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

              Monday, January 30, 2023, Vol. 27, No. 29

                            Headlines

1982 INVESTMENT: Gets OK to Hire Cibik Law as Bankruptcy Counsel
AG BROTHERS' FOOD: Gets OK to Hire DPR Realty as Real Estate Broker
AMBER SOLUTIONS: Seeks to Hire David Freydin as Corporate Counsel
AMBER SOLUTIONS: Seeks to Hire Gutnicki as Bankruptcy Counsel
AMC NETWORKS: Moody's Affirms Ba2 CFR & Alters Outlook to Negative

APOGEE GROUP: Creditors to Get 100% With Interest in Sale Plan
BLACK DIAMOND: Gets OK to Hire Moore Lyles McCarty as Accountant
BODY TEK: Plan Outline Rejected; Case Dismissed
BOLTA US: Seeks Approval to Hire Epiq as Claims and Noticing Agent
BOY SCOUTS: Sale of Storied Camps Under Pressure from Abuse Claims

BRENTWOOD AUTO: Voluntary Chapter 11 Case Summary
CDL UNIVERSITY: Trustee's Auction of All Assets Set for February 1
CLIENT FIRST: Estate Proceeds to Fund Plan Payments
CLOVIS ONCOLOGY: Gets OK to Hire AlixPartners as Financial Advisor
CLOVIS ONCOLOGY: Gets OK to Hire Kroll as Administrative Advisor

CLOVIS ONCOLOGY: Gets OK to Hire Morris Nichols Arsht as Co-Counsel
CLOVIS ONCOLOGY: Gets OK to Hire Perella as Investment Banker
CLOVIS ONCOLOGY: Taps Willkie Farr & Gallagher as Legal Counsel
COBRA EQUITY: S&P Downgrades ICR to 'B-', Outlook Stable
COCO LLC: Voluntary Chapter 11 Case Summary

COINSTAR LLC: Company, Creditors Hire Advisers as Payments Near
CORSAMI GROUP: Case Summary & 20 Largest Unsecured Creditors
COWEN INC: Moody's 'Ba3' CFR Remains Under Review for Upgrade
CREATIVE CLOUDS: Unsecureds Will Get 33% of Claims in 60 Months
CRESCENT ENERGY: Fitch Affirms LongTerm IDR at 'B+', Outlook Stable

DA LUGO INVESTMENT: Unsecureds to Get Remaining Funds
DCL HOLDINGS: Committee Taps Morris James as Delaware Counsel
DCL HOLDINGS: Committee Taps Province LLC as Financial Advisor
DCL HOLDINGS: Committee Taps Quinn Emanuel as Legal Counsel
DELCATH SYSTEMS: Regains Compliance With Nasdaq Listing Rule

DELCATH SYSTEMS: Regains Compliance With Nasdaq Market Value Rule
DIEBOLD NIXDORF: Board OKs $1.3M Executive Retention Awards
DIMENSIONS IN SENIOR: Taps B. Riley as Financial Advisor
DLVAM1302 NORTH: Hearing on Plan Continued to March 2
DRAKES CREEK: Case Summary & Four Unsecured Creditors

EAGLE MECHANICAL: Case Summary & 20 Largest Unsecured Creditors
EAGLE VALLEY: Case Summary & Largest Unsecured Creditors
EAST WINDSOR: Unsecureds Will Get 33% of Claims in 60 Months
ERO COPPER: Fitch Affirms LongTerm IDR at 'B', Outlook Stable
ESCADA AMERICA: Creditors Committee Backs 13% Plan

EYEPOINT PHARMACEUTICALS: Enters Lease for Manufacturing Facility
FIRST BRANDS: $250MM Incremental Loan No Impact on Moody's B2 CFR
FTX TRADING: Gets OK to Hire Alvarez & Marsal as Financial Advisor
FTX TRADING: Sullivan & Cromwell Okayed to Stay as Lead Counsel
FULL CIRCLE: Continued Operations to Fund Plan Payments

GENESIS GLOBAL: DCG Denies Involvement in Chapter 11 Filing
GENESIS GLOBAL: Says Plan Deal With Creditors Near
GILBERT BARBEE: Hires Stites & Harbison as Bankruptcy Counsel
GUNITE MASTERS: Seeks Approval to Hire an Accountant
HERITAGE POWER: S&P Cuts Secured Debt to 'D' on Chapter 11 Filing

HORIZON GLOBAL: Royce & Associates Has 5.7% Stake as of Dec. 31
J & T ELLIS TRUCKING: Taps Pace Tax Service as Accountant
JED HOLDING: Case Summary & Four Unsecured Creditors
K&L EXCAVATING: Gets OK to Hire Hester Baker Krebs as Legal Counsel
KNOW LABS: Extends Exercise Dates of Warrants Until January 2024

LEXARIA BIOSCIENCE: Hires Ex-GW Pharma President as Advisor
MAUSER PACKAGING: S&P Upgrades ICR to 'B' on Refinancing
MDWERKS INC: Issues 14.25M Common Shares to Tradition Reserve I
MESSAGE IN ME: Cash Flow Projections to Fund Plan
MILFORD REGIONAL MEDICAL CENTER: S&P Cuts LT Bong Rating to 'B+'

NORDSTROM INC: Fitch Lowers LongTerm IDR to 'BB+', Outlook Stable
NORTHSTAR GROUP: Moody's Rates New Senior Secured Term Loan 'B2'
NORTHSTAR GROUP: S&P Affirms 'B' Long-Term ICR, Outlook Stable
NXT ENERGY: CEO George Liszicasz Passes Away
OC 10753 SUBWAY: Amends OC Unsecureds & SBA Secured Claims Pay

OEM SYSTEMS: Case Summary & Nine Unsecured Creditors
ORYX MIDSTREAM: Fitch Affirms LongTerm IDR at 'BB-', Outlook Stable
PANACEA LIFE: Signs Letter of Intent to Acquire N7 Enterprises
PG MOTORS, LLC: Hires Law Firm of Buddy D. Ford as Counsel
PRA GROUP: Fitch Assigns 'BB+(EXP)' Rating on $350MM Unsec. Notes

PREMIER GRILLING: Gets OK to Hire Hayward PLLC as Legal Counsel
PRINCIPLE ENTERPRISES: UST Has Issues WIth Exculpation Clauses
PROFESSIONAL DIVERSITY: Regains Compliance With Bid Price Rule
PROVIDENT COMMONWEALTH: S&P Affirms 'BB+' Rating on 2016A Rev Bond
PUERTO RICO: Private Entity Genera to Operate Legacy Power Plants

RACKSPACE TECHNOLOGY: Moody's Lowers CFR to Caa1, Outlook Neg.
RAYONIER ADVANCED MATERIALS: S&P Raises Sec. Notes Rating to 'B+'
ROOSEVELT INN: Insurers Raise Objections to Plan Disclosures
SHAWCOR LTD: DBRS Confirms BB(low) Issuer Rating
SHEM OLAM: All Classes to Get 100% After Plan Sale

SHILO INN: Seeks Approval to Hire Levene as Bankruptcy Counsel
SNC VENTURES: Seeks to Hire Hughes Watters as Bankruptcy Counsel
ST. CHARLES MEMORY: Voluntary Chapter 11 Case Summary
STANFORD INTERNATIONAL: Receiver Settles With Trustmark for $100M
STONE CLINICAL: Seeks Plan Approval Over Whale Objections

TFRC ENTERPRISES: Case Summary & Nine Unsecured Creditors
TRICIDA INC: Seeks Approval of Disclosure Statement
TRICIDA INC: Unsecureds Owed $14.7M to Get 8% Under Sale Plan
TRU GRIT FITNESS: Gets OK to Hire Schwartz Law as Counsel
VITAL PHARMACEUTICALS: Taps Faulkner ADR Law as Special Counsel

VITAL PHARMACEUTICALS: Taps Haynes and Boone as Special Counsel
VOYAGER DIGITAL: Cannot Seal Agreement With Celsius in Ch.11 Case
WELDON INC: Voluntary Chapter 11 Case Summary
WEST WINDSOR: Unsecureds Will Get 33% of Claims in 60 Months
WILLIAM HOLDINGS: Deadline to Submit Bids for Property on Feb. 21

YELLOW CORP: Signs Severance Agreement With Former CAO
ZEST ACQUISITION: Moody's Rates New 1st Lien Loans 'B3'
ZEST ACQUISITION: S&P Affirms 'B' ICR, Outlook Stable

                            *********

1982 INVESTMENT: Gets OK to Hire Cibik Law as Bankruptcy Counsel
----------------------------------------------------------------
1982 Investment LLC received approval from the U.S. Bankruptcy
Court for the Eastern District of Pennsylvania to employ Cibik Law,
P.C. as its bankruptcy counsel.

The firm's services include:

     (a) advising the Debtor of its rights and obligations under
the Bankruptcy Code;

     (b) assisting the Debtor in the preparation of the schedules
and other required pleadings;

     (c) representing the Debtor at the meeting of creditors and
other examinations;

     (d) preparing all necessary applications, motions, answers,
responses, and similar pleadings; and

     (e) assisting the debtor in the formulation and prosecution of
confirmation of a reorganization plan.

The firm will be paid at these rates:

     Attorneys              $495 per hour
     Associate attorneys    $350 per hour
     Paralegals             $125 per hour

Michael Cibik, Esq., a partner at Cibik Law, P.C., 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:

     Michael A. Cibik, Esq.
     Cibik Law, P.C.
     1500 Walnut St, Suite 900
     Philadelphia, PA 19102
     Tel: (215) 735-1060

                       About 1982 Investment

1982 Investment LLC is a Single Asset Real Estate (as defined in 11
U.S.C. Sec. 101(518)).

1982 Investment filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Pa. Case No. 22-13397) on Dec. 21,
2022.  In the petition filed by Mark Allen, as manager, the Debtor
reported assets between $1 million and $10 million and liabilities
between $100,000 and $500,000.

The Debtor is represented by Michael A. Cibik, Esq. of Cibik Law,
P.C.


AG BROTHERS' FOOD: Gets OK to Hire DPR Realty as Real Estate Broker
-------------------------------------------------------------------
AG Brothers' Food Restaurants, LLC received approval from the U.S.
Bankruptcy Court for the District of Arizona to employ DPR Realty,
LLC to market and sell its commercial real property located at 4244
South 35th Ave., Phoenix, Ariz.

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

Joshua Rodriguez, real estate agent at DPR Realty, disclosed in a
court filing that his firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Joshua Rodriguez
     DPR Realty, LLC
     301 East Bethany Home Road Suite A-125
     Phoenix, AZ 85012
     Tel: (602) 703-6675

              About AG Brothers' Food Restaurants

AG Brothers' Food Restaurants, LLC --
http://www.mariscoselnuevoaltata.com/-- owns and operates a
restaurant specializing in Mexican cuisine.

AG Brothers' Food Restaurants filed a petition for relief under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz.
Case No. 2:22-bk-06667) on Oct. 4, 2022, with $1 million and $10
million in both assets and liabilities. Dawn Maguire has been
appointed as Subchapter V trustee.

Judge Madeleine C. Wanslee oversees the case.

