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

              Friday, December 23, 2022, Vol. 26, No. 356

                            Headlines

1 GLOBAL: Trustee Makes $6.9M Distribution to 3,750 Creditors
212 EAST 72ND: Court Confirms Second Amended Plan
21ST CENTURY VALET: Deal on Cash Collateral Access Denied
5280 AURARIA: Unsecureds to be Paid From Net Sale Proceeds
984-988 GREENE: Unsecureds Owed $96.6K Unimpaired in Sale Plan

AC NW RETAIL: Plan Sets Property Sale or Surrender
ACTIVA RESOURCES: Taps Kelly Hart & Hallman as Special Counsel
AIG FINANCIAL: Unsecured Creditors to Recover 100% Under Plan
ALWAYS CARING: Unsecureds to Get Full Amount Plus Interest
AMC NETWORKS: S&P Downgrades ICR to 'BB-', Outlook Negative

ANASTASIA PARENT: Oaktree SCF Marks $6.9M Loan at 20% Off
APEX TOOL: Moody's Cuts CFR to Caa1 & Alters Outlook to Negative
API HOLDINGS: S&P Alters Outlook to Negative, Affirms 'CCC+' ICR
ARIZONA INDUSTRIAL: Moody's Gives Ba1 Rating to 2023A/B Bonds
ARMATA PHARMACEUTICALS: Former CEO Agrees to Serve as Advisor

ASTRA ACQUISITION: Oaktree SCF Marks $4.8M Loan at 15% Off
ASURION LLC: Oaktree SCF Marks $4M Loan at 14% Off
ASURION LLC: Oaktree SCF Marks $8.5M Loan at 23% Off
AUTOVOCITY TRANSPORT: Case Summary & Eight Unsecured Creditors
BETTER NUTRITIONALS: Seeks Cash Collateral Access Thru March 2023

BRIGHTVIEW LANDSCAPE: Moody's Cuts CFR to B2, Outlook Stable
BRINK’S COMPANY: Fitch Alters Outlook on 'BB+' IDR to Negative
BUCKINGHAM HEIGHTS: Unsecureds Owed $50K Unimpaired in Plan
BURGER BOSSCO: S&P Downgrades ICR to 'CCC-' on Upcoming Maturities
CAMBRIDGE ESTATES: Taps Carpenter Hazlewood Delgado as Counsel

CAMECO TECHNOLOGIES: Gets OK to Hire Steven B. Nosek as Counsel
CANO HEALTH: Dr. Marlow Hernandez Holds 5% of Class A Shares
CELSIUS NETWORK: Bonus Plan Approved Despite UST Objections
CELSIUS NETWORK:Want to Get $7.7Mil. from Estate of Voyager Digital
CENTERFIELD MEDIA: S&P Lowers ICR to 'CCC+', Outlook Negative

CENTURI GROUP: Moody's Ba2 CFR Remains Under Review for Downgrade
CHARMING CHARLIE: PKF's Patrick Diercks Named Plan Administrator
CHICAGO EDUCATION BOARD: Fitch Affirms 'BB+' LongTerm IDR
CONVERGEONE HOLDINGS: Oaktree SCF Marks $4.9M Loan at 26% Off
CYTODYN INC: Chief Medical Officer to Quit

CYXTERA TECHNOLOGIES: S&P Cuts ICR to 'CCC' on Refinancing Risk
DATG PIZZERIA: Wins Cash Collateral Access on Final Basis
DAWG'S SPORTS: Gets OK to Hiire Bononi & Company as Legal Counsel
DCL CORP: Commences U.S. and Canadian Restructuring Cases
DELCATH SYSTEMS: Gerard Michel Has 6.7% Stake as of Dec. 13

DIGI INTERNATIONAL: S&P Upgrades ICR to 'B+' on Debt Repayment
DIMENSIONS IN SENIOR: Taps Turner Legal Group as Bankruptcy Counsel
DIMPLES DENTAL: Has Deal on Cash Collateral Access
DIOCESE OF CAMDEN: Jan. 18 Hearing on Disclosure Statement
DOYLESTOWN HOSPITAL: Moody's Puts B3 Rating on Review for Downgrade

DPL INC: S&P Downgrades ICR to 'BB' on Weaker Financial Measures
EDGE INDUSTRIAL: S&P Alters Outlook to Neg., Affirms 'BB' LT ICR
EMPIRE COMMUNITIES: S&P Alters Outlook to Neg., Affirms 'B-' ICR
ERIN INDUSTRIES: Gets OK to Hire Butzel Long as Bankruptcy Counsel
EVERNEST HOLDINGS: Taps Richard Siegmeister as Legal Counsel

EW SCRIPPS: Fitch Affirms LongTerm IDR at 'B', Outlook Stable
F.R. ALEMAN: Gets OK to Hire De La Hoz Perez as Accountant
F.R. ALEMAN: Gets OK to Hire Leto Law Firm as Special Counsel
FIRST QUANTUM: S&P Places 'B+' ICR on CreditWatch Negative
FTX GROUP: SBF Released $100Mil. Crypto in Bahamas

FTX TRADING: Announces Process for Return of Avoidable Payments
FUELCELL ENERGY: Extends Term of EMTEC Deal to August 2023
GASPARILLA MOBILE: Voluntary Chapter 11 Case Summary
GENEVER HOLDINGS: Gets OK to Hire Neubert as Co-Counsel
GIBSON BRANDS: Oaktree SCF Marks $4.9M Loan at 19% Off

GOTO GROUP: Fitch Lowers LongTerm IDRs to 'B-', Outlook Stable
GREENWAY HEALTH: S&P Lowers ICR to 'CCC+' on Refinancing Risk
GWG HOLDINGS: Secures DIP Financing From Obra Capital
HERO NUTRITIONALS: Gets OK to Hire Cohnreznick as Financial Advisor
HUBBARD RADIO: Moody's Lowers CFR to B3 & Alters Outlook to Stable

INTEGRATED NANO-TECHNOLOGIES: Case Summary & 4 Unsec. Creditors
KS WORLD INC: Gets OK to Hire Hagan & Associates as Special Counsel
LIVEWELL ASSISTED: Jan. 30 Plan Confirmation Hearing Set
MATIV INC: Moody's Affirms 'Ba3' CFR & Alters Outlook to Stable
MAXAR TECHNOLOGIES: Advent Transaction No Impact on Moody's B2 CFR

MEDLY HEALTH: Seeks Chapter 11 Bankruptcy Protection
METROHAVANA TOWN: Taps Cedano Realty Advisors as Broker
METROHAVANA TOWN: To Rely on Property Sale to Fund Plan
MONARCH PCM LLC: Taps Morgan Lewis & Bockius as OCP
NATIONAL ADVANCED: Case Summary & Nine Unsecured Creditors

NEONODE INC: Forsakringsaktiebolaget Has 10% Stake as of Dec. 15
NEW COAT PAINTING: Gets OK to Tap Rountree Leitman Klein as Counsel
NFP CORP: Moody's Affirms 'B3' CFR, Outlook Remains Negative
NINE DEGREES: Time to Confirm Plan Extended to March 27
NUZEE INC: Masateru Higashida Has 21.8% Stake as of Dec. 15

OBSTETRIC & GYNECOLOGIC: U.S. Trustee Unable to Appoint Committee
PADDOCK ENTERPRISES: Case Fully Administered Despite Objection
PARK RIVER: Moody's Affirms 'B2' CFR & Alters Outlook to Negative
PIONEERS MEMORIAL: Fitch Lowers LongTerm IDR to 'B', Outlook Neg.
QAZ LLC: Seeks to Hire Jonathan Goodman as Bankruptcy Attorney

QUANERGY SYSTEMS: Files for Chapter 11 Bankruptcy Protection
QUANERGY SYSTEMS: U.S. Trustee Appoints Creditors' Committee
QUOTIENT LIMITED: Ameriprise, Columbia Mgmt Own 2.7% Equity Stake
QUOTIENT LIMITED: CI Investments Reports 4.7% Equity Stake
QUOTIENT LIMITED: Honeywell Entities Report Less Than 1% Stake

RADIOLOGY PARTNERS: Oaktree SCF Marks $6.25M Loan at 15% Off
RIVER SPRINGS CHARTER SCHOOL: S&P Raises Rev Bonds Rating to 'BB+'
SEAICH CARD: Bid to Use Cash Collateral Denied
SNC VENTURES: Case Summary & 18 Unsecured Creditors
SPECTACLE BIDCO: S&P Upgrades ICR to 'B', Outlook Stable

SUPERIOR INDUSTRIES: S&P Alters Outlook to Stable, Affirms B- ICR
TEXSTAR COUNTRY: Gets OK to Hire DeMarco-Mitchell as Legal Counsel
THK SCOTTSDALE: Gets OK to Hire Mark J. Giunta as Legal Counsel
TREASURE ISLAND: Voluntary Chapter 11 Case Summary
UNIVERSITY PARK: S&P Lowers 2013 Revenue Bonds Rating to 'BB-'

VICE BAR & BISTRO: Seeks to Hire Rountree as Legal Counsel
VINTAGE FOOD: Gets OK to Hire Strobl Sharp as Legal Counsel
VOYAGER DIGITAL: Binance.US Emerges as Winning Bidder for Assets
WAWANESA GENERAL: A.M. Best Cuts Financial Strength Rating to B
WC BRAKER: $75-Mil. Bid to Open Feb. 14 Auction

WEBER INC: S&P Affirms 'CCC+' ICR, Off CreditWatch Negative
WHEEL PROS: Moody's Lowers CFR to Caa3 & Alters Outlook to Stable
WHEEL PROS: S&P Downgrades ICR to 'CCC', Outlook Negative
XP TRANSPORT: Court OKs Interim Cash Collateral Access
ZAYO GROUP: Oaktree SCF Marks $7M Loan at 16% Off

[*] Three Cohn & Dussi Attorneys Named to 2022 Super Lawyers List
[^] BOOK REVIEW: Performance Evaluation of Hedge Funds

                            *********

1 GLOBAL: Trustee Makes $6.9M Distribution to 3,750 Creditors
-------------------------------------------------------------
James S. Cassel, the Liquidating Trustee of the 1 GC Collections
Creditors' Liquidating Trust and Chairman and Cofounder of the
investment banking firm Cassel Salpeter & Co., on Dec. 22 announced
an interim distribution of $6.9 million to more than 3,750
creditors, representing a third distribution of 2.5% yielding a
recovery to date of 46.5%, following an intensive team effort to
maximize value of the underlying merchant cash advance assets and
causes of action of 1 Global Capital LLC.  

1 Global Capital and 1 West Capital both operated in the financial
services industry, primarily by providing direct merchant cash
advances to small businesses across the United States.  They filed
for bankruptcy in July of 2018 after experiencing a liquidity
crisis precipitated by pending SEC investigations and an inability
to raise new capital.  After the bankruptcy filing, the bankruptcy
court appointed the new management team led by Cassel which quickly
developed a strategy to aggressively maximize the merchant cash
advance portfolio of over $275 million. The team methodically
analyzed the underlying assets, market tested values, prepared a
detailed plan and strategy to maximize value, and cooperated with
the fraud investigations by several federal and state government
agencies to forge a path to significant recoveries for investors,
while minimizing litigation and related costs.

"We have worked diligently to maximize recoveries via continued
liquidation of estate assets and pursuit of causes of action.  We
have coordinated efforts with the SEC, DOJ on disgorgement and
restitution matters and with the SEC appointed receiver on estate
claims in related company receivership cases.  We have successfully
negotiated to resolution significant claims objections," said Mr.
Cassel. "It is a testament to the team of professionals who worked
diligently to continue the recovery.  To date the estate has
recovered well over $132 million of value for assets that were
distressed by a Chapter 11 bankruptcy, allegations of fraud, and
numerous federal and state investigations."

While these cumulative distributions provide a significant recovery
to over 3,500 investors who had invested in the companies, the
Liquidating Trust will continue to monetize assets and pursue
causes of action that will generate further returns to creditors.


Added Mr. Cassel: "I would like to thank the team of professionals
at Baker McKenzie, Development Specialists, Inc. along with special
counsel Genovese Joblove & Battista and Greenberg Traurig for their
professionalism and contributions to this collaborative effort."  


                   About Cassel Salpeter & Co.

Cassel Salpeter & Co., LLC -- http://www.CasselSalpeter.com/-- is
an independent investment banking firm that provides advice to
middle market and emerging growth companies in the U.S. and
worldwide. Together, the firm's professionals have more than 50
years of experience providing private and public companies with a
broad spectrum of investment banking and financial advisory
services, including: mergers and acquisitions; equity and debt
capital raises; fairness and solvency opinions; valuations; and
restructurings, such as 363 sales and plans of reorganization.
Co-founded by James Cassel and Scott Salpeter, the firm provides
objective, unbiased, results-focused services that clients need to
achieve their goals. Personally involved at every stage of all
engagements, the firm’s senior partners have forged relationships
and completed hundreds of transactions and assignments nationwide.
The firm’s headquarters are in Miami. Member FINRA and SIPC.

                            About DSI

Development Specialists, Inc. -- http://www.dsiconsulting.com-- is
a leading national provider of management consulting and financial
advisory services, including turnaround consulting, fiduciary
roles, financial restructuring, litigation support, operational
wind‐down oversight and forensic accounting services. Clients
include business owners, corporate boards of directors, financial
services institutions, secured lenders, bondholders, unsecured
creditors and creditor committees. For more than 40 years, DSI has
been guided by a single objective: maximizing value for all
stakeholders. With its highly skilled and diverse team of
professionals, offices throughout the United States and in Europe,
and an unparalleled range of experience, DSI not only achieves that
objective, but has also built a solid reputation as an industry
leader.

                    About Baker Mackenzie

Complex business challenges require an integrated response across
different markets, sectors and areas of law. Baker McKenzie's
client solutions provide seamless advice, underpinned by deep
practice and sector expertise, as well as first-rate local market
knowledge. Across more than 70 offices globally, Baker McKenzie
works alongside its clients to deliver solutions for a connected
world.

                     About Greenberg Traurig

Greenberg Traurig, LLP (GT) -- http://www.gtlaw.com-- has
approximately 2100 attorneys in 41 locations in the United States,
Latin America, Europe, Asia, and the Middle East. GT has been
recognized for its philanthropic giving, diversity, and innovation,
and is consistently among the largest firms in the U.S. on the
Law360 400 and among the Top 20 on the Am Law Global 100.

                      About 1 GC Collections

1 Global Capital, LLC -- https://1stglobalcapital.com/ -- is a
direct small business funder offering an array of flexible funding
solutions, specializing in unsecured business funding and merchant
cash advances.

1 Global Capital LLC, based in Hallandale Beach, Fla., and its
affiliates sought Chapter 11 protection (Bankr. S.D. Fla. Lead Case
No. 18-19121) on July 27, 2018.  In the petition signed by Steven
A. Schwartz and Darice Lang, authorized signatories, 1st Global
Capital estimated $100 million to $500 million in assets and
liabilities as of the bankruptcy filing.

The Hon. Raymond B. Ray oversees the cases.

Greenberg Traurig LLP, led by Paul J. Keenan Jr., Esq., serves as
bankruptcy counsel; and Epiq Corporate Restructuring, LLC, as
claims and noticing agent.

The U.S. Trustee for Region 21 appointed an official committee of
unsecured creditors on Sept. 7, 2018. The committee tapped
Stichter, Riedel, Blain & Postler, P.A. as its legal counsel;
Conway MacKenzie, Inc., as financial advisor, along with Dundon
Advisers, LLC, as co-financial advisor.


212 EAST 72ND: Court Confirms Second Amended Plan
-------------------------------------------------
Judge Lisa G. Beckerman has entered an order confirming 72nd Ninth
LLC's Second Amended Chapter 11 Plan of Liquidation for 212 East
72nd Street LLC.

72nd Ninth LLC is a secured creditor and mortgagee of 212 East 72nd
Street LLC.

Objections to confirmation of the Plan, if any, unless previously
withdrawn, are overruled, including the oral objection of the
Debtor, for the reasons stated at the Confirmation Hearing.

Proof of Administrative Expense Claims and applications for
approval of Professional Fees and expenses, shall be filed on or
before 14 days after entry of the Confirmation Order.  The failure
to file a proof of an Administrative Expense Claim or application
for approval of Professional Fees and expenses by the Admin. Bar
Date shall result in the disallowance of any such Administrative
Expense Claim or Professional Fees and expenses.

The Debtor shall file with the Court and shall serve notice of the
occurrence of the Effective Date of the Plan on all Claimants and
Interest holders, the United States Trustee, and other parties in
interest, by causing notice thereof to be delivered to such parties
by first-class mail, postage-prepaid, within 10 business days after
the occurrence of the Effective Date of the Plan, such notice being
deemed adequate under the circumstances and no other or further
notice thereof being deemed necessary.

Administrative Claims, and Classes of Claims classified in Classes
1 and 5 are unimpaired under the Plan. Thus, the Plan satisfies
this requirement.

Of the impaired Classes, Class 2 has voted in favor of the Plan.
Class 3 has not voted.  As stated and for the reasons given on the
record, the Court has found a basis to disqualify the votes in
Class 4 from Hephaistos Construction and Perez Maintenance based on
their ballots being incomplete.  Since the Plan satisfies the
requirements of Section 1129(b) of the Bankruptcy Code, however,
this Court need not and is not making any ruling with respect
thereto.

The Plan may be confirmed as to Class 3 and Class 4, pursuant to
Section 1129(b) of the Bankruptcy Code, notwithstanding that the
requirements of section 1129(a)(8) have not been met with respect
to Classes 3 and 4, because the Proponent has demonstrated by a
preponderance of the evidence that the Plan: (a) satisfies all of
the other requirements of section 1129(a) of the Bankruptcy Code
and (b) does not "discriminate unfairly" and is "fair and
equitable" with respect to Class 3 and Class 4. Thus, the Plan
satisfies this requirement.

The Property is to be sold free and clear of all liens, claims and
encumbrances (except the Proponent's mortgage, which may be
assigned to a lender to the Successful Bidder(s)) pursuant to 11
U.S.C. Secs. 105(a) and 1123 subject to a separate sale order.

If the Secured Creditor is Successful Bidder (or Backup Bidder as
the case may be) for the Property and there is no Auction, Secured
Creditor shall submit a proposed order to the Court approving the
Sale of the Property (the "Sale Approval Order").

If Secured Creditor is not the Successful Bidder, then Secured
Creditor shall submit a declaration from the Broker, a purchase and
sale agreement, and any additional declaration it deems necessary
together with a Sale Approval Order to the Court.

If the Secured Creditor is the Successful Bidder through a credit
bid on the Debtor's Property, on the Effective Date, the Secured
Creditor shall deposit the funds necessary such that the Disbursing
Agent can make the distributions required under the Plan to be made
on the Effective Date for the Debtor. Such funds shall not be
deemed to have been distributed to the Proponent.

                  About 212 East 72nd Street

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

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

Judge Lisa G. Beckerman oversees the case.

Leo Fox, Esq., in New York, is serving as counsel to the Debtor.


21ST CENTURY VALET: Deal on Cash Collateral Access Denied
---------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
San Fernando Division, denied a stipulation for use of cash
collateral filed by 21st Century Valet Parking, LLC.

As previously reported by the Troubled Company Reporter, the Debtor
entered an agreement with secured creditor, Mariam Khachatryan,
regarding the Debtor's access to cash collateral.

Khachatryan holds a security interest on all of the Debtor's assets
and profits and monies generated by those assets. The security
interest arose from the Debtor's purchase of the business from
Khachatryan's assignor, Star Garden Enterprise, in October 2021. At
that time, the Debtor executed a promissory note and a UCC-1
Statement in favor of Star Garden to finance a portion of the
purchase price paid for the business. On May 23, 2022, Star Garden
was dissolved. However, as part of its dissolution proceedings, the
rights under the under the UCC Statement were assigned to
Khachatryan.

The outstanding balance on the Note is $181,750, and the note
provides for monthly payments of $7,770 per month to the Creditor.

Khachatryan consented to the use of the cash collateral for the
ongoing operation of the Debtor's business, satisfying subsection
(A) of Section 363(c)(2).

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

              About 21st Century Valet Parking, LLC

21st Century Valet Parking, LLC sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-11415) on
December 6, 2022. In the petition signed by Stepan Kazaryan,
managing member, the Debtor disclosed up to $50,000 in assets and
up to $500,000 in liabilities.

Judge Victoria S. Kaufman oversees the case.

Vahe Khojayan, Esq., at YK Law, LLP, is the Debtor's counsel.



5280 AURARIA: Unsecureds to be Paid From Net Sale Proceeds
----------------------------------------------------------
5280 Auraria, LLC, submitted a Modified Disclosure Statement to
accompany its First Plan of Reorganization filed on Oct. 17, 2022.

The Debtor's Plan provides for the renovation and sale of the
principal asset of the Debtor, the Auraria Student Lofts, under
Chapter 11 of the Bankruptcy Code.  Pursuant to the Plan, once the
Debtor's assets have been liquidated, the Debtor shall distribute
the net proceeds to creditors in conformity with the Bankruptcy
Code.

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 Debtor's only assets are the Real Property and fixtures and
leasing office equipment at the Property.  Other than the secured
debts, the Debtor's debts consist of legal fees, ordinary course
trade debt, and similar industry standard obligations.

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.

Under the Plan, holders of Class 3 Other General Unsecured Claims
will 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 will not receive a greater amount under the Plan
than the amount of its Allowed Claim. Class 3 is impaired.

Waterfall Recovery

Unless the Court provides for a different priority in the
Confirmation Order, all Net Sale Proceeds (less any account minimum
required by the bank where the account is maintained), and subject
to provisions for Disputed Claims provided herein, shall be
allocated and paid to the applicable holders of Claims from time to
time in the following priority, in each case on a Pro Rata basis:
(i) first, any property tax claims or other claims secured by a
lien provided by statute having a higher priority than recorded
deeds of trust; (ii) second, to the holder of Class 1.a Claim;
(iii) third, to the holder of the Class 1.b Claim; (iv) fourth, to
the holders of Class 1.c Claims; (v) fifth, to the holder of the
Class 1.d Claim; (vi) sixth, to holders of Class 1.e Claims, if
any; (vii) seventh, to holders of Allowed Administrative Claims and
the holder of the DIP Loan Claim; (viii) eighth, to holders of
Class 3 Claims; and (ix) ninth, to the extent any Net Sale Proceeds
are remaining, they shall be paid to the holder of the Class 4
Equity Interest Claim.

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.

Attorneys for the Debtor:

     Michael J. Pankow, Esq.
     Amalia Sax-Bolder, Esq.
     BROWNSTEIN HYATT FARBER SCHRECK, LLP
     410 17th Street, Suite 2200
     Denver, CO 80202
     Tel: (303) 223-1100
     Fax: (303) 223-1111
     E-mail: mpankow@bhfs.com
             asax-bolder@bhfs.com

A copy of the Disclosure Statement dated Dec. 14, 2022, is
available at https://bit.ly/3j313kZ from PacerMonitor.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. Colo. Case No. 22-12059) on June 9,
2022.  In the petition filed by Mr. Nelson, 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.


984-988 GREENE: Unsecureds Owed $96.6K Unimpaired in Sale Plan
--------------------------------------------------------------
984-988 Greene Avenue Housing Development Fund Corporation
submitted a Disclosure Statement in support of the Amended Chapter
11 Plan dated Dec. 13, 2022.

The Debtor is a not-for-profit corporation that owns and operates
two residential buildings, totaling 32 units that are over 85%
leased, in 984 Greene Avenue, Brooklyn, New York 11221, and 988
Greene Avenue, Brooklyn, New York 11221.

The Plan provides for the Debtor to sell its key assets, the
Property, and pay creditors, from the proceeds of sale.  The sale
is contemplated to achieve proceeds sufficient to pay all Allowed
Administrative, Priority, Secured and Unsecured Claims in full,
subject to certain limitations.  The Debtor is the party proposing
the Plan.

Under the Plan, Class 4 General Unsecured Claims total $96,692.00.
General Unsecured Claims will be either (i) paid by the Debtor, in
cash, in full on the Effective Date (including interest at the
federal judgment rate as at the Petition Date pursuant to 28 U.S.C.
Sec. 1961, from the Petition Date through the Effective Date); or
as soon as practicable after such Claim becomes an Allowed Claim;
or (ii) as may be otherwise mutually agreed in writing between the
Debtor and the holders of such General Unsecured Claims.  Class 4
is unimpaired.

The proposed purchaser is Greene Avenue SNA Housing Development
Fund Corporation, a special purpose entity organized by St. Nicks
Alliance Corp.

The Debtor and the Purchaser will close on the sale of the Property
on the terms set forth and according to the Sale Contract.  The
Purchase Price is $3,563,259.  In summary, the terms of the private
sale are as follows: the sale contract provides for the sale of the
Property on an "as is", "where is" basis.  New York City Department
of Housing Preservation and Development has approved of the sale
and the Purchaser, as set forth in the sale contract.  

The Sale Contract is for all of the Debtor's right, title and
interest in and to the Property, together with all related
fixtures, improvements and development rights, and subject to all
deed restrictions, zoning and other potential restrictions
including, but not limited to, the current regulatory agreement
with the City.  The Purchaser will become responsible for
violations and repairs on the Effective Date. The Sale Contract
also includes the Debtor's assumption and assignment of all
residential leases designated by the Purchaser. The Sale Contract
does not include the Debtor's other property including books and
records (except building and tenant records), cash, deposits with
third parties, intellectual property, goodwill, tax attributes,
claims and causes of action.  Except as provided herein, and in the
Sale Contract, the Sale will be free and clear of all liens,
claims, interests, taxes and nonpermitted encumbrances pursuant to
sections 363(b) and (f), 1123(a)(5)(D) and 1129 of the Bankruptcy
Code, and the Purchaser will assume the City Mortgages and pay all
encumbrances necessary to close.

The proceeds of the sale are the source of the implementation funds
and therefore, all distributions depend upon the closing and
funding of the sale.  The sale is not subject to higher and better
offers, the Purchaser was located with the assistance of New York
Department of Housing Preservation and Development and therefore
the Property will not be marketed.

Rent proceeds and cash on hand are property of the Debtor and may
also be used as Implementation Funds to fund and implement the Plan
as available.  If the Implementation Funds are insufficient to
satisfy claims besides the City Mortgages (expected to be assumed
by the Purchaser), then the estimated distribution to Holders of
Affiliate Claims would be reduced on a pro-rata basis to satisfy
Claims.

Counsel for 984-988 Greene Avenue Housing Development Fund
Corporation:

     Allen G. Kadish, Esq.
     Harrison H.D. Breakstone, Esq.
     ARCHER & GREINER, P.C.
     1211 Avenue of the Americas, Suite 2750
     New York, NY 10036
     Tel: (212) 682-4940
     E-mail: akadish@archerlaw.com
             hbreakstone@archerlaw.com

A copy of the Disclosure Statement dated Dec. 14, 2022, is
available at https://bit.ly/3BCzeqg from PacerMonitor.com.

                About 984-988 Greene Avenue Housing
                   Development Fund Corporation

984-988 Greene Avenue Housing Development Fund Corp. is a
not-for-profit corporation whose tangible assets are properties
located at 984-988 Greene Avenue, Brooklyn, New York 11221.  Its
assets are used consistent with its charitable purposes of
providing affordable housing units for families of low income in
the central sections of Brooklyn, New York.

984-988 Greene Avenue Housing Development Fund Corp. sought Chapter
11 protection (Bankr. E.D.N.Y. Case No. 19-40823) on Feb. 11, 2019.
The Hon. Elizabeth S. Stong is the case judge.  The Debtor
estimated assets and debt of $1 million to $10 million as of the
bankruptcy filing.  ARCHER & GREINER, P.C., led by Allen G. Kadish,
is the Debtor's counsel.


AC NW RETAIL: Plan Sets Property Sale or Surrender
--------------------------------------------------
AC NW Retail Investment LLC and Armstrong New West Retail LLC
submitted a Second Amended Joint Disclosure Statement for the
Second Amended Joint Plan of Liquidation.

Armstrong owns the commercial condominium unit consisting of the
ground floor and basement level of 250 West 90th Street, New York,
New York (the "Property"). The Property is a 20,000 square foot
space that was until March 2016 occupied by the Atlantic and
Pacific Tea Company ("A&P") under its Food Emporium brand.

The Plan is drafted so as to provide for two alternatives for its
implementation: (1) for the Property to be sold at auction; or (2)
for the Property to be surrendered to the holder of the Mortgage
Loan as the indubitable equivalent of its claim in full and
complete satisfaction of the Mortgage Loan.  Under the Debtors'
Plan, either alternative will result in the satisfaction of the
Ladder claim, regardless of which entity holds the claim, and
therefore Ladder, or Ladder I, will not be entitled to any portion
of the BBB Settlement Sum or the Debtors' Available Cash.

The terms set forth in the LOI will form the basis for a contract
of sale for the Property.  The $21,500,000 proposed purchase price
will be the stalking horse bid from which the Debtors will seek
higher and better offers for the Property. The Property will be
marketed for sale in accordance with these terms which are being
incorporated into bidding procedures that are included in the sale
motion being submitted for approval by the Bankruptcy Court.

In either a sale or surrender scenario, a closing will take place
after the Confirmation Order becomes a final order.

The Debtor will seek a 45-day marketing period for the Property
after which it will schedule an auction for the Property.  If there
are no bids for the Property after the 45-day marketing period,
subject to reasonable extension, other than the stalking horse bid
by the Purchaser, the Property will be sold to Purchaser.  If the
Purchaser fails to close, the Debtors will implement the component
of the Plan that provides for the Property to be surrendered to the
holder of the Mortgage Loan on the Property.

If it is determined that the surrender of the Property to the
holder of the Mortgage Loan is for less than the indubitable
equivalent of its secured claim, and that the holder of the
Mortgage Loan is entitled to an unsecured deficiency claim, such
claim will be classified and treated as an unsecured claim against
the Armstrong Debtor. The Plan also provides for the Bankruptcy
Court to make a determination as to whether Ladder holds a claim
against Armstrong, and if so, in what capacity and in what dollar
amount.

The Debtors are advised that Ladder and Ladder I are in the process
of obtaining a valuation for the Property that preliminarily
suggests that the Property is worth less $17 million (i.e. less
than the Mortgage Loan claim amount). Furthermore, Ladder, Ladder
I, and LMezz vehemently dispute the Debtors' contentions regarding
the Mortgage Loan and Mezz Loan claims and intend to vigorously
defend those claims.

The Debtors believe that the LOI establishes the Property's value
to be at least $21,500,000.

Payments to holders of Allowed Claims in accordance with the
priorities established by the Bankruptcy Code will be made from the
Plan Fund which consists of: (1) the Debtors' available cash; (2)
the sum paid by BBB to Armstrong for early termination of the BBB
Lease ("BBB Settlement Sum"); and, to the extent the Property is
sold, (3) the sale proceeds generated from the auction sale of the
Property.

To the extent a valuation hearing is required to make any such
determination, or is otherwise deemed appropriate, Debtors will
request authorization to retain an appraiser.

In the event of a sale, the Property shall be sold free and clear
of all liens, claims and encumbrances to the fullest extent allowed
under Sections 363 (if applicable), 365, 1123 and 1129 of the
Bankruptcy Code; provided that all liens and claims (including the
Schimenti mechanics lien, to the extent a determination is made
that such lien is a valid lien) shall attach to the sale proceeds
with the same validity, priority, force and effect and subject to
the same defenses as existed immediately before the sale of the
Property; and further provided that to the extent the premises are
re-let prior to confirmation, the Property shall be sold subject to
the leasehold/tenancy. For the avoidance of doubt, Debtors
acknowledge there is a lien on the Property securing the Mortgage
Loan.

The Debtors reserve their right to amend, supplement or modify the
Plan to the extent the Debtors procure alternative financing, a new
tenant at the Property and/or a different stalking horse bidder for
the sale of the Property.

Under the Plan, Class 4 Armstrong Unsecured Claims total
$185,289.36. Subject to the provisions of Article 7 of the Plan,
with respect to Disputed Claims, in full satisfaction of the
Armstrong Unsecured Claims, after payment is made in full,
appropriate amounts are reserved to pay in full (or such other
treatment as is determined by the Court with respect to Class 2),
to satisfy Administrative Claims, including professional fees,
broker fees and United States Trustee fees, Priority Claims and
Allowed Claims in Classes 1 and 2, the holders of Allowed Armstrong
Unsecured Claims will receive their pro rata share of the Plan Fund
unless otherwise agreed to in writing. Payment shall be made within
5 business days of the Effective Date. Class 4 is impaired.

Class 7 AC NW Unsecured Claims.  Scheduled in the amount of
$532,800 inclusive of insider claims of $507,000 for which
repayment shall be waived, estimated in the amount of $25,640 for
distribution purposes. Subject to the provisions of Article 7 of
the Plan, with respect to Disputed Claims, in full satisfaction  of
the AC NW Unsecured Claims, after payment is made in full,
appropriate amounts are reserved to pay in full (or such other
treatment as is determined by the Court with respect to Class 2),
to satisfy Administrative Claims, including professional fees,
broker fees and United States Trustee fees, Priority Claims and
Allowed Claims in Classes 1, 2, 3, 4, and 6, the holders of Allowed
AC NW Unsecured Claims will receive on the Effective Date their pro
rata share of the Plan Fund unless otherwise agreed to in writing.
Payment shall be made within 5 business days of the Effective Date.
Class 7 is impaired.

Funding for the Plan payments due on the Effective Date shall be
from the Debtors' cash, the BBB Settlement Sum and, if the Property
is sold, the sale proceeds.

Attorneys for the Debtors:

     A. Mitchell Greene, Esq.
     LEECH TISHMAN ROBINSON BROG PLLC
     875 Third Avenue, 9th Fl.     
     New York, NY 10022
     Tel: 212-603-6300

A copy of the Disclosure Statement dated Dec. 14, 2022, is
available at https://bit.ly/3V11FVp from PacerMonitor.com.

                About AC NW Retail Investment and
                    Armstrong New West Retail

Armstrong New West Retail, LLC owns a commercial condominium unit
located at 250 West 90th Street, New York. The property is a
20,000-square-foot space that was occupied by Atlantic and Pacific
Tea Company until March 2016 under its Food Emporium brand.

Armstrong is 100% owned by AC NW Retail Investment, LLC, which is
100% owned by Benjamin Ringel.

AC NW Retail Investment and Armstrong New West Retail filed Chapter
11 petitions (Bankr. S.D.N.Y. Case Nos. 16-23085 and 16-23086) on
Aug. 9, 2016. Benjamin Ringel, sole equity member, signed the
petitions.

At the time of the filing, AC NW Retail estimated its assets at $10
million to $50 million and liabilities at $1 million to $10
million. Armstrong estimated its assets and liabilities at $10
million to $50 million.

Judge Robert D. Drain oversees the cases.

Arnold Mitchell Greene, Esq., at Leech Tishman Robinson Brog, PLLC
is the Debtors' bankruptcy counsel. The Law Offices of Lawrence J.
Berger, P.C. serves as special real estate tax counsel.


ACTIVA RESOURCES: Taps Kelly Hart & Hallman as Special Counsel
--------------------------------------------------------------
Activa Resources, LLC and Tiva Resources, LLC received approval
from the U.S. Bankruptcy Court for the Western District of Texas to
employ Kelly Hart & Hallman, LLP as special counsel.

The Debtor needs the firm's legal assistance in connection with
documenting a proposed credit facility from Citrus Holdings, LLC.

The firm will be paid at these rates:

     Partners             $750 per hour
     Associates           $285 per hour
     Legal Assistants     $120 to $275 per hour

William Kerr, Jr., Esq., a partner at Kelly Hart & Hallman,
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:

     William M. Kerr, Jr.
     Kelly Hart & Hallman, LLP
     300 Colorado, Suite 2000
     Austin, TX 78701
     Tel: (512) 495-6421
     Fax: (512) 495-6401
     Email: William.kerr@kellyhart.com

             About Activa Resources and Tiva Resources

Activa Resources, LLC and Tiva Resources, LLC operate in the oil
and gas extraction industry. Both companies are based in San
Antonio, Texas.

On Feb. 3, 2022, Activa Resources and Tiva Resources sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D.
Texas Lead Case No. 22-50117). In the petitions signed by John
Hayes, president, Activa Resources disclosed as much as $50 million
in both assets and liabilities while Tiva Resources disclosed up to
$10 million in assets and up to $50 million in liabilities.

Judge Michael M. Parker oversees the cases.

The Debtors tapped Bernard R. Given II, Esq., at Loeb and Loeb, LLP
as legal counsel, and Haynie & Company as accountant and auditor.
Donlin, Recano & Company, Inc. is the claims, noticing and
solicitation agent.

The Debtors filed their proposed joint Chapter 11 plan of
reorganization and disclosure statement on Aug. 19, 2022.


AIG FINANCIAL: Unsecured Creditors to Recover 100% Under Plan
-------------------------------------------------------------
AIG Financial Products Corp. submitted a Plan of Reorganization and
a Disclosure Statement.

AIG FP is a wholly-owned, direct subsidiary of American
International Group, Inc. AIG FP was founded for the purpose of
trading in the capital markets and offering corporate finance,
structured finance, and financial risk management products,
including complex derivatives transactions. While initially
profitable, AIG FP suffered billions of dollars of losses from its
derivatives trading positions during the financial crisis of
2008-2009.  AIG FP has never recovered those losses.

Following the financial crisis, AIG FP predominantly operated to
manage and
wind down the remaining transactions in its portfolio. As of the
Petition Date, AIG FP has assets totaling $315 million in book
value, comprised of $216 million of intra- and intercompany
receivables and investments in subsidiaries and the remaining $99
million consists primarily of a credit linked note and $10 million
in cash on hand. It has liabilities of $37.7 billion in book value,
comprised primarily of the AIG FP Revolver in the amount of $37.4
billion and $269 million of intra- and intercompany payables. Thus,
AIG FP is balance sheet insolvent by approximately $37.4 billion.

The Debtor is reorganizing pursuant to chapter 11 of the Bankruptcy
Code, which is the principal business reorganization chapter of the
Bankruptcy Code.  As a result, the confirmation of the Plan means
that the Reorganized Debtor will continue to operate going forward
and conduct an orderly wind down of its business.

The Debtor's parent, AIG Inc., is the holder of (a) the Prepetition
Revolving Loan Claim in the Allowed amount of $37.4 billion and (b)
100% of the Existing AIG FP Interests.  The Plan provides for the
full satisfaction, settlement, discharge, and release of the
Parent's Prepetition Revolving Loan Claim in exchange for the
Parent's retention of its Existing AIG FP Interests.  Under the
Plan, the Parent will not retain any Existing AIG FP Interests or
receive any other distribution on account of its Allowed Existing
AIG FP Interests.

As of the date hereof, the Prepetition Revolving Loan Claim is an
unsecured Claim against the Debtor and, therefore, ranks pari passu
with the General Unsecured Claims and Intercompany Claims against
the Debtor. The Prepetition Revolving Loan Claim is, however,
senior to the Subordinated Claims against the Debtor because such
Subordinated Claims are expressly subordinated and junior to all
other obligations of the Debtor under the terms of the DCP Plans.

With respect to the Subordinated Claims, the Plan provides as
follows:

   * If and only if Class 7 (Subordinated Claims) votes to accept
the Plan, each DCP Claimant will receive, on or as soon as
reasonably practicable after the Effective Date, in full
satisfaction, settlement, discharge and release of, and in exchange
for, its Allowed Class 7 Claim, an equal share of the Class 7 Cash
Pool, based on the number of Holders in Class 7, after payment
therefrom of any taxes due with respect to the Class 7 Cash Pool
(including, but not limited to, any employer taxes paid or payable
by the Debtor or any affiliate of the Debtor with respect to
distributions of the Class 7 Cash Pool, as determined by the
Debtor), which equals $1,000,000 in the aggregate.

   * If any only if Class 7 (Subordinated Claims) votes to reject
the Plan, to the extent Confirmation and Consummation of the Plan
occurs, each DCP Claimant will not receive any distribution nor
retain any property on account of its Class 7 Claim and, on the
Effective Date, the Class 7 Claims will be discharged without
further notice to, approval of, or action by any Person or Entity.

Concurrently with its solicitation of votes on the Plan, the Debtor
is conducting a marketing process for the sale of all or
substantially all of the Debtor's assets under section 363 of the
Bankruptcy Code (the "363 Sale").  In the event that the Debtor
does not receive the requisite votes to confirm the Plan or
otherwise fails to meet the requirements for confirmation under
section 1129 of the Bankruptcy Code, the Debtor intends to pursue
and consummate a 363 Sale to the highest and best bidder pursuant
to Court-approved bidding and auction procedures, and the Debtor
reserves all rights to seek such Sale.  In furtherance of the
foregoing, the Debtor intends to file one or more motions with this
Court requesting approval of (a) bidding and auction procedures in
connection with the proposed 363 Sale, and, should the Debtor fail
to receive the requisite votes to confirm the Plan or otherwise
fail to meet the requirements for confirmation, (b) the
consummation of the 363 Sale. The Debtor anticipates that Parent
will bid at such auction, and if Parent is determined to be the
highest and best bidder, the Debtor will seek Court approval of the
consummation of the 363 Sale to Parent in exchange for the
satisfaction, settlement, discharge, and release of a portion of
the Parent's Prepetition Revolving Loan Claim. The Debtor further
reserves all rights to object to and seek the disallowance of the
Subordinated Claims in their entirety if Confirmation and
Consummation of the Plan does not occur.

Under the Plan, holders of Class 5 General Unsecured Claims will
receive at the election of the Debtor or Reorganized Debtor, as
applicable: (A) cash equal to the amount of such Allowed Class 5
Claim; (B) such other less favorable treatment as to which the
Debtor or Reorganized Debtor, as applicable, and the holder of such
Allowed Class 5 Claim will have agreed upon in writing; or (C) such
other treatment such that it will not be impaired pursuant to
Section 1124 of the Bankruptcy Code; provided, however, that Class
5 Claims incurred by the Debtor in the ordinary course of business
may be paid in the ordinary course of business by the Debtor or
Reorganized Debtor in accordance with the terms and conditions of
any agreements relating thereto without further notice to or order
of the Bankruptcy Court. Creditors will recover 100% of their
claims.  Class 5 is unimpaired.

The Plan incorporates a compromise and settlement of the Released
and Settled Claims held by the DCP Claimants in the form of a
"Global Settlement," which the Parent supports.  Pursuant to the
Global Settlement, solely in the event that Class 7 votes to accept
the Plan, the Parent has agreed to permit each DCP Claimant to
receive, in full satisfaction, settlement, discharge and release
of, and in exchange for, its Class 7 Subordinated Claim, an equal
share of the Class 7 Cash Pool based on the number of Holders in
Class 7, after payment therefrom of any taxes due with respect to
the Class 7 Cash Pool (including, but not limited to, any employer
taxes paid or payable by the Debtor or any affiliate of the Debtor
with respect to distributions of the Class 7 Cash Pool, as
determined by the Debtor). The Parent has consented to the funding
of the Class 7 Cash Pool with Cash, the value of which the Parent
would otherwise be entitled to receive as part of its recovery on
account of its Class 4 Prepetition Revolving Loan Claims pursuant
to section 1129(b)(2) of the Bankruptcy Code. All taxes paid or
payable by the Debtor or any affiliate of the Debtor with respect
to distributions of the Class 7 Cash Pool will be deducted from the
Class 7 Cash Pool prior to the payment to each DCP Claimant of any
distribution from the Class 7 Cash Pool. Any distribution of the
Class 7 Cash Pool to each DCP Claimant will be subject to any
withholding or deduction for taxes required by applicable law.

The Global Settlement is a cornerstone of the Plan and necessary to
achieve a beneficial and efficient resolution of the Chapter 11
Case for all parties-in-interest. The Plan will be deemed to
constitute a motion seeking approval of the Global Settlement, and
the entry of the Confirmation Order will constitute the Bankruptcy
Court's approval of such motion and each of the compromises or
settlements that comprise the Global Settlement, and the Bankruptcy
Court's findings will constitute its determination that such
compromises and settlements are within the range of reasonableness,
in the best interests of the Debtor, its Estate, its creditors, and
other parties-ininterest, and fair and equitable.

The Plan objection deadline is 4:00 p.m. (prevailing Eastern Time)
on Feb. 22, 2023.  Jan. 18, 2023 is the voting record date with
respect to all claims and equity interests.  With the assistance of
the voting and claims agent, the Debtor intends to distribute the
solicitation packages on or before Jan. 23, 2023.

