand, PLLC as its legal counsel.

The firm's services include:

   (a) rendering legal advice with respect to the rights, powers
and duties of the Debtor in the management of its property;

   (b) investigating and, if necessary, instituting legal action to
collect and recover assets of the estate of the Debtor;

   (c) preparing legal papers;

   (d) assisting the Debtor in the preparation, presentation and
confirmation of its disclosure statement and plan of
reorganization;

   (e) representing the Debtor as may be necessary to protect its
interests; and

   (f) performing other legal services that may be necessary in the
general administration of the Debtor's estate.

The firm's hourly rates are as follows:

     Attorneys        $350 to $425 per hour
     Paralegals       $150 per hour

In addition, the firm will be reimbursed for out-of-pocket expenses
incurred.

R. Alex Payne, Esq., the firm's attorney who will be providing the
services, disclosed in a court filing that he is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The firm can be reached at:

     R. Alex Payne, Esq.
     Dunham Hildebrand, PLLC
     2416 21st Avenue South, Suite 303
     Nashville, TN 37212
     Tel: 615-933-5851
     Fax: 615-777-3765
     Email: alex@dhnashville.com

                   About McClain Investments TN

Tennessee-based McClain Investments TN, LLC is in the business of
owning and contracting for the development of residential real
estate in Nashville and the immediate surrounding area.

McClain Investments TN filed a petition for relief under Subchapter
V of Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Case No.
3:22-bk-03142) on Sept. 29, 2022, with $1 million to $10 million in
both assets and liabilities. Courtney Hunter Gilmer has been
appointed as Subchapter V trustee.

Judge Randal S. Mashburn oversees the case.

The Debtor is represented by R. Alex Payne of Dunham Hildebrand,
PLLC.


MERCURITY FINTECH: Appoints Five New Directors to Board
-------------------------------------------------------
Mercurity Fintech Holding Inc.'s Board of Directors has appointed
Alan Curtis, Daniel Kelly Kennedy, Zheng Cui, Qian Sun, and Hui
Cheng as new directors of the Company, effective as of Oct. 9,
2022, among whom Alan Curtis, Zheng Cui, and Hui Cheng are deemed
independent under Nasdaq Rule 5605(a)(2).

"We are pleased to welcome Alan, Daniel, Zheng, Qian and Hui as new
directors to the Board at this important time.  We are confident
they will bring a wealth of knowledge and experience that further
strengthen and diversify the perspectives and expertise of our
Board as we continue to execute our strategy and enhance value,"
said Shi Qiu, CEO of the Company.

About Alan Curtis

Mr. Alan Curtis, age 79, is an American public policy expert.  Mr.
Curtis served as a public safety advisor to Presidents Lyndon B.
Johnson and Jimmy Carter.  Since 1968, Mr. Curtis has served on the
National Advisory Commission on Civil Disorders, known as the
Kerner Commission.  In 1969, Mr. Curtis was appointed as an
assistant director of Crimes of Violence task force on President
Lyndon B. Johnson's National Commission on the Causes and
Prevention of Violence.  Between 1977 and 1981, Mr. Curtis served
as Executive Director of President Jimmy Carter's Urban and
Regional Policy Group and as an Urban Policy Advisor to the
Secretary of Housing and Urban Development.  In 1981, Mr. Curtis
was named as founding president and chief executive officer of the
Milton S. Eisenhower Foundation, which identifies, funds,
evaluates, and builds evidence-based programs for disadvantaged
American youth and families.  In 2018, Mr. Curtis published a book
titled Healing Our Divided Society: Investing in America Fifty
Years after the Kerner Report, and Mr. Curtis proposed
evidence-based policies for employment, education, housing,
community development, and criminal justice.  Mr. Curtis holds an
A.B. in Economics from Harvard, a M.Sc. in Economics from the
University of London and a Ph.D. in Criminology and Urban Policy
from the University of Pennsylvania.

About Daniel Kelly Kennedy

Mr. Daniel Kelly Kennedy, age 38, is an educator, writer and
inspirational leader in international business and
entrepreneurship. From August 2015 to August 2016, Mr. Kennedy was
an Academic English Professor at Moraine Park Technical College in
Beaver Dam, Wisconsin.  From August 2016 to August 2017, Mr.
Kennedy was an International Business/Social Media Coordinator at
Mozaik Education in Szeged, Hungary.  From September 2017 to May
2018, Mr. Kennedy worked as a Yoga/Meditation teacher at the Lodge
at Woodloch in Hawley, Pennsylvania.  From August 2020 to July
2022, Mr. Kennedy worked as an Academic English Professor at Campus
Education in New York City.  From June 2021 to the present, Mr.
Kennedy has been a Columnist for "Entrepreneur Magazine" in New
York City.  Mr. Kennedy has been writing and publishing articles on
various subject ranging from finance to life style.  Since June
2022, Mr. Kennedy has worked at BIT Mining, a leading publicly
traded cryptocurrency mining company, as a Marketing Manager
responsible for managing social media, public relations, investor
relations and maintaining a professional and intelligent public
image.  Mr. Kennedy holds a bachelor's degree in history and a
Master's degree in Education from King's College in Pennsylvania.

About Zheng Cui

Mr. Zheng Cui, age 36, is a sales and marketing professional,
advisor, and entrepreneur.  From 2011 to 2014, Mr. Cui worked at
Martinwolf, a M&A advisory firm, as an Analyst providing various
analytic and research supports in advisory assignments, including
sell-side and buy-side M&A transactions, cross-border corporate
strategy advisory and limited finder.  From 2014 to 2020, Mr. Cui
worked at Beyondsoft, a leading IT consulting, solution and
services provider, as a sales and marketing professional
responsible for the U.S. and Australia markets.  In addition, in
2013, Mr. Cui founded Indeed Consulting Company, an education
consulting firm, and built Indeed Consulting Company until 2020,
which currently has two offices and over 100 consultants.  In 2020,
Mr. Cui joined in Mont Bleu Web3 Investment and Advisory as a
Partner to provide investment and advisory services to support
portfolio and client services for Web3.  In 2021, Mr. Cui invested
and founded Be Humble, a cannabis investment company.  Mr. Cui
graduated from the University of California, Berkeley, with a
Bachelor of Arts degree in Political Economy.

About Qian Sun

Ms. Qian Sun, age 34, has more than 10 years of experience in
corporate management and industrial investment.  In 2010, Ms. Sun
joined Shenzhen Worldunion Group (SZ:002285), a publically traded
real estate services company in China, as a Project Planner in
Northern China, responsible for the project planning and marketing
in Northern China.  Thereafter, from 2012 to 2017, Ms. Sun worked
at Bei Hui United Education, an online education company, as an
Assistant to the Chairman and Operation Director respectively,
responsible for the development of the company's curriculum and
daily operation management.  From 2017 to 2020, Ms. Sun worked at
Blockchainer, a blockchain consulting and incubation platform
company, as a Partner responsible for providing one-stop consulting
and incubation services in the blockchain field.  From 2020 to
2022, Ms. Sun worked at Consensus Labs, a leading blockchain
investment and research firm, as a Partner responsible for industry
research and post-investment management.  Ms. Sun holds a
bachelor's degree in Management from Beijing Normal University.

About Hui Cheng

Mr. Hui Cheng, age 30, is an entrepreneur in the Internet and
financial technology industry.  From 2016 to 2018, Mr. Cheng worked
at IDG Capital, a venture capital investment firm, as an Investment
Associate.  From 2018 to 2019, Mr. Cheng worked at Qudian Group
(NYSE:QD), a financial technology service company in China, as a
special assistant to the chief executive officer, responsible for
business globalization.  From 2019 to 2022, Mr. Cheng worked for
Kuaishou Technology (SEHK:01024), a live streaming services and
online marketing services provider, responsible for Kuaishou
Technology's global operation, including marketing and localization
operations in Latin America and Southeast Asia.  Mr. Cheng holds a
Bachelor of Science and a Master of Science in Management from
Tsinghua University.

                          About Mercurity

Formerly known as JMU Limited, Mercurity Fintech Holding Inc. is a
digital fintech group powered by blockchain technology.  The
Company's primary business scope includes digital asset trading,
asset digitization, cross-border remittance and other services,
providing compliant, professional, and highly efficient digital
financial services to its customers.  The Company recently began
to narrow in on Bitcoin mining, digital currency investment and
trading, and other related fields.  This shift has enabled the
company to deepen its involvement in all aspects of the blockchain
industry, from production to circulation.

Mercurity reported a net loss of $20.75 million for the year ended
Dec. 31, 2021, a net loss of $1.65 million for the year ended
Dec. 31, 2020, a net loss of $1.22 million for the year ended Dec.
31, 2019, a net loss of $123.24 million for the year ended Dec. 31,
2018, and a net loss of $161.90 million for the year ended Dec. 31,
2017.


MIDAS CONSTRUCTION: Gets OK to Hire Steadman Law Firm as Counsel
----------------------------------------------------------------
Midas Construction, LLC received approval from the U.S. Bankruptcy
Court for the District of South Carolina to employ Steadman Law
Firm, P.A. as its legal counsel.

The firm's services include:

   a) assisting and advising the Debtor relative to the
administration of its Chapter 11 case;

   b) advising the Debtor with respect to its powers and duties in
the continued management and operation of its business and
property;

   c) representing the Debtor before the bankruptcy court and
advising the Debtor on pending litigation, hearings, motions, and
decisions of the court;

   d) advising the Debtor regarding applications, orders, and
motions filed by third parties;

   e) attending meetings conducted pursuant to Section 341(a) of
the Bankruptcy Code and representing Debtor at all examinations;

   f) communicating with creditors and other parties in interest;

   g) assisting the Debtor in preparing legal papers;

   h) conferring with other professionals retained by the Debtor
and other parties in interest;

   i) negotiating and preparing the Debtor's Chapter 11 plan,
disclosure statement and all related documents, and taking any
necessary actions to obtain confirmation of the plan; and

   j) performing other necessary legal services for the Debtor in
connection with its bankruptcy case.

The firm will be paid at these rates:

     Attorneys      $300 to $395 per hour
     Paralegals     $90 per hour

In addition, the firm will be reimbursed for out-of-pocket expenses
incurred.

Richard Steadman, Jr., a partner at Steadman Law Firm, disclosed in
a court filing that his firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Richard A. Steadman, Jr., Esq.
     Steadman Law Firm, P.A.
     6296 Rivers Avenue, Suite 102
     Charleston, SC 29406
     Tel: (843) 529-1100
     Email: rsteadman@steadmanlawfirm.com

                     About Midas Construction

Midas Construction, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D. S.C. Case No.
22-02637) on Sept. 29, 2022, with up to $500,000 in both assets and
liabilities. Christine E. Brimm has been appointed as Subchapter V
trustee.

Judge Elisabetta G.M. Gasparini oversees the case.

Richard A Steadman, Jr., Esq., at Steadman Law Firm, P.A. is the
Debtor's counsel.


MTG INC: Trustee's Spoliation Claim vs. Comerica Bank Denied
------------------------------------------------------------
In the adversary proceeding captioned as In the matter of: MTG,
Inc., Chapter 7, Debtor, GUY C. VINING, etc., Plaintiff, v.
COMERICA BANK, et al., Defendants, Adv. Pro. No. 03-4950, (Bankr.
E.D. Mich.), Bankruptcy Judge Thomas J. Tucker denies the contempt
motion against Comerica Bank and its counsel filed by the Guy C.
Vining, Chapter 7 Trustee in the Debtor M.T.G., Inc.'s bankruptcy
case.

The Trustee seeks for an order (1) finding Comerica and its counsel
in contempt of various discovery orders for their failure to
produce documents related to, and necessary for the estate's
prosecution of its lender liability claims against Comerica; (2)
awarding monetary sanctions against Comerica and its counsel for
their violation of their discovery duties and discovery orders and
their spoliation of evidence; (3) requiring Comerica to produce
certain documents allegedly missing from Comerica's document
production; and (4) permitting Vining to conduct further
discovery.

The Court denies the Contempt Motion in its entirety, primarily
because the Trustee has failed to identify any documents that ever
existed, but that were not produced in discovery, that would be
material to the prosecution of any of Vining's claims, including
any lender-liability-type claims against Comerica Bank
("Comerica").

Citing the case titled In Global Technovations, Inc. v. Onkyo
U.S.A. Corp. (In re Global Technovations, Inc.), the Court notes
that "a party seeking sanctions for the spoliation of evidence has
the burden of proving that the spoliating party (1) had control
over the evidence and an obligation to preserve it at the time of
destruction or loss; (2) acted with a culpable state of mind in
destroying or losing the evidence; and that (3) the missing
evidence is relevant to the innocent party's claim or defense."

The Trustee argues that the allegedly missing documents are
relevant to his pre-petition claims because they relate to
Comerica's loan advances on MTG's line of credit and on its Letter
of Credit for the FPT machine, "made after Comerica's June 21, 1995
meeting with the Becker Group and Debtor." He further argues that
not having the allegedly missing documents has prevented him from
prosecuting his post-petition claims against Comerica. But the
Trustee does not state how or why the allegedly missing documents
would support any of his post-petition claims against Comerica.

Comerica argues that "neither Comerica nor its counsel have
'concealed' records from the Trustee or committed 'discovery
fraud.' Comerica argues "that most of the documents claimed to have
been 'concealed' either (a) never existed in the first place; (b)
were never requested in discovery; (c) have been, in fact,
produced; or (d) have no relevance to the claims and defenses in
this case." Comerica says that one "shining example" of such
documents that the Trustee repeatedly alleged that Comerica and its
counsel "concealed" or "destroyed" were documents relating to the
alleged "loans that Comerica made to the Becker Group in mid-1995
for the operation of MTG by Becker" (referred to by the Trustee and
Halbert as the "Becker Loans").

Comerica states that the Becker Loans never existed. Comerica never
loaned money to the Becker Group relating to MTG. Evidence in the
record including testimony from Vercnocke, the Trustee, and even
Todd Halbert, demonstrates that not only were there never any
Becker Loans or Becker Loans documentation, but that Halbert
himself [in deposition testimony] called the Becker Loans was a
characterization and legal argument rather than a real, live actual
loan, supported by documentation, from Comerica to Becker. Comerica
also says that the Williams Memo, relied on by the Trustee, does
not show the existence of any Becker Loans, because it says nothing
about any Becker Loans, and the contents of the Williams Memo does
not support such an interpretation.

The Court agrees with Comerica's positions and rejects the
Trustee's spoliation claim. Evidence shows that there were no
Becker Loans, and that there was no signed written agreement that
could overcome Comerica's statute of frauds defense. This alone
defeats the Trustee's Contempt Motion — because most of the
Trustee's accusations of missing, concealed, destroyed, and
fabricated documents relate to, and depend upon the existence of,
Becker Loans and a signed written agreement between Comerica and
MTG modifying the terms of the line of credit and demand promissory
note agreements.

With regard to any other documents that the Trustee alleges are
missing, the Court finds and concludes that none of those documents
are material to any of the Trustee's claims against Comerica or to
Comerica's statute of frauds defense to those claims. Therefore,
the Trustee has not been prejudiced by Comerica's failure to
produce such documents.  

A full-text copy of the Opinion and Order dated Oct. 7, 2022, is
available at https://tinyurl.com/25f643hf from Leagle.com.

                         About M.T.G. Inc.

M.T.G., Inc., through its attorney Todd Halbert, filed a voluntary
petition for relief under Chapter 11 on Aug. 7, 1995.  MTG's
Chapter 11 case was converted to Chapter 7 on Feb. 8, 1996.
Charles J. Taunt was appointed as the Chapter 7 Trustee.

After Taunt's appointment was terminated on Oct. 27, 2000, Douglas
Ellman was appointed as the successor Chapter 7 Trustee. Guy C.
Vining was elected as the successor Chapter 7 Trustee of Douglas
Ellman on Jan. 10, 2002.

Halbert represented the Debtor while it was in Chapter 11. Halbert
now represents Vining, as special counsel.


NATGASOLINE LLC: Moody's Affirms B1 CFR & Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service affirmed Natgasoline LLC's B1 corporate
family rating and the B1 ratings of the senior secured bank credit
facility. The outlook is changed to stable from negative due to the
improvement in its operating rate after a major turnaround in the
fourth quarter of 2021.  

Affirmations:

Issuer: Natgasoline LLC

Corporate Family Rating, Affirmed B1

Probability of Default Rating, Affirmed B1-PD

Senior Secured Revolving Credit Facility, Affirmed B1 (LGD3)

Senior Secured Term Loan B, Affirmed B1 (LGD3)

Outlook Actions:

Issuer: Natgasoline LLC

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

The move to a stable  outlook on Natgasoline reflects the
significant improvement unplanned outages after the major
turnaround completed in late 2021. The improvement has resulted in
an operating rate closer to 90% for the first half of 2022 and
Moody's expects the company to be able to maintain a similar
operating rate going forward, except when it undertakes a major
turnaround every 4 years. In August 2019, the facility experienced
a waste-heat boiler malfunction that resulted in a 12-week plant
outage. Despite the plant coming back online in November 2019, the
fundamental design problem wasn't addressed, resulting in an
operating rate of only 56% for 2019, 59% for 2020 and 51% (69% if
adjusted for turnaround days) for 2021.

To improve and rectify the issue, Natgasoline's facility underwent
a planned major maintenance from August to November 2021, including
replacing the problematic initial waste heat boiler and installing
a new water injector. The turnaround, which cost around $120
million, should allow this facility to operate at the 90% capacity
utilization rate going forward, similar to other world-scale
facilities. The costs related to the unplanned downtime was
mitigated by payments under its business interruption insurance
policy that covers a significant portion of the lost profitability
after 60 days of downtime.

A majority of the company's natural gas hedges, which were put in
place during the plant's construction and have increased earnings
in 2021 and 2022, are expected to expire in second quarter 2023.
Moody's expects US natural gas prices to remain elevated in 2023
because of limited growth in supply offset by increasing exports
and  historically low reserves. Given Moody's expectation for high
gas prices beyond first quarter 2023, the company is likely to
experience significant margin compression,  which will cause its
credit metrics to weaken. However, until the hedge expires early
next year, based on the currently locked in low gas costs, above
$300 realized methanol price and over 90% operating rate the
company should continue to generate ample free cash flow and
provide a sizable cash cushion to ensure the company is able to
weather the expected downturn next year. Moody's expects
Natgasoline's Moody's adjusted gross debt/EBITDA to be around 4x
(including realized hedge gains) in 2022 and balance sheet cash to
be over $100 million. The Term Loan has financial covenants that
limit dividends if First Lien Net Leverage is above 4.5x and debt
incurrence if this ratio is above 3.0x, except for modest new
borrowings within defined baskets. The calculation of EBITDA for
these covenants does not allow the company to include its hedge
gains so dividends are currently restricted.  Moody's also noted
that most downturns in methanol profitability last only 6-12 months
as higher cost facilities will shut down after several months when
their cash margins turn negative.

Natgasoline's B1 CFR benefits from the scale, technology and
competitiveness of its single plant operation, while also
benefitting from access to natural gas pipelines on the Gulf Coast.
With a nameplate capacity of 1.75 million tonnes per year, the
facility is the largest in the U.S. and among the largest in the
world. Also, Moody's believes that this facility's costs are in the
lowest quartile for methanol plants globally when it is operating
near its nameplate capacity. Natgasoline's rating is supported by
the resources of its parents, OCI N.V. (50% ownership, Baa3,
stable) and Consolidated Energy Limited (50% ownership, B2
positive). While its parents do not guarantee the debt of
Natgasoline, in Moody's opinion, they are extremely likely to take
actions that would prevent Natgasoline from becoming distressed in
a prolonged downturn, providing that the plant continues to
operate.

Natgasoline's credit profile is currently constrained by its single
site location along the Gulf Coast, exposing profitability and cash
flows to unplanned downtime due to  equipment failures or weather
events that can impact its abilities to operate. Additionally, with
the majority of its natural gas hedges expiring in second quarter
of 2023, the company's earnings and cash flow generation will
become more volatile. The remaining portion of the hedges will
continue until 2025 and currently has a favorable mark-to-market
value. Natgasoline plans to opportunistically engage in additional
hedges after the current hedges expire in 2Q 2023. The single
product profile is another negative factor for the rating as
methanol markets tend to be highly cyclical with demand sensitive
to the construction, housing and energy markets. New industry
supply is also a source of market cyclicality, although no material
supply is expected to start up this year and limited new supply is
expected in the medium term. The ratings are also potentially
constrained by the ratings of one of its sponsors -- Consolidated
Energy Limited (B2, positive), although this risk has been
moderated with the change in outlook of CEL from stable to positive
in June 2022.

Natgasoline's liquidity position is adequate and consists of a cash
balance of $37 million at June 30, 2022 (the company's cash balance
is expected to be around $80 million at the end of 3Q 2022) and $60
million revolving credit facility that matures in November 2023. As
of June 30, 2022, the revolver had $45 million availability and had
the outstanding L/C of $13 million ($30 million L/C sublimit),
subject to the $60 million total limit on the facility. The
revolver has a springing maintenance covenant: maximum first lien
net leverage of 4.75x, tested when borrowings exceed 45% of
commitments. The term loan has no maintenance covenants, but has
covenants that limit dividends if First Lien Net Leverage is above
4.5x. The term loan covenants also limit debt incurrence, if this
ratio is above 3.0x, except for modest new borrowings within
defined baskets.

No dividends were paid in 2020, 2021 or in the first half of 2022
due to credit agreement restrictions. Due to covenants mentioned
above, Moody's expects that dividends will not consume cash during
a cyclical downturn. The plant's competitive cost position with
access to cheap US natural gas is expected to facilitate positive
free cash flow, assuming unscheduled downtime is not excessive.
Financial policies are intended to be conservative and aimed at
managing to a net leverage of 2-3x over the cycle.  

ESG CONSIDERATIONS

ESG factors are not material to this rating action. ESG factors for
methanol producers are not viewed as substantial, on an absolute
basis and relative to other commodity chemical producers. Moreover,
Natgasoline's has no legacy environmental exposure at this site due
to indemnifications from prior owners and that its plant is
relatively new. Methanol is produced mainly from natural gas with a
limited by-products, relatively low energy requirements and a
carbon footprint that is much lower than most other petrochemicals.
As a wholly owned private company, governance via its two public
parents is viewed as adequate, although cash flow pressure at
either of its parents could result in future changes to financial
policies and thus its credit profile. Social concerns are viewed as
modest as methanol has not been targeted by activists and is not on
the list of Toxic and Priority Pollutants under the Clean Water
Act.

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

Moody's is unlikely to consider an upgrade given the parents'
current ratings as well as the single product and single plant
profile of the company. However, if the parents' ratings strengthen
significantly in the future and financial policies and balance
sheet leverage are conservatively managed below 3x over the cycle,
Moody's would consider an upgrade.

Moody's could consider downgrading Natgasoline's rating, if one or
more of its parents' ratings  were downgraded. Sustained
difficulties in operating the plant at high and consistent
operating rates, loss or impairment of a significant portion of its
feedstock gas supplies, adjusted leverage above 4.5x or FCF below
5% of debt, on a consistent basis, could cause Moody's to
reconsider the appropriateness of the ratings.

The principal methodology used in these ratings was Chemicals
published in June 2022.

Natgasoline LLC (Natgasoline), headquartered in Delaware, is a
leading producer of methanol, jointly owned by OCI N.V. (50%, Baa3,
stable) and Consolidated Energy Limited (50%, B2 positive), which
is the consolidating parent of Consolidated Energy Finance, S.A.
Each sponsor has 3 board seats, with the board Chairman from CEF
casting a tie-breaking vote on non-reserve matters. Through OCI
Methanol Marketing LLC and Southern Chemical Corporation, the
parent sponsors provide offtake and marketing responsibilities and
are obligated to purchase all Natgasoline's production volumes at a
discount to market-based U.S. contract prices and to sell the
offtake into the regional and global methanol markets.
Natgasoline's sole product is methanol, an intermediate product
used in the manufacture of formaldehyde, acetic acid, methyl
tertiary butyl ether (MTBE, a gasoline oxygenate no longer used in
the US), and as a fuel additive, fuel alternative, and feedstock to
MTO facilities in China. Natgasoline has the potential to generate
annual revenues of over $600 million, but this has not been
achieved since the plant started up in 2018.