The Debtor is represented by Allan D. Newdelman, P.C.


AMBER SOLUTIONS: Seeks to Hire David Freydin as Corporate Counsel
-----------------------------------------------------------------
Amber Solutions Corp Inc. seeks approval from the U.S. Bankruptcy
Court for the Northern District of Illinois to hire the Law Offices
of David Freydin as its corporate counsel.

The firm will be paid at these hourly rates:

     David Freydin           $350
     Jan Michael Hulstedt    $325
     Dustin Allen            $325

The Firm was paid an advance retainer in the amount of $5,000.

David Freydin, Esq., an attorney at the Law Offices of David
Freydin, disclosed in a court filing that her firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

The firm can be reached through:

     David Freydin, Esq.
     Law Offices of David Freydin, PC
     8707 Skokie Blvd, Suite 312
     Skokie, IL 60077
     Phone: 847-972-6157
     Fax: 866-897-7577 fax
     Email: david.freydin@freydinlaw.com

                    About Amber Solutions Corp

Amber Solutions Corp Inc. filed a petition for relief under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill.
Case No. 22-14825) on Dec. 23, 2022.  In the petition filed by
Erkinjon Esonov, as president, the Debtor reported assets between
$500,000 and $1 million and liabilities between $1 million and $10
million.

Patrick S Layng has been appointed as Subchapter V trustee.

The Debtor is represented by David Freydin, Esq. at the Law Offices
of David Freydin Ltd.


AMBER SOLUTIONS: Seeks to Hire Gutnicki as Bankruptcy Counsel
-------------------------------------------------------------
Amber Solutions Corp Inc. seeks approval from the U.S. Bankruptcy
Court for the Northern District of Illinois to hire Miriam R.
Stein, Of Counsel to Gutnicki LLP as its bankruptcy counsel.

The firm's services include:

     (a) negotiating with creditors;
   
     (b) preparing a plan;

     (c) examining and resolving claims filed against the estate;

     (d) preparing and prosecuting of adversary proceedings, if
any;

     (e) prepararing pleadings filed in the case;

      (f) interacting with the trustee in this case;

      (g) attending court hearings; and

     (h) otherwise to representing the Debtor in matters before the
Court.

The hourly rates of Gutnicki's attorneys are as follows:

     Miriam Stein        $400 per hour
     Kara Allen          $350 per hour
     Attorneys    $205 - $585 per hour

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

Miriam Stein, Esq., an attorney at Gutnicki, disclosed in a court
filing that her firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Miriam R. Stein, Esq.
     Gutnicki LLP
     4711 Golf Road, Suite 200
     Skokie, IL 60076
     Telephone: (847) 745-6592
     Email: mstein@gutnicki.com

                    About Amber Solutions Corp

Amber Solutions Corp Inc. filed a petition for relief under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill.
Case No. 22-14825) on Dec. 23, 2022.  In the petition filed by
Erkinjon Esonov, as president, the Debtor reported assets between
$500,000 and $1 million and liabilities between $1 million and $10
million.

Patrick S Layng has been appointed as Subchapter V trustee.

The Debtor is represented by David Freydin, Esq. at the Law Offices
of David Freydin Ltd.


AMC NETWORKS: Moody's Affirms Ba2 CFR & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service affirmed AMC Networks Inc.'s Ba2
Corporate Family Rating and Ba2-PD Probability of Default Rating.
At the same time, Moody's affirmed the company's Baa2 senior
secured bank debt rating and Ba3 senior unsecured notes ratings.
The company's outlook was changed to negative from stable. AMC
Networks' Speculative Grade Liquidity (SGL) rating remains
unchanged at SGL-1.

"The change in AMC Networks' outlook to negative reflects social
risks attributable to demographic and societal trends reflecting
increased concern for AMC's ability to mitigate linear losses
proportionately with DTC platform revenue growth and content
licensing revenue growth. Also, the negative outlook reflects risks
surrounding the leadership uncertainty and for potential greater
strategic or financial risks" commented Neil Begley, Senior Vice
President at Moody's.

Affirmations:

Issuer: AMC Networks Inc.

Corporate Family Rating, Affirmed Ba2

Probability of Default Rating, Affirmed Ba2-PD

Senior Secured Bank Credit Facility, Affirmed Baa2 (LGD2)

Senior Unsecured Regular Bond/Debenture, Affirmed Ba3 (LGD4)

Outlook Actions:

Issuer: AMC Networks Inc.

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

AMC's Ba2 CFR reflects its strong and stable cash flow driven by
profitable television networks with long operating histories and
extensive distribution throughout the US and some reach
internationally. The broad reach of its cable networks, combined
with the company's proven ability to deliver consistently high
quality and widely appealing entertainment content that generate
high viewer ratings and appeal to advertisers and distributors,
allows the company to obtain lucrative affiliate fees and
advertising rates. AMC's distribution revenue represents
approximately 70% of total revenue, of which recurring revenue
streams from contractual consignment affiliate fees paid by pay TV
providers represents the largest component.

The change in AMC Networks' outlook to negative from stable
reflects the secular decline in the traditional linear television
industry as consumers disengage either due to subscription
cancelation or cord cutting, or reduced engagement. Consumer
preferences have swung and continue to migrate to
direct-to-consumer (DTC) video-on-demand (VOD) streaming options,
both subscription and ad supported. The company has so far created
a handful of niche oriented streaming Tier-2 platforms with a focus
on profitability over scale. However, there is increasing risk that
the gradual decline in the company's linear ecosystem will not be
met with equal revenue and cash flow from its DTC platforms. This
could mean that the company may need to push more aggressively into
studio production which would require greater capital and could
also result in greater volatility of cash flows. Also, the
uncertainty surrounding leadership at AMC is a potential risk, as
financial policies and operational strategies could become more
aggressive.  

AMC's credit profile incorporates the company's relatively small
scale compared to its competition, and risks associated with the
secular decline in traditional linear pay television distribution
and the risks related to its ability to successfully transition to
video-on-demand direct-to-consumer. It also incorporates the risk
of customer and revenue concentration and a highly competitive
environment in which programming drives viewership, subscriptions,
and advertising revenues. The company is also impacted by event
risk concerns as the company's controlling owner, the Dolan family,
has historically been comfortable with high leverage and
transformative events. These risks remain balanced by the company's
strong track record in programming creation and selection, as well
as a solid balance sheet and cash flow generation. The company also
has a strong liquidity profile as indicated by its SGL-1 rating and
demonstrated by its significant cash balance nearly $800 million in
cash and an undrawn revolver of $500 million as of September 30,
2022.

ESG CONSIDERATIONS

AMC Network's ESG Credit Impact Score is moderately negative
(CIS-3). The company's exposure to secular societal trends in most
of its business and its lack of board independence is partially
mitigated by its moderately conservative financial policies and its
investments to transition to direct-to-consumer television. AMC
Network's exposure to social risks is moderately negative (S-3).
Most of the company's revenue and profits are generated from the
company's linear pay television networks that face risk from social
and demographic trends as consumers move to direct-to-consumer
video-on-demand services and drop their traditional linear bundled
pay TV service. However, the company also licenses, owns and
produces content, and is the early transition stages to its own
proprietary direct-to-consumer television streaming video platform
which Moody's expect will help to partially mitigate that risk.

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

An upgrade of the company's CFR could occur if the company
demonstrates that it can complete the transition to DTC, mitigating
the losses of engagement and subscribers on linear pay TV and makes
a commitment to a fiscally conservative capital structure on a
sustained basis, such that net debt-to-EBITDA leverage is sustained
at or below 2.5x (including Moody's adjustments). The rating could
be downgraded if weakening operating performance, a significant
acquisition or returns to equity investors result in sustained net
debt-to-EBITDA leverage above 3.25x (including Moody's
adjustments). Materially diminishing value of cable networks and/or
any potential damage to the AMC brand in particular; specifically,
subscriber loss levels trend upward without an offsetting reduction
in net debt and leverage, or offsetting revenue and profits from
the company's direct to consumer streaming platforms, or a more
constrained liquidity profile, could also put downward pressure on
the company's ratings.

With its headquarters in New York, New York, AMC Networks Inc.
("AMC") supplies television programming to pay-TV service providers
throughout the United States. The company predominantly operates
five entertainment programming networks - AMC, WE tv, IFC, Sundance
TV and BBC America. Revenues for LTM September 30, 2022 were
approximately $2.9 billion.

The principal methodology used in these ratings was Media published
in June 2021.


APOGEE GROUP: Creditors to Get 100% With Interest in Sale Plan
--------------------------------------------------------------
Apogee Group, LLC, submitted an Amended Chapter 11 Plan and a
corresponding Disclosure Statement dated January 14, 2023.

Upon the filing of the Amended Disclosure Statement, the Bankruptcy
Court ordered that the hearing on approval of the disclosure
statement scheduled for Jan. 18, 2023, at 9:00 a.m., is rescheduled
for March 8, 2023, at 9:00 a.m., at the United States Bankruptcy
Court, Jose V. Toledo Federal Building and US Courthouse, 300
Recinto Sur Street, Second Floor, Courtroom 1, San Juan, Puerto
Rico.

The Debtor amended the Plan and Disclosure Statement in light of
recent developments in its move to sell its real property to pay
off claims.

The Debtor's real estate asset -- consisting of a three stories
penthouse in Acquamarina Condominium in Condado, Puerto Rico -- has
a "market value" of $8,900,000 based on appraisal.  According to
the Debtor's amended sale motion filed Jan. 16, 2023, TCP Ashford
26, LLC has agreed to place an initial bid in the amount of
$3,750,000 for the property to serve as a "Stalking Horse Bid".
With the filing of the amended sale motion, the hearing on Jan. 18
to consider the sale has been set aside.

                           Amended Plan

The Debtor's Plan contemplates the sale of the Debtor's real estate
property located at 1315 Ashford Ave, PH-1, Aquamarina Condominium,
San Juan, PR 00907.

Class 2 Priority Unsecured Claims totaling $233,036 will get a lump
sum payment within 15 days after the closing date of the Sec. 363
sale of the real estate property.  Priority claimants will receive
100% of their claims plus an interest rate of 5.50%.  Class 2 is
unimpaired.

Class 3 General Unsecured Claims are also unimpaired under the
Plan.  All creditors with allowed claims will be paid in full plus
5.50% interest.  The source of funds are from proceeds of the sale.
Class 3 class claims are comprised of the Unsecured Class Claim
No. 2 filed by LUMA totaling $17,184 and the unsecured claim of of
Puerto Rico Water and Sewer Authority total $2,693.85 -- which will
e paid in full within 15 days after the closing date of the Sec.
363 sale.

The Debtor believes it will have enough cash on hand on the
effective date of the Plan to pay all the claims and expenses that
are entitled to be paid on that date.

Objections to the Disclosure Statement or to the confirmation of
the Plan must be filed with the Court by Feb. 13, 2023, unless the
period to object is extended by the Court.

Attorney for the Debtor:

     Hector Eduardo Pedrosa-Luna, Esq.
     P.O. Box 9023963
     San Juan, PR 00902-3963
     Tel: (787) 756-7880
     Tel: (787) 920-7983
     Fax: (787) 754-1109
     E-mail: hectorpedrosa@gmail.com

A copy of the Disclosure Statement dated Jan. 14, 2023, is
available at https://bit.ly/3J40pi6 from PacerMonitor.com.