Proposed Co-Counsel for the Debtor:

     Michael R. Nestor, Esq.
     Kara Hammond Coyle, Esq.
     Shane M. Reil, Esq.
     Catherine C. Lyons, Esq.
     YOUNG CONAWAY STARGATT & TAYLOR, LLP
     Rodney Square
     1000 North King Street
     Wilmington, DE 19801
     Telephone: (302) 571-6600
     Facsimile: (302) 571-1253

          - and -

     George A. Davis, Esq.
     Keith A. Simon, Esq.
     David Hammerman, Esq.
     Annemarie V. Reilly, Esq.
     Madeleine C. Parish, Esq.
     LATHAM & WATKINS LLP
     1271 Avenue of the Americas
     New York, NY 10020
     Telephone: (212) 906-1200
     Facsimile: (212) 751-4864

A copy of the Disclosure Statement dated Dec. 14, 2022, is
available at https://bit.ly/3PwFNAg from PacerMonitor.com.

                       About AIG Financial

AIG Financial Products Corp. is a wholly- owned, direct subsidiary
of American International Group, Inc.  AIG FP, a Delaware
corporation, founded in 1987 and based in Wilton, Connecticut, is a
financial products company.  AIG FP was founded for the purpose of
trading in the capital markets and offering corporate finance,
structured finance, and financial risk management products,
including complex derivatives transactions.

AIG Financial Products Corp. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. Del Case No. 22-11309)
on Dec. 14, 2022, with as much as $100 million to $500 million
million in assets and $10 billion to $50 billion liabilities.

Hon. Mary F. Walrath oversees the case.

Young Conaway Stargatt & Taylor, LLP and Latham & Watkins LLP is
the Debtor's co-counsel.  Alvarez & Marsal North America, LLC is
the Debtor's financial advisor.  Epiq Corporate Restructuring,
LLC is the Debtor's claims and noticing agent.


ALWAYS CARING: Unsecureds to Get Full Amount Plus Interest
----------------------------------------------------------
Always Caring Health Care Services, Inc., submitted a Plan and a
Disclosure Statement.

ACHCS' Plan is based on future income from business operations as
the source of revenue for payment of Allowed Claims.  Claims will
be paid as required by the Code or as agreed to by creditor(s)
consensually.

Under the Plan, Class 5 General Unsecured Claim consist of claim of
Department of Labor, unpaid wage claim to be paid to current &
former employees for overtime. On July 26, 2022, the DOL filed its
original Proof of Claim, Claim No. 4-1, in part for the General
Unsecured Claim in the amount of $117,395.93 for unpaid overtime
wages to current and former employees. The General Unsecured Claim
of the DOL in the amount of $117,395.93 will be paid in 36 monthly
installments with interest at 5.25% in the amount of $3,531.65
commencing on the Effective Date. The $3,531.65 monthly payment
includes interest.

Class 6 General Unsecured Claim – Department of Labor -
Liquidated Damages & General Unsecured Claim of the IRS. Class 6
will not receive any distributions under the Plan for the reasons
set forth in the IRS and DOL objections.

The Plan is based on the future earnings of ACHCS and it will
commit this revenue to funding the Plan.

The return the ballot in time to be received no later than February
, 2023, at 5:00 p.m. Mountain Time.

Counsel for the Debtor:

     Carlos A. Miranda, Esq.
     Carlos G. Maldonado, Esq.
     MIRANDA & MALDONADO, P.C.
     5915 Silver Springs, Bldg. 7
     El Paso, TX 79912
     Tel: (915) 587-5000
     Fax: (915) 587-5001
     E-mail: cmiranda@eptxlawyers.com

A copy of the Disclosure Statement dated Dec. 14, 2022, is
available at https://bit.ly/3jfFi1e from PacerMonitor.com.

               About Always Caring Health Care Services

Always Caring Health Care Services, Inc. filed a petition for
Chapter 11 protection (Bankr. W.D. Tex. Case No. 22-30120) on Feb.
18, 20212, listing up to $50,000 in assets and up to $10 million in
liabilities. J. Thomas Ullrich, authorized representative, signed
the petition.

Judge H. Christopher Mott oversees the case.

The Debtor tapped Miranda & Maldonado, PC as legal counsel.


AMC NETWORKS: S&P Downgrades ICR to 'BB-', Outlook Negative
-----------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on AMC Networks
Inc. to 'BB-' from 'BB' and its issue-level rating on its secured
debt to 'BB+' from 'BBB-'. S&P's '1' recovery rating on the secured
debt remains unchanged.

At the same time, S&P lowered its issue-level rating on AMC's
unsecured debt to 'BB-' from 'BB' and revised its recovery rating
to '4' from '3'.

AMC has announced substantial headcount reductions and write-downs
of its content programing, which S&P believes indicate that its
competitive positioning has weakened amid the challenging media
environment.

The negative outlook reflects the risk that the company's
competitive position in the media industry will worsen due to
potential challenges to its affiliate contracts, execution risk
related to its content programming strategy, or substantial
declines in its advertising revenue amid a recession. These factors
could cause AMC to underperform our expectations, which include
improvements in its EBITDA margins (rising to the 23%-25% range),
S&P Global Ratings-adjusted leverage (falling to the mid-3x area),
and free operating cash flow (FOCF) to debt (increasing above 10%
in 2023).

AMC's announced restructuring efforts and programming changes will
reduce its costs but also slow its revenue expansion. In December
2022, the company announced content programming write-downs of $300
million-$400 million and charges related to headcount reductions of
roughly $50 million-$75 million. S&P expects that roughly $75
million-$100 million of these charges will be cash costs to be paid
in 2023 and anticipate the headcount reductions will be broad-based
across the organization. These charges are related to AMC pull-back
on in its programming for its linear and streaming businesses and
follow its admission that the expansion of its streaming business
will not be sufficient to offset the expected declines in its
linear business.

Aside from the one-time cash costs, S&P expects these actions will
improve the company's cash generation profile. Specifically, it
expects AMC will benefit from the reduction in its cash investments
in programming as it steps back from its previously planned
higher-cost original TV series.

S&P said, "Nevertheless, we anticipate that AMC's pullback on its
programming spend will likely hurt its growth profile. With less
new programming, we expect that the company's TV ratings and
attractiveness to advertisers will suffer. Over the longer term,
AMC could also face pricing pressure from its multichannel video
programming distributor (MVPD) affiliates as its content slate
becomes less attractive due to a lower amount of original content.

"We expect AMC's competitive position will weaken due to continued
linear cord-cutting. The company generates most of its revenue from
its distribution of general entertainment and the sale of
advertising on its linear television channels through its MVPD
affiliates. AMC operates through five channels: AMC, We TV, BBC
America, IFC, and Sundance TV. Along with the rest of the cable
industry, the company has suffered from persistent revenue pressure
due to cord-cutting as consumers transition their TV consumption to
streaming formats from linear. This has hurt AMC due to the
reduction in its distribution revenue because its MVPD affiliates
pay lower prices for its content relative to networks with higher
ratings, such as 24-hour news and live sports. Further, its lower
ratings and dwindling viewership mean its value to advertisers is
slowly diminishing. These pressures were demonstrated in the third
quarter of 2022 when its advertising revenue declined by roughly 9%
year over year.

"While AMC's revenue and EBITDA were surprisingly resilient prior
to the third quarter of 2022, we believe its softer performance in
the third quarter, combined with the dramatic shift in its content
investment strategy, reflect its declining strength as a cable
network. Over the next several years, we expect the effects of
cord-cutting, like lower viewership, will reduce its linear
distribution and advertising revenue."

The expansion of the company's streaming services will be
insufficient to offset the losses in its linear business. AMC has
been developing a niche but growing portfolio of streaming services
over the past several years. These offerings include AMC+, Acorn
TV, Shudder, Sundance Now, and ALLBLK. Aside from AMC+, which
offers general entertainment from the company's flagship cable
channel, the other services target specific audiences such as fans
of British television or horror. AMC has increased its total
subscriber base substantially to about 11 million as of Sept. 30,
2022. S&P said, "We expect the company will continue to improve its
subscriber base; however, its decision to reduce its content
investment suggest that its rate of expansion will slow. We don't
believe it is likely that AMC will achieve its previously stated
target of reaching 20 million-25 million subscribers by 2025.
Because of our lower growth expectations, we anticipate the company
will be unable to replace the revenue losses in its linear business
with revenue from its streaming business. Consequently, on a
consolidated basis, we expect AMC's revenue will decline by 2%-5%
in 2023 and 7%-9% in 2024."

AMC has consistently renewed its key contracts with its affiliates.
Despite its weakening position relative to its peers, AMC has
sustained its position in the cable package and maintained stable
relationships with its MVPDs. The renewals of these long-term
contracts provide the company with good distribution revenue
visibility. The large distribution of its networks across
affiliates has also benefited its value proposition to brand
advertisers that want to reach national audiences. S&P said, "In
our view, the stability of these client relationships are a key
support for its revenue model in the face of ongoing cord-cutting.
In the unlikely event of a near-term contract loss, we would
reassess our view of AMC's position in the cable network industry
and likely lower our ratings."

S&P said, "AMC's EBITDA generation will be pressured by its lower
revenue and the timing of its content amortization, though we
assume its cash flow will improve. After the effect of one-time
restructuring charges in the fourth quarter of 2022, we expect the
company's EBITDA generation will decline because of its reduced
revenue generation. In addition, despite the expected cost
efficiencies from its recent restructuring, we assume its margins
will remain in the 23%-25% area due to the increased amortization
of the content it produced over the past few years that it expects
to release in 2023 and beyond. However, the recognition of these
expenses from an accounting perspective will be partially offset by
its lower cash content investments. This will lead to favorable
working capital dynamics and better cash flow from its operations.
Therefore, we believe the company's S&P Global Ratings-adjusted
FOCF could reach $265 million in 2023 and $375 million in 2024."

The negative outlook reflects the risk that AMC's competitive
position in the media industry will worsen due to potential
challenges to its affiliate contracts, execution risk related to
its content programming strategy, or substantial declines in its
advertising revenue amid a recession. These factors could cause the
company to underperform our expectations, which include
improvements in its EBITDA margins (rising to the 23%-25% range),
S&P Global Ratings-adjusted leverage (falling to the mid-3x area),
and FOCF to debt (increasing above 10% in 2023)

S&P could lower its issuer credit rating on AMC in the next 12
months if:

-- The company's leverage approaches 4x due to significant
subscriber losses, material declines in its advertising revenue, or
an inability to manage its cost structure;

-- The company undertakes a large debt-financed acquisition or
shareholder returns that increases its leverage to 4x on a
sustained basis; or

-- It experiences significant subscriber declines, pricing
pressure, or the loss of a contract with a major MVPD such that S&P
believes its competitive positioning has weakened further.

An upgrade is highly unlikely in the next 12 months due to the
challenging linear TV operating environment and the operational
uncertainty around AMC's streaming strategy. Before upgrading the
company, S&P would require it to develop a prudent financial
policy--under which it would expect its leverage to remain well
below 3x on a sustained basis--increase the reach of its cable
network channels, and substantially expand the scale of its over
the top (OTT) offerings such that they more than offset the EBITDA
and cash flow losses in its declining linear business.

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



ANASTASIA PARENT: Oaktree SCF Marks $6.9M Loan at 20% Off
---------------------------------------------------------
Oaktree Strategic Credit Fund has marked its $6,912,000 loan
extended to Anastasia Parent, LLC to market at $5,530,000, or 80%
of the outstanding amount, as of September 30, 2022, according to a
disclosure contained in Oaktree SCF's Form 10-K for the fiscal year
ended September 30, filed with the Securities and Exchange
Commission on December 14.

Oaktree SCF extended a First Lien Term Loan to Anastasia Parent,
LLC. The loan currently has an interest rate of 7.42% (LIBOR+3.75%)
and is scheduled to mature on August 11, 2025.

Oaktree SCF is structured as a non-diversified, closed-end
management investment company. It is a Delaware statutory trust
formed on November 24, 2021 and is externally managed by Oaktree
Fund Advisors, LLC.  The Adviser is an affiliate of Oaktree Capital
Management, L.P. and a subsidiary of Oaktree Capital Group, LLC. In
2019, Brookfield Asset Management Inc. acquired a majority economic
interest in OCG. OCG operates as an independent business within
Brookfield, with its own product offerings and investment,
marketing and support teams. Oaktree Fund Administration, LLC, a
subsidiary of OCM, provides certain administrative and other
services necessary for Oaktree SCF to operate.

Anastasia Parent, LLC is the parent company of Anastasia Beverly
Hills, Inc., a prestige cosmetics brand that focuses on eyebrow
shaping products.



APEX TOOL: Moody's Cuts CFR to Caa1 & Alters Outlook to Negative
----------------------------------------------------------------
Moody's Investors Service downgraded Apex Tool Group, LLC.'s
corporate family rating to Caa1 from B3 and its Probability of
Default Rating to Caa1-PD from B3-PD. Moody's also downgraded
APEX's senior secured 1st lien bank credit facility to B2 from B1
and affirmed the Caa2 rating on the senior secured 2nd lien term
loan due 2030. The outlook is changed to negative from stable.

The downgrade of Apex's CFR reflects Moody's view that Apex's cash
flow generation will remain weak for the next 12-18 months.

"Apex's funds from operation will likely remain negative in 2023
before the positive impact from working capital," said Motoki
Yanase, VP - Senior Credit Officer at Moody's.

"This indicates a limited ability to service debt repayment without
relying on working capital sources, which can be volatile," added
Yanase.

"The downgrade also considers the company's weak liquidity, with
limited availability under the existing revolver and the newly
added securitization program," further added Yanase.

The following ratings are affected by the action:

Downgrades:

Issuer: Apex Tool Group, LLC.

Corporate Family Rating, Downgraded to Caa1 from B3

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

Senior Secured 1st Lien Revolving Credit Facility,
  Downgraded to B2 (LGD3) from B1 (LGD3)

Senior Secured 1st Lien Term Loan B, Downgraded to
  B2 (LGD3) from B1 (LGD3)

Affirmations:

Issuer: Apex Tool Group, LLC.

Senior Secured 2nd Lien Term Loan, Affirmed Caa2 (LGD5)

Outlook Actions:

Issuer: Apex Tool Group, LLC.

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

Apex's cash flow generation was negatively affected in 2022 by
higher working capital requirements due to slower sales from a
cyberattack and Covid lock downs in China. Moody's projects the
impact from working capital will improve in 2023, but funds from
operation, before reflecting working capital changes, will likely
be negative due to a limited recovery in profit and additional
restructuring costs. A positive impact from working capital items
would improve free cash flow to positive, but near break-even.

Despite weak free cash flow generation over the next 12-18 months,
Apex has limited liquidity. As of September 2022, the company had
$22 million of availability under its $171.6 million revolver and
$48 million of cash on hand. Apex added a new US accounts
receivable securitization facility up to $100 million, but Moody's
expects the borrowing base beyond $40 million of usage in September
2022 will remain limited. Apex's business has seasonality with cash
drain occurring in the early part of the year, supplemented by a
positive cash inflow from operation in the fourth quarter.
Depending on the degree of seasonal inventory build-up, the
company's liquidity could be further constrained during 2023.

High usage of the revolver could also constrain compliance with
financial covenants over the next 12 months. If the revolver usage
is greater than 35% of the total commitments, Apex must maintain a
net first lien senior secured leverage no greater than 7.25x for
the life of the facility, until borrowings are reduced to levels
below the previously stated trigger. Apex could breach the leverage
covenant unless the company carefully manages its cost items and
working capital requirements and restrain revolver usage.

The negative outlook reflects Moody's expectation that Apex's
profit and cash flow generation will deteriorate over the next
12-18 months, under weak economic conditions and a limited recovery
in profit.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Moody's changed the governance risk score for Apex to G-5 (very
highly negative) from G-4 (highly negative) and the credit impact
score to CIS-5 (very highly negative) from CIS-4 (highly negative).
The change in governance risk and credit impact scores reflects
aggressive financial policies under private equity ownership, as
evidenced by very high debt leverage, which limits cushion under
the rating category and leads to a significant negative impact on
funds from operations under a weak operating environment.

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

Moody's could upgrade the ratings if Apex's improves operating
performance with material progress in cash flow generation and
liquidity. Specifically, the ratings could be upgraded if the
company's leverage improves toward 6.5x, EBITA/interest expense is
above 1.5x and the company generates positive free cash flow, while
improving liquidity.

Moody's could further downgrade the ratings if Apex does not
improve its liquidity and cash flow generation. Specifically, the
ratings could be downgraded if free cash flow generation remains
negative, EBITA/interest expense remains substantially below 1.0x
or liquidity further deteriorates. Redemption of debt at discount
or conversion of debt for equity would be considered a distressed
exchange and a default per Moody's methodology.

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

Apex Tool Group, LLC., headquartered in Charlotte, North Carolina,
is a global manufacturer of hand and power tools for industrial,
commercial, and retail customers. Bain Capital Partners, LLC,
through its affiliates, is the owner of Apex. The company recorded
about $1.4 billion of revenues for the twelve months that ended
September 2022.


API HOLDINGS: S&P Alters Outlook to Negative, Affirms 'CCC+' ICR
----------------------------------------------------------------
S&P Global Ratings affirmed its 'CCC+' issuer credit rating on API
Holdings III Corp. and revised the outlook to negative from stable.
At the same time, S&P affirmed its 'CCC+' rating on the company's
first-lien debt. The '3' recovery rating is unchanged.

The negative outlook reflects S&P's expectation that S&P Global
Ratings-adjusted debt to EBITDA will be well over 10x in 2022 and
2023.

S&P expects debt to EBITDA to remain above 10x through 2023. Order
delays from the U.S. Department of Defense and internal operational
inefficiencies have significantly affected earnings over the last
few years. While order delays and supply chain constraints are
starting to be mitigated, revenue, EBITDA, and cash flows remain
below levels from before the COVID-19 pandemic.

API is implementing changes to raise profitability. Improving
on-time deliveries has been an immediate priority for the new
management team, and early results have been good. The company will
seek to lift operations by increasing automation, working through
its backlog, and raising prices beyond just offsetting inflation.
S&P also expects API will seek margin expansion by reducing costs
via headcount reduction and facilities consolidation.

Liquidity could become a concern over the next 12 months. API has
limited cash needs with modest annual debt amortization and minimal
capital expenditure requirements, and there are no near-term debt
maturities. However, the company has only modest cash on its
balance sheet, no availability remaining on its revolver, and has
already received an equity infusion from its sponsor. S&P expects a
cash from operations deficit over the next 12 months, which could
create a liquidity crunch. If necessary, we believe the sponsor
could provide additional funding to support operations or prevent a
covenant breach on the revolver.

The negative outlook reflects S&P's expectation that API's capital
structure will be unsustainable with debt to EBITDA above 10x
through 2023, and low earnings could strain liquidity.

S&P could lower its rating if it believes API will likely default
within 12 months. This could occur if:

-- It has a near-term liquidity shortfall, likely driven by
earnings and free cash flow remaining weak due to further order
delays or fulfillment problems;

-- The company maintains a significant draw on its revolver, and
S&P expects a covenant breach;

-- It cannot extend the maturity on its revolver due in 2024; or

-- S&P believes API is considering a distressed debt exchange
offer.

S&P could revise the outlook to stable if EBITDA shows signs of
improvement and we believe liquidity will not be a near-term
concern. This could occur if:

-- Revenues increase as the company wins new business;

-- It offsets inflation with increased pricing;

-- API improves margins through cost reduction and improved
efficiency;

-- The company avoids operational inefficiencies resulting in
revenue delays or losses; and

-- It extends the maturity of its revolving credit facility.

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

S&P said, "Governance is a moderately negative consideration in our
credit rating analysis of API as is the case for most rated
entities owned by private-equity sponsors. We believe the company's
highly leveraged financial risk profile points to corporate
decision-making that prioritizes the interests of controlling
owners. This also reflects the generally finite holding periods and
a focus on maximizing shareholder returns."



ARIZONA INDUSTRIAL: Moody's Gives Ba1 Rating to 2023A/B Bonds
-------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 rating to the Arizona
Industrial Development Authority's Education Revenue Bonds
(Benjamin Franklin Charter School Projects) $17.2 million Series
2023A and $305,000 Taxable Series 2023B. The bonds are issued by
the authority on behalf of the charter school, which is the
obligor. Moody's has also upgraded the school's previously rated
debt to Ba1 from Ba2. The outlook remains stable. Following this
issuance, the school will have roughly $89.5 million of parity debt
outstanding.

RATINGS RATIONALE

The upgrade to Ba1 is based on the school's steadily growing scope
of operations and healthy financial performance that has been
supported by a recent rebound in enrollment following COVID-19
related declines. The school's competitive profile has also
improved, and there is a healthy level of demand for its offerings
due to ongoing population growth, though the local market is served
by multiple competitors that make the maintenance of strong
academic performance a key credit consideration going forward.
Negatively, the school's leverage is quite high and will remain so
for the foreseeable future as debt gradually amortizes.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that the school
will continue gradually growing enrollment and will maintain its
strong operating margins, though the high level of debt and highly
competitive local market will continue to constrain the rating for
the next several years.

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS

Accelerated improvement in financial performance that
significantly boosts liquidity

Significant and sustained improvement in debt service coverage and
debt relative to liquidity

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS

Deterioration in competitive profile due to reduced academic
performance or entrance of additional competitors

Significant draws on financial reserves, particularly if caused by
sustained operational imbalance

LEGAL SECURITY

The bonds are payable from amounts held by the trustee under the
master trust indenture and loan payments to be made by the borrower
(Benjamin Franklin Charter School - Queen Creek) to the Arizona
Industrial Development Authority (the issuer) under the loan
agreement. The bonds will be additionally secured by a first
priority lien on and security interest in the borrower's ownership
interest in the four campuses and a pledge of the debt service
reserve and repair/replacement funds held under the indenture.  

USE OF PROCEEDS

Bond proceeds will be used to improve and expand three of the
school's four campuses.

PROFILE

Benjamin Franklin Charter School, a public K-12 charter school,
operates four facilities in the southeastern portion of the Phoenix
(Aa1 stable) metropolitan area. The organization was first
chartered by the state in 1995, was last reauthorized in 2011 for a
20 year term, and presently serves an enrollment of roughly 3,100
students.

METHODOLOGY

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


ARMATA PHARMACEUTICALS: Former CEO Agrees to Serve as Advisor
-------------------------------------------------------------
Armata Pharmaceuticals, Inc. entered into an amendment to that
certain letter agreement dated Aug. 9, 2021, with its former Chief
Executive Officer, Todd R. Patrick, pursuant to which Mr. Patrick
agreed to continue as an advisor to the Company's current chief
executive officer through Dec. 31, 2023.  

In consideration of his continued service, Mr. Patrick will (i) be
paid an annual base salary of $300,000, (ii) continue to
participate in the Company's benefit plans and (iii) continue to
vest in his outstanding stock options and restricted share units.
If Mr. Patrick provides advisory services until the end of the
Transition Period, fifty percent of his then-outstanding and
unvested stock options and restricted share units will become fully
vested, and all of his then-vested stock options will remain
exercisable in full for their remaining 10-year term.  If Mr.
Patrick's employment is terminated by the Company other than for
"Cause" (as defined in the Agreement) prior to the last day of the
Transition Period and subject to his execution of a release of
claims, Mr. Patrick will be entitled to continued payment of his
base salary and subsidized monthly COBRA premiums each until the
end of the Transition Period, payment of any earned but unpaid
bonus in respect of the 2022 fiscal year, and immediate vesting of
the outstanding stock options and restricted share units that would
have become vested had Mr. Patrick remained employed until the end
of the Transition Period.  

                    About Armata Pharmaceuticals

Marina del Rey, CA-based Armata Pharmaceuticals, Inc. is a
clinical-stage biotechnology company focused on the development of
pathogen-specific bacteriophage therapeutics for the treatment of
antibiotic-resistant and difficult-to-treat bacterial infections
using its proprietary bacteriophage-based technology.  Armata is
developing and advancing a broad pipeline of natural and synthetic
phage candidates, including clinical candidates for Pseudomonas
aeruginosa, Staphylococcus aureus, and other pathogens.  In
addition, in collaboration with Merck, known as MSD outside of the
United States and Canada, Armata is developing proprietary
synthetic phage candidates to target an undisclosed infectious
disease agent.  Armata is committed to advancing phage with drug
development expertise that spans bench to clinic including in-house
phage specific GMP manufacturing.

Armata reported a net loss of $23.16 million for the year ended
Dec. 31, 2021, compared to a net loss of $22.18 million for the
year ended Dec. 31, 2020.  As of Sept. 30, 2022, the Company had
$92.88 million in total assets, $47.30 million in total
liabilities, and $45.58 million in total stockholders' equity.

San Diego, California-based Ernst & Young LLP, the Company's
auditor since 2019, issued a "going concern" qualification in its
report dated March 17, 2022, citing that the Company has suffered
recurring losses and negative cash flows from operations and has
stated that substantial doubt exists about the Company's ability to
continue as a going concern.


ASTRA ACQUISITION: Oaktree SCF Marks $4.8M Loan at 15% Off
----------------------------------------------------------
Oaktree Strategic Credit Fund has marked its $4,848,000 loan
extended to Astra Acquisition Corp to market at $4,145,000, or 85%
of the outstanding amount, as of September 30, 2022, according to a
disclosure contained in Oaktree SCF's Form 10-K for the fiscal year
ended September 30, filed with the Securities and Exchange
Commission on December 14.

Oaktree SCF extended a First Lien Term Loan to Astra Acquisition
Corp. The loan currently has an interest rate of 8.37%
(LIBOR+5.25%) and is scheduled to mature on October 25, 2028.

Oaktree SCF is structured as a non-diversified, closed-end
management investment company. It is a Delaware statutory trust
formed on November 24, 2021 and is externally managed by Oaktree
Fund Advisors, LLC.  The Adviser is an affiliate of Oaktree Capital
Management, L.P. and a subsidiary of Oaktree Capital Group, LLC. In
2019, Brookfield Asset Management Inc. acquired a majority economic
interest in OCG. OCG operates as an independent business within
Brookfield, with its own product offerings and investment,
marketing and support teams. Oaktree Fund Administration, LLC, a
subsidiary of OCM, provides certain administrative and other
services necessary for Oaktree SCF to operate.

Astra Acquisition Corp. was formed by the purchase (from Leeds
Capital), announced January 16, 2020, of both Campus Management
Acquisition Corp. and Edcentric Holdings LLC by private equity firm
Veritas Capital.



ASURION LLC: Oaktree SCF Marks $4M Loan at 14% Off
--------------------------------------------------
Oaktree Strategic Credit Fund has marked its $4,000,000 loan
extended to Asurion, LLC to market at $3,423,000, or 86% of the
outstanding amount, as of September 30, 2022, according to a
disclosure contained in Oaktree SCF's Form 10-K for the fiscal year
ended September 30, filed with the Securities and Exchange
Commission on December 14.

Oaktree SCF extended a First Lien Term Loan to Asurion, LLC. The
loan currently has an interest rate of 7.65% (SOFR+4.00%) and is
scheduled to mature on August 19, 2028.

Oaktree SCF is structured as a non-diversified, closed-end
management investment company. It is a Delaware statutory trust
formed on November 24, 2021 and is externally managed by Oaktree
Fund Advisors, LLC.  The Adviser is an affiliate of Oaktree Capital
Management, L.P. and a subsidiary of Oaktree Capital Group, LLC. In
2019, Brookfield Asset Management Inc. acquired a majority economic
interest in OCG. OCG operates as an independent business within
Brookfield, with its own product offerings and investment,
marketing and support teams. Oaktree Fund Administration, LLC, a
subsidiary of OCM, provides certain administrative and other
services necessary for Oaktree SCF to operate.

Asurion, LLC provides wireless handset insurance services. The
company offers replacement of lost, stolen, damaged, and
malfunctioning devices, as well as roadside assistance programs,
technical support, mobile security devices, and electronics
protection.



ASURION LLC: Oaktree SCF Marks $8.5M Loan at 23% Off
----------------------------------------------------
Oaktree Strategic Credit Fund has marked its $8,500,000 loan
extended to Asurion, LLC to market at $6,545,000, or 77% of the
outstanding amount, as of September 30, 2022, according to a
disclosure contained in Oaktree SCF's Form 10-K for the fiscal year
ended September 30, filed with the Securities and Exchange
Commission on December 14.

Oaktree SCF extended a Second Lien Term Loan to Asurion, LLC. The
loan currently has an interest rate of 8.37% (LIBOR+5.25%) and is
scheduled to mature on January 20, 2029.

Oaktree SCF is structured as a non-diversified, closed-end
management investment company. It is a Delaware statutory trust
formed on November 24, 2021 and is externally managed by Oaktree
Fund Advisors, LLC.  The Adviser is an affiliate of Oaktree Capital
Management, L.P. and a subsidiary of Oaktree Capital Group, LLC. In
2019, Brookfield Asset Management Inc. acquired a majority economic
interest in OCG. OCG operates as an independent business within
Brookfield, with its own product offerings and investment,
marketing and support teams. Oaktree Fund Administration, LLC, a
subsidiary of OCM, provides certain administrative and other
services necessary for Oaktree SCF to operate.

Asurion, LLC provides wireless handset insurance services. The
company offers replacement of lost, stolen, damaged, and
malfunctioning devices, as well as roadside assistance programs,
technical support, mobile security devices, and electronics
protection.



AUTOVOCITY TRANSPORT: Case Summary & Eight Unsecured Creditors
--------------------------------------------------------------
Debtor: AutoVocity Transport, LLC
        2925 Richmond Ave. Suite 1200
        Houston, TX 77098

Business Description: AutoVocity is a g car and motorcycle
                      shipping agent in Houston, Texas.

Chapter 11 Petition Date: December 22, 2022

Court: United States Bankruptcy Court
       Southern District of Texas

Case No.: 22-33814

Debtor's Counsel: Robert C. Lane, Esq.
                  THE LANE LAW FIRM
                  6200 Savoy Dr Ste 1150
                  Houston, TX 77036-3369
                  Tel: (713) 595-8200
                  Fax: (713) 595-8201
                  Email: notifications@lanelaw.com

Total Assets: $125,188

Total Liabilities: $1,029,408

The petition was signed by Rafael Dominguez as owner.

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

https://www.pacermonitor.com/view/JFRYKVY/AutoVocity_Transport_LLC__txsbke-22-33814__0001.0.pdf?mcid=tGE4TAMA


BETTER NUTRITIONALS: Seeks Cash Collateral Access Thru March 2023
-----------------------------------------------------------------
Better Nutritionals, LLC asks the U.S. Bankruptcy Court for Central
District of California, Riverside Division, for authority to use
cash collateral March 31, 2023 and provide adequate protection.

The  Debtor needs to continue to use cash on hand, and monies
generated from receivables and inventory, to preserve its assets
and ongoing business operations.

The Debtor grew significantly from 2019 through 2021. Sales
revenues increased from $21.8 million in 2019 to $222.8 million in
2021. However, for the twelve months that ended on September 30,
2022, revenues were down and expenses were up, leading to a net
loss during that 12-month period of about $45 million.

The dramatic decrease in revenues and increase in expenses was the
result of a series of wrongful acts by a Canadian entity, 12416913
Canada, Inc. and certain persons and entities affiliated with that
entity. 12416913 Canada is affiliated with the owners of Goli
Nutrition, Inc., a Delaware corporation, which is a subsidiary of
Goli Nutrition, Inc., a Canadian corporation.

The Debtor has attempted to adjust its business model by, among
other things, developing relationships with new clients. In
mid-2021, over 90% of the Debtor's monthly sales volume was to
Goli. That percentage has declined to 50% to 75%, and the Debtor is
developing relationships with new customers, including some Fortune
100 customers. Unfortunately, the increase in revenues from
non-Goli customers has not been adequate to dig the Debtor out of
the deep hole caused by Goli. The Debtor's accounts payable exceed
$55 million.

To the best of the Debtor's knowledge, there are currently 28
lawsuits pending against the Debtor. Two additional plaintiffs have
reduced their claims to judgment, and those judgments have not yet
been satisfied. Facing the prospect that judgment creditors will
commence enforcement proceedings, and plaintiffs will seek
pre-judgment right-to-attach orders and writs of attachment, the
Debtor filed for bankruptcy to preserve its assets, continue
operating, and develop a plan to restructure its operations and
debt.

The parties that have or may have security interests in the cash
collateral are Aramark Services, Inc., Suitable Staffing Solutions,
and insiders Sharon and Odelya Hoffman.

Pursuant to a settlement agreement entered into within 90 days
before the Petition Date, Aramark has a security interest in
substantially all of the Debtor's assets. Pursuant to a judgment
lien filed by Suitable Staffing within 90 days before the Petition
Date, Suitable Staffing has a security interest in assets described
in California Code of Civil Procedure section 697.530 (including
accounts receivable and inventory). Finally, shortly before the
Petition Date, the Hoffmans loaned the Debtor money needed to
commence the case, and as part of the loan transaction received a
security interest in substantially all of the Debtor's assets. The
aggregate amount owed to the Secured Parties is approximately $4.3
million, which is far less than the value of the assets in which
the Secured Parties have interests.

Although the Debtor believes that the Secured Parties are
adequately protected by their interests in non-"cash collateral"
assets, the Debtor is proposing to grant the Secured Parties a
replacement lien on all of the estate's assets, excluding avoiding
power claims and recoveries, to the extent that the Debtor's use of
cash collateral results in a decrease in the value of such party's
interest in cash collateral. The Debtor believes the replacement
lien, especially together with the existing liens and the Debtor's
continued operation of its business, will adequately protect the
Secured Parties from any possible diminution in value of the cash
collateral in which they have or may have an interest.

A copy of the motion is available at https://bit.ly/3HVR4IK from
PacerMonitor.com.

                 About Better Nutritionals, LLC

Better Nutritionals, LLC is a contract manufacturer and R&D leader
in nutritional supplements.  It is an FDA-registered manufacturer,
and meets stringent standards to label its products as vegan,
Kosher-certified, and free of top-8 allergens and gluten.

The Debtor sought protection from Chapter 11 of the U.S. Bankruptcy
Code (Bankr. C.D. Cal. Case No. 22-14723) on December 20, 2022. In
the petition signed by Sharon Hoffman, manager, the Debtor
disclosed up to $100 million in assets and up to $500 million in
liabilities.

John N. Tedford, IV, Esq., at Danning Gill Israel & Krasnoff, LLP,
is the Debtor's legal counsel.




BRIGHTVIEW LANDSCAPE: Moody's Cuts CFR to B2, Outlook Stable
------------------------------------------------------------
Moody's Investors Service downgraded BrightView Landscapes, LLC's
Corporate Family Rating to B2 from B1 and Probability of Default
Rating to B2-PD from B1-PD. Moody's also downgraded the first lien
term loan and senior secured bank credit facility ratings to B2
from B1.  The rating outlook was changed to stable from negative.
The Speculative Grade Liquidity rating is unchanged at SGL-2.

"The rating downgrade is driven by BrightView's elevated leverage
and limited free cash flow.  Thin operating margins, high debt
load, and floating rate exposure will challenge the company's cash
flow generation and credit quality," says Justin Remsen, Moody's
Assistant Vice President.

"BrightView's leverage will remain elevated above 5x through fiscal
2024 while demand will be tested as uncertainty around
macroeconomic conditions looms," adds Remsen.

Downgrades:

Issuer: BrightView Landscapes, LLC

Corporate Family Rating, Downgraded to B2 from B1

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

Senior Secured 1st Lien Term Loan B, Downgraded to B2 (LGD3) from
B1 (LGD3)

Senior Secured 1st Lien Revolving Credit Facility, Downgraded to
B2 (LGD3) from B1 (LGD3)

Issuer: BrightView Landscapes, LLC

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

BrightView's B2 CFR reflects the company's compressed margins,
elevated leverage sustained above 5x, and challenges generating
free cash flow. The rating also reflects BrightView's low profit
margin, dependence on weather, and limited business verticals. At
the same time, BrightView has a solid market position as the
leading service provider of commercial landscaping and snow removal
services in the US. For each fiscal year end September 2023 and
2024, Moody's forecast leverage of about 5.4x.

BrightView has a good liquidity profile, which Moody's expects to
be maintained over the next 12 to 18 months. The company's
liquidity profile is supported by about $20 million in cash as of
September 30, 2022, $250 million in availability under the
company's $300 million revolving credit facility maturing April
2027, and $100 million in availability under the company's Accounts
Receivable Securitization facility. Moody's forecast assumes
limited reliance on the revolver in fiscal year 2023, below the
company's springing covenant test of 35% drawn. Moody’s projects
about $20 million of free cash flow in fiscal 2023 and 2024, with
interest more than doubling from fiscal year 2022 as a key driver
of deteriorating liquidity.

The stable outlook reflects Moody's expectations that BrightView's
debt/EBITDA will not exceed 6x despite weaker macroeconomic
conditions in 2023.

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

The ratings could be downgraded if BrightView’s adjusted
debt-to-EBITDA remains elevated above 6x, or liquidity deteriorates
further, including expectations for negative cash flow.

The ratings could be upgraded if BrightView’s adjusted
debt-to-EBITDA approaches 4.5x, EBIT-to-interest rises above 2.0x,
or liquidity improves with free cash flow to debt above 5%.

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

BrightView Landscapes, LLC, a subsidiary of BrightView Holdings,
Inc., is a leading provider of landscape maintenance, enhancements,
development, and snow removal services. BrightView is headquartered
in Blue Bell, Pennsylvania. For the trailing twelve months ended
September 30, 2022, the company generated $2.8 billion in revenue.


BRINK’S COMPANY: Fitch Alters Outlook on 'BB+' IDR to Negative
----------------------------------------------------------------
Fitch Ratings has affirmed The Brink's Company's (BCO) Long-Term
Issuer Default Rating (IDR) at 'BB+', the senior secured credit
facilities at 'BBB-'/'RR2' and senior unsecured notes at
'BB+'/'RR4'. The Rating Outlook is revised to Negative from
Stable.

The revised Negative Outlook reflects capital deployment policies
that could continue to sustain debt/EBITDA above 4.0x as BCO
balances an active M&A pipeline and shareholder returns.
Persistence in this strategy would likely lead to a one-notch
downgrade while a commitment and demonstrated prioritization of
deleveraging on a gross debt basis could stabilize the Outlook.

Fitch's ratings on BCO reflect its stable FCF profile, which is
supported by the highly recurring and contracted nature of its
services, and flexible cost structure. BCO's ratings are also
supported by its position as a global leader in the cash management
industry.

KEY RATING DRIVERS

Outlook Revised to Negative: The revised Negative Outlook reflects
persistently high leverage, exceeding Fitch's 4.0x rating threshold
that has resulted from capital deployment priorities including
large M&A and share repurchase activity over the last few years.
Fitch understands that BCO is balancing an inorganic growth
strategy and shareholder returns which is leading to expectations
that leverage remains above 'BB+' category tolerances.

Management's public statements highlight a continued appetite for
M&A. All else equal, Fitch would consider downgrading BCO's ratings
one notch in the next 12 months-18 months without committed and
demonstrated progress in managing lower leverage.

Leverage Exceeding 4.0x: Fitch expects debt/EBITDA will remain at
or above 4.0x over the next few years, due to expectations that the
M&A pipeline remains active and as the company balances shareholder
returns. Leverage was 4.5x PF 3Q22 for the NoteMachine acquisition.
BCO's $1.0 billion revolver was heavily utilized at Q3 (68% drawn)
and offers an opportunity to deleverage should management
prioritize it. There is a new CEO and CFO effective in 2022 and
Fitch will look for developments in capital deployment and
financial policies in the near term.

Leverage has been elevated over the last couple of years as a
result of M&A, opportunistic shareholder returns and temporary
weakness associated with the pandemic, though performance has since
fully recovered.

Stable Operating Performance: Fitch forecasts solid operating
performance through the medium term with consistent demand
fundamentals, high-growth tailwinds in ATM management and digital
deposit solutions, and success in converting undervended/unvended
markets. At this point, Fitch assumes a weaker global economic
environment in 2023 only moderates organic growth, not driving it
negative. Fitch also expects profitability to improve to about 17%
by 2024 from 15% in 2021, due to cost structure actions, favorable
mix in high-growth services and pricing strength. These factors
have also contributed to margin durability in 2022 despite the
inflationary environment.

FCF Supports Financial Flexibility: Fitch expects FCF generation
around the $200 million to $250 million range through the
intermediate term. The expectation is supported by solid operating
fundamentals. However, Fitch views it as likely that M&A,
shareholder returns and a building cash balance outpace FCF. Fitch
will also continue to monitor how high-growth service lines, which
effectively include customer financing backed by cash held in safes
on-site affect financial flexibility.

Consistent Demand Fundamentals: The highly recurring and
contractual nature of BCO's services support earnings stability
through business cycles. The majority of BCO's contracts are three
to five years in length and are more tied to service stops and
monthly fees instead of monetary value of cash-in-transit. The
contractual nature adds to customer retention, earnings visibility,
and insulates against variability in customer profits. The global
balance of cash in circulation continues to rise, despite
proliferation of non-cash payment methods, and in periods of
economic weakness cash balances tend to grow more quickly.

Market Position Supports Retention and Pricing: BCO is a leading
global provider of cash management services with a good competitive
position that supports customer retention and pricing strength. Its
position is backed by an established reputation, which is important
to manage customers' cash and valuable items, and a global network.
BCO's scale also provides an opportunity to leverage new services
such as ATM management and digital solutions across regions.

Risks Associated with International Operations: BCO's high
proportion of international operations introduces some risks though
Fitch believes the impact is largely translational given its
regional revenue and cost alignment. There are long-term risks
associated with a strengthening of USD relative to other currencies
given the high proportion of USD-denominated debt. BCO has a
portion of balance sheet cash held in foreign accounts though Fitch
believes the company has decent access and is not expected to be a
liquidity concern.

Currency translation may impact credit metrics such as leverage
given a sudden strengthening of USD may suddenly increase debt
figures while earnings are slower to reflect the change. Fitch's
forecast generally assumes flat exchange rates from recent periods
given the highly uncertain nature in making estimates.

DERIVATION SUMMARY

Fitch compares BCO to cash management and security peer, Garda
World Security Corp (GW; B+/Stable), and other rated peers
including Republic Services (RSG; BBB/Stable) and Stericycle (SRCL;
BB/Stable). Garda's ratings consider its relatively aggressive M&A
strategy that has led to debt/EBITDA ranging in 6.0x-7.0x, well
above BCO's which is expected to be in the low-4.0x in 2023.
Similar to the cash management industry, RSG and SRCL benefit from
a fairly stable demand environment in waste collection.

RSG's business profile is relatively strong, insulated by its asset
intensive network that's difficult to replicate and top three
position in an oligopolistic market structure. RSG's financial
profile is highly stable with debt/EBITDA sustainably at 3.0x and
mid-single digit FCF margins. SRCL's ratings reflect the limited
visibility to FCF generation given the potential continuation of
negative cash impacts associated with ERP system implementation,
legal matters and operational improvements. Fitch expects SRCL's
leverage to improve to the low-3.0x, a level consistent with higher
ratings.

KEY ASSUMPTIONS

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

- Total revenue growth of about 7% in 2022, including 11% organic
moderated by unfavorable foreign exchange translation. Organic
growth moderates to around 3-5% over the next couple years. The
NoteMachine acquisitions largely contributes to 2023 revenue;

- M&A continues at a moderate pace, contributing roughly 3% revenue
growth annually;

- EBITDA margin improves to 16%-17%, from 15% in 2021, over the
next 2 years-3 years supported by a favorable mix in high-growth
services, cost restructuring actions, and pricing discipline;

- BCO repays around $100 million of revolver borrowings in 2022;

- The company prioritizes M&A and shareholder returns with debt
utilization;

- Cash on BCO's balance sheet increases with success of growth
initiatives.

RATING SENSITIVITIES

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

- The Outlook could be revised to Stable if BCO commits to and
demonstrates progress in maintaining debt/EBITDA of under 4.0x;

- Management adopts a balanced capital allocation policy that
retains financial flexibility;

- BCO's M&A strategy is balanced with managing its leverage
profile;

- Financial policies that sustain debt/EBITDA below 3.5x;

- Adherence to an operating strategy that maintains FCF stability.

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

- A less conservative financial policy that leads to debt/EBITDA
sustained above 4.0x;

- A change in capital allocation plan that reduces financial
flexibility;

- A change in strategy or operating challenges that leads to
heightened variability or constrains BCO's cash flow profile.

LIQUIDITY AND DEBT STRUCTURE

BCO had comfortable liquidity at Sept. 30, 2022 including $1.0
billion of cash and $320 million of availability under the $1.0
billion revolving credit facility. Fitch believes a minority
portion of the $1.0 billion of cash is held for customers,
indicting somewhat lower accessible cash. The $400 million of
senior unsecured notes mature first in 2025. In 2022, BCO's
revolver and term loan were extended to 2027 from 2024.