NEKTAR THERAPEUTICS: Terminates Merger Talks With PureTech Health
-----------------------------------------------------------------
Nektar Therapeutics and PureTech Health plc announced they have
mutually agreed to terminate discussions regarding a possible
business combination.

                     About Nektar Therapeutics

Nektar Therapeutics -- http://www.nektar.com-- is a
biopharmaceutical company with a robust, wholly owned R&D pipeline
of investigational medicines in oncology, immunology, and virology
as well as a portfolio of approved partnered medicines.  Nektar is
headquartered in San Francisco, California, with additional
operations in Huntsville, Alabama and Hyderabad, India.

Nektar Therapeutics reported a net loss of $523.84 million for the
year ended Dec. 31, 2021, a net loss of $444.44 million for the
year ended Dec. 31, 2020, and a net loss of $440.67 million for the
year ended Dec. 31, 2019.  As of June 30, 2022, the Company had
$861.99 million in total assets, $403.26 million in total
liabilities, and $458.73 million in total stockholders' equity.


NEPHROS INC: To Sell Pathogen Detection Systems Business to BWSI
----------------------------------------------------------------
Nephros, Inc. said it has entered into a definitive agreement to
sell its Pathogen Detection Systems business to BWSI, LLC, a
privately held firm that invests in technology for the advancement
of public health by better management of water.  The parties expect
the transaction to close in mid-November of this year, subject to
customary closing conditions.  

Pursuant to the purchase agreement, BWSI will assume all
liabilities of the PDS business arising after the closing.  In
addition, for a period of seven years commencing in 2023, Nephros
will be entitled to share a portion of gross profits from the
commercialization of the Company's PDS products and technologies.

"We are very pleased with the progress achieved in the PDS business
over the past couple of years with our highly competitive,
qPCR-based, waterborne pathogen testing products," said Andy Astor,
president and chief executive officer.  "However, after significant
consideration, we made the strategic decision to leverage the value
we created to support the long-term goals of our primary business
in water filtration," Mr. Astor continued.  "We are deeply focused
on our commitment to achieve positive net cash flow by mid-2023,
and we expect this sale to reduce our expenses by approximately
$350,000 per quarter.  We also believe the potential for earn-out
payments will provide an opportunity to realize future revenue in
the coming years."

Professor Howard Shuman, a microbiologist renowned for his
groundbreaking work on Legionella and a science advisor to BWSI,
commented, "We are excited by the great possibilities we see for
the impressive body of important work developed by [Nephros's] Dr.
Smith and his extraordinary team.  We are grateful to Nephros for
choosing BWSI to take this opportunity to the next level."

                 Preliminary Third Quarter Results

The Company also announced preliminary revenue results for the
third quarter ended Sept. 30, 2022.

Nephros expects net revenue for the quarter ended Sept. 30, 2022 to
be approximately $2.5 million.  Nephros Active Customer Sites, the
number of customer sites that have purchased from Nephros during
the trailing 12 months, increased to 1,391, compared to 1,182 one
year ago, an increase of 209 sites, or 18%.

"We believe our continuing ACS growth remains a strong leading
indicator and confirms the strength of our core water filtration
business," said Mr. Astor.  "We are confident that the expense
management measures implemented in the second and third quarters,
combined with the agreement to sell our PDS business, position
Nephros to achieve positive net cash flow in mid-2023."

Nephros ended the third quarter with approximately $3.9 million in
cash on a consolidated basis, compared with $4.2 million at the end
of the second quarter.

The Company will announce its third-quarter results on Wednesday,
Nov. 2, 2022 after market close, and host a conference call that
same day at 4:30 PM ET.

                           About Nephros

South Orange, New Jersey-based Nephros, Inc. -- www.nephros.com --
is a commercial-stage company that develops and sells water
solutions to the medical and commercial markets.

Nephros reported a net loss of $3.87 million for the year ended
Dec. 31, 2021, a net loss of $4.53 million for the year ended Dec.
31, 2020, a net loss of $3.18 million for the year ended Dec. 31,
2019, and a net loss of $3.32 million for the year ended Dec. 31,
2018. As of June 30, 2022, the Company had $14.95 million in total
assets, $2.47 million in total liabilities, and $12.48 million in
total stockholders' equity.


NEXTPLAY TECHNOLOGIES: Unit Secures $200M Revolving Credit Facility
-------------------------------------------------------------------
NextPlay Technologies, Inc. said that NextBank International, Inc.,
the international banking unit of NextPlay's fintech division, has
signed a Loan and Security Agreement with Savi Capital Partners, a
Delaware Limited Liability Company, for a $200,000,000 revolving
line of credit facility with maturity set for May 31, 2027.

Todd Bonner, chairman of the board of directors of NextPlay
Technologies and head of the Company's fintech division stated: "We
are pleased to complete this credit facility with Savi Capital,
which illustrates our ability to access alternative forms of
capital, providing us with further financial flexibility to grow
NextBank's business lines.  We remain committed to scaling our
online banking, growing our customer base and footprint, and
expanding our loan processing and servicing businesses.  We are
executing against our strategic objectives."

Under the terms of the agreement, maximum loan amounts available
for NextBank draw down and use are:

(a) from November 15, 2022, through December 14, 2022,
$30,000,000
(b) from December 15, 2022, through January 14, 2023, $70,000,000
(c) from January 15, 2023, through February 14, 2023,
$100,000,000
(d) from February 15, 2023, through March 14, 2023, $150,000,000
(e) from March 15, 2023, through Maturity May 31, 2027, up to the

     full commitment amount of $200,000,000

Proceeds drawn from the revolving line of credit facility by
NextBank will be used to fund loans secured by domestic US
commercial real estate properties in accordance with underwriting
guidelines established by NextBank.  These loans will generate
interest spread and fee income, increasing the bank's loan
portfolio, and are expected to favorably impact revenues and
cashflows at the bank.

Nithinan Boonyawattanapisut, NextPlay's principal executive officer
added: "We are appreciative that Savi Capital Partners selected
NextBank as a partner and extended the ability of the bank to
greatly expand and diversify its loan portfolio.  NextBank is
seeing considerable growth in its deposit portfolio, and I expect
that to accelerate in terms of absolute dollars.  The Bank has a
backlog of corporate depositors in the 'Know Your Customer' and
'Anti-Money Laundering' Compliance Review process for onboarding.
This $200 million line of credit, combined with NextBank's growth
in customer deposits, should have a material impact on the bank’s
yielding asset portfolio over the next three quarters.  We are
targeting between US $100 million and $150 million in deposits and
US $200 million in credit availability by the end of the company's
fiscal 4Q, which, combined, should result in a profitable operation
overall.  This growth and outlook are attracting investors and
other strategic partners to NextPlay's fintech division, and we are
actively vetting partners and investors.

"Additionally, we plan to deploy NextBank's B to C service and
begin global marketing for that in the spring of 2023."

"I would also like to recognize our NextFintech division executive
team navigating a way to grow NextPlay's portfolio during this
difficult market, better vectoring the company to achieve
profitability."

                      About NextPlay Technologies

NextPlay Technologies, Inc. (formerly known as Monaker Group Inc.)
-- nextplaytechnologies.com -- is a technology solutions company
offering games, in-game advertising, crypto-banking, connected TV
and travel booking services to consumers and corporations within a
growing worldwide digital ecosystem.  NextPlay's engaging products
and services utilize innovative AdTech, Artificial Intelligence and
Fintech solutions to leverage the strengths and channels of its
existing and acquired technologies.

NextPlay reported a net loss of $40.41 million for the year ended
Feb. 28, 2022, compared to a net loss of $1.63 million for the
period from March 6, 2020 to February 28, 2021. As of May 31, 2022,
the Company had $106.49 million in total assets, $43.34
million in total liabilities, and $63.14 million in total
stockholders' equity.

Sugar Land, Texas-based TPS Thayer, LLC, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated June 17, 2022, citing that the Company has suffered recurring
losses from operations and has stockholders' deficit that raise
substantial doubt about its ability to continue as a going concern.


NUTEX HEALTH: Expects to Open 20 New Facilities by 2024
-------------------------------------------------------
Nutex Health Inc. provided a corporate update on Oct. 10, 2022.

   * The Company reiterates that it expects to open 20 new
facilities by the end of 2024, resulting in expansion into four new
states: Florida, Wisconsin, Ohio and Idaho.  These facilities are
either under construction or in advanced planning stages.

   * The Company has formed two new independent practice
associations ("IPAs"), one in Houston and one in South Florida, and
is actively working on contracting with primary care physicians and
specialists.  Once this phase is completed, the Company expects to
contract with health insurance plans and start enrolling patients
in 2023.  Nutex also anticipates forming one more IPA in 2022 in
Phoenix, Arizona, where it already operates two micro hospitals.
The Company currently operates one IPA in Los Angeles, California
with over 22,000 patients.

   * In addition, the Company is actively exploring building
additional micro hospitals and anticipates launching 1-3 additional
IPAs per year around its existing micro hospitals.

   * As of September 30, 2022, the Company had cash and cash
equivalents of approximately $35 million.  This estimate is
preliminary only and may change prior to the release of the
Company's next quarterly financial information.

   * As disclosed in the Company's 10-Q for the second quarter of
2022, for the six months ended June 30, 2022, the Company had net
revenue of $137.2 million, net income attributable to Nutex Health
of $2.1 million, EBITDA of $29.7 million and Adjusted EBITDA of
$33.6 million.

There can be no assurance that these new facilities and IPAs will
open and be operational in the anticipated timeframes or that they
will open at all.

"We are focused on executing on our growth strategy, and are
committed to maximizing shareholder value," stated Tom Vo, M.D.,
MBA, Chairman and chief executive officer of Nutex Health.

"We have conviction in our strategy to drive alignment and
integration of our technology-enabled care delivery model and
continue to invest in our business.  We believe our stock price
should reflect these efforts over time," stated Warren Hosseinion,
M.D., president of Nutex Health.

                           About Nutex

Headquartered in Houston, Texas and founded in 2011, Nutex Health,
Inc. is a healthcare services company with approximately 1500
employees nationwide and is partnered with over 800 physicians.
The Company has two divisions: a Hospital division and a Population
Health Management division.  The Hospital division owns and
operates 21 facilities in eight different states.  The division
implements and operates different innovative health care models,
including micro hospitals, specialty hospitals and hospital
outpatient departments (HOPDs).  The Population Health Management
division owns and operates provider networks such as Independent
Physician Associations (IPAs).  Through its Management Services
Organizations (MSOs), the Company provides management,
administrative and other support services to its affiliated
hospitals and physician groups.  The Company's cloud-based
proprietary technology platform aggregates clinical and claims data
across multiple settings, information systems and sources to create
a holistic view of patients and providers.

Nutex reported a net loss of $13.67 million for the year ended Dec.
31, 2021, a net loss of $5.65 million for the year ended Dec. 31,
2020, and a net loss of $7.12 million for the year ended Dec. 31,
2019.  As of June 30, 2022, the Company had $871.79 million in
total assets, $305.38 million in total liabilities, and $566.41
million in total equity.


OMNIQ CORP: Receives $10M Purchase Agreement for IHC
----------------------------------------------------
Israel's Ministry of Health has chosen omniQ Corp.'s wholly owned
subsidiary Dangot Computers Ltd, to supply its Intelligent
Healthcare Carts (IHC) providing safer and more efficient health
care services to the people of Israel.

As the pioneer in IHCs, Dangot now provides computerized solutions
with smart integrated systems to the majority of hospitals
throughout Israel.  This technology plays a crucial role in the
patient experience and assists the healthcare provider in making
accurate treatment decisions.  The IHC integrates sensors,
diagnostic equipment and automates patient identification all
connected to a powerful computer that contains the patient files
showing test results, prescription charts and more helps the
healthcare provider make better treatment decisions.

Shai Lustgarten, CEO of omniQ commented, "We are honored to once
again partner with the Israeli Ministry of Health, enabling state
of the art health services to over 9 million patients throughout
Israel.  As omniQ is already a supplier to the largest US
Pharmaceuticals and Healthcare equipment distributors, we believe
Dangot's innovative solutions are also a natural fit for the US
markets.  We look forward to leveraging our success globally and
leveraging our strong sales team to penetrate the multi billion
dollar US market."

Haim Dangot, president of Dangot, commented: "Dangot's Healthcare
business has seen accelerated growth over the past 2 years.  It has
become clear that automation and computerized systems are essential
for providing the most efficient service enabling real time
information by patients' beds and avoiding fatal errors."

Following the additional award from the Israeli Ministry of Health,
omniQ is clearly positioned as a trusted supplier of advanced
technology that includes Intelligent Healthcare Carts, Diagnostic
Panels, Que Management Kiosks and Covid19 related equipment.

                         About omniQ Corp.

Headquartered in Salt Lake City, Utah, omniQ Corp. (OTCQB: OMQS) --
http://www.omniq.com-- provides computerized and machine vision
image processing solutions that use patented and proprietary AI
technology to deliver data collection, real time surveillance and
monitoring for supply chain management, homeland security, public
safety, traffic and parking management and access control
applications.  The technology and services provided by the Company
help clients move people, assets and data safely and securely
through airports, warehouses, schools, national borders, and many
other applications and environments.

Omniq reported a net loss of $13.14 million for the year ended Dec.
31, 2021, a net loss of $11.50 million for the year ended Dec. 31,
2020, and a net loss attributable to the company's common
stockholders $5.31 million.  As of June 30, 2022, the Company had
$69.75 million in total assets, $74.65 million in total
liabilities, and a total deficit of $4.90 million.


ORIGIN AGRITECH: To Raise $2.5M From Securities Offering
--------------------------------------------------------
Origin Agritech Limited has entered into a securities purchase
agreement with an investor under which the Company is selling
280,000 ordinary shares to the investor at a price of $8.80, for
aggregate proceeds of $2,464,000.  The company filed a prospectus
supplement with the Securities and Exchange Commission on Oct. 13,
2022, as a supplement to the Registration Statement on Form F-3
(Registration Statement No. 333- 253866) declared effective on
March 15, 2021 for the sale of these securities.

The offering was under the prospectus supplement, made on a
"self-sell basis," without engaging any broker-dealer, selling
agent or other securities professional or intermediary.  The Shares
were offered and sold through the efforts of the chief executive
officer of the Company, Dr. Gengchen Han, pursuant to a securities
purchases agreement entered into with the investor, as negotiated
by the chief executive officer and the purchasing investor.  The
chief executive officer did not receive any commission or other
form of compensation from the sale of any Shares.  He did not
register as a broker-dealer pursuant to Section 15 of the
Securities and Exchange Act of 1934 in reliance upon Rule 3a4-1,
which sets forth those conditions under which a person associated
with an issuer may participate in the offering of the issuer's
securities and not be deemed to be a broker-dealer.

The Company has filed to include the listing of the ordinary shares
that it sold to the investor under the securities purchase
agreement with the Nasdaq Stock Market.

The Company currently has a sale agreement with Oasis Capital LLC,
which generally restricts the Company's sale of ordinary shares in
other transactions while placing securities thereunder, except for
those that are by means of a private or public offering of the
Company's securities if the net proceeds are greater than
$2,000,000.

                       About Origin Agritech

Headquartered in Beijing, China, Origin Agritech Limited, along
with its subsidiaries, is focused on agricultural biotechnology and
an agricultural oriented e-commerce platform, operating in the PRC.
The Company's seed research and development activities specialize
in crop seed breeding and genetic improvement.  The e-commerce
activities will focus on delivering agricultural products to
farmers in China via online and mobile ordering and tracking the
source of the agricultural products via blockchain technologies.

Origin Agritech reported a net loss of RMB127.08 million for the
year ended Sept. 30, 2021, compared to a net loss of RMB102.84
million for the year ended Sept. 30, 2020.  As of March 31, 2022,
the Company had RMB93.86 million in total assets, RMB280.01 million
in total liabilities, and a total deficit of RMB186.15 million.

Lakewood, Colorado-based B F Borgers CPA PC, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated Feb. 4, 2022, citing that the Company incurred recurring
losses from operations, has net current liabilities and an
accumulated deficit that raise substantial doubt about its ability
to continue as a going concern.


ORYX MIDSTREAM: Fitch Affirms LongTerm IDR at 'BB-', Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Oryx Midstream Services Permian Basin
LLC's (Oryx) Long-Term Issuer Default Rating at 'BB-'. In addition,
Fitch has affirmed Oryx's senior secured term loan B at 'BB'/'RR3'.
The Rating Outlook is Stable.

The ratings reflect the scale of the asset base, which is well
positioned to serve Plains Oryx Permian Basin LLC's (the JV) 85+
customers and benefit from increasing crude production in the
prolific Permian basin. The asset base is largely built out, which
lowers the need for additional capital expenditure at the JV,
increasing the likelihood of free cash flow generation. Oryx's high
leverage and structural subordination are key weaknesses. Fitch
uses the cash distributions to Oryx as a proxy for EBITDA in its
calculations.

KEY RATING DRIVERS

Complementary Asset Base with Scale: The JV has one of the largest
transportation networks in the Permian with largely complementary
assets from the two partners, Plains All American Pipeline, L.P.
(Plains; BBB-/Stable) and the legacy Oryx Midstream Holdings LLC
(OMH, NR). The combined system expands each partner's footprint in
the Delaware and Midlands basin and offers greater connectivity to
the major intra basin hubs (Wink, Midland and Crane).

With approximately 4.3 million dedicated acres, 5,500 pipeline
miles and 6.8MMBbl/d of pipeline system multi segment capacity, the
combined system will also provide leading connectivity to
downstream markets, with 10+ direct connections to the three key
destination hubs of Houston, Corpus Christi and Cushing, allowing
customers to optimize transportation.

Non-Controlling Interest and Structural Subordination of Cashflows:
Oryx's only asset is its 35% ownership interest in the JV. It is a
holding company that receives subordinated cash flows as
distributions from the JV per the terms of the Modified
Distribution Sharing Agreement (MSA). All key decisions including
the budget must be approved by a unanimous vote from the
five-member board, three of whom are nominated by Plains and the
other two by Oryx's owners.

Similar to many other joint ventures, this structure constrains
Oryx's ability to exercise unilateral control over financial policy
including a sale of the underlying assets in times of distress.
Fitch views this construct as weak, and it forms a key credit
consideration. However, this concern is lessened by limitations on
total debt at the JV (maximum of $150 million) and the likelihood
that the JV will remain debt-free. Additionally, according to the
terms of the MSA, all distributable cash flows must be distributed
to the parent entities and, for the first $300 million,
distributions will be divided 50/50 between the two parents, which
increases FCF visibility and is supportive of debt service.

Leverage Trending Lower: Fitch believes FCF generated from volume
and EBITDA growth (and off a much larger asset base) is a key
factor to support deleveraging. Based on lookback of the combined
2020 information, pro forma for the merger, Fitch expects YE 2022
EBITDA (defined by Fitch as cash distributions to Oryx) to be
approximately $265 million at Oryx. With about $1.55 billion in
total debt, Fitch expects Oryx's leverage to be approximately 6.0x
for YE 2022 and then decline to below 5.5x by YE 2023, largely
through EBITDA growth from increasing volumes and realization of
some synergies.

Diversified Customer Base: The JV benefits from a diversified
portfolio of more than 85 contracted, Permian-focused customers
with largely fixed-fee contracts and a weighted average remaining
term of approximately seven years. Weighted by the dedicated
acreage, 61% of the customers are investment grade, 23% are
non-investment grade, and 16% are private. The JV has a diversified
revenue stream with no single customer accounting for more than 16%
of total volumes.

Volumetric Exposure: Oryx's rating reflects its operational
exposure to volumetric risks associated with the production and
demand for crude oil. The JV benefits from acreage dedication with
minimal minimum volume commitments (MVCs) accounting for only about
7% of overall volumes. Volatility can arise from multiple sources
including decline in commodity prices, weather events or distress
at the E&P producers. Fitch expects producers to remain cautious in
ramping up production significantly in 2022-2023, although volumes
are likely to be modestly higher driven primarily by greater rig
activity by producer customers.

Single-Basin Focused Provider: The JV is a crude gathering and
transportation services provider that operates predominantly in
Delaware region of the Permian basin, including a significant
presence in the Midland region. The JV is significant in size and
comparable to amongst the largest entities in the region. As of YE
2022, Fitch expects the combined entity will generated over $1.0
billion of annualized EBITDA. Given its concentration in the
Permian basin, the JV is subject to event risk should there be a
significant weather event and to sharp volatility in commodity
prices.

Robust growth prospects: The underlying system is largely built-out
(combined both parents have invested about $5 billion in developing
the infrastructure) which lowers the capex requirements to about
$220 million annually over the next three years. Given the
complementary strengths of the combined system, the JV is well
placed to take advantage of the growth in the region, which
continues to have the lowest cost of production in the U.S. In
addition, rig activity has bounced back from 2Q20 and overall
growth in crude production is likely to be increase.

DERIVATION SUMMARY

Oryx's ratings reflect the JV's ability to generate strong cash
flows, and its extensive asset base and that is well connected to
the regional hubs, positioning the JV to take advantage of the
growth in the Permian basin. Structural subordination of Oryx,
single basin focus and somewhat elevated leverage limit the
rating.

One of the closest direct comparable for Oryx within Fitch's
midstream coverage universe is FR BR Holdings (FR BR; B-/Stable).
FR BRs sole source of cash flow is its dividend payments from a
non-controlling, minority interest in Blue Racer Midstream, LLC.
Its IDRs and ratings reflect structural subordination, in which FR
BR's term loan is structurally subordinate to the operating and
cash flow needs at Blue Racer, as well as any borrowings at Blue
Racer. Similar to Oryx, cashflows are derived from a single basin.
Leverage at FR BR is also expected to be higher than at Oryx.

Compared to Plains, the Oryx's (a holding company) is highly
leveraged, with Fitch expecting Oryx's leverage to be about 6.0x
for 2022 as compared to Plains leverage expected to be around 4.25x
by YE 2022. Plains is also a more diversified and considerably
larger entity generating about three times the EBITDA that Oryx
would generate.

KEY ASSUMPTIONS

- Fitch price deck for WTI oil price of $95/barrel for 2022,
   $81/barrel for 2023, and $62/barrel for 2024, and $50/barrel
   beyond;

- Modest volume growth over the forecast period, supported by
   improved drilling and well completions;

- Modest synergies assumed largely from cost optimization and
   lower capital costs, with some benefits of blending and
   serving customers more efficiently;

- No new acreage dedications or new producer customers;

- No major acquisitions during forecast period requiring
   capital contributions from the Stonepeak Partners LP
   (Stonepeak);

- No debt at the JV;

- Base interest rate applicable to the revolving credit
   facility reflects the Fitch Global Economic Outlook,
   e.g., 4% for 2023 and 3.5% for 2024;

- Deleveraging supported by term loan amortization
   (1% per annum) and additional debt repayment in 2022 as
   per the conditions of the Term Loan. No additional
   optional debt paydown.

RATING SENSITIVITIES

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

- Increases in scale with a focus on Oryx's distributions
   above $350 million per annum, or significant improvement
   in business risk from a greater proportion of MVCs or
   take or pay contracts;

- Leverage (Total Oryx Debt with Equity Credit / Oryx's
   EBITDA) below 4.5x on a sustained basis.