                        About Apogee Group

Apogee Group, LLC, is primarily engaged in renting and leasing real
estate properties.

Apogee Group, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 22-02268)
on Aug. 2, 2022.  The petition was signed by Elan P. Colen-Roger as
managing member. At the time of filing, the Debtor estimated $1
million to $10 million in both assets and liabilities.

Judge Mildred Caban Flores presides over the case.

The Law Offices of Hector Eduardo Pedrosa Luna serves as the
Debtor's counsel.


BLACK DIAMOND: Gets OK to Hire Moore Lyles McCarty as Accountant
----------------------------------------------------------------
Black Diamond Developers, LP and CCC Operations, LLC received
approval from the U.S. Bankruptcy Court for the Southern District
of Texas to employ Moore Lyles McCarty & McGilvray, LLP as
accountant.

The Debtors require an accountant to provide tax advice and prepare
financial statements, monthly operating reports and federal income
tax returns.

The firm will be paid at these rates:

     Partners                $250 per hour
     Associates              $175 per hour
     Administrative Staffs   $50 per hour

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

The firm can be reached at:

     Richard L. Moore II
     Moore Lyles McCarty & McGilvray, LLP
     501 W. Nolana
     McAllen, TX 78504
     Tel: (956) 630-3053
     Email: Richard@cpamoore.com

               About Black Diamond Developers

Black Diamond Developers, LP owns and operates a golf course and
country club called The Cimarron Country Club, in Mission, Texas.

Black Diamond and affiliate, CCC Operations, LLC, filed for relief
under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr.
S.D. Texas Lead Case No. 22-70179) on Nov. 3, 2022. Catherine Stone
Curtis has been appointed as Subchapter V trustee.

At the time of the filing, Black Diamond reported up to $10 million
in assets and up to $500,000 in liabilities while CCC Operations
reported up to $50,000 in assets and up to $500,000 in
liabilities.

Judge Eduardo V. Rodriguez oversees the cases.

Matthew Brian Probus, Esq., at The Probus Law Firm and Moore Lyles
McCarty & McGilvray, LLP serve as the Debtors' legal counsel and
accountant, respectively.


BODY TEK: Plan Outline Rejected; Case Dismissed
-----------------------------------------------
Judge Scott M. Grossman on Jan. 18, 2023, convened a hearing to
consider approval of Body Tek Fitness, Inc.'s Disclosure Statement
filed in connection with its Chapter 11 Small Business Plan.

The Court indicated at the hearing that the Disclosure Statement
could not be approved, and that because the Debtor failed to timely
file a motion under 11 U.S.C. Sec. 1121(e)(3) for an extension of
the deadline under 11 U.S.C. Sec. 1129(e) to confirm a plan in this
small business case, the case should be dismissed.  After the
hearing, the Debtor purported to withdraw the Plan and Disclosure
Statement.  But this was too late.  The Court has already ruled.

Accordingly, Judge Scott M. Grossman ordered that:

   -- Approval of the Disclosure Statement is denied;

   -- This small business case is dismissed;

   -- The Notice of Withdrawal is stricken; and

   -- The Debtor must pay the United States Trustee the appropriate
sum required by 28 U.S.C. Section 1930(a)(6) in two weeks.

                      About Body Tek Fitness
  
Body Tek Fitness, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-16881) on Sept. 1,
2022, with up to $100,000 in assets and up to $1 million in
liabilities.  Judge Scott M. Grossman oversees the case.  Susan D.
Lasky P.A. is the Debtor's legal counsel.


BOLTA US: Seeks Approval to Hire Epiq as Claims and Noticing Agent
------------------------------------------------------------------
Bolta US Ltd. seeks approval from the U.S. Bankruptcy Court for the
Northern District of Alabama to employ Epiq Corporate
Restructuring, LLC as its claims, noticing and solicitation agent.

The Debtors need a claims and noticing agent to assume full
responsibility for the distribution of notices and the maintenance,
processing, and docketing of proofs of claim filed in their Chapter
11 cases.

The firm's hourly rates are as follows:

     Clerical/Administrative Support         $25 - $55
     IT / Programming                        $60 - $72
     Project Managers/Consultants/ Directors $75 - $175
     Solicitation Consultant                 $180
     Executive Vice President, Solicitation  $190

The Debtors provided the firm a retainer in the amount of $25,000.

Kate Mailloux, senior director at Epiq, disclosed in a court filing
that she is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Kate Mailloux
     Epiq Corporate Restructuring, LLC
     777 Third Avenue, Twelfth Floor
     New York, New York, 10017
     Tel.: +1 646 282 2532
     Email: kmailloux@epiqglobal.com

                       About Bolta US Ltd.

Bolta US Ltd. is an auto parts manufacturer in Tuscaloosa, Alabama.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ala. Case No. 23-70042) on January 13,
2023. In the petition signed by Jeffrey Truitt, chief restructuring
officer, the Debtor disclosed up to $50 million in assets and up to
$100 million in liabilities.

Judge Jennifer H. Henderson oversees the case.

Stephen Gross, Esq., at McDonald Hopkins, LLC, is the Debtor's
legal counsel.

The Debtor also tapped Rosen Harwood, P.C. as local bankruptcy
co-counsel and Winter McFarland, LLC as special counsel.


BOY SCOUTS: Sale of Storied Camps Under Pressure from Abuse Claims
------------------------------------------------------------------
Frank Kummer of Philadelphia Inquirer reports that Boy Scouts of
America, under pressure from sex-abuse claim and bankruptcy is
selling off storied camps.

The Boy Scouts, it turns out, are relatively cash poor after years
of declining membership, but rich in land going up for sale in
vast, forested tracts.  Scouts own about 17,000 acres in Pa.

Camp Trexler drapes across 755 sylvan acres in the Poconos where,
for a century, Boy Scouts have enjoyed swimming, making campfires,
and hiking.

But the forested land, complete with lake, is expected to soon go
up for sale with zoning that could transform it into a housing
development amid the rural hamlet of Jonas in Polk Township, Monroe
County.

The camp's owner, the Minsi Trails Council of the Boy Scouts, is
one of 250 local councils across the United States under pressure
to pay toward a $2.5 billion national sex-abuse settlement that led
to the organization's bankruptcy.

Residents and a nonprofit are grasping for a way to save the land
from development.

Linda Snyder, great-great-granddaughter of Jonas Snyder, for whom
the community is named, can tick off many reasons why she thinks
the sale would be an environmental disaster for the area, including
that it serves as headwaters of Middle Creek, part of the Lehigh
River watershed.

But, she said, the sale of Camp Trexler would also change the lives
of those who live around it and beyond, by increasing the
population, creating the need for more classrooms, and clogging
local roads with traffic.

"It would make me very sad," said Snyder, who is in her 70s and
lives near the camp. "I know it's important as an environmental
area, but it's also important for our quality of life. It would
affect all of these people around here who don’t want it to be a
housing development."

Some of those scout groups are cash-poor but land-rich, prompting
them to put thousands of acres for sale. The sales have set off a
mad scramble as the scouts try to sell to the highest bidder, while
conservationists rally to preserve what they can.

The best scenario, conservationists say, is to have the lands
bought by states and folded into public lands.

It's no trivial matter: Scouting organizations own about 17,000
mostly forested acres in Pennsylvania alone.

                  What's causing the sell-off

The Boy Scouts of America filed Chapter 11 bankruptcy in February
2020 after states began allowing sex-abuse victims to sue over
claims stretching back decades. More than 82,000 abuse claims have
been filed against the scouts. The organization says 85% or more of
those claims are from before 1990, predating modern child
protection policies. Most of them date to the 1970s.

Victims who became creditors in the bankruptcy reorganization stand
to gain parts of a $2.46 billion settlement trust for victims.  The
national scouts organization and its 250 local councils are on the
hook for $820 million.  A federal district judge still needs to
give final approval to the plan, which also calls for contributions
by insurance companies.

The Minsi Trail Council's share is $2.6 million for being
implicated in claims.  In a March 2022 letter that he posted on
Facebook, the council's CEO, Rick Christ, said the local group
needs a total of $4.5 million to cover that and "other debts and
expenses." The council's membership has dwindled from 10,000 youth
in "the late 2000s" to about 4,000 in 2021, Christ wrote.

"Consolidating Minsi Trails Council's camp properties has been the
most difficult decision our council leadership has ever taken,"
Christ wrote.

Opponents of the sale say they've been told Camp Trexler is
expected to go on the market in the first quarter of 2023. All
Minsi Trail camp activities would then take place on Stillwater
Lake in the Poconos.

                        A land scramble

Locals, as well as many trying to save camps across the country,
feel betrayed by scout land sales, noting that much of it was
donated with the assumption scouts would hold it forever.  The land
for Camp Trexler, for example, was given by Lehigh Valley
industrialist Harry Trexler in 1928.  Trexler was also instrumental
in the creation of Hickory Run State Park in Carbon County.

"People are insanely upset," Louise Troutman, executive director of
the nonprofit Pocono Heritage Land Trust (PHLT), said of Trexler's
impending sale.  "There are lots of scout camps for sale, but this
one happens to be in our backyard.  It's a great property and has
been a camp for 100 years.  A lot of people have gone there for
generations and volunteered on the property."

The trust, which owns the adjoining 417-acre Jonas Mountain Nature
Preserve, has taken the lead on trying to raise money to buy the
camp. PHLT and neighbors are hoping private and state grants will
save it.

"I don't think Harry Trexler donated this to become Trexler
estates," Troutman said.

Troutman said the Minsi Trails Council has been silent about
potential offers, but she believes it is hoping for $4 million to
$4.5 million. She said it's hard for nonprofits to compete with
deep-pocketed developers, and her group would not be allowed to pay
more than a third-party appraisal -- something a developer does not
have to abide by.

She understands the dire financial situation of the Minsi Trails
Council, she said, but selling the land "is not really in line with
the values of scouting."

I don't think Harry Trexler donated this to become Trexler
estates.

Louise Troutman, executive director of the nonprofit Pocono
Heritage Land Trust

It's not just Minsi Trails Council under pressure.  Similar sales
are in process or complete nationally and in the region, including
two New Jersey councils that held land there and in New York.
Closer to Philadelphia, Camp Delmont in Montgomery County is up for
sale.  In South Jersey, the Garden State Council has no plans to
sell its Pine Hill Scout Reservation in Camden County, CEO Patrick
Linfors said.

Seth Cassell, director of forest planning with Pennsylvania's
Bureau of Forestry, said his office is watching several potential
scout sales, although he said he could not disclose which.

"We are in active talks with scouts about several properties
throughout the state," Cassell said. "We are working with them.
They are good stewards of the land."

State grants are possible for properties that look to be a natural
fit for Pennsylvania's conservation goals, Cassell said.

                        Other camp sales

The Cradle of Liberty Council, based in Wayne, Delaware County,
could hold such a fit. It is selling the 750-acre Camp Delmont,
part of the Musser Scout Reservation, in Marlborough Township,
Montgomery County.  That council is obligated to contribute $6.8
million to the settlement.  The land has been under a conservation
easement for a decade.