ISSUER PROFILE

The Brink's Company is a global leader in cash management services.
It serves customers including financial institutions, retailers,
government agencies and other commercial operations around the
world.

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
   -----------              ------          --------   -----
The Brink's Company   LT IDR BB+  Affirmed               BB+

   senior unsecured   LT     BB+  Affirmed     RR4       BB+

   senior secured     LT     BBB- Affirmed     RR2      BBB-


BUCKINGHAM HEIGHTS: Unsecureds Owed $50K Unimpaired in Plan
-----------------------------------------------------------
Buckingham Heights Business Park (a California limited Partnership)
submitted a Disclosure Statement for an Amended Chapter 11 Plan of
Reorganization dated Dec. 14, 2022.

In this Chapter 11 Case, the Plan contemplates the assumption of
the Ground Lease (and all subleases) and 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 assume and assign its interest
in the Ground Lease and all subleases pursuant to an Asset Sale
under the Plan (under the Liquidating Plan Option).

Upon reaching agreement for a Post-Confirmation Asset Sale of the
Debtor's interest in the Ground Lease, the Debtor shall seek an
Order confirming the Asset Sale under the Plan on a showing of good
cause and compliance with section 365 of the Bankruptcy Code by
filing a Post-Confirmation Asset Sale Plan Supplement that
identifies the pertinent sale terms, the identity of the buyer, and
information related to adequate assurance of future performance as
required under Bankruptcy Code section 365(f)(2)(B). Notice and
opportunity for a hearing on approval of the sale set forth in the
Post-Confirmation Asset Sale Supplement will be provided to the
Ground Lessor, the Office of the United States Trustee, and any
party requesting special notice after the Effective Date of the
Plan.

Under 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 2 is
unimpaired.

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.

Attorneys for the Debtor:

     Paul S. Malingagio, Esq.
     Alan M. Feld, Esq.
     Shadi Farzan, Esq.
     Alexandria G. Lattner, Esq.
     SHEPPARD, MULLIN, RICHTER & HAMPTON LLP
     333 South Hope Street, 43rd Floor
     Los Angeles, CA 90071
     Telephone: (213) 620-1780
     Facsimile: (213) 620-1398
     E-mail: pmalingagio@sheppardmullin.com
             afeld@sheppardmullin.com
             sfarzan@sheppardmullin.com
             alattner@sheppardmullin.com

          - and -

     Michael M. Lauter, Esq.
     Jeannie Kim, Esq.
     Four Embarcadero Center, 17th Floor
     San Francisco, CA 94111-4109
     Telephone: (415) 434-9100
     Facsimile: (415) 434-3947
     E-mail: mlauter@sheppardmullin.com
             jekim@sheppardmullin.com

A copy of the Disclosure Statement dated Dec. 14, 2022, is
available at https://bit.ly/3HNsj18 from PacerMonitor.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. Cal. 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.


BURGER BOSSCO: S&P Downgrades ICR to 'CCC-' on Upcoming Maturities
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on
Florida-based quick-service restaurant (QSR) operator and
franchisor Burger BossCo Intermediate Inc. to 'CCC-' from 'CCC' to
reflect its view of the continued risk for a default in the next
six months.

At the same time, S&P lowered its issue-level ratings on the
company's debt facilities to 'CCC-' from 'CCC'. S&P's '3' recovery
rating is unchanged.

The negative outlook reflects S&P's belief that Burger BossCo will
need to undertake a restructuring within the next six months.

S&P said, "The 'CCC-' rating reflects our belief that a default or
distressed debt restructuring appears inevitable within the next
six months. The downgrade reflects the risk that Burger BossCo is
unlikely to refinance its upcoming April 2023 maturities at par.
Therefore, we believe a distressed exchange is increasingly likely.
We believe the company's liquidity is limited and that the accrual
of PIK interest on its second-lien debt and preferred equity
continues to challenge the overall capital structure.

"Given the upcoming maturities in April 2023 and significant burden
of PIK interest on its second-lien debt and preferred equity, we
believe Burger BossCo will seek to address its entire capital
structure within the next six months. Aside from the upcoming
maturities in April 2023, the company's first-lien term loan
matures in April 2024. The PIK obligations in the capital structure
present significant challenges to its ability to execute its
business improvement plan. Liquidity is also constrained as the
company has virtually no revolver availability. We believe Burger
BossCo will inevitably pursue a distressed exchange and address its
entire capital structure.

"The negative outlook on Burger BossCo reflects our view that the
company's capital structure remains unsustainable and that it
depends on favorable business, economic, and market conditions to
maintain operations. Furthermore, it appears inevitable that the
company will execute a distressed exchange within the next six
months.

"We could lower our rating on Burger BossCo if the company
undertakes a distressed exchange.

"We would raise our rating on Burger BossCo if we believe it will
successfully address the upcoming maturities in its capital
structure and refinance its rapidly accruing preferred instruments
without executing a distressed exchange."

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

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



CAMBRIDGE ESTATES: Taps Carpenter Hazlewood Delgado as Counsel
--------------------------------------------------------------
Cambridge Estates Homeowners' Association seeks approval from the
U.S. Bankruptcy Court for the District of Arizona to employ
Carpenter Hazlewood Delgado & Bolen, LLP as special counsel.

The firm's services include:

   (a) advising the Debtor with respect to all matters related to
collections;

   (b) collecting account balances and accruing assessments and
charges;

   (c) preparing and sending attorney collection letters;

   (d) researching the homeowner's association contact information,
and placing and receiving calls to and from the homeowner's
association;

   (e) setting up and monitoring payment agreements with the
homeowner's association;

   (f) continuously monitoring ownership and foreclosure records;
and

   (g) any other necessary actions.

The firm will be paid at hourly rates ranging from $295 to $445. In
addition, the firm will receive reimbursement for its out-of-pocket
expenses.

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

The firm can be reached at:

     Carpenter Hazlewood Delgado & Bolen, LLP
     1400 E Southern Ave. #400
     Tempe, AZ 85282
     Tel: (800) 743-9324

        About Cambridge Estates Homeowners' Association

Cambridge Estates Homeowners' Association sought protection for
relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz,
Case No. 22-07438) on Nov. 4, 2022, with up to $1 million in assets
and up to $50,000 in liabilities. Judge Brenda K. Martin oversees
the case.

Wesley Denton Ray, Esq., at Sacks Tierney P.A. and Carpenter
Hazlewood Delgado & Bolen, LLP serve as the Debtor's bankruptcy
counsel and special counsel, respectively.


CAMECO TECHNOLOGIES: Gets OK to Hire Steven B. Nosek as Counsel
---------------------------------------------------------------
Cameco Technologies, LLC received approval from the U.S. Bankruptcy
Court for the District of Minnesota to employ Steven B. Nosek, P.A.
as its legal counsel.

The Debtor requires legal services in connection with its Chapter
11 case. These services include the preparation and filing of the
Debtor's statement of financial affairs and other documents
required by the court; representation at adversary proceedings and
meetings of creditors; and the formulation of a Chapter 11 plan of
reorganization for the Debtor's business.

The firm will be paid at the rate of $300 per hour and will be
reimbursed for out-of-pocket expenses incurred.

Steven Nosek, 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:

     Steven B. Nosek, Esq.
     Steven B. Nosek, P.A.
     2812 Anthony Lane South Suite 200
     St. Anthony, MN 55418
     Tel: (612) 335-9171
     Email: snosek@noseklawfirm.com

              About Cameco Technologies                  

Cameco Technologies, LLC, doing business as Cameco Computers,
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. D. Minn. Case No. 22-31938) on Nov. 23, 2022, with up to
$500,000 in assets and up to $1 million in liabilities. Serge
Ngouambe, president of Cameco Technologies, signed the petition.

Judge Katherine A. Constantine oversees the case.

Steven B. Nosek, Esq., at Steven B. Nosek, P.A. is the Debtor's
counsel.


CANO HEALTH: Dr. Marlow Hernandez Holds 5% of Class A Shares
------------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, these entities reported beneficial ownership of Class A
shares of common stock of Cano Health, Inc. as of Dec. 12, 2022:

                                          Shares        Percent
                                       Beneficially       of
Reporting Person                           Owned        Class

Dr. Marlow Hernandez                    24,661,550       5%
Hernandez Borrower Holdings, LLC        22,034,622     4.5%
Marlow B. Hernandez 2020 Family Trust      114,584   Less Than 1%

The percentage is based upon 244,574,327 shares of Class A Common
Stock outstanding and 249,909,475 shares of Class B Common Stock
outstanding as of Nov. 4, 2022, as reported on the Issuer's Form
10-Q, filed on Nov. 9, 2022.

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

https://www.sec.gov/Archives/edgar/data/1800682/000119312522307447/d435079dsc13da.htm

                         About Cano Health

Cano Health, Inc. (NYSE: CANO) -- canohealth.com -- is a primary
care-centric, technology-powered healthcare delivery and population
health management platform.

Cano Health reported a net loss of $116.74 million in 2021, a net
loss of $71.06 million in 2020, and a net loss of $19.78 million in
2019.  For the nine months ended Sept. 30, 2022, the Company
reported a net loss of $126.66 million.


CELSIUS NETWORK: Bonus Plan Approved Despite UST Objections
-----------------------------------------------------------
A New York bankruptcy judge gave Celsius Network the go-ahead to
pay $2.8 million in retention bonuses, overriding arguments by the
U.S. Trustee's Office that the cryptocurrency platform's request
was too short on details.

The Debtors have noted that the goal of their KERP is to have
appropriate staff on hand to facilitate a reorganization or sale.
The proposed KERP is narrowly tailored to that goal. The Debtors
have chosen 59 out of 167 employees at the time of this writing --
the time of the writing of the motion, who the Debtors believe
have
"institutional and technical knowledge crucial to the Debtor's
ability to maximize value," the Court noted at the Dec. 5 hearing.

According to the Order, the Debtors are authorized, but not
directed, to implement the KERP and make the payments contemplated
thereunder at the times specified in the Amended Motion; provided
that the Debtors are not authorized to make payments to any
Participant who withdrew cryptocurrency from the Platform within 90
days before the Petition Date, or who transferred cryptocurrency
from another program into Custody within 90 days before the
Petition Date, pending further investigation and analysis. If,
following analysis and investigation, the Debtors determine that
any excluded Participant did not transact on the basis of inside
information, the Debtors may, after providing notice to White &
Case LLP, as counsel to the Committee, and the U.S. Trustee,
propose their re-inclusion in the KERP.

The Debtors may add a replacement participant(s) to the KERP (a
"New KERP Participant") upon the resignation or the termination for
cause of any Participant (a "Former KERP Participant"); provided
that, prior to replacing any Former KERP Participant, the Debtors
will provide (a) the U.S. Trustee and (b) White & Case LLP, as
counsel to the Committee, with three-days' notice of the
non-insider employee(s) proposed to be added to the KERP, including
the New KERP Participant’s proposed title and the estimated
aggregate amount of the cash retention award the New KERP
Participant(s) will be eligible to receive in respect of the
remaining Retention Periods. The Notice Parties will have the
opportunity to object to New KERP Participants, which objection may
be made (and resolved) informally, or, if not informally resolved,
may be filed on the docket and resolved by the Court on an
emergency basis.

                          About Celsius Network

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

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

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

Crypto lenders such as Celsius boomed during the COVID-19 pandemic,
drawing depositors with high interest rates and easy access to
loans rarely offered by traditional banks. But the lenders'
business model came under scrutiny after a sharp sell-off in the
crypto market spurred by the collapse of major tokens terraUSD and
luna in May 2022.

New Jersey-based Celsius froze withdrawals in June 2022, citing
"extreme" market conditions, cutting off access to savings for
individual investors and sending tremors through the crypto
market.

The list of major crypto firms that have filed for bankruptcy
protection in 2022 now includes Celsius Network, Three Arrows
Capital and Voyager Digital.

Celsius Network, LLC and its subsidiaries sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No.
22-10964) on July 14, 2022. In the petition filed by CEO Alex
Mashinsky, the Debtors estimated assets and liabilities between $1
billion and $10 billion.

The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as legal counsels; Centerview Partners, LLC as
investment banker; and Alvarez & Marsal North  America, LLC as
financial advisor. Stretto, the claims agent and administrative
advisor, maintains the page https://cases.stretto.com/celsius

On July 27, 2022, the U.S. Trustee appointed an official committee
of unsecured creditors. The committee tapped White & Case, LLP as
its bankruptcy counsel; Elementus Inc. as its blockchain forensics
advisor; M3 Advisory Partners, LP as its financial advisor; and
Perella Weinberg Partners, LP as its investment banker.

Shoba Pillay, Esq., is the examiner appointed in the Debtors'
Chapter 11 cases. Jenner & Block, LLP and Huron Consulting
Services, LLC serve as the examiner's legal counsel and financial
advisor, respectively.




CELSIUS NETWORK:Want to Get $7.7Mil. from Estate of Voyager Digital
-------------------------------------------------------------------
Jack Schickler of CoinDesk reports that lawyers for bankrupt lender
Celsius Network are seeking to claw back $7.7 million from the
estate of rival Voyager Digital as judges wrangle over the exact
legal status of Celsius' assets.

The U.S. Bankruptcy Code allows clawback of transactions that took
place up to three months before Celsius filed for Chapter 11
bankruptcy protection on July 13, 2022, said documents filed in a
court in the Southern District of New York.

"Voyager maintained Earn accounts with Celsius, which earned
significant rewards for its users," the filing said, citing Voyager
transactions of $7.7 million between Celsius accounts, of which
$5.9 million was withdrawn, during the crucial 90-day period.
"Section 547 of the Bankruptcy Code allows Celsius to claw back
that cryptocurrency."

Other withdrawals and transfers could also be subject to challenge,
Celsius said, but added that the figure was still small in
Voyager's total pool of $1.85 billion in unsecured claims.

Voyager itself had filed for bankruptcy protection July 5, 2022 and
claims against the company were supposed to be filed by Oct. 3.
Celsius is begging for a deadline extension, saying that it had
been too preoccupied with its own legal case, and that Voyager had
sent its legal notice to an out-of-date address for Celsius' U.K.
arm.

On Dec. 8, 2022, Martin Glenn, overseeing the Celsius case, ordered
$50 million worth of crypto held in Celsius' "Custody" program to
be returned to customers, and on Tuesday approved the sale of
Celsius' self-custody platform GK8 to Galaxy Digital as he winds up
the estate.

But Glenn still needs to decide whether funds from other kinds of
Celsius account now belong to the company or its clients, including
the interest-bearing "Earn" and transitional "Withhold" accounts
used by Voyager.

Preparing documents for the Celsius legal case "was uniquely
challenging because it is one of the first ever crypto
bankruptcies, and there is a lack of precedent," the Wednesday
filing said.

                     About Celsius Network

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

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

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

Crypto lenders such as Celsius boomed during the COVID-19 pandemic,
drawing depositors with high interest rates and easy access to
loans rarely offered by traditional banks. But the lenders'
business model came under scrutiny after a sharp sell-off in the
crypto market spurred by the collapse of major tokens terraUSD and
luna in May 2022.

New Jersey-based Celsius froze withdrawals in June 2022, citing
"extreme" market conditions, cutting off access to savings for
individual investors and sending tremors through the crypto
market.

The list of major crypto firms that have filed for bankruptcy
protection in 2022 now includes Celsius Network, Three Arrows
Capital and Voyager Digital.

Celsius Network, LLC and its subsidiaries sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case
No.22-10964) on July 14, 2022. In the petition filed by CEO Alex
Mashinsky, the Debtors estimated assets and liabilities between $1
billion and $10 billion.

The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as legal counsels; Centerview Partners, LLC as
investment banker; and Alvarez & Marsal North America, LLC as
financial advisor. Stretto is the claims agent and administrative
advisor.

On July 27, 2022, the U.S. Trustee appointed an official committee
of unsecured creditors. The committee tapped White & Case, LLP as
its bankruptcy counsel; Elementus Inc. as its blockchain forensics
advisor; M3 Advisory Partners, LP as its financial advisor; and
Perella Weinberg Partners, LP as its investment banker.

Shoba Pillay, Esq., is the examiner appointed in the Debtors'
Chapter 11 cases. Jenner & Block, LLP and Huron Consulting
Services, LLC serve as the examiner's legal counsel and financial
advisor, respectively.

              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; and Consello Group as strategic
financial advisor. Stretto, Inc., is the claims agent.

On July 19, 2022, the U.S. Trustee for the Southern District of New
York appointed an official committee of unsecured creditors.  The
Committee tapped McDermott Will & Emery as counsel, and FTI
Consulting as financial advisor.  Epiq Corporate Restructuring,
LLC, is the Commitee's noticing and information agent.


CENTERFIELD MEDIA: S&P Lowers ICR to 'CCC+', Outlook Negative
-------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Centerfield
Media Parent Inc. to 'CCC+' from 'B' and its issue-level rating on
its $785 million senior secured notes to 'CCC+' from 'B'.

S&P said, "The negative outlook reflects our view that
Centerfield's business performance could deteriorate further amid a
recession, reducing its liquidity and financial flexibility, which
could increase the risk of a subpar debt exchange or restructuring
occurring in the next 12 months.

"We believe Centerfield is dependent on favorable business,
financial, and economic conditions to meet its financial
obligations long term. The company's revenue model typically
consists of a pay-for-performance structure (for example, cost per
acquisition), where it takes responsibility to attract and convert
customers for its clients. The nature of these contracts leads to
earnings volatility and high dependence on favorable macroeconomic
activity to spur advertising spending and customer conversion. As
such, due to macroeconomic weakness driving less advertising
spending through Centerfield, we expect S&P Global Ratings-adjusted
leverage of about 8.5x-8.7x in 2022 and 2023, well above the 6x
threshold we had set for the initial 'B' level rating. We do not
expect significant improvement in credit metrics until 2024, with
the assumption that economic improvement will lead to increased
revenue and EBITDA. We currently expect leverage declining to 7x by
the end of 2024. Nonetheless, even with leverage of 7x, absent
continued deleveraging, we believe Centerfield would face
difficulty in refinancing its senior secured notes before its
maturity in 2026. If Centerfield is able to refinance its debt, we
would believe it would be at a rate significantly higher than its
current yield of 6.625%, which would likely eliminate its cash
flow. For example, if its debt yield increased to 10% that would
add an additional $25 million of interest, which at the company's
current EBITDA level would result in it being cash flow neutral. As
such, the company is reliant on favorable economic conditions to
increase its EBITDA and generate sufficient FOCF to significantly
reduce its debt over the next several years in advance of its debt
maturity."

Centerfield's performance could deteriorate further in a recession.
S&P Global economists forecast a shallow recession occurring in the
first half of 2023. S&P said, "In this environment, we expect
consumer spending and subsequent demand for digital advertising
revenue to decrease significantly. Advertising growth is highly
correlated with consumer spending expectations. The uncertainty
related to an economic downturn, rising interest rates, supply
chain issues, and inflation has already harmed Centerfield's
advertising revenue. For example, one of Centerfield's largest home
services clients is significantly curtailing spending with the
company in 2023 due to its own operating and macroeconomic
pressures it experienced the past 12 months. Furthermore, spending
in its insurance services segment has been significantly weaker
than we expected. The inflationary environment and elevated loss
ratios have reduced the profitability of its insurance carrier
partners, which--in response--have pulled back on their ad spending
with Centerfield. If a prolonged and deep recession occurs, we
believe Centerfield's revenue and EBITDA would underperform our
current expectations. We also believe that the company would be
unable to deleverage back towards 6x before 2026 and may not be
able to refinance its debt."

Centerfield's senior secured notes are trading at distressed
levels, increasing the likelihood of a subpar debt exchange. The
company's senior secured notes are currently trading around 67
cents on the dollar with a yield of close to 20%. The significant
discount associated with the value of the company's senior notes
increases the likelihood that the company would be able to
negotiate some form of a subpar debt exchange or out-of-court
restructuring. S&P would view any type of distressed exchange in
which the lenders receive less than originally promised as a
default.

The company's has sufficient liquidity to meet its operating and
financial obligations over the next 12 months. S&P said, "We expect
Centerfield to end 2022 with around $85 million of cash on the
balance sheet and full availability under its $75 million revolving
credit facility. The company should have sufficient liquidity to
meet its operating obligations and $50 million of interest payments
over the next 12 months. Although we are currently forecasting the
company's free operating cash flow to remain positive in 2023 and
2024, we expect cash flow could turn negative in a more severe than
anticipated recession, which would reduce the company's financial
flexibility."

The negative outlook reflects S&P's view that Centerfield's
business performance could deteriorate further amid a recession,
reducing its liquidity and financial flexibility, which could
increase the risk of a subpar debt exchange or restructuring
occurring in the next 12 months.

S&P could lower its rating on Centerfield if it expects a default
will occur in the next 12 months, this could happen if:

-- Macroeconomic pressures persist, resulting in reduced
advertising spending and lower contract renewals from the company's
key clients;

-- This would cause its liquidity to deteriorate, limiting its
financial flexibility and increasing the risk it would pursue a
subpar debt exchange or restructuring.

S&P could raise the rating if:

-- S&P believes the risk, or the instance of an economic recession
has passed, and the company's business enters a period of sustained
revenue growth; and

-- S&P expects it to continue to generate sustainably positive
free operating cash flow with a clear path to reducing leverage
below 6x well in advance of its 2026 debt maturity.

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



CENTURI GROUP: Moody's Ba2 CFR Remains Under Review for Downgrade
-----------------------------------------------------------------
Moody's Investors Service commented Centuri Group, Inc.'s Ba2
Corporate Family Rating, Ba2-PD Probability of Default Rating, Ba2
senior secured term loan B and senior secured revolving credit
facility ratings remain under review for downgrade. The rating
under review (RUR) outlook is also unchanged following the
announcement on December 15 that parent company, Southwest Gas
Holdings, Inc. (SWX: Baa2 stable), will proceed with a tax-free
spin-off of Centuri Group to shareholders. However, the completion
of the transaction is not expected to close for approximately 12
months as there are a number of steps in the process that need to
be completed, including obtaining approval from the Arizona
Corporation Commission, finalizing the transaction structure,
obtaining the Internal Revenue Service private letter ruling
relating to the tax-free nature of the transaction, SEC
registration and final approval by the Southwest Gas Board of
Directors.

While Moody's views the separation as credit negative for Centuri
Group given the affiliation with a higher rated entity that has
demonstrated prior support, a number of details remain unknown
including the ultimate capital structure post the transaction,
management's financial and operational strategy under the new
structure as well as the impact of any potential separation costs.
Therefore, Moody's have insufficient information at this time to
determine how the separation will impact the company's ratings or
outlook.

Centuri Group, Inc., headquartered in Phoenix, AZ, is a
comprehensive utility services company that provides replacement
and installation work to gas and electric utilities in North
America. The company is a subsidiary of Southwest Gas Holdings,
Inc., which also owns Southwest Gas Corporation, a regulated gas
utility. The company operates in two key segments across the US and
Canada: Gas Utility and Electric Utility. Centuri reported revenue
of approximately $2.6 billion for the last twelve months ended
September 30, 2022.


CHARMING CHARLIE: PKF's Patrick Diercks Named Plan Administrator
----------------------------------------------------------------
PKF Clear Thinking, LLC, the award-winning business advisory firm
and subsidiary of PKF O'Connor Davies, LLP, one of the nation's
largest accounting, tax and advisory firms, on Dec. 22 disclosed
that Patrick Diercks, a Partner of the Firm, has been named Plan
Administrator of Charming Charlie Holdings, Inc.'s confirmed Plan
of Liquidation, effective Nov. 28, 2022.  Mr. Diercks brings nearly
two decades of experience supporting debtors and creditors within
the bankruptcy process to the liquidation of the women's apparel
and accessories retailer's remaining assets.

"Our team's experience navigating all aspects of the bankruptcy
process ensures we are well-equipped to manage the completion of
this Plan of Liquidation in a timely and cost-efficient manner,"
said Mr. Diercks. "Our goal is to anticipate concerns, address
issues as they arise and maintain a course of action that produces
the best possible outcome for all creditors involved."

In Mr. Diercks' role as Plan Administrator, he is primarily
responsible for assisting the various classes of Charming Charlie
Holdings, Inc.'s creditors. Specifically, he is tasked with quickly
resolving their claims, monetizing the remaining assets of the
estate and maximizing the return to unsecured creditors.

Through Mr. Diercks' involvement, PKF Clear Thinking continues to
provide the consistent, senior-level representation that is a vital
component of all creditors' rights engagements. The Firm's
extensive experience and industry-focused expertise deliver value
for all parties involved by driving efficiencies, uncovering
opportunities and managing risk throughout the life cycle of each
engagement.

                   About PKF Clear Thinking

PKF Clear Thinking, LLC, a subsidiary of PKF O'Connor Davies,
offers advisory services that help companies succeed, at any stage
of their life cycle, with clear direction and practical, actionable
solutions. The Firm engages with healthy companies to create value
and works with troubled companies to preserve value. Its track
record and years of experience working on hundreds of successful
engagements has propelled us to become a trusted and respected
advisor. For more information, visit https://www.pkfct.com/.

                   About PKF O'Connor Davies, LLP

PKF O'Connor Davies, LLP, is a full-service certified public
accounting and advisory firm with a long history of serving clients
both domestically and internationally. With roots tracing to 1891,
the Firm has 18 offices in the United States and abroad. In the
U.S., offices are located across New York, New Jersey, Connecticut,
Maryland, Florida, Rhode Island and Massachusetts, where PKF
O'Connor Davies has recently merged in Boston-based DGC and
expanded its footprint in the New England market. The Firm also has
an office in Mumbai, India.

PKF O'Connor Davies employs more than 1,400 professionals who
provide a complete range of accounting, auditing, tax and
management advisory services. The Firm is led by over 150 partners
who are closely involved in the day-to-day management of
engagements, ensuring a high degree of client service and cost
effectiveness.

The Firm is a top-ranked firm, according to Accounting Today's 2022
"Top 100 Firms" list and was recently recognized as one of
"America's Best Tax and Accounting Firms" by Forbes. PKF O'Connor
Davies was named one of Vault's 2022 Accounting 50, a ranking of
the 50 best accounting employers to work for in North America and
ranked among the top 50 most prestigious accounting firms in
America in a complementary Vault survey.

PKF O'Connor Davies -- http://www.PKFOD.com-- is the lead North
American representative of the international association of PKF
member firms. PKF International is a network of legally independent
member firms providing accounting, tax and business advisory
services in over 400 locations in 150 countries around the world.
With its tradition, experience and focus on the future, PKF
O'Connor Davies is ready to help clients meet today's ever-changing
economic conditions and manage the growing complexities of the
regulatory environment.

                  About Charming Charlie Holdings

Charming Charlie -- http://www.CharmingCharlie.com/-- is a
Houston-based specialty retailer focused on fashion jewelry,
handbags, apparel, gifts and beauty products.  The Company operated
more than 375 stores in the United States and Canada.

Charming Charlie Holdings Inc. and its affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 17-12906) on Dec. 11,
2017.

Charming Charlie estimated assets of $50 million to $100 million
and debt of $100 million to $500 million.

Kirkland & Ellis LLP is serving as the Company's legal counsel,
AlixPartners LLP is serving as its restructuring advisor, and
Guggenheim Securities, LLC is serving as its investment banker.
Klehr Harrison Harvey Branzburg LLP is the Company's local
counsel.

Rust Consulting/OMNI Bankruptcy is the claims and noticing agent.

Joele Frank, Wilkinson Brimmer Katcher is the Company's
communications consultant.  A&G Realty Partners, LLC's the
Company's real estate advisors.

Hilco Merchant Resources LLC is the Company's exclusive agent.


CHICAGO EDUCATION BOARD: Fitch Affirms 'BB+' LongTerm IDR
---------------------------------------------------------
Fitch Ratings has affirmed the following ratings on the Chicago
Board of Education (CBOE), Illinois:

- Issuer Default Rating (IDR) at 'BB+';

- Outstanding unlimited tax general obligation bonds (ULTGO's) at
'BB+';

- Outstanding dedicated capital improvement tax (CIT) bonds at
'A'.

The Rating Outlook is Stable.

   Entity/Debt             Rating           Prior
   -----------             ------           -----
Chicago Board
of Education (IL)    LT IDR BB+  Affirmed     BB+

   Chicago Board
   of Education
   (IL) /General
   Obligation
   - Unlimited
   Tax/1 LT          LT     BB+  Affirmed     BB+

   Chicago Board
   of Education
   (IL) /Limited
   Ad Valorem Tax
   Revenues/1 LT     LT     A    Affirmed     A

SECURITY

The ULTGO bonds of the CBOE are payable from dedicated CBOE
revenues in the first instance and also payable from unlimited ad
valorem taxes levied against all taxable property within the
district, which is coterminous with the city of Chicago. The CIT
bonds are secured by a first priority lien on CIT revenues, which
constitute a property tax levied by the CBOE on all taxable
property within the district. The CIT bonds are also backed by a
debt service reserve fund (DSRF) equal to 14% of maximum annual
debt service (MADS).

KEY RATING DRIVERS

ANALYTICAL CONCLUSION

The 'BB+' IDR and ULTGO rating reflect CBOE's improved financial
performance and resilience, as evidenced by the restoration of
reserves to adequate levels and strengthened liquidity. Credit
risks center on CBOE's elevated long-term liability burden, driven
by a rising net pension liability (NPL), and its limited budgetary
tools to address future cyclical downturns. An often-contentious
relationship with the Chicago Teacher's Union could place
additional strain on the district's expense management and
flexibility.

The CIT rating of 'A' reflects the strength of the pre-determined
multi-year property tax levy equivalent to 1.10x annual debt
service on the bonds and CBOE's strong property tax collection
history. CIT structural elements and security interests are
sufficiently strong to warrant a maximum five-notch rating
distinction between the CIT rating and the district's IDR pursuant
to Fitch's "U.S. Public Finance Tax-Supported Rating Criteria".

IDR KEY RATING DRIVERS

Revenue Framework: 'bbb'

Fitch expects natural revenue growth, absent policy action, to keep
pace with historical inflation based on slow growth within property
tax levy limitations and relatively flat state aid. CBOE's revenue
outlook is sensitive to changes in the financial position of the
state of Illinois (IDR, BBB+/Stable), which has materially improved
in recent years but has a long record of structural imbalance. The
district rating is not formulaically linked to the state rating but
reflects state credit trends via their impact on school funding
decisions.

Expenditure Framework: 'bbb'

Recurring demands from collectively bargained salary increases,
health care and amortization of the NPL necessitate ongoing
management to closely align these costs with available resources.
The large proportion of fixed and essential spending commitments
and the challenging labor environment may constrain the district's
ability to achieve meaningful expenditure savings in response to an
unexpected decline in revenue.

Long-Term Liability Burden: 'a'

Long-term liabilities are elevated but moderate in relation the
district's expansive economic resource base. CBOE's very slowly
amortizing NPL and direct debt, together with planned capital
investments, could put upward pressure on the burden, absent
commensurate economic growth.

Operating Performance: 'bb'

The district's reserves and financial resilience have improved
considerably but remain sensitive to abrupt changes in its
operating environment and revenue outlook given minimal offsetting
budget balancing tools.

DEDICATED TAX KEY RATING DRIVERS

Statutory Levy Stability: The multi-year CIT levy is established by
state law to produce a minimum 1.10x annual debt service coverage
ratio. Historical property tax collection rates exhibit very low
volatility, supporting an 'a' level of financial resilience when
considered within the context of the 1.10x coverage cushion and
additional liquidity via the cash-funded DSRF.

Inflationary Growth Permissible: CBOE is authorized to levy the CIT
subject to a statutory cap for each levy year established based on
the amount of the CIT for the preceding tax levy year increased by
annual growth in the CPI, which supports an 'a' growth prospect
assessment.

RATING SENSITIVITIES

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

- For the IDR and ULTGO, the sustainable allocation of federal
stimulus over the next several fiscal years combined with continued
structural balance and maintenance of reserves at recently improved
levels;

- For the CIT bonds, an upgrade is not anticipated based on
expected coverage levels from the statutory property tax levy.

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

- For the IDR and ULTGO, a return to structural imbalance and
weakening of liquidity and reserves;

- For the IDR and ULTGO, a reversal of recent improvement in the
state funding commitment for operations and pensions, absent a
sufficient offsetting policy response from the district;

- For the CIT bonds, a downgrade of the district's IDR and/or
decline in property tax collection rates below historical levels.

CREDIT PROFILE

CBOE Financial Results Remain Positive

The district is expected to report its fifth consecutive general
fund surplus in fiscal 2022 (June 30 year-end) totaling $228
million or approximately 3% of an estimated $7.7 billion total
spending. The surplus will improve upon the $738.7 million or 11.4%
of spending of unrestricted fund balance at fiscal year-end 2021.
The fiscal 2022 surplus reflects an estimated $128.5 million
positive revenue variance relative to the adopted budget and
expenditures approximately $110.3 million below plan.

The revenue surplus was driven by personal property replacement
taxes (PPRT) which are estimated at $602.2 million or more than
$367 million above budget. CBOE receives a fixed share of the
statewide PPRT, which significantly outperformed projections due to
improved economic conditions and the one-time impact of tax
legislative changes.

Budget Challenges Center on Stimulus Depletion and Rising Pension
Payments

Fitch will continue to assess the district's financial performance
in relation to its ability to align spending with recurring revenue
as remaining stimulus funds are depleted over the next several
years. Fiscal 2022 results incorporate approximately $633 million
in stimulus spending, including funds supporting the safe reopening
of schools. The fiscal 2023 budget appropriates an additional $730
million in stimulus to support school-level instructional and
operational funding, in addition to various academic recovery and
school community investments.

The district is expected to phase-out its remaining pandemic
stimulus over fiscal 2024 ($607 million) and fiscal 2025 ($200
million). The unwinding of federal stimulus as outlined by the
district appears plausible but intensifying economic headwinds,
political pressure and other factors could complicate decisions to
scale back from stimulus supported social and emotional learning
supports.

In addition, CBOE continues to contend with rising pension
contributions budgeted at approximately $1.04 billion (13% of
spending) inclusive of the $175 million payment to the Municipal
Employees' Annuity and Benefit Fund (MEABF) of the city of Chicago
for participating CBOE employees. MEABF pension payments are the
legal obligation of the city but the CBOE has agreed to cover a
portion of the costs since fiscal 2020's inaugural payment of $60
million. CBOE estimates the fiscal 2023 payment at approximately
66% of the contribution requirement for district employees. The
additional funding required to reach the full contribution amount
for CBOE employees adds to other budgetary pressures, principally
the depletion of federal stimulus

The fiscal 2023 budget totals $8.0 billion, which is equivalent to
a yoy increase of $172.1 million or 2.2%. New spending is largely
driven by modest investments supporting diverse learning,
class-size reduction and staff development. Revenue growth reflects
the aforementioned appropriation of federal stimulus, in addition
to the extension of ad valorem taxes governed by the Property Tax
Extension Limitation Law and state funding allocated to CBOE
through Evidence-Based Funding (EBF).

Ad valorem taxes and EBF collectively account for approximately 70%
of the total operating budget. The district budgeted fiscal 2023
PPRT revenues at less than 65% of the estimated fiscal 2022
collection. According to the district, YTD PPRT revenues are
approximately $77 million above the amount received at this point
last year and expenditures are generally tracking according to
budget. The budget does not appropriate existing reserves.

CIT Analysis

CIT revenues are subject to a multi-year levy established by
resolution at the time of bond issuance. No policy action is
required to adjust the tax rate to offset changes in assessed
value. CBOE is authorized to levy the CIT subject to a statutory
cap for each levy year established based on the amount of the CIT
for the preceding tax levy year increased by annual growth in the
CPI, which supports an 'a' growth prospect assessment.

Debt service was structured to provide a minimum of 1.1x coverage
of annual debt service, without assuming inflationary increases.
This leaves only the risk of diminishing collection rates, which
historically have been well within the norm for U.S. municipalities
and stable since the onset of the pandemic.

To evaluate the sensitivity of the dedicated revenue stream to
cyclical decline, Fitch considers the revenue sensitivity results
via FAST (a 1.0% decline) and the largest actual delinquency rate
(4.3%) during the period covered by the revenue sensitivity
analysis. Since the CIT revenue history is insufficient to conduct
this analysis, Fitch uses a proxy of CBOE's overall property tax
collection rates, which it believes approximates future risk to CIT
revenue sufficiency.

Given the minimum 1.1x coverage ratio, pledged revenues could
withstand a 9.1% decline before coverage of annual debt service is
less than 1.0x. The 9.1% revenue cushion is equivalent to 9.0x the
FAST result, or 2.1x the largest actual delinquency rate. Fitch
believes the revenue cushion inherent in the dedicated tax
structure and history of collection rates support a resilience
assessment of 'a'.

Fitch's sensitivity analysis also factors in additional liquidity
within the CIT structure via the DSRF, which has been funded from
prior bond proceeds equal to 14% of the MADS requirement. The DSRF
provides additional protection against risk to delinquency rates
outside of historical norms, as does an allowance for uncollectible
amounts at 3.5% added to the gross levy.

CBOE Risk Exposure

Fitch has identified a number of elements considered sufficient to
reduce the incentive to challenge the special revenue status given
the definitions outlined in the bankruptcy code, which allows for
the CIT bonds to be rated up to a maximum of five notches above the
district's IDR. These factors include a limitation under state law
with respect to the permitted uses of CIT revenues to fund
construction, acquisition and equipping of school and
administrative buildings, and site improvements and the
identification of specific capital projects in the bond resolution
that may be funded either by bond proceeds or by residual CIT
revenues.

Any amendments to the project list must be from among projects
approved by the board as part of its capital plan. Furthermore, the
revenues legally cannot be used for general operations of the board
and bondholders do not have a claim on the general revenues of the
district and CBOE has directed the county collectors of Cook and
DuPage Counties to transmit the CIT revenues directly to an escrow
agent. The escrow agent transfers revenues needed for payment of
debt service to the bond trustee daily. Revenues in excess of those
required to meet annual debt service may be available to reimburse
the district for authorized capital expenditures.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

ESG Considerations

ESG -- Social: CPS has an ESG score of '4' for labor relations and
practices, which reflect a history of labor-related spending
pressures and, in Fitch's opinion, a contentious relationship with
its teaching professionals, which staged an 11-day strike in 2019.

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.


CONVERGEONE HOLDINGS: Oaktree SCF Marks $4.9M Loan at 26% Off
-------------------------------------------------------------
Oaktree Strategic Credit Fund has marked its $4,974,000 loan
extended to ConvergeOne Holdings, Inc to market at $3,589,000, or
74% of the outstanding amount, as of September 30, 2022, according
to a disclosure contained in Oaktree SCF's Form 10-K for the fiscal
year ended September 30, filed with the Securities and Exchange
Commission on December 14.

Oaktree SCF extended a First Lien Term Loan to ConvergeOne
Holdings, Inc. The loan currently has an interest rate of 8.12%
(LIBOR+5.00%) and is scheduled to mature on January 4, 2026.

Oaktree SCF is structured as a non-diversified, closed-end
management investment company. It is a Delaware statutory trust
formed on November 24, 2021 and is externally managed by Oaktree
Fund Advisors, LLC.  The Adviser is an affiliate of Oaktree Capital
Management, L.P. and a subsidiary of Oaktree Capital Group, LLC. In
2019, Brookfield Asset Management Inc. acquired a majority economic
interest in OCG. OCG operates as an independent business within
Brookfield, with its own product offerings and investment,
marketing and support teams. Oaktree Fund Administration, LLC, a
subsidiary of OCM, provides certain administrative and other
services necessary for Oaktree SCF to operate.

ConvergeOne Holdings, Inc. operates as a holding company. The
company, through its subsidiaries, provides managed cloud, cyber
security, enterprises networking, data center, application and
software development, security infrastructure, and hosted
collaboration solutions.



CYTODYN INC: Chief Medical Officer to Quit
------------------------------------------
CytoDyn Inc. and Scott A. Kelly M.D., the Company's chief medical
officer, agreed that Dr. Kelly will resign from his role at the
Company, effective Dec. 19, 2022, according to a Form 8-K filed
with the Securities and Exchange Commission.  No further details
were provided.

                        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 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.

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.



CYXTERA TECHNOLOGIES: S&P Cuts ICR to 'CCC' on Refinancing Risk
---------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
data center operator Cyxtera Technologies Inc. by two notches to
'CCC' from 'B-'.

S&P said, "We also lowered our issue-level rating on the company's
first-lien term loan by two notches to 'CCC+' from 'B'. The
recovery rating remains '2', indicating our expectation of
substantial (70%-90%; rounded estimate: 85%) recovery of principal
in the event of a payment default.

"We removed all ratings from CreditWatch, where we placed them on
Oct. 14, 2022, with negative implications."

The negative outlook reflects Cyxtera's diminishing liquidity
position and the potential for a default or debt restructuring over
the next 12 months.

Cyxtera has not yet refinanced its $120 million revolver due Nov.
1, 2023. Given that this is a key source of the company's
liquidity, S&P believes it faces an increased risk of a debt
restructuring or default over the next 12 months.

Cyxtera faces near-term refinancing risk.

The company has been unable to extend the maturity on its revolver,
which comes due in less than a year (Nov. 1, 2023). S&P said, "The
company had about $42 million drawn on the facility as of Sept. 30,
2022, and we expect it will need to further borrow on the revolver
over the next year to fund significant cash deficits associated
with capital spending initiatives. More specifically, we project a
cash burn of about $100 million (after finance lease payments) over
the next 12 months against a cash balance of $86 million as of
Sept. 30, 2022. Therefore, absent a revolver extension, we believe
the company will likely deplete its liquidity sources and be forced
to seek alternative financing solutions to meet its financial
obligations. We believe it is unclear whether the company will be
able to successfully refinance and extend the maturity profile of
its debt given challenging capital market conditions and elevated
financial leverage (S&P Global Ratings'-adjusted debt to EBITDA was
8.8x for the last-12-months ended Sept. 30, 2022)."

Cyxtera could reduce its capital spending to preserve cash, but
this could harm its competitive position.

S&P said, "The company's primary cash use is capital spending,
which we project will be about $120 million over the next 12
months. Absent a cash infusion or revolver extension, Cyxtera could
be forced to return to its level of maintenance plus installation
capital expenditure (which we estimate at $45 million-$60 million
over the next 12 months) to preserve cash. However, underinvesting
in the business could hurt the company's brand and earnings growth
because the company is generally spending in markets that have
higher utilization levels, which could cause it to exhaust sellable
capacity. Furthermore, we believe sacrificing growth to preserve
liquidity could make refinancing its substantial 2024 maturities
more challenging."

The negative outlook reflects Cyxtera's diminishing liquidity
position and the potential for a default or debt restructuring over
the next 12 months.

S&P said, "We could lower our rating if we believe a default is
likely in the next six months. This could occur if the company
cannot obtain an alternative financing solution solve its current
liquidity shortfall.

"We could raise our rating if we no longer view a default of the
capital structure as likely in the next 12 months. This scenario
could include the company obtaining a financing solution that
provides liquidity visibility beyond a 12-month time horizon or
extending the maturity on its revolving credit facility (due Nov.
1, 2023) such that it solves its liquidity shortfall."

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

S&P said, "Environmental and governance factors are a moderately
negative consideration in our credit analysis of Cyxtera. It is
exposed to climate transition risks given the vast power
requirements to run its data centers, which only derive power from
about 50% of renewable sources. We believe there will be heightened
customer sensitivity toward providers that utilize renewable
energy, which could affect a data centers competitive advantage.
For example, compared to Switch who derives power from nearly all
renewable sources, Cyxtera is susceptible to higher churn rates
given Switch is better able to help its customers meet their ESG
goals. Our assessment of the company's financial risk profile as
highly leveraged reflects corporate decision-making that
prioritizes the interests of controlling owners, in line with our
view of most rated entities owned by private-equity sponsors. Our
assessment also reflects their generally finite holding periods and
a focus on maximizing shareholder returns."



DATG PIZZERIA: Wins Cash Collateral Access on Final Basis
---------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida,
West Palm Division, authorized DATG Pizzeria, Inc. to use cash
collateral on a final basis in accordance with the budget, to pay
its ordinary and necessary expenses.

As previously reported by the Troubled Company Reporter, Western
Alliance Bank a/k/a Alliance Bank of Arizona, filed a Uniform
Commercial Code Financing Statement Form on September 20, 2011. The
Financing Statement asserts a security interest in all of the
Debtor's inventory, accounts, equipment, general intangibles and
fixtures.