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

- Leverage (defined previously) above 5.5x on a sustained
   basis;

- A significant change in cash flow stability profile,
   driven by a move away from current majority of revenue
   being fee based.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Liquidity is limited to the cash on the balance
sheet and the $50.0 million revolver. Fitch expects Oryx to receive
sufficient distributions to comfortably meet its debt service. Uses
for cash are limited to principal payments for the Term Loan which
amortizes 1% ($16 million) every year. In addition, Fitch forecasts
additional paydowns in 2022, per the provision of the Term Loan
that require a cash flow sweep based on a portion of the excess
cash flow generated.

Another potential use of cash could be asset development or
purchase at the JV level, which will have to be funded by
contributions from the parent companies. These investments will be
at the discretion of Oryx.

Both the Term Loan and the revolver have a 1.10x debt service
coverage ratio covenant. The revolver matures in 2026 and the Term
Loan in 2028.

ISSUER PROFILE

Plains Oryx Permian Basin LLC, is a Permian Basin based midstream
energy company. It was formed by the merger of the legacy Oryx
entity, a portfolio company of Stonepeak, and the vast majority of
Plains' assets located within the Permian Basin (with the exception
of Plains' long-haul pipeline systems and certain of its
intra-basin terminal assets). Oryx's only asset is a 35% equity
interest in the JV.

ESG CONSIDERATIONS

Oryx Midstream Services Permian Basin LLC has an ESG Relevance
Score of '4' for Financial Transparency as private equity backed
midstream companies have less structural and financial disclosure
transparency than publicly traded issuers, 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
   ----                    ------       --------   -----
Oryx Midstream
Services Permian
Basin LLC           LT IDR   BB-   Affirmed          BB-

   senior secured   LT       BB    Affirmed  RR3     BB


PAPACINO'S BAGELS: Gets OK to Hire Ronald D. Weiss P.C. as Counsel
------------------------------------------------------------------
Papacino's Bagels, Deli & Catering, Inc. received approval from the
U.S. Bankruptcy Court for the Eastern District of New York to
employ Ronald D. Weiss, P.C. as its legal counsel.

The firm's services include:

   a. providing legal advice with respect to the powers and duties
of the Debtor in the continued management of its property;

   b. representing the Debtor before the bankruptcy court and at
all hearings on matters pertaining to its affairs, including
contested matters that may arise during the Chapter 11 case;

   c. advising and assisting the Debtor in the preparation and
negotiation of a plan of reorganization with its creditors;

   d. preparing legal papers; and

   e. performing other necessary legal services for the Debtor.

The firm will be paid at these rates:

     Attorneys      $450 per hour
     Paralegals     $250 per hour

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

The retainer fee is $14,000.

Ronald Weiss, Esq., a partner at Ronald D. Weiss, P.C. disclosed in
a court filing that his firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Ronald D. Weiss, Esq.
     Ronald D. Weiss, P.C.
     734 Walt Whitman Rd. Suite 203
     Melville, NY 11747
     Tel: (631) 271-3737
     Email: weiss@ny-bankruptcy.com

              About Papacino's Bagels, Deli & Catering

Papacino's Bagels, Deli & Catering, Inc. filed a Chapter 11
bankruptcy petition (Bankr. E.D.N.Y. Case No. 22-72367) on Sept. 9,
2022, with up to $1 million in both assets and liabilities. Judge
Louis A. Scarcella oversees the case.

The Debtor is represented by Ronald D. Weiss, P.C.


PARETEUM CORP: Court Confirms Liquidating Plan
----------------------------------------------
Lisa G. Beckerman entered an order approving the Plan and Modified
Disclosure Statement of Pareteum Corporation, et al., on a final
basis.

The Plan and each of its provisions are approved and confirmed
under Section 1129 of the Bankruptcy Code.

The formation of the Liquidating Trust pursuant to Section 5.4 of
the Plan and the Liquidating Trust Agreement is approved.  The
Liquidating Trustee shall have authority and right to carry out and
implement all provisions of the Plan as the successor in interest
of the Debtors, as provided in Section 5.4 of the Plan and the
Liquidating Trust Agreement.

In accordance with Section 8.1 of the Plan, on the Effective Date,
each Executory Contract shall be deemed automatically rejected on
the Effective Date pursuant to sections 365 and 1123 of the
Bankruptcy Code, unless such Executory Contract is set forth on the
Schedule of Assumed and Assigned Executory Contracts; provided,
however, notwithstanding the provisions of the Plan or elsewhere in
this Order to the contrary, the Debtors' Executory Contracts with
(i) Amazon Web Services, Inc., (ii) AT&T Corp. Master Resale
Agreement, (iii) Telx Entity – Master Terms and Conditions and
(iv) Crowdstrike, Inc., shall not be rejected as of the Effective
Date unless and until CVG as one of the Purchasers under the
Purchase Agreement designates such Contracts as Assumed Contracts
or Rejected Contracts pursuant to the Fifth Amendment to the
Purchase Agreement.  Any claims arising from the rejection of an
Executory Contract must be filed no later than the applicable Bar
Date.

Article III of the Plan specifies that Classes 1 (Secured Tax
Claims), 2 (Other Secured Claims), and 3 (Other Priority Claims)
are Unimpaired under the Plan, thereby satisfying section
1123(a)(2) of the Bankruptcy Code.

The Plan leaves unaffected the rights of Holders of Claims in
Classes 1 (Secured Tax Claims), 2 (Other Secured Claims), and 3
(Other Priority Claims).  Classes 4 (General Unsecured Claims) and
5 (Interests) as impaired.

Class 4 (General Unsecured Claims) has voted to accept the Plan in
accordance with section 1126(c) of the Bankruptcy Code.

                      Plan of Liquidation

Pareteum Corporation, et al. submitted a Modified Chapter 11 Plan
of Liquidation.

The Plan is centered around (i) the sale of substantially all of
the Debtors' assets to Circles Ventures Group, LLC ("CVG") and
Circles MVNE PTE. Ltd. under section 363 of the Bankruptcy Code
pursuant to an asset purchase agreement and (ii) a global
settlement and release agreement among the Debtors, the Purchasers,
and the official committee of unsecured creditors, which was
approved by the Bankruptcy Court on July 8, 2022.  The Sale and the
Global Settlement are the result of extensive good-faith
negotiations among the Debtors, the Creditors' Committee, and the
Purchasers.  With the closing of the Sale on July 11, 2022, the
Debtors have liquidated their primary tangible assets and satisfied
substantially all of their secured debt obligations.  Pursuant to
the Purchase Agreement, the Debtors retained $600,000 in Cash to be
used to wind down, dissolve, and liquidate the Debtors' Estates and
distribute their remaining assets pursuant to the Plan (the "Wind
Down Amount").  The Debtors' other remaining assets primarily
consist of potential Causes of Action and tax refunds the Debtors
believe they are owed by the Spanish and Italian governments (the
"Tax Refund").

Under the Plan, holders of Class 4 General Unsecured Claims
including the holder of the BNP Paribas Loans, will each receive
such holder's pro rata share of the Liquidating Trust Interests
entitling such holder to receive, on a Distribution Date, their Pro
Rata share of the Liquidating Trust Net Recovery available for
Distribution on each such Distribution Date as provided under the
Plan and the Liquidating Trust Agreement.  Class 4 is impaired.

The Plan's objective is to transfer all Liquidating Trust Assets,
including the Retained Causes of Action, to the Liquidating Trust.
The Liquidating Trustee will administer the Liquidating Trust and
liquidate such Liquidating Trust Assets, including the resolution
of any Retained Causes of Action.

Counsel to the Debtors:

     Frank A. Oswald, Esq.
     Brian F. Moore, Esq.
     Amy M. Oden, Esq.
     TOGUT, SEGAL & SEGAL LLP
     One Penn Plaza, Suite 3335
     New York, NY 10119
     Tel: (212) 594-5000

A copy of the Order dated October 7, 2022, is available at
https://bit.ly/3ysZXE2 from PacerMonitor.com.

                   About Pareteum Corporation

Pareteum Corporation is a cloud software communications platform
company which provides communications platform-as-a-service (CPaaS)
solutions offering mobility, messaging, and connectivity and
security services and applications. It has operations in North
America, Latin America, Europe, Middle East, Africa, and the
Asia-Pacific region.

Pareteum Corporation and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No.
22-10615) on May 15, 2022. In the petition signed by Laura W.
Thomas, interim chief financial officer, Pareteum Corporation
disclosed $52,043,000 in assets and $10,486,000 in liabilities.

Judge Lisa G. Beckerman oversees the cases.

The Debtors tapped Togut, Segal & Segal, LLP as bankruptcy counsel;
King & Spalding, LLP as special counsel; FTI Capital Advisors, LLC
as investment banker; FTI Consulting, Inc. as financial advisor;
and Saccullo Business Consulting, LLC as provider of wind-down
officer and additional personnel. Kurtzman Carson Consultants, LLC
is the claims, noticing, and balloting agent.

The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors in the Debtors' cases on May 24, 2022. Sidley
Austin, LLP and AlixPartners, LLP serve as the committee's legal
counsel and financial advisor, respectively.


PENTA STATE: DIAX Labs in Chapter 11 Due to Medicare Denials
------------------------------------------------------------
Penta State LLC filed for chapter 11 protection, along with
affiliates Nationwide Laboratory Partners LLC, Elite Medical
Laboratory Solutions LLC, Graham Tomball LLC, and Zayd Assets LLC.

In 2015, Dr. Saad Alsaab started a toxicology laboratory in
Tomball, Texas, with a vision to transform the face of healthcare
diagnosis.  That laboratory, which provided a wide array of
toxicology diagnostic services, has evolved into DIAX Labs: a
powerhouse for diagnostic testing, innovating new techniques and
employing cutting-edge technology and state-of-the-art equipment to
provide reliable, accurate, and comprehensive diagnostics testing
with rapid turnaround times.  

Today, DIAX Labs operates two independent, high-complexity
laboratories based near Houston, Texas: Elite Medical Laboratory
Solutions ("Elite"), which is accredited by the College of American
Pathology (CAP), and Graham Tomball ("GT"), which is accredited by
the Commission on Office Laboratory Accreditation (COLA).  DIAX
Labs offers a suite of services, principally including (a)
toxicology, (b) molecular diagnostics, (c) genetics, and (d) blood
and wellness testing for patients with commercial insurance and
Medicare beneficiaries.

Through early 2022, the Debtors' business grew robustly.  During
the COVID-19 pandemic, DIAX Labs introduced innovative testing that
increased its exposure as a nimble, world-class laboratory.  As of
March 2022, the Debtors' genetic testing product line alone was
generating approximately $7 million in monthly net revenue.

Based on the meteoric and sustained success of the business, Dr.
Alsaab, as primary owner of the business,  explored strategic
options (starting in 2021) on divergent paths -- selling the
business or continuing to operate/grow the business while
unlocking, in part, his investment through new financing.  The
Debtors obtained indications of interest from potential purchasers
in Q3 of 2021, indicating an enterprise valuation up to $200
million.

Ultimately, Dr. Alsaab decided to continue growing DIAX Labs
through entering into a dividend recapitalization loan.  The
Debtors had several traditional and credit fund options but chose
to engage with Fifth Third Bank ("Fifth Third").

Pursuant to a Credit Agreement, dated as of March 28, 2022, between
the Debtors (as Borrowers) and Fifth Third Bank, National
Association(as Lender), pursuant to which Fifth Third made a term
loan to the Debtors in the aggregate principal amount of
$23,000,000 (the "Term Loan") and agreed to make available to the
Debtors advances under a revolving loan facility in an aggregate
amount of up to $5,000,000.  Fifth Third distributed $20 million of
the proceeds directly to Dr. Alsaab, as specifically contemplated
under the term loan.

Fifth Third marketed itself as an expert lending institution for
emerging and rapidly growing healthcare businesses like the
Debtors, specifically touting its understanding of the complex
Medicare/third-party payor reimbursement process; it also
aggressively marketed to DIAX Labs based on Fifth Third's
enthusiasm for expanding its healthcare capabilities in Texas.

Unbeknownst to the Debtors and occurring in parallel to closing the
loan with Fifth Third, the Medicare reimbursements -- specifically
its neurocognitive evaluation panel, diabetes and obesity, cancer
genetics, and cardiac genetic testing -- making up approximately
90% of the business's revenues were becoming the target of illegal
and unjustified claims denials.  In February and March 2022, the
Debtors started noticing that certain genetic testing
reimbursements were being partially or completely denied. Initial
claim denials are not particularly unique in the industry or to
DIAX Labs, typically requiring communication with CMS/Novitas and
provision of additional supporting information. Contact with CMS's
contractor, Novitas, yielded a frustrating but acceptable
explanation for the denials: a "software glitch," which would be
fixed via the next software update. Accordingly, the Debtors
continued accepting doctors' orders for genetic testing and
processing those claims (at great expense to the Debtors).  Not
until months later did the Debtors learn that they were instead the
target of a reckless campaign to deny (or cause to be held in
abeyance) some $19.2 million (and counting) in claims based on
changed, unsupportable, and illegal application of Medicare rules.
Claims that were historically approved and paid, without issue, in
the ordinary course were now being summarily denied without warning
to DIAX Labs, despite there being no change in the applicable rules
or process.

As a result, for diagnostic testing and services provided by DIAX
Labs from December 2021 to August 2022, the Debtors have submitted
approximately $13.1 million in claims that have been denied, in
whole or in substantial part. Moreover, the Debtors have not
submitted (awaiting resolution of the illegal coding denial) an
additional $6.1 million in similar genetic testing claims.  The
Debtors simultaneously pursued the earned reimbursements through
the typical administrative process (including multi-level appeal,
which could take approximately 3.5 years to get an ALJ hearing,
Level 3 of the five-level appeals process), pursuit of litigation
in the United States District Court for the Northern District of
Texas, and unproductive settlement communications with the relevant
governmental and related entities.

The Debtors voluntarily reported these issues and their collection
efforts to Fifth Third. Nevertheless, despite the Debtors remaining
current at all relevant times on their payment obligations, Fifth
Third -- principally relying on the Debtors' allegations of
irreparable harm asserted in the Northern District litigation --
declared the Debtors in default of their loan obligations on August
19, 2022, citing a "Material Adverse Effect" under the Loan
Documents.

On September 21, 2022, Fifth Third accelerated the loans.

Now, the Debtors require bankruptcy protection to permit them to
protect their business for the benefit of all stakeholders, to
expedite the resolution of Medicare's wrongful denials, and to
resolve and restructure their obligations to Fifth Third.

The Debtor said it had total debt of at least $10 million and
between 50 and 99 creditors. The petition states that funds will be
available to unsecured creditors.

                       About Penta State LLC

Penta State LLC is an entity formed by Dr. Saad Alsaab.  Penta
State units Elite Medical Laboratory Solutions LLC, and Graham
Tomball LLC each d/b/a DIAX Labs, operates two independent
laboratories based near Houston, Texas.  DIAX Labs offers a suite
of services, principally including (a) toxicology, (b) molecular
diagnostics, (c) genetics, and (d) blood and wellness testing for
patients with commercial insurance and Medicare beneficiaries.

Penta State LLC, along with affiliates Nationwide Laboratory
Partners LLC, Elite Medical Laboratory Solutions LLC, Graham
Tomball LLC, and Zayd Assets LLC, filed for Chapter 11 bankruptcy
protection (Bankr. S.D. Tex. Lead Case No. 22-90331) on Oct. 11,
2022.

In the petition filed by Amit Gupta, as president, Penta State
reported assets and liabilities between $10 million and $50
million.

The Debtors are represented by Thomas Daniel Berghman of Munsch
Hardt Kopf and Harr.


PIPELINE HEALTH: U.S. Trustee Appoints Creditors' Committee
-----------------------------------------------------------
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of Pipeline
Health Systems, LLC and its affiliates.

The committee members are:
     1. Shiftwise, Inc.
        8840 Cypress Waters, Blvd.
        Dallas, TX 75019
        Attn: Alexa Zanolli
        Phone: 858-214-7412
        Email: alexa.zanolli@amnhealthcare.com

     2. Fastaff LLC
        5700 S. Quebec St., Suite 300
        Greenwood Village, CO 80111
        Attn: Marc Bonora
        Phone: 720-921-3895
        Email: legal@ingenovishealth.com

     3. Agiliti Health Inc.
        11095 Viking Drive, Suite 300
        Eden Prarie, MN 55344
        Attn: Julie Moore
        Phone: 952-893-3200
        Email: julie.moore@agilitihealth.com

     4. EBM Clean
        2238 Landmeir Road
        Elk Grove, IL 60007
        Attn: Marc Brown
        Phone: 312-671-1817
        Email: mbrown@ebmclean.com

     5. Medline Industries LP
        3 Lakes Drive
        Northfield, IL 60093
        Attn: Shane Reed
        Phone: 847-505-6935
        Email: sreed@medline.com

     6. Zimmer US, Inc.
        345 E. main St.
        Warsaw, IN 46588
        Attn: Andrew Buis
        Phone: 317-200-1507
        Email: Andrew.buis@zimmerbiomet.com

     7. Tenet Healthcare Corporation
        14201 Dallas Parkway
        Dallas, TX 75254
        Attn: Steven Schaefer
        Phone: 469-893-6266
        Email: steven.schaefer@tenethealth.com
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                   About Pipeline Health Systems

Pipeline Health Systems, LLC is an independent, community-focused
healthcare network that offers a wide range of medical services to
the communities it serves, including maternity care, cancer
treatment, behavioral health, rehabilitation, general surgery, and
hospice care. Headquartered in El Segundo, California, Pipeline's
operations include seven safety net hospitals across California,
Texas, and Illinois, with approximately 310 physicians and over
1,150 beds to serve patients, and a company-wide workforce of over
4,200.

Pipeline Health Systems and its affiliates sought Chapter 11
protection (S.D. Texas Lead Case No. 22-90291) on Oct. 2, 2022.  In
the petition signed by Andrei Soran, authorized signatory, Pipeline
Health Systems disclosed $500 million to $1 billion in assets and
liabilities.

The Hon. David R. Jones is the case judge.

The Debtors tapped Kirkland & Ellis, LLP as general bankruptcy
counsel; Jackson Walker, LLP as local bankruptcy counsel; Ankura
Consulting Group, LLC as restructuring advisor; and Jefferies, LLC
as financial advisor and investment banker. Epiq Corporate
Restructuring, LLC is the claims agent.


PLAYPOWER HOLDINGS: S&P Affirms 'CCC+' ICR, Off Watch Negative
--------------------------------------------------------------
S&P Global Ratings affirmed all its ratings on recreational
equipment manufacturer PlayPower Holdings Inc., including its
'CCC+' issuer credit rating, and removed them from CreditWatch,
where it had placed them with negative implications on Dec. 16,
2021.

The negative outlook reflects S&P's expectation that the company
will continue to operate with a very thin liquidity position and
could require additional liquidity support if there's an
inadvertent operating misstep, an unsupportive macroeconomic
environment, a pullback in demand, or slowing in working-capital
turns.

The affirmation and removal from CreditWatch reflect S&P's belief
that PlayPower's operations are healthy in terms of customer
orders, and it continues to improve its fulfillment of its sizable
backlog, which has resulted in a shift from material cash burn over
the past year to modest positive cash flow.

In June 2022, PlayPower received a liquidity injection of
approximately $20 million from its sponsor, Littlejohn & Co. This
was through a $10 million incremental loan under its first-lien
term loan and a new $10 million revolver granted to its Swedish
subsidiary. S&P said, "It's our understanding that the company used
this injection to pay-down approximately $16 million outstanding
under the company's revolver to avoid a breach in its quarterly
covenant test. After this injection, PlayPower has been able to
avoid a covenant default. However, its liquidity position remains
thin due to the additional receivables and inventory purchases
related to its manufacturing ramp-up. It's our understanding that
the fulfillment of higher-priced orders and a stable collection of
receivables are expected to partly offset the working-capital
financing needs stemming from the manufacturing ramp-up."

S&P said, "We understand that PlayPower continues to improve
production output by addressing various manufacturing bottlenecks,
with improvements in labor retention and training leading to
decreased lead times. In 2021, PlayPower raised prices to combat
anticipated inflation that it expected to make an impact in the
second half of 2022. The manufacturing delays had a material
negative affect on the company's profitability and cash flow. As
PlayPower ramps-up operations and fulfills its order backlog, it
has begun to fulfill higher-priced orders, and cash-flow generation
is starting to benefit. This will also probably result in a
significant boost in margins in the second half of 2022 and into
2023. It's our understanding that the current backlog is about $400
million and that demand continues to be robust, with a steady
pipeline of new orders and an expected large delivery to a major
retailer in the second half of 2022. With these improvements and a
steady collection of outstanding receivables, we believe the
company could generate positive cash flow starting in the third
quarter with no additional drawings under its revolver. Still,
under our base-case scenario, we expect PlayPower to continue to
have less-than-adequate liquidity. The ramp-up makes the company
vulnerable to an unexpected operating misstep, an unsupportive
macroeconomic environment, or an unanticipated pullback in
demand."

PlayPower's sponsor made a liquidity injection through additional
lending facilities and remains a potential channel for additional
financing, but there's no current commitment to do so.

PlayPower could need additional liquidity if an unexpected misstep
or unfavorable event occurs. S&P believes the size of Littlejohn's
investment in PlayPower and the current high backlog and improving
order fulfillment trend would be incentives for it to offer further
support. Management has indicated that Littlejohn is willing and
able to do so. However, there is no current committed equity or
other facility being provided.

PlayPower is reliant on municipalities' ability to fund
discretionary playground equipment spending, which can be impaired
during periods of economic weakness.

S&P believes municipalities and schools account for about half of
PlayPower's revenue and have forecasted sales declines in 2023 due
to expectations of a recession. Macroeconomic risks continue to
rise. These could begin to have a negative effect on municipal
budgets and commercial spending next year. The U.S. economy
continues to face challenges from extremely high inflation and
supply-chain disruptions, exacerbated by the Russia-Ukraine
conflict. Combined with higher borrowing costs as the Fed's
monetary policy flies higher, financing and liquidity sources
weaken, causing many businesses to tighten budgets.

S&P said, "Our baseline expectation is that the U.S. economy will
fall into a shallow recession in the first half of 2023, and we
believe this is becoming increasingly likely. We have assumed
declines in municipal spending similar in magnitude to those of
prior recessions, where municipal budget cuts resulted in about a
1%-5% decline in revenue in our base-case forecast. We anticipate
the long replacement cycle of playground systems could result in
municipalities delaying purchases."

The company's acquisitions in recent years of assets producing
smaller-ticket items with shorter replacement cycles with a
commercial customer base might partially offset municipal spending
decreases. However, commercial clients are also likely to cut
spending in a recessionary environment. S&P also believes
PlayPower's exposure to European markets, which accounted for
approximately 22% of revenue, could result in a steeper revenue
decline in 2023 and potentially a slower recovery in 2024 as these
markets experience a potentially deeper and more prolonged
recession than in the U.S.

There are several other business and financial considerations that
S&P incorporates into the rating:

-- The playground equipment market is highly competitive and
fragmented.

-- Despite cost synergies and manufacturing improvements over the
past few years, S&P believes there are risks of EBITDA margin
compression in a weak operating environment due to the company's
fixed cost base and small scale compared to other leisure
companies.

-- There is currency risk associated with its European
operations.

-- The company is controlled by a financial sponsor, which
translates into sustained anticipated highly leveraged financial
risk.

-- These risks are partly offset by PlayPower's leading position
in various playground equipment, shading structure, and outdoor
equipment markets as well as some geographic diversity from
European operations.

S&P said, "The negative outlook reflects our expectation that
PlayPower will continue to operate with very thin liquidity. Having
only recently stopped its cash burn, it could need additional
liquidity support if it encounters an inadvertent operating
misstep, an unsupportive macroeconomic environment, a pullback in
demand, or slowing of working-capital turns. Anticipated
improvements in order fulfillment and revenue in the second half of
2022 and in 2023 could create a working-capital financing need as
PlayPower ramps-up and improves operations.