Daniel Templar, CEO of the council, said the property was listed in
January for just shy of $4 million.

"It's highly unlikely it could be sold for development," Templar
said, noting that covenants on the land are "pretty restrictive."

Kirsten Werner, a spokesperson for Natural Lands, a large land
trust that is working with scouting organizations, said that the
nonprofit holds a conservation easement, which prevents most
development on the Cradle of Liberty property, and that the Bureau
of Forestry has interest in the property.

For example, in October, Natural Lands announced that it had
purchased 392 acres of the J. Edward Mack Scout Reservation in
Elizabeth Township, Lancaster County, for preservation.  The land
was transferred to the Pennsylvania Game Commission, which will add
it to adjacent land to create a 12,000-acre forest.

Meanwhile, Linda Snyder says she’ll continue to fight against the
sale of Camp Trexler to a developer as she manages her small
fruit-tree farm.

"Saving Camp Trexler is important," Snyder said. "It's my ultimate
goal in life."

                    About Boy Scouts of America

The Boy Scouts of America -- https://www.scouting.org/ -- is a
federally chartered non-profit corporation under title 36 of the
United States Code.  Founded in 1910 and chartered by an act of
Congress in 1916, the BSA's mission is to train youth in
responsible citizenship, character development, and self-reliance
through participation in a wide range of outdoor activities,
educational programs, and, at older age levels, career-oriented
programs in partnership with community organizations.  Its national
headquarters is located in Irving, Texas.

The Boy Scouts of America and affiliate Delaware BSA, LLC, sought
Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on
Feb. 18, 2020, to deal with sexual abuse claims.

Boy Scouts of America was estimated to have $1 billion to $10
billion in assets and at least $500 million in liabilities as of
the bankruptcy filing.

The Debtors have tapped Sidley Austin LLP as their bankruptcy
counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel,
and Alvarez & Marsal North America, LLC, as financial advisor.
Omni Agent Solutions is the claims agent.

The U.S. Trustee for Region 3 appointed a tort claimants' committee
and an unsecured creditors' committee on March 5, 2020.  The tort
claimants' committee is represented by Pachulski Stang Ziehl &
Jones, LLP, while the unsecured creditors' committee is represented
by Kramer Levin Naftalis & Frankel, LLP.


BRENTWOOD AUTO: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: Brentwood Auto Brokers, LLC
        115 Clemmons Rd.
        Mount Juliet TN 37122

Business Description: Brentwood is an automotive dealer in
                      Tennessee.

Chapter 11 Petition Date: January 26, 2023

Court: United States Bankruptcy Court
       Middle District of Tennessee

Case No.: 23-00272

Debtor's Counsel: Robert Gonzales, Esq.
                  EMERGELAW, PLC
                  4235 Hillsboro Pike 350
                  Nashville TN 37215
                  Tel: 615-815-1535
                  Email: robert@emerge.law

Estimated Assets: $500,000 to $1 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Sam Karaman, principal dealer.

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/4V7QXUY/Brentwood_Auto_Brokers_LLC__tnmbke-23-00272__0001.0.pdf?mcid=tGE4TAMA


CDL UNIVERSITY: Trustee's Auction of All Assets Set for February 1
------------------------------------------------------------------
Judge Janice D. Loyd of the U.S. Bankruptcy Court for the Western
District of Oklahoma entered an order approving the corrected
request of Stephen J. Moriarty, as Trustee for CDL University, LLC,
to sell substantially all of the Debtor's assets, including
equipment, vehicles, and other property (collectively, the "Rolling
Stock").

The relief requested in the Sale Motion is granted in all respects
and the sale of the Rolling Stock is authorized as follows:

      a. the Rolling Stock will be sold at public auction to be
conducted by Feb. 1, 2023;

      b. upon finalization of the Auction time and procedures,
Trustee will file with the Court and serve on all creditors and
interested parties a Notice of Intent to Sell the Rolling Stock at
Public Auction; and

      c. the employment of an auctioneer to conduct the Auction
shall be dealt with by a separate order.

The Debtor is authorized to sell the Rolling Stock free and clear
of all liens, claims, interests, and encumbrances, with such liens,
claims and encumbrances attaching to the proceeds of the sale
pending further order of the Court.  

                      About CDL University

CDL University, LLC, a truck driving school in Oklahoma City,
filed
its voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Okla. Case No. 22-11257) on June 10,
2022. In the petition signed by its managing member, Darin Miller,
the Debtor listed $249,006 in assets and $1,168,389 in
liabilities.

Judge Janice D. Loyd oversees the case.

Gary D. Hammond, Esq. at Mitchell & Hammond represents the Debtor
as counsel.



CLIENT FIRST: Estate Proceeds to Fund Plan Payments
---------------------------------------------------
Client First Settlement Funding, LLC ("CFSF") and Client First
Lotteries, LLC ("CFL") (collectively, the "Debtors" or "Liquidated
Debtors") filed with the U.S. Bankruptcy Court for the Southern
District of Florida a Joint Plan of Liquidation for Small Business
dated January 23, 2023.

CFSF, a Florida limited liability company, was formed in 2007 to
engage in the business of funding structured settlement
transactions involving insurance companies.

Similarly, prior to the Petition Date, CFL, a Florida limited
liability company formed in 2009, was engaged in the business of
funding structured settlement transactions involving lottery
winnings. Debtors' business operations were located at 301 Yamato
Road, Suite 3200, Boca Raton, FL, 33431 from December 2009 to
February 2022, with CFSF as the lessee of the premises. CFL neither
owned nor leased the business premises.

As listed on CFSF's Schedules, the value of its assets is
approximately $2,584,941.37; of which $1,000,000.00 is the
estimated value of its client database; $1,475,132.14 in settlement
proceeds owed by ex-employees; $9,809.23 in cash and cash
equivalents; and $100,000 in deposits. As listed on CFL's
Schedules, it estimates its assets are income tax receivables in
the amount of $6,000.00.

CFSF's secured claims are in the amount of $3,000,000.00 (Appaloosa
Finance LLC). CFSF's unsecured obligations are claimed in the
amount of $3,846,361.43 and the Debtor estimates the Allowed amount
of these claims in the amount of $1,300,843.41.

The proceeds owed to the estate by Daniel Silverman/Nobility and
Michael Lupo are based on a per deal structure, described in more
detail in their respective agreements with CFSF. Said agreements
are assumed by CFSF and therefore remain in force. The settlement
agreement with Scott Silverman requires monthly payments of
$4,200.00. This agreement is assumed by CFSF as well. Restitution
by ex-employee Crystal Knowles is being remitted by the Florida
Dept. of Corrections on a monthly basis in the approximate amounts
of $500-$800 per month.

This Plan under chapter 11 of the Code proposes to pay creditors of
the Debtors from the proceeds of the ex-employee settlement
agreement plus the proceeds from a sale of the database, in
addition to any cash on hand (collectively, the "Estate
Proceeds").

Non-priority unsecured creditors holding Allowed claims will
receive distributions in lump sums, so long as there are sufficient
Estate Proceeds to pay claims. This Plan also provides for the
payment of Administrative and Priority Claims.

Class 5 consists of Allowed General Unsecured Claims. As reflected
in the list of general unsecured creditors, CFSF estimates the
aggregate amount of Allowed Class 5 Claims totals approximately
$1,300,843.41. All proceeds from the ex-employee settlement
agreements shall be distributed first to administrative expense
claimants, if any, with the remainder to be paid pro rata to Class
5 claimholders. The amount of $1,300,843.41 includes the only debt
of CFL, since the only debt of CFL is also a debt of CFSF;
specifically, a judgment held by Harris.

If Debtors' Plan is confirmed, each holder of an Allowed general
unsecured claim against Debtors shall share pro rata in a
distribution up to the full amount of their Allowed Claim from the
Estate Proceeds after payments to holders of Allowed Administrative
Claims, Allowed Priority Tax Claimholders, and holders of Allowed
Classes 1 through 4 Claims. These payments shall be in full
satisfaction, settlement, release, and extinguishment of their
respective Allowed Claims. The Class 5 Claims are Impaired.

All payments as provided for in the Plan shall be funded from the
Estate Proceeds, unless otherwise stated.

A full-text copy of the Liquidating Plan dated January 23, 2023 is
available at https://bit.ly/3j7UZZ1 from PacerMonitor.com at no
charge.

Attorneys for Debtor:

     Aaron A. Wernick, Esq.
     Wernick Law, PLLC
     2255 Glades Road, Suite 324A
     Boca Raton, FL 33431.
     Tel: 901-525-1322
     Fax: 901-525-2389
     Email: awernick@wernicklaw.com

               About Client First Settlement Funding

Client First Settlement Funding, LLC specializes in purchasing and
selling structured settlements and annuities nationwide.

Client First Settlement Funding and Client First Lotteries filed
petitions for relief under Subchapter V of Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 22-18262) on Oct.
26, 2022. Aleida Martinez-Molina has been appointed as Subchapter V
trustee.

At the time of the filing, Client First Settlement Funding listed
between $1 million and $10 million in both assets and liabilities
while Client First Lotteries listed up to $50,000 in assets and up
to $1 million in liabilities.

Judge Mindy A. Mora oversees the cases.

The Debtors are represented by Aaron A. Wernick, Esq., at Wernick
Law, PLLC.


CLOVIS ONCOLOGY: Gets OK to Hire AlixPartners as Financial Advisor
------------------------------------------------------------------
Clovis Oncology, Inc. and its affiliates received approval from the
U.S. Bankruptcy Court for the District of Delaware to employ
AlixPartners, LLP as financial advisor.

The Debtors require a financial advisor to:

   a. design and implement a restructuring strategy designed to
maximize enterprise value, taking into account the unique interests
of all constituencies;

   b. implement vendor management programs to maintain vendor
support;

   c. develop materials for stakeholder diligence, coordination of
due diligence and the maintenance of a data room;

   d. assist with the Debtors' development of their plan of
reorganization or chapter 11 liquidating plan and disclosure
statement;

   e. prepare required court and U.S. Trustee reporting;

   f. develop and implement cash forecasting and cash management
strategies, tactics and processes;

   g. develop and implement cost reduction and wind down
initiatives;

   h. develop and implement plans to identify and retain key
employees;

   i. communications and negotiations with outside parties
including their stakeholders, lenders and potential acquirers of
the Debtors' assets;

   j. assist the Debtors and their other professionals in the sales
processes of assets and business lines;

   k. claims reconciliation and adjudication; and

   l. such other matters as may be requested that fall within the
firm's expertise and that are mutually agreeable.

The firm's standard hourly rates are as follows:

     Managing Director           $1,140 – $1,400
     Partner                     $1,115
     Director                    $880 – $1,070
     Senior Vice President       $735 – $860
     Vice President              $585 – $725
     Consultant                  $215 – $565
     Paraprofessional            $360 – $380

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

The firm received a retainer in the amount of $300,000 from the
Debtors. During the 90-day period prior to the petition date, the
Debtors paid the firm the amount of $2,486,351.96 in aggregate for
professional services performed and expenses incurred, including
advanced payments and excluding the retainer.