The Debtor is a guarantor of a master loan agreement entered
August27, 2021, entitled Second Amended and Restated Loan
Agreement. Pursuant to the terms of the loan, West Alliance agreed
to loan up to $17,710,575 and the loan is cross collateralized
against various entities, including the Debtor. Subsequently on
August 27, 2021, a Fifth Amended and Restated Promissory Note was
executed with Western Alliance. The principal amount of the loan is
$15,939,517 including any interest.

The October 5, 2022, Payment Guarantee provides that the Debtor is
a guarantor of the Fifth Amended and Restated Promissory Note, but
the obligation is contingent upon there being a default in the
underlying loan.

As adequate protection, Western Alliance is granted a valid,
binding, enforceable, non-avoidable and perfected post-petition
security interest and lien in, to, and against all of the Debtor's
cash generated post-petition, to the same extent that Western
Alliance held a properly perfected prepetition security interest in
such assets.

The Replacement Liens and security interest granted to the Western
Alliance will be valid and perfected post-petition without the need
for execution or filing of any further documents or instruments
otherwise required to be filed or be executed or filed under
nonbankruptcy law.

The Replacement Liens and claims of Western Alliance will be
subject to (a) the payment of any unpaid fees payable pursuant to
28 U.S.C. section 1930 (including, without limitation, fees under
28 U.S.C. section 1930(a)(6)), and (b) the fees due to the Clerk of
the Court).

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

                    About DATZG Pizzeria, Inc.

DATZG Pizzeria, Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-17790) on October 6,
2022. In the petition signed by Joseph M. Ciolli, president, the
Debtor disclosed up to $500,000 in both assets and liabilities.

Judge Erik P. Kimball oversees the case.

Alan R. Crane, Esq., at FurrCohen P.A., is the Debtor's legal
counsel.



DAWG'S SPORTS: Gets OK to Hiire Bononi & Company as Legal Counsel
-----------------------------------------------------------------
Dawg's Sports Bar and Grill, LLC received approval from the U.S.
Bankruptcy Court for the Western District of Pennsylvania to employ
Bononi & Company, P.C. as its bankruptcy counsel.

The firm's services include:

     a. attendance at the first meeting of creditors;

     b. representing the Debtor in relation to acceptance or
rejection of executory contracts;

     c. advising the Debtor regarding its rights and obligations
during the Chapter 11 reorganization;

     d. advising the Debtor regarding possible preference actions;

     e. representing the Debtor in relation to any motions to
convert or dismiss its Chapter 11 case;

     f. representing the Debtor with respect to any motions for
relief from stay filed by creditors;

     g. preparing a plan of reorganization and disclosure
statement;

     h. preparing objections to claims; and

     i. representing the Debtor in general.

The firm will be paid at the rate of $300 per hour and will be
reimbursed for out-of-pocket expenses incurred. The retainer is
$262.

Corey Sacca, Esq., a partner at Bononi & Company, 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 through:

     Corey J. Sacca, Esq.
     Bononi & Company, P.C.
     20 N. Pennsylvania Ave, Ste. 201
     Greensburg, PA 15601
     Tel: (724) 832-2499
     Fax: (724) 836-0370
     Email: csacca@bononilaw.com

                 About Dawg's Sports Bar and Grill

Dawg's Sports Bar and Grill, LLC filed a Chapter 11 bankruptcy
petition (Bankr. W.D. Pa. Case No. 22-22322) on Nov. 22, 2022, with
as much as $1 million in both assets and liabilities. The Debtor is
represented by Corey J. Sacca, Esq., at Bononi & Company, P.C.


DCL CORP: Commences U.S. and Canadian Restructuring Cases
---------------------------------------------------------
To facilitate the ongoing process to sell its businesses, DCL
Corporation (DCL or the Company), a leading manufacturer and
reseller of color pigments, on Dec. 21 disclosed that, on December
20, 2022, its United States based subsidiaries have filed voluntary
petitions for a court-supervised reorganization under Chapter 11 of
the Bankruptcy Code (Chapter 11) in the U.S. Bankruptcy Court for
the District of Delaware. Contemporaneously, the Company and its
Canadian subsidiaries have also commenced court-supervised
restructuring proceedings in Canada under the Companies' Creditors
Arrangement Act, R.S.C. 1985, c. C-36, as amended (CCAA).

As part of these filings, DCL has entered into a stalking horse
asset purchase agreement (APA), under which DCL will sell
substantially all of the Company's assets in a sale process under
Section 363 of the U.S. Bankruptcy Code. The agreement is subject
to court approval and any higher or better offers received pursuant
to the bidding procedures proposed as part of the sale process.

DCL's international subsidiaries in the United Kingdom and the
Netherlands are not included in the Chapter 11 or CCAA
proceedings.

In support of the restructuring process, DCL's existing lender,
Wells Fargo, has agreed to provide up to $55 million in
debtor-in-possession financing. Following court approval, the
Company expects this financing, together with cash flow from
operations, to support the business in normal operations during the
court-supervised process. The Company is continuing to serve
customers and end users in the U.S., Canada, and globally.

Scott Davido, the Company's Chief Restructuring Officer, said, "We
are pleased to enter into this asset purchase agreement, and to
have the continued support of our lenders as we complete this
process. The U.S. and Canadian restructuring proceedings will
facilitate our sale process, address our liquidity challenges,
strengthen our balance sheet and better position DCL for the
future. Additionally, we thank all of the DCL employees for their
continued dedication and tireless efforts, during these challenging
times."

DCL is filing customary first-day motions with the courts that,
once approved, will allow the Company to operate its business in
the normal course under Chapter 11 and CCAA, including, among other
things, granting authority to pay employee wages and benefits and
honor customer commitments in the ordinary course of business. The
Company will also pay all vendors in the ordinary course for all
goods and services provided on or after the Chapter 11 filing
date.

To assist with the Company's restructuring, Scott Davido of Ankura
Consulting Group (Ankura) has been named as DCL's Chief
Restructuring Officer, and Ankura Consulting Group is acting as the
Company's financial advisor. The Company is represented by King &
Spalding LLP and Blake, Cassels & Graydon LLP as legal counsel. TM
Capital Corp is the Company's investment banker.

Additional information is available at
https://cases.ra.kroll.com/DCL, by calling DCL's claim agent, Kroll
Restructuring Administration LLC, at (888) 510-7189 (US/Canada Toll
Free) or +1 (646) 440-4160 (International), or by emailing
DCLInfo@ra.kroll.com.

                         About Ankura

Ankura Consulting Group, LLC -- http://www.ankura.com-- is an
independent global expert services and advisory firm that delivers
services and end-to-end solutions to help clients at critical
inflection points related to conflict, crisis, performance, risk,
strategy, and transformation. The Ankura team consists of more than
1,800 professionals serving 3000+ clients across 55 countries who
are leaders in their respective fields and areas of expertise.
Collaborative lateral thinking, hard-earned experience, expertise,
and multidisciplinary capabilities drive results and Ankura is
unrivaled in its ability to assist clients to Protect, Create and
Recover Value.

                         About DCL

DCL Corporation -- http://www.pigments.com-- is a manufacturer and
supplier of pigments for our customers in the coatings, plastics,
printing ink and paper industries worldwide. Its extensive range of
pigments is backed by technical expertise, its commitment to
service excellence, continuous improvement, environmental, health,
safety and social responsibility.



DELCATH SYSTEMS: Gerard Michel Has 6.7% Stake as of Dec. 13
-----------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, Gerard Michel reported beneficial ownership of 676,477
shares of common stock of Delcath Systems, Inc., representing 6.7
percent based on 10,046,571 shares of the Issuer's common stock
issued and outstanding as of Dec. 13, 2022 (which consists of (i)
8,597,682 shares of common stock outstanding as of Nov. 2, 2022 as
reported in the Issuer's Quarterly Report on Form 10-Q for the
fiscal quarter ended Sept. 30, 2022 filed on Nov. 8, 2022 plus (ii)
1,448,889 shares sold in a private placement transaction on Dec.
13, 2022.
   
A full-text copy of the regulatory filing is available for free
at:

https://www.sec.gov/Archives/edgar/data/872912/000119312522307471/d313072dsc13da.htm

                        About Delcath Systems

Headquartered in New York, NY, Delcath Systems, Inc. --
http://www.delcath.com-- is an interventional oncology company
focused on the treatment of primary and metastatic liver cancers.
The Company's lead product candidate, Melphalan Hydrochloride for
Injection for use with the Delcath Hepatic Delivery System, or
Melphalan/HDS, is designed to administer high-dose chemotherapy to
the liver while controlling systemic exposure and associated side
effects.  In Europe, Melphalan/HDS is approved for sale under the
trade name Delcath CHEMOSAT Hepatic Delivery System for Melphalan.


Delcath Systems reported a net loss of $25.65 million for the year
ended Dec. 31, 2021, compared to a net loss of $24.16 million for
the year ended Dec. 31, 2020.  As of Sept. 30, 2022, the Company
had $20.23 million in total assets, $25.47 million in total
liabilities, and a total stockholders' deficit of $5.25 million.

New York, NY-based Marcum LLP, the Company's auditor since 2018,
issued a "going concern" qualification in its report dated March
30, 2022, citing that the Company has a significant working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.


DIGI INTERNATIONAL: S&P Upgrades ICR to 'B+' on Debt Repayment
--------------------------------------------------------------
S&P Global Ratings raised the issuer credit rating on U.S.-based
internet-of-things (IoT) technology company Digi International Inc.
to 'B+' from 'B'.  

S&P said, "At the same time, we raised the issue-level rating on
Digi's senior secured debt to 'BB' from 'B'. The '1' recovery
rating indicates our expectation for very high (90%-100%; rounded
estimate: 95%) recovery in the event of a payment default.

"The stable outlook reflects our expectation that healthy top-line
growth and margin expansion from higher service revenue should
enable solid EBITDA growth, allowing it to reduce leverage to the
high-2x area by the end of fiscal 2023 although upside is limited
by lack of a clearly defined leverage target and potential
volatility in earnings.

"Digi repaid about 30% of its debt in fiscal 2022, and we expect
its leverage will continue improving from earnings growth and
mandatory debt repayment. Digi repaid $100 million of its debt
during fiscal 2022, reducing its S&P Global Ratings'-adjusted
leverage to the low-3x area from about 5.2x as of Dec. 31, 2021,
following its debt-financed acquisition of Ventus Global Network
Solutions. We believe Digi has good prospects to reduce leverage to
the high-2x area by fiscal year-end 2023 from earnings growth and
the high required debt amortization of 5% on its term loan.
Although not incorporated into our base-case forecast, we believe
Digi could also use excess cash flow for additional debt repayment
beyond its required amortization, which would further reduce its
leverage. Although we expect some pressure on cash flow from
additional inventory pre-purchases, we expect its funds from
operations (FFO) to remain solid at about 25% of debt in fiscal
2023. That said, the company has not publicly committed to a
leverage target, and it could instead pursue additional
debt-financed acquisitions or adopt a more aggressive financial
policy that would constrain leverage improvement.

"We expect revenue and earnings growth in the high-single-digit
percent area in fiscal 2023. We project 7%-9% growth in revenue and
earnings in fiscal 2023 based on healthy end-market demand for its
connectivity devices and IoT solutions. Despite not being able to
fulfill some of its product orders in fiscal 2022 due to shortages
of semiconductors and other electronics, the company grew its
revenue 10% during the year. Driving this was strong demand for IoT
connectivity equipment (including routers, servers, and
radio-frequency devices) and monitoring and network management
services. We expect these trends will continue partially because of
higher demand for devices that support industrial IoT initiatives
focused on improving efficiency."

Supply chain issues remain a manageable headwind. Constraints on
supply are affecting Digi's ability to meet customer demand. Its
order backlog increased to $300 million as of Sept. 30, compared
with $250 million at the end of fiscal 2021 because of ongoing
component shortages. To address the supply challenges, the company
ramped up inventory pre-purchases in fiscal 2022 to secure parts,
increasing its total inventory to $73 million as of Sept 30, from
$44 million at the end of fiscal 2021. The higher inventory balance
should enable Digi to fulfill more orders and convert more of its
backlog to revenue in fiscal 2023. In addition, S&P expects some
improvement in supply chain conditions by the second half of 2023.
However, there is potential for further disruption, including
policies to combat pandemic outbreaks, which could lead to lower
revenue from customer cancelations due to delayed deliveries and
pressure on margins and cash flow due to higher component costs.

S&P said, "Digi could be hurt by a recession, which we expect in
the first half of 2023, but it has built cushion into the rating.
We anticipate some pressure on Digi's revenue from customer
deferrals of large project-based deployments due to IT spending
cutbacks." That said, Digi's products also support IoT initiatives
geared toward reducing costs and improving operating efficiency,
which is an area of focus during periods of low growth. Digi also
has a degree of protection from its diversified end markets,
including industries that are less sensitive to economic cycles
such as health care, agriculture, and education. Additionally, a
recession would likely slow demand for consumer devices that rely
on the same semiconductors embedded in Digi's devices. This could
improve the company's access to needed components, enabling it to
better service the demand.

Notwithstanding favorable growth trends in IoT, Digi has limited
scale and faces intense competition. Digi's products and services
support the integration of IoT technology and should benefit from
the longer-term growth in IoT applications and connected devices.
Additionally, demand for managed network-as-a-service (MNaaS) is
rising due to increasing demand for network management (as more
enterprises shift to the cloud), security needs, and regulatory
requirements. S&P also expects 5G will drive demand for cellular
wide-area networks. Despite these growth opportunities, the market
is highly competitive and fragmented and Digi faces intense
competition from multiple vendors in each of its product or service
categories. In its IoT products and services business, Digi
competes with companies such as Sierra Wireless, Cradlepoint
(subsidiary of Ericsson), Lantronix, and Cisco, in the cellular IoT
gateway and router market. Cisco and Ericsson in particular benefit
from greater scale, product innovation, and financial flexibility.
Digi also competes with smaller players with specialized solutions.
Digi typically prices its products and services at a premium and
relies on its ability to provide technologically advanced, secure,
and reliable products and services to remain competitive.

The stable outlook reflects S&P Global Ratings' expectation that
healthy top-line growth and margin expansion from higher service
revenue and improved scale should enable solid EBITDA growth such
that leverage will be in high-2x area over the next year.

S&P said, "We could lower the rating on Digi if intensifying
competition or supply chain issues lead to lower sales, elevated
pricing pressure, margin compression, or higher customer churn such
that its EBITDA declines and leverage rises above 4x or interest
EBITDA coverage falls below 3x for a prolonged period. We could
also downgrade the company if it pursues a more aggressive
financial policy, including debt-financed acquisitions, share
repurchases, or dividends to its owners.

"We could consider raising the rating if the company profitably
grows its market share, leading to higher revenue and EBITDA, such
that leverage remains below 2.5x and EBITDA interest coverage
increases above 6x. This would occur if the company capitalizes on
favorable trends in IoT. However, even under that scenario, an
upgrade would be contingent on the company maintaining a financial
policy that allows it to sustain leverage comfortably below 2.5x."

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



DIMENSIONS IN SENIOR: Taps Turner Legal Group as Bankruptcy Counsel
-------------------------------------------------------------------
Dimensions In Senior Living, LLC and its affiliates seek approval
from the U.S. Bankruptcy Court for the District of Nebraska to
employ Turner Legal Group, LLC as its counsel.

The firm's services include:

     a. providing the Debtor with legal advice, representing the
Debtor and preparing necessary documents in the areas of
restructuring and bankruptcy;

     b. advising the Debtor with respect to its powers and duties
in the continued management and operation of its businesses and
properties;

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

     d. taking all necessary action to protect and preserve the
Debtor's assets, including the prosecution of actions on behalf of
the Debtor's estate, the defense of any actions commenced against
the estate, negotiations concerning litigation in which the Debtor
may be involved, and objections to claims filed against the
estate;

     e. preparing or coordinating preparation of legal documents
necessary to administer the estate;

     f. taking any necessary action to obtain approval of a
disclosure statement and confirmation of a plan of reorganization;

     g. representing the Debtor in connection with any potential
post-petition financing;

     h. appearing before the bankruptcy court, appellate courts and
any other courts to protect the interests of the Debtor and its
estate; and

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

The firm will be paid at the rate of $300 per hour. Prior to the
petition date, the firm received a retainer of $68,750.

Patrick Turner, Esq., an attorney at Turner Legal Group, 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:

     Patrick Turner, Esq.
     Turner Legal Group, LLC
     139 S. 144th Street, Suite 665
     Omaha, NE 68010
     Tel: (402) 690-3675
     Email: pturner@turnerlegalomaha.com

                 About Dimensions In Senior Living

Dimensions in Senior Living, LLC -- https://www.dimsrivg.com/ --
through a series of entities, owns and manages a series of senior
living / assisted living facilities in Nebraska, Iowa, Missouri,
and Kansas.

Dimensions in Senior Living and six affiliates each filed a
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
D. Neb. Lead Case No. 22-80860) on Nov. 21, 2022. In the petition
filed by its chief restructuring officer, Amy Wilcox-Burns,
Dimensions in Senior Living reported assets and liabilities between
$1 million and $10 million.

Judge Brian S. Kruse oversees the cases.

The Debtors are represented by Patrick Raymond Turner, Esq., at
Turner Legal Group, LLC.


DIMPLES DENTAL: Has Deal on Cash Collateral Access
--------------------------------------------------
Dimples Dental Suite P.C. asks the U.S. Bankruptcy Court for the
District of Columbia to use cash collateral on an interim basis in
accordance with its agreement with PNC Bank, NA.

The Debtor requires the use of cash collateral to operate the
business, maintain its financial affairs and pay trustee escrow.

PNC Bank, NA., asserts a lien that encumbers the Debtor's business
assets including cash collateral.

The Debtor has stipulated that it is obligated to the lender under
the Loan Documents in the amount of the Prepetition Indebtedness.
The Debtor and Lender agree that PNC's, secured claim will be
established at $73,904. PNC's secured claim will be paid over three
years at a fixed rate of 5%. The stipulation will be binding on the
Debtor but will not bind any creditors' committee or other
successor-in-interest to the Debtor, who will have 60 days after
appointment to contest the scope, validity, perfection and/or
amount of PNC's claim.

The parties agree that adequate protection payments to PNC, for use
of its cash collateral will be $1,000 monthly and will commence
immediately upon entry of the Order and will be due and owing on
the 17th day of each month thereafter.

The Debtor may use the cash collateral as set forth in the
Budget/Monthly Operating Report which may vary from month to month
for the specific purposes set forth in the Budget for the Budget
Period commencing from October 19, 2022 through February 29, 2023,
or such later date as may be agreed to in writing by the Lender and
the Debtor and approved by the Court.

The events that constitute an "Event of Default" include:

     a. The use and disbursement of cash collateral except as
expressly permitted hereunder;

     b. The actual expenditure of cash collateral by the Debtor by
more than a reasonable amount over the Debtor's existing monthly
operating expenses with respect to Budget expenditures as expressly
permitted hereunder or by Court order;

     c. The filing of a motion seeking court approval of the sale
of substantially all of the business assets of the Debtor, unless
such motion provides for the payment in full of the Lender's claim;


     d. The filing of a motion seeking to prime PNC's first
priority lien and security interest by the Debtor.

A copy of the motion is available at https://bit.ly/3PIbG9f from
PacerMonitor.com.

                    About Dimples Dental Suite

Dimples Dental Suite, PC filed a voluntary petition for relief
under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr.
D.D.C. Case No. 22-00191) on Oct. 19, 2022, with up to $500,000 in
both assets and liabilities. Angela Shortall has been appointed as
Subchapter V trustee.

Judge Elizabeth L. Gunn oversees the case.  

Frank Morris II, Esq., at The Law Firm of MorrisMargulies, LLC and
Comprehensive Business of Northern Virginia, LLC serve as the
Debtor's legal counsel and accountant, respectively.



DIOCESE OF CAMDEN: Jan. 18 Hearing on Disclosure Statement
----------------------------------------------------------
Judge Jerrold N. Poslusny, Jr., will convene a hearing on the
adequacy of the Disclosure Statement of The Diocese of Camden, New
Jersey, on Jan. 18, 2023 at 11:00 am in Courtroom 4C, 400 Cooper
Street, Camden, NJ 08101.

Written objections to the adequacy of the Disclosure Statement will
be filed and served no later than 14 days prior to the hearing in
court.

The Diocese, backed by its Official Committee of Tort Claimant
Creditors, is asking the Court to confirm their Joint Eighth
Amended Plan of Reorganization over objections by insurers that
include Certain Underwriters at Lloyd's, London and Century
Indemnity Company.  The Diocese, parishes and other Catholic
Entities have agreed to fund an $87.5 million sexual abuse claim
settlement fund that will to provide recoveries to the hundreds of
tort claimants in the case.

                About The Diocese of Camden, NJ

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

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


DOYLESTOWN HOSPITAL: Moody's Puts B3 Rating on Review for Downgrade
-------------------------------------------------------------------
Moody's Investors Service has downgraded Doylestown Hospital, PA to
B3 from Ba3. Concurrently, the rating has been placed under review
for downgrade. Doylestown has approximately $210 million of debt
outstanding. The outlook has been revised to ratings under review
from negative.

RATINGS RATIONALE

The downgrade to B3 represents accelerated negative operating cash
flow and unexpected material decline in cash since Moody's June
2022 review which significantly elevates the risk of a covenant
breach at December 31, 2022. Inability to clear covenants at
December 31 could result in an event of default which could lead to
immediate acceleration absent an amendment or waiver. If this
occurs, it would further trigger cross default provisions on
publicly held debt. In this event, Moody's estimation is that
recovery would be below 100% given material cash decline through
fiscal 2022. Cash reserves have deteriorated significantly from FYE
2022 (June 30) and ongoing expense pressures will make it
challenging to quickly reverse operating cash flow losses which
will lead to further cash burn. The B3 acknowledges the hospital's
efforts to reduce acceleration risk given active discussions with
lenders. The rating also incorporates Doylestown's efforts to
restore operating performance and reduce expenses as well as
strategies to grow its leading market position, including
collaboration with other community and academic health systems, in
a favorable service area of Bucks County. That said, competition is
increasing with larger providers in the surrounding areas.
Doylestown also benefits from low exposure to Medicaid, which
reduces its reliance on governmental payors.

RATING OUTLOOK

The rating is under review for downgrade due to the risk of bond
acceleration and potential for less than 100% recovery if all debt
becomes due and payable. The review will focus on resolution of, or
reduction in, acceleration risk. A detailed review of operating and
financial results as of December 31, 2022 as well as updated
financial and covenant forecasts will be integral to the forward
view as well. Moody's analysis will also incorporate strategies
identified and implemented by management to right-size operations.

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS

-- An upgrade is unlikely at this time given the risk of
    debt acceleration, the severity of cash flow burn and
    other liquidity pressures

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS

-- Inability to reduce risk of debt acceleration

-- Continued declines in cash

-- Filing for bankruptcy protection and/or liquidation

LEGAL SECURITY

The bonds are secured by a lien and security interest in Doylestown
Hospital's Pledged Revenues, a mortgage on the Hospital's acute
care facility, and as it relates to the Series 2013A, Series 2016A
Bonds and Series 2019A and 2019B Bonds revenues of the Foundation
pursuant to the guaranty agreement. However, in the case of the
Series 2013B Bonds, the Foundation has been joined as a co-obligor
along with Doylestown Hospital. Regardless, all outstanding debt is
secured on parity.

Doylestown is subject to restrictive financial covenants measured
to Doylestown Hospital and the Foundation. The most restrictive of
which are under the bond purchase agreement related to the Series
2013B bonds (not rated) and include maintenance of a minimum 100
days cash on hand (measured semi-annually on a trailing four
quarter basis), minimum 1.35 times annual debt service coverage
(measured quarterly on a trailing four quarter basis) and maximum
65% debt to capitalization (measured semi-annually). Covenants
under the loan agreement and bond indenture include maintenance of
a minimum 1.1 times annual debt service coverage measured
annually.

Failure to meet financial covenants could trigger an event of
default (EOD) and potential immediate acceleration if the lender
directs the Trustee to accelerate the bonds. In which case, the
Trustee would have the option, due to the EOD under the Trust
Agreement, to accelerate Doylestown's publicly issued Bonds, and
would be forced to accelerate if at least 25% of public bondholders
requested it. There is no cure period under the bank documents.

Under the loan agreement, which governs Doylestown's rated debt, a
violation of a financial covenant would only constitute an EOD if
the EOD cannot be corrected within a 30-day period following notice
to the Hospital and if it's not corrected during the 30-day cure
period, the hospital fails to institute corrective action until the
EOD is corrected. However, if an EOD did occur, the Trustee would
have the option to accelerate Doylestown's debt, and would be
forced to accelerate if at least 25% of public bondholders
requested it.

Moody's do not expect clearance of the days cash on hand covenant
at December 31, 2022. This does not automatically trigger an event
of default; it is the discretion of the lenders to determine if
acceleration is appropriate. Management is considering options it
may pursue with its lenders, and expects to make a determination of
next steps, which may include  amendments and/or a waiver.
Currently, the system does not have sufficient cash to cover
outstanding debt in the event of an acceleration of all bonds.

PROFILE

With total annual revenue of approximately $430 million (for the
entire system) as of FYE 2022, Doylestown Hospital operates
community focused healthcare facilities serving patients in the
northern suburban communities of Philadelphia, including Bucks and
Montgomery counties in Pennsylvania and the town of Lambertville in
New Jersey.

METHODOLOGY

The principal methodology used in these ratings was Not-For-Profit
Healthcare published in December 2018.


DPL INC: S&P Downgrades ICR to 'BB' on Weaker Financial Measures
----------------------------------------------------------------
S&P Global Ratings downgraded the issuer credit ratings (ICR) on
DPL Inc. and its subsidiary Dayton Power & Light Co. (d/b/a AES
Ohio) by one notch to 'BB' from 'BB+'. Accordingly, S&P lowered all
issue-level ratings one notch, but recovery ratings remain the
same. At the same time, S&P removed all of its ratings on the
companies from CreditWatch, where S&P placed them with negative
implications on April 28, 2022. The outlook is negative.

S&P also lowered its stand-alone credit profile (SACP) on AES Ohio
to 'bbb-' from 'bbb'.

The negative outlook reflects the regulatory and execution risks
associated with the approval of AES Ohio's ESP 4 filing and the
degree of group support from ultimate parent AES Corp.

The rating downgrade reflects S&P's expectation that DPL's
consolidated FFO to debt will remain below S&P's prior downgrade
threshold of 8%.

In December, DPL Inc.'s subsidiary Dayton Power & Light Co. (d/b/a
AES Ohio) received a rate case order from the Public Utilities
Commission of Ohio (PUCO) that authorized it to increase its base
distribution rates by about $75 million. However, the rate increase
will not go into effect until the company has a new electric
security plan (ESP 4) in place, which S&P does not anticipate
happening before mid-2023.

AES Ohio's recent rate case order alleviated prior issues for the
company regarding a potential rate freeze, which the PUCO staff
recommended earlier in the year. S&P said, "However, we project its
consolidated FFO to debt to be below 8%, primarily reflecting AES
Ohio's earlier-than-anticipated filing of its ESP 4 rate plan. In
this filing, the company did not request a continuance of its RSC,
which provides about $75 million to $80 million of revenues each
year. As such, the loss of such cash flows, the delayed
implementation of the company's new base rates, and a robust
forward-looking capital spending plan, increases negative
discretionary cash flow and weakens FFO to debt to about 5%-7%
annually. To account for the company's weakening financial measures
and to incorporate our holistic assessment of company's business
risk profile as weaker than peers, we revised downward our
assessment of the comparable ratings analysis modifier to negative
from neutral. As such, we lowered the ICRs on DPL and AES Ohio to
'BB' from 'BB+'. We also revised downward the stand-alone credit
profile of AES Ohio to 'bbb-' from 'bbb', similarly reflecting our
expectations of weakening stand-alone financial measures that will
more consistently reflect the lower end of the range for its
significant financial risk profile category."

The negative outlook largely reflects the regulatory and execution
risks associated with AES Ohio's ESP 4 filing.

The company's proposed ESP 4 plan includes credit-supportive
mechanisms such as a distribution investment rider (DIR) that would
enable the company to earn a tracked return on and of its capital
investments. Currently, other peers in the Ohio jurisdiction have
already been approved to implement a similar mechanism.
Additionally, parent AES Corp. publicly stated that it would
provide equity to DPL, predicated on a supportive outcome for the
ESP 4 proceeding. As such, S&P will continue to monitor subsequent
developments surrounding this filing, including the degree of the
company's cashflow predictability and AES' group support.

The negative outlook reflects the regulatory and execution risks
associated with AES Ohio's ESP 4 filing and the degree of parent
AES' group support. Under our base case, S&P expects DPL's FFO to
debt to reflect 5%-7% through 2025.

S&P said, "We could lower ratings on DPL and AES Ohio over the next
6 to 12 months by one or more notches should AES Ohio receive an
adverse order on its ESP 4, namely regarding its proposed DIR,
while maintaining its current financial measures. Such an order
would be indicative of the company and its strategy as being more
unpredictable than peers within the same regulatory jurisdiction
and could lead to lower degree of support from parent AES.

"We could affirm our ratings on DPL and AES Ohio and revise the
outlook to stable over the next 6 to 12 months if the company
effectively manages its regulatory risk over the coming year, while
maintaining its FFO to debt at around 5%-7%. This scenario assumes
constructive regulatory outcomes in its ESP 4 filing specifically
concerning the DIR while parent AES delivers on its public
commitment to provide substantial equity, supporting DPL's credit
quality."

-- DPL Inc.

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

-- Dayton Power & Light Co. (d/b/a AES Ohio)

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



EDGE INDUSTRIAL: S&P Alters Outlook to Neg., Affirms 'BB' LT ICR
----------------------------------------------------------------
S&P Global Ratings revised the outlook to stable from negative and
affirmed its 'BB' long-term rating on the Economic Development
Growth Engine (EDGE) Industrial Development Board of the City of
Memphis and Shelby County, Tenn.'s 2017B taxable tax increment
revenue bonds issued for the Graceland Development Project.

"The outlook revision reflects our view of improved debt service
coverage on the series 2017B given the recovery in visitor activity
following COVID-19-related declines," said S&P Global Ratings
credit analyst Randy Layman.

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

-- Health and safety



EMPIRE COMMUNITIES: S&P Alters Outlook to Neg., Affirms 'B-' ICR
----------------------------------------------------------------
S&P Global Ratings revised the outlook to negative from stable and
affirmed its 'B-' issuer credit rating on Canadian-based
homebuilder and land developer Empire Communities Corp. At the same
time, S&P revised its liquidity assessment to less than adequate
from adequate.

S&P said, "We also affirmed our 'B-' issue-level rating on the
company's senior unsecured notes. However, due to improving
recovery prospects, we revised our recovery rating to '3' from '4',
indicating our expectation of average (50%-70%; rounded estimate:
60%) recovery in the event of payment default.

"The negative outlook reflects the possibility of a downgrade in
the next six months if we believe Empire is unable to extend the
maturity of its revolver due in December 2023.

"We expect the company's operating performance will remain
pressured due to less demand in the softening macroeconomic
environment. Benchmark mortgage rates have more than doubled in
2022, which negatively affects the affordability of a new home. The
company saw closing delays in the first half of the year due to
supply chain issues and labor strikes, but we expect some of these
delayed closings to occur by the fourth quarter heading into 2023.
As housing demand slows down into the new year, we expect year over
year declines in revenues and EBITDA. We expect some deterioration
in credit metrics with debt to EBITDA reaching the 6x area at the
end of 2023, compared with our expectations of low-5x at the end of
fiscal 2022.

"Slower industrywide sales volumes pose a risk. While all builders
depend on broad economic factors to drive housing demand, we find
Empire and other builders focused on entry-level buyers are more
sensitive to higher mortgage rates and an economic downturn.
However, management's increased use of incentives will help the
company maintain the number of home closings in a period of slowing
housing demand.

"Liquidity is deteriorating as the revolving credit facility
becomes current. We revised our assessment of Empire's liquidity to
less than adequate. Empire faces a debt maturity of $435 million by
the end of 2023. The company has $294 million of debt outstanding
on its revolving credit facility and another $140 million of
project debt all due by the end of 2023. With only $104 million of
cash on its balance sheet at the end of third-quarter 2022 and our
expectations for funds from operations (FFO) of about $103 million
in 2022, it does not have enough liquidity sources to cover these
payments. However, we expect the revolver maturity to be extended
by the end of the first quarter of 2023, which will alleviate the
need to repay in full by December. Once the revolver is extended we
would expect to revise our liquidity assessment to adequate."

The negative outlook on Empire reflects the possibility of a
downgrade in the next six months if Empire is unable to extend the
maturity of its revolver, which has about $293 million outstanding
and due in December 2023.

S&P could lower the rating into the 'CCC' category over the next
six months if the company is unable to extend the maturity of its
revolver. S&P could also lower the rating over the next 12 months
if:

-- Empire's acquisitive strategy yields insufficient returns to
support a sustainable capital structure. This would be evidenced by
leverage approaching or exceeding 10x because EBITDA does not grow
as quickly as we currently anticipate.

-- Adverse market conditions or significant operational issues
cause EBITDA interest coverage to be less than 1x.

S&P could revise the outlook back to stable within the next six
months if the company extends the revolving credit facility beyond
its 2023 maturity while maintaining debt to EBITDA below 7x.

Environmental, Social, And Governance

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

S&P said, "Environmental factors are a moderately negative
consideration in our credit rating analysis of Empire. The company
is subject to a variety of local, state, and federal statutes,
ordinances, rules, and regulations concerning health and
environmental protection. Governance factors are also a moderately
negative consideration based on the lack of a board as the family
is sole owner of the company with three founding members running
the company."



ERIN INDUSTRIES: Gets OK to Hire Butzel Long as Bankruptcy Counsel
------------------------------------------------------------------
Erin Industries, Inc. received approval from the U.S. Bankruptcy
Court for the Eastern District of Michigan to employ Butzel Long, a
Professional Corporation to serve as legal counsel in its Chapter
11 case.

The firm's services include:

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

     b. preparing, filing and prosecuting the Debtor's bankruptcy
schedules, statements of financial affairs and motions;

     c. administering the case and overseeing the Debtor's affairs,
including all issues arising from or impacting the Debtor or the
case;

     d. preparing legal papers;

     e. preparing, filing and defending objections to various
motions, claims, and actions by creditors and parties-in-interest;

     f. preparing, if necessary, adversary proceedings to determine
the validity, extent and priority of asserted security interests
and liens on the Debtor's assets, and prosecuting Chapter 5 causes
of action;

     g. appearing telephonically or in court for hearings or
meetings;

     h. communicating or negotiating with creditors, any creditors'
committee appointed in the case, and other parties in interest;

     i. preparing and prosecuting a Chapter 11 plan and disclosure
statement; and

     j. performing all other necessary legal services.

Butzel Long will be paid at these rates:

     Max Newman, Shareholder             $475 per hour
     Heather Daviau, Paralegal           $205 per hour

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

The firm received a retainer of $8,445, which included the filing
fee of $1,738.

As disclosed in court filings, the members and associates of Butzel
Long are "disinterested persons" within the meaning of Section
101(14) of the Bankruptcy Code.

The firm can be reached through:

     Max J. Newman, Esq.
     Butzel Long, a Professional Corporation
     Stoneridge West
     41000 Woodward Avenue
     Bloomfield Hills, MI 48304
     Tel: (248) 258-1616
     Email: newman@butzel.com

                       About Erin Industries

Erin Industries, Inc. is a family-owned business engaged in the
prototyping, production and assembly of tube bending, bracket
fabrication and tube assemblies. It serves customers in the
automotive industry, aerospace, defense, amusement industry and
building trades. In the automotive industry, while Erin Industries
has, at times, supplied directly to original equipment
manufacturers, it has more commonly acted as a Tier 2 supplier.

Erin Industries sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Mich. Case No. 22-47354) on Sept. 20,
2022, with up to $50,000 in assets and up to $10 million in
liabilities. Steven Atwell, president of Erin Industries, signed
the petition.

Judge Thomas J. Tucker oversees the case.

Max J. Newman, Esq., at Butzel Long, a Professional Corporation is
the Debtor's counsel.


EVERNEST HOLDINGS: Taps Richard Siegmeister as Legal Counsel
------------------------------------------------------------
Evernest Holdings, LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of Florida to employ Richard
Siegmeister, P.A. as its legal counsel.

The firm's services include:

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

     b. advising the Debtor with respect to its responsibilities in
complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;

     c. preparing legal documents;

     d. protecting the interest of the Debtor in all matters
pending before the court; and

     e. representing the Debtor in negotiation with its creditors
in the preparation of a Chapter 11 plan.

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

Richard Siegmeister, Esq., a partner at Richard Siegmeister PA,
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.

Richard Siegmeister can be reached at:

     Richard Siegmeister
     Richard Siegmeister, PA
     3850 Bird Rd, Floor 10
     Miami, FL 33146-1501
     Tel: (305) 859-7376
     Email: rspa111@att.net

                      About Evernest Holdings

Evernest Holdings, LLC owns real properties located in Miami-Dade
County, Fla.

Evernest Holdings sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-18951) on Nov. 21,
2022. In the petition signed by its manager, Eddrian Burciaga, the
Debtor disclosed up to $50,000 in assets and up to $1 million in
liabilities.

Judge Robert A. Mark oversees the case.

Richard Siegmeister, Esq., at Richard Siegmeister, PA is the
Debtor's legal counsel.


EW SCRIPPS: Fitch Affirms LongTerm IDR at 'B', Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed The E.W. Scripps Company's (Scripps)
Long-Term issuer Default Rating (IDR) at 'B' and its senior secured
issue at 'BB'/'RR1'. Fitch has also upgraded Scripps' senior
unsecured issue ratings to 'B+'/'RR3' from 'B'/'RR4' as result of
more than almost $700 million of debt repayment since the ION Media
Networks (ION) acquisition. The Rating Outlook is Stable.

KEY RATING DRIVERS

Improving Leverage: Since acquiring ION on Jan. 7, 2021 for $2.65
billion, Scripps has repaid approximately $800 million of debt,
exceeding Fitch's expectations. As a result, Fitch-calculated pro
forma last eight quarters annualized (L8QA) leverage declined to
5.5x at Sept. 30, 2022 from 6.3x at closing. The ION transaction
was financed with a mix of cash proceeds from divestitures and debt
and preferred equity (Fitch assigns 0% equity credit). Fitch
expects Scripps will continue to repay debt, in line with
management comments, over the rating horizon.

Business Model Realignment: Following ION's acquisition, Scripps
realigned its business model into three segments to create a
full-scale national television business: Scripps Networks (nine
national multicast networks and Newsy, a digital national news
network), Local Media (television stations), and Other. Scripps
Network provides access to national advertisers with its almost
ubiquitous coverage of all U.S. households through free
over-the-air broadcast and various free and subscription services.
It also has higher operating margins than Local Media.

Advertising Exposure: Ad revenues accounted for approximately 70%
of Scripps' L8QA total pro forma revenues (excluding political),
with local advertising comprising a significant portion. Fitch
believes Scripps has become better positioned to manage through
weaker operating performance due to contractual increases in
retransmission revenues (currently mid-20% of pro forma revenues,
excluding political) and increasing exposure to national
advertising, which reduces localized economic effects.

Fitch expected a more robust political advertising cycle for
Scripps in 2022, in line with the company's $270 million initial
estimate release earlier this year. However, Scripps' political
revenues were lighter than expected given less competitive races in
markets where the company has stations, which represents a greater
risk during the mid-term election cycle. As a result, the company
recently reduced its FY2022 political revenue guidance to $200
million.

Advertising Market: Advertising spending in 2021 and into 1H2022
experienced significant growth as the market snapped back from the
pandemic's effects faster and stronger than Fitch's expectations.
However, in line with Fitch's current expectations, indications are
that an advertising recession has begun that is likely to continue
into 1H2023. Fitch is modelling low to mid-single-digit revenue
declines, followed by a recovery into 2024 in line with historical
trends. In addition, given the current political landscape, Fitch
expects record political advertising in 2024 due to the
presidential election.

Growing Net Retransmission Revenues: Fitch expects that
retransmission revenues will grow at a high-single-digit pace over
the near term. Fitch expects these fees to continue to increase
given the significant gap between a broadcast station's audience
share and its share of multichannel video programming distributors'
(MVPDs) programming fees. However, affiliates share an increasing
proportion of these fees with the networks, which are expected to
increase to mid-50% over the near term.

Improving, EBITDA Margins: Fitch expects Scripps' EBITDA margin
will improve over the rating horizon due to operating improvements
and cost savings related to the ION acquisition. However, Fitch
expects margins to continue lagging peers due to the still-high
concentration of lower-rated stations in Scripps television
portfolio. In addition, although Scripps Networks reduces Scripps'
reliance on the local television business and generates much better
operating margins, they only generate approximately 40% of total
revenues and ION's cost synergies are expected to be realized over
six years.

Improving FCF: TV broadcasters typically generate significant
amounts of FCF due to high operating leverage and minimal capex
requirements. At the beginning of 2022, the company guided to
deliver free cash flow of $400 million - $450 million for the year,
revising its guidance to $320 million in Q3'22 due to a lighter
than expected political advertising demand and the macroeconomic
impact on the national advertising markets.

Viewer Fragmentation: Scripps continues facing secular headwinds
present in the TV broadcasting sector including declining audiences
amid increasing programming choices, with further pressures from
over-the-top (OTT) internet-based television services. However, it
is Fitch's expectation that local broadcasters will remain
relevant.

Fitch also views positively the increasing inclusion of local
broadcast content in OTT offerings. Growth in OTT subscribers could
provide incremental revenues and offset declines of traditional
MVPD subscribers. However, Fitch does not believe penetration will
be material for Scripps over the near term, particularly give the
company's predominance in smaller and medium-sized markets.

DERIVATION SUMMARY

Scripps' 'B' IDR reflects its smaller scale and higher leverage
relative to the larger and more diversified media peers, like
Paramount Global (BBB/Stable) and Discovery Communications
(BBB-/Stable). Although Fitch views Scripps' enhanced scale and
diversification following the ION acquisition as credit positives,
pro forma total leverage is expected to remain well above Paramount
Global and Discovery.

Scripps has a similar leverage profile as Gray Television Inc.
(BB-/Stable). However, Gray benefits from a television station
portfolio with stations ranked number one or number two in 92% of
its markets and has significant exposure in political battleground
geographies. Gray's EBITDA margins, in the high 30% range (two-year
average), lead the peer group. By comparison, Fitch expects
Scripps' EBITDA margins will remain in the mid-to-high 20% range
(even-odd year average).

KEY ASSUMPTIONS

- FY2022 includes full contribution in revenue and Adj. EBITDA from
the ION acquisition closed in January 2021.

- Core advertising declines to a mid-single digit in 2022 and 2023
as result of the mild de-acceleration in the sector, rebounding in
2024 at a high-single digit, and then growing at a mid-single digit
over the rating horizon, capitalizing on the operating resiliency
of its local and national core advertising operations.

- Political advertising revenues of approximately $200 million and
$300 million in 2022 and 2024 (political revenue cycle), reflecting
the operating leverage of its local media presence during political
years.

- Retrans & carriage revenue generation at approximately $660
million for 2022, evidencing its solid presence in the MVPDs market
and the continuity of its consent agreements., and then normalizing
its revenue growth at a mid-single digit over the rating horizon.

- Scripps Network revenues of approximately $968 million for 2022,
reflecting the contribution of the ION acquisition and the expanded
distribution of its networks on CTV, offsetting with weakness in
the national advertising market over the last half of 2022. For the
following projected years, Scripps Network revenue is assumed to
grow at a mid-to-high single-digit.

- EBITDA margins fluctuate reflecting even year political revenues
but are expected to improve on average due to the mix shift towards
higher-margin retransmission revenues, resulting in a margin around
24%-26% over the rating horizon.

Other assumptions:

- Fitch assumes a $110 million debt repayment in 4Q22, the
approximate midpoint of company guidance. Thereafter, Fitch assumes
most FCF will be used for additional debt repayment.

- Capex in a range of 2.0% to 2.5% of revenues annually.

- Purchase of investments at around 0.5% of annual revenues.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that Scripps would be considered a
going-concern in bankruptcy and that the company would be
reorganized rather than liquidated. Fitch has assumed a 10%
administrative claim.

EBITDA:

Scripps' going-concern EBITDA is based on pro forma LQ8A EBITDA.
Fitch then stresses operating performance by assuming an economic
downturn that impacts revenue and operating profitability. Fitch
expects traditional mediums, including television, will again be
disproportionately impacted by the pullback in advertising. Scripps
benefits from its higher proportion of subscription revenues
(retransmission revenues) relative to the previous recessionary
period and does not expect political ad revenues to be impacted by
economic pressure. However, given the high degree of operating
leverage in the business, Scripps' going-concern LQ8A EBITDA
declines to $560 million.