"We could lower the rating if we believed that PlayPower's
liquidity was deteriorating in a manner that would cause it to
likely pursue bankruptcy, restructuring, or a distressed exchange
over the next 12 months.

"We could revise the outlook to stable or positive, or we could
raise the rating, if we become confident PlayPower can fulfill its
large order backlog, generate sustained positive cash flow, return
to an adequate liquidity position, and maintain EBITDA coverage of
cash interest expense comfortably above 1x."

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

S&P said, "Social factors are a moderately negative consideration
in our credit rating analysis of PlayPower. When the COVID-19
pandemic hit, PlayPower's order volumes and revenue were impaired
as customers cancelled orders and schools and municipalities
reduced spending on discretionary equipment. Despite PlayPower's
manufacturing disruptions delaying its ability to fulfill its
orders, we believe that eventually the business will recover due to
pent-up demand, the equipment replacement cycle, and higher usage
trends in outdoor spaces. Health and safety will remain an ongoing
risk factor in the playground equipment market. Governance factors
are a moderately negative consideration. Our assessment of the
company's financial risk profile as highly leveraged reflects
corporate decision-making that prioritizes the interests of
controlling owners, in line with our view of most rated entities
owned by private-equity sponsors. Our assessment also reflects
their generally finite holding periods and focus on maximizing
shareholder returns."



QVA9 MANAGEMENT: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: QVA9 Management Inc.
        244 5th Avenue, Suite 210B
        New York, NY 10001

Business Description: The Debtor is primarily engaged in renting
                      and leasing real estate properties.

Chapter 11 Petition Date: October 18, 2022

Court: United States Bankruptcy Court
       Eastern District of New York

Case No.: 22-42582

Judge: Hon. Jil Mazer-Marino

Debtor's Counsel: Ilevu Yakubov, Esq. a/k/a Leo Jacobs, Esq.
                  JACOBS PC
                  595 Madison Avenue FL 39
                  New York, NY 10022
                Tel: (212) 229-0476
                Email: leo@jacobspc.com

Estimated Assets: $500,000 to $1 million

Estimated Liabilities: $1 million to $10 million

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

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

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

https://www.pacermonitor.com/view/6VRBVWA/QVA9_Management_Inc__nyebke-22-42582__0001.0.pdf?mcid=tGE4TAMA


R & E PETROLEUM: Taps Congeni Law Firm as Bankruptcy Counsel
------------------------------------------------------------
R & E Petroleum, LLC received interim approval from the U.S.
Bankruptcy Court for the Eastern District of Louisiana to hire
Congeni Law Firm, LLC as its legal counsel.

The firm's services include:

   a. advising and consulting with the Debtor concerning questions
arising in the conduct of the administration of the estate, the
Debtor's rights and remedies with regard to the estate's assets and
claims of creditors;

   b. assisting in the preparation of legal papers;

   c. representing the Debtor's interests in suits arising in or
related to its Chapter 11 case;

   d. investigating and prosecuting preference and other actions
arising under the Debtor's avoiding powers; and

   e. consulting with and advising the Debtor in connection with
the operation of its business.

The firm's attorneys and paralegals will be paid at hourly rates as
follows:

     Leo Congeni, Esq.   $320 per hour
     Associate           $195 per hour
     Paralegals          $85 per hour

In addition, Congeni Law Firm will be reimbursed for out-of-pocket
expenses incurred.

The firm received a retainer of $7,500.

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

The firm can be reached at:

     Leo D. Congeni, Esq.
     Congeni Law Firm, LLC
     424 Gravier Street
     New Orleans, LA 70130
     Tel: (504) 522-4848
     Fax: (504) 581-4962
     Email: leo@congenilawfirm.com

                       About R & E Petroleum

R & E Petroleum, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. La. Case No. 22-11087) on Sept. 20,
2022, with up to $50,000 in assets and up to $1 million in
liabilities. Ragheb Chaar, member and manager, signed the petition.


Judge Meredith S. Grabill oversees the case.

Leo D. Congeni, Esq., at Congeni Law Firm, LLC is the Debtor's
counsel.


RED RIVER: Court Grants Non-Material Modification to Plan
---------------------------------------------------------
The Bankruptcy Court has entered an order that the Plan of Red
River Waste Solutions, LP, is deemed modified by the First
Modification and Second Modification in accordance with 11 U.S.C.
Sec. 1127.

The Debtor's Fourth Amended Chapter 11 Plan for Red River Waste
Solutions was not modified in such a manner by the First
Modification or the Second Modification that either classification
or treatment of any creditor that voted to accept the Plan was
materially altered in an adverse manner.

The First Modification and Second Modification do not cause a
material adverse change to the treatment of any class of creditors
or interests that voted to accept the Plan, but which has not
accepted the Modifications in writing.

The Plan, as modified by the First Modification and Second
Modification, does not violate Sections 1122 and 1123 of the
Bankruptcy Code.

The Plan, as modified, meets all the requirements of Section 1129.

On Sept. 7, 2022, the Debtor filed the Fourth Amended Chapter 11
Plan and  Disclosure Statement.  On Sept. 8, 2022, the Court
entered its order approving Disclosure Statement and setting a
Sept. 10 voting deadline.

The Debtor's claims and balloting agent has received ballots in
favor of the Fourth Amended Plan by the sole voting members of
Classes 4, 6, and 14.

The Court on Sept. 29, 2022 entered an order confirming the Fourth
Amended Plan.

The First Modification was filed to (a) correct a drafting error in
Article V.B.; (b) revise the starting date of the periods related
to the Administrative Expense Claims Bar Date; and (c) clarify the
treatment of Allowed Priority Tax Claims that remained unpaid after
the Sale Closing Date.

The Second Modification was filed to (a) correct inadvertent
drafting errors related to treatment of Other Priority Claims, and
(b) revise the definition of Effective Date to remove September 30,
2022.

                     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.


REMARK HOLDINGS: Issues $2.8M Convertible Debenture to Ionic
------------------------------------------------------------
Remark Holdings, Inc. entered into a debenture purchase agreement
with Ionic Ventures, LLC, pursuant to which the Company issued a
convertible subordinated debenture in the original principal amount
of $2,778,000 to Ionic for a purchase price of $2,500,000,
according to a Form 8-K filed with the Securities and Exchange
Commission.

The Debenture accrues interest at a rate of 8% per annum.  The
interest rate on the Debenture increases to a rate of 15% per annum
if the Debenture is not fully paid or converted by Feb. 6, 2023 or
upon the occurrence of certain trigger events, including, without
limitation, the suspension from trading or the delisting of our
common stock from Nasdaq and the occurrence of any material adverse
effect.  In addition, if the Debenture is not fully paid or
converted by the Trigger Date, the original principal amount of the
Debenture will be deemed to have been $3,334,000 from the issuance
date.  The Debenture matures on June 6, 2023.

The Debenture automatically converts into shares of common stock at
the earlier of (i) the effectiveness of a registration statement
registering the resale of certain Registrable Securities as such
term is defined in the Registration Rights Agreement including,
without limitation, the shares issuable upon conversion of the
Debenture, and (ii) 181 days after the issuance date of the
Debenture.  The number of shares of common stock issuable upon
conversion of the Debenture shall be determined by dividing the
outstanding balance under the Debenture (including all accrued and
unpaid interest and accrued and unpaid late charges, if any) by a
conversion price that is the lower of (x) 80% (or 70% if the
Company's common stock is not then trading on Nasdaq) of the
average of the 10 lowest volume-weighted average prices ("VWAPs")
over a specified measurement period following the conversion date,
and (y) $0.50, subject to full ratchet anti-dilution protection in
the event the Company issues certain equity securities at a price
below the then Fixed Conversion Price.  Additionally, in the event
of a bankruptcy, the Company is required to redeem the Debenture in
cash in an amount equal to the then outstanding balance of the
Debenture multiplied by 120%, subject, however, to the provisions
of the Subordination Agreement.  The Debenture further provides
that the Company will not effect the conversion of any portion of
the Debenture, and the holder thereof will not have the right to a
conversion of any portion of the Debenture, to the extent that
after giving effect to such conversion, the holder together with
its affiliates would beneficially own more than 4.99% of the
outstanding shares of the Company's common stock immediately after
giving effect to such conversion.

Also, on Oct. 6, 2022, the Company entered into a purchase
agreement with Ionic, which provides that the Company has the right
to direct Ionic to purchase up to an aggregate of $50,000,000 of
shares of the Company's common stock over the 36-month term of the
ELOC Purchase Agreement.  Under the ELOC Purchase Agreement, after
the satisfaction of certain commencement conditions, including,
without limitation, the effectiveness of the Resale Registration
Statement and that the Debenture shall have been fully converted
into shares of common stock or shall otherwise have been fully
redeemed and settled in all respects in accordance with the terms
of the Debenture, the Company has the right to present Ionic with a
purchase notice directing Ionic to purchase any amount up to
$3,000,000 of the Company's common stock per trading day, at a per
share price equal to 90% (or 80% if the Company's common stock is
not then trading on Nasdaq) of the average of the five lowest VWAPs
over a specified measurement period.  With each purchase under the
ELOC Purchase Agreement, the Company is required to deliver to
Ionic an additional number of shares equal to 2.5% of the number of
shares of common stock deliverable upon such purchase.  The number
of shares that the Company can issue to Ionic from time to time
under the ELOC Purchase Agreement shall be subject to the
Beneficial Ownership Limitation.

In addition, Ionic will not be required to buy any shares of the
Company's common stock pursuant to a Purchase Notice on any trading
day on which the closing trade price of the Company's common stock
is below $0.25.  The Company will control the timing and amount of
sales of its common stock to Ionic.  Ionic has no right to require
any sales by the Company, and is obligated to make purchases from
the Company as directed solely by the Company in accordance with
the ELOC Purchase Agreement.  The ELOC Purchase Agreement provides
that the Company will not be required or permitted to issue, and
Ionic will not be required to purchase, any shares under the ELOC
Purchase Agreement if such issuance would violate Nasdaq rules, and
the Company may, in its sole discretion, determine whether to
obtain stockholder approval to issue shares in excess of 19.99% of
its outstanding shares of common stock if such issuance would
require stockholder approval under Nasdaq rules.  Ionic has agreed
that neither it nor any of its agents, representatives and
affiliates will engage in any direct or indirect short-selling or
hedging the Company's common stock during any time prior to the
termination of the ELOC Purchase Agreement.  The ELOC Purchase
Agreement may be terminated by the Company if certain conditions to
commence have not been satisfied by Dec. 31, 2022.  The ELOC
Purchase Agreement may also be terminated by the Company's at any
time after commencement, at the Company's discretion; provided,
however, that if the Company sold less than $25,000,000 to Ionic
(other than as a result of the Company's inability to sell shares
to Ionic as a result of the Beneficial Ownership Limitation, the
Company's failure to have sufficient shares authorized or its
failure to obtain stockholder approval to issue more than 19.99% of
the Company's outstanding shares), the Company will pay to Ionic a
termination fee of $500,000, which is payable, at its option, in
cash or in shares of common stock at a price equal to the closing
price on the day immediately preceding the date of receipt of the
termination notice.  Further, the ELOC Purchase Agreement will
automatically terminate on the date that the Company sells, and
Ionic purchases, the full $50,000,000 amount under the agreement
or, if the full amount has not been purchased, on the expiration of
the 36-month term of the ELOC Purchase Agreement.

Concurrently with entering into the Debenture Purchase Agreement
and the ELOC Purchase Agreement, the Company also entered into a
registration rights agreement with Ionic, in which the Company
agreed to file with the Securities and Exchange Commission one or
more registration statements, as necessary, and to the extent
permissible and subject to certain exceptions, to register under
the Securities Act of 1933, as amended, the resale of the shares of
our common stock issuable upon conversion of the Debenture, the
shares of common stock that may be issued to Ionic under the ELOC
Purchase Agreement and the shares of common stock that may be
issued to Ionic if the Company fails to comply with its obligations
in the Registration Rights Agreement.  The Registration Rights
Agreement requires that the Company file, within 30 days after
signing, the Resale Registration Statement and use commercially
reasonable efforts to have the Resale Registration Statement
declared effective by the SEC on or before the earlier of (i) 90
days after signing (or 120 days if such registration statement is
subject to full review by the SEC) and (ii) the 2nd business day
after the Company is notified it will not be subject to further SEC
review.  If the Company fails to file or have the Resale
Registration Statement declared effective by the specified
deadlines, then in each instance, the Company will issue to Ionic
150,000 shares of its common stock within two trading days after
such failure, and with respect to the Conversion Shares, the
Company will additionally pay in cash, as liquidated damages, an
amount equal to 2% of the amount then currently outstanding under
the Debenture for failure to file and have the Resale Registration
Statement declared effective by the same deadlines set forth above
for each 30-day period after each such failure.

            Mudrick Waiver and Subordination Agreement

On Oct. 6, 2022, the Company also entered into a Provisional Waiver
and Consent Agreement to the Senior Secured Loan Agreements, dated
as of Dec. 3, 2021, that the Company, together with certain of its
subsidiaries as guarantors, are party to with certain institutional
lenders affiliated with Mudrick Capital Management, LP.  Pursuant
to the Mudrick Waiver, the Senior Lender agreed, among other
things, to (i) waive certain existing events of default under the
Senior Loan Agreement, (ii) defer payment of interest for the
months of July, August and September 2022 to Oct. 6, 2022, the
closing date of the Debenture Purchase Agreement, and (iii) consent
to the issuance of the Debenture and the other transactions
contemplated by the Debenture Purchase Agreement.  In connection
with the Mudrick Waiver, the Company became a party to a
Subordination and Intercreditor Agreement with the Senior Lender
and Ionic, pursuant to which Ionic agreed, among other things, that
all of the Company's obligations to Ionic under the Debenture will
be fully and unconditionally junior and subordinate in right of
cash payment to the prior satisfaction in full of the Company's
obligation to the Senior Lender.

                       About Remark Holdings

Remark Holdings, Inc. (NASDAQ: MARK) --
http://www.remarkholdings.com-- its subsidiaries, and the
variable-interest entities that the company consolidates,
constitute a diversified global technology business with leading
artificial intelligence and data-analytics, as well as a portfolio
of digital media properties.  The company's easy-to-install AI
products are being rolled out in a wide range of applications
within the retail, urban life cycle and workplace and food safety
arenas.  The company also owns and operates digital media
properties that deliver relevant, dynamic content and ecommerce
solutions.  The company's corporate headquarters and U.S.
operations are based in Las Vegas, Nevada, and it also maintain
operations in London, England and Shanghai, China.  The operations
of the variable interest entities the company consolidates are
headquartered in Chengdu, China with additional operations in
Hangzhou.

As of June 30, 2022, the Company had $33.36 million in total
assets, $39.68 million in total liabilities, and a total
stockholders' deficit of $6.32 million.

Los Angeles, California-based Weinberg & Company, the Company's
auditor since 2020, issued a "going concern" qualification in its
report dated March 31, 2022, citing that the Company has suffered
recurring losses from operations and negative cash flows from
operating activities and has a negative working capital and a
stockholders' deficit that raise substantial doubt about its
ability to continue as a going concern.


SAMN LLC: Files Chapter 11 Subchapter V Case
--------------------------------------------
Samn LLC filed for chapter 11 protection in the Southern District
of Mississippi without stating a reason.  The Debtor elected on its
voluntary petition to proceed under Subchapter V of chapter 11 of
the Bankruptcy Code.

The Debtor said it had total debt of at least $1 million and
between 1 and 49 creditors.  The petition states that funds will be
available to unsecured creditors.

A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
Nov. 9, 2022, at 03:00 PM at US Trustee Houston Teleconference.  

Proofs of claim are due by Dec. 20, 2022.

                           About Samn LLC

Samn LLC provides geophysical survey services.  The Company
specialize in geospatial data solutions such as land and
hydrographic surveying, airborne, mobile, aerial mapping, utility
coordination, and construction phase services.

Samn LLC sought sought protection under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 22-33023) on
Oct. 11, 2022.  In the petition filed by Amrut Bhakta, as managing
member, the Debtor reported assets and liabilities between $1
million and $10 million.

Jarrod B Martin has been appointed as Subchapter V trustee.

The Debtor is represented by Susan Tran Adams of Tran Singh LLP.


SAVANNAH CAPITAL: Unsecureds to Recover 100% After Sale
-------------------------------------------------------
New Broughton Street, LLC, a debtor-affiliate of Savannah Capital,
LLC, filed an Amended Chapter 11 Plan of LIquidation and a
corresponding Disclosure Statement.

New Broughton Street owns 100% ownership interest in the real
property located at 332, 320,318,312,310 West Broughton Street in
the City of Savannah located in Chatham County, Georgia.  The NBS
real property is the only asset of New Broughton Street.

The Debtor's Plan proposes a resolution to creditor claims through
the sale or
liquidation of certain assets.  The Debtors' real and personal
property will be sold to pay allowed creditors in accordance with
11 U.S.C Sec. 507.

Under the Plan, Class 3 General Unsecured Creditors will be paid
100% of their claims within 60 days of confirmation or after
liquidation is complete.  Class 3 is impaired.

Attorney for the Plan Proponent:

     Jake C. Blanchard, Esq.
     BLANCHARD LAW, P.A.
     1501 S. Belcher Rd., 6B
     Largo, FL 33771
     Tel: 727-531-7068
     Fax: 727- 535-2086
     E-mail: jake@jakeblanchardlaw.com

A copy of the Amended Disclosure Statement dated October 7, 2022,
is available at https://bit.ly/3rHNZT3 from PacerMonitor.com.

                      About Savannah Capital

Savannah Capital, LLC, is an asset management company based in
Savannah, Ga.

Savannah Capital and its affiliate, New Broughton Street, LLC,
sought Chapter 11 protection (Bankr. M.D. Fla. Lead Case No. 22
01431) on April 11, 2022. In the petitions filed by Kris Callen, as
manager, both Debtors listed up to $50,000 in assets and up to $10
million in liabilities.

Judge Catherine Peek McEwen oversees the case.

Jake C. Blanchard, Esq., at Blanchard Law, P.A. is the Debtor's
counsel.


SCRANTON-LACKAWANNA HEALTH: S&P Affirms 'CCC+' LT Bonds Rating
--------------------------------------------------------------
S&P Global Ratings revised the outlook to negative from developing
and affirmed its 'CCC+' long-term rating on the Scranton-Lackawanna
Health & Welfare Authority (Scranton Parking System Concession
Project), Pa.'s series 2016A senior parking revenue current
interest bonds, series 2016B senior parking revenue current
interest bonds, and series 2016C senior parking capital
appreciation bonds outstanding.

"The outlook revision reflects our view that, over the next 12
months, we could lower the rating if we believe the parking system
will likely experience a payment default absent unforeseen positive
developments due to sustained weakened demand and the challenging
demographics within the service area," said S&P Global Ratings
credit analyst Scott Shad.

Key credit weaknesses are the parking system's:

-- Debt service coverage (S&P Global Ratings-calculated) that S&P
expects will be insufficient in fiscal 2022;

-- Constrained rate-setting flexibility;

-- Relatively weak service area economy; and

-- Limited available liquidity to cover debt service requirements
in the event the debt service reserve fund (DSRF) is depleted.

S&P said, "Key credit strengths that we believe partially offset
these credit weaknesses are the parking system's lack of additional
debt needs and manageable capital requirements that can be
deferred.

"We could lower the rating within the next 12 months if we believe
the parking system will likely experience a payment default, absent
unforeseen positive developments, following further draws and
depletion of its DSRF balances and available liquidity.
Furthermore, we would lower the rating one or more notches if there
is a waiver of indenture provisions, including acceleration,
default, announcement of expected default, or announcement of any
type of distressed exchange of senior-lien bonds.

"We could revise the outlook to stable or raise the rating within
the next 12 months if utilization rates recover to a point that we
believe the parking system can maintain financial metrics
consistent with a higher rating on a sustainable basis and exhibit
less reliance on available DSRF balances or liquidity for debt
service payments."

Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:

-- Social capital



SILVER STATE: Receiver Questions '100% Plan', Disclosures
---------------------------------------------------------
W. Lawrence Patrick, the prepetition receiver appointed by the
district court to collect on a judgment against Silver State
Broadcasting, LLC, et al., on a lawsuit by WB Music Corp. et al.,
filed an objection to the Debtors' Third Amended Disclosure
Statement, on the grounds, among others, that it fails to provide
adequate information.

On March 4, 2022, the Receiver filed Proof of Claim No. 5-2 against
Silver State Broadcasting, LLC, Proof of Claim No. 3-2 against
Golden State Broadcasting, LLC, and Proof of Claim No. 1-2 against
Major Market Radio, LLC, asserting Debtors' joint and several
liability for an aggregate of $1,248,348.  The claims are premised
on, in part, the significant fees accrued by the prepetition
receivership estate based on the misconduct of the Debtors, their
parent entity, Royce International Broadcasting, Inc., and their
principal, Edward Stolz.  As observed in the TA Disclosure
Statement, the Receiver's claims are subject to a pending objection
to be considered at an evidentiary hearing in January 2023.

The Receiver points out that the Debtors necessarily request a
finding from this Court that sufficient evidence supports
solicitation of a Disclosure Statement and Plan in which not a
single class of claimants may vote.  The Debtor's Plan is premised
on an ever-shifting promise that some combination of the Debtors'
assets -- or Mr. Stolz's personal assets -- will be sufficient to
pay all claims in full.  Indeed, the Debtors now come close to
proposing a Plan funding scheme identical to the objectives of the
receivership they repeatedly subverted (a sale of all stations),
which undercuts the Debtors' entire justification for the time and
expense of these bankruptcy cases.

The Receiver further points out that the Plan might be sufficient
if the Debtor actually possessed an ascertainable "pot" of cash to
assure the proposed payment, but the Debtors have offered an
evolving view of the assets their values) the debtors must
liquidate in the years to come to render the Plan a full-payment
plan.

According to the Receiver, the Debtors' efforts to stick by their
valuations -- while still feeling the need to pile more potential
funding sources into the Plan -- are dubious at best, particularly
where the uncontroverted evidence demonstrates that the Debtors'
assets are substantially less valuable.

The Receiver asserts that the factual and legal impairment issues
raised by the Plan are central to the Court's determination, now,
of the appropriate manner in which the TA Disclosure Statement must
be solicited.  Factually, the Debtors' premise their unimpairment
argument on the existence of sufficient funds to pay all creditors
in full—but there is no dispute that the Debtors currently have
no funds.  The validity of the Debtors' request to solicit no votes
hinges on the Debtors' ability to fund the Plan as drafted, but, as
set forth above, the evidence in this record cannot support such a
finding.  Further, as a matter of law, the Debtors make no effort
to demonstrate that the Court can preordain a year-long
post-confirmation, pre-effective date period and that such a
fabricated delay in the "effective date" would not impair creditors
entitled to payment on the effective date.  The Debtors fail to
offer a compelling argument that the estates should engage in the
time and expense of heading toward confirmation -- particularly
after the Bankruptcy Case has been pending for a year and has
morphed into a redo of the receivership sale -- based on a voting
strategy that will render the Plan unconfirmable.