Randall Eisenberg, a managing director at AlixPartners, disclosed
in court filings 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:

     Randall S. Eisenberg
     AlixPartners, LLP
     909 Third Avenue
     New York, NY 10022
     Telephone: (212) 490-2500
     Facsimile: (212) 490-1344
     Email: reisenberg@alixpartners.com

                       About Clovis Oncology

Clovis Oncology, Inc. is an American pharmaceutical company, which
mainly markets products for treatment in oncology. The company is
based in Boulder, Colo.

Clovis Oncology and its affiliates sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bank. D. Del. Lead Case No.
22-11292) on Dec. 11, 2022. In the petition signed by Paul E.
Gross, executive vice president and general counsel, Clovis
Oncology disclosed $319,164,834 in assets and $754,564,457 in
liabilities.

Judge J. Kate Stickles oversees the cases.

The Debtors tapped Morris Nichols Arsht and Tunnell, LLLP and
Wilkie Farr & Gallagher, LLP as bankruptcy counsels; Alixpartners,
LLP as financial advisor; Perella Weinberg Partners, LP as
investment banker; and Kroll Restructuring Administration, LLC as
claims, noticing, and solicitation agent.


CLOVIS ONCOLOGY: Gets OK to Hire Kroll as Administrative Advisor
----------------------------------------------------------------
Clovis Oncology, Inc. and its affiliates received approval from the
U.S. Bankruptcy Court for the District of Delaware to employ Kroll
Restructuring Administration, LLC as their administrative advisor.

The Debtors require an administrative advisor to:

     (a) assist with, among other things, solicitation, balloting
and tabulation of votes, and prepare any related reports, as
required in support of confirmation of a Chapter 11 plan, and in
connection with such services, process requests for documents;

     (b) prepare an official ballot certification and, if
necessary, testify in support of the ballot tabulation results;

     (c) assist with the preparation of the Debtors' schedules of
assets and liabilities and statements of financial affairs and
gather data in conjunction therewith;

     (d) provide a confidential data room, if requested;

     (e) manage and coordinate any distributions pursuant to a
Chapter 11 plan; and

     (f) provide other processing, solicitation, balloting and
other administrative services.

The firm will be paid at these hourly rates:

     Director of Solicitation       $245
     Solicitation Consultant        $220
     Director                       $175 - $245
     Consultant/Senior Consultant   $65 - $195
     Technology Consultant          $35 - $110
     Analyst                        $30 - $60

Prior to the petition date, the Debtors provided the firm an
advance in the amount of $50,000, and $15,000 for actual and
estimated pre-bankruptcy fees and expenses.

Benjamin Steele, a managing director at Kroll, disclosed in a court
filing that his firm is a "disinterested person" within the meaning
of Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Benjamin J. Steele
     Kroll Restructuring Administration LLC
     55 East 52nd Street, 17th Floor
     New York, NY 10055
     Telephone: (212) 593-1000

                       About Clovis Oncology

Clovis Oncology, Inc. is an American pharmaceutical company, which
mainly markets products for treatment in oncology. The company is
based in Boulder, Colo.

Clovis Oncology and its affiliates sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bank. D. Del. Lead Case No.
22-11292) on Dec. 11, 2022. In the petition signed by Paul E.
Gross, executive vice president and general counsel, Clovis
Oncology disclosed $319,164,834 in assets and $754,564,457 in
liabilities.

Judge J. Kate Stickles oversees the cases.

The Debtors tapped Morris Nichols Arsht and Tunnell, LLLP and
Wilkie Farr & Gallagher, LLP as bankruptcy counsels; Alixpartners,
LLP as financial advisor; Perella Weinberg Partners, LP as
investment banker; and Kroll Restructuring Administration, LLC as
claims, noticing, and solicitation agent.


CLOVIS ONCOLOGY: Gets OK to Hire Morris Nichols Arsht as Co-Counsel
-------------------------------------------------------------------
Clovis Oncology, Inc. and its affiliates received approval from the
U.S. Bankruptcy Court for the District of Delaware to employ Morris
Nichols Arsht & Tunnell LLP as co-counsel with Willkie Farr &
Gallagher, LLP.

The firm will be paid at these rates:

     Partners                       $825 to 1,595 per hour
     Associates/Special Counsels    $505 to 915 per hour
     Paraprofessionals              $375 to 395 per hour
     Case Clerks                    $195 per hour

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

Prior to the petition date, the firm received advance payment
retainers of: (i) $50,000 on Nov. 16, 2022; (ii) $100,000 on Nov.
29, 2022; and (iii) $63,676.20 on Dec. 8, 2022.

Robert Dehney, Esq., a partner at Morris Nichols Arsht & Tunnell,
disclosed in a court filing that his firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The firm can be reached at:

     Robert J. Dehney, Esq.
     Andrew R. Remming, Esq.
     Matthew O. Talmo, Esq.
     Morris Nichols Arsht & Tunnell, LLP
     1201 North Market Street, 16th Floor
     Wilmington, DE 19899-1347
     Tel: (302) 658-9200
     Fax: (302) 658-3989
     Email: rdehney@morrisnichols.com
            aremming@morrisnichols.com
            mtalmo@morrisnichols.com

                       About Clovis Oncology

Clovis Oncology, Inc. is an American pharmaceutical company, which
mainly markets products for treatment in oncology. The company is
based in Boulder, Colo.

Clovis Oncology and its affiliates sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bank. D. Del. Lead Case No.
22-11292) on Dec. 11, 2022. In the petition signed by Paul E.
Gross, executive vice president and general counsel, Clovis
Oncology disclosed $319,164,834 in assets and $754,564,457 in
liabilities.

Judge J. Kate Stickles oversees the cases.

The Debtors tapped Morris Nichols Arsht and Tunnell, LLLP and
Wilkie Farr & Gallagher, LLP as bankruptcy counsels; Alixpartners,
LLP as financial advisor; Perella Weinberg Partners, LP as
investment banker; and Kroll Restructuring Administration, LLC as
claims, noticing, and solicitation agent.


CLOVIS ONCOLOGY: Gets OK to Hire Perella as Investment Banker
-------------------------------------------------------------
Clovis Oncology, Inc. and its affiliates received approval from the
U.S. Bankruptcy Court for the District of Delaware to employ
Perella Weinberg Partners LP as investment banker.

The firm's services include:

General Financial Advisory Services

   (a) familiarize itself with the business, operations,
properties, financial condition and prospects of the Debtors;

   (b) review the Debtors' financial condition and outlook;

   (c) assist in the development of financial data and
presentations to the Debtors' board of directors, various
creditors, and other parties;

   (d) analyze the Debtors' financial liquidity and evaluate
alternatives to improve such liquidity;

   (e) evaluate the Debtors' debt capacity and alternative capital
structures;

   (f) participate in negotiations among the Debtors and their
creditors, suppliers, lessors and other interested parties with
respect to any of the transactions contemplated by the Engagement
Agreement;

   (g) advise the Debtors and negotiate with lenders with respect
to potential waivers or amendments of various credit facilities;

   (h) to the extent necessary and appropriate, provide a valuation
expert report and valuation expert testimony regarding the value of
the Debtors;

   (i) attend meetings of and make presentations to the Debtors'
board of directors with respect to matters on which PWP has been
engaged to advise the Debtors;

   (j) provide other testimony, as necessary and appropriate, with
respect to matters on which PWP has been engaged to advise the
Debtors; and

   (k) provide such other advisory services as are customarily
provided in connection with the analysis and negotiation of any of
the transactions contemplated by the Engagement Agreement, as
requested and mutually agreed.

Restructuring Services

   (a) analyze various restructuring (as defined in the Engagement
Agreement) scenarios and the potential impact of these scenarios on
the value of the Debtors and the recoveries of those stakeholders
impacted by the restructuring;

   (b) provide strategic advice with regard to restructuring or
refinancing the Debtors' obligations;

   (c) provide financial advice and assistance to the Debtors in
developing a restructuring;

   (d) provide financial advice and assistance to the Debtors in
structuring any new securities to be issued under a restructuring;
and

   (e) assist the Debtors and participate in negotiations with
entities or groups affected by the restructuring;

Financing Services

   (a) provide financial advice to the Debtors in structuring and
effecting a financing, identify potential Investors, and, at the
Debtors' request, contact and solicit such Investors; and

   (b) assist in the arranging of a financing, including
identifying potential sources of capital, assisting in the due
diligence process, and negotiating the terms of any proposed
financing, as requested;

Sale Services

   (a) provide financial advice to the Debtors in structuring,
evaluating and effecting a Sale, identify potential acquirers and,
at the Debtors' request, contact and solicit potential acquirers;
and

   (b) assist in the arranging and executing of a Sale, including
identifying potential buyers or parties in interest, assisting in
the due diligence process, preparing any confidential information
memoranda and related Sale materials, and negotiating the terms of
any proposed Sale, as requested by the Debtors.

The firm will be paid as follows:

   (a) a monthly financial advisory fee of $150,000, for each month
of the Engagement, prorated for any partial month and payable as
promptly as possible; provided that, 50% of the monthly fees paid
over the course of the engagement in excess of $900,000 shall be
credited against and subtracted from any restructuring fee, sale
fee, or financing fee that becomes payable pursuant to subsections
(b), (c) and (d) below (but such subtraction shall in no event
result in a fee of less than zero); plus

   (b) in the case of a restructuring, a fee in the amount of
$3,500,000, payable promptly upon consummation of a restructuring;
plus

   (c) in the case of a sale, a fee equal to 1.5% of the first $300
million of transaction value associated with such Sale, and an
additional 2% of the Transaction Value in excess of $300 million
associated with such Sale, payable promptly upon consummation of a
Sale directly from the proceeds of such Sale but subject to a
minimum Sale Fee in the amount of $4,000,000; and

   (d) in the case of a financing, a fee equal to (x) 1.5% of the
face amount of any senior secured debt raised (including, but not
limited to, debtor-in-possession financing), plus (y) 3% of the
face amount of any junior secured or unsecured debt raised, plus
(z) 5% of the gross proceeds to the Debtors from any equity or
equity-linked capital raised, in each case payable promptly upon
consummation of any financing; provided, however, that with respect
to any debtor-in-possession financing raised by the firm in the
Chapter 11 cases, the firm shall only be entitled to a financing
fee associated with the "new money" component of such financing.

John Cesarz, a partner at Perella Weinberg Partners, 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:

     John Cesarz
     Perella Weinberg Partners LP
     767 Fifth Avenue
     New York, NY 10153

                       About Clovis Oncology

Clovis Oncology, Inc. is an American pharmaceutical company, which
mainly markets products for treatment in oncology. The company is
based in Boulder, Colo.

Clovis Oncology and its affiliates sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bank. D. Del. Lead Case No.
22-11292) on Dec. 11, 2022. In the petition signed by Paul E.
Gross, executive vice president and general counsel, Clovis
Oncology disclosed $319,164,834 in assets and $754,564,457 in
liabilities.

Judge J. Kate Stickles oversees the cases.