Multiple: Fitch employs a 6x distressed enterprise value multiple
reflecting the value present in the company's FCC licenses in small
and medium-sized U.S. markets. This multiple is roughly in-line
with the median TMT emergence enterprise value/EBITDA multiple of
5.5x. It also incorporates the following:

(1) Public trading EV/EBITDA multiples typically range from
8x-11x;

(2) Recent M&A transaction multiples in a range of 7x-9x including
synergies. Gray Television acquired Raycom Media for $3.6 billion
in January 2019 including $80 million of anticipated synergies, or
7.8x. Apollo Global Management, LLC acquired Cox Media for $3.1
billion in February 2019 pre-synergies, or 9.5x. Nexstar Media
Group acquired Tribune Media Company in September 2019 for $7.2
billion, including the assumption of debt and $185 million of
outlined synergies, or 7.5x. Nexstar then sold 22 stations to three
buyers as required under the terms of the Tribune acquisition for a
blended 7.5x.

(3) Scripps announced the acquisition of 15 television stations
from Cordillera Communications in October 2018 for $521 million, or
8.3x including $8 million in outlined synergies. Scripps announced
the acquisition of eight stations from Nexstar in March 2019 for
$580 million. The purchase price represented an 8.1x multiple of
average two-year EBITDA excluding the New York City CW affiliate,
WPIX.

Fitch estimates an adjusted, distressed enterprise valuation of
roughly $3.4 billion.

Debt: Fitch assumes a fully drawn revolver ($400 million) in its
recovery analysis since credit revolvers are tapped as companies
are under distress. As of Sept. 30, 2022, Scripps had $2.1 billion
in senior secured term loans and notes, $866 million in unsecured
debt, and $600 million of preferred equity.

The recovery analysis results in a 'RR1' recovery rating for the
company's secured first lien debt reflecting Fitch's belief that
91%-100% expected recovery is reasonable, resulting in a
three-notch uplift from the IDR of 'B' to an issue-level rating of
'BB'.

The recovery analysis results in an 'RR3' recovery rating for the
senior unsecured notes, reflecting 51%-70% expected recovery,
resulting in a one-notch uplift to an issue-level rating of 'B+'.
The unsecured issue rating benefitted from the Scripps' repayment
of approximately $800 million of debt since the ION acquisition's
closing, resulting in the upgrade from 'B'. Fitch does not rate the
preferred equity

RATING SENSITIVITIES

- Two-year average total leverage (total debt with equity
credit/operating EBITDA) sustained below 5.5x.

- Two-year average FCF/Gross Adjusted Debt above 5%.

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

- Two-year average total leverage sustained above 6.5x as a result
of incremental acquisition activity, shareholder friendly
activities or weaker than anticipated operating performance
including an acceleration in secular pressures.

- Two-year average FCF/Gross Adjusted Debt falls below 2.5%.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: At Sept. 30, 2022, Scripps had $38 million in
cash and cash equivalents and had full access to its revolver ($392
million excluding LCs), resulting into a solid liquidity position
of $431 million. The company has no material maturities until 2024,
when its term loan B1 matures (approximately $281 million expected
outstanding after required annual amortization payments), and
required annual term loan amortization totals approximately $19
million in 2022 and 2023.

Fitch expects positive FCF generation averaging approximately $250
million annually over the rating horizon, with a minimum revolver
usage.

The company's revolving credit facility has a 4.50x maximum first
lien net leverage covenant that is tested only when there are
revolver borrowings outstanding (springing covenant).

ISSUER PROFILE

Scripps is the fourth-largest TV broadcaster in the U.S. with 61
stations in 41 markets, serving audiences through a diversified
portfolio of local and national media brands.

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
   -----------             ------        --------   -----
The E.W. Scripps
Company             LT IDR B   Affirmed                B

   senior secured   LT     BB  Affirmed     RR1       BB

   senior
   unsecured        LT     B+  Upgrade      RR3        B


F.R. ALEMAN: Gets OK to Hire De La Hoz Perez as Accountant
----------------------------------------------------------
F.R. Aleman and Associates, Inc. received approval from the U.S.
Bankruptcy Court for the Southern District of Florida to employ De
La Hoz Perez & Barbeito, P.A. as accountant.

The Debtor requires an accountant to:

   a. prepare and file tax returns;

   b. assist the Debtor with the preparation of monthly operating
reports;

   c. prepare financial statement and projections as necessary for
the Debtor's Chapter plan; and

   d. assist with bookkeeping and related financial issues as
necessary.

The firm will be paid at the rate of $350 per hour.

Jorge De La Hoz, a partner at De La Hoz Perez & Barbeito, 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:

     Jorge De La Hoz
     De La Hoz Perez & Barbeito, P.A.
     304 Palermo Avenue
     Coral Gabels, FL 33134
     Tel: (305) 448-7590
     Email: delahozin@delahozcpa.com

                 About F.R. Aleman and Associates

Miami-based F.R. Aleman and Associates, Inc. filed a petition under
Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla.
Case No. 22-18696) on Nov. 10, 2022, with up to $10 million in both
assets and liabilities. Aleida Martinez-Molina has been appointed
as Subchapter V trustee.

Judge Laurel M. Isicoff oversees the case.

Hoffman Larin & Agnetti, Leto Law Firm and De La Hoz Perez &
Barbeito, P.A. serve as the Debtor's bankruptcy counsel, special
counsel and accountant, respectively.


F.R. ALEMAN: Gets OK to Hire Leto Law Firm as Special Counsel
-------------------------------------------------------------
F.R. Aleman and Associates, Inc. received approval from the U.S.
Bankruptcy Court for the Southern District of Florida to employ
Leto Law Firm as special counsel.

The Debtor needs the firm's legal assistance in connection with its
appeal of the final judgment entered by the Miami-Dade Circuit
Court in the case filed by EAC (Case No. 2021-012260-CA-01) to
confirm the arbitration award entered against the Debtor.

Leto Law Firm will be paid at the rate of $500 per hour.

Matthew Leto, Esq., a partner at Leto 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:

     Matthew Leto, Esq.
     Leto Law Firm
     201 S Biscayne Blvd., Suite 2700
     Miami, FL 33131
     Tel: (303) 341-3155

                 About F.R. Aleman and Associates

Miami-based F.R. Aleman and Associates, Inc. filed a petition under
Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla.
Case No. 22-18696) on Nov. 10, 2022, with up to $10 million in both
assets and liabilities. Aleida Martinez-Molina has been appointed
as Subchapter V trustee.

Judge Laurel M. Isicoff oversees the case.

Hoffman Larin & Agnetti, Leto Law Firm and De La Hoz Perez &
Barbeito, P.A. serve as the Debtor's bankruptcy counsel, special
counsel and accountant, respectively.


FIRST QUANTUM: S&P Places 'B+' ICR on CreditWatch Negative
----------------------------------------------------------
S&P Global Ratings placed its 'B+' issuer and issue ratings on
First Quantum Minerals Ltd. (FQM) on CreditWatch with negative
implications.

S&P said, "The CreditWatch placement indicates that we may
downgrade FQM in the next 90 days or sooner, if we see substantial
disruptions to mining operations at Cobre Panama because of the
intended care and maintenance plan and this causes a significant
increase in leverage or reduces the group's resilience.

"The CreditWatch placement follows an unexpected government
decision that may result in a deviation from our base-case
scenario. The Cobre Panama mine is one of the largest and most
profitable assets in FQM's portfolio--it accounted for 50% of
reported EBITDA in the first nine months of 2022. As of Dec. 20,
2022, we understand that the mine is operating without disruptions.
However, if operations at the mine were to be disrupted for a
substantial period, or if FQM agrees to pay the government much
higher royalties, its operating cash flow may decline. This would
push leverage above our base-case expectations, which still include
an annual payment of $375 million to the government. At the current
rating level, S&P Global Ratings-adjusted debt to EBITDA is
expected to be 2.5x when market conditions are healthy, and up to
4x when they are weak. Adjusted debt to EBITDA was 2.6x in the 12
months to the end of September 2022. In addition, if FQM derives
less of its EBITDA from its Panamanian operations--that is,
meaningfully below 50%--the company's exposure to sovereign risk
from its Zambian operations would rise. Our foreign currency rating
on Panama is BBB/Negative/A-2; Zambia is rated SD/--/SD (local
currency: CCC+/Stable/C) while it restructures its debt.

"The CreditWatch placement indicates that we may downgrade FQM in
the next 90 days or sooner if we consider that operational
disruptions at Cobre Panama are likely to lead to a significant
increase in leverage, or will reduce the predictability of the
group's overall performance. We may regard FQM's business as less
resilient if the Panamanian contribution to EBITDA falls
meaningfully below 50%, or the political risk associated with
operating the Cobre Panama mine rises. The timing and nature of the
care and maintenance plan will affect our rating analysis."

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



FTX GROUP: SBF Released $100Mil. Crypto in Bahamas
--------------------------------------------------
Jonathan Randles of The Wall Street Journal reports that FTX Chief
Executive John J. Ray III told Congress he believes Sam
Bankman-Fried sought to undermine the company's bankruptcy when he
helped Bahamian authorities withdraw $100 million in cryptocurrency
from the platform as the exchange spiraled toward collapse.

Mr. Ray criticized Bahamian authorities during a U.S. House
Committee on Financial Services hearing Tuesday on FTX's failure
and his efforts to recover customers; funds.  His testimony
intensified a dispute between FTX's new U.S. management and
regulators and liquidators in the Bahamas over control of FTX
systems and an unknown amount of cryptocurrency assets.  

                         About FTX Group

FTX is the world's second-largest cryptocurrency firm.  FTX is a
cryptocurrency exchange built by traders, for traders.  FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.

Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.

Faced with liquidity issues, FTX on Nov. 9, 2022, struck a deal to
sell itself to its giant rival Binance, but Binance walked away
from the deal the next day amid reports on FTX regarding mishandled
customer funds and alleged US agency investigations.

At approximately 4:30 a.m. on Nov. 11, Bankman-Fried ultimately
agreed to step aside, and restructuring vet John J. Ray III was
quickly named new CEO.

FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.  
Additional entities sought Chapter 11 protection on Nov. 14, 2022.
A total of 102 entities related to FTX have filed for Chapter 11
protection.

FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year.  According to Reuters, CEO
Bankman-Fried shared a document with investors on Nov. 10 showing
FTX had $13.86 billion in liabilities and $14.6 billion in assets.
However, only $900 million of those assets were liquid, leading to
the cash crunch that ended with the company filing for bankruptcy.

The Hon. John T. Dorsey is the case judge.

Andrew G. Dietderich, James L. Bromley, Brian D. Glueckstein
andAlexa J. Kranzley at Sullivan & Cromwell LLP in New York, serve
as the Debtors' counsel.

Adam G. Landis, Kimberly A. Brown and Matthew R. Pierce at LANDIS
RATH & COBB LLP in Wilmington serve as local bankruptcy counsel to
FTX Group.

Alvarez & Marsal North America, LLC, is the Debtors' financial
advisor.

Kroll is the claims agent, maintaining the page
https://cases.ra.kroll.com/FTX/Home-Index

Lawyers at Paul Weiss represented SBF but later renounced
representing the entrepreneur due to a conflict of interest.




FTX TRADING: Announces Process for Return of Avoidable Payments
---------------------------------------------------------------
FTX Trading Ltd. (d.b.a. FTX.com), and its affiliated debtors, on
Dec. 19 disclosed that the FTX Debtors have been approached by a
number of recipients of contributions or other payments that were
made by or at the direction of the FTX Debtors, Samuel
Bankman-Fried or other officers or principals of the FTX Debtors
(collectively, the "FTX Contributors").  These recipients have
requested directions for the return of such funds to the FTX
Debtors.  The FTX Debtors are working with these recipients to
secure the prompt return of such funds to the FTX Estates for the
benefit of customers and creditors.

The FTX Debtors invite all recipients of such payments to contact
the FTX Debtors at (FTXrepay@ftx.us) to make arrangements for the
return of such payments. To the extent such payments are not
returned voluntarily, the FTX Debtors intend to commence actions
before the Bankruptcy Court to require the return of such payments,
with interest accruing from the date any action is commenced.
Recipients are cautioned that making a payment or donation to a
third party (including a charity) in the amount of any payment
received from a FTX Contributor does not prevent the FTX Debtors
from seeking recovery from the recipient or any subsequent
transferee.

                          About FTX Group

FTX is the world's second-largest cryptocurrency firm.  FTX is a
cryptocurrency exchange built by traders, for traders.  FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.

Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.

Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell
itself to its giant rival Binance, but Binance walked away from the
deal the next day amid reports on FTX regarding mishandled customer
funds and alleged US agency investigations.

At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.

FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.

FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year.  According to Reuters, SBF
shared a document with investors on Nov. 10 showing FTX had $13.86
billion in liabilities and $14.6 billion in assets.  However, only
$900 million of those assets were liquid, leading to the cash
crunch that ended with the company filing for bankruptcy.  

The Hon. John T. Dorsey is the case judge.

The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Kroll is the claims agent,
maintaining the page https://cases.ra.kroll.com/FTX/Home-Index

Lawyers at Paul Weiss represented SBF but later renounced
representing the entrepreneur due to a conflict of interest.


FUELCELL ENERGY: Extends Term of EMTEC Deal to August 2023
----------------------------------------------------------
FuelCell Energy, Inc. and ExxonMobil Technology and Engineering
Company (f/k/a ExxonMobil Research and Engineering Company) have
entered into Amendment No. 3 to the Joint Development Agreement
between the Company and EMTEC, effective as of Dec. 1, 2022.

The Joint Development Agreement between the Company and EMTEC was
executed on Nov. 5, 2019, was effective as of Oct. 31, 2019, and
had a term of two years from the effective date, ending on Oct. 31,
2021.  Under the Original Agreement, the Company has engaged in
exclusive research and development efforts with EMTEC to evaluate
and develop new and/or improved carbonate fuel cells to reduce
carbon dioxide emissions from industrial and power sources in
exchange for (i) payment by EMTEC of certain fees and costs
(including research costs of up to $45,000,000) as well as certain
milestone-based payments, and (ii) certain licenses, in each case
as described in the Original Agreement.

In Amendment No. 1 to the Joint Development Agreement, which was
executed on Oct. 29, 2021 and effective as of Oct. 31, 2021, the
Company and EMTEC agreed, among other things, to extend the term
for an additional six months, ending on April 30, 2022.  Amendment
No. 1 allowed for the continuation of research intended to enable
incorporation of design improvements to Company fuel cell design in
order to support a decision to use the improvements in a future
demonstration of the technology for capturing carbon at
ExxonMobil's Rotterdam refinery in the Netherlands and provided
additional time to achieve Milestone 1, as defined in the Original
Agreement.

In Amendment No. 2 to the Joint Development Agreement, which was
executed on April 29, 2022 and effective as of April 30, 2022, the
Company and EMTEC agreed to further extend the term such that it
would end on Dec. 31, 2022 and to increase the maximum amount of
research costs to be reimbursed by EMTEC from $45,000,000 to
$50,000,000.  Amendment No. 2 allowed for the continuation of
research intended to enable the parties to (i) gain an improved
understanding of the fuel cell operating envelope for various
carbon capture applications; and (ii) complete data collection to
support the project gate decision to use the developed technology
in a Company fuel cell module demonstration for capturing carbon at
ExxonMobil's Rotterdam facility.  In Amendment No. 2, the Company
and EMTEC also agreed to conduct a joint market study, with a
target completion date on or before Oct. 31, 2022, to (a) define
application opportunities, commercialization strategies, and
development requirements, (b) identify partners for potential
pilot/demonstration projects and (c) assess fuel cell/stack/module
manufacturing scale-up and cost reduction.

In Amendment No. 3, the Company and EMTEC agreed to further extend
the term such that it will end on Aug. 31, 2023 (unless terminated
earlier) and to further increase the maximum amount of research
costs to be reimbursed by EMTEC from $50,000,000 to $60,000,000.
Amendment No. 3 is intended to (i) allow for continuation of
research that would enable the parties to finalize data collection
in support of the project gate decision to use the developed
technology in a Company fuel cell module demonstration for
capturing carbon at ExxonMobil's Rotterdam facility, (ii) allow for
the continuation of the development, engineering and mechanical
derisking of the Generation 2 Technology fuel cell module
prototype, and (iii) allow for studying the manufacturing scale-up
and cost reduction of a commercial Generation 2 Technology fuel
cell carbon capture facility.

In addition to the Original Agreement (as amended by Amendment No.
1, Amendment No. 2, and Amendment No. 3), in June 2019, the Company
and EMTEC entered into a license agreement to facilitate the
further development of the Company's SureSource CaptureTM product.
Pursuant to this license agreement, the Company granted EMTEC and
its affiliates a non-exclusive, worldwide, fully-paid, perpetual,
irrevocable, non-transferable license and right to use the
Company's patents filed on or before April 30, 2021, and any data,
know-how, improvements, equipment designs, methods, processes and
the like provided directly by the Company or its affiliates to
EMTEC or its affiliates under any agreement or otherwise, on or
before April 30, 2021, to the extent it is useful to research,
develop and commercially exploit carbonate fuel cells in
applications in which the fuel cells concentrate carbon dioxide
from industrial and power sources and for any other purpose
attendant thereto or associated therewith.

Additionally, the Company and EMTEC previously entered into a
letter agreement, dated as of Oct. 28, 2021 and executed on Oct.
29, 2021, pursuant to which the Company agreed to invest with EMTEC
in the Rotterdam Project, should EMTEC move forward with the
demonstration project.  In the Letter Agreement, the Company agreed
that, if (i) the Company achieves Milestone 1 (which occurred in
January 2022), and (ii) EMTEC and the Company execute a contractual
agreement to proceed with the Rotterdam Project, then at EMTEC's
option, the Company will either make an investment in the amount of
$5,000,000 in the Rotterdam Project or discount EMTEC's purchase of
the Company's fuel cell module and detailed engineering design, as
agreed to by the parties, required for the Rotterdam Project by
said amount.

                      About FuelCell Energy

Headquartered in Danbury, Connecticut, FuelCell Energy, Inc. --
http://www.fuelcellenergy.com-- is a global developer of
distributed baseload power solutions through its proprietary fuel
cell technology.  The Company targets large-scale power users with
its megawatt-class installations globally, and currently offer
sub-megawatt solutions for smaller power consumers in Europe.  The
Company develops turn-key distributed power generation solutions
and operate and provide comprehensive service for the life of the
power plant.

FuelCell reported a net loss of $147.23 million for the year ended
Oct. 31, 2022, a net loss of $101.03 million for the year ended
Oct. 31, 2021, a net loss of $89.11 million for the year ended Oct.
31, 2020, a net loss of $77.57 million for the year ended Oct. 31,
2019, and a net loss of $47.33 million for the year ended Oct. 31,
2018.  As of Oct. 31, 2022, the Company had $939.72 million in
total assets, $185.33 million in total liabilities, $59.86 million
in redeemable series B preferred stock, $3.03 million in redeemable
noncontrolling interest, and $691.50 million in total equity.


GASPARILLA MOBILE: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: Gasparilla Mobile Estates, Inc.
        2001 Gasparilla Road
        Placida, FL 33946

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

Chapter 11 Petition Date: December 22, 2022

Court: United States Bankruptcy Court
       Middle District of Florida

Case No.: 22-01267

Debtor's Counsel: Andrew J. McBride, Esq.
                  ADAMS AND REESE LLP
                  150 Second Avenue North
                  Suite 1700
                  Saint Petersburg, FL 33701
                  Tel: 727-502-8291
                  Email: andrew.mcbride@arlaw.com

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Carol W. Kropp as president.

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

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

https://www.pacermonitor.com/view/IH6DAGY/Gasparilla_Mobile_Estates_Inc__flmbke-22-01267__0001.0.pdf?mcid=tGE4TAMA



GENEVER HOLDINGS: Gets OK to Hire Neubert as Co-Counsel
-------------------------------------------------------
Genever Holdings, LLC received approval from the U.S. Bankruptcy
Court for the District of Connecticut to employ Neubert Pepe &
Monteith, P.C. as co-counsel with Goldberg Weprin Finkel Goldstein,
LLP.

The firm's services include:

     a. advising the Debtor as to its rights, powers and duties in
its Chapter 11 case;

     b. advising the Debtor as to its investigation into the
property of its estate, including the pursuit of any actions to
collect and recover property for the benefit of the estate;

     c. commencing, conducting or continuing litigation to assert
rights held by the Debtor's estate, protect assets of the estate,
or otherwise further the goal of completing the case;

     d. preparing legal documents and reviewing financial reports
filed and to be filed in the case;

     e. advising the Debtor concerning, and preparing responses to,
legal papers that may be filed by other parties;

     f. advising the Debtor with respect to, and assisting in the
negotiation and documentation of, financing agreements and related
transactions;

     g. reviewing the nature and validity of any liens asserted
against the Debtor's property and advising the Debtor concerning
the enforceability of such liens;

     h. advising and assisting the Debtor in connection with any
potential asset sales and property dispositions;

     i. advising the Debtor concerning executory contract and
unexpired lease assumption, assignment and rejection;

     j. advising the Debtor in connection with the formulation,
negotiation, and promulgation of a plan of reorganization and
related transactional documents;

     k. assisting the Debtor in reviewing, estimating and resolving
claims asserted against the Debtor's estate; and

     l. negotiating with parties-in-interest.

Neubert will be paid at these rates:

    Principals                $450 per hour
    Associates & Counsels     $175 to $360 per hour
    Paralegal                 $150 to $175 per hour

    Douglas S. Skalka, Esq.   $450 per hour
    Lucas B. Rocklin, Esq.    $400 per hour
    Patrick R. Linsey, Esq    $350 per hour

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

Douglas Skalka, Esq., principal at Neubert, disclosed in a court
filing that his firm is a "disinterested person" within the meaning
of Section 101(14) of the Bankruptcy Code.

Mr. Skalka also made the following disclosures in response to the
request for additional information set forth in Paragraph D.1 of
the Revised U.S. Trustee Guidelines:

     Question: Did you agree to any variations from, or
alternatives to, your standard or customary billing arrangements
for this engagement?  

     Answer: No. As a practical matter, Neubert will only be
compensated if and to the extent that there are assets in
the Debtor's estate.

     Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?

     Answer: No.

     Question: If you represented the client in the 12 months
pre-petition, disclose your billing rates and material financial
terms for the pre-petition engagement, including any adjustments
during the 12 months pre-petition. If your billing rates
and material financial terms have changed post-petition, explain
the difference and the reasons for the difference.

     Answer: Not applicable. Neubert has not previously represented
the Debtor.

     Question: Has your client approved your prospective budget and
staffing plan, and, if so, for what budget period?

     Answer: The Debtor and Neubert are discussing staffing and a
budget for this Chapter 11 case for the period from Oct. 11 to Dec.
31, 2022.

Neubert can be reached through:

     Douglas S. Skalka, Esq.
     Neubert Pepe & Monteith, PC
     95 Church St
     New Haven, CT 06510
     Phone: +1 203-821-2000
     Email: dskalka@npmlaw.com

                       About Genever Holdings

Genever Holdings, LLC is the owner of the entire 18th floor
apartment and auxiliary units in the Sherry Netherland Hotel
located at 781 Fifth Ave., N.Y.

Genever Holdings, LLC filed its voluntary petition for Chapter 11
protection (Bankr. S.D.N.Y. Case No. 20-12411) on Oct. 12, 2020,
with $50 million to $100 million in both assets and liabilities. On
Nov. 4, 2022, the case was transferred to the U.S. Bankruptcy Court
for the District of Connecticut and was assigned a new case number
(Case No. 22-50592).

Ho Wan Kwok, owner of Genever Holdings, LLC's parent, Genever
Holdings Corporation, sought Chapter 11 protection (Bankr. D. Conn.
Case No. 22-50073) on Feb. 15, 2022, with $50,001 to $100,000 in
assets and $100 million to $500 million in liabilities. According
to Reuters, Ho Wan Kwok, also known as Guo Wengui, was a former
real estate magnate who fled China for the U.S. in 2014 ahead of
corruption charges. He filed for bankruptcy after a New York court
ordered him to pay lender Pacific Alliance Asia Opportunity Fund
$254 million stemming from a contract dispute.

Genever Holdings Corporation is a company in Road Town, Tortola,
which is engaged in activities related to real estate. It sought
Chapter 11 protection (Bankr. D. Conn. Case No. 22-50542) on Oct.
11, 2022, with $10 million to $50 million in assets and $100
million to $500 million in liabilities.

On Nov. 21, 2022, the Connecticut bankruptcy court ordered the
consolidation of the three cases for procedural purposes. The cases
are jointly administered under Case No. 22-50073 and are assigned
to Judge Julie A. Manning.

Kevin J. Nash, Esq., at Goldberg Weprin Finkel Goldstein, LLP and
Neubert Pepe & Monteith, P.C. serve as Genever Holdings, LLC's
legal counsels.

Neubert, Pepe & Monteith and Harney Westwood and Riegels, LP serve
as Genever Holdings Corporation's bankruptcy counsel and British
Virgin Islands counsel, respectively.

Luc A. Despins, the Chapter 11 trustee appointed in Ho Wan Kwok's
case, tapped Paul Hastings, LLP as bankruptcy counsel; Neubert,
Pepe & Monteith as local and conflicts counsel; and Harney Westwood
and Riegel as British Virgin Islands counsel.

Pullman & Comley, LLC represents the official committee of
unsecured creditors appointed in Ho Wan Kwok's bankruptcy case.


GIBSON BRANDS: Oaktree SCF Marks $4.9M Loan at 19% Off
------------------------------------------------------
Oaktree Strategic Credit Fund has marked its $4,967,000 loan
extended to Gibson Brands Inc to market at $4,024,000, or 81% of
the outstanding amount, as of September 30, 2022, according to a
disclosure contained in Oaktree SCF's Form 10-K for the fiscal year
ended September 30, filed with the Securities and Exchange
Commission on December 14.

Oaktree SCF extended a First Lien Term Loan to Gibson Brands Inc.
The loan currently has an interest rate of 7.94% (LIBOR+5.00%) and
is scheduled to mature on August 11, 2028.

Oaktree SCF is structured as a non-diversified, closed-end
management investment company. It is a Delaware statutory trust
formed on November 24, 2021 and is externally managed by Oaktree
Fund Advisors, LLC.  The Adviser is an affiliate of Oaktree Capital
Management, L.P. and a subsidiary of Oaktree Capital Group, LLC. In
2019, Brookfield Asset Management Inc. acquired a majority economic
interest in OCG. OCG operates as an independent business within
Brookfield, with its own product offerings and investment,
marketing and support teams. Oaktree Fund Administration, LLC, a
subsidiary of OCM, provides certain administrative and other
services necessary for Oaktree SCF to operate.

Gibson Brands designs, manufactures, and distributes musical
instruments and professional audio products and related
accessories.



GOTO GROUP: Fitch Lowers LongTerm IDRs to 'B-', Outlook Stable
--------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Issuer Default Ratings
(IDRs) for LMI Parent, L.P. and its subsidiary, GoTo Group, Inc.
(GoTo Group, fka LogMeIn, Inc.), to 'B-' from 'B'. Fitch has also
downgraded the first lien debt to 'B' from 'BB-' and the Recovery
Rating to 'RR3' from 'RR2'. The Rating Outlook for both entities is
Stable.

The downgrade reflects Fitch's concerns about modestly declining
revenues while operating expenses have been running higher than
previously expected. As a result, the company's credit profile has
been weaker than Fitch anticipated. Fitch has revised its leverage
forecast to approximately 7.0x from 5.5x to 6.3x. With expectations
for lower EBITDA and rising interest rates, Fitch also expects
interest coverage to be weaker than previously projected.

GoTo's credit profile benefits from a large diverse customer base
of 2.5 million SMB customers, its market position, revenue scale,
sufficient liquidity and a lack of near-term debt maturities. These
factors and the company's leverage profile are consistent with the
'B-' rating category.

KEY RATING DRIVERS

Competition Hurts Credit Profile: GoTo operates in a crowded
competitive environment with large players as well as smaller
players that all contend for the same SMB customers as GoTo. As
competition has increased, GoTo has seen overall revenues decline
modestly largely due to lower results in its UCC segment which
includes GoToConnect. At the same time, the company's operating
expenses have been on the rise.

Previously, Fitch expected GoTo to have EBITDA margins around 38%
and leverage in the range of 5.5x to 6.3x over the rating horizon.
However, the company's performance over recent quarters have not
met Fitch's prior expectations, and Fitch had previously stated
that it would take negative rating action if leverage was over 6.5x
on sustained basis and/or if FFO interest coverage was below 2.0x
on a sustained basis. Fitch now forecasts that GoTo's leverage and
interest coverage sensitivities will be tripped, prompting the
downgrade.

Leverage to Remain Elevated: For the LTM ending 3Q22, Fitch
calculates that leverage was 7.1x, up from 6.5x at the end of 2021.
Fitch forecasts GoTo group to maintain leverage around 7.0x
throughout the rating horizon. Fitch believes the company will make
ongoing investments in technologies and products to keep pace with
the fast-moving industry, limiting its deleveraging primarily to
focus on EBITDA growth. Recent examples of such investment include
the $59 million acquisition of Miradore in August 2022. Private
equity ownership is also expected to limit deleveraging to optimize
ROE.

Overall Revenue Declines: Declines in the company's Core
Collaboration offerings were largely anticipated given the tough
comparisons which came about due to the prior pandemic benefit for
the business segment. That favorable impact had been modestly
winding down in 2021 and the pace of the decline has since
accelerated. The company's Remote Support Group have also been
showing revenue declines but not to the extent of Core
Collaboration. Both UCaaS and Last Pass have shown growth, but
those revenue improvements have not been enough to offset declines
in Core Collaboration and to a lesser extent, Remote Support.

Highly Recurring and Diversified Revenues: The majority of GoTo's
revenues are subscription based. Additionally, it has a number of
contracts that are annual or multi-year contracts, and many of
those contracts are paid for upfront. Consistent with the
fragmented nature of the SMB segment it serves, the company has
over 2.5 million paying customers with no customer accounting for
more than 0.5% of revenues.

FCF Generation: From 2018 through 2020, FCF margins were in the
teens and twenties and benefitted from modest capex, low working
capital needs and the deferred revenue cycle. Fitch projects that
GoTo Group will generate FCF margins in the low single digits in
2022 which is similar to 2021. Higher interest expense is expected
to impact FCF, which is still projected to be positive to modestly
negative in the forecast horizon.

Diversified Product Mix: GoTo Group has a variety of product
offerings. For the most recent quarter, UCaaS accounted for 31% of
revenues and Core Collaboration was 19%. These two segments make up
GoTo's Unified Core Collaboration offerings. In addition, Remote
Support Group accounted for 32% for the quarter's revenues and Last
Pass was 18%. The Last Pass segment has been moved into its own
silo and GoTo has been working to create this as a stand-alone
entity and it may consider options to monetize this fast-growing
asset.

Highly Competitive Marketplace: Fitch expects GoTo Group to
continue facing intense competition across each of its core end
markets, including from market leaders, which are larger and have
greater financial flexibility. While GoTo Group's strategy is
focused on providing a comprehensive product platform to the SMB
segment, it competes with other SMB focused competitors like 8x8,
enterprise focused competitors like RingCentral and Vonage;
enterprise solution companies with sizeable installed bases like
Microsoft and Google who also offer connectivity solutions to their
SMB customers, and point solutions like Zoom.

DERIVATION SUMMARY

GoTo Group's rating of 'B-' reflects the company's recurring
revenue stream and strong profitability. GoTo Group's EBITDA
margins and overall FCF margins are in line with Fitch's 'B-'
software universe. The ratings also reflect Fitch's expectation
that despite strong secular demand for UCaaS and network security,
GoTo Group's growth will lag that of the sector due to the highly
competitive landscape and its SMB focus.

The company's leverage was 6.9x for the LTM ending 3Q22, and Fitch
expects it to remain around 7.0x over the rating horizon. Like
other Fitch-rated software issuers owned by private equity, GoTo
Group is rated 'B-', reflecting its high leverage. The ownership
structure could optimize ROE, limiting the prospect for accelerated
deleveraging.

Fitch rates the IDRs of the LMI Parent, L.P, and its wholly-owned
subsidiary, GoTo Group, Inc. on a consolidated basis, using the
weak parent/strong subsidiary approach and open access and control
factors, based on the entities operating as a single enterprise
with strong legal and operational ties.

KEY ASSUMPTIONS

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

- Revenues are forecasted to be down in the high single digits in
2022 followed by a low single digits decline in 2023 and beyond and
then fairly flat revenues;

- EBITDA margins are in the range of 36% to 37% over the forecast
horizon;

- In 2023, interest expense rises as a result of higher floating
interest rates and beyond then interest expense is lower;

- No assumptions are made for acquisitions or dividend payments
over the rating horizon.

RECOVERY ANALYSIS ASSUMPTIONS

The recovery analysis assumes that GoTo Group would be reorganized
as a going-concern entity in bankruptcy rather than liquidated. A
10% administrative claim is assumed. The recovery analysis also
assumes pressure in the form of sustained customer churn as legacy
products lose market share in a landscape that remains highly
competitive. Fitch assumes its SMB customers turn to larger
competitors reducing GoTo Group's revenues to $1.0 billion. Fitch
also projects that the company's EBITDA margins are 38% resulting
in a GC EBITDA assumption of $380 million, down from the prior GC
EBITDA of $435 million. The GC EBITDA has been lowered as a result
of GoTo's revenue erosion and increased operating expenses.

Fitch applies a 6.5x multiple to arrive at a going concern
enterprise value (EV) just under $2.5 billion. The multiple is
higher than the median TMT enterprise value multiple due to the
company's market positioning that is reflected in its
profitability. In the 21st edition of Fitch's Bankruptcy Enterprise
Values and Creditor Recoveries case studies, Fitch notes nine past
reorganizations in the Technology sector with recovery multiples
ranging from 2.6x to 10.8x. Of these companies, only three were in
the Software sector and include Allen Systems Group, Inc. and
Aspect Software Parent, Inc., which received recovery multiples of
8.4x and 5.5x, respectively. A third was Avaya, which is a legacy
PBX business that exited bankruptcy at an 8.1x multiple. GoTo
Group's 6.5x multiple is supported by the company's scale, strong
margins, highly recurring revenues and its FCF profile.

As a result, Fitch rate the first lien credit facilities 'B'/'RR3',
one notch above GoTo Group's 'B-' IDR.

RATING SENSITIVITIES

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

- Operating leverage Debt with Equity Credit / EBITDA sustained
below 6.5x;

- Sustained revenue growth of mid-single digits, implying an
overall stable market position;

- CFO less capex to total debt sustained above 5%.

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

- Sustained negative revenue growth, signaling material customer
churn amidst competitive pressures;

- Failure to grow UCaaS and Last Pass revenues at levels that
outpace declines in other segments;

- CFO less capex to total debt sustained below 0%;

- Operating EBITDA interest coverage sustaining below 1.5x;

- Liquidity concerns.

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: As of Sept. 30, 2022, GoTo Group had
sufficient liquidity of $444 million, which includes $194 million
of cash on the balance sheet and an undrawn $250 million secured
revolver. The nearest maturity is 2025 when the revolver becomes
due.

ISSUER PROFILE

LMI Parent, L.P. is the parent of its wholly-owned subsidiary, GoTo
Group, Inc. (GoTo Group, fka LogMeIn Inc.). GoTo Group focuses on
unified communication and collaboration (through Unified
Communication as a Service (UCaaS) and its collaboration
solutions), identity access management, and remote support for the
SMB market.

   Entity/Debt             Rating        Recovery   Prior
   -----------             ------        --------   -----
GoTo Group, Inc.    LT IDR B- Downgrade                B
  
   senior secured   LT     B  Downgrade     RR3       BB-

LMI Parent, L.P.    LT IDR B- Downgrade                B


GREENWAY HEALTH: S&P Lowers ICR to 'CCC+' on Refinancing Risk
-------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Tampa-based health care software provider Greenway Health LLC to
'CCC+' from 'B-'. S&P also lowered its senior secured issue-level
rating to 'CCC+' from 'B-'. The recovery rating is '3'.

The outlook is negative, reflecting the elevated risk that Greenway
will not successfully refinance its term loan before it becomes
current, increasing the likelihood of a default.

S&P said, "Our downgrade of Greenway primarily reflects the
approaching term loan maturity and our expectation for a cash flow
deficit in 2023 and 2024, which could hurt refinancing prospects.
We believe that this leaves the company dependent on favorable
business, financial, and economic conditions to successfully
refinance its debt and meet its obligations. We think this will
depend on Greenway's ability to expand its customer base, manage
expenses tightly, and see favorable interest rate changes and debt
market access in 2023 ahead of its early 2024 maturity."

Greenway's approximately $500 million term loan is due in February
2024, leaving less than two months to refinance before it becomes
current. This comes at a time when base rates are at the highest
levels in about 15 years and credit markets are less accommodating.
S&P said, "We expect improved results in 2023 as restructuring and
one-time expenses decrease, but the company does not have time to
fully deliver on these expectations ahead of the debt becoming
current, as the bulk of the improvement is expected in the second
half of 2023. As a result, we believe the debt will likely become
current, which heightens default risk especially if the company is
unable to sufficiently improve results over the course of 2023."

S&P said, "Even if the company is able to refinance its debt, we
think the likely increase in spread will pressure cash flows, given
our base case expectations for operating results. In 2023, we
expect flattish revenue growth and strong adjusted EBITDA expansion
of about $25 million higher than 2022, a result of the recent
completion of several projects that should reduce expenses
significantly. We think that the company will be subject to a
higher interest margin when it refinances based on market
conditions and the business outlook relative to when the current
debt was issued. Despite the expected operating improvement, we
think the higher interest expense will result in a free cash flow
deficit of about $10 million in 2023 and a low-single-digit deficit
in 2024.

"Greenway missed our expectations in 2022, and we see elevated risk
to our base case in 2023, despite the completion of several
discrete projects. The company's adjusted EBITDA was over $15
million lower than our expectations in 2022 due to about $10
million higher restructuring and one-time expenses and
lower-than-expected revenue (including the reserve related to the
revenue cycle management business), resulting in extremely high
adjusted debt to EBITDA of about 19x. This was likely due to the
company's rush to complete projects, including standing up business
functions in India, complying with the 21st Century Cures Act, and
updating to Intergy.

"Following this underperformance in 2022, we think restructuring
expenses and investment in sales and marketing could exceed our
expectations and revenue growth could be weaker than expected,
creating risk to our base case of 10x adjusted debt to EBITDA in
2023. Although the company reported sequentially stable revenue in
2022, we believe the company will face challenges acquiring new
customers due to the lingering reputational damage from its alleged
wrongdoings, which were outlined in a 2019 settlement with the U.S.
Department of Justice.

"In addition, we think the company's gross attrition rate could
exceed expectations of about 5% due to an increasingly competitive
market for electronic health records and revenue cycle management
services. Greenway is likely behind its competitors in investing in
product enhancements due its required remediations as part of the
Department of Justice settlement. The rating and negative outlook
reflect the confluence of operating risks, which add uncertainty to
the company's prospects of refinancing in the next two months.

"Our negative outlook reflects the approaching maturity in February
2024 and related increasing refinancing risk. We expect that
operating results will improve from a combination of revenue growth
and cost optimization, but that the business improvement could be
insufficient to offset the combination of higher interest rates and
a likely wider spread from refinancing.

"We could lower the rating if we envisioned a specific default
scenario within 12 months. If the company were unable to refinance
its February 2024 maturity before it becomes current, we could
consider a lower rating. Additionally, we could consider a lower
rating if the company successfully refinances its debt, but we
expect cash flow deficits to weaken liquidity.

"We could revise the outlook to stable if Greenway successfully
refinanced its term loan, and we believed that the company would
have adequate liquidity over the next 12 months."

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

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

"Our governance assessment also reflects the company's $57.25
million payments in 2019 and 2020 to resolve the DOJ's allegations
under the False Claims Act and a $26 million payment in 2022 to
settle related class action claims. The allegations included claims
that the company misrepresented its capabilities in acquiring its
Health and Human Services certification. Greenway has a new
management team since the settlement and has spent significant
capital to bring its products into compliance. We think the
allegations and subsequent settlement have worsened the company's
credit risk from the cash payments, increased operating expenses,
and reputational damage."



GWG HOLDINGS: Secures DIP Financing From Obra Capital
-----------------------------------------------------
Obra Capital, Inc., a portfolio company of RedBird Capital Partners
and Reverence Capital Partners, on Dec. 20, 2022, disclosed that it
completed a super priority secured Debtor-In-Possession credit and
security agreement with GWG Holdings, Inc.  

On April 20, 2022, GWG Holdings, Inc., a financial services firm
based in Dallas, Texas, and certain of its subsidiaries filed a
voluntary Chapter 11 in the U.S. Bankruptcy Court for the Southern
District of Texas as part of a restructuring process intended to
enable the Company to enhance its liquidity and ability to meet its
financial obligations.

Obra, through Vida Insurance Credit Opportunity Fund III, LP and
its related affiliates, agreed to provide a term loan credit
facility in an initial aggregate principal amount of approximately
$564 million and a revolving credit facility in an aggregate
principal amount of up to $40 million.

Blair Wallace, President & Chief Executive Officer of Obra Capital,
said, "Our loan to GWG, secured by all assets of the debtors
including GWG's life settlements portfolio and the equity interests
of subsidiaries, was the culmination of an eight-month process
during which Obra explored multiple structuring solutions to
benefit both GWG stakeholders and our limited partners."

Added Wallace, "In connection with the transaction, Obra deployed
proprietary underwriting and analytics, leveraging our deep
experience in life settlements and insurance linked special
situations. This is the firm's largest transaction in its
twelve-year history and we look forward to continuing to deploy
capital in other situations where Obra has a significant edge in
supporting counterparties and driving returns for our investors."

As part of the agreement, GWG has agreed that Obra's wholly owned
subsidiary, Magna Servicing LLC, will provide servicing for the GWG
portfolio of life settlement assets. With this new servicing
assignment, Magna expects to service over $10 billion of life
insurance policies for Obra and third-party investors.

Quinn Emanuel Urquhart & Sullivan LLP, and Proskauer Rose LLP acted
as legal counsel to Obra and Moelis & Company LLC acted as Obra's
financial advisor.

                          About Obra Capital

Obra Capital, Inc. -- http://www.obra.com-- is an investment firm
specializing in insurance special situations, structured credit,
asset-based finance, and longevity with $3.9 billion in assets
under management. The firm aims to generate long-term value and
attractive returns for investors across closed-end and open-end
funds. With capabilities in investing, originating, structuring,
and servicing, Obra provides differentiated investment
opportunities and capital solutions for investors globally.

                      About GWG Holdings Inc.

Headquartered in Dallas Texas, GWG Holdings, Inc. (NASDAQ: GWGH),
conducts its life insurance secondary market business through a
wholly-owned subsidiary, GWG Life, LLC and GWG Life's wholly-owned
subsidiaries.

GWG Holdings Inc. and affiliates sought Chapter 11 bankruptcy
protection (Bankr. S.D. Tex. Case No. 22-90032) on April 20, 2022.
In the petition filed by Murray Holland, as president and chief
executive officer, GWG Holdings estimated assets between $1 billion
and $10 billion and estimated liabilities between $1 billion and
$10 billion.

GWG DLP Funding IV, LLC, GWG DLP Funding VI, LLC, and GWG DLP
Funding Holdings VI, LLC, commenced chapter 11 cases on October 31,
2022.  Their cases are jointly administered with the cases of GWG
Holdings, Inc., et al.

The cases are assigned to Honorable Bankruptcy Judge Marvin Isgur.

The Debtors tapped Mayer Brown, LLP and Jackson Walker, LLP as
bankruptcy counsels; Tran Singh, LLP as special conflicts counsel;
FTI Consulting, Inc. as financial advisor; and PJT Partners, LP as
investment banker.  Donlin Recano & Company is the Debtors'
notice and claims agent.

National Founders LP, a debtor-in-possession (DIP) lender, is
represented by Michael Fishel, Esq., Matthew A. Clemente, Esq., and
William E. Curtin, Esq., at Sidley Austin, LLP.

On June 20, 2022, the Debtors appointed Jeffrey S. Stein and
Anthony R. Horton as their independent directors.  The Debtors
tapped Katten Muchin Rosenman, LLP as legal counsel and Province,
LLC as financial advisor for the independent directors.


HERO NUTRITIONALS: Gets OK to Hire Cohnreznick as Financial Advisor
-------------------------------------------------------------------
Hero Nutritionals, LLC received approval from the U.S. Bankruptcy
Court for the Central District of California to employ Cohnreznick,
LLP as its financial advisor.