The Receiver points out that an ample additional shortcomings
persist -- and new ones have been injected—in the Debtors' TA
Disclosure Statement, including the following:

    * the failure to disclose that the Effective Date is over a
year after confirmation;

    * the failure to discuss the contingencies involved in
creditors receiving their distributions;

    * the inclusion of materially misleading information with
respect to: (a) the Debtors' profitability; (b) the Debtors' need
for an $18 million capital investment; (c) the sale value of KREV
FM; (d) the sale value of Stolz's real property assets; (e) the
amount of claims against the Debtors; and (f) the Debtors' ability
to succeed in eliminating more than $4 million in filed claims;

    * the failure to disclose a recent Ninth Circuit ruling
confirming the propriety of the Receiver's conduct in the
receivership and agreeing with the District Court's decision to
keep the receivership in place following payment of the underlying
judgment because "[g]iven Defendants' history of nonpayment, the
court understandably declined to 'trust Defendant Ed Stolz's
representations that he will satisfy amounts due in the future;'"

    * the assertion that the Debtors are entitled to pay certain10
alleged "ordinary course" administrative claims, such as the more
than $30,000 postpetition payments already made to Ms. Naiman-an
insider (and Mr. Stolz's real estate agent) for whom compensation
has not been approved—as set forth in the Debtors' operating
reports; and

    * the fact that the Plan is patently unconfirmable because it:
(a) improperly impairs claims by making the Effective Date more
than a year after confirmation; (b) improperly classifies claims in
order to gerrymander the vote; (c) unfairly discriminates between
classes; and (iv) is not feasible.

Counsel for W. Lawrence Patrick:

     Brett A. Axelrod, Esq.
     Nicholas A. Koffroth, Esq.
     FOX ROTHSCHILD LLP
     1980 Festival Plaza Drive, Suite 700
     Las Vegas, NV 89135
     Telephone: (702) 262-6899
     Facsimile: (702) 597-5503
     E-mail: baxelrod@foxrothschild.com
             nkoffroth@foxrothschild.com

               About Silver State Broadcasting

Las Vegas-based Silver State Broadcasting, LLC and its affiliates,
Major Market Radio, LLC and Golden State Broadcasting, LLC, filed
voluntary petitions for Chapter 11 protection (Bankr. D. Nev. Lead
Case No. 21-14978) on Oct. 19, 2021. Edward R. Stolz, manager of
Silver State Broadcasting, signed the petitions. In its petition,
Silver State listed up to $50 million in assets and up to $1
million in liabilities.

Judge August B. Landis oversees the cases.

Stephen R. Harris, Esq., at Harris Law Practice, LLC, represents
the Debtors.


SIZZLING PLATTER: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Sizzling Platter, LLC's ratings,
including the Long-Term Issuer Default Rating (IDR) at 'B-' as well
as the instrument ratings at 'BB-'/'RR1' for the super-priority
first-lien revolver and 'B-'/'RR4' for the first-lien notes. The
Rating Outlook remains Stable.

Sizzling Platter, LLC's 'B-' rating reflects the company's position
as a leading franchisee in the Little Caesars, Jamba and Wingstop
quick-serve restaurant chains, its high adjusted leverage in the 7x
area, and its reliance on Little Caesars for around 65% of its
revenue. The rating also considers recent strong same store sales
(SSS) growth and resilient operating performance despite high
inflation. FCF is expected to be low as the company uses cash flow
to invest in new restaurants, but liquidity remains adequate.

KEY RATING DRIVERS

Limited Diversification and Modest Scale: The core of Sizzling
Platter's 661-unit restaurant portfolio consists of almost 450
Little Caesars units across the U.S. and Mexico, over 90 Jamba
units and over 80 Wingstop units. Little Caesars distinguishes
itself from other national pizza chains with its extreme value
offering, including pies for as low as $6, while Wingstop has a
leading position in the fast-casual chicken wing segment with a
demonstrated track record of SSS growth. With its recent
acquisition of 94 Jamba units, Sizzling Platter now serves the
smoothies and juices segment.

The company's relatively small scale in terms of total revenue and
EBITDA is mitigated by its meaningful scale within its core brands'
systems. It is the largest franchisee in the Little Caesars system
(over 7% of the brand's domestic units) and one of the largest with
the Jamba (12%) and Wingstop systems (5%).

Continued Strong SSS Growth: Sizzling Platter has generated 19
consecutive quarters of SSS growth from its quick-serve restaurant
(QSR) businesses (excluding 1Q20 due to the COVID outbreak). While
available data suggests Little Caesars meaningfully underperformed
its peers during the year after COVID hit the U.S., this trend may
have reversed with Sizzling Platter's SSS growth exceeding Domino's
for five straight quarters ending 2Q22 and Papa John's in four out
of the past five. Fitch attributes much of this reversal to
increased consumer mobility benefiting the company's takeout
concepts as well as Little Caesar's improved delivery platform,
which was a weakness during the pandemic as it could not meet the
substantial increase in demand for delivery. Fitch expects strong
SSS growth to continue in the second half of 2022 supported by
price increases before settling in the low-single-digit percent
range in 2023.

Highly Efficient Operating Model: Sizzling Platter's core
franchises benefit from highly efficient operating models due to
the small footprint of their stores (which can average as little as
half that of peers' locations that include dining rooms) resulting
in low initial investment costs and below average rent and labor
expense. As a result, restaurant level EBITDA margins as calculated
by the company average in the 12% range, which is high for the
rating. Modest maintenance capex and limited cash required for
remodels allow for more cash to be deployed towards growth.

Rebounding Profitability Despite Cost Inflation: Fitch-calculated
EBITDA margins declined during the pandemic from costs related to
PPE and increased sanitation, but have since increased to above 7%.
While current levels are still below the 9% levels in 2018, pricing
actions and labor efficiency measures have partially offset high
commodity and labor inflation. Delivery costs have also weighed on
margins, although customers ordering delivery generate higher
tickets and are more likely to add-on higher margin items,
mitigating this impact. Fitch expects EBITDA margins to remain
above 7% over the next year as the pace of cost inflation slows.

Value Offerings Drive Resilient Performance: Sizzling Platter's
brands' deep value offerings have enabled the company to perform
well during economic downturns while the convenience factor of its
offerings helped the company outperform during the pandemic. Little
Caesars held up relatively well during 2008-2010 as the company
posted positive cumulative SSS during the period. In addition,
sales remained resilient during the pandemic as the company's
brands' off-premise focused business models satisfied consumers'
desire for food away from home but in a low-touch environment.
Fitch believes the company's largely off-premise and recession
resistant business model will continue to be key advantages for
Sizzling Platter.

High Leverage, Adequate Liquidity: Under private equity ownership,
Sizzling Platter operated with leverage around 7x pre-pandemic as
growth in EBITDA was offset by incremental debt to fund
acquisitions. Leverage at YE 2020 approached 10x, however, as
pandemic-related costs weighed on EBITDA and as the company added
to debt levels to pre-fund acquisitions. As the company has used
cash on hand to fund acquisitions, pro forma gross leverage has
declined to around 7x. Fitch expects leverage to decline gradually
over the next year through modest EBITDA growth. Fitch would become
more concerned about refinancing risk if leverage remains at or
above 7x as it approaches its 2025 debt maturities.

Liquidity is currently sufficient with cash on hand of $18 million
as of 2Q22 and $37 million available under the company's $65
million revolver maturing in May 2025. While Fitch views current
liquidity as adequate, further acquisitions funded by revolver
draws could lead to downward rating pressure.

DERIVATION SUMMARY

Sizzling Platter's 'B-' rating considers the company's position as
a leading franchisee in the Little Caesars, Jamba and Wingstop
quick-serve restaurant chains, as well as its limited scale, high
Fitch-adjusted leverage expected in the 7x area, and its reliance
on Little Caesars for around 65% of its revenues.

Sizzling Platter's rating is a notch above peer GPS Hospitality
Holding Co. of 'CCC+', a multi-brand franchisee with a high
concentration of Burger King restaurants. GPS's rating considers
its elevated leverage expected to trend in the high single digits,
small scale with EBITDA under $50 million, modest liquidity and
near-term negative FCF.

Sizzling Platter's rating is in line with Legends Hospitality
Holding Company (B-/Stable), a provider of outsourced facilities
services at entertainment and sporting events. Legends' rating
reflects the ongoing recovery of the company's financial metrics
following pandemic-related disruptions to its business model, which
drove negative EBITDA in 2020, with Fitch expecting leverage to
return to the low-7x in 2022 and FCF approaching neutral in 2023.

Sizzling Platter's rating is also in line with Rite Aid Corp. Rite
Aid's 'B-' rating and Negative Outlook incorporate its weak
position in the relatively stable U.S. drug retail business, its
limited to negative FCF, and its high lease adjusted leverage
(capitalizing rent expense at 8x), projected in the mid-7x range in
2022.

KEY ASSUMPTIONS

- Revenue increasing to over $800 million in 2022 driven by new
store openings, including the acquisition of 94 Jamba restaurants,
and over 5% SSS growth for the year. Fitch expects SSS growth will
return to the low-single-digit percent range in 2023 and, combined
with new store openings, will drive mid-single-digit percent
revenue growth.

- EBITDA margins increasing to above 7% in 2022 from 6.6% in 2021
given the higher margin contribution from Jamba, price increases,
and labor efficiency initiatives offset by significant commodity
and labor inflation. Fitch expects margins to remain above 7%
thereafter as the pace of inflation slows.

- Capex of around $30 million in 2022, increasing modestly
thereafter, driven by continued investments in new restaurants.
Fitch expects breakeven FCF as the company continues to prioritize
growth.

- Leverage of around 7x in 2022, declining gradually from modest
EBITDA growth thereafter.

RATING SENSITIVITIES

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

- Positive trends in SSS and unit growth, Fitch-calculated EBITDA
sustained above $50 million, positive FCF, and total adjusted
debt/EBITDAR sustained below 6x.

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

- Adjusted debt/EBITDAR expected to sustain above 7x, with
persistently negative FCF leading to medium-term liquidity concerns
and/or heightened refinancing risk.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Liquidity is currently sufficient with readily
available cash of $18.5 million and $31.4 million available under
the company's revolver maturing in May 2025. Fitch expects that the
company will continue using internally generated funds to acquire
and open new stores. While Fitch views current liquidity as
adequate, further acquisitions funded by revolver draws could lead
to downward rating pressure.

Debt Structure: In addition to the $65 million revolving credit
line due 2025, Sizzling Platter's capital structure includes the
company's $350 million 8.5% senior secured notes due 2025. The
revolver and notes are secured on a first priority basis by
substantially all domestic assets of the company with the revolver
benefiting from "super-priority" status. The company has no
near-term maturities with both the revolver and senior notes
maturing in 2025.

ISSUER PROFILE

Sizzling Platter, LLC is a leading franchisee of the Little
Caesars, Jamba and Wingstop quick-serve chains, as well as a
franchisee of Dunkin', Jersey Mike's, Red Robin and Sizzler.

SUMMARY OF FINANCIAL ADJUSTMENTS

An 8x multiple was used to adjust for leases as this company is
based in the U.S.

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.

   Entity/Debt                 Rating        Recovery  Prior
   -----------                 ------        --------  -----
Sizzling Platter, LLC   LT IDR   B-   Affirmed           B-

   senior secured       LT       B-   Affirmed  RR4      B-

   super senior         LT       BB-  Affirmed  RR1      BB-


SNOWBIRD II CONDOMINIUMS: Taps Dickensheet & Assoc. as Appraiser
----------------------------------------------------------------
The Snowbird II Condominiums Association, Inc. seeks approval from
the U.S. Bankruptcy Court for the District of Colorado to employ
Dickensheet & Associates, Inc. to conduct an appraisal of its
personal property.

The firm will be paid $500 for its appraisal services and an hourly
fee of $130 for expert testimony.

Christine Dickensheept, a partner at Dickensheet & Associates,
disclosed in a court filing that her firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The firm can be reached at:

     Christine Dickensheept
     Dickensheet & Associates, Inc.
     1501 W. Wesley Avenue
     Denver, CO 80223
     Tel: (303) 934-8322
     Email: customerservice@dickensheet.com

            About Snowbird II Condominiums Association

The Snowbird II Condominiums Association, Inc. filed a petition
under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.
Colo. Case No. 22-13181) on Aug. 23, 2022, listing up to $100,000
in assets and up to $1 million in liabilities. Harvey Sender serves
as Subchapter V trustee.

Judge Thomas B. Mcnamara presides over the case.

Kevin S. Neiman, Esq., at the Law Offices of Kevin S. Neiman, PC
represents the Debtor as counsel.


STEELCASE INC: S&P Lowers ICR to 'BB' on Looming Recession
----------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
office furniture manufacturer Steelcase Inc. to 'BB' from 'BB+'.

The outlook is negative. Concurrently, S&P lowered its issue-level
rating on the company's $450 million 5.125% senior unsecured notes
due 2029 to 'BB' from 'BB+'. The recovery rating remains '3',
indicating its expectation of meaningful (50%-70%; rounded
estimate: 65%) recovery in the event of a payment default.

The negative outlook reflects the possibility that S&P could lower
the ratings on Steelcase over the next year if the macroeconomic
environment worsened and profitability and cash flow did not
improve, resulting in leverage sustained above 4x.

The downgrade reflects a weak macroeconomic environment, a slower
return to office, ongoing input cost inflation and supply chain
disruptions, the HALCON acquisition, and increased investments in
working capital, which have resulted in higher leverage, above
S&P's downgrade threshold. For the 12 months ended Aug. 26, 2022,
the company's S&P Global Ratings-adjusted leverage increased to
about 3.4x compared with 2.0x in 2021. Inflation continues to hurt
profitability, but price increases have started to roll through,
and the company expects a catch up over the coming quarters. The
company's operating cash flow was negative due to an increase in
working capital, notably inventory. As a result of the working
capital use along with the purchase of HALCON, the company had
borrowed $79.8 million on its revolving credit facility as of Aug.
26, 2022. S&P believes a meaningful improvement in EBITDA during
the third and fourth quarters of fiscal 2023, and a conversion of
the company's working capital to cash to pay down revolver
borrowings, would be required for leverage to decrease to below 3x
in fiscal 2023. While revenues grew year over year through the
first half of fiscal 2023, order volumes were down 8% in the
Americas core business during the second quarter, causing the
company to see softening order volumes. As a result, the company
announced that it is delaying spending plans, reducing 180 salaried
positions in the Americas to generate approximately $20 million in
annualized savings, and cutting its dividend payment.

Steelcase has managed its cost base well, making it more adaptable
in a lower-demand environment, which S&P believes has helped it
preserve liquidity and limit cash burn during the past two years.
The company held selling, general, and administrative expenses of
about $220 million or below each quarter since the pandemic began.
Still, if lower demand persists, then the company could make
further cost cuts that would enable it to reinvest in the
business.

Inflation and supply chain disruptions remain a high risk to
Steelcase's profit recovery. The company estimated $270 million of
gross inflation during the past six quarters. However, through the
first half of fiscal 2023, inflation has outpaced initial
expectations, which Steelcase has offset with price increases.
Still, freight and transportation costs remain elevated. However,
we believe risks to the forecast remain if high costs persist,
along with lower-than-expected demand if companies continue to
delay their return to office plans. In addition, increased
inventory levels due to ongoing supply chain disruptions and higher
demand in end markets such as education that are more seasonal or
require shorter lead times resulted in a greater use of cash.

Steelcase remains highly vulnerable in an economic downturn. S&P
Global economists forecast a recession in 2023, albeit a mild one,
that could be harsher if the Federal Reserve takes more aggressive
actions. The company operates in a highly cyclical industry.
Spending on new office construction and large remodeling projects
declines significantly during a recession. The primary
macroeconomic drivers for Steelcase are GDP, white-collar
employment rates, and nonresidential fixed investment. Steelcase
has indicated that orders declined by about 20% during the first
three weeks of September, largely reflecting weaker macroeconomic
confidence and more cautious capital spending by corporations.
While Steelcase's conservative balance sheet management has also
helped the company withstand downcycles, the company is entering
this downturn with higher leverage because of the pandemic and
extraordinary inflation cycle preceding this expected economic
downturn.

S&P said, "Notwithstanding several modest-size diversifying
acquisitions over the past five years, we believe the company still
generates a disproportionate amount of profits from the contract
furniture segment. We believe demand in the industry will shift to
adapt to a permanent shift to a hybrid work model. We believe
Steelcase will need to quickly adapt its product offerings from
largely systems/storage at 45% of fiscal 2022 revenue to more
seating (30% of 2022 revenue), portable solutions, and flexible
privacy offerings. In addition, its direct-to-consumer business is
currently less than 10% of revenue. Steelcase's ability to adapt to
these changing needs and trends will be essential to its recovery
but will also require additional investments in its supply chain
and inventory. The company has begun expanding its
direct-to-consumer business and entered agreements with strategic
partners, but these are still in the early stages.

"The impact of the pandemic, inflation, supply chain challenges,
and customers' expectations of a recession significantly weakened
Steelcase's financial measures closer to the downcycle, with
leverage rising above our peak leverage expectation of about 3x. If
a more severe recession in 2023 ensues, we believe there is even
more downside pressure to the company's financial performance for
the remainder of fiscal 2023 into 2024.

"The negative outlook reflects the possibility that we could lower
the ratings if Steelcase's operating performance deteriorated,
further delaying its recovery from the pandemic and inflation and
supply chain cycles.

"We could lower the rating if the company's leverage increased to
4x or above or cash flow did not improve."

This could happen if macroeconomic conditions worsened and:

-- Steelcase experienced continued demand deterioration and
decreased profits beyond 2022 lows;

-- The company were unable to pass along price increases or
mitigate the negative impact of input cost increases or supply
chain disruptions;

-- Return to office were slower than expected, resulting in weak
revenue recovery; or

-- The company adopted more aggressive financial policies by
executing large share repurchases or acquisitions while cash flow
and profitability were still weak.

S&P could revise the outlook to stable if leverage were sustained
below 4x and free operating cash flow improved to meaningfully
positive levels.

S&P believes this could occur if:

-- An economic downturn in 2023 were less severe than expected and
orders for the company's products improved to positive levels;

-- Cash flow improved because of better profitability from higher
demand, easing inflation, and cost savings measures and the company
improved working capital; and

-- Return to office trends improved.

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

S&P said, "Social factors are a moderately negative consideration
in our credit rating analysis of Steelcase Inc. This was evident
during the COVID-19 pandemic when profitability dropped
substantially due to office closures and white-collar employees
working from home. Although this was an extreme event, unlike a
typical recession, risk still exists for the entire office
furniture industry as corporations adapt to hybrid work models that
could lower office furniture demand long term or change the types
of products needed."



STONE CLINICAL: Unsecureds Owed $7M to be Paid From Cash Fund
-------------------------------------------------------------
Stone Clinical Laboratories LLC submitted an Amended Chapter 11
Plan and a corresponding Disclosure Statement.

The Debtor and the Official Committee of Unsecured Creditors
reached the conclusion during the case that it was in the best
interests of the estate to monetize the operating assets of the
Debtor in as short a period as possible.  To accomplish this goal,
the Debtor retained Gordian Seaport to conduct a sales process.
Incident to the sales process, the Court approved bidding
procedures and an auction of the Debtor's assets was conducted.

The most valuable assets of the Debtor were comprised of "provider
agreements." A provider agreement in the Debtor's business is an
agreement between a healthcare payor (such as an insurer or
network) and a clinical laboratory that authorizes a patient to be
reimbursed or the Debtor be paid for services performed at a fixed
cost.  It has been said that a "provider agreement" is nothing more
than a price list for the party providing the service.

Most of the Debtor's provider agreements had cancellation
provisions that allowed the counterparty to the contract to cancel
the contract without cause provided the Debtor is given the
requisite notice under the contract.  The nature of the
cancellation process means that the term of the contract is largely
irrelevant since the contract would be cancellable without cause
notwithstanding the cancellation is within the term of the
contract.  Without cause means that the party cancelling the
contract does not need to provide any reason or justification for
the cancellation.

The Debtor was a party to 33 "provider contracts" of which only 4
lacked "without cause" termination provisions.  Of the contracts
that had termination provisions, 6 have written notices in excess
of 120 days and 21 have written termination provisions that require
90 days or less notice.  The Debtor and the Committee were fearful
the longer the Bankruptcy Case continued, the more likely it was
that the Debtor would receive a termination notice.

The decision to sell the operating assets proved to be correct with
the Court approving a sale of most of the Debtor's assets for
$2,550,000 to a special purpose entity formed by Stone Clinical
Laboratories of FL, LLC named Stone Nola Acquisition, LLC as the
purchaser (SNA). One of the terms of the order approving the sale
and a provision contained in the documents was a limitation on the
rights possessed by the Debtor against the SNA.

Upon the closing of the sale, the Debtor and the Committee will
address claims possessed by the Debtor against entities owned or
controlled by Christopher Ridgeway ("Stone Entities").  Based upon
an investigation performed by the Debtor and others, the Debtor is
aware that in excess of $2,600,000 was advanced to Stone Florida by
the Debtor.  The Debtor and the Committee believe claims against
other Stone Entities exist for the usurpation of corporate
opportunity and against Ridgeway for mismanagement and breach of
fiduciary duty.  The Committee has spoken with counsel for the
Stone Entities and will attempt to arrive at a settlement figure
for the claims that is acceptable to the Debtor and the Committee.
If no settlement is reached, the claims possessed by the Debtor
will be filed either before or after confirmation of the Plan and
become the property of the Liquidation Trust.

Any Assets that have not been liquidated by the Effective Date will
be transferred to the Liquidating Trust, the Liquidating Trustee
will liquidate those Assets in accordance with the terms of the
Plan. Similarly, the Liquidating Trustee will be able to pursue
certain Causes of Action on behalf of the Debtor if those claims
are not settled pursuant to the and confirmation of the Debtor's
Plan or by separate order of Court. The Liquidating Trustee will
distribute the cash and the proceeds from the sale of the Assets
and Causes of Action (net of expenses) to creditors in accordance
with the terms of the Plan.

The Debtor and the Committee will either include in the Plan or by
a separate Bankruptcy Rule 9019 Motion any settlement of any claim
possessed by the Debtor if a settlement is reached prior to the
confirmation of the Plan.

The other critical components of the Debtor's Plan are the
following:

   1) The subordination of the claim of Whale Capital to the Class
6 creditors of the Debtor. The creditors who advanced trade credit
to the Debtor made such advances without the benefit of the
knowledge of the Debtor's financial condition. Whale Capital
received on a regular basis all financial information of the Debtor
and its advances were made at a time Whale Capital knew the Debtor
was undercapitalized.

   2) The subordination or disallowance of the claim of Christopher
Ridgeway under the Debtor's operating agreement;

   3) A claim under 11 U.S.C. ss 547 and 550 against Stone Capital
for payments made within one year of the filing and claims against
the immediate or mediate transferee of the funds received by Stone
Capital; and

   4) A claim that has been filed in the District Court for the
Parish of East Baton Rouge styled Stone Clinical Laboratories, LLC
v. State of Louisiana, Department of Health C-713721, Section 25.

Under the Plan, Class 6 General Unsecured Claims total
$7,013,125.50.  Class 6 consists of all General Unsecured Claims
and all Claims arising from the rejection of any executory contract
against the Debtor.  The Deficiency Claims of the Classes 1, 2, and
3 creditors, if any, creditors, shall be paid pro rata with the
Class 6 creditors (and potentially the Class 5 and 8 creditors) out
of the Cash Fund until such Claims are paid in full.  Class 6 is
impaired.

The Plan is a liquidation over time of the assets of the Debtor.
The operating assets have been sold pursuant to the sales process
that was run by Gordian.  The Court approved the bid procedures to
be employed by the Debtor and the sale of the Debtor's Operating
Assets for $2,550,000.

The Debtor possesses a claim against the State of Louisiana that
has been filed in the 19th Judicial District for the Parish of East
Baton Rouge. The claim arises out of a contract between the Debtor
and the State of Louisiana with respect to the State's response to
the Covid Pandemic. The Debtor has asserted a claim in excess of
$30,000,000.  It is believed the State will litigate this claim and
recovery is not anticipated in the immediate future.