The Debtors tapped Morris Nichols Arsht and Tunnell, LLLP and
Wilkie Farr & Gallagher, LLP as bankruptcy counsels; Alixpartners,
LLP as financial advisor; Perella Weinberg Partners, LP as
investment banker; and Kroll Restructuring Administration, LLC as
claims, noticing, and solicitation agent.


CLOVIS ONCOLOGY: Taps Willkie Farr & Gallagher as Legal Counsel
---------------------------------------------------------------
Clovis Oncology, Inc. and its affiliates received approval from the
U.S. Bankruptcy Court for the District of Delaware to employ
Willkie Farr & Gallagher, LLP as their legal counsel.

The firm will provide these services:

     (a) prepare, on behalf of the Debtors, all necessary motions,
applications, answers, orders, reports and papers in connection
with the administration of these Chapter 11 cases;

     (b) counsel the Debtors with regard to their rights and
obligations in the continued operation of their business and the
management of their estates;

     (c) represent and advise the Debtors in the sales of their
business through these Chapter 11 cases;

     (d) provide the Debtors with advice, represent the Debtors and
prepare all necessary documents on behalf of the Debtors in the
areas of corporate finance, employee benefits, real estate, tax and
bankruptcy law, commercial litigation, debt restructuring and asset
dispositions in connection with these Chapter 11 cases;

     (e) advise the Debtors with respect to actions to protect and
preserve the Debtors' estates during the pendency of these cases,
including the prosecution of actions by the Debtors, the defense of
actions commenced against the Debtors, negotiations concerning
litigation in which the Debtors are involved and objections to
claims filed against the estates; and

     (f) other necessary or requested legal services in connection
with these Chapter 11 cases.

The firm will be paid at these rates:

     Partners             $1,400 to $2,050 per hour
     Associates           $520 to $1,380 per hour
     Paraprofessionals    $315 to $540 per hour

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

As of the petition date, the firm held a retainer in the amount of
$620,000.

In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Willkie
Farr & Gallagher disclosed the following:

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

   Response:  No.

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

   Response:  No.

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

   Response:  The firm's billing rates and material financial terms
for the 12 months prior to the petition date were the same as the
firm's proposed billing rates for these Chapter 11 Cases, inclusive
of an annual increase in the firm's rates, which most recently
occurred in October 2022.

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

   Response:  Yes. The Debtors have approved a budget and staffing
plan for the period of December 11, 2022 through April 30, 2023.

Rachel Strickland, Esq., a partner at Willkie Farr & Gallagher,
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:

     Rachel C. Strickland, Esq.
     Andrew S. Mordkoff, Esq.
     Erin C. Ryan, Esq.
     Willkie Farr & Gallagher LLP
     787 Seventh Avenue
     New York, NY 10019-6099
     Tel: (212) 728-8000
     Fax: (212) 728-8111
     Email: rstrickland@willkie.com
            amordkoff@willkie.com
            eryan@willkie.com

                       About Clovis Oncology

Clovis Oncology, Inc. is an American pharmaceutical company, which
mainly markets products for treatment in oncology. The company is
based in Boulder, Colo.

Clovis Oncology and its affiliates sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bank. D. Del. Lead Case No.
22-11292) on Dec. 11, 2022. In the petition signed by Paul E.
Gross, executive vice president and general counsel, Clovis
Oncology disclosed $319,164,834 in assets and $754,564,457 in
liabilities.

Judge J. Kate Stickles oversees the cases.

The Debtors tapped Morris Nichols Arsht and Tunnell, LLLP and
Wilkie Farr & Gallagher, LLP as bankruptcy counsels; Alixpartners,
LLP as financial advisor; Perella Weinberg Partners, LP as
investment banker; and Kroll Restructuring Administration, LLC as
claims, noticing, and solicitation agent.


COBRA EQUITY: S&P Downgrades ICR to 'B-', Outlook Stable
--------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Cobra Equity
Holdco LLC to 'B-' from 'B'. The outlook is stable.

At the same time, S&P lowered its issue rating on the company's
senior unsecured debt issued by Cobra AcquisitionCo LLC by two
notches to 'CCC' from 'B-'.

S&P said, "The issuer credit rating downgrade reflects the rise in
leverage, as measured by debt to ATE, to 9.02x as of Sept. 30,
2022, significantly above our previous downside threshold of 6.5x.
The rise in leverage was primarily because ATE decreased to $737
million from $841 million the prior quarter. The company's
transition to a more asset-light strategy by classifying loans as
held for sale rather than held for investment resulted in lower
allowance for credit losses (general reserves), which we consider
as equity-like and add back to our calculation of ATE. The
company's leverage, as measured by their "owned-basis" accounting,
also increased to 5.4x from 5.0x in the same period. We previously
assumed that our leverage metric could begin to converge with the
"owned-basis" metric, but the convergence depends on the company's
ability to sell its residual interests in securitizations."

Macroeconomic headwinds will lead to asset quality deterioration
for subprime auto lenders like Cobra. S&P Global economists
forecast the U.S. economy to dip into a recession in the first half
of the year, with real GDP contracting 0.1% for the full year. Our
economists also forecast unemployment to peak at 5.6% in
fourth-quarter 2023. The unfavorable macroeconomy will likely lead
to higher consumer delinquency on auto loans. S&P also expects used
car prices to decline in 2023, which will likely increase the loss
given default for lenders.

Cobra's net charge-off rate was 5.9% (owned-basis) for
third-quarter 2022, up from 4.3% in the first half of 2022. S&P
expects net charge-off rates will revert to their historical
average of 8%-10% in 2023. In addition, the class E notes from the
company's 2022 securitizations trust performed worse than expected,
which could make it challenging for the company to sell residual
interests at desirable prices. The S&P Global structured finance
team placed the ratings on class E notes from Exeter Automobile
Receivables Trust (EART) 2022-1, 2022-2, 2022-3, and 2022-4 on
CreditWatch with negative implications in December 2022.

S&P said, "We now rate Cobra Acquisition Co LLC's senior unsecured
notes two notches below the issuer credit rating. The two-notch gap
reflects the increase in risk retention financing, which we view as
priority debt to the senior unsecured notes. The current
unfavorable debt market coupled with macroeconomic headwinds have
created tougher financing conditions for companies looking to issue
debt. Our base-case expectation is that Cobra will rely on secured
markets to grow and continue to encumber its balance sheet. As a
result, we expect priority debt to be above 30% of adjusted assets
and unencumbered assets to be materially less than the unsecured
notes. If priority debt (like risk retention financing) were to
remain well below 30% of adjusted assets, we could narrow the gap
between the issuer credit rating and the senior unsecured rating to
one notch.

"The stable outlook over the next 12 months on Cobra--despite the
challenging macroeconomy--reflects our expectation of leverage
between 8x-12x, adequate liquidity, and manageable delinquencies
and net charge-offs.

"We could lower the ratings over the next 12 months if liquidity
materially deteriorates or if deteriorating asset quality leads to
material decline in covenant cushions. We could also lower the
ratings if the company executes exchange offers or buybacks debt at
distressed levels, which we could view as a de facto restructuring
tantamount to default.

"An upgrade is unlikely over the next 12 months. Over the longer
term, we could raise the ratings if we expect Cobra to operate with
leverage below 6.5x on a sustained basis while maintaining steady
operating performance."



COCO LLC: Voluntary Chapter 11 Case Summary
-------------------------------------------
Debtor: CoCo LLC
        519 Gregory Road
        Franklin, KY 42134

Business Description: The Debtor is engaged in activities related
                      to real estate.

Chapter 11 Petition Date: January 27, 2023

Court: United States Bankruptcy Court
       Western District of Kentucky

Case No.: 23-10073

Debtor's Counsel: Neil C Bordy, Esq.
                  SEILLER WATERMAN LLC
                  22nd Floor - Meidinger Tower
                  462 S 4th Street
                  Louisville, KY 40202
                  Tel: 502-584-7400
                  Fax: 502-583-2100
                  Email: bordy@derbycitylaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Charles Weldon Deweese as managing
member.

The Debtor stated it has no creditors holding unsecured claims.

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

https://www.pacermonitor.com/view/ZPE66BI/CoCo_LLC__kywbke-23-10073__0001.0.pdf?mcid=tGE4TAMA


COINSTAR LLC: Company, Creditors Hire Advisers as Payments Near
---------------------------------------------------------------
Reshmi Basu, Jeremy Hill and Rachel Butt and Bloomberg News report
that Coinstar LLC, the Apollo Global Management-backed company
known for kiosks that swap coins for cash, and a group of its
creditors have tapped advisers to explore options ahead of
fast-approaching amortization payments, according to people with
knowledge of the matter.

The company is getting advice from Guggenheim Partners and PJT
Partners, while a group of asset-backed noteholders is working with
Houlihan Lokey Inc. and law firm King & Spalding, said the people,
who asked not to be identified because the matter is private.

Coinstar is facing amortization payments on about $900 million of
asset-backed securities in April 2023.

                       About Coinstar LLC

Bellevue, Washington-based Coinstar, LLC, operates 24,000 fully
automated self-service coin counting kiosks across the U.S.,
Canada, Ireland, and the U.K.  More than 800 billion coins have
been processed since Coinstar's inception in the early 1990s.
Coinstar's focus is the conversion of loose change into paper
currency, donations, and gift cards via coin counter kiosks which
deduct a fee for conversion of coins to banknotes.  Expanded cash
services at Coinstar kiosks include purchasing cryptocurrencies and
adding money into digital accounts.  On the Web:
http://www.coinstar.com/


CORSAMI GROUP: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Corsami Group, LLC
        2133 Lawrenceville-Suwanee Road
        Suite 12-334
        Suwanee, GA 30024

Business Description: The Debtor is freight carrier based out of
                      Suwanee, Georgia.

Chapter 11 Petition Date: January 27, 2023

Court: United States Bankruptcy Court
       Northern District of Georgia

Case No.: 23-50863

Debtor's Counsel: Paul Reece Marr, Esq.
                  PAUL REECE MARR, P.C.
                  6075 Barfield Road
                  Suite 213
                  Sandy Springs, GA 30328-4402
                  Tel: (770) 984-2255
                  Email: paul.marr@marrlegal.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Senei Perez as manager.

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

https://www.pacermonitor.com/view/EIIM7EI/Corsami_Group_LLC__ganbke-23-50863__0001.0.pdf?mcid=tGE4TAMA


COWEN INC: Moody's 'Ba3' CFR Remains Under Review for Upgrade
-------------------------------------------------------------
Moody's Investors Service continues to review for upgrade Cowen
Inc.'s Ba3 corporate family rating and B1 senior secured bank
credit facility.

RATINGS RATIONALE

Moody's said its review for upgrade was initiated on August 3, 2022
following Cowen's and The Toronto-Dominion Bank's (TD, Aa1
long-term deposit rating and A1 junior senior unsecured rating,
with stable outlooks, a1 Baseline Credit Assessment) announcement
that they had definitively agreed for TD to acquire Cowen for $1.3
billion in cash. The acquisition has been approved by the boards of
directors of TD and Cowen and the firms anticipate the transaction
to close in the first calendar quarter of 2023, subject to
customary closing conditions, including regulatory approvals.