The Debtor requires a financial advisor to:

   a. analyze and review key motions to identify strategic
financial issues in the Debtor's Chapter 11 case;

   b. provide input and oversight on proposed sales of the Debtor's
business and assets;

   c. assist the Debtor in the preparation of short and long-term
projections, balance sheet, profit and loss, and cash flows;

   d. institute procedures to ensure the safekeeping and security
of the Debtor's assets;

   e. assist the Debtor in negotiating with its landlord;

   f. assist the Debtor in resolving vendor issues;

   g. assist the Debtor with information and analysis pursuant to
its cash collateral arrangements;

   h. assist the Debtor in the preparation of financial
statements;

   i. prepare financial statements and other reports as may be
required by the court or under the United States Trustee
Guidelines;

   j. prepare tax returns;

   k. prepare other professional accounting services as may be
required by the Debtor in order to comply with the requirements of
the court, the U.S. Trustee and the Bankruptcy Code;

   l. administer the accounting and financial advisory services;

   m. prepare and validate a 13-week cash flow projection,
including analyzing historical cash disbursements and receipts and
results of operation to determine the reasonableness of projected
cash flows and short-term cash needs;

   n. analyze the Debtor's forecasts and budgets for purposes of
analyzing plan feasibility and other plan confirmation
requirements;

   o. assist in the preparation of a Chapter 11 plan;

   p. review and analyze the Debtor's historical financial
information;

   q. provide litigation support services if necessary and
appropriate to any litigation undertaken by the Debtor; and

   r. render other general consulting services, which the Debtor or
its counsel may deem necessary.

The firm will be paid at these rates:

     Kevin P. Clancy, Partner           $945 per hour
     Taylor Sherman, Director           $785 per hour
     Ying Zheng, Manager                $640 per hour
     Paula Lourenco, Paraprofessional   $285 per hour

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

Kevin Clancy, a director at Cohnreznick 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:

     Kevin P. Clancy
     CohnReznick, LLP
     4 Becker Farm Road
     Roseland, NJ 07068
     Tel: (973) 228-3500

                      About Hero Nutritionals

Hero Nutritionals, LLC, a company in Santa Ana, Calif., sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
C.D. Calif. Case No. 22-11383) on Aug. 17, 2022, with up to $50
million in assets and up to $10 million in liabilities. Jennifer
Leigh Hodges, chief executive officer, signed the petition.

Judge Scott C. Clarkson oversees the case.

David M. Goodrich, Esq., at Golden Goodrich, LLP and Cohnreznick,
LLP serve as the Debtor's legal counsel and financial advisor,
respectively.


HUBBARD RADIO: Moody's Lowers CFR to B3 & Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service downgraded Hubbard Radio, LLC's corporate
family rating and senior secured credit facility rating to B3 from
B2. The senior secured credit facility consists of a $10 million
revolver due March 2023 and a term loan due March 2025. The outlook
was changed to stable from negative.

The ratings downgrade reflects the impact of high inflation and
recessionary pressures on radio advertising demand which will cause
Hubbard's leverage levels (5.5x as of Q3 2022 excluding Moody's
standard adjustment) to remain at elevated levels. The $10 million
revolving credit facility also matures in March 2023 and the level
of compliance with financial covenants is expected to remain tight
in the near term.

While the maturity of the revolver and the limited cushion with
covenants are negatives to Hubbard's liquidity position, Moody's
expects Hubbard to benefit from good free cash flow (FCF)
generation (8% FCF as a percentage of debt as of LTM Q3 2022).
Hubbard's Speculative Grade Liquidity (SGL) rating is unchanged at
SGL-3.

Downgrades:

Issuer: Hubbard Radio, LLC

Corporate Family Rating, Downgraded to B3 from B2

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

Senior Secured 1st Lien Bank Credit Facility,
Downgraded to B3 (LGD3) from B2 (LGD3)

Outlook Actions:

Issuer: Hubbard Radio, LLC

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

Hubbard Radio's B3 CFR reflects the high leverage level which
Moody's expects will remain elevated as a result of high inflation
and slow economic growth. The radio industry is also being
negatively affected by the shift of advertising dollars to digital
mobile and social media as well as heightened competition for
listeners from a number of digital music providers. Secular
pressures and the cyclical nature of radio advertising demand have
the potential to exert substantial pressure on EBITDA performance.
Hubbard is also relatively small in scale with operations in eight
different markets which can increase volatility in performance.

Hubbard benefits from its strong position in several of the markets
that it operates with leading positions in its formats. Moody's
expects Hubbard's portfolio of stations and efficient operating
performance to offset a portion of the cyclical economic pressure
in 2023. While debt funded, leveraging acquisitions have occurred
in the past, Hubbard has consistently used free cash flow to reduce
debt and additional debt repayment is likely over the next twelve
months.

ESG CONSIDERATIONS

Hubbard's ESG Credit Impact Score is highly-negative (CIS-4) driven
by the company's exposure to governance risks (G-4) and social
risks (S-4). Hubbard has maintained leverage at relatively high
levels and made debt funded leveraging acquisitions in the past.
Although, the company does not pay dividends and FCF has
consistently been used to pay down debt which Moody's expects will
continue. A significant percentage of the Hubbard's revenue and
profitability are generated from radio broadcasting which faces
risk from social and demographical trends as competition for
listeners from digital music services has increased and advertising
dollars have shifted to digital and social media advertising.
Hubbard is a private, family owned company and is a wholly owned
subsidiary of Hubbard Broadcasting, Inc. (HBI). Moody's regards the
$25 million equity contribution from HBI as part of the amendment
to the credit agreement in Q1 2021 as an indication of support and
a financial profile focused on debt reduction even though HBI is
not a guarantor to the credit agreement.

The stable outlook reflects Moody's view that Hubbard will
experience negative pressure on operating performance in the near
term due to recessionary pressures on radio advertising demand. But
continued debt repayment is likely to offset a portion of the
economic impact on leverage. Overall, Moody's projects Hubbard's
leverage will increase to the 6x range in 2023. While the near term
maturity of the revolving credit facility and limited cushion of
compliance with financial covenants will detract from the liquidity
profile, Moody's expects liquidity will remain adequate as FCF as a
percentage of debt will be in the mid to high single digit range in
2023.

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

Hubbard's relatively small size constrains the ratings, but the
ratings could be upgraded if the company demonstrates positive
organic revenue growth, stable EBITDA margins, and leverage
maintained well under 5x. FCF as a percentage of debt above 5% with
a good liquidity position including no near term debt maturities
would also be required.

Hubbard's ratings could be downgraded if leverage was maintained
above 6.5x or if its free cash flow to debt ratio turned negative.
A downgrade could also occur if the company's liquidity position
weakened further or if it was unable to obtain an amendment to
financial covenants if needed. Inability to address debt maturities
in a timely manner would also lead to negative rating pressure.

Hubbard's SGL-3 rating reflects Moody's expectation that the
company will maintain an adequate liquidity despite the near term
maturity of the $10 million revolving credit facility in March 2023
($4 million drawn as of Q3 2022). Cash on the balance sheet is $10
million and FCF was $22 million LTM Q3 2022. FCF was positive $16
million and $5 million in 2021 and 2020, respectively and capex is
expected to remain modest ($1.4 million LTM Q3 2022) in 2023.

Hubbard's revolver and term loan are subject to a total leverage
ratio of 5.75x (5.35x actual ratio as of Q3 2022). The covenant
steps down to 5.5x in Q1 2023 and the cushion of compliance is
likely to remain limited in the near term. Moody's expects FCF will
continue to be used to repay debt to support compliance with the
covenant going forward.

Formed in 2011, Hubbard Radio, LLC is a family controlled and
privately held media company that owns and operates radio stations
in eight of the top 50 markets, including Chicago, Washington,
D.C., Minneapolis/St. Paul, St. Louis, Cincinnati, Seattle,
Phoenix, and West Palm Beach, Florida. Hubbard also operates 2060
Digital, LLC, a national digital marketing agency based in
Cincinnati, OH. Hubbard is a wholly owned subsidiary of Hubbard
Broadcasting, Inc. (HBI), a television and radio broadcasting
company that was started in 1923. Headquartered in St. Paul, MN,
Hubbard generated net revenues for the 12 months ending September
2022 on a standalone basis of approximately $218 million.

The principal methodology used in these ratings was Media published
in June 2021.


INTEGRATED NANO-TECHNOLOGIES: Case Summary & 4 Unsec. Creditors
---------------------------------------------------------------
Debtor: Integrated Nano-Technologies, Inc.
           FKA Integrated Nano-Technologies, LLC
          (merged out 2/28/2017)
        530 Summit Point Drive
        Henrietta, NY 14467

Business Description: The Debtor offers scientific research and
                      development services.

Chapter 11 Petition Date: December 22, 2022

Court: United States Bankruptcy Court
       Western District of New York

Case No.: 22-20611

Judge: Hon. Warren, USBJ

Debtor's Counsel: Jeffrey A. Dove, Esq.
                  BARCLAY DAMON LLP
                  Barclay Damon Tower
                  125 East Jefferson Street
                  Syracuse, NY 13202
                  Tel: 315-413-7112
                  Email: jdove@barclaydamon.com

Estimated Assets: $100,000 to $500,000

Estimated Liabilities: $10 million to $50 million

The petition was signed by Donald H. Noble as chief financial
officer.

A copy of the Debtor's list of four unsecured creditors is
available for free at PacerMonitor.com at:

https://www.pacermonitor.com/view/4G75GEY/Integrated_Nano-Technologies_Inc__nywbke-22-20611__0001.5.pdf?mcid=tGE4TAMA

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

https://www.pacermonitor.com/view/7JGF22Q/Integrated_Nano-Technologies_Inc__nywbke-22-20611__0001.0.pdf?mcid=tGE4TAMA


KS WORLD INC: Gets OK to Hire Hagan & Associates as Special Counsel
-------------------------------------------------------------------
KS World, Inc. received approval from the U.S. Bankruptcy Court for
the Central District of California to employ Hagan & Associates as
special litigation counsel.

The Debtor needs the firm's legal assistance in connection with the
following cases:

   (a) Los Angeles Superior Court case titled Tracy Hall et al vs.
KS World, Inc., et al, Case No. BC615746;

   (b) Los Angeles Superior Court case titled Medina vs. KS World,
Inc., Case No. BC720143; and

   (c) Central District of California (Western Div. – Los
Angeles) case titled Whitaker vs. K S World Inc., Case No
2:20-cv-10760-JAK-JC.

The firm will be paid at these rates:

     Attorneys      $350 per hour
     Paralegals     $95 per hour

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

The retainer is $10,000.

Cara Hagan, Esq., a partner at Hagan & Associates, 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:

     Cara J. Hagan, Esq.
     Hagan & Associates
     110 east Wilshire Avenue, Suite 405
     Fullerton, CA 92832
     Tel: (714) 526-3377
     Fax: (714) 526-3317

                           About KS World

KS World, Inc. operates a casual Japanese restaurant serving
yakitori, sushi, udon and ramen in Los Angeles.

KS World filed a Chapter 11 bankruptcy petition (Bankr. C.D. Calif.
Case No. 22-14751) on Aug. 30, 2022, with up to $1 million in both
assets and liabilities. Judge Julia W. Brand oversees the case.

Leslie Cohen Law, PC and Hagan & Associates serve as the Debtor's
bankruptcy counsel and special counsel, respectively.


LIVEWELL ASSISTED: Jan. 30 Plan Confirmation Hearing Set
--------------------------------------------------------
Judge David M. Warren has entered an order conditionally approving
the Disclosure statement of Livewell Assisted Living, Inc.

The hearing on confirmation of the Plan will be on Monday, Jan. 30,
2023, at 12:30 p.m. in 300 Fayetteville Street, 3rd Floor
Courtroom, Raleigh, NC 27601.

Jan. 23, 2023, is fixed as the last day for filing and serving in
accordance with Rule 3017(a), Federal Rules of Bankruptcy
Procedure, written objections to the disclosure statement.

Jan. 23, 2023, is fixed as the last day for filing written
acceptances or rejections of the plan.

Jan. 23, 2023, is fixed as the last day for filing and serving
written objections to confirmation of the plan pursuant to Rule
3020(b)(1), Federal Rules of Bankruptcy Procedure.

                   About Livewell Assisted Living

Livewell Assisted Living, Inc., a part of the continuing care
retirement communities industry, filed its voluntary petition for
Chapter 11 protection (Bankr. E.D.N.C. Case No. 22-00264) on Feb.
7, 2022, listing up to $500,000 in assets and up to $10 million in
liabilities.  Justin Beckett, president, signed the petition.

Judge David M. Warren oversees the case.

Travis Sasser, Esq., at Sasser Law Firm, is the Debtor's legal
counsel.


MATIV INC: Moody's Affirms 'Ba3' CFR & Alters Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service affirmed Mativ, Inc.'s ratings (Mativ,
fka Schweitzer-Mauduit International), including the Ba3 corporate
family rating and Ba3-PD probability of default rating. Moody's
also affirmed the Ba2 rating on the company's senior secured debt
and B2 rating on its senior unsecured debt.  Moody's changed the
outlook to stable from negative.  The SGL-3 speculative grade
liquidity rating remains unchanged.  

The affirmation of the ratings and the change in the outlook to
stable reflects Moody's expectation of improving liquidity and
credit metrics over the next 12-18 months.  While leverage is high
and de-leveraging will be protracted amid macro and supply chain
pressures, Moody's expects Mativ to leverage its positive price and
cost actions and capitalize on the opportunities the July 2022
combination with Neenah, Inc. presents to improve returns.  This
includes achieving targeted synergies and making progress toward
restoring credit metrics to pre-2021 levels, with leverage trending
towards 4.5x over the next 18 months.  The stable outlook does not
anticipate any debt funded acquisitions in the near term.

Affirmations:

Issuer: Mativ, Inc.

Corporate Family Rating, Affirmed Ba3

Probability of Default Rating, Affirmed Ba3-PD

Backed Senior Secured First Lien Term Loan A, Affirmed Ba2 (LGD3)

Backed Senior Secured First Lien Term Loan B, Affirmed Ba2 (LGD3)

Backed Senior Secured First Lien Delayed Draw Term Loan, Affirmed
Ba2 (LGD3)

Backed Senior Secured First Lien Revolving Credit Facility,
Affirmed Ba2 (LGD3)

Senior Unsecured Regular Bond/Debentures, Affirmed B2 (LGD5)

Outlook Actions:

Issuer: Mativ, Inc.

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

The Ba3 CFR reflects Mativ's larger scale following the combination
with Neenah, a manufacturer of fiber-based technical materials and
fine paper & packaging products. The combination also adds
diversification and complements Mativ's specialty materials
business.  The strategy to grow specialty materials products and
technologies (the Advanced Technical Materials "ATM" segment) has
better positioned the company for longer term growth.  Mativ must
navigate secular business pressures with the gradual decline of its
legacy tobacco-related business (the Engineered Papers "EP"
segment) and Neenah's fine paper and printing business, roughly a
third of combined revenue. These higher margin and solid cash flow
generative businesses have supported the growth of Mativ's and
Neenah's industrial (i.e. specialty materials) segments. Yet, with
acquisitions a key driver of the longer term growth strategy, this
creates uncertainty. Moody's expects Mativ's adjusted EBITDA margin
to approach 14%, which is lower than it had been (20%+) prior to
the Neenah combination and acquisition of Scapa plc in April 2021.
Leverage will also remain high. Pro forma debt/EBITDA (before
synergies) was above 5x at September 30, 2022. Mativ expects to
achieve at least $65 million in synergies within 24-36 months.  

The Neenah integration is occurring amid challenging business
conditions with supply chain disruptions, cost inflation related to
energy, labor and material inputs, and moderating demand from macro
headwinds that will exert margin pressures into 2023. Mativ is
undertaking the integration from a leveraged position following its
transformative debt fund acquisition of Scapa. The company is also
exposed to cyclical markets. However, Moody's anticipates that
price increases, cost measures and productivity initiatives will
temper the margin pressures and support an improvement in credit
metrics over the next 12-18 months. Moody's expects leverage to
fall towards 5x over the next year, which would be accelerated with
realization of synergies.  Moody's believes Mativ will prioritize
deleveraging, including from debt reduction, to improve financial
flexibility, consistent with its history after acquisitions.

The SGL-3 speculative grade liquidity rating reflects Moody's
expectation of adequate liquidity, based on cash balances of over
$60 million, free cash flow improving and turning positive in 2023
and ample availability on the $600 million revolving credit
facility expiring in 2027.  The facility had approximately $307
million available at September 30, 2022, net of borrowings and
about $5 million in letters of credit.  Moody's anticipates the
company will pay down revolver borrowings over time. However,
revolver draws will fluctuate with working capital needs.

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

The ratings could be upgraded with improving organic growth and
material margin expansion such that the EBITDA margin is expected
to approach 20%.  Consistent solid free cash flow boosted by
renewed strength in tobacco-related revenues and/or accelerating
growth prospects in the Advanced Technical Materials end markets
could also support an upgrade.  Free cash flow-to-debt sustained
above 10% and debt-to-EBITDA remaining below 3.5x while executing
acquisitions would be important for an upgrade.

Delays in demonstrating steady reduction in leverage towards 4.5x
over the next 18 months, either due to a decline in operating
results or the inability to successfully integrate the Neenah
operations could lead to a downgrade of the ratings.  Inability to
improve EBITDA margin or EBITA/interest coverage falling towards
2.5x could also lead to a ratings downgrade.  Deteriorating
liquidity, including sustained negative free cash flow or increased
reliance on the revolving credit facility could also result in a
downgrade of the ratings.

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

Based in Alpharetta, Georgia, Mativ, Inc. (fka Schweitzer-Mauduit
International, Inc. - SWM) is a producer of specialty materials
focused on resin-based nets, films and other non-wovens through its
Advanced Technical Materials segment.  The company also
manufactures fiber-based cigarette papers and reconstituted tobacco
products and fine paper and packaging products through its Fiber
Based Solutions segment.  The company closed on a merger with
Neenah, Inc. in July 2022 and acquired Scapa plc in April 2021.
Mativ reported revenue of approximately $1.9 billion for the twelve
months ended September 30, 2022.  On a pro forma basis, revenue
approached $2.8 billion.


MAXAR TECHNOLOGIES: Advent Transaction No Impact on Moody's B2 CFR
------------------------------------------------------------------
Moody's Investors Service commented that Maxar Technologies Inc.'s
announced agreement to be acquired by Advent International does not
affect the company's B2 corporate family rating and stable outlook.


Maxar Technologies Inc., headquartered in Westminster, Colorado,
provides earth imagery, geospatial data and analytics, satellites,
and satellite systems to government and commercial customers
globally. Revenue for the twelve months ended September 30, 2022
was $1.7 billion.


MEDLY HEALTH: Seeks Chapter 11 Bankruptcy Protection
----------------------------------------------------
Jacqueline Neber of Crain's New York Business reports that Medly
Health, a digital pharmacy startup that laid off almost half of its
New York workers earlier this year, filed for Chapter 11 bankruptcy
protection.

Court records show that Medly owes pharmaceutical firm Cardinal
Health nearly $10 million in trade debt; financial management
company Workday Inc. almost $900,000 for subscriptions to its
software; and New York City Health + Hospitals, care of Rx
Strategies, nearly $700,000 for 340B drug program reimbursement.
Medly also owes several other New York-based creditors for hundreds
of thousands of dollars in 340B reimbursements, including Sun River
Health in Peekskill and Hudson River Healthcare in Midtown West,
the records show.

                          About Medly Health

Medly Health -- https://www.medly.com -- is a digital pharmacy
startup.

Medly Health filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. DEl. Case No. 22-11257)) on Dec. 9,
2022. In the petition filed by Richard S. Willis, as CEO and CFO,
the Debtor reported assets between $100 million and $500 million
and liabilities between $100 million and $500 million.

The Debtor is represented by:

  Laura Davis Jones, Esq.
  Pachulski Stang Ziehl & Jones LLP
  7088 Winchester Circle
  Suite 100
  Boulder, CO 80301


METROHAVANA TOWN: Taps Cedano Realty Advisors as Broker
-------------------------------------------------------
Metrohavana Town Homes, LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of Florida to employ Cedano Realty
Advisors to market for sale its real property located at 850 SW
14th Ave., Miami, Fla.

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

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

The firm can be reached at:

     Fransisco Rodriguez Melo
     Cedano Realty Advisors
     605 West Flagler
     Miami, FL 33130
     Tel: (305) 326-8855/ (305)-814-0137

                   About Metrohavana Town Homes

MetroHavana Town Homes, LLC, a Miami-based company, sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
S.D. Fla. Case No. 22-11349) on Feb. 18, 2022, with up to $10
million in both assets and liabilities. Kelly Beam, owner of
MetroHavana Town Homes, signed the petition.

Judge Laurel M. Isicoff oversees the case.

Christina Vilaboa-Abel, Esq., at Cava Law, LLC is the Debtor's
counsel.


METROHAVANA TOWN: To Rely on Property Sale to Fund Plan
-------------------------------------------------------
Metrohavana Town Homes, LLC, submitted an Amended Chapter 11 Plan
and a corresponding Disclosure Statement.

The Debtor is the fee simple owner of the real property located at
850 SW 14 Avenue, Miami, FL 33135 (the "MetroHavana Property").
The Property is a 6-unit building operated as a rental building,
which also goes by the name "Villas Beny More" a name chosen to
accompany the aesthetics and culture of the property's geographic
location, "Little Havana" (for background and context, Beny More
was a renown Cuban singer).  The Debtor, as developer and owner,
constructed the building after purchase.  The improvements are well
maintained and in good condition with no significant deferred
maintenance items noted.

Under the Plan, Class 4 General Unsecured Claim has been included
as NOVIC LLC retains a general unsecured claim for a mortgage
deficiency.  As a cross-collateralized loan, the amount of NOVIC
LLC's unsecured claim is unknown as treatment for related
collateral (as outlined in the Disclosure Statement) has not been
completed, and as such, the Debtor is unsure what amount of NOVIC
LLC's claim will be reduced by said treatment.  The Debtor will
remain in communication with NOVIC LLC to further determine their
allocation.

The means necessary for the execution of this Plan is the payment
in full of all allowed claims.  The sources of the funding for the
payment of all allowed claims, originally, were to be from the
Debtor's refinance of the Metrohavana property or from the Debtor's
sale of the MetroHavana property.  The Debtor's attempts to procure
financing in the last 6 months have been unsuccessful, primarily
due to the rise in interest rates, as such, the Debtor intends to
focus on its last viable option, which is the sale of the subject
property.

In the event that the Debtor is able to procure an acceptable buyer
for the subject property who signs a contract and provides a
deposit deemed reasonable, the Debtor will present the details of
same to the Court for approval.

In the event that the Debtor does not procure an acceptable buyer,
each respective creditor can either turn to the respective default
terms within agreements entered into within this instant bankruptcy
case, or in the related Grovehaus, LLC case (22-10036 LMI), or to
any pending state court action and/or any other viable legal remedy
at law.

Counsel for the Debtor:

     Christina Vilaboa-Abel, Esq.
     Vanessa Angulo, Esq.
     CAVA LAW, LLC
     1390 South Dixie Highway, Suite 1107
     Coral Gables, FL 33146
     Telephone: (786) 675-6830

A copy of the Disclosure Statement dated Dec. 9, 2022, is available
at https://bit.ly/3URnxm6 from PacerMonitor.com.

                   About MetroHavana Town Homes

MetroHavana Town Homes, LLC, sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-11349) on
Feb. 18, 2022.  In the petition signed by Kelly Beam, owner, the
Debtor disclosed up to $10 million in both assets and liabilities.

Judge Laurel M. Isicoff oversees the case.

Christina Vilaboa-Abel, Esq., at Cava Law, LLC, is the Debtor's
counsel.


MONARCH PCM LLC: Taps Morgan Lewis & Bockius as OCP
---------------------------------------------------
Monarch PCM, LLC received approval from the U.S. Bankruptcy Court
for the Northern District of Texas to employ Morgan Lewis &
Bockius, LLP as "ordinary course" professional.

The firm will assist the Debtor in complying with the rules and
regulations of the United States Food and Drug Administration.

The firm is subject to the fee cap of $49,000.

As disclosed in court filings, Morgan Lewis & Bockius neither holds
nor represents an interest adverse to the Debtor and its estate.

Morgan Lewis & Bockius can be reached at:

     Rebecca L. Dandeker
     Morgan Lewis & Bockius, LLP
     1111 Pennsylvania Ave. NW
     Washington, DC 20004-2541
     Tel: (202) 739-5614
     Fax: (202) 739-3001
     Email: rebecca.dandeker@morganlewis.com

                         About Monarch PCM

Monarch PCM, LLC is engaged in pharmaceutical and medicine
manufacturing business. The company is based in Fort Worth, Texas.

Monarch PCM sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Texas Case No. 22-42687) on Nov. 7,
2022. In the petition signed by its chief executive officer and
chief financial officer, Sam P. Rizkal, the Debtor disclosed up to
$10 million in assets and up to $50 million in liabilities.

Judge Mark X. Mullin oversees the case.

Mark A. Platt, Esq., at Frost Brown Todd, LLC is the Debtor's legal
counsel.


NATIONAL ADVANCED: Case Summary & Nine Unsecured Creditors
----------------------------------------------------------
Debtor: National Advanced Medical Management LLC
          F/K/A Legend Health Holdings LLC
        34119 W. 12 Mile Road
        Suite 203
        Farmington Hills MI 48331

Chapter 11 Petition Date: December 22, 2022

Court: United States Bankruptcy Court
       Eastern District of Michigan

Case No.: 22-50022

Debtor's Counsel: Thomas R. Morris, Esq.
                  MORRIS & MORRIS ATTORNEYS, P.L.L.C.
                  3258 Broad Street Suite 2
                  Dexter, MI 48130-1142
                  Tel: 734-221-0077
                  Email: tmorris@morrispllc.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Peter Sinishtaj, vice president and
finance manager.

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

https://www.pacermonitor.com/view/ZSC57AI/National_Advanced_Medical_Management__miebke-22-50022__0001.0.pdf?mcid=tGE4TAMA


NEONODE INC: Forsakringsaktiebolaget Has 10% Stake as of Dec. 15
----------------------------------------------------------------
Forsakringsaktiebolaget Avanza Pension disclosed in a Schedule 13G
filed with the Securities and Exchange Commission that as of
Dec. 15, 2022, it beneficially owns 1,363,357 shares of common
stock of Neonode Inc., representing 10.05 percent of the shares
outstanding.  A full-text copy of the regulatory filing is
available for free at:

https://www.sec.gov/Archives/edgar/data/87050/000110465922127560/tm2232892d1_sc13ga.htm

                           About Neonode

Neonode Inc. (NASDAQ:NEON) -- http://www.neonode.com-- provides
advanced optical sensing solutions for contactless touch, touch,
gesture control, and in-cabin monitoring.

Neonode reported a net loss attributable to the company of $6.45
million for the year ended Dec. 31, 2021, a net loss attributable
to the company of $5.61 million for the year ended Dec. 31, 2020,
and a net loss attributable to the Company of $5.30 million for the
year ended Dec. 31, 2019.  As of Sept. 30, 2022, the Company had
$17.79 million in total assets, $1.90 million in total liabilities,
and $15.89 million in total stockholders' equity.


NEW COAT PAINTING: Gets OK to Tap Rountree Leitman Klein as Counsel
-------------------------------------------------------------------
New Coat Painting, Inc. received approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to employ Rountree
Leitman Klein & Geer, LLC as its legal counsel.

The firm's services include:

   (a) providing the Debtor with legal advice regarding its powers
and duties to manage its property;

   (b) preparing legal papers;

   (c) assisting in the examination of claims of creditors;

   (d) assisting with the formulation and preparation of disclosure
statement and plan of reorganization, and with the confirmation and
consummation thereof; and

   (e) other necessary legal services.

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

     William A. Rountree, Attorney       $495 per hour
     Will B. Geer, Attorney              $495 per hour
     Michael Bargar, Attorney            $495 per hour
     Hal Leitman, Attorney               $425 per hour
     David S. Klein, Attorney            $425 per hour
     Alexandra Dishun, Attorney          $425 per hour
     Benjamin R. Keck, Attorney          $425 per hour
     Barret Broussard, Attorney          $395 per hour
     Ceci Christy, Attorney              $350 per hour
     Elizabeth A. Childers, Attorney     $350 per hour
     Ceci Christy, Attorney              $350 per hour
     Caitlyn Powers, Attorney            $275 per hour
     Zach Beck, Law clerk                $195 per hour
     Sharon M. Wenger, Paralegal         $195 per hour
     Kayte Moore                         $175 per hour
     Megan Winokur, Paralegal            $150 per hour
     Catherine Smith, Paralegal          $150 per hour
     Yasmin Alamin, Paralegal            $150 per hour

The firm received a pre-bankruptcy retainer of $30,000 from the
Debtor.

Will Geer, Esq., a partner at Rountree Leitman Klein & Geer,
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:

     Will B. Geer, Esq.
     Rountree Leitman Klein & Geer, LLC
     Century Plaza I
     2987 Clairmont Road, Suite 350
     Atlanta, GA 30329
     Telephone: (404) 584-1238
     Facsimile: (404) 704-0246
     Email: wgeer@rlkglaw.com

                      About New Coat Painting

New Coat Painting, Inc. provides commercial and residential
painting and wall papering services. The company is based in
Hoschton, Ga.

New Coat Painting sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-20742) on Aug. 4,
2022. In the petition signed by its chief financial officer,
William Beasley, the Debtor disclosed up to $50,000 in assets and
up to $10 million in liabilities.

Judge James R. Sacca oversees the case.

Will B. Geer, Esq., at Rountree, Leitman, Klein & Geer, LLC is the
Debtor's counsel.


NFP CORP: Moody's Affirms 'B3' CFR, Outlook Remains Negative
------------------------------------------------------------
Moody's Investors Service has affirmed the B3 corporate family
rating and B3-PD probability of default rating of NFP Corp. The
rating agency also affirmed the B1 ratings on NFP's revolving
credit facility, first-lien term loan and senior secured notes, as
well as the Caa2 rating on the company's senior unsecured notes.
The rating outlook for NFP is negative.

RATINGS RATIONALE

According to Moody's, NFP's ratings reflect its expertise and solid
market position in insurance brokerage, particularly providing
employee benefits and property and casualty products and services
to midsize firms. The company also offers insurance and wealth
management services to high net worth individuals. NFP ranks among
the 15 largest US insurance brokers, and its business is well
diversified across products, clients and regions, primarily in the
US. NFP generates healthy EBITDA margins and maintains good
liquidity, including cash on hand and an undrawn revolving credit
facility. For the 12 months through September 2022, the company
reported revenue of $2.1 billion, 16% higher than the comparable
2021 period, driven primarily by acquisitions along with some
organic growth.

Offsetting these strengths are NFP's persistently high financial
leverage and limited interest coverage, leaving the company little
room for error in managing its existing and acquired operations.
Given its acquisition strategy, NFP also has contingent earnout
liabilities that consume a significant portion of its free cash
flow. For the 12 months through September 2022, the company's free
cash flow declined to about breakeven or slightly negative, per
Moody's calculations, as a result of higher interest expense and
ongoing investments in its business. Moody's expects NFP's
operating cash flow and free cash flow to improve over the next 12
to 18 months as the company continues to streamline its processes
and improve efficiency. NFP will continue to pursue a combination
of organic growth and acquisitions, the latter giving rise to
integration and contingent risks (e.g., exposure to errors and
omissions), although the company has a favorable track record of
absorbing small and midsize brokers.

The negative rating outlook reflects the company's weak free cash
flow and continued elevated financial leverage along with
uncertainty over the pace at which it might reduce leverage toward
historical levels, especially as the economy slows down.

NFP has pro forma debt-to-EBITDA above 7.5x, per Moody's
calculations, with (EBITDA - capex) interest coverage in the low
single digits, and a free-cash-flow-to-debt ratio that is about
breakeven. These metrics incorporate Moody's adjustments for
operating leases, contingent earnout obligations, certain
unusual/non-recurring items, run-rate EBITDA from acquisitions, and
cash flow related to fiduciary funds.

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

Factors that could return the rating outlook to stable include: (i)
debt-to-EBITDA ratio at or below 7.5x, (ii) (EBITDA - capex)
coverage of interest above 1.2x, (iii) free-cash-flow-to-debt ratio
above 2%.

Factors that could lead to a rating downgrade include: (i)
debt-to-EBITDA ratio remaining above 7.5x, (ii) (EBITDA - capex)
coverage of interest below 1.2x, (iii) free-cash-flow-to-debt ratio
remaining below 2%.

Moody's has affirmed the following ratings:

- Corporate family rating at B3;

- Probability of default rating at B3-PD;

- $440 million backed senior secured revolving credit
   facility maturing in February 2025, at B1 (LGD2);

- $1,925 million ($1,878 million outstanding) backed
   senior secured term loan maturing in February 2027,
   at B1 (LGD2);

- $550 million backed senior secured notes maturing
   in August 2028, at B1 (LGD2);

- $350 million backed senior secured notes maturing
   in October 2030, at B1 (LGD2);

- $2,075 million senior unsecured notes maturing in August
   2028, at Caa2 (LGD5).

The rating outlook for NFP is negative.

The principal methodology used in these ratings was Insurance
Brokers and Service Companies published in June 2018.

Based in New York City, NFP Corp. provides a range of insurance
brokerage, consulting and advisory services, including benefits and
life, property and casualty, and wealth and retirement solutions,
largely in the US. The company generated revenue of $2.1 billion
for the 12 months through September 2022.


NINE DEGREES: Time to Confirm Plan Extended to March 27
-------------------------------------------------------
Judge Nancy Hershey Lord has entered an order extending the time
for Nine Degrees Hacking Corp., et al., to approve and confirm a
Chapter 11 Small Business Disclosure Statement together with a
Chapter 11 Small Business Chapter 11 Plan from Dec. 26, 2022,
through and including March 27, 2023.

                  Amended Disclosure Statement

Nine Degrees Hacking Corp., et al., submitted an Amended Disclosure
Statement for a Small Business Plan of Reorganization.

The Disclosure Statement and Plan of Reorganization incorporate the
terms of the Agreement to surrender estate assets and resolve a
deficiency claim reached between the Debtors, David Navaro, Orly
Navaro (the Debtor's principals and shareholders) and Island
Federal Credit Union, which was approved by the Bankruptcy Court on
June 15, 2022.  The Plan contemplates that the Debtor's debts will
be paid within 60 months period in accordance with the proposed
treatment of each class.  The Plan proposes to pay 24.72% dividend
of the allowed general unsecured claims.

General unsecured claims are not secured by property of the estate
and are not entitled to priority under Section 507(a) of the Code.
Classes 4, 5, 6, and 7 claims are comprised of general unsecured
claims asserted against the Debtors.  The claims will be paid off
as follows:

   * Class 4A Unsecured claim of Island Federal Credit Union
("IFCU") Against Nine Degrees Hacking Corp. total $472,614.
Pursuant to the Agreement, the Debtor shall pay IFCU the sum of
$375,000 which represent approximately 24.72% of its general
unsecured claims, as follows: (i) Boyd and/or Individual Borrowers
(David Navaro and Orly Navaro) will pay to IFCU the sum of,
$125,000; (ii) Shulamit and/or Individual Borrowers (David Navaro
and Orly Navaro) shall pay to IFCU the sum of $125,000; and (iii)
Nine Degrees and/or Individual Borrowers (David Navaro and Orly
Navaro) shall pay to IFCU the sum of $125,000.  The payment under
the Agreement in the total amount of $375,000.00 was made in full
by Orly Navaro on June 23, 2022, upon the Court approval of the
Agreement. Class 4A is impaired.

   * Class 4B Unsecured claim of Island Federal Credit Union
against Boyd Taxi, Inc. total $530,046.  Pursuant to the Agreement,
the Debtor will pay to IFCU the sum of $375,000, which represents
approximately 24.72% of its general unsecured claims, as follows:
(i) Boyd and/or Individual Borrowers (David Navaro and Orly Navaro)
will pay to IFCU the sum of $125,000; (ii) Shulamit and/or
Individual Borrowers (David Navaro and Orly Navaro) shall pay to
IFCU the sum of $125,000; and (iii) Nine Degrees and/or Individual
Borrowers (David Navaro and Orly Navaro) shall pay to IFCU the sum
of $125,000.  The payment under the Agreement in the total amount
of $375,000.00 was made in full by Orly Navaro on June 23, 2022,
upon the Court approval of the Agreement. Class 4B is impaired.

   * Class 4C Unsecured Claim of Island Federal Credit Union
against Shulamit Hacking Corp. total $517,095.  Pursuant to the
Agreement, Debtors will pay to IFCU the sum of $375,000, which
represents approximately 24.72% of its general unsecured claims, as
follows: (i) Boyd and/or Individual Borrowers (David Navaro and
Orly Navaro) will pay to JFCU the sum of $125,000; (ii) Shulamit
and/or Individual Borrowers (David Navaro and Orly Navaro) shall
pay to IFCU the sum of $125,000.00; and (iii) Nine Degrees and/or
Individual Borrowers (David Navaro and Orly Navaro) shall pay to
IFCU the sum of $125,000.  The payment under the Agreement in the
total amount of $375,000 was made in full by Orly Navaro on June
23, 2022, upon the Court approval of the Agreement. Class 4C is
impaired.

   * Class 5A Unsecured Claims of U.S. Small Business
Administration against Nine Degrees Hacking Corp. total $15,800.
The class will receive a 24.72% dividend ($3,905.76) in 24 monthly
installment payments in the amount of $162.74.  Class 5A is
impaired.

   * Class 5B Unsecured Claims of U.S. Small Business
Administration against Boyd Taxi, Inc. total $25,351.  The class
will receive a 24.72% dividend ($6,266.80) in 24 monthly
installment payments in the amount of $261.12.  Class 5B is
impaired.

   * Class 5C Unsecured Claims of U.S. Small Business
Administration against Shulamit Hacking Corp. total $21,675.15.
The class will receive a 24.72% dividend ($5,358.10) in 24 monthly
installment payments in the amount of $223.25.  Class 5C is
impaired.

   * Class 6 Unsecured Claim of New York State Department of
Taxation and Finance against Nine Degrees Hacking Corp. total
$225.48.  The class will receive a 24.72% dividend ($55.74), which
will be paid in full on the effective date of the Plan. Class 6 is
impaired.

   * Class 7 Unsecured Claim of New York State Department of
Taxation and Finance against Boyd Taxi, Inc., total $34.60.  The
class will receive a 24.72% dividend, which will be paid in full on
the effective date of the Plan. Class 7 is impaired.

The claims of Island Federal Credit Union, being the majority
creditor of the cases, were settled pursuant to terms of the
Agreement to Surrender Estate Assets and Resolve Deficiency Claim,
approved by the Court.  The settlement payment of $375,000 under
the terms of the Agreement was made in full by Orly Navaro on June
23, 2022.

The Plan will be funded from funds accumulated in the DIP bank
accounts from the date of the petition and from contribution of
their principals, Orly Navaro and/or David Navaro.  Orly and David
Navaro currently receive a rental income and income form operation
of other businesses.

Attorney for the Nine Degrees Hacking Corp, Boyd Taxi and Shulamit
Hacking Corp.:

    Alla Kachan, Esq.
    2799 Coney Island Ave., Suite 202
    Brooklyn, NY 11235
    Tel: (718) 513-3145
    Fax: (347) 342-3156
    E-mail: alla@kachanlaw.com

A copy of the Amended Disclosure Statement dated Nov. 25, 2022, is
available at https://bit.ly/3Vdkyph from PacerMonitor.com.

                       About Nine Degrees

Nine Degrees Hacking Corp. filed for Chapter 11 protection (Bankr.
E.D.N.Y. Case No. 21-42356) on Sept. 17, 2021, listing up to
$500,000 in assets and up to $1 million in liabilities.  David
Navaro, president, signed the petition.  Judge Nancy Hershey Lord
oversees the case.

The Debtor tapped the Law Offices of Alla Kachan, P.C., as legal
counsel and Wisdom Professional Services, Inc., as accountant.


NUZEE INC: Masateru Higashida Has 21.8% Stake as of Dec. 15
-----------------------------------------------------------
Masateru Higashida disclosed in an amended Schedule 13D filed with
the Securities and Exchange Commission that as of Dec. 15, 2022, he
beneficially owns 5,265,376 shares of common stock of Nuzee, Inc.,
representing 21.8 percent based on 23,668,017 shares of Common
Stock outstanding as of Dec. 13, 2022.  A full-text copy of the
regulatory filing is available for free at:

https://www.sec.gov/Archives/edgar/data/1527613/000149315222035578/formsc13-da.htm

                            About NuZee

NuZee, Inc. (d/b/a Coffee Blenders) is a specialty coffee company
and a single-serve pour-over coffee pouch producer and co-packer.
The Company owns packing equipment developed in Asia for single
serve pour over production.  It co-packs single-serve pour-over
coffee and tea bag style coffees for customers in the U.S. market
and also co-packs for the South Korean market.

NuZee reported a net loss of $18.55 million for the year ended
Sept. 30, 2021, a net loss of $9.52 million for the year ended
Sept. 30, 2020, and a net loss of $12.21 million for the year ended
Sept. 30, 2019.  Nuzee reported a net loss of $2.80 million for the
three months ended Dec. 31, 2021.  As of June 30, 2022, the Company
had $12.39 million in total assets, $2.21 million in total
liabilities, and $10.18 million in total stockholders' equity.


OBSTETRIC & GYNECOLOGIC: U.S. Trustee Unable to Appoint Committee
-----------------------------------------------------------------
The U.S. Trustee for Region 12 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Obstetric and Gynecologic Associates of Iowa
City.
  
            About Obstetric and Gynecologic Associates

Obstetric and Gynecologic Associates of Iowa City and Coralville,
P.C. -- https://www.obgyniowacity.com/ -- provides obstetric and
gynecologic care services of women through Mercy Hospital in
Coralville, Iowa.

Obstetric and Gynecologic Associates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No.
22-01174) on Oct. 31, 2022. In the petition filed by Jill C.
Goodman, as authorized officer, the Debtor listed assets between
$500,000 and $1 million and liabilities between $50 million and
$100 million.

Judge Anita L. Shodeen oversees the case.

The Debtor tapped Levenfeld Pearlstein, LLC and Nyemaster Goode, PC
as legal counsels; and G2 Capital Advisors, LLC as restructuring
advisor. Jeffrey T. Varsalone, managing director at G2 Capital,
serves as the Debtor's chief restructuring officer. Stretto, Inc.
is the claims, noticing and solicitation agent.


PADDOCK ENTERPRISES: Case Fully Administered Despite Objection
--------------------------------------------------------------
Owens-Illinois asbestos unit Paddock Enterprises on Friday asked a
Delaware bankruptcy judge to reject arguments that its exit from
Chapter 11 should be delayed for a pending discovery dispute,
saying it has no part in the dispute and its work in bankruptcy is
done.

Aldrich Pump LLC and Murray Boiler LLC filed an objection to the
Reorganized Debtor's motion for a final decree closing its Chapter
11 case.  In light of the pending litigation recently brought by
the Trust Parties to limit the Aldrich
Debtors' access to the Reorganized Debtor's claims data by way of
subpoena approved by two courts, the Reorganized Debtor's Plan and
case are not fully administered and, thus, the Reorganized Debtor's
case cannot yet be closed.

Responding to the objections, the Debtor has accomplished its goal
of finally and fairly resolving its asbestos liabilities via the
establishment of a Section 524(g) trust.  The Reorganized Debtor
achieved this goal with the support of all key constituencies and
received a resounding vote in favor of the Plan, which went
effective five months ago.  The Asbestos Channeling Injunction is
in effect, and the Asbestos Trust has been created and funded. All
other claims were reinstated under the Plan.  The Court has
approved all professional fee applications, and substantially all
of the fees owed to estate professionals have been paid.

The Reorganized Debtor has completed all that it set out to do, and
all that it was
required to do, in this Chapter 11 Case. The Reorganized Debtor
should not be forced to remain in bankruptcy, continuing to accrue
U.S. Trustee fees, filing quarterly reports, and incurring other
administrative and professional costs associated with the Chapter
11 Case, all because independent third parties cannot agree on the
substance of the Court's prior ruling.

The Reorganized Debtor said it is ready, willing, and able to
comply with the North Carolina Debtors' subpoenas.  The Trust
Parties' Supplemental Brief is limited solely to requesting certain
confidentiality-driven modifications to the Court's prior ruling,
which are well within the Court's jurisdiction and discretion to
entertain after entry of the final decree.  The Reorganized
Debtor's work in
bankruptcy -- and with respect to the requested subpoenas -- is
complete, and it is time for the Chapter 11 Case to come to a
close.