The Debtor has filed a suit to subordinate the claims of Whale
Capital to the claims of the creditors in Class 6 and those who
will share in the distributions to the Class 6 creditor. The suit
is based upon a) the Operating Agreement between Whale Capital and
Christopher Ridgeway; b) a reclassification of the Whale Capital
Class 5 claim as either equity or preferred equity; and c)
equitable subordination under 11 U.S.C. s 510(c). The outcome of
this suit may have a material impact on the recovery by creditors.

Prior to the filing of the Involuntary, a derivative action was
filed by Whale Capital against Stone Florida and other parties
including, but not limited to, Christopher Ridgeway and Stone
Capital. The Debtor and the Committee anticipate filing suit to (a)
subordinate and reclassify the claims of Christopher Ridgeway and
his related entities, (b) recover monies owed by Christopher
Ridgeway and his related entities; and (c) for damages for
usurpation of corporate opportunity by Christopher Ridgeway and his
related entities. The claims set forth in the derivative action, if
not settled, will be asserted in a separate adversary proceeding
filed by the Debtor or the Liquidating Trust.

The Debtor and the Committee, in their projections, have given no
recovery in excess of legal fees to claims possessed by the
Debtor.

Attorneys for the Official Committee of Unsecured Creditors:

     Michael D. Rubenstein, Esq.
     LISKOW & LEWIS, APLC
     1001 Fannin Street, Suite 1800
     Houston, TX 77002
     Tel: (713) 651-2953
     Fax: (713) 651-2908
     E-mail: mdrubenstein@liskow.com
  
Attorneys for Stone Clinical Laboratories LLC:

     Douglas S. Draper, Esq.
     HELLER, DRAPER & HORN, L.L.C.
     650 Poydras Street, Suite 2500
     New Orleans, LA 70130
     Tel: (504) 299-3300
     Fax: (504) 299-3399
     E-mail: ddraper@hellerdraper.com

A copy of the Amended Disclosure Statement dated October 7, 2022,
is available at https://bit.ly/3CJalKc from PacerMonitor.com.
  
                   About STONE Clinical Laboratories

STONE Clinical Laboratories, LLC is a full-service clinical
reference laboratory that specializes in preventative and molecular
diagnostics testing. The company is based in New Orleans, La.

On July 15, 2021, Whale Capital, L.P., Hologic, Inc. and Woman's
Hospital Foundation filed an involuntary Chapter 11 petition
against the Debtor. On Jan. 10, 2022, the court entered the order
for relief, thereby, commencing the Chapter 11 case (Bankr. E.D.
La. Case No. 21-10923). The petitioning creditors are represented
by The Derbes Law Firm LLC, Jaffe Raitt Heuer & Weiss P.C., and The
McCarthy Law Firm.

Judge Meredith S. Grabill presides over the case.

Heller, Draper & Horn, LLC and Gordian Seaport Advisors, LLC serve
as the Debtor's legal counsel and investment banker, respectively.

David Asbach, acting U.S. Trustee for Region 5, appointed an
official committee of unsecured creditors on Feb. 3, 2022. The
committee is represented by Liskow & Lewis, APLC.


STONEMOR INC: Supplements Proxy Statement for Special Meeting
-------------------------------------------------------------
StoneMor Inc. will hold a Special Meeting of Stockholders virtually
on Nov. 1, 2022 at 4:00 p.m. Eastern Time for the purposes set
forth in its definitive proxy statement dated Sept. 20, 2022.  As
previously announced, the record date for determining the
stockholders entitled to notice of and to vote at the Special
Meeting was the close of business on Sept. 15, 2022.  The Proxy
Statement was filed with the Securities and Exchange Commission on
Sept. 20, 2022 and sent to the Company's stockholders of record as
of the Record Date beginning on Sept. 23, 2022.
  
On Oct. 11, 2022, the Company commenced sending a Supplement to the
Proxy Statement to all stockholders of record as of the Record
Date. A copy of the Proxy Statement Supplement is as follows:

The following disclosure updates certain information in the
Definitive Proxy Statement.

Except as amended and supplemented, all other information in the
Definitive Proxy Statement remains unchanged.  The updated
disclosures should be read in conjunction with the disclosures
contained in the Definitive Proxy Statement, which should be read
in its entirety.  To the extent the information set forth herein
differs from or updates information contained in the Definitive
Proxy Statement, the information set forth herein shall supersede
or supplement the information in the Definitive Proxy Statement.
All page and paragraph references used herein refer to the
Definitive Proxy Statement before any additions or deletions
resulting from the revised disclosures, and terms used herein,
unless otherwise defined, have the meanings set forth in the
Definitive Proxy Statement.

The third sub-bullet under the first bullet under the caption
"Interests of the Company's Directors and Officers in the Merger"
on page 5 is amended and restated in its entirety to read:

   Parent intends that Spencer E. Goldenberg, David Miller and
Joseph M. Redling will become directors of the Surviving Company in
connection with the closing of the Merger.

The third sub-bullet under the second bullet under the caption
"Interests of the Company's Directors and Officers in the Merger"
on page 5 is amended and restated in its entirety to read:

   The Company's executive officers as of the Effective Time will
become the initial executive officers of the Surviving Corporation,
except that Parent has advised the Company that it intends to
appoint Lilly Donohue to succeed Joseph M. Redling as President and
Chief Executive Officer of the Surviving Corporation if the Merger
is consummated.

The section captioned "Plans for the Company After the Merger" on
page 48 is amended by adding the following paragraph to the end
thereof:

   At the Effective Time of the Merger, Parent intends to appoint
Lilly Donohue as President and Chief Executive Officer of Merger
Sub, in which capacity she will succeed Joseph M. Redling as
President and Chief Executive Officer of the Surviving Corporation.
Parent intends that Mr. Redling will become a director of the
Surviving Corporation at the Effective Time.  Ms. Donohue, age 50,
served as Chief Executive Officer of Holiday Retirement, the
largest independent senior living owner and operator in the United
States, from 2016 to 2022.  She also currently serves as a member
of the Board of Directors of Synthesis Health Inc., a radiology
software company focused on superior patient and practice outcomes,
the Dean's Advisory Board of Boston University's Questrom School of
Business, and the Senior Living Management Advisory Board of
University of Central Florida's Rosen College of Hospitality
Management.  Previously, Ms. Donohue served for over 18 years in
various roles at Fortress Investment Group, a leading investment
firm, including as President of Fortress Investment Group China,
and before that as Managing Director and member of the Management
Committee.  Ms. Donohue holds a B.S. in Business Administration
from Boston University.

The third paragraph under the section captioned "Employment
Agreements with the Company's Named Executive Officers—With Mr.
Redling" on page 54 is amended by adding the following language to
the end thereof:

   Parent intends to appoint Lilly Donohue to succeed Mr. Redling
as President and Chief Executive Officer of the Surviving
Corporation at the Effective Time, if the Merger is consummated.
As a result of such appointment, and subject to the conditions
described above, Mr. Redling would become entitled to the Redling
Severance Benefit.

The carryover paragraph on page 69 under the caption "Hotel Fund
Loan Agreement" and the section captioned "Hotel Fund Loan
Agreement" on page 100 are both amended to add the following
language to the end thereof:

   Based on information obtained during the sale process, the
Company anticipates that there may be an impairment of principal
due under the Hotel Fund Loan Agreement in the range of 20% but
that the investment will still have a positive internal return
after taking into account interest and fees paid to date.

The second paragraph under the caption "Structure of the Merger" on
page 76 is amended and restated in its entirety to read:

   The directors of Merger Sub immediately prior to the Effective
Time will be the initial directors of the Surviving Corporation and
will serve until the earlier of their death, resignation or removal
in accordance with the Restated Certificate of Incorporation and
the Restated Bylaws of the Surviving Corporation.  Parent intends
that, in addition to Andrew Axelrod, each of Spencer E. Goldenberg,
David Miller and Joseph M. Redling will become directors of the
Surviving Company in connection with the closing of the Merger.
Unless otherwise determined by Parent, the officers of the Company
immediately prior to the Effective Time will be the initial
officers of the Surviving Corporation and will serve until their
successors are duly elected or appointed and qualified or until the
earlier of their death, resignation or removal in accordance with
the Restated Certificate of Incorporation and the Restated Bylaws
of the Surviving Corporation.  Parent has advised the Company that
it intends to appoint Lilly Donohue to succeed Joseph M. Redling as
President and Chief Executive Officer of the Surviving Corporation
if the Merger is consummated.

                        About StoneMor Inc.

StoneMor Inc. (http://www.stonemor.com),headquartered in Bensalem,
Pennsylvania, is an owner and operator of cemeteries and funeral
homes in the United States, with 304 cemeteries and 72 funeral
homes in 24 states and Puerto Rico.  StoneMor's cemetery products
and services, which are sold on both a pre-need (before death) and
at-need (at death) basis, include: burial lots, lawn and mausoleum
crypts, burial vaults, caskets, memorials, and all services which
provide for the installation of this merchandise.

StoneMor reported a net loss of $55.28 million for the year ended
Dec. 31, 2021, a net loss of $8.36 million for the year ended Dec.
31, 2020, and a net loss of $151.94 million for the year ended Dec.
31, 2019.  As of June 30, 2022, the Company had $1.80 billion in
total assets, $1.97 billion in total liabilities, and a total
stockholders' deficit of $174.67 million.


SUMMIT MIDSTREAM: S&P Affirms 'B' ICR, Outlook Stable
-----------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating on Summit
Midstream Partners L.P. (SMLP) and its 'BB-' issue-level rating and
'1' recovery rating on Summit Midstream Holdings LLC and Summit
Midstream Finance Corp.'s second-priority senior secured notes pro
forma for the add-on.

S&P said, "At the same time, we affirmed our 'B-' issue-level
rating and '5' recovery rating on SMLP's senior unsecured notes.
Our 'D' issue-level rating on SMLP's preferred stock remains
unchanged because we continue to view the ongoing distribution
deferral as a default on the security until SMLP begins paying a
distribution on the preferred units.

"The stable outlook reflects our expectation that SMLP will
successfully integrate the acquiring assets and generate sufficient
excess cash flow to facilitate additional deleveraging over the
outlook period. We forecast SMLP's S&P Global Ratings-adjusted
debt-to-EBITDA ratio will be in 5x-5.5x range in 2023."

SMLP announced that it intends to acquire Sterling Investment
Holdings LLC and Outrigger Energy II LLC for a total purchase price
of $305 million. The transaction will be partially funded through
the issuance of an $85 million add-on to the existing senior
secured second-priority notes due in 2026. S&P views the acquiring
assets are in line with SMLP's core businesses and expect SMLP's
financial measures will remain above 7x in 2022 before improving to
the low-5x area in 2023. S&P expects the transaction to close later
this year.

Through the acquisitions, SMLP will expand its footprint and
enhance its operational scale in the Denver-Julesburg (DJ) Basin
with additional throughput capacity of about 130 million cubic feet
per day. S&P said, "This is partially offset by the increased
exposure to commodity prices with about 40% of EBITDA from the
acquiring assets generated through percent of proceeds contracts.
Pro forma for the transaction, we forecast approximately 90% of its
EBITDA will be fee-based. We expect the acquisitions to contribute
between $65 million and $75 million of EBITDA in 2023 with minimal
capital spending to integrate the assets to its existing asset
base. The transaction will be funded through a combination of a
draw on the asset-based lending (ABL) facility (unrated), add-on
issuance of $85 million to the existing senior secured
second-priority notes due in 2026, and proceeds from the recent
sale of its Bison gas gathering system in North Dakota. Although
SMLP's 2022 leverage will increase from our previous expectations,
we expect the partnership to generate sufficient excess cash to
improve leverage to the 5x-5.5x range in 2023."

SMLP's assets are operating at approximately 35% capacity, which
highlights the challenges the partnership has faced the last few
years as certain upstream counterparties shifted their drilling to
other geographic regions. Although its utilization rate lags many
of its midstream energy peers, SMLP's cashflows are underpinned by
about $250 million of gathering and processing minimum volume
commitments, which it will realize through 2026. Given its
utilization levels, S&P expects SMLP's capital spending to remain
modest even if drilling activities meaningfully increases within
its asset base, which will further enhance free cash flow.

S&P said, "We forecast SMLP's leverage will remain above 5x through
2023. We project the partnership will achieve an adjusted EBITDA
base of $200 million-$220 million in 2022 and about $290
million-$310 million in 2023. With the incremental leverage to
finance the transactions, we expect S&P Global Ratings-adjusted
debt to EBITDA to exceed 7x in 2022. However, we expect SMLP will
continue deleveraging initiatives and generate over $85 million of
annual surplus cash flow to reduce its debt balance and improve
liquidity over the next two years, leading to an
adjusted-debt-to-EBITDA ratio of 5x-5.5x in 2023. Our calculation
of adjusted leverage proportionally consolidates its ownership in
the Double E pipeline, which supports EBITDA growth year over year.
SMLP could face liquidity pressures if the partnership fails to
extend the maturity of its $259.5 million senior unsecured notes
due April 15, 2025. Its ABL facility has a springing maturity if
these notes are not extended by a certain date. We will monitor
SMLP's liquidity position and expect it to proactively address its
debt maturities.

"The stable outlook reflects our expectation that SMLP will
successfully integrate the acquisitions of Sterling and Outrigger
and continue to execute its deleveraging plan and remain
disciplined with its capital spending. This results in an S&P
Global Ratings-adjusted debt-to-EBITDA ratio of 5x-5.5x in 2023."

S&P could consider a negative rating action if:

-- SMLP's assets experience operational underperformance for a
prolonged period and SMLP sustains adjusted debt to EBITDA above
6.5x; or

-- Liquidity deteriorates, including not extending the maturity of
its unsecured notes before they become current.

S&P could consider a positive rating action on SMLP if it:

-- Reduces adjusted debt to EBITDA below 5x;

-- Continues to improve asset utilization across its footprint;
and

-- Extends the maturity of its unsecured notes before they become
current.

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



SUNGARD AS: Amends First Lien Credit Agreement Claims Pay Details
-----------------------------------------------------------------
Sungard As New Holdings, LLC, and its Debtor Affiliates submitted a
Second Amended Combined Disclosure Statement and Joint Chapter 11
Plan dated October 13, 2022.

On August 31, 2022, the Bankruptcy Court approved the sale of the
Debtors' U.S. colocation services, network services and workplace
services assets to 365 Data Centers and on September 14, 2022, the
Bankruptcy Court approved the sale of the Debtors' North American
cloud and managed services and mainframe as a service assets to
11:11 Systems, Inc.

The Debtors are seeking approval of a sale of the Debtors' data
recovery business and related assets (i.e, the Eagle assets) to
11:11 Systems, Inc. on October 17, 2022. The Sale Proceeds from
such sales will be distributed pursuant to the terms of the Plan
and will not be sufficient to satisfy the First Lien Credit
Agreement Claims in full.

On August 31, 2022, the Debtors filed the Debtors' Motion for Entry
of an Order (I) Authorizing and Approving the Rejection of an
Unexpired Lease of Non-Residential Real Property, (II) Authorizing
and Approving the Rejection of Certain Executory Contracts and
(III) Granting Related Relief (the "2330 Argentia Rejection
Motion") for authority to reject the unexpired lease of
nonresidential real property located at 2330 Argentia Road,
Mississaugua, Ontario, and related contracts, effective as of
September 30, 2022. On September 23, 2022, the Bankruptcy Court
entered an order approving the 2330 Argentia Rejection Motion. On
September 29, 2022, the Canadian Court granted an order recognizing
and giving full force and effect in Canada to the order approving
the 2330 Argentia Rejection Motion.

           Sale Process

The Debtors engaged in a prepetition marketing process and
continued such process throughout the Chapter 11 Cases in
accordance with the Bidding Procedures. The Debtors evaluated all
bids received in accordance with the Bidding Procedures. After
reviewing the Debtors' available options, the Debtors determined to
pursue (i) a sale of Bravo to 365 Data Centers, (ii) a sale of CMS
to 11:11 and (iii) a sale of the Eagle assets to 11:11. The
Bankruptcy Court approved the sale of Bravo to 365 Data Centers on
August 31, 2022 and approved the sale of CMS to 11:11 on September
14, 2022. The Debtors are seeking approval of the sale of Eagle to
11:11 in connection with confirmation of the Plan.

Class 3 consists of First Lien Credit Agreement Claims. On the
Effective Date, the First Lien Credit Agreement Claims shall be
deemed Allowed in the principal amount outstanding under the First
Lien Credit Agreement (including all accrued and unpaid interest as
of the Petition Date) after reduction for any First Lien Credit
Agreement Claims rolled-up into Term Loan DIP Facility Claims
pursuant to the Final DIP Order.

Except to the extent that a Holder of an Allowed First Lien Credit
Agreement Claim agrees to less favorable treatment, on the
Effective Date or as soon as reasonably practicable thereafter, in
full and final satisfaction, compromise, settlement, release and in
exchange for each Allowed First Lien Credit Agreement Claim, each
Holder thereof shall receive its Pro Rata share of the First Lien
Sale Consideration plus such Holder's Pro Rata share of any
additional Cash and/or proceeds of any assets not included in the
Sale Transactions available after repayment of the Term Loan DIP
Facility Claims in full up to the Allowed Amount of such Holder's
First Lien Credit Agreement Claims. The amount of claim in this
Class total $89.9 - $102.0 million. This Class will receive a
distribution of 0.5%-0.6% of their allowed claims.

Class 8 consists of all Intercompany Claims. On the Effective Date
or as soon as reasonably practicable, each Intercompany Claim shall
be canceled and released without any distribution. Holders of
Intercompany Claims are Impaired.

Class 9 consists of all Intercompany Interests. Subject to the
Restructuring Transactions, on the Effective Date or as soon as
reasonably practicable, Intercompany Interests shall be cancelled
and released with no distribution. Holders of Intercompany
Interests are Impaired.

Like in the prior iteration of the Plan, General Unsecured Claims
will be canceled, released and extinguished as of the Effective
Date, and will be of no further force or effect, and Holders of
General Unsecured Claims will not receive any distribution on
account of such General Unsecured Claims.

Distributions under the Plan shall be funded, as applicable, with:
(a) Cash on hand, including cash from operations and the proceeds
of the DIP Facilities; and (b) the Sale Proceeds. Cash payments to
be made pursuant to the Plan will be made by the Debtors, the Plan
Administrator or the Distribution Agent, as applicable.

Co-Counsel to the Debtors and Debtors in Possession:

     Matthew D. Cavenaugh, Esq.
     Jennifer F. Wertz, Esq.
     Rebecca Blake Chaikin, Esq.
     JACKSON WALKER LLP
     1401 McKinney Street, Suite 1900
     Houston, TX 77010
     Telephone: (713) 752-4200
     Facsimile: (713) 752-4221
     E-mail: mcavenaugh@jw.com
             jwertz@jw.com
             rchaikin@jw.com

          - and -

     Philip C. Dublin, Esq.
     Meredith A. Lahaie, Esq.
     Kevin Zuzolo, Esq.
     Melanie A. Miller, Esq.
     AKIN GUMP STRAUSS HAUER & FELD LLP
     One Bryant Park
     New York, NY 10036
     Telephone: (212) 872-1000
     Facsimile: (212) 872-1002
     E-mail: pdublin@akingump.com
             mlahaie@akingump.com
             kzuzolo@akingump.com
             melanie.miller@akingump.com

          - and -

     Marty L. Brimmage, Jr., Esq.     
     Lacy M. Lawrence, Esq.
     Zach D. Lanier, Esq.
     AKIN GUMP STRAUSS HAUER & FELD LLP
     2300 N. Field Street, Suite 1800
     Dallas, TX 75201
     Telephone: (214) 969-2800
     Facsimile: (214) 969-4343
     E-mail: mbrimmage@akingump.com
             llawrence@akingump.com
             zlanier@akingump.com

                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.


SYNAPTICS INC: Fitch Affirms LongTerm IDR at 'BB', Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed the 'BB' Long-Term Issuer Default Rating
(IDR) of Synaptics Inc. (Synaptics). Fitch has also affirmed the
'BBB-'/'RR1' senior secured issue rating of the first lien term
loan and the 'BB'/'RR4' senior unsecured issue rating for the
company's outstanding senior notes. The Rating Outlook is Stable.
Fitch's actions affect approximately $1 billion of outstanding
debt.

KEY RATING DRIVERS

Macroeconomic Headwinds: Synaptics is exposed to cyclical consumer
electronics device markets where component suppliers experience
frequent volatility given variability in consumer spending and
tastes, short product lead times, annual product refreshes,
concentrated OEM customers, and intermittent supply-demand
imbalances that all contribute to deep cyclical troughs.

As macroeconomic risks grow, Fitch has stress tested its forecasts
for an organic revenue decline in the mid-teens, in line with
previous contractions in consumer spending on electronics,
exacerbated by elevated channel inventories. Under the scenario,
Fitch expects reduced revenues and operating deleverage would
result in a 20% decline in EBITDA. However, Fitch believes the
company's disciplined approach to debt reduction would offset a
leverage increase. Fitch believes the conservative leverage posture
in the context of potential operating volatility is a central
aspect of the rating.

Strategic Execution: Under the leadership of Michael Hurlston,
management has rapidly turned around the business and successfully
executed a margin expansion plan, addressing past inefficiencies in
the company's supply chain and sales strategy, resulting in EBITDA
margins reaching 38% in FY22 from a trough of 18% in FY19.

In addition, management has pursued growth in end-markets with
supportive characteristics such as IoT, which benefits from secular
growth trends and a less concentrated client base, or PCs, where
the company can leverage its dominant market share. SYNA now
derives 70% of revenue from IoT and 17% from PCs. In turn, revenue
exposure to the highly volatile mobile handset business, which has
historically challenged the company, has declined to 13% from over
60% in 2018.

Conservative Financial Profile: Synaptics recently updated its
financial policies to target gross leverage of 1.0x, in comparison
with a net leverage target of 1.5x-2.0x previously, while
maintaining a stated willingness to tolerate gross leverage up to
4.0x in pursuit of strategic acquisitions. Fitch calculates FY22
gross leverage of 1.5x and expects SYNA to make voluntary debt
prepayments in pursuit of the target.

Fitch estimates achievement of the leverage target over the ratings
horizon would require a total of $400 million in debt prepayments,
particularly if an adverse environment is incurred. The credit
protection metrics are more in line with investment-grade ratings;
however, Fitch believes the shift to a more conservative leverage
target and discipline in managing the balance sheet are indicative
of the need to absorb the historical operating volatility.

Product Leadership: Synaptics has leveraged its first-mover
advantage as the originator of notebook touchpads in 1992 to
establish market share leadership in several products. The company
maintains dominant shares ranging 50%-95% in PC fingerprint sensors
and touchpads, as well as video interfaces in laptop docking
stations, streaming dongles and video adaptors. Additionally, the
company maintains strong positions in mobile touch and display
drivers, components for voice assistants, automotive infotainment
displays, and a growing share in set-top boxes.

However, Fitch cautions that this leadership does not translate to
pricing power, as the low switching costs and replicable
technologies enable OEM clients to switch suppliers or seek to
in-house design and production of components.

Customer Concentration: The growth in favorable end-markets and
emerging product areas, as well as divestitures of non-core assets,
has enabled Synaptics to reduce its historical customer
concentration. The company's top-two customers represented 25% of
revenue in FY22, down from historical levels above 40%. However,
Fitch believes customer concentration will persist given the scale
of OEM clients, presenting risks of revenue losses given the low
switching costs for the company's products and short product runs.
Fitch views high customer concentration as typically indicative of
the 'BB' rating category.

Technology Risk and Low Switching Cost: Synaptics is faced with
continually evolving device interface technologies, which presents
risks of missed revenue opportunities or loss of design slots,
despite the company's early lead in touch interfaces. For example,
during early development of the iPhone, Apple invested in
developing internal capacitive touch capabilities, displacing
Synaptics, which had been a long-term supplier for the iPod and
would not regain Apple as a client for several years thereafter.