Moody's said the review for upgrade reflects Moody's assessment
that Cowen's creditworthiness would improve upon its acquisition by
higher-rated TD. As of September 30, 2022, Cowen had about $443
million in B1-rated debt under its senior secured term loan due
March 2028. Moody's said that although currently it is unclear
whether this debt would remain outstanding following the
acquisition closing, or be repaid as part of the transaction, in
either event Cowen's creditworthiness would benefit from implicit
support from TD, a much larger and significantly more creditworthy
institution. Further, Cowen's rated debt instrument could possibly
benefit from being guaranteed by TD or paid-down as part of the
transaction's capital structuring.

Moody's expects to conclude its review when the acquisition
closes.

Cowen's ratings could be upgraded to the same equivalent level as
TD's ratings, should the acquisition close as planned. Cowen's
ratings could also be upgraded should its revenue growth move
towards more stable and less capital intensive streams; grow
profitability in its core revenue lines (excluding incentive fees
and investment income), resulting in lower pretax earnings
volatility; increase its scale via developing a more diversified
investment banking platform; and further improve its funding
profile by adding more stable funding sources and equity
retention.

Given that the ratings are on review for upgrade, a downward rating
action is not considered likely in the near-term. However, Cowen's
ratings could be downgraded should its acquisition by TD not occur,
combined with a significant reduction in revenue, either due to
idiosyncratic events or a deterioration in the economic
environment, not offset by a reduction in expenses (particularly
employee compensation); if its capital base weakens or if its asset
growth surpasses its equity build resulting in a significant
weakening of balance sheet leverage; if it experiences a risk
control failure or a deterioration in liquidity; or if it
demonstrates a material increase in risk appetite, such as a more
aggressive stance in merchant banking.

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


CREATIVE CLOUDS: Unsecureds Will Get 33% of Claims in 60 Months
---------------------------------------------------------------
Creative Clouds Inc., filed with the U.S. Bankruptcy Court for the
District of New Jersey a Small Business Plan of Reorganization
under Subchapter V dated January 23, 2023.

The Debtor sells electronic and computer equipment which is
manufactured by other providers and may be refurbished or repaired


On or around June 5, 2017, the Debtor entered into an Authorized
Dealer Agreement with Segway, Inc., in which the Debtor became an
Authorized Dealer of Segway electronic scooters. On or about
November 2018, Segway sent a shipment of scooters which the Debtor
deemed to be defective, and a dispute arose between the Debtor and
Segway that resulted in the termination of the portion of the
Debtor's business in selling Segway scooters.

On or about December 2020, Segway initiated an Arbitration
proceeding against the Debtor seeking recovery of $325,660.75 with
interest, attorney's fee, costs and all other applicable remedies.
The Debtor defended the Arbitration claim which was pending when
the Debtor filed the instant petition. The Debtor was further
damaged by the impact of the COVID-19 pandemic beginning in 2020,
supply chain issues, and the need to transition the Debtor's
primary business to sale of other inventory.

Class 4 consists of General Unsecured Claims. The General Unsecured
Claims, inclusive of disputed claims and scheduled creditors that
did not file a claim, total $738,023, of which, $325,660, is
disputed, contingent and/or unliquidated, and thus not eligible to
vote on acceptance or rejection of the Plan. Accordingly,
approximately $412,363 of unsecured claims may vote on the Plan.

General unsecured creditors shall be paid a total base dividend in
the total amount of $246,500.00, from the Debtor's normal business
operations and recovery made from outstanding accounts receivable,
on a pro-rata basis over the life of the Debtor's 60-month plan.

Class 5 consists of Equity interest holder Jun Jiang. Jun Jiang
will receive no distribution under the Plan, other than to retain
his ownership interest in the Debtor. This Class is impaired.

The Debtor shall use the estimated funds on hand upon the Effective
Date of the Plan to make the initial distributions for
Administrative Expenses. Additionally, the Debtor shall use its
disposable income to make monthly or quarterly payments to the
Disbursing Agent so as to allow the annual payments to Class 4
General Unsecured Claims on an annual basis under the Plan.

In the proposed Plan, the Debtor proposes to pay $246,500.00 to
allowed holders of General Unsecured Claims which exceeds the
amount of $0.00 which would be paid in a Chapter 7 Liquidation. The
Plan proposes to pay approximately 33% of the total unsecured
claims of $738,023.35.

Annual Payments to General Unsecured Creditors over 60 months based
on the Cash Flow Projection as follows:

     * Total payment of $44,000.00 to be made on or around February
28, 2024, representing first 11 months from February 2023 to
December 2023, at an average monthly amount of $4,000.00.

     * Total payment of $48,000.00 to be made on or around February
28, 2025, representing 12 months from January 2024 to December
2024, at an average monthly amount of $4,000.00.

     * Total payment of $48,000.00 to be made on or around February
28, 2026, representing 12 months from January 2025 to December
2025, at an average monthly amount of $4,000.00.

     * Total payment of $48,000.00 to be made on or around February
28, 2027, representing 12 months from January 2026 to December
2026, at an average monthly amount of $4,000.00.

     * Total payment of $58,500.00 to be made on or around March
31, 2028, representing 13 months from January 2027 to January 2028,
at an average monthly amount of $4,500.00.

A full-text copy of the Subchapter V Plan dated January 23, 2023 is
available at https://bit.ly/408GoNu from PacerMonitor.com at no
charge.

Attorneys for Debtor:

     Justin M. Gillman, Esq.
     GILLMAN, BRUTON & CAPONE, LLC
     770 Amboy Avenue
     Edison, New Jersey 08837
     (732) 661-1664 (Tel.)
     (732) 661-1664 (Fax) ecf@gbclawgroup.com (E-Mail)

                   About Creative Clouds Inc.

Creative Clouds Inc. sells electronic and computer equipment which
is manufactured by other providers and may be refurbished or
repaired. The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.N.J. Case No. 22-18424) on October 24,
2022. In the petition filed by Jun Jiang, chief executive officer,
the Debtor disclosed up to $100,000 in assets and up to $1 million
in liabilities.

Justin M. Gillman, Esq., at Gillman, Bruton & Capone, LLC,
represents the Debtor as legal counsel.


CRESCENT ENERGY: Fitch Affirms LongTerm IDR at 'B+', Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Crescent Energy Company and Crescent
Energy Finance LLC's (Crescent) Long-Term Issuer Default Rating
(IDR) at 'B+'.  In addition, Fitch has affirmed Crescent's senior
secured Reserve Based Loan (RBL) at 'BB+'/'RR1' and existing
seniors unsecured bonds as 'BB-'/'RR3', and has assigned a
'BB-'/'RR3' rating to Crescent Energy Finance LLC's planned $400
million senior unsecured bond offering maturing in 2028.  The
Rating Outlook is Stable.

Crescent's ratings reflect its multi-basin operational scale,
history and forecast leverage between 1x- 1.5x, improved liquidity
profile, conservative hedging program and relatively low decline
rate.  The ratings also reflect the company's below average half
cycle netbacks and material portion of operations where Crescent is
not the operator.

KEY RATING DRIVERS

Reduced Revolver Reliance: The application of net proceeds from
Crescent's planned $400 million senior unsecured offering, which
matures in 2028, to its $1.3 billion revolving credit facility will
reduce proforma 3Q22 utilization from 53% to 22%. With proforma
available draw of $1 billion, Crescent has materially improved its
liquidity position from when it closed its Uinta Basin acquisition
and utilization was 80%.

Liquidity could remain a concern if the revolving facility is
relied on for future operational uses or M&A, but a favorable
maturity schedule, with its next maturity in 2026, supported by
Fitch's FCF forecast of over $400 million in each of 2023 and 2024,
further supports Crescent's improving liquidity profile.

Consistent Leverage Discipline: Crescent has publicly articulated
its strategy targeting leverage of 1.0x with a maximum of 1.5x.
Fitch forecasts the company to be within this band through its
forecast period. Crescent has historically maintained low leverage
with an approximately company calculated 1.2x average dating back
to 2013 under its predecessor company.

Positions in Multiple Basins: Crescent's asset base is diverse
given its production size. It reflects a history of targeting
risk-adjusted returns with less focus on specific core basins, most
recently reflected in its 1Q22 Uinta basin acquisition at under 2x
estimated 2022 adjusted EBITDA. Crescent's Rockies position, which
consists of its Uinta and DJ Basin production, as well as its Eagle
Ford trend position are expected to account for 43% and 22% of 2022
production, with operated assets primarily in the Uinta and Eagle
Ford each receiving approximately 40% of Crescent's 2022
development capex. This diversification benefit is tempered by the
relative smaller size of many of Crescent's positions.

Low Average Decline Rate Assets: Crescent has a low projected
decline rate of approximately 22% in 2022. Much of its operations
are located in more mature plays, which typically require lower
capex due to their older vintage Proved Developed Producing (PDP)
wells, these wells are farther along the production curve and
experience lower decline rates. The lower decline rate reflects a
mature asset base, which may require Crescent to look to more M&A
for growth as development opportunities in more mature fields are
typically fewer.

Future production growth is likely to reduce Crescent's
non-operated acreage, which is a larger part of their production
base than typical 'B' rating category issuers, but likely to
decline over time as capital is allocated to operated positions.

Active M&A Program: Since 2017, Crescent and its predecessor
company have completed 25 separate acquisitions, and most recently
during 4Q22, divested a small non-core Permian position. Crescent's
acquisition strategy has been more agnostic to specific plays and
more value opportunity focused than typical. This level of M&A
presents heightened execution risk, although Crescent has been
successful in integrating acquisitions efficiently to date.

Extensive Hedge Program: Crescent hedged approximately 60% of its
2022 oil and gas production, providing relatively strong visibility
in cash flows. Its hedging program is more extensive than typical
comparable public E&Ps, particularly with its liquids weighting.
Crescent's hedge program extends into 2024, including hedges on
over 60% of 2023 natural gas and over 40% of oil at Fitch forecast
levels. Downside risk is also reduced by Crescent's dividend policy
of 10% of EBITDAX. This provides flexibility in distributions
during weaker periods in the commodity cycle, although prior to
capital spending, in contrast to a more typical E&P variable
distribution structures that relate to FCF.

KKR Relationship: KKR & Co. Inc. (KKR), which owns approximately
16% of Crescent's common shares, has a minimum three-year term
'Management Agreement' in place whereby among other services KKR
provides the executive management team for Crescent. The annual
cost to Crescent for this is captured in the company's G&A costs,
which inclusive this remain competitive on a per barrel basis at
approximately $1.40/boe during 3Q22.

Crescent has an ESG Relevance Score of '4' for Governance Structure
as KKR affiliates own all of Crescent's non-economic preferred
share class. These shares have enhanced voting rights that provide
KKR the ability to appoint the entire board of directors at their
discretion. This has a negative impact on the credit profile and is
relevant to the rating in conjunction with other factors.