The Court on Dec. 21, 2022, granted the motion of Paddock
Enterprises, LLC, as reorganized debtor, for an order (i) closing
the Chapter 11 Case, and (ii) terminating the services of Kroll
Restructuring Administration LLC as claims and noticing agent in
the Chapter 11 case.

                    About Paddock Enterprises

Paddock Enterprises, LLC's business operations are exclusively
focused on (i) owning and managing certain real property and (ii)
owning interests in, and managing the operations of, its non debtor
subsidiary, Meigs, which is developing an active real estate
business. It is the successor-by-merger to Owens-Illinois, Inc.,
which previously served as the ultimate parent of the company.
Paddock Enterprises is a direct, wholly-owned subsidiary of O-I
Glass.

Paddock Enterprises sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Case No. 20-10028) on Jan. 6, 2020.
At the time of the filing, the Debtor disclosed assets of between
$100 million and $500 million and liabilities of the same range.

Judge Laurie Selber Silverstein oversees the case.

The Debtor tapped Richards, Layton & Finger P.A. and Latham &
Watkins LLP as legal counsel, Alvarez & Marsal North America LLC as
a financial advisor, Riley Safer Holmes & Cancila, LLP as special
counsel, and David J. Gordon of DJG Services, LLC as a chief
restructuring officer. Prime Clerk, LLC is the claims, noticing,
and solicitation agent and administrative advisor.


PARK RIVER: Moody's Affirms 'B2' CFR & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service changed the outlook for Park River
Holdings, Inc., operating as PrimeSource Brands to negative from
stable. At the same time, Moody's affirmed the company's B2
corporate family rating, B2-PD Probability of Default Rating, B2
rating on its senior secured term loan, and Caa1 rating on its
senior unsecured notes due 2029.

The negative outlook reflects the weakening in residential repair &
remodel and new construction activity, which will impact demand for
the company's products over the next 12 to 18 months. This will
pressure earnings and slow deleveraging, resulting in leverage
remaining above 6.0x. In addition, interest coverage will decline
given the rising interest rate environment.

The ratings affirmation reflects the company's larger exposure to
the more stable repair & remodeling end markets and good overall
liquidity profile. The affirmation is also supported by
PrimeSource's revenue scale of nearly $3 billion, solid EBITDA
margin, expanding market position, and end market diversity.

Affirmations:

Issuer: Park River Holdings, Inc.

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Senior Secured 1st Lien Bank Credit Facility, Affirmed B2 (LGD3)

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

Outlook Actions:

Issuer: Park River Holdings, Inc.

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

PrimeSource's B2 CFR reflects the company's leveraged capital
structure. Moody's projects adjusted debt-to-EBITDA remaining above
6.0x over the next two years versus 6.8x on September 30, 2022.
Moody's forward view includes some organic revenue growth,
full-year earnings from acquisitions and reduction in revolver
borrowings with free cash flow. Fixed charges including cash
interest, term loan amortization and operating and finance lease
payments are over $200 million per year, significantly reducing
cash flow. Although PrimeSource maintains a branded product
portfolio, some products distributed are available  from other
distributors, making it difficult to increase pricing significantly
and maintain profitability.

Providing an offset to PrimeSource's leveraged capital structure
and other credit challenges is good profitability. Moody' expects
adjusted EBITDA margin in the range of 12.5% - 15% through 2023,
which is a key credit strength. Rising interest rates will pressure
interest coverage, measured as adjusted EBITA-to-interest; however,
interest coverage should remain above 1.0x. The integration of Wolf
Home Products (Wolf) and Nationwide Enterprises, Inc. (Nationwide),
each acquired in mid-2021 appears to be proceeding well and
contributing to PrimeSource's financial performance. Wolf expanded
PrimeSource's products into cabinets and outdoor living and
Nationwide into specialty fence and gate hardware. PrimeSource also
merged with Dimora Brands in late 2020, which increased presence in
kitchen cabinetry, bath, and closet products. Repair and remodeling
activity, representing about 70% of PrimeSource's revenue, is
exhibiting moderating growth expectations while new home
construction, the balance of revenue, is expected to slow from
recent record levels.

Moody's views PrimeSource's liquidity as good, supported by
expected free cash flow generation and revolver availability.
Moody's expects PrimeSource to generate positive free cash flow in
2023 after considering an increased interest burden given rising
interest rates and moderately higher capital expenditures related
to the company's new distribution center. The company's cash
balance as of September 30, 2022, was $11 million. Further,
liquidity is supported by the company's $750 million asset-based
revolving credit facility, of which $264 million is drawn as of
September 30, 2022. Moody's expects the company to repay borrowings
using cash flow generation. The revolver has a springing fixed
charge coverage ratio covenant, which Moody's do not expect the
company to trigger or to violate. Alternate liquidity is limited as
assets are encumbered by the secured debt. The nearest significant
debt maturity is the $750 million revolver in December 2025.

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

An upgrade of PrimeSource's ratings could ensue if end markets
remain supportive of organic growth and the company deleverages
such that adjusted debt-to-EBITDA approaches 4.5x and adjusted
EBIT-to-interest expense is maintained near 2.5x. Preservation of
good liquidity and more conservative financial policies would
support upwards rating movement.

The ratings could be downgraded if PrimeSource's adjusted
debt-to-EBITDA fails to trend towards below 6.0x, and
EBITA-to-interest expense is sustained near 1.5x. A deterioration
in liquidity, an aggressive acquisition with additional debt or
significant shareholder return activity could result in downward
rating pressure as well.

The principal methodology used in these ratings was Distribution &
Supply Chain Services Industry published in June 2018.

PrimeSource Brands, headquartered in Irving, Texas, is a specialty
branded building products distributor. Clearlake Capital Group,
L.P., through its affiliates, is the owner of PrimeSource.


PIONEERS MEMORIAL: Fitch Lowers LongTerm IDR to 'B', Outlook Neg.
-----------------------------------------------------------------
Fitch Ratings has downgraded Pioneers Memorial Healthcare
District's (PMHD or district) Issuer Default Rating (IDR) three
notches to 'B' from 'BB'. Fitch has also downgraded the series 2004
and 2012 GO bonds, and series 2017 revenue bonds to 'B' from 'BB'.

The Rating Outlook is Negative.

   Entity/Debt               Rating           Prior
   -----------               ------           -----
Pioneers Memorial
Healthcare
District (CA)          LT IDR B  Downgrade     BB

   Pioneers
   Memorial
   Healthcare
   District (CA)
   /General
   Obligation –
   Unlimited
   Tax – Dedicated
   Tax/1 LT            LT     B  Downgrade     BB

   Pioneers
   Memorial
   Healthcare
   District (CA)
   /General
   Revenues /1 LT      LT     B  Downgrade     BB

SECURITY

The series 2017 revenue bonds are secured by a gross revenue pledge
and further secured by a debt service reserve fund. The series 2012
and 2004 ULTGO bonds are payable from an unlimited ad valorem tax
pledge on all taxable properties within the district boundaries,
without limitation as to rate of amount.

ANALYTICAL CONCLUSION

The three-notch downgrade to 'B' reflects PMHD's ongoing
operational challenges, resulting from continued elevated expense
pressures, particularly related to treating a high volume of
COVID-19 patient and labor shortages.

Delays in payment from California's supplemental funding programs
in recent years have exacerbated PMHD's operating challenges,
holding up approximately $16 million in supplemental funding to
PMHD, which Fitch believes will lead to a period of extreme
liquidity stress, with days cash on hand (DCOH) falling to a low of
approximately 15 days due to the supplemental payment delay. While
the supplemental funding and PMHD's cash position provide a very
limited margin of safety, Fitch expects that PMHD's liquidity
position will remain low at approximately 50 DCOH at YE (after the
supplemental payment is received) and is subject to further
deterioration to about 30 DCOH by year four of Fitch's
forward-looking scenario analysis, absent material operational
improvement.

As a result of operational challenges and payment delays, PMHD did
not meet its FYE 2022 debt service coverage (DSC) requirement of
1.2x, the rate covenant violation is an Event of Default but was
remedied through the engagement of the consultant. Bondholders do
not have the right to accelerate. The district expects to make its
debt service payments in full and on time.

KEY RATING DRIVERS

Revenue Defensibility: 'b'

Leading Market Share Offsets Weak Payor Mix

PMHD provides specialized medical expertise to residents of a
primary service area that includes Imperial County and the City of
Calexico, and maintains a leading market position in their service
area. Fitch views the district as vulnerable to reimbursement risk
due to elevated exposures to Medicaid and self-pay, which accounted
for 40.7% of gross revenues as of fiscal 2022. The district
benefits from its affiliation with Scripps Health, receiving
support in consulting services, purchasing and branding
opportunities. Additionally, through an agreement with Rady
Children's Hospital and Health Center, the district receives
support and expertise in the provision of pediatric and neonatal
services.

The district also benefits from ad valorem tax revenues that
provide support for debt service payments on the GO bonds. Fitch
views the ability to make debt service payments on those series of
debt as highly likely given the unlimited nature of the tax levy
supporting the GO bond debt service, the growing tax base, and the
low tax rate; per Fitch's criteria the IDR constrains the GO rating
at the 'B' level In Fitch's view, tax revenues do not improve
PMHD's revenue defensibility assessment given the limited
contribution to support operations.

Operating Risk: 'b'

Pandemic Pressures and Delay In Supplemental Funding Strains
Operations

PMHD's operating profile assessment is very weak driven by the
district's history of slim operating margins which were further
disrupted in recent years due to the COVID-19 pandemic. During the
pandemic, Imperial County experienced several COVID-19 surges,
possibly due to its large farming industry and proximity to the
border with a large bi-national population and as vaccine
distribution is more limited in Mexico. Due to the surge of COVID
patients, reliance on contract labor significantly increased with
the district having to pay premium for temporary labor in order to
cover staffing needs.

Over the past five fiscal years, operating profitability has been
consistently weak with operating EBITDA and EBITDA margins
averaging 2.7% and 3.3% between fiscal 2018 and fiscal 2022. Fiscal
2021 operations were profitable with the district reporting a 5.5%
operating EBITDA margin. This includes approximately $11.4 million
of CARES Act funding recognized in fiscal 2021 compared to $4.3
million recognized in fiscal 2022. As a result of decreased
stimulus funds and continued pandemic-related pressures to contract
labor and increased expenses, fiscal 2022 operating EBITDA margin
was negative 3.5%. The delay in supplemental program revenues also
contributed to the 2022 operating results.

As a result, PMHD did not meet its FYE annual DSC requirement of
1.2x in fiscal 2022. Fitch understands that if the district fails
to meet its DSC requirement, as long as the district retains
consultants to help improve DSC, the district will be deemed to
have complied and satisfied bond indenture requirements, even if
DSC is below the required levels at FYE. PMHD is currently working
with consultants on a number of initiatives that focus on improving
the revenue cycle and reducing contract labor expense.

Fitch views the district's elevated plant age and long-term capex
requirements as providing the hospital with very limited operating
flexibility. The average age of plant was 22.7 years as of fiscal
2022. The district will need to undertake structural and
nonstructural capital upgrades in order to use its facilities
beyond 2030 due to seismic requirements. Fitch views significant
capital investments will be required over the long term should
California's seismic requirements remain at current levels.
Management is evaluating the size and scope of required projects
over the next couple of years and will have more information over
the medium term.

Financial Profile: 'b'

Balance Sheet Has Limited Flexibility

Pioneer's leverage and liquidity position have weakened
significantly since Fitch's last review. At FYE 2022, the districts
cash-to-adjusted debt fell to 40.3% from 92.2% at FYE 2021. DCOH as
measured by Fitch is 41.2 at FYE. Net adjusted debt-to-adjusted
EBITDA (NADAE) was negative 6.2x as of fiscal 2022.

Fitch views the district's balance sheet as having limited
financial flexibility at the current rating and maintenance of its
current cash-to-adjusted debt metric is imperative to near-term
rating stability. In 2023, PMHD expects to receive supplemental
funding payments and various one-time funding sources which is
expected to support cash-to-adjusted debt metric in the medium
term. Largely dependent on the timing of supplemental funding, it
remains to be seen if PMHD will meet its 50 DCOH covenant
requirement for FYE 2023; which could trigger another financial
covenant violation and possibly an Event of Default, resulting in
the second violation in two years.

Fitch's forward-looking scenario analysis indicates the PMHD's key
liquidity and leverage metrics will remain pressured as the as the
hospital faces elevated expenses and labor costs which continue to
disrupt operations and financial performance.

Asymmetric Additional Risk Considerations

No asymmetric risk considerations are relevant to the rating.

RATING SENSITIVITIES

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

- If operations remain very weak resulting in further decline of
cash-to-adjusted debt;

- If the district fails to meet its liquidity covenant.

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

- If operating performance improves to where operating EBITDA
margins exceed 6% on a consistent basis;

- If liquidity levels and the cash to adjusted debt metric improves
to and is maintained at 50% cash to adjusted on a consistent basis
and offset the risk associated with the district's weak operating
risk profile.

CREDIT PROFILE

PMHD is a hospital district located in Imperial County, California,
approximately 120 miles east of San Diego. The district owns and
operates a 107-bed acute care hospital and numerous outpatient
physician, primary and specialty clinics throughout Imperial
County. PMHD provides health care services to residents of the
Imperial Valley with its main campus located in Brawley in addition
to health clinics in Brawley and Calexico.

Total revenues as of audited fiscal 2022 (June YE) were $135
million, inclusive of ad valorem tax revenues.

In addition to the sources of information identified in Fitch's
applicable criteria specified below, this action was informed by
information from Lumesis.

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.


QAZ LLC: Seeks to Hire Jonathan Goodman as Bankruptcy Attorney
--------------------------------------------------------------
QAZ, LLC seeks approval from the U.S. Bankruptcy Court for the
Eastern District of Wisconsin to employ Jonathan Goodman, Esq., a
practicing attorney in Whitefish Bay, Wisc., to handle its Chapter
11 case.

The attorney will be paid as follows:

   (a) $5,000 for preliminary matters, including the preparation of
bankruptcy schedules and representation at various preliminary
hearings;

   (b) $10,000 for the preparation of a Chapter 11 plan of
reorganization;

   (c) $5,000 for assistance in obtaining approval of the
reorganization plan; and

   (d) $5,000 for post-confirmation matters, including obtaining a
final decree.

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

Mr. Goodman holds office at:

     Jonathan V. Goodman, Esq.
     Law Offices of Jonathan V. Goodman
     500 E. Lake View Avenue
     Whitefish Bay, WI 53217
     Tel: (414) 460-0210
     Email: jonathanvgoodman@gmail.com

                           About QAZ LLC

QAZ, LLC filed a Chapter 11 bankruptcy petition (Bankr. E.D. Wisc.
Case No. 22-23802) on Aug. 27, 2022, with as much as $1 million in
both assets and liabilities. Judge Rachel M. Blise oversees the
case.

The Debtor is represented by Jonathan V. Goodman, Esq., at the Law
Offices of Jonathan V. Goodman.


QUANERGY SYSTEMS: Files for Chapter 11 Bankruptcy Protection
------------------------------------------------------------
Quanergy Systems Inc., a leading provider of LiDAR sensors and
smart 3D solutions, announced on December 13, 2022 that the Company
initiated an orderly sale process for its business. To facilitate
the sale and maximize value, the Company filed for protection under
Chapter 11 ("Chapter 11") of the U.S. Bankruptcy Code (the
"Bankruptcy Code") in the United States Bankruptcy Court for the
District of Delaware (the "Bankruptcy Court") and intends to pursue
a sale of the business under section 363 of the Bankruptcy Code.

Quanergy also announced today that Kevin Kennedy, Chief Executive
Officer, will retire effective December 31, 2022, but will continue
to serve as non-executive Chair of the Board of Directors. Mr.
Kennedy will transition executive leadership to a newly appointed
Chief Restructuring Officer and President, Lawrence Perkins.

"It has been my honor to serve as CEO at Quanergy for the past 2.5
years," said Kevin Kennedy, Chief Executive Officer of Quanergy.
"During this time, the company shifted our technology focus towards
security and industrial applications which enabled the company to
grow revenue by serving customer needs in a new marketplace. The
Board and I have agreed that it is an appropriate time for me to
transition day-to-day leadership to our capable newly appointed
Chief Restructuring Officer. I will continue to provide guidance,
continuity, and support as non-executive Board Chair."

Mr. Perkins is the founder and Chief Executive Officer of
SierraConstellation Partners, an interim management and advisory
firm, which he founded in 2013. Mr. Perkins has served in a variety
of senior-level positions, including interim CEO/President, Chief
Restructuring Officer, board member, financial advisor, strategic
consultant, and investment banker, to numerous private and public
middle-market companies.

Prior to the filing of the Company's Chapter 11 case, the Board of
Directors and management evaluated a wide range of strategic
alternatives to maximize value for all stakeholders. The Company
also significantly reduced operating expenses and resolved
significant patent litigation with Velodyne. Now with the
protections afforded by the Bankruptcy Code, the Company intends to
broaden its marketing efforts to potential purchasers interested in
specific business segments or assets as well as continuing to seek
a going concern sale of the business.

The Company expects to continue operations during the Chapter 11
process and seeks to complete an expedited sale process with
Bankruptcy Court approval. To help fund and protect its operations,
Quanergy intends to use available cash on hand along with normal
operating cash flows to fund post-petition operations and costs in
the ordinary course.

"Quanergy has made considerable efforts to address ongoing
financial challenges stemming from volatile capital market
conditions," said Lawrence Perkins, Chief Restructuring Officer and
President of Quanergy. "Despite these challenges, the Company has
seen improving demand in the security, smart spaces, and industrial
markets, and improvements in supply chain conditions. We are
confident that Quanergy's efforts have positioned the Company for a
value-maximizing transaction during the Chapter 11 sale process.
During the process, we will continue to prioritize the needs of our
customers and I am thankful to the entire Quanergy team for their
continued efforts and contributions to the business."

The Company has filed customary motions with the Bankruptcy Court
intended to allow Quanergy to maintain operations in the ordinary
course including, but not limited to, paying employees and
continuing existing benefits programs, meeting commitments to
customers and fulfilling go-forward obligations, including vendor
payments. Such motions are typical in the Chapter 11 process and
Quanergy anticipates that they will be heard in the first few days
of its Chapter 11 case.

For more information about the Company’s Chapter 11 case,
including claims information, please visit
https://cases.stretto.com/Quanergy or call our hotline at
855-613-0451 (for toll-free U.S. and Canada calls) or 949-889-0181
(for tolled international calls).

Cooley LLP is serving as counsel, Young Conaway Stargatt & Taylor
LLP is serving as co-counsel, Raymond James & Associates, Inc. is
serving as investment banker, and FTI Consulting is serving as
financial advisor to Quanergy.

                    About Quanergy Systems

Quanergy Systems Inc. -- https://quanergy.com -- develops
LiDAR-based smart sensing solutions for real-time 3D mapping and
object detection, tracking and classification.

Quanergy Systems Inc. filed a petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. D. Del. Case No. 22-11305) on Dec.
13, 2022.  In the petition filed by Larry Perkins, as chief
restructuring officerr, the Debtor reported assets and liabilities
between $10 million and $50 million.

The Debtor is represented by:

   Sean Matthew Beach, Esq.
   Young, Conaway, Stargatt & Taylor
   433 Lakeside Drive
   Sunnyvale, CA 94085


QUANERGY SYSTEMS: U.S. Trustee Appoints Creditors' Committee
------------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Chapter 11 case
of Quanergy Systems, Inc.

The committee members are:

     1. Rand Technology, LLC
        15225 Alton Parkway, Suite 100
        Irvine, CA 92618
        Attention: Tawnie Bassett-Parkins
        Tel: 949-255-5740
        Email: tawnie.bassett-parkins@randtech.com

     2. Sanmina, Inc.
        2700 North First Street
        San Jose, CA 95134
        Attention: Dave Rodgers
        Tel: 408-964-3600
        Email: buck.rodgers@sanmina.com

     3. Triple Crown Consulting, LLC
        10814 Jollyville Road, Bldg. IV, Ste. 100
        Austin, TX 78759
        Attention: Sarah Fletcher
        Tel: 512-331-6330
        Email: sarah@tripleco.com

     4. Infortrend Corp.
        435 Lakeside Drive
        Sunnyvale, CA 94085
        Attention: Tony Chu

     5. Spanidea Systems, LLC
        1525 McCarthy Blvd., Ste. 1039
        Milpitas, CA 95035
        Attention: Bhagirath Choudhary
        Tel: 669-226-7863
        Email: bchoudhary@spanidea.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 Quanergy Systems

Quanergy Systems, Inc. designs, develops and markets Light
Detection and Ranging (LiDAR) sensors and 3D perception software
solutions that enable intelligent, real-time detection, tracking
and classification of objects such as people and vehicles in
mission-critical markets such as security, smart cities and
industrial automation. The company is based in Sunnyvale, Calif.

Quanergy Systems sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Delaware Case No. 22-11305) on Dec. 13,
2022, with $10 million to $50 million in both assets and
liabilities. Larry Perkins, chief restructuring officer of Quanergy
Systems, signed the petition.

The Debtor tapped Young Conaway Stargatt & Taylor, LLP and Cooley,
LLP as legal counsels; SierraConstellation Partners as
restructuring advisor; FTI Consulting, Inc. as financial Advisor;
and Raymond James Financial, Inc. as investment Banker. Bankruptcy
Management Solutions, Inc., doing business as Stretto, Inc. is the
claims, noticing and solicitation agent.


QUOTIENT LIMITED: Ameriprise, Columbia Mgmt Own 2.7% Equity Stake
-----------------------------------------------------------------
Ameriprise Financial, Inc. and Columbia Management Investment
Advisers, LLC disclosed in a Schedule 13D filed with the Securities
and Exchange Commission that as of Dec. 5, 2022, they beneficially
own 96,800 ordinary Shares, nil par value, of Quotient Limited,
representing 2.7 percent of the shares outstanding.

The percentage of Ordinary Shares beneficially owned by the
Reporting Persons is based on (i) 3,531,710 Ordinary Shares
reported outstanding as of Nov. 9, 2022 in the Issuer's Form 10-Q
for the quarterly period ended Sept. 30, 2022 (after giving effect
to the 40:1 reverse stock split effected by the Issuer on Nov. 2,
2022), plus (ii) the Ordinary Shares issuable upon the exercise of
the Warrants beneficially owned by such Reporting Person.  

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

https://www.sec.gov/Archives/edgar/data/820027/000119312522305808/d395163dsc13d.htm

                       About Quotient Limited

Penicuik, United Kingdom-based Quotient Limited is a
commercial-stage diagnostics company committed to reducing
healthcare costs and improving patient care through the provision
of innovative ways to test within established markets.  The
Company's initial focus is on blood grouping and donor disease
screening, which is commonly referred to as transfusion
diagnostics.  Blood grouping involves specific procedures performed
at donor or patient testing laboratories to characterize blood,
which includes antigen typing and antibody detection.  Disease
screening involves the screening of donor blood for unwanted
pathogens using two different methods, a serological approach
(testing for specific antigens or antibodies) and a molecular
approach (testing for DNA or RNA).

Quotient Limited reported a net loss of $125.13 million for the
year ended March 31, 2022, compared to a net loss of $111.03
million for the year ended March 31, 2021.  As of Sept. 30, 2022,
the Company had $127.90 million in total assets, $309.99 million in
total liabilities, and a total shareholders' deficit of $182.09
million.

Belfast, United Kingdom-based Ernst & Young LLP, the Company's
auditor since 2007, issued a "going concern" qualification in its
report dated June 28, 2022, citing that the Company has incurred
recurring net losses and negative cash flows from operations, its
planned expenditures exceed available funding, and has stated that
substantial doubt exists about the Company's ability to continue as
a going concern.


QUOTIENT LIMITED: CI Investments Reports 4.7% Equity Stake
----------------------------------------------------------
In a Schedule 13D filed with the Securities and Exchange
Commission, these entities reported beneficial ownership of
Ordinary Shares, nil par value, of Quotient Limited as of Dec. 5,
2022:

                                             Shares        
Percent
                                          Beneficially        of
      Reporting Person                        Owned          Class

CI Investments Inc.                           172,256         4.7%
CI High Income Fund                            38,477         1.1%
CI Corporate Bond Fund                         53,704         1.5%
CI Diversified Yield Fund                      12,561         0.3%
CI Canadian Income & Growth Fund                8,511         0.2%
CI Income Fund                                 22,694         0.6%
CI Global Income & Growth Fund                  5,806         0.2%
Canadian Fixed Income Pool                     12,799         0.4%
CI High Yield Bond Fund                         9,488         0.3%
Global Income Allocation Corporate Class        1,764        0.05%
CI Diversified Yield Corporate Class            1,745        0.05%
Global Income Allocation Pool                   1,565        0.04%
CI Global High Yield Fixed Income Private Trust 2,929        0.08%
CI U.S. Income $US Fund                           213       0.006%

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

https://www.sec.gov/Archives/edgar/data/1163648/000119312522305999/d242688dsc13d.htm

                       About Quotient Limited

Penicuik, United Kingdom-based Quotient Limited is a
commercial-stage diagnostics company committed to reducing
healthcare costs and improving patient care through the provision
of innovative ways to test within established markets.  The
Company's initial focus is on blood grouping and donor disease
screening, which is commonly referred to as transfusion
diagnostics.  Blood grouping involves specific procedures performed
at donor or patient testing laboratories to characterize blood,
which includes antigen typing and antibody detection.  Disease
screening involves the screening of donor blood for unwanted
pathogens using two different methods, a serological approach
(testing for specific antigens or antibodies) and a molecular
approach (testing for DNA or RNA).

Quotient Limited reported a net loss of $125.13 million for the
year ended March 31, 2022, compared to a net loss of $111.03
million for the year ended March 31, 2021.  As of Sept. 30, 2022,
the Company had $127.90 million in total assets, $309.99 million in
total liabilities, and a total shareholders' deficit of $182.09
million.

Belfast, United Kingdom-based Ernst & Young LLP, the Company's
auditor since 2007, issued a "going concern" qualification in its
report dated June 28, 2022, citing that the Company has incurred
recurring net losses and negative cash flows from operations, its
planned expenditures exceed available funding, and has stated that
substantial doubt exists about the Company's ability to continue as
a going concern.


QUOTIENT LIMITED: Honeywell Entities Report Less Than 1% Stake
--------------------------------------------------------------
In a Schedule 13D filed with the Securities and Exchange
Commission, these entities reported beneficial ownership of
Ordinary Shares, nil par value, of Quotient Limited as of Dec. 5,
2022:

                                             Shares       Percent
                                          Beneficially      of
    Reporting Person                         Owned         Class  
    
    Honeywell Capital Management LLC         14,644        0.4%

    Honeywell International Inc.
    Master Retirement Trust                   7,322        0.2%

    Honeywell Common Investment Fund          7,322        0.2%

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

https://www.sec.gov/Archives/edgar/data/1062578/000119312522306016/d425723dsc13d.htm

                       About Quotient Limited

Penicuik, United Kingdom-based Quotient Limited is a
commercial-stage diagnostics company committed to reducing
healthcare costs and improving patient care through the provision
of innovative ways to test within established markets.  The
Company's initial focus is on blood grouping and donor disease
screening, which is commonly referred to as transfusion
diagnostics.  Blood grouping involves specific procedures performed
at donor or patient testing laboratories to characterize blood,
which includes antigen typing and antibody detection.  Disease
screening involves the screening of donor blood for unwanted
pathogens using two different methods, a serological approach
(testing for specific antigens or antibodies) and a molecular
approach (testing for DNA or RNA).

Quotient Limited reported a net loss of $125.13 million for the
year ended March 31, 2022, compared to a net loss of $111.03
million for the year ended March 31, 2021.  As of Sept. 30, 2022,
the Company had $127.90 million in total assets, $309.99 million in
total liabilities, and a total shareholders' deficit of $182.09
million.

Belfast, United Kingdom-based Ernst & Young LLP, the Company's
auditor since 2007, issued a "going concern" qualification in its
report dated June 28, 2022, citing that the Company has incurred
recurring net losses and negative cash flows from operations, its
planned expenditures exceed available funding, and has stated that
substantial doubt exists about the Company's ability to continue as
a going concern.


RADIOLOGY PARTNERS: Oaktree SCF Marks $6.25M Loan at 15% Off
------------------------------------------------------------
Oaktree Strategic Credit Fund has marked its $6,253,000 loan
extended to Radiology Partners Inc to market at $5,297,000, or 85%
of the outstanding amount, as of September 30, 2022, according to a
disclosure contained in Oaktree SCF's Form 10-K for the fiscal year
ended September 30, filed with the Securities and Exchange
Commission on December 14.

Oaktree SCF extended a First Lien Term Loan to Radiology Partners
Inc. The loan currently has an interest rate of 7.33% (LIBOR+4.25%)
and is scheduled to mature on July 9, 2025.

Oaktree SCF is structured as a non-diversified, closed-end
management investment company. It is a Delaware statutory trust
formed on November 24, 2021 and is externally managed by Oaktree
Fund Advisors, LLC.  The Adviser is an affiliate of Oaktree Capital
Management, L.P. and a subsidiary of Oaktree Capital Group, LLC. In
2019, Brookfield Asset Management Inc. acquired a majority economic
interest in OCG. OCG operates as an independent business within
Brookfield, with its own product offerings and investment,
marketing and support teams. Oaktree Fund Administration, LLC, a
subsidiary of OCM, provides certain administrative and other
services necessary for Oaktree SCF to operate.

Radiology Partners, Inc. is one of the largest physician-led and
physician-owned radiology practices in the U.S.  Services provided
include diagnostic and interventional radiology.



RIVER SPRINGS CHARTER SCHOOL: S&P Raises Rev Bonds Rating to 'BB+'
------------------------------------------------------------------
S&P Global Ratings raised its rating to 'BB+' from 'BB' on the
California School Finance Authority's debt outstanding, issued for
River Springs Charter School, Calif. (RSCS). At the same time, S&P
Global Ratings assigned its 'BB+' rating to the authority's series
2023A and series 2023B charter school revenue bonds, issued for
RSCS. The outlook is stable.

"The upgrade reflects material improvements in the school's cash
position in fiscal years 2021 and 2022, which we expect will be
sustained, along with improved debt coverage metrics," said S&P
Global Ratings credit analyst Peter Murphy.

The rating reflects S&P's opinion of RSCS':

-- History of modest liquidity, although fiscal 2022 (ended June
30) balances reflect significant improvement to 143 days' cash on
hand;

-- Risk associated with exposure to lease renewals on a
significant number of school facilities, which was improved
somewhat by the facility acquisitions in 2022; and

-- Inherent uncertainty associated with the school's charter,
which could be revoked, or not renewed due to nonperformance of its
terms, and because the bonds' final maturity is well beyond the
existing charter period ending June 30, 2025.

S&P believes somewhat offsetting factors are, what it considers,
RSCS':

-- Historically positive full-accrual operations;

-- Overall trend of enrollment growth; and

-- Manageable pro forma debt burden.

S&P said, "The stable outlook reflects our expectation that
management will maintain cash reserves at target levels, and that
enrollment growth and increases in state revenues will enable
management to produce margin and coverage metrics in line with the
rating.

"We could lower the rating during the outlook period if financial
performance were to deteriorate significantly, such that liquidity
declined below target levels; or lease-adjusted maximum annual debt
service (MADS) coverage were to fall out of line with that of RSCS'
peers and rating medians. In addition, if enrollment trends
continue to exhibit volatility, and do not increase as forecast by
management, we could take a negative rating action.

"We could raise the rating to 'BBB-' if, in our view, RSCS is able
to sustain liquidity at levels meaningfully higher than historical
norms, and if lease-adjusted MADS coverage improves to levels we
consider consistently in line with a higher rating. In addition, we
would expect enrollment-based state funding to continue to rise to
support operations."



SEAICH CARD: Bid to Use Cash Collateral Denied
----------------------------------------------
The U.S. Bankruptcy Court for the District of Utah, Central
Division, has denied the motion to use cash collateral filed by
Seaich Card & Souvenir Corporation.

As previously reported by the Troubled Company Reporter, the Debtor
sought authority to use cash collateral through December 31, 2022.
The Debtor proposed to use its cash, including cash that may
constitute cash collateral, to (a) pay certain pre-petition
obligations to critical vendors, to allow for the release of
inventory that can be sold by the Debtor, and (b) pay the Debtor's
ordinary post-petition operating expenses and certain
administrative expenses as more particularly set forth in the
Budget.

The parties that claim, or may claim, an interest in the Debtor's
cash collateral are:

     a. U.S. Small Business Administration, with a loan balance of
approximately $337,000.

     b. New Time Plastic Manufacturing, Ltd., with a balance of
approximately $154,000; and

     c. Drip Capital, in the alleged amount of approximately
$504,000.

SouthStar Capital Group and Versant Funding, LLC also may claim a
lien of cash collateral, but are not presently owed a debt by the
Debtor.

Blue Horizon; Bontex; and Titan Worldwide may hold a senior,
priming lien on some or all of the resulting case proceeds.

The Court said the Prior Order is modified to prohibit the further
use of cash collateral without a further court order.

At the Initial Hearing on the matter on October 19, Matthew M.
Boley and Jeffrey Trousdale -- mboley@ck.law and
jtrousdale@cohnekinghorn.com -- appeared on behalf of the Debtor;
Meghan A. Sheridan appeared on behalf of Walmart Inc.; D. Ray
Strong -- rstrong@thinkbrg.com -- appeared as the duly appointed
Subchapter V Trustee; Matthew Burne -- matthew.burne@usdoj.gov --
appeared on behalf of the United States Trustee; David L. Pinkston
and Richard J.J. Scarola -- dlp@scmlaw.com -- appeared on behalf of
Drip Capital, Inc.; Sherilyn A. Olsen -- Sherilyn A. Olsen
solsen@hollandhart.com -- appeared on behalf of Ryder Last Mile,
Inc.; and other counsel and parties entered their appearances on
the record. Excepting counsel for Walmart, whose attendance at the
Continued Hearing on October 26 was expressly excused on the record
during the Initial Hearing, the same counsel and
parties-in-interest appeared at the Continued Hearing.

Drip and Ryder objected to the Motion. At the Continued Hearing,
Ryder withdrew its objection to the Motion and indicated its
support for the Motion.

At the conclusion of the Continued Hearing, the Court made a
preliminary determination that the Debtor would be permitted to use
cash collateral to the extent of $130,000 as was at that time
deemed necessary to avoid immediate and irreparable harm to the
Debtor's bankruptcy estate pending a final hearing on the Motion,
and that related determinations were entered as an Order dated
October 28, with a further hearing on the Motion scheduled for
November 17, which was then continued to December 1.

The Court held a final hearing on the Motion on December 1. At the
Final Hearing, Boley and Trousdale appeared on behalf of the
Debtor; Strong appeared as the duly appointed Subchapter V Trustee;
Burne appeared on behalf of the United States Trustee; Austin Nate
-- anate@rqn.com -- and Richard J.J. Scarola appeared on behalf of
Drip; and other counsel and parties entered their appearances on
the record.

The Debtor and Drip presented evidence and engaged in examination
and cross-examination of witnesses at the Final Hearing, and the
Final Hearing was continued to December 5, at 10:00 a.m. for oral
arguments by counsel and closing arguments were presented at that
time. The Court then adjourned the Final Hearing to the next day,
December 6, at 1:00 p.m., to deliver its ruling and based on the
evidence received at the prior Hearings.

The denial order dated December 20 is effective as of December 6,
when the Court's oral ruling was announced in open court at the
conclusion of the preliminary hearing on the Motion.

A copy of the order is available at https://bit.ly/3Gd1iTE from
PacerMonitor.com.

           About Seaich Card & Souvenir Corporation

Seaich Card & Souvenir Corporation -- https://seaich.com/ -- doing
business as Seaich Corporation, is a privately held company in the
wholesale trade business.  Seaich Card & Souvenir Corporation filed
a petition for relief under Subchapter V of Chapter 11 of the
Bankruptcy Code (Bankr. D. Utah Case No. 22-23909) on Oct. 4, 2022.
In the petition filed by Uriah Kennedy, as president, the Debtor
reported assets between $10 million and $50 million and liabilities
between $1 million and $10 million.

D. Ray Strong has been appointed as Subchapter V trustee.

Judge R. Kimball Mosier oversees the case.

The Debtor tapped Cohne Kinghorn, led by is represented by Matthew
M. Boley, as counsel; and Rocky Mountain Advisory, LLC, as
financial advisor and accountant.


SNC VENTURES: Case Summary & 18 Unsecured Creditors
---------------------------------------------------
Debtor: SNC Ventures, LLC
        21255 Spell Circle
        Tomball, TX 77375

Chapter 11 Petition Date: December 22, 2022

Court: United States Bankruptcy Court
       Southern District of Texas

Case No.: 22-33813

Debtor's Counsel: Wayne Kitchens, Esq.
                  HUGHES WATTERS ASKANASE
                  Total Energies Tower
                  1201 Louisiana, 28th Floor
                  Houston, TX 77002
                  Tel: (713) 759-0818
                  Email: wkitchens@hwa.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Steven T. Habel as managing member.

A copy of the Debtor's list of 18 unsecured creditors is available
for free at PacerMonitor.com at:

https://www.pacermonitor.com/view/AZ3ZKLI/SNC_VENTURES_LLC__txsbke-22-33813__0002.0.pdf?mcid=tGE4TAMA

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

https://www.pacermonitor.com/view/A6C42RY/SNC_VENTURES_LLC__txsbke-22-33813__0001.0.pdf?mcid=tGE4TAMA


SPECTACLE BIDCO: S&P Upgrades ICR to 'B', Outlook Stable
--------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Spectacle
Bidco Holdings Inc. (SBH; doing business as Cirque du Soleil) to
'B' from 'B-'.

At the same time, S&P raised its issue-level rating on Cirque's
$316 million outstanding first-lien debt to 'BB-' from 'B+' and our
rating on its $341 million outstanding second-lien term loan to
'B-' from 'CCC+'.

S&P said, "The stable outlook reflects our expectation that Cirque
will reduce S&P Global Ratings-adjusted leverage to the 5x area in
2022 following better than expected EBITDA generation and cash
flow. We expect the company will sustain leverage below 6x
incorporating an expectation for a shallow recession in 2023 in the
U.S. that results in a pullback in discretionary spending, reduced
ticket pricing, and modestly lower show attendance."

S&P said, "The upgrade to 'B' reflects the successful relaunch of
Cirque's shows, resulting in good EBITDA and cash flow generation
and our expectation that it will sustain leverage below 6x through
2023.Cirque's revenue and EBITDA generation through the first nine
months of 2022 has been substantially higher than we forecast. As a
result, we now expect S&P Global Ratings-adjusted leverage to end
2022 at about 5x compared to our prior expectation for
approximately 7x in 2022. As of September, Cirque had relaunched
the entirety of its show portfolio, including seven residencies in
Las Vegas as well as its touring division. As shows have reopened,
revenue generation has been driven by high average ticket prices
that have offset modestly weaker attendance than pre-pandemic. We
believe attendance has been slowed by a lack of international
visitation to Las Vegas and slower recovery at its residence shows
in metropolitan areas such as New York, Chicago, and Boston. We
expect these trends to improve in 2023, supporting some higher
attendance next year. In 2023, Cirque will also benefit from a
full-year schedule, the first largely unaffected by COVID-19. This
should support revenue growth of 10%-15%. Reduced advertising
spending and a leaner cost structure has expanded margins this year
compared to 2019, despite EBITDA being burdened by relaunch costs.
We expect about 100-200 basis points (bps) of margin compression in
2023 driven by increased advertising and labor costs, with
relatively flat EBITDA compared to 2022. Under these assumptions,
leverage increases to the low-5x area in 2023 primarily because of
payment-in-kind debt in Cirque's capital structure. This still
provides some cushion relative to our 6x threshold at the 'B'
rating despite our base case for a shallow recession next year."

Macroeconomic factors that could impede discretionary spending and
a concentration of EBITDA generation in Las Vegas pose the most
significant risk to Cirque's U.S. cash flow in 2023. Rising prices
and interest rates are eating away at household purchasing power.
S&P said, "As a result, we lowered our U.S. GDP growth forecast to
1.8% for 2022 and a 0.1% contraction for 2023 as the economy falls
into a shallow recession in the first half of the year. We can't
rule out an even harder landing if the U.S. Federal Reserve becomes
more aggressive with rate hikes to quell inflation. Although the
shift in spending to experiences from products may continue, the
surge in leisure spending in Las Vegas and at Cirque's touring
shows may begin to moderate if consumers' willingness to spend on
travel and entertainment is hit by reduced accumulated savings,
ongoing high inflation, and higher unemployment. Cirque's residence
shows, most of which are located in Las Vegas, account for nearly
half of its total revenue. Acceleration in convention and group
business in Las Vegas in 2023 could partly replace a moderation in
leisure demand, but a weakening macroeconomic environment could
slow the pace of recovery if corporate travel budgets fall. Visitor
volume in 2022 through October remains 9% below the same period in
2019 and hotel occupancy 10% below. This is largely because
convention attendance is 26% below 2019 levels."

While destination markets such as Las Vegas tend to be more
volatile in a downturn, continued group and convention recovery,
the return of international travel, and investment in new
attractions, including the opening of Allegiant Stadium (2020) and
the MSG Sphere (scheduled to complete construction in 2023). This
should continue to support recovery in visitation to Las Vegas. As
a result, S&P expects the impacts of a shallow recession would be
less dramatic than during the great recession. Additionally, the
first quarter of 2023 will likely compare easily to the first
quarter of 2022 due to the negative impact the COVID-19 omicron
variant had on travel demand to Las Vegas and Cirque's shows. A
favorable event calendar in 2023 should also help visitation. The
market will benefit next year from the return of CONEXPO-CON/AGG, a
construction trade show held every three years, as well as Formula
1 auto racing's Las Vegas Grand Prix.

Cirque du Soleil benefits from its solid brand recognition.
Cirque's brand recognition has historically enabled it to form
strategic partnerships with venue providers that help cover the
costs of developing new shows. The contract terms and historical
longevity of its shows, which can last for upward of 20 years,
provide some revenue and cash flow predictability. Cirque's primary
partnership is with MGM in the Las Vegas market, which accounted
for a large proportion of its revenue prior to the pandemic. This
partnership guarantees Cirque's operating costs, an additional
premium, and royalties from box office sales. Competitive pressures
from other entertainment and leisure providers partially offset
these positive factors. Additionally, S&P believes the company has
a moderate counterparty concentration with MGM, which owns the
venues for five of its resident shows.

S&P said, "The stable outlook reflects our expectation that Cirque
will reduce S&P Global Ratings-adjusted leverage to the 5x area in
2022 following better than expected EBITDA generation and cash flow
as the company relaunched its portfolio of resident and touring
shows. We also expect the company will sustain leverage below 6x,
incorporating an expected shallow recession in 2023 in the U.S.
that results in a pullback in discretionary spending, reduced
ticket pricing, and modestly lower show attendance.

"We could lower our rating on Cirque if the company sustains
adjusted leverage below 6x. This would likely be the result of a
more severe recession in the U.S. than we forecast leading to a
steep decline in ticket pricing and reduced attendance.

"We could raise our rating on Cirque if the company is able to
sustain adjusted leverage below 5x with sufficient cushion to
weather softer economic conditions in 2023. We would also expect
Cirque to generate healthy levels of free operating cash flow in
order to consider an upgrade."

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 Cirque. As of September 2022, the
company has brought back most of its portfolio of shows since the
total shutdown of live events in 2020 amid the COVID-19 pandemic.
As such, we expect the company to achieve positive, FOCF in 2022.
Notwithstanding a more severe recession than forecast, we expect
Cirque will continue to increase revenue and EBITDA and will
sustain credit metrics in line with or improved compared to 2019.
Nonetheless, while we view the pandemic as a rare and extreme
disruption that is unlikely to recur at the same magnitude, safety
and health scares are an ongoing risk factor. Governance factors
are a moderately negative consideration in our analysis, as is the
case for most rated entities owned by private-equity sponsors. We
believe the company's highly leveraged financial risk profile
points to corporate decision-making that prioritizes the interests
of controlling owners. This also reflects private-equity owners'
generally finite holding periods and focus on maximizing
shareholder returns."



SUPERIOR INDUSTRIES: S&P Alters Outlook to Stable, Affirms B- ICR
-----------------------------------------------------------------
S&P Global Ratings revised its rating outlook to stable from
negative and affirmed its 'B-' issuer credit rating on Superior
Industries International Inc.