Fitch believes management's strategies to cross-sell across the
product portfolio and to promote sales of comprehensive modules, as
opposed to discrete components, enables increased capture of
customer wallet shares and reduces risk of design slot losses. In
addition, past acquisitions have been highly complementary to
Synaptics' offerings, improving market positioning through the
delivery of increasingly differentiated solutions, while
positioning to capture growth from the transition to AI enabled
devices at the edge of the network. Nevertheless, Fitch believes
low switching costs and technology risks will persist, resulting in
low visibility, intense competition for slots, pricing pressure and
operating volatility, acting as a central constraint on the
ratings.

DERIVATION SUMMARY

Fitch evaluates Synaptics in comparison with smaller scale,
similarly rated semiconductor peers or companies with similar risk
and credit profiles, including AMD, Maxlinear, Microchip
(BBB/Stable), and NXP (BBB/Stable), as well as PCB manufacturer TTM
Technologies (BB/Stable), given historically similar end-markets
and operating profile characteristics. Fitch believes Synaptics is
well positioned within its core product categories, as the
company's early mover advantage in developing device interfaces has
led to strong market shares.

However, Fitch believes the benefits from leading share are
constrained by replicable technology and low switching costs, which
limit pricing power and enable OEM clients to switch suppliers or
vertically integrate competing capabilities. In addition,
historically, Synaptics' long-term growth prospects and potential
cyclicality compared unfavorably with peers given its concentration
within consumer electronic device markets.

However, the company's successful execution on its renewed product
and go-to-market strategies has enhanced the opportunity set, with
Fitch now forecasting mid-cycle organic growth in the high single
digits due to increased sales of video/image interfaces, the Wi-Fi
connectivity refresh cycle, share gains in streaming and
traditional set-top boxes/dongles, voice assistant devices, and
design wins for automotive infotainment interfaces. While Fitch
believes Synaptics faces elevated risk of loss of design slots,
management has sought to reduce the risk by developing
comprehensive modules and improving cross selling efforts. Recent
acquisitions accelerate such efforts through complementary
technology offerings for low power SmartVoice, unified
communications & collaboration, and wireless IoT device
applications.

Synaptics scores well across operating metrics, as management has
successfully executed on an ASP improvement and cost reduction
strategy that has resulted in EBITDA margin expansion to 38%, well
above historical levels and the peer median of 30%. In addition,
Fitch forecasts FCF margins to average 25% over the ratings
horizon, above the 17% peer median due to the company's margin
expansion and low capital intensity.

Finally, Synaptics maintains an explicit gross leverage target of
1.0x, and an expressed willingness to increase gross leverage to
4.0x in pursuit of M&A, which Fitch views as conservative relative
to the 2.5x peer median. Incorporating Fitch's expectation for debt
prepayments, Fitch forecasts FY22 leverage of 1.5x will decline to
1.0x over the ratings horizon. Fitch believes the company's strong
FCF generation will enable SYNA to achieve needed debt repayments
in pursuit of the leverage target over the ratings horizon along
with a resumption in a moderate share repurchase program.

Fitch believes the rating is supported by the conservative leverage
profile, successful strategic execution, and pivot to stronger
end-markets, while the demonstrated low barriers to entry/exit, a
weaker position in the value chain, and the lack of a sustainable
competitive advantage act as the leading constraints of the rating
in comparison to peers. No country-ceiling, parent/subsidiary or
operating environment aspects affected the rating.

KEY ASSUMPTIONS

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

- Mid-cycle organic revenue growth of 10% due to increased sales of
video/image interfaces, Wi-Fi connectivity refresh cycle, share
gains in streaming and traditional set-top boxes/dongles, voice
assistant devices, design wins for automotive infotainment
interfaces, ULE applications for home security products, and
virtual reality product launches, partially offset by headwinds in
mobile handset markets challenges and declines in PC/Notebooks
shipments; organic revenue decline in the mid- to high-teens in a
recessionary environment;

- EBITDA margins of 34%-35% over the forecast horizon due to
increased ASPs in wireless connectivity, set-top-box and
automotive, as well as declining contribution from low-ASP mobile
display and touch drivers and reduced OPEX from consolidated
go-to-market operation and supply chain partner base;

- Capital intensity of 2%, consistent with historical average;

- Voluntary debt prepayments of $400 million in aggregate through
FY24 to achieve management's target leverage ratio;

- Share repurchases of $140 million to $150 million per annum;

- Debt financed acquisition of $1.5 billion completed at 3.5x
EV/revenue multiple when conditions facilitate actionable
transactions.

RATING SENSITIVITIES

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

- Decreased operating volatility and improved visibility;

- Improved diversification through reduced customer concentration
and broader end-market mix;

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

- Total debt with equity credit/operating EBITDA leverage sustained
above 3.0x;

- FCF margins sustained below 10%;

- Sustained revenue declines;

- Loss of design slots or inability to secure new design due to
technological disadvantage or lack of competitiveness;

- Increased customer losses.

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity Growth: Synaptics has materially expanded
liquidity as improved FCF has accumulated on the balance sheet,
resulting in total cash and investments of $876 million at FYE
2022. In addition, prior year repayment of the outstanding RCF
balance along with the amendment to upsize and extend the RCF,
provide additional liquidity of $250 million. Despite a potential
macroeconomic contraction looming, Fitch expects liquidity to
continue to grow, given improved FCF margins, reliably positive FCF
during cyclical downturns and low capital intensity with cash
balances forecast to reach nearly $1 billion by FYE 2024 and no
expected draw on the RCF. Fitch notes that Synaptics has generated
positive FCF in every year since 2008.

ISSUER PROFILE

Synaptics develops semiconductor solutions that enable people to
interact with electronic devices. Products offerings include
connectivity, audio, high-definition video, touch controllers,
display drivers, fingerprint sensors and touchpads solutions.

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
   ----                        ------         --------   -----
Synaptics Incorporated  LT IDR  BB    Affirmed           BB

   senior unsecured     LT      BB    Affirmed  RR4      BB

   senior secured       LT      BBB-  Affirmed  RR1      BBB-


T.J. MCDERMOTT: Wins Cash Collateral Access Thru Dec 15
-------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Jersey authorized
T.J. McDermott Transportation Co. to use cash collateral on an
interim basis in accordance with the budget, with a 20% variance,
through December 15, 2022.

The Debtor is permitted to use cash collateral for these purposes:

     a. To maintain and preserve its business assets.

     b. To continue operation of its business, including but not
limited to payroll, payroll taxes, employee expenses, insurance
costs, and any required monthly payments to Berkshire Bank; and

     c. To purchase replacement supplies, etc. as required to
operate.

As adequate protection for use of the cash collateral, Berkshire
Bank is granted a replacement perfected security interest under 11
U.S.C. section 361(2.

To the extent the adequate protection provided for proves
insufficient to protect Berkshire Bank's interest in and to the
cash collateral as set forth in the Motion, Berkshire Bank will
have a super-priority administrative expense claim, pursuant to 11
U.S.C. section 507(b), senior to any and all claims against the
Debtor.

Beginning November 1, 2022, the Debtor is required to continue to
make monthly payments to Berkshire Bank as adequate protection
payments in the amount of $25,624 for the duration of the Order.

A final hearing on the matter is set for November 3 at 10 a.m.

A copy of the order is available at https://bit.ly/3VGJgz0 from
PacerMonitor.com.

          About T.J. McDermott Transportation Co., Inc.

T.J. McDermott Transportation Co., Inc. sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No.
22-17912) on October 5, 2022. In the petition signed by Leeanna
Roman Lozada, president, the Debtor disclosed up to $500,000 in
assets and up to $10 million in liabilities.

Judge Jerrold N. Poslusny, Jr. oversees the case.

E. Richard Dressel, Esq., at Lex Nova Law, LLC, is the Debtor's
counsel.



VALLEY TRANSPORTATION: Taps Dritsas Groom McCormick as Accountant
-----------------------------------------------------------------
Valley Transportation, Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of California to employ Dritsas
Groom McCormick, LLP as its accountant.

The firm's services include:

   a. preparation of adjusting entries, working papers and
depreciation calculations in connection with preparing, reporting
on, or estimating financial statements, financial reports, federal
income and state tax returns or tax liabilities, and federal income
and state tax deposits;

   b. review of correspondence received, preparation of
correspondence in response to, and representation services as
needed in connection with federal, state and county taxing
authorities; and

   c. consulting, tax advice and litigation services as required by
the Debtor.

The hourly rates charged by the firm range from $90 to $250.

James Enns, a partner at Dritsas Groom McCormick, LLP, disclosed in
a court filing that his firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     James E. Enns
     Dritsas Groom McCormick, LLP
     7511 N Remington Ave., Suite 101
     Fresno, CA 93711
     Tel: (559) 447-8484
     Email: jenns@dgmcpa.com

                    About Valley Transportation

Valley Transportation, Inc. is a Fresno-based company that provides
pickup and delivery services.

On Sept. 1, 2022, Valley Transportation filed a petition under
Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Calif.
Case No. 22-11540), with between $1 million and $10 million in
assets and between $500,000 and $1 million in liabilities. Deborah
Simpson, chief executive officer of Valley Transportation, signed
the petition.

Judge Rene Lastreto II oversees the case.

The Debtor tapped Riley C. Walter, Esq., at Wanger Jones Holsley as
bankruptcy counsel; Hatmaker Law Group and Raimondo Miller, a Law
Corporation as special counsels; and Dritsas Groom McCormick, LLP
as accountant.



VALLEY TRANSPORTATION: Taps Hatmaker Law Special Counsel
--------------------------------------------------------
Valley Transportation, Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of California to employ Hatmaker Law
Group as special counsel.

The firm's services include:

   a. representing the Debtor in and addressing issues arising with
regard to any further actions taken by plaintiff in Mendoza v.
Valley Transportation, Inc., Superior Court of the State of
California, in and for Fresno County, Case No. 22CECG01786, as
stayed in that court, including, but not limited to appearing for
the Debtor at the State Court Status Conference scheduled for March
10, 2023;

   b. serving as litigation counsel in defense of the Debtor with
regard to the dispute as alleged in Mendoza v. Valley
Transportation, Inc., Superior Court of the State of California, in
and for Fresno County, Case No. 22CECG01786, whether that dispute
proceeds as an action in Bankruptcy Court or in State Court; and

   c. serving as litigation counsel in defense of the Debtor's
employees, Deborah Simpson and Rodney Heintz, in the dispute as
alleged in Mendoza v. Deborah Simpson, Rodney Heintz, and Barrett
Business Services, Inc., et al, Superior Court of the State of
California, in and for Fresno County, Case No. 22CECG02752, whether
that dispute proceeds as an action in bankruptcy court or in state
court.

The firm will be paid based upon its normal and usual hourly
billing rates.

Susan Hatmaker, Esq., a partner at Hatmaker Law Group, disclosed in
a court filing that her firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Susan K. Hatmaker, Esq.
     Hatmaker Law Group
     7511 N. Remington Ave. Ste. 101
     Fresno, CA 93711
     Tel: (559) 374-0077
     Email: susan@hatmakerlaw.com

                    About Valley Transportation

Valley Transportation, Inc. is a Fresno-based company that provides
pickup and delivery services.

On Sept. 1, 2022, Valley Transportation filed a petition under
Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Calif.
Case No. 22-11540), with between $1 million and $10 million in
assets and between $500,000 and $1 million in liabilities. Deborah
Simpson, chief executive officer of Valley Transportation, signed
the petition.

Judge Rene Lastreto II oversees the case.

The Debtor tapped Riley C. Walter, Esq., at Wanger Jones Holsley as
bankruptcy counsel; Hatmaker Law Group and Raimondo Miller, a Law
Corporation as special counsels; and Dritsas Groom McCormick, LLP
as accountant.


VALLEY TRANSPORTATION: Taps Raimondo Miller as Special Counsel
--------------------------------------------------------------
Valley Transportation, Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of California to employ Raimondo
Miller, a Law Corporation as special counsel

The Debtor needs the firm's legal assistance in connection with a
labor case (Case No. 22CECG01786) filed in the Superior Court of
the State of California, Fresno County.

The firm will be paid based upon its normal and usual hourly
billing rates.

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

The firm can be reached at:

     Anthony P. Raimondo, Esq.
     Raimondo Miller, a Law Corporation
     7110 North Marks Ave. Suite 104
     Fresno, CA 93711
     Tel: (559) 432-3000
     Fax: (559) 432-2242
     Email: info@raimondomiller.com

                    About Valley Transportation

Valley Transportation, Inc. is a Fresno-based company that provides
pickup and delivery services.

On Sept. 1, 2022, Valley Transportation filed a petition under
Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Calif.
Case No. 22-11540), with between $1 million and $10 million in
assets and between $500,000 and $1 million in liabilities. Deborah
Simpson, chief executive officer of Valley Transportation, signed
the petition.

Judge Rene Lastreto II oversees the case.

The Debtor tapped Riley C. Walter, Esq., at Wanger Jones Holsley as
bankruptcy counsel; Hatmaker Law Group and Raimondo Miller, a Law
Corporation as special counsels; and Dritsas Groom McCormick, LLP
as accountant.


VENUS CONCEPT: Appoints Dr. Hemanth Varghese as President, CBO
--------------------------------------------------------------
Venus Concept Inc. has appointed Dr. Hemanth Varghese to the
position of president and chief business officer, effective Oct.
17, 2022.

"We are delighted to have Hemanth join Venus Concept at this
pivotal time for the Company," said Rajiv De Silva, chief executive
officer and director of Venus Concept.  "Hemanth is an accomplished
healthcare executive with a 20-year track record of performance and
execution.  He is a versatile leader with experience leading
diverse healthcare businesses in high-growth markets in North
America and internationally, managing complex business
transformations and high-growth corporate strategy initiatives,
executing transformational M&A and driving critical business
development activities.  I believe Hemanth will bring an important,
complementary skillset to our leadership team as we navigate the
next phase of development for Venus Concept."

"I am honored to join Rajiv and the leadership team at Venus
Concept at such an important time," said Dr. Varghese.  "Venus
Concept has built a strong brand reputation and loyal following
among aesthetic professionals, with a comprehensive portfolio of
minimally invasive and non-invasive medical aesthetics technology
solutions, an innovative R&D platform and a flexible commercial
model delivering safe and effective aesthetic treatment options to
consumers worldwide.  I look forward to working with Rajiv and the
leadership team to drive financial and operational performance, in
order to take the enterprise to the next level and enhance
long-term shareholder value creation."

Before joining Venus Concept as president and chief business
officer, Dr. Varghese served as senior vice president of Strategy &
Operations at HLS Therapeutics from 2017 to 2022.  He previously
worked for Endo International Plc, a multinational healthcare
company, from 2014 to 2017 as President of International
Pharmaceuticals and Executive Vice President of Corporate
Development & Strategy.  From 2009 to 2014, Dr. Varghese served as
general manager of Vision Care at Bausch & Lomb and senior vice
president of corporate development at Valeant Pharmaceuticals (now
Bausch Health).  He has also held leadership roles in venture
capital and corporate development enterprises with a specialization
in healthcare technology, medical devices and imaging modalities.
Dr. Varghese has an Honors BSc and a PhD in Medical Biophysics from
Western University and is a CFA charterholder.

In connection with his appointment, Dr. Varghese entered into an
employment agreement with Venus Concept Canada Corp. for a term to
continue indefinitely until Dr. Varghese resigns or is terminated
in accordance with the terms and conditions of the Employment
Agreement.  Pursuant to the terms of the Employment Agreement, Dr.
Varghese is entitled to an annual base salary of US$370,000.  Dr.
Varghese will be eligible to earn an annual incentive bonus equal
to 60% of his Base Salary and an equity award.  Upon the effective
date of the Employment Agreement, Dr. Varghese will be granted
employee stock options to purchase 1,100,000 shares in the Company
at an exercise price equal to the closing market price on the date
of grant.  Such shares shall vest as follows: 25% shall vest on the
first anniversary of the date of grant and the remaining 75% of
such shares shall vest quarterly over three years thereafter,
pursuant and subject to Dr. Varghese's execution and return of the
Company's Stock Option Agreement.

                        About Venus Concept

Toronto, Ontario-based Venus Concept Inc. is an innovative global
medical technology company that develops, commercializes, and
delivers minimally invasive and non-invasive medical aesthetic and
hair restoration technologies and related practice enhancement
services.  The Company's aesthetic systems have been designed on a
cost-effective, proprietary and flexible platform that enables the
Company to expand beyond the aesthetic industry's traditional
markets of dermatology and plastic surgery, and into
non-traditional markets, including family and general practitioners
and aesthetic medical spas.

Venus Concept reported a net loss of $22.14 million for the year
ended Dec. 31, 2021, compared to a net loss of $82.82 million for
the year ended Dec. 31, 2020. As of June 30, 2022, the Company had
$132.75 million in total assets, $109.36 million in total
liabilities, and a total stockholders' equity of $22.84 million.

Toronto, Canada-based MNP LLP, the Company's auditor since 2019,
issued a "going concern" qualification in its report dated March
28, 2022, citing that the Company has reported recurring net losses
and negative cash flows from operations, that raises substantial
doubt about its ability to continue as a going concern.


VEREGY INTERMEDIATE: Moody's Assigns 'B3' CFR, Outlook Stable
-------------------------------------------------------------
Moody's Investors Service assigned a B3 corporate family rating and
B3-PD probability of default rating to Veregy Intermediate, Inc.
("Veregy"). Concurrently, Moody's downgraded the company's existing
first lien credit facilities issued at Veregy Consolidated, Inc.
consisting of a $42.5 million revolver due 2025 and $248 million
term loan due 2027 to B3 from B2. Moody's also withdrew Veregy
Consolidated, Inc.'s B2 CFR and B2-PD PDR ratings. Veregy
Intermediate, Inc. is the parent company and guarantor of Veregy
Consolidated, Inc.'s debt. The outlook is stable.

The assignment of the B3 CFR and B3-PDR to Veregy Intermediate,
Inc. is effectively representative of a one-notch downgrade of the
company's CFR and PDR ratings and reflects Moody's view that
earnings pressure will continue amid rising costs and lower than
expected demand for the company's performance contract business,
resulting in leverage remaining elevated above the previous
downgrade indicator of debt to EBITDA of 6x through 2023. The
company's exposure to rising interest rates on its term loan will
also continue to pressure free cash flow.

Assignments:

Issuer: Veregy Intermediate, Inc.

Corporate Family Rating, Assigned B3

Probability of Default Rating, Assigned B3-PD

Downgrades:

Issuer: Veregy Consolidated, Inc.

Gtd Senior Secured 1st Lien Revolving Credit Facility, Downgraded
to B3 (LGD3) from B2 (LGD3)

Gtd Senior Secured 1st Lien Term Loan, Downgraded to B3 (LDG3)
from B2 (LGD3)

Withdrawals:

Issuer: Veregy Consolidated, Inc.

Corporate Family Rating, Withdrawn, previously rated B2

Probability of Default Rating, Withdrawn, previously rated B2-PD

Outlook Actions:

Issuer: Veregy Consolidated, Inc.

Outlook, Remains Stable

Issuer: Veregy Intermediate, Inc.

Outlook, Assigned Stable

RATINGS RATIONALE

Veregy's B3 CFR reflects the company's high debt to EBITDA leverage
of 6.6x for the twelve months ending June 30, 2022 (all financial
metrics reflect Moody's standard adjustments). Moody's expects that
leverage will increase to the high 6x range in 2022 before
stabilizing in 2023. The company's high leverage is a consequence
of lower demand for the company's core energy savings performance
contracts combined with higher costs from ongoing supply chain
disruptions that have resulted in revenue and EBITDA declines of 9%
and 22%, respectively, over the past year. Demand for energy
efficiency projects within Veregy's primary end market of K-12
schools was negatively impacted by the government stimulus from the
CARES Act and Infrastructure Investment and Jobs Act that
prioritized school district spending on health and safety
improvements such as HVAC repair and air quality testing versus
energy efficiency projects. The stimulus also reduced the need for
performance contract leasing programs to finance improvements, such
as tax-exempt leasing programs (TELPs), that rely on energy
efficiency companies like Veregy. Profitability has likewise
weakened with EBITDA margins declining to 12% from 15% over the
past year. Moody's expects profitability will remain pressured in
2023 from continued supply chain disruptions and broad-based
inflation but revenue should grow in the low single digits after
declining 9% over the past year given the 24% increase in backlog
year-over-year according to management. Moody's also expects that
pricing increases taken by Veregy will partially mitigate rising
costs, but the company will need time to work through older
contracts that did not contain such provisions.

Ratings benefit from Moody's expectation for broad government
support for energy efficiency improvement projects among Veregy's
municipal, university, school, and hospital (MUSH) client base as
evidenced by The Inflation Reduction Act, which includes a
provision for direct payments to non-taxable entities for clean
energy programs. Moody's expects supply chain challenges to persist
through 2023, however disruptions and delays to projects should
become less frequent as the company adapts to longer lead times for
sourcing materials and builds inventory. Sustained higher energy
costs also improve the benefits and economics of energy savings
projects for clients. While the company operates under riskier
fixed price contracts, modest customer concentration spread across
multiple projects helps mitigate this risk.

Moody's considers Veregy's liquidity profile as adequate based on
the expectation of around $5 million of free cash flow on an annual
basis and good availability under its undrawn $42.5 million
revolving credit facility due 2025. The current cash balance of
$18.5 million on June 30, 2022 provides extra cushion for the
company's $2.5 million of mandatory debt amortization payment on
its senior secured first lien term loan. Working capital swings are
fairly neutral and the company does not pay subcontractors before
they are themselves paid. The company also has minimal capital
expenditure requirements and keeps minimal inventory, though it may
build excess inventory near term given supply chain tightness.
There no financial maintenance covenants on the term loan, but the
revolver is subject to a springing total leverage ratio covenant of
8.5x should total borrowings exceed 35% or $14.7 million. Moody's
expects the company would maintain ample cushion to pass the
covenant if tested in the next 12 to 18 months.

The downgrade of the senior secured first lien credit facilities to
B3 from B2 reflects the B3-PD and a loss given default ("LGD") of
LGD3 and considers their senior most ranking within the capital
structure and first loss support provided by unsecured claims.
These facilities are secured on a first lien basis by substantially
all assets and by the stock of the company's material domestic
subsidiaries, which hold the majority of Veregy's assets.

The stable outlook reflects Moody's expectations for EBITDA margins
of 12%, revenue growth in the low single digits, and debt to EBITDA
sustained around 6.5x over the next 12 to 18 months.

Moody's has decided to withdraw the ratings for its own business
reasons.

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

The ratings could be upgraded if Moody's expects: 1) debt to EBITDA
sustained below 6x; 2) free cash flow around 5% of total debt; 3)
EBITA to interest above 1.75x; and 4) improved liquidity.

The ratings could be downgraded if Moody's expects: 1) revenue and
EBITA margins to decline from current levels from increased
competition, rising costs, or other factors; 2) free cash flow to
debt is expected to be negative; 3) liquidity deteriorates; 4)
aggressive financial policies, including debt funded acquisitions
or shareholder returns.

Veregy Intermediate, Inc., headquartered in Phoenix, Arizona,
provides energy efficiency design and implementation services
primarily for municipalities, universities, K-12 schools, and
hospitals. For the twelve months ended June 30, 2022, the company
reported consolidated revenues of $296 million. The company is
privately held by Court Square Capital Partners.