S&P said, "Simultaneously, we assigned our 'B-' issue-level rating
and '3' recovery rating to Superior's new $60 million cash flow
revolver and $400 million term loan. The '3' recovery score
indicates our expectation for meaningful recovery (50%-70%; rounded
estimate: 60%) in the event of a payment default. Our '5' recovery
rating on Superior's senior unsecured debt, indicating modest
recovery (10%-30%; rounded estimate: 20%), is unchanged.

"We withdrew our rating on the company's previous term loan, which
was repaid in full at close of the refinancing.

"The stable outlook reflects our view that the company should
sustain discretionary cash flow (DCF) near break-even in our
forecast and maintain adequate liquidity over the next 12 months.
It also reflects reduced maturity risk because the capital
structure has been moderately extended.

"We revised our outlook on Superior to stable following the
company's refinancing of its senior secured credit facilities,
which alleviates near-term liquidity pressures and extends the debt
maturity profile. With the new revolving facility maturing in 2027
and the term loan in 2028, the company has increased the
weighted-average maturity of its debt and pushed off near-term
liquidity concerns given the old term loan was set to become
current in May 2023. Still, the company needs to address its EUR250
million senior unsecured notes and redeemable preferred equity that
become due in 2025. This is particularly important because of the
springing maturity nature of the new senior secured credit
facilities. Commitments terminate 90 days before both the senior
unsecured notes (June 15, 2025) and redeemable preferred equity
(Sept. 14, 2025) expire if they remain outstanding. Liquidity has
also improved with the new $60 million revolving facility; the
previous facilities were set to mature in less than a year. At
close of the refinancing, Superior had $126.6 million of covenant
constrained cash on its balance sheet and nearly full access to its
$60 million cash flow revolver, for total liquidity above $180
million. Such liquidity is sufficient to service uses over the next
12 months.

"We affirmed the 'B-' rating because we believe Superior's leverage
will remain high over the next 12 months, with slightly weaker cash
flows under the refinanced term loan. The incremental debt from the
new term loan combined with higher interest expense weighs on our
assessment of the company's credit metrics. Debt to EBITDA is
slightly higher, near 6x, than our previous expectations in the
mid-5x area for 2022 and 2023. Free operating cash flow (FOCF) and
DCF to debt are lower in 2023 because of higher interest costs. We
expect Superior will generate near break-even DCF in 2023 before
moderately improving thereafter, assuming margins gradually
increase above 11% from the low-10% area. Margin improvement in our
forecast will however depend on improving volumes with its
automaker customers that could be offset by inflationary drag,
notably from higher factory wages and energy costs, specifically in
Europe if energy prices remain volatile.

"The stable outlook reflects our view that Superior's DCF remains
near break-even in our base-case forecast and that the firm
maintains adequate liquidity over the next 12 months. It also
reflects reduced maturity risk with the capital structure
moderately extended."

S&P could lower its rating on Superior if its FOCF is persistently
negative and leads to liquidity deterioration. This could occur
if:

-- EBITDA margins decline due to difficulty in recovering costs
through automakers; or

-- Production with these customers remains volatile, leading to
operating inefficiencies at Superior's plants.

S&P could raise its rating on Superior if:

-- The company's sales volumes and EBITDA margins improve, such
that it can generate DCF to debt comfortably above 2% on a
sustained basis and maintain debt to EBITDA below 5.5x.

-- Superior's financial performance could improve if automaker
production increases and energy costs fall along with it being able
to pass through certain inflationary costs to customers; and

-- It addresses the maturities of its senior unsecured debt and
redeemable preferred equity tranches.

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

ESG factors have an overall neutral influence on S&P's credit
rating analysis of Superior. The increased electrification of
vehicle powertrains will not have a significant effect on demand
for wheels.



TEXSTAR COUNTRY: Gets OK to Hire DeMarco-Mitchell as Legal Counsel
------------------------------------------------------------------
Texstar Country Store, LLC received approval from the U.S.
Bankruptcy Court for the Northern District of Texas to employ
DeMarco-Mitchell, PLLC as its legal counsel.

The firm's services include:

     a. taking all necessary actions to protect and preserve the
Debtor's estate, including the prosecution of actions on its
behalf, the defense of any actions commenced against it,
negotiations concerning all litigation in which it is involved, and
objecting to claims;

     b. preparing legal papers;

     c. formulating, negotiating and proposing a plan of
reorganization; and

     d. other necessary legal services.

DeMarco-Mitchell will be paid at these rates:

     Robert T. DeMarco, Esq.       $400 per hour
     Michael S. Mitchell, Esq.     $300 per hour
     Barbara Drake, Paralegal      $125 per hour

The firm received a retainer in the amount of $7,500.

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

The firm can be reached through:

     Robert T. DeMarco, Esq.
     Michael S. Mitchell, Esq.
     DeMarco-Mitchell, PLLC
     1255 W. 15th Street, 805
     Plano, TX 75075
     Tel: 972-578-1400
     Fax: 972-346-6791
     Email: robert@demarcomitchell.com
            mike@demarcomitchell.com

                    About Texstar Country Store

Texstar Country Store, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 22-32114) on
Nov. 8, 2022. In the petition signed by its managing member, Jan
Dombach, the Debtor disclosed up to $500,000 in both assets and
liabilities.

Judge Michelle V. Larson oversees the case.

Robert T. DeMarco, Esq., and Michael S. Mitchell, Esq., at DeMarco
Mitchell, PLLC are the Debtor's bankruptcy attorneys.


THK SCOTTSDALE: Gets OK to Hire Mark J. Giunta as Legal Counsel
---------------------------------------------------------------
THK Scottsdale, LLC received approval from the U.S. Bankruptcy
Court for the District of Arizona to employ the Law Office of Mark
J. Giunta to handle its Chapter 11 case.

The firm will be paid at these rates:

     Mark J. Giunta       $525 per hour
     Senior Associate     $350 per hour
     Associate            $275 per hour
     Legal Assistant      $125 per hour

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

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

Mark Giunta, 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 through:

     Mark J. Giunta, Esq.
     Law Office of Mark J. Giunta
     531 East Thomas Road, Suite 200
     Phoenix, AZ 85012
     Tel: (602) 307-0837
     Fax: (602) 307-0838
     Email: markgiunta@giuntalaw.com

                       About THK Scottsdale

THK Scottsdale, LLC filed a Chapter 11 bankruptcy petition (Bankr.
D. Ariz. Case No. 22-07839) on Nov. 22, 2022, with as much as $1
million in both assets and liabilities. Judge Brenda Moody Whinery
oversees the case.

The Debtor is represented by the Law Office of Mark J. Giunta.


TREASURE ISLAND: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: Treasure Island Yacht and Tennis Club of
        Pinellas County, LLC
           FDBA Treasure Island Yacht and Tennis Club
           FDBA Treasure Island Tennis and Yacht Club
           FDBA The Club at Treasure Island
           FDBA The Club Treasure Island
           FDBA Marker 14
           FDBA The Club TI
        400 Treasure Island Causeway
        Saint Petersburg, FL 33706

Business Description: The Debtor owns and operates a private club
                      in Treasure Island, Floria.  The Club offers
                      waterside dining to local and traveling
                      patrons.

Chapter 11 Petition Date: December 22, 2022

Court: United States Bankruptcy Court
       Middle District of Florida

Case No.: 22-05052

Debtor's Counsel: Stephenie Biernacki Anthony, Esq.
                  ANTHONY & PARTNERS, LLC
                  100 S. Ashley Drive
                  Suite 1600
                  Tampa, FL 33602
                  Tel: 813-273-5616
                  Email: santhony@anthonyandpartners.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by William L. Edwards as member.

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

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

https://www.pacermonitor.com/view/I6FMWXI/Treasure_Island_Yacht_and_Tennis__flmbke-22-05052__0001.0.pdf?mcid=tGE4TAMA


UNIVERSITY PARK: S&P Lowers 2013 Revenue Bonds Rating to 'BB-'
--------------------------------------------------------------
S&P Global Ratings lowered its rating on University Park at
Evansdale LLC (UPE), W.Va.'s series 2013 taxable revenue bonds to
'BB-' from 'BB+'. The outlook is negative.

"The downgrade reflects our view of the project's consistently low
annual debt service coverage ratio of 1.14x and 1.02x for fiscal
2022 (projected) and fiscal 2021, respectively, per S&P Global
Ratings' calculation that has been below the covenant level for the
second consecutive year due to low occupancy of 85%. The leading
contributor of the low occupancy has been the declining full time
equivalent students at the affiliated West Virginia University
coupled with other factors as well." said S&P Global Ratings credit
analyst Gauri Gupta. The project did not receive financial support
from the university beyond fiscal 2020 for lower revenue further
adding to its inability to meet covenant coverage ratio.

"The negative outlook reflects the project's projection that due to
continued decline in university enrollment, occupancy will likely
remain low and as such fiscal 2023 coverage, projected to be around
1.13x, will also be below covenant level with uncertainty around
when coverage will rebound," added Ms. Gupta.



VICE BAR & BISTRO: Seeks to Hire Rountree as Legal Counsel
----------------------------------------------------------
Vice Bar & Bistro, LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to employ Rountree
Leitman Klein & Geer, LLC as its legal counsel.

The firm's services include:

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

   (b) preparing legal papers;

   (c) examining claims of creditors;

   (d) assisting with formulation and preparation of the disclosure
statement and plan of reorganization and with the confirmation and
consummation thereof; and

   (e) other necessary legal services.

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

     William A. Rountree, Attorney       $495 per hour
     Will B. Geer, Attorney              $495 per hour
     Michael Bargar, Attorney            $495 per hour
     Hal Leitman, Attorney               $425 per hour
     David S. Klein, Attorney            $425 per hour
     Alexandra Dishun, Attorney          $425 per hour
     Benjamin R. Keck, Attorney          $425 per hour
     Barret Broussard, Attorney          $395 per hour
     Ceci Christy, Attorney              $350 per hour
     Elizabeth A. Childers, Attorney     $350 per hour
     Ceci Christy, Attorney              $350 per hour
     Caitlyn Powers, Attorney            $275 per hour
     Zach Beck, Law clerk                $195 per hour
     Sharon M. Wenger, Paralegal         $195 per hour
     Kayte Moore                         $175 per hour
     Megan Winokur, Paralegal            $150 per hour
     Catherine Smith, Paralegal          $150 per hour
     Yasmin Alamin, Paralegal            $150 per hour

The firm received a pre-bankruptcy retainer of $20,000 from the
Debtor.

William Rountree, Esq., a partner at Rountree Leitman Klein & Geer,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     William A. Rountree, Esq.
     Rountree Leitman Klein & Geer, LLC
     Century Plaza I
     2987 Clairmont Road, Suite 350
     Atlanta, GA 30329
     Telephone: (404) 584-1238
     Facsimile: (404) 704-0246
     Email: wrountree@rlkglaw.com

                      About Vice Bar & Bistro

Vice Bar & Bistro, LLC filed a petition for relief under Subchapter
V of Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. on Case No.
22-58751) on Oct. 31, 2022, with between $500,000 and $10 million
in both assets and liabilities. Cameron McCord has been appointed
as Subchapter V trustee.

Judge Sage M. Sigler oversees the case.

The Debtor is represented by William A. Rountree, Esq., at Rountree
Leitman Klein & Geer, LLC.


VINTAGE FOOD: Gets OK to Hire Strobl Sharp as Legal Counsel
-----------------------------------------------------------
Vintage Food Services, Inc. received approval from the U.S.
Bankruptcy Court for the Eastern District of Michigan to employ
Strobl Sharp, PLLC as its legal counsel.

The firm's services include:

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

   (b) attending meetings and negotiating with representatives of
creditors and other parties in interest;

   (c) taking all necessary actions to protect and preserve the
Debtor's estate, including the prosecution of actions on the
Debtor's behalf, the defense of any action commenced against the
Debtor, negotiations concerning all litigation in which the Debtor
is involved, and objections to claims filed against the estate;

   (d) preparing legal papers;

   (e) negotiating and preparing a Chapter 11 plan of
reorganization and related agreements, and taking any necessary
action to obtain confirmation of such plan;

   (f) representing the Debtor in connection with obtaining
post-petition financing;

   (g) advising the Debtor in connection with any potential sale of
assets, restructuring or recapitalization;

   (h) appearing before the bankruptcy court, any appellate courts,
and the U.S. trustee;

   (i) consulting with the Debtor regarding tax matters;

   (j) addressing issues relative to regulatory agencies; and

   (k) other necessary legal services.

Strobl Sharp will be paid at hourly rates ranging from $250 to
$450. In addition, the firm will receive reimbursement for
out-of-pocket expenses incurred.

Lynn Brimer, Esq., a partner at Strobl Sharp, 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:

     Lynn M. Brimer, Esq.
     Strobl Sharp, PLLC
     300 East Long Lake Road, Suite 200
     Bloomfield Hills, MI 48304-2376
     Phone: (248) 540-2300
     Fax: (248) 205-2786
     Email: lbrimer@strobllaw.com

                    About Vintage Food Services

Based in Fraser, Mich., Vintage Food Services, doing business as
Vintage House, offers a complete suite of catering services for
weddings, showers, corporate events, fundraisers, reunions, funeral
luncheons, sports banquets, and bar/bat mitzvahz.

Vintage Food Services sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 22-48073) on Oct.
16, 2022, with between $500,000 and $1 million in assets and
between $1 million and $10 million in liabilities. Anthony
Jekielek, president of Vintage Food Services, signed the petition.

Judge Thomas J. Tucker oversees the case.

Lynn M. Brimer, Esq., at Strobl Sharp, PLLC serves as Vintage Food
Services' legal counsel.

Huntington Bank, secured creditor of Vintage Food Services, is
represented by Lisa A. Hall, Esq., at Plunkett Cooney.



VOYAGER DIGITAL: Binance.US Emerges as Winning Bidder for Assets
----------------------------------------------------------------
Voyager Digital Ltd. (OTC Pink VYGVQ; FRA: UCD2) on Dec. 19
disclosed that its operating company Voyager Digital LLC selected
U.S. exchange BAM Trading Services Inc. (doing business as
"Binance.US") as the highest and best bid for its assets after a
review of strategic options with the core objective of maximizing
the value returned to customers and other creditors on an expedited
timeframe.

Binance.US is headquartered in Palo Alto, CA, and is incorporated
in Delaware. It is an independent legal entity and has a licensing
agreement with Binance.com.

The Binance.US bid, which sets a clear path forward for Voyager
customer funds to be unlocked as soon as possible, is valued at
approximately $1.022 billion and is comprised of (i) the fair
market value of Voyager's cryptocurrency portfolio at a
to-be-determined date in the future, which at current market prices
is estimated to be $1.002 billion, plus (ii) additional
consideration equal to $20 million of incremental value. The
Company's claims against Three Arrows Capital remain with the
bankruptcy estate, and any future recovery on these and other
non-released claims will be distributed to the estate's creditors.

The Binance.US bid aims to return crypto to customers in kind, in
accordance with court-approved disbursements and platform
capabilities.

Binance.US will make a $10 million good faith deposit and will
reimburse Voyager for certain expenses up to a maximum of $15
million. Should the deal not close by April 18, 2023 subject to a
one-month extension, the agreement allows Voyager to immediately
move to return value to customers.

Voyager Digital LLC will seek Bankruptcy Court approval to enter
into the asset purchase agreement between Voyager Digital LLC and
Binance.US at a hearing on January 5, 2023. The sale to Binance.US
will be consummated pursuant to a Chapter 11 plan, which will be
subject to a creditor vote and is subject to other customary
closing conditions. Binance.US and the Company will work to close
the transaction promptly following approval of the chapter 11 plan
by the Bankruptcy Court.

This sale agreement follows Voyager's July 5, 2022 entrance into a
voluntary restructuring process aimed at returning maximum value to
customers. Additional information about the timeline and customer
access to crypto will be shared as it becomes available. A copy of
the asset purchase agreement and other pleadings filed in this case
may be obtained free of charge by visiting the Voyager case website
https://cases.stretto.com/Voyager.

Voyager was advised by Kirkland & Ellis LLP, Moelis & Company LLC,
and Berkeley Research Group. Binance.US was advised by Latham &
Watkins LLP.

                   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.

Judge 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. The
committee also tapped the services of Harney Westwood & Riegels, LP
in connection with Three Arrows Capital Ltd.'s liquidation
proceedings in British Virgin Islands.

The Debtors filed their joint Chapter 11 plan of reorganization on
July 6, 2022.


WAWANESA GENERAL: A.M. Best Cuts Financial Strength Rating to B
---------------------------------------------------------------
AM Best has downgraded the Financial Strength Rating (FSR) to B
(Good) from A- (Excellent) and the Long-Term Issuer Credit Rating
(Long-Term ICR) to "bb" (Good) from "a-" (Excellent) of Wawanesa
General Insurance Company (Wawanesa General) (San Diego, CA).
Concurrently, AM Best has placed these Credit Ratings (ratings)
under review with negative implications.

At the same time, AM Best has affirmed the FSR of A (Excellent) and
the Long-Term ICR of "a" (Excellent) of The Wawanesa Mutual
Insurance Company (Wawanesa Mutual). AM Best also has affirmed the
FSR of A (Excellent) and the Long-Term ICR of "a" (Excellent) of
Wawanesa Life Insurance Company (Wawanesa Life). The outlook of
these ratings is stable. All companies are headquartered in
Winnipeg, Manitoba, Canada, unless otherwise specified.

The ratings of Wawanesa General reflect its balance sheet strength,
which AM Best assesses as adequate, as well as its marginal
operating performance, limited business profile and appropriate
enterprise risk management (ERM). The downgrade of the ratings of
Wawanesa General reflects the significant decline in policyholder
surplus during 2022, which accelerated in third-quarter 2022,
resulting from a downturn in operating performance driven by an
increase in loss costs due in part to the current inflationary
environment. The weakened performance has been significantly
impacted by the inability to secure adequate rate increases from
California's department of insurance. Results have also been
negatively impacted by $54.1 million in adverse reserve development
occurring on prior accident years through Sept. 30, 2022. The
ratings will remain under review with negative implications pending
further discussions with management as AM Best assesses the ongoing
impact of the California automobile marketplace on Wawanesa
General.

The ratings of Wawanesa Mutual reflect its balance sheet strength,
which AM Best assesses as very strong, as well as its adequate
operating performance, neutral business profile and appropriate
ERM. The stable outlooks reflect the expectation that Wawanesa
Mutual's rating fundamentals will remain unchanged over the
intermediate term. Risk-adjusted capitalization, as measured by
BCAR, is expected to remain at the strongest level given the
company's conservative capital management. Although moderately
volatile, operating performance is expected to remain adequate,
supported by investment earnings that have generally offset
underwriting losses and driven organic growth in policyholder
surplus.

The ratings of Wawanesa Life reflect its balance sheet strength,
which AM Best assesses as very strong, as well as its adequate
operating performance, neutral business profile and appropriate
ERM. Wawanesa Life's strongest level of risk-adjusted
capitalization, as measured by Best's Capital Adequacy Ratio
(BCAR), supports the company's business, investment and insurance
risks. In addition, the company maintains a robust Life Insurance
Capital Adequacy Test (LICAT) ratio. The stable outlooks reflect
the expectation that Wawanesa Life will maintain a balance sheet
assessment at the very strong level over the intermediate term with
adequate operating results contributing to surplus growth. In
addition, the stable outlooks reflect AM Best's expectations that
Wawanesa Life will maintain its strategic importance to Wawanesa
Mutual over the intermediate term.


WC BRAKER: $75-Mil. Bid to Open Feb. 14 Auction
-----------------------------------------------
Keen-Summit Capital Partners LLC on Dec. 22 disclosed that the
United States Bankruptcy Court for the Western District of Texas,
Austin Division, approved Bid Procedures and an Auction related to
the ~$75 million stalking horse contract for the sale of thirteen
single-story office buildings and one retail strip center in
Austin, TX. Not only is Austin one of the country's fastest growing
major metro areas but also this portfolio is located in one of
Austin's hottest areas, close to Q2 stadium, The Domain shopping
area, and the regional offices of Amazon, IBM and Charles Schwab,
among others.

The bankruptcy court order approving the sale allows prospective
buyers to bid on the entire portfolio, or on just the office
portfolio or the retail property. The court approved Bid Deadline
is February 7; the court approved auction date is February 14.
"This cash-flowing portfolio includes 545,000+ sq. ft. of office
space and 15,300+ sq. ft. of retail, giving any buyer a unique and
substantial entry point into the Austin market," says Harold
Bordwin, Principal and Co-President of Keen-Summit Capital Partners
LLC, the court approved exclusive marketing agent and broker. "With
nearly 50 diverse office tenants, buyers are able to limit credit
risk while taking advantage of substantial value-add
opportunities," Bordwin notes.

"Austin has seen incredible growth in recent years, and it's going
to continue as CNBC recently named it the second Fastest Growing
City in the U.S., and Best Place to Live in the U.S. for the 3rd
year in a row by U.S. News & World Report," adds Matthew Bordwin,
Principal & Co-President of Keen-Summit. "We expect this to be
quite an exciting auction, as there is so much to gain from this
property."

The portfolio is located on and about the intersections of West
Braker Lane, Kramer Lane, and Metric Boulevard in North Central
Austin.

The property owner, WC Braker Portfolio LLC, filed Chapter 11 on
May 2, 2022. Thereafter, May 31, 2022, the Bankruptcy Court issued
an Order approving the appointment of Dawn Ragan as Chapter 11
trustee of the debtor.

For more information on this property, visit:

https://www.keen-summit.com/project/bankruptcy-auction-austin-tx-portfolio-of-office-buildings-and-retail-strip-center/,
or www.AustinTX-OfficePortfolio-BankruptcySale.com,
or contact Keen-Summit Capital Partners, LLC, (646) 381-9222.

            About Keen-Summit Capital Partners LLC

Keen-Summit Capital Partners LLC -- http://www.keen-summit.com--
is a real estate brokerage, workout and investment banking firm
specializing in special situations, restructurings, bankruptcies
and receiverships, with offices in Manhattan and Melville, NY and
Chicago, IL. Keen-Summit Capital Partners LLC represents property
owners, retail and commercial tenants, commercial and industrial
businesses, investors, developers, and creditors across various
industries. Clients benefit from its reputation for excellence and
integrity, extraordinary industry experience, in-depth market
knowledge, time-tested business approach, deep industry
relationships, workout and bankruptcy expertise, and exceptional
execution capabilities.

                   About WC Braker Portfolio

WC Braker Portfolio, LLC is primarily engaged in renting and
leasing real estate properties. The Debtor filed Chapter 11
petition (Bankr. W.D. Texas Case No. 22-10293) on May 2, 2022, with
$100 million to $500 million in assets and $50 million to $100
million in liabilities. Judge Tony M. Davis oversees the case.

Todd Headden, Esq., at Hayward PLLC serves as the Debtor's legal
counsel.

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

Dawn Ragan, the Chapter 11 trustee appointed in the Debtor's case,
tapped Kelly Hart & Hallman, LLP as bankruptcy counsel; Geary,
Porter & Donovan, P.C. as special counsel; and AMG II, LLC, doing
business as Colliers, as property manager.



WEBER INC: S&P Affirms 'CCC+' ICR, Off CreditWatch Negative
-----------------------------------------------------------
S&P Global Ratings removed all ratings on U.S.-based Weber Inc.
from CreditWatch, where S&P placed them with negative implications
on July 29, 2022. At the same time, S&P affirmed all of its ratings
on the company, including its 'CCC+' issuer credit rating and
'CCC+' rating on the senior unsecured debt. The outlook is
negative. The recovery rating on the senior unsecured debt remains
'3', indicating its expectations for meaningful recovery in the
event of a payment default (50% weighted average recovery
estimate).

Weber announced that its private equity owner BDT Capital Partners
will be taking the company private in a transaction that valued the
company at $3.7 billion and expects the transaction will close in
first half of 2023. The cash proceeds of the take-private
transaction will buy out the current equity holders and not result
in direct cash inflow to the company.

S&P said, "The negative outlook reflects our expectation that the
company's operations will continue to be challenged with uncertain
prospects for grill demand in a softening economy and risk of
heightened inventory levels at the end of fiscal 2023. These
factors could keep its capital structure unsustainable including
leverage in the double-digit area.

"The removal from CreditWatch reflects our view that the
take-private transaction and the incremental debt facilities has
alleviated the risk of a near-term default over the next 12 months
due to a possible liquidity crunch.

"We believe the take-private transaction and the incremental
liquidity provides some downside cushion for the rating in the
coming quarters and signals BDT's long-term support for the
company, despite its operations likely remaining weak over the next
12 to possibly 24 months, as a performance rebound will likely be
very muted. Moreover, the company's senior secured debt is trading
in the 80's, which while below par, is not likely to be repurchased
given the company's need to use available liquidity to fund
operations. Still, the company's capital structure will likely
remain unsustainable absent a more pronounced rebound that is not
likely until well beyond fiscal 2023.

"We expect Weber's operations will remain challenged, and we
forecast of leverage around 15x and negative cash flow generation
for the next 12 months."

The industry continues to face high levels of inventory as consumer
demand remains uncertain amid an increasing risk of recession in
2023. The company's operations deteriorated rapidly in 2022 due to
sharp declines in consumer demand, further exacerbated by
inflationary pressures on its cost base and supply chain issues
that eroded profitability and cash flow. The company has
implemented restructuring initiatives to improve its operating cost
base and we believe the brand is still healthy, which should help
revenue declines decelerate into 2023 as demand declines stabilize
after very difficult comps in fiscal 2022 following unprecedented
pull forward in demand from COVID-19 peaks; this despite a possible
recession next year. Still, EBITDA will likely remain well below
pre-COVID-19 levels while free operating cash flow (FOCF) will
likely remain modestly negative as a combination of negative
operating leverage from lower sales volumes and reduced inventory
turns will weigh on cash flow conversion.

Weber's liquidity position has improved with BDT's committed debt
facilities, but only through to the end of the next calendar year.

S&P said, "We believe the new credit facilities has replaced the
lost capacity of its suspended securitization facility and the
limited borrowing availability on its existing $300 revolving
credit facility maturing 2025 due to its inability to meet a
triggering 7x debt to EBITDA covenant on that facility if
borrowings exceed $105 million. In our estimate, the new facilities
should provide sufficient liquidity to fund this fiscal year's
(ending Sep 23, 2023) seasonal working capital requirements. Weber
is a highly seasonal business with the company investing heavily in
inventory in the spring ahead of the grilling season. Given cost
increases--Weber's inventory levels could remain elevated as
sell-through at retail could continue to underperform in 2023.
Although BDT's support has provided the company with the necessary
liquidity to fund the current selling season working capital,
alleviating near-term liquidity pressure, the company may face
renewed liquidity constraints next year once BDT's committed debt
facilities mature.

"The negative outlook reflects our expectation that the company's
operations will continue to be challenged with an uncertain rebound
in consumer demand and risk of inventories remaining elevated,
which could keep its capital structure unsustainable including
leverage in the double-digit area."

S&P could lower its ratings if we envision a specific default
scenario such as a distressed exchange to become more likely, a
liquidity crunch reemerges, or a violation of financial covenants
becomes imminent. This could occur if:

-- Inventories do not sell through and we believe a liquidity
crunch or distressed exchange of its debt will become more likely;

-- Consumer demands remain very weak as a recession hampers the
consumer's ability to spend on large-ticket discretionary items;
or

-- The company's profitability and cash flow generation does not
recover from a combination of cost-cutting and turnaround
initiatives because inflation and supply chain constraints
persist.

S&P can take a positive action if the company's operations
stabilize and a path to positive annual FOCF generation with
leverage improving to around 8x becomes more apparent. This could
occur if:

-- The company continues to reduce operating costs and
profitability returns closer to pre-COVID-19 levels;

-- Brand strength remains favorable with consumers, enabling
revenue declines to stabilize; and

-- Liquidity continues to improve with working capital largely
unwinding by fiscal year-end 2023 enabling free cash flow to turn
positive thereafter thereby reducing the likelihood of distressed
debt exchange.



WHEEL PROS: Moody's Lowers CFR to Caa3 & Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Wheel Pros,
Inc., including the corporate family rating to Caa3 from Caa1 and
probability of default rating to Caa3-PD from Caa1-PD. Moody's also
downgraded the rating on the company's senior secured term loan to
Caa3 from Caa1 and senior unsecured notes to C from Caa3. The
outlook was revised to stable from negative.

The ratings downgrades reflect Moody's view that the potential for
a debt restructuring, which the rating agency could consider a
distressed exchange, has increased materially. Wheel Pros' earnings
have meaningfully declined in 2022, resulting in debt/EBITDA that
Moody's expects will be elevated at unsustainable levels over the
next 12-18 months. Further, liquidity remains weak with limited
availability under the asset-based credit facility ("ABL") and the
likelihood of negative free cash flow in 2023.

The decline in demand for the company's discretionary wheel
products has been severe for most of 2022, and Moody's expects
lower demand to persist through at least the first half of 2023.
Moody's expects Wheel Pros to enact significant cost savings over
the next few quarters to offset weaker demand, but debt/EBITDA will
likely remain above 9x by the end of 2023.

Downgrades:

Issuer: Wheel Pros, Inc.

Corporate Family Rating, Downgraded to Caa3 from Caa1

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

Senior Secured First Lien Term Loan, Downgraded to Caa3 (LGD3)
from Caa1 (LGD3)

Senior Unsecured Regular Bond/Debentures, Downgraded to C (LGD6)
from Caa3 (LGD5)

Outlook Actions:

Issuer: Wheel Pros, Inc.

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

Wheel Pros' Caa3 CFR reflects the company's unsustainable financial
leverage, weak liquidity and a demonstrated history of an
aggressive financial policy with debt funded acquisitions and
shareholder returns. The highly discretionary nature of its custom
vehicle wheels creates significant demand risk. This risk
materialized in 2022 as demand has declined significantly following
a two year period of very strong growth. Wheel Pros' CFR is
supported by a leading market position in this specialty wheel
segment with strong brand recognition for its products, a generally
flexible cost structure with low capital requirements, and good
customer diversification.

Recent acquisitions, specifically of 4 Wheel Parts in July 2022,
will meaningfully increase revenue over the next 12 months, but the
lower margin of this business will dilute consolidated operating
results. Moody's expects Wheel Pros' EBITA margin, which had
historically been above 14%, to decline to around 8% in 2023.
Moody's believes cost saving actions from integrating 4 Wheel
Parts, specifically the consolidation of several distribution
centers, and further cost reduction efforts will offset some of the
margin decline from lower demand of its wheel products.

The stable outlook reflects Moody's view that Wheel Pros' earnings
will steady at a lower base over the next 12 months although
debt/EBITDA will remain elevated at unsustainable levels.

Moody's views Wheel Pros' liquidity to be weak. Moody's expects
Wheel Pros to maintain a modest cash position and generate slightly
negative free cash flow in 2023. Moody's expects Wheel Pros to
remain heavily reliant on its $200 million ABL through 2023, thus
leaving limited availability to absorb unexpected cash costs.
Moody's notes that Wheel Pros received a meaningful equity
contribution during 2022 to provide additional liquidity and fund
the acquisition of 4 Wheel Parts, but Moody's does not contemplate
any further equity support in its liquidity assessment.

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

The ratings could be upgraded if Wheel Pros materially improves its
liquidity and increases earnings. In addition, demonstrating a
trajectory of reducing debt/EBITDA to more sustainable levels could
support an upgrade.

The ratings could be downgraded if Moody's believes the likelihood
of default, including a distressed exchange, increases or an
expectation for lower recovery rates materializes.

The principal methodology used in these ratings was Automotive
Suppliers published in May 2021.

Wheel Pros, Inc., headquartered in Greenwood Village, Colorado, is
a wholesale distributor of custom and proprietary branded wheels,
performance tires and related accessories in the aftermarket
automotive segment. The company is owned by an affiliated fund
controlled by private equity financial sponsor Clearlake Capital
Group, L.P.  Non-pro forma revenue for the last twelve months
ending September 30, 2022 approximated $1.4 billion.


WHEEL PROS: S&P Downgrades ICR to 'CCC', Outlook Negative
---------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Wheel Pros
Inc. to 'CCC' from 'CCC+'.

S&P said, "At the same time, we lowered our issue-level rating on
the senior secured debt to 'CCC' from 'CCC+' and the senior
unsecured debt to 'CC' from 'CCC-'. Our '3' recovery rating
(50%-70%; rounded estimate: 50%) on the senior secured debt and '6'
recovery rating (rounded estimate: 0%) on the senior unsecured debt
are unchanged.

"The negative outlook reflects the risk that we could lower our
rating on Wheel Pros if it engages in a debt restructuring that we
would view as tantamount to default or if liquidity deteriorates
further, pressuring its already strained liquidity position.

"We have revised down sales volumes and margins for Wheel Pros, and
given its constrained liquidity, it could pursue a debt structuring
within the next 12 months. The company's operating performance
deteriorated more than expected, with the company's wheel volumes
having declined 24% in the third quarter fiscal 2022 compared to
the same prior-year period, despite 10% MSRP reductions across two
of its major truck wheel brands, resulting in base Wheel Pros'
EBITDA declining $32 million year over year. Further exacerbating
liquidity problems are the 4WP integration and its operating
performance. 4WP generated negative EBITDA in the third quarter
fiscal 2022 due to B2B exits, operating underperforming stores, and
distribution center exit expenses. As the company's products are
highly discretionary, we expect volumes to weaken due to
macroeconomic deterioration in 2023. In addition, we forecast
margins will remain weak in 2023, including ongoing 4WP
restructuring costs. We expect a mid-single-digit decline in top
line for the base Wheel Pros business from a combination of lower
volumes and prices as customers delay or cancel purchases. While
the company may benefit from lower raw material inputs and lower
freight rates, we think this could be offset by discounted prices
to encourage continued product sales. We expect a double-digit
top-line decline for 4WP due to the exit of the B2B business,
retail downsizing, and lower volume sales similarly driven by
weaker consumer discretionary spending. For this reason, we project
4WP to remain unprofitable in 2023 due to underperforming stores
and restructuring expenses in excess of $10 million. Furthermore,
the company will be facing higher interest costs, with rates
peaking at 5%-5.25% in second quarter fiscal 2023 according to our
economists, and we expect interest expense to exceed EBITDA."

Liquidity remains tight and will continue to be pressured by
reduced sales and margins, resulting in ongoing cash burn. As of
mid-December, the company had approximately $10 million to $15
million of cash and $157 million drawn on its $200 million
asset-based lending (ABL) facility. S&P said, "Although we expect
the revolver to be paid down to $145 million by year-end 2022 as
the company continues to unwind its elevated working capital, our
revised forecast is for a substantial drain on cash flows. Our
expectation is for liquidity sources to cover uses by less than 1x,
resulting in our expectation for a near-term default scenario if
the company does not access other sources of liquidity, potentially
from its sponsor."

S&P said, "The negative outlook reflects the risk that we could
lower the ratings over the next 12 months if Wheel Pros' operating
performance deteriorates further such that we would expect a
distressed debt restructuring or if liquidity deteriorates further,
pressuring its already strained liquidity position."

S&P could lower the ratings on Wheel Pros if:

-- The company engages in a distressed debt restructuring that S&P
would view as tantamount to a default

-- Operating performance and liquidity deteriorates such that S&P
believes a default is imminent

-- S&P could raise the rating on Wheel Pros if the company
moderately improves its margins, volumes stabilize, and liquidity
improves such that we believe a near-term default scenario or
chance of a distressed debt restructuring within 12 months is
unlikely

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

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



XP TRANSPORT: Court OKs Interim Cash Collateral Access
------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Pennsylvania
authorized XP Transport, LLC to use cash collateral on an interim
basis in accordance with the budget.

The Debtor is permitted to use cash collateral to cash to fund its
ordinary operations, pay allowed administrative expenses and other
payments required or authorized under the United States Bankruptcy
Court, or as authorized by the Court.

The Court said the Debtor's proposed monthly payments for the
adequate protection of any security interest of Celtic Bank and ODK
Capital LLC d/b/a OnDeck, in the amount of $428.92 is approved.

As previously reported by the Troubled Company Reporter, the Debtor
has an immediate and continuing need to use its cash to fund its
business operations.

The Debtor's financial distress arose from a complex of events,
including an unforeseen, precipitous increase in the costs of fuel,
fleet maintenance, and other business expenses in the past year,
which interfered with the Debtor's ability to meet its financial
obligations as they became due.

The Debtor has earned a reputation as a reliable supplier of
logistical services to a variety of industries, including
agriculture, medical, construction, engineering, oilfields, food
and beverage distribution, heavy machinery transportation,
manufacturing plants, and mills.

Moreover, the Debtor is highly optimistic that its efforts to
reorganize through Chapter 11 will restore it to financial
profitability for the benefit of its creditors, employees, general
contractors, and equity interests.

On June 28, 2022, the Debtor entered into an agreement for a loan
from Celtic Bank to be serviced by ODK Capital, LLC d/b/a OnDeck,
whereby Celtic Bank agreed to loan the Debtor in the original
principal amount of $25,000.

Prior to the Petition Date, OnDeck processed weekly payments from
the Debtor's operating account according to the Loan Agreement, in
the approximate amount of $594, for average monthly payments
totaling $2,573.

The Debtor has not been able to determine whether the Lender or
OnDeck had filed a UCC Financing Statement to perfect its security
interest prior to the Petition Date.

As of the Petition Date, the outstanding principal balance
outstanding on the Loan Agreement was approximately $20,187.

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

             About XP Transport, LLC

XP Transport, LLC is part of the general freight trucking
industry.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Pa. Case No. 22-70417) on December 14,
2022. In the petition signed by Chad A. Park, managing member, the
Debtor disclosed $655,900 in assets and $1,389,620 in liabilities.

Judge Jeffery A. Deller oversees the case.

Renee Kuruce, Esq., at Robleto Kuruce PLLC, is the Debtor's legal
counsel.



ZAYO GROUP: Oaktree SCF Marks $7M Loan at 16% Off
-------------------------------------------------
Oaktree Strategic Credit Fund has marked its $7,000,000 loan
extended to Zayo Group Holdings, Inc to market at $5,882,000, or
84% of the outstanding amount, as of September 30, 2022, according
to a disclosure contained in Oaktree SCF's Form 10-K for the fiscal
year ended September 30, filed with the Securities and Exchange
Commission on December 14.

Oaktree SCF extended a First Lien Term Loan to Zayo Group Holdings,
Inc. The loan currently has an interest rate of 6.12% (LIBOR+3.00%)
and is scheduled to mature on March 9, 2027.

Oaktree SCF is structured as a non-diversified, closed-end
management investment company. It is a Delaware statutory trust
formed on November 24, 2021 and is externally managed by Oaktree
Fund Advisors, LLC.  The Adviser is an affiliate of Oaktree Capital
Management, L.P. and a subsidiary of Oaktree Capital Group, LLC. In
2019, Brookfield Asset Management Inc. acquired a majority economic
interest in OCG. OCG operates as an independent business within
Brookfield, with its own product offerings and investment,
marketing and support teams. Oaktree Fund Administration, LLC, a
subsidiary of OCM, provides certain administrative and other
services necessary for Oaktree SCF to operate.

Zayo Group Holdings, Inc. provides bandwidth infrastructure
services. The company offers dark fiber, wavelengths, SONET,
ethernet, IP, and carrier-neutral colocation and interconnection.



[*] Three Cohn & Dussi Attorneys Named to 2022 Super Lawyers List
-----------------------------------------------------------------
Cohn & Dussi LLC on Dec. 21 disclosed that three attorneys at the
firm were recognized by Super Lawyers for 2022.

William J. Delaney, Counsel at Cohn & Dussi, has been named to the
Super Lawyers list for Bankruptcy every year since 2008. Only 5
percent of lawyers are named each year. The selection process
includes independent research, peer nominations and peer
evaluations by practice area.

Mr. Delaney, who practices out of the firm's Rhode Island office,
is a commercial attorney specializing in business bankruptcy. He
has had an active role as an attorney in many of the significant
commercial and insolvency law cases in Rhode Island over the past
34 years.

Associates Andrew B. Glaab and Russell A. Haverty were both
selected to the 2022 Rising Stars list. Each year, no more than 2.5
percent of the lawyers in the state are selected by Super Lawyers
to receive this honor. All attorneys named to the Rising Stars list
must be either 40 years old or younger or in practice for 10 years
or less.

Mr. Glaab, who heads the firm's in-house collections group, is a
fellow of the 2022-2023 class of the Massachusetts Bar Association
(MBA) Leadership Academy. Haverty's practice focuses on commercial
litigation.

                      About Cohn & Dussi

Boston law firm Cohn & Dussi -- http://www.cohnanddussi.com/-- is
full-service law firm that offers clients comprehensive, customized
solutions to their complex business challenges. Attorneys in the
firm offer extensive experience in collections and workouts,
creditors' rights, commercial litigation, leasing, bankruptcy,
corporate and finance law, construction law, and real estate
transactions. Over the course of more than 25 years, Cohn & Dussi
has built long-term relationships with its clients, solving
problems using a team approach and leveraging a national network of
attorneys in all 50 states.



[^] BOOK REVIEW: Performance Evaluation of Hedge Funds
------------------------------------------------------
Performance Evaluation of Hedge Funds: A Quantitative Approach

Edited by Greg N. Gregoriou, Fabrice Rouah, and Komlan Sedzro
Publisher: Beard Books
Hardcover: 203 pages
List price: $59.95
Review by Henry Berry
Order your copy at https://bit.ly/3yPU9oz

Hedge funds can be traced back to 1949 when Alfred Winslow Jones
formed the first one to "hedge" his investments in the stock market
by betting that some stocks would go up and others down.  However,
it has only been within the past decade that hedge funds have
exploded in growth.  The rise of global markets and the
uncertainties that have arisen from the valuation of different
currencies have given a boost to hedge funds.  In 1998, there were
approximately 3,500 hedge funds, managing capital of about $150
billion.  By mid-2006, 9,000 hedge funds were managing $1.2
trillion in assets.

Despite their growing prominence in the investment community, hedge
funds are only vaguely understood by most people. Performance
Evaluation of Hedge Funds addresses this shortcoming. The book
describes the structure, workings, purpose, and goals of hedge
funds.  While hedge funds are loosely defined as "funds with no
rules," the editors define these funds more usefully as "privately
pooled investments, usually structured as a partnership between the
fund managers and the investors."  The authors then expand upon
this definition by explaining what sorts of investments hedge funds
are, the work of the managers, and the reasons investors join a
hedge fund and what they are looking for in doing so.

For example, hedge funds are characterized as an "important avenue
for investors opting to diversify their traditional portfolios and
better control risk" -- an apt characterization considering their
tremendous growth over the last decade.  The qualifications to join
a hedge fund generally include a net worth in excess of $1 million;
thus, funds are for high net-worth individuals and institutional
investors such as foundations, life insurance companies,
endowments, and investment banks.  However, there are many
individuals with net worth below $1 million that take part in hedge
funds by pooling funds in financial entities that are then eligible
for a hedge fund.

This book discusses why hedge funds have become "notorious as
speculating vehicles," in part because of highly publicized
incidents, both pro and con.  For example, George Soros made $1
billion in 1992 by betting against the British pound.  Conversely,
the hedge fund Long-Term Capital Management (LTCP) imploded in
1998, with losses totaling $4.6 billion.  Nonetheless, these are
the exceptions rather than the rule, and the editors offer
statistics, studies, and other research showing that the
"volatility of hedge funds is closer to that of bonds than mutual
funds or equities."

After clarifying what hedge funds are and are not, the book
explains how to analyze hedge fund performance and select a
successful hedge fund.  It is here that the book has its greatest
utility, and the text is supplemented with graphs, tables, and
formulas.

The analysis makes one thing clear: for some investors, hedge funds
are an investment worth considering.  Most have a demonstrable
record of investment performance and the risk is low, contrary to
common perception.  Investors who have the necessary capital to
invest in a hedge fund or readers who aspire to join that select
club will want to absorb the research, information, analyses,
commentary, and guidance of this unique book.

Greg N. Gregoriou (1956–2018) was a professor of finance and a
native of Montreal, Quebec, Canada.  He received his joint Ph. D.
in 2004 with a specialization in the area of finance from the
University of Quebec at Montreal, Canada. He taught at U.S. and
Canadian universities and did research for large corporations.

Fabrice Douglas Rouah is a Director with Sapient Global Markets and
is based in New York City. He specializes in financial risk
management and is the co-author and co-editor of several books.

Komlan Sedzro, Ph. D., is the Dean of the School of Management,
University of Quebec in Montreal.  He has been a professor in the
Department of Finance at ESG UQAM since 1997. He holds a master’s
degree in business economics from the University of Clermont in
France and a doctorate in Business Administration (Finance and
Insurance) from Laval University.


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.

Copyright 2022.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000.

                   *** End of Transmission ***