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


VERTEX ENERGY: CEO, Five Others Hold 9.2% Stake
-----------------------------------------------
In a Schedule 13D/A filed with the Securities and Exchange
Commission, these entities and individuals reported beneficial
ownership of shares of common stock of Vertex Energy, Inc., as of
July 12, 2022:

                                       Shares      Percent
   Reporting                        Beneficially     of
     Person                             Owned       Class
   ---------                        ------------   -------
   Benjamin P. Cowart                 6,984,114      9.2%
   Shelley T. Cowart                    244,299   Less Than 1%
   The Shelley T. Cowart 2016 Grantor
     Retained Annuity Trust              70,214   Less Than 1%
   B&S Cowart II Family LP            5,850,607      7.7%
   Vertex Holdings, LP                    7,500   Less Than 1%
   VTX, Inc.                            100,765   Less Than 1%

As of the close of business on Sept. 30, 2022, the Reporting
Persons together beneficially own in aggregate 6,984,114 shares of
Common Stock representing 9.2% of the 75,608,826 shares of the
Issuer's issued and outstanding Common Stock, as confirmed by the
Issuer's transfer agent on such date.
  
On July 20, 2022, Mr. Cowart sold 71,132 shares of Common Stock for
an aggregate of $806,243, or a weighted average price of $11.33 per
share, in open market transactions, pursuant to the 10b5-1 Plan
entered into by Mr. Cowart.

On Aug. 9, 2022, Mr. Cowart sold 71,133 shares of Common Stock for
an aggregate of $589,611, or a weighted average price of $8.29 per
share, in open market transactions, pursuant to the 10b5-1 Plan
entered into by Mr. Cowart.

On Sept. 13, 2022, Mr. Cowart sold 71,133 shares of Common Stock
for an aggregate of $575,659, or a weighted average price of $8.08
per share, in open market transactions, pursuant to the 10b5-1 Plan
entered into by Mr. Cowart.

Mr. Cowart serves as Chairman of the Board and chief executive
officer of the Issuer.

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

https://www.sec.gov/Archives/edgar/data/890447/000158069522000089/vtnr-13da_071222.htm

                        About Vertex Energy

Houston-based Vertex Energy, Inc. is an energy transition company
focused on the production and distribution of conventional and
alternative fuels.  Vertex owns a refinery in Mobile (AL) with an
operable refining capacity of 75,000 barrels per day and more than
3.2 million barrels of product storage, positioning it as a leading
supplier of fuels in the region.  Vertex is also a processor of
used motor oil, with operations located in Houston and Port Arthur
(TX), Marrero (LA), and Columbus (OH). Vertex also owns a facility,
Myrtle Grove, located on a 41-acre industrial complex along the
Gulf Coast in Belle Chasse, LA, with existing hydroprocessing and
plant infrastructure assets, that include nine million gallons of
storage.

Vertex Energy reported a net loss of $7.66 million for the year
ended Dec. 31, 2021, a net loss of $11.40 million for the year
ended Dec. 31, 2020, and a net loss of $5.49 million for the year
ended Dec. 31, 2019.  As of June 30, 2022, the Company had $690.66
million in total assets, $592.97 million in total liabilities, and
$97.69 million in total equity.


VERTEX ENERGY: State Street Reports 13.26% Equity Stake
-------------------------------------------------------
State Street Corporation disclosed in a Schedule 13G filed with the
Securities and Exchange Commission that as of Sept. 30, 2022, it
beneficially owns 10,025,512 shares of common stock of Vertex
Energy, Inc. representing 13.26 percent of the shares outstanding.

SSGA Funds Management Inc. also reported beneficial ownership of
9,068,313 Common Shares or 11.99 percent.  A full-text copy of the
regulatory filing is available for free at:

https://www.sec.gov/Archives/edgar/data/93751/000009375122000607/Vertex_Energy_Inc.txt

                         About Vertex Energy

Houston-based Vertex Energy, Inc. is an energy transition company
focused on the production and distribution of conventional and
alternative fuels.  Vertex owns a refinery in Mobile (AL) with an
operable refining capacity of 75,000 barrels per day and more than
3.2 million barrels of product storage, positioning it as a leading
supplier of fuels in the region.  Vertex is also a processor of
used motor oil, with operations located in Houston and Port Arthur
(TX), Marrero (LA), and Columbus (OH). Vertex also owns a
facility, Myrtle Grove, located on a 41-acre industrial complex
along the Gulf Coast in Belle Chasse, LA, with existing
hydroprocessing and plant infrastructure assets, that include nine
million gallons of storage.

Vertex Energy reported a net loss of $7.66 million for the year
ended Dec. 31, 2021, a net loss of $11.40 million for the year
ended Dec. 31, 2020, and a net loss of $5.49 million for the year
ended Dec. 31, 2019.  As of June 30, 2022, the Company had $690.66
million in total assets, $592.97 million in total liabilities, and
$97.69 million in total equity.


VISION DEMOLITION: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Vision Demolition and Excavating, LLC
        10710 Deandra Drive
        Zionsville, IN 46077

Business Description: The Debtor is an excavating contractor
                      specializing in both residential and
                      commercial projects.

Chapter 11 Petition Date: October 17, 2022

Court: United States Bankruptcy Court
       Southern District of Indiana

Case No.: 22-04156

Judge: Hon. Jeffrey J. Graham

Debtor's Counsel: KC Cohen, Esq.
                  KC COHEN, LAWYER, PC
                  151 N Delaware St., St. 1106
                  Indianapolis, IN 46204
                  Tel: 317-715-1845
                  Email: kc@esoft-legal.com

Total Assets: $818,300

Total Liabilities: $1,060,830

The petition was signed by Stacy Payne Miller as president.

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/LOWLYGA/Vision_Demolition_and_Excavating__insbke-22-04156__0001.0.pdf?mcid=tGE4TAMA


VOYAGER DIGITAL: Tap Deloitte & Touche as Accounting Advisor
------------------------------------------------------------
Voyager Digital Holdings, Inc. and its affiliates seek approval
from the U.S. Bankruptcy Court for the Southern District of New
York to employ Deloitte & Touche, LLP as accounting advisor.

The firm's services include:

   a. reviewing the Debtors' management's revised internal control
design and implementation and providing recommendations on gaps and
deficiencies, excluding controls related to lending of digital
assets;

   b. providing advice and recommendations for the Debtors'
management's consideration on the regulatory requirements
associated with listing on the Toronto Stock Exchange or NASDAQ,
and internal control requirements associated with various listing
options;

   c. providing advice and recommendations for the Debtors'
management's consideration on blockchain audit readiness topics;

   d. gaining an understanding of the Debtors' accounting treatment
of digital asset transactions under U.S. GAAP, SEC rules and
regulations, and IFRS;

   e. researching and communicating relevant accounting literature
and guidance under U.S. GAAP, SEC rules and regulations, and IFRS
related to digital asset transactions; and

   f. reading and providing advice and recommendations for the
Debtors' management's consideration on the relevant policies and
procedures on digital asset transactions.

The firm will be paid at these rates:

     Partner/Principal/Managing Director     $850 per hour
     Senior Manager                          $750 per hour
     Manager                                 $650 per hour
     Senior                                  $550 per hour
     Consultant                              $450 per hour
     Offshore Resources - Blended Rate       $350 per hour

In addition, Deloitte & Touche will be reimbursed for out-of-pocket
expenses incurred.

In the 90 days prior to their Chapter 11 filing, the Debtors paid
the firm $25,665, for services performed and to be performed.

Todd Bauer, a partner at Deloitte & Touche, disclosed in a court
filing that his firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Todd Bauer
     Deloitte & Touche, LLP
     555 West 5th Street, Suite 2700
     Los Angeles, CA 90013
     Tel: (213) 688-0800
     Fax: (213) 688-0100
     Email: tbauer@deloitte.com

                  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, chief executive officer, the Debtors estimated
assets and liabilities between $1 billion and $10 billion.

Michael E. Wiles oversees the cases.

The Debtors tapped Kirkland & Ellis, LLP as general bankruptcy
counsel; Berkeley Research Group, LLC as financial advisor; Moelis
& Company as investment banker; Consello Group as strategic
financial advisor; Deloitte Tax, LLP as tax services provider; and
Deloitte & Touche, LLP as accounting advisor. Stretto, Inc. is the
claims agent.

On July 19, 2022, the U.S. Trustee for Region 2 appointed an
official committee of unsecured creditors in these Chapter 11
cases. The committee tapped McDermott Will & Emery, LLP as
bankruptcy counsel; FTI Consulting, Inc. as financial advisor;
Cassels Brock & Blackwell, LLP as Canadian counsel; and Epiq
Corporate Restructuring, LLC as noticing and information agent.


VOYAGER DIGITAL: Taps Deloitte Tax as Tax Services Provider
-----------------------------------------------------------
Voyager Digital Holdings, Inc. and its affiliates seek approval
from the U.S. Bankruptcy Court for the Southern District of New
York to employ Deloitte Tax, LLP as tax services provider.

The firm's services include:

   1. advising the Debtors as they consult with their legal and
financial advisors on the cash tax effects of restructuring,
bankruptcy and the post-restructuring tax profile, including
transaction costs or plan of reorganization tax costs, and the cash
tax effects of the Chapter 11 filing and emergence transaction,
including obtaining an understanding of the Debtors' financial
advisors' valuation model to consider the tax assumptions contained
therein;

   2. advising the Debtors regarding the restructuring and
bankruptcy emergence process from a tax perspective, including
analyzing various structuring alternatives and modification of
debt;

   3. advising the Debtors on the cancellation of debt income for
tax purposes under Internal Revenue Code Section 108, including
cancellation of debt income generated from a restructuring,
bankruptcy emergence transaction or modification of debt;

   4. advising the Debtors on post-restructuring tax attributes and
post-bankruptcy tax attributes (tax basis in assets, tax basis in
subsidiary stock and net operating loss carryovers) available under
the applicable tax regulations and the reduction of such attributes
based on the Debtors' operating projections, including a technical
analysis of the effects of Treasury Regulation Section 1.1502-28
and the interplay with IRC Sections 108 and 1017;

   5. advising the Debtors on net built-in gain or net built-in
loss position at the time of "ownership change" (as defined under
IRC Section 382), including limitations on use of tax losses
generated from post-restructuring or post-bankruptcy asset or stock
sales;

   6. if eventually applicable, advising the Debtors on the effects
of tax rules under IRC Sections 382(l)(5) and (l)(6) pertaining to
the post-bankruptcy net operating loss carryovers and limitations
on their utilization, and the Debtors' ability to qualify for IRC
section 382(l)(5);

   7. advising the Debtors as to the treatment of post-petition
interest for federal and state income tax purposes, including the
applicability of the interest limitations under IRC Section
163(j);

   8. advising the Debtors as to the state and federal income tax
treatment of pre-bankruptcy and post-petition reorganization costs
including restructuring-related professional fees and other costs,
the categorization and analysis of such costs, and the technical
positions related thereto;

   9. advising the Debtors with their evaluation and modeling of
the tax effects of liquidating, disposing of assets, merging or
converting entities as part of the restructuring, including the
effects on federal and state tax attributes, state incentives,
apportionment and other tax planning;

  10. advising the Debtors regarding tax basis calculation
methodologies to account for disposed digital assets, particularly
the determination of cost basis and calculations of gain/loss on
disposition;

  11. advising the Debtors on state income tax treatment and
planning for restructuring or bankruptcy provisions in various
jurisdictions including cancellation of indebtedness calculations,
adjustments to tax attributes and limitations on tax attribute
utilization;

  l2. advising the Debtors regarding potential U.S. tax information
reporting obligations and withholding obligations that may arise
relating to distributions to claimants;

  13. advising the Debtors regarding potential U.S. tax information
reporting obligations and withholding obligations relating to
payroll tax withholding, independent contractors, and payments to
vendors;

  14. advising the Debtors regarding non-U.S. tax information
obligations with respect to sales and dispositions of digital
assets in non-U.S. jurisdictions, as applicable;

  15. advising the Debtors regarding potential intercompany claims
among their affiliates as well as relevant cross-border tax
considerations related to the intercompany claims;

  16. advising the Debtors on responding to tax notices and audits
from various taxing authorities;

  17. assisting the Debtors with identifying potential tax refunds
and advising them on procedures for tax refunds from tax
authorities;

  18. advising the Debtors on income tax return reporting of
restructuring or bankruptcy issues and related matters;

  19 assisting the Debtors with documenting as appropriate, the tax
analysis, development of the Debtors' opinions, recommendation,
observations, and correspondence for any proposed restructuring
alternative tax issue or other tax matter (does not include
preparation of information for tax provision or financial reporting
purposes);

  20. advising the Debtors with non-U.S. tax implications and
structuring alternatives;

  21. advising the Debtors with their efforts to calculate tax
basis in the stock of each of their subsidiaries or other equity
interests;

  22. advising the Debtors with their efforts to calculate tax
basis in assets by entity;

  23. assisting the Debtors with analyzing their domestic and
cross-border lending transaction flows to determine whether the
lending activities are respected as loans for income tax purposes
as well as consider tax consequences of potential unwinding of the
lending transactions;

  24. assisting the Debtors to consider potential exposure related
to cross-border pricing of intercompany transaction flows;

  25. assisting the Debtors to consider potential exposure related
to transaction taxes (e.g., VAT, sales and use tax) that may apply
to certain non-exempt entities or transaction types;

  26. assisting the Debtors to consider tax consequences of any
digital asset-based compensation plans for which the Debtors may
have liability to its employees;

  27. as requested by the Debtors and as may be agreed to by the
firm, advising the Debtors regarding other state, federal, or
international income tax questions; and

  28. as requested by the Debtors and as may be agreed to by the
firm, assisting in documenting as appropriate, the tax analysis,
development of the Debtors' opinions, recommendation, observations,
and correspondence for any proposed debt restructuring or
combination alternative tax issue or other tax matter.

Deloitte Tax will be paid at these rates:

     Partner/Principal/Managing Director    $1,160 per hour
     Senior Manager                         $1,020 per hour
     Manager                                $870 per hour
     Senior                                 $750 per hour
     Staff                                  $630 per hour

The firm will also be reimbursed for out-of-pocket expenses
incurred.

In the 90 days prior to their Chapter 11 filing, the Debtors paid
the firm $25,665, for services performed and to be performed.

Ala'a Boulos, a partner at Deloitte Tax, disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Ala'a Boulos
     Deloitte Tax, LLP
     1111 Bagby Street, Suite 4500
     Houston, TX 77002
     Tel: (713) 982-2000
     Email: aboulos@deloitte.com

                  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, chief executive officer, the Debtors estimated
assets and liabilities between $1 billion and $10 billion.

Michael E. Wiles oversees the cases.

The Debtors tapped Kirkland & Ellis, LLP as general bankruptcy
counsel; Berkeley Research Group, LLC as financial advisor; Moelis
& Company as investment banker; Consello Group as strategic
financial advisor; Deloitte Tax, LLP as tax services provider; and
Deloitte & Touche, LLP as accounting advisor. Stretto, Inc. is the
claims agent.

On July 19, 2022, the U.S. Trustee for Region 2 appointed an
official committee of unsecured creditors in these Chapter 11
cases. The committee tapped McDermott Will & Emery, LLP as
bankruptcy counsel; FTI Consulting, Inc. as financial advisor;
Cassels Brock & Blackwell, LLP as Canadian counsel; and Epiq
Corporate Restructuring, LLC as noticing and information agent.


WISECARE LLC: Taps Anderson Davis & Associates as Accountant
------------------------------------------------------------
Wisecare, LLC received approval from the U.S. Bankruptcy Court for
the District of Maryland to employ Anderson Davis & Associates,
CPA, PA as its accountant.

The firm will assist the Debtor in the preparation of tax returns
and reports required by taxing authorities.

Anderson charges $225 per hour for the services of its certified
public accountants and $125 per hour for the services of its
staff.

In addition, the firm will be reimbursed for out-of-pocket expenses
incurred.

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

The firm can be reached at:

     James Anderson
     Anderson Davis & Associates, CPA, PA
     1406 Crain Hwy S # B
     Glen Burnie, MD 21061
     Tel: (410) 766-2645
     Email: mail@andersondavisiscpa.com

                         About Wisecare LLC

WiseCare, LLC offers a variety of diagnostic and treatment services
for the urgent care needs of patients of all ages.

Severn, Md.-based WiseCare filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No.
21-17794) on Dec. 14, 2021, with $100,000 to $500,000 in assets and
$1 million to $10 million in liabilities. Judge David E. Rice
oversees the case.

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

Stearns Bank NA, as lender, is represented by Robert B. Scarlett,
Esq., at Scarlett & Croll, P.A.


YOURWAY HOSPITALITY: Case Summary & 10 Unsecured Creditors
----------------------------------------------------------
Debtor: Yourway Hospitality LLC
          d/b/a SpringHill Suites by Marriott Sanford
        201 North Towne Rd
        Sanford, FL 32771

Business Description: The Debtor is part of the traveler
                      accommodation industry.

Chapter 11 Petition Date: October 17, 2022

Court: United States Bankruptcy Court
       Middle District of Florida

Case No.: 22-03729

Debtor's Counsel: R. Scott Shuker, Esq.
                  SHUKER & DORRIS, P.A.
                  121 S. Orange Avenue
                  Suite 1120
                  Orlando, FL 32801
                  Tel: (407) 337-2060
                  E-mail: rshuker@shukerdorris.com

Total Assets: $15,050,000

Total Liabilities: $8,666,884

The petition was signed by Jay Patel as manager.

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

https://www.pacermonitor.com/view/CZQXMEI/Yourway_Hospitality_LLC__flmbke-22-03729__0001.0.pdf?mcid=tGE4TAMA

List of Debtor's 10 Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. Broadcast Music, Inc. (BMI)       Trade Debt             $3,252
PO Box 630893
Cincinnati, OH 45263
Jerome Kersting
Tel: 888-492-6264
Email: jkersting@bmi.com

2. Century Fire Protection           Trade Debt               $460
2450 Satellite Blvd.
Duluth, GA 30096
Tel: (770) 945-2330

3. Chubb                             Trade Debt                $98
PO Box 1917
Brattleboro, VT 05302
Email: bprevost428@gotoservice.chubb.com

4. Driftwood                      Management Fees          $11,923
Hospitality Mgmt
11770 US One, Suite 202
North Palm Beach,
FL 33408-3026
Tel: (561) 207-2700
Email: info@dhmhotels.com

5. Guardian Appleton                Trade Debt                $691
PO Box 677458
Dallas, TX 75267
Tel: 800-627-4208

6. Gulamali Jaffer                 Insider Note         $8,634,361
3545 Rice Lake Loop
Longwood, FL 32779

7. Hilton CocoaBeach Oceanfront     Trade Debt              $1,116
1550 N. Atlantic Ave.
Cocoa Beach, FL 32931
Tel: (321) 799-0003

8. Insight Direct USA               Trade Debt              $1,254
PO Box 731069
Dallas, TX 75373
Jim Trevino
Tel: 800-934-4477
Email: ach@insight.com

9. Symetra Select Benefits          Trade Debt                $665
PO Box 56098
Minneapolis, MN 55485
Tel: 888-873-8205

10. Sysco Central                   Trade Debt              $1,541
Florida, Inc.
PO Box 40
Ocoee, FL 34761
Tel: 800-797-2627


ZENTUARY GROUP: Court OKs Interim Cash Collateral Access
--------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida, Tampa
Division, authorized Zentuary Group LLC to use cash collateral on
an interim basis in accordance with the budget.

The Debtor is permitted to use cash collateral to pay: (a) amounts
expressly authorized by the Court, including required payments to
the Subchapter V Trustee; (b) the current and Necessary expenses
set forth in the preliminary budget, plus an amount not to exceed
10% for each line item; and (c) such additional amounts as may
expressly approved in writing by the Secured Creditors.

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

The Debtor will maintain insurance coverage for its real and
personal property in accordance with its obligations under any loan
and security documents with any secured creditors.

A continued hearing on the matter is scheduled for November 21,
2022 at 1:30 p.m.

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

                    About Zentuary Group LLC

Zentuary Group LLC, doing business as Farmacy Vegan Kitchen, is a
quick service restaurant offering a well-rounded, 100% plant-based
menu.

Zentuary Group LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-02594) on June 28,
2022.  In the petition filed by Charles Rumph, as president, the
Debtor estimated liabilities between $500,000 and $1 million
compared to estimated assets up to $50,000.

Judge Caryl E. Delano oversees the case.

James W Elliott, Esq., at McIntyre Thanasides Bringgold Elliott, et
al, is the Debtor's counsel.


ZEOLI-BROWN LLC: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Zeoli-Brown LLC
          Zeoli's Restaurant
        110 E. 14 Mile Road
        Clawson, MI 48017

Business Description: Zeoli-Brown is an Italian restaurant in
                      Clawson, MI.

Chapter 11 Petition Date: October 18, 2022

Court: United States Bankruptcy Court
       Eastern District of Michigan

Case No.: 22-48133

Debtor's Counsel: George E. Jacobs, Esq.
                  BANKRUPTCY LAW OFFICES
                  2425 S. Linden Rd.
                  Ste. C
                  Flint, MI 48532
                  Tel: (810) 720-4333
                  Email: george@bklawoffice.com

Total Assets: $123,998

Total Liabilities: $1,150,346

The petition was signed by Scott Brown as owner/sole member of
LLC.

A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at PacerMonitor.com at:

https://www.pacermonitor.com/view/MLCMUIA/Zeoli-Brown_LLC__miebke-22-48133__0003.0.pdf?mcid=tGE4TAMA

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

https://www.pacermonitor.com/view/MCELVLY/Zeoli-Brown_LLC__miebke-22-48133__0001.0.pdf?mcid=tGE4TAMA


ZOSANO PHARMA: Court Approves Disclosure Statement
--------------------------------------------------
Judge Kate Stickles has entered an order approving the Disclosure
Statement of Zosano Pharma Corporation.

The Disclosure Statement provides Holders of Claims, Holders of
Interests, and other parties in interest with sufficient notice of
the injunction, exculpation, and release provisions, including the
Releases by Holders of Claims, contained in the Plan, in
satisfaction of the requirements of Bankruptcy Rule 3016(c).

These dates are established (subject to modification as necessary)
with respect to the solicitation of votes on the Plan and
confirming the Plan:

   * The deadline by which objections to Claims for voting purposes
must be filed will be on Oct. 17, 2022.

   * The plan supplement filing deadline be on Nov. 3, 2022.

   * The Plan voting deadline will be on Nov. 10, 2022 at 4:00 p.m.
(prevailing Eastern Time).

   * The Plan objection deadline will be on Nov. 10, 2022 at 4:00
p.m. (prevailing Eastern Time).

   * The deadline to file a confirmation brief / and the Plan
objection response deadline will be on Nov. 15, 2022.

   * The deadline to file a voting report will be on Nov. 15,
2022.

   * The Plan confirmation hearing will be on Nov. 18, 2022 at 1:30
p.m. (prevailing Eastern Time).

The Debtor is not required to provide Solicitation Packages to
Holders of Claims and Interests in Non-Voting Classes or to Holders
of Administrative Claims or Priority Tax Claims, as such Holders
are not entitled to vote on the Plan.  Instead, on or before the
Solicitation Deadline, or as soon as reasonably practicable
thereafter, the Notice and Claims Agent shall mail a Non-Voting
Status Notice in lieu of Solicitation Packages, the form of which
is attached as Exhibit 3A and approved, to those Holders in Classes
1, 2 and 5 and on Holders of Administrative Claims and Priority Tax
Claims.

                        About Zosano Pharma

Zosano Pharma -- https://www.zosanopharma.com/ -- is an emerging
CNS company focusing on providing rapid symptom relief to patients,
using known therapeutics with well-established safety and
efficacy.

Zosano Pharma Corporation sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Case No. 22-10506) on June 2,
2022. In the petition filed by Steven Lo, as president and chief
executive officer, the Debtor reports estimated assets and
liabilities between $10 million and $50 million each.

Dennis A. Meloro, of Greenberg Traurig, LLP, is the Debtor's
counsel.


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
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Troubled Company Reporter is a daily newsletter co-published
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Copyright 2022.  All rights reserved.  ISSN: 1520-9474.

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