DERIVATION SUMMARY

Crescent reported an average production of 150mboepd in 3Q22,
making Crescent one of the largest by production in the 'B' rating
category. This is ahead of higher rated operators SM Energy
(BB-/Stable; 140mboepd) and Matador Resources (BB-/Stable,
105mboepd), as well as equal rated Earthstone Energy (B+/Stable
94mboepd), each of which benefit from the strong economics of their
Permian Basin weighted asset bases. Crescent's production trails DJ
Basin focused Civitas Resources, Inc's, (BB-/Positive) of
176mbopepd, which has a distinctly light debt load for its size of
$400 million, and is ahead of lower rated Callon Petroleum
(B/Stable; 107Mboepd).

Crescent's production has been accumulated in a more agnostic
manner to specific basins, and has placed more priority on value.
As a result, the company has a less concentrated asset base
compared to peers that typically focus on one or two basins.

Crescent has a history of low leverage. Fitch believes this will
continue, with leverage of approximately 1x, before modestly
increasing in 2025 when Fitch's base price deck uses $50 WTI.
Strong commodity prices and a general deleveraging trend for 'B'
category rated peers that may have historically had higher leverage
levels than Crescent, have made year-end leverage forecasts
comparable. Earthstone is forecast to have around 1x leverage at YE
2022, Matador at 0.5x, Callon at 1.4x and Civitas at 0.2x.

In 3Q22, Crescent generated an unhedged cash netback of $38.6/boe.
This falls materially below the peer group of Matador, SM, and
Callon, which generated netbacks of $61.5/boe, $49.6/boe and
$52.3/boe respectively. This peer group is more Permian focused and
oil weighted than Crescent, which generally provides a strong
netback profile. Compared to higher rated multi-basin peer, Ovintiv
(BBB-/Stable)who also has a lower netback compared to its rating
peer group, Crescent's netback is more in line with its $35.0/boe.

KEY ASSUMPTIONS

- WTI (USD/bbl) of $81 in 2023, $62 in 2024 and $50 in 2025 and
   longer term;

- Henry Hub natural gas (USD/mcf) of $5.00 in 2023, $4.00 in
   2024, $3.00 in 2025 and $2.75 longer term;

- NGL realizations as a percentage of WTI moderate as a
   realized percentage of WTI during the forecast period;

- Dividend policy of 10% EBITDAX in effect through forecast;

- No equity buybacks of offerings during forecast;

- Capital allocation to Rockies and Eagle Ford results in
   increasing portion of production mix during the forecast
   period;

- Bolt on M&A transaction funded through equity and cash
   assumed in 2024.

RATING SENSITIVITIES

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

- Improvement in netbacks towards median peer levels;

- Material trend of decrease in non-operated position as
   percentage of total production;

- Maintain a reduced reliance on revolver and financial
   flexibility;

- Mid-cycle total debt /EBITDA sustained below 1.5x.

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

- Sustained revolver utilization over 65% or a material
   deviation from stated conservative financial policies;

- A shift to negative FCF;

- Mid-cycle total debt /EBITDA sustained over 2.0x;

- Evidence KKR is utilizing its voting position to influence
   governance in a credit unfriendly manner.

LIQUIDITY AND DEBT STRUCTURE

Reduced Revolver Reliance: At 3Q22, pro forma the closing of
Crescent's planned five-year $400 million senior unsecured offering
and application of net proceeds to reduce revolving credit facility
balance, the company has $1.02 billion of liquidity. This consists
of $22 million cash, and $996 million in revolving credit facility
availability. Further supporting liquidity are positive forecast,
after dividends, FCF through the rating forecast.

Crescent has positioned a favorable maturity schedule with no
near-term refinancing risk. Crescent has $700 million of senior
unsecured notes maturing in 2026, its RBL matures in 2027 and the
planned $400 million senior secured issue would mature in 2028.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that Crescent would be reorganized as
a going concern (GC) in bankruptcy rather than liquidated.

Fitch has assumed a 10% administrative claim and an 80% draw on the
RBL facility. The previous RBL facility draw assumption was 90% and
reflected the previously higher revolver utilization of 80% leaving
less room for additional draw before a potential borrowing base
redetermination.

Going-Concern (GC) Approach

Crescent's GC EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganization EBITDA level upon which we base
the enterprise valuation.

Crescent's bankruptcy scenario considers a weakened oil and gas
environment, resulting in reduced operational and financial
flexibility, which is in line with Fitch's stress case assumptions.
Fitch believes the lower price environment pressures liquidity and
consequently results in a lower capital program to maintain
production and manage negative FCF.

The GC EBITDA assumption reflects the stress case EBITDA in the
latter years of the forecast, when commodity prices start to move
towards mid-cycle conditions. Fitch stress case price deck includes
WTI of $32 in 2024, $42 in 2025 and longer-term;

An EV multiple of 3.5x EBITDA is applied to the GC EBITDA to
calculate a post-reorganization enterprise value. The choice of
this multiple considered the following factors:

- The historical bankruptcy case study exit multiples for peer
companies ranged from 2.8x-7.0x, with an average of 5.2x and a
median of 5.4x;

- The multiple is in line with 'B' category rated comps Earthstone
Energy, Callon Petroleum, Ranger Resources and Northern Oil and Gas
and slightly above HighPeak Energy (3x) and Moss Creek Resources
(B).

Liquidation Approach

The liquidation estimate reflects Fitch's view of the value of
balance sheet assets that can be realized in a sale or liquidation
processes conducted during a bankruptcy or insolvency proceeding
and distributed to creditors.

In assigning the value for Crescent's assets, Fitch considered
Crescent's PV10 value adjusted for a lower-price environment and a
blend of comparable M&A multiples by basin reflecting Crescent's
footprint for production per flowing barrel, value per acre and
value per drilling location within Crescent's asset base. In the
Uinta basin where there is little recent M&A outside of Crescent's
acquisition, Crescent acquisition was used adjusted for a weaker
price environment.

Under the waterfall allocation, the First Lien RBL has an 'RR1'
Recovery Rating and is notched up three levels to 'BB+' from the
IDR. Crescent's senior unsecured notes, including the planned $400
million notes issue, have an 'RR3' Recovery Rating and are notched
up one level from the IDR.

ISSUER PROFILE

Crescent is a public (NYSE: CRGY) E&P company with 3Q22 production
of 150Mboepd (59% liquids). Approximately 2/3rds Crescents
production is within the DJ Basin, Uinita Basin and Eagle Ford
trend. The remainder of its production consists of smaller US
onshore positions.

ESG CONSIDERATIONS

Crescent has an ESG Relevance Score of '4' for Governance Structure
as KKR affiliates own all of Crescent's non-economic preferred
share class. These shares have enhanced voting rights that provide
KKR the ability to appoint the entire board of directors at their
discretion. This has a negative impact on the credit profile and is
relevant to the rating in conjunction with other factors.

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

   Entity/Debt             Rating          Recovery   Prior
   -----------             ------          --------   -----
Crescent Energy
Company             LT IDR B+   Affirmed                 B+

Crescent Energy
Finance LLC         LT IDR B+   Affirmed                 B+

   senior
   unsecured        LT     BB-  New Rating    RR3

   senior   
   unsecured        LT     BB-  Affirmed      RR3       BB-

   senior secured   LT     BB+  Affirmed      RR1       BB+


DA LUGO INVESTMENT: Unsecureds to Get Remaining Funds
-----------------------------------------------------
Da Lugo Investment, LLC, submitted a Plan of Liquidation.

The Liquidating Plan will be funded from the sale of the Debtor's
liquor license and other intangible assets and the insurance
proceeds received from Northfield Insurance Company.

With respect to the secured claim of Waters Hospitality, LLC in
Class 2, the Debtor has surrendered the collateral to the claimant,
and the claimant may file a general unsecured deficiency claim.
With respect to the Class 3 - Keshra Financial, LLC, in the amount
of $211,652 secured by a lien on the Debtor's 4COP liquor license,
the Debtor is in the process of selling the liquor license, and the
claimant will be paid in full.

Under the Plan, Class 4 General Unsecured Claims will receive a
pro-rata distribution from any remaining funds after both the
administrative claimants and Class 1 claimants have been paid the
full amount of their claims plus statutory interest (if
applicable).  Payments shall start either (1) 30 days from the
Effective Date of Confirmation, (2) 30 days from the date which all
of the Debtor's personal property has been liquidated, or (3) 30
days from the date which all payments due under Class 1 (Sec. 507
priority claims) have been completed, whichever occurs later.
Class 4 is impaired.

Attorney for the Debtor:

     Buddy D. Ford, Esq.
     Jonathan A. Semach, Esq.
     Heather M. Reel, Esq.
     BUDDY D. FORD, P.A.
     9301 West Hillsborough Avenue
     Tampa, FL 33615-3008
     Tel: (813) 877-4669
     Office E-mail: All@tampaesq.com
     E-mail: Buddy@tampaesq.com
             Jonathan@tampaesq.com
             Heather@tampaesq.com

A copy of the Plan of Liquidation dated Jan. 18, 2023, is available
at https://bit.ly/3GXFBpK from PacerMonitor.com.

                    About Da Lugo Investment

Da Lugo Investment LLC was incorporated on June 28, 2021.  It
operated a sports bar/night club in Tampa under the name "Oasis
Sports Lounge."  On or about May 20, 2022, the club suffered
extensive damage from a fire and was forced to cease operations.
The Company is currently waiting to receive an insurance payment
from its insurer, Northfield Insurance Company.

Da Lugo Investment LLC, doing business as Oasis Sports Lounge,
filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No.
22-bk-03542), listing as much as $500,000 in both assets and
liabilities.  Judge Roberta A. Colton oversees the case.

Buddy D. Ford, P.A. is the Debtor's legal counsel.


DCL HOLDINGS: Committee Taps Morris James as Delaware Counsel
-------------------------------------------------------------
The official committee of unsecured creditors of DCL Holdings (USA)
Inc. seeks approval from the U.S. Bankruptcy Court for the District
of Delaware to hire Morris James LLP as its Delaware counsel.

The firm's services include:

     a. providing legal advice and assistance to the Committee in
its consultations with the Debtors relative to the Debtors'
administration of its reorganization;

     b. reviewing and analyzing all applications, motions, orders,
statements of operations and schedules filed with the Court by the
Debtors or third parties, advising the Committee as to their
propriety, and, after consultation with the Committee, taking
appropriate action;

     c. preparing necessary applications, motions, answers, orders,
reports, and other legal papers on behalf of the Committee;

     d. representing the Committee at hearings held before the
Court and communicating with the Committee regarding the issues
raised, as well as the decisions of the Court; and

     e. performing other legal services for the Committee which may
be reasonably required in this proceeding.

The firm will be paid at these hourly rates:

     Jeffrey R. Waxman, Partner        $850
     Eric J. Monzo, Partner            $795
     Brya M. Keilson, Partner          $750
     Jason S. Levin, Associate         $450
     Stephanie Lisko, Paralegal        $350
     Douglas J. Depta, Paralegal       $350

In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, Morris
James disclosed that:

     -- it has not agreed to any variations from, or alternatives
to, its standard or customary billing arrangements for this
engagement;

     -- none of the professionals included in the engagement vary
their rate based on the geographic location of the bankruptcy
case;

     -- the Committee retained Morris James on Jan. 3, 2023. The
billing rates for the period prior to this application are the same
as indicated in this application; and

     -- Morris James anticipates filing a budget at the time it
files its interim fee applications, and any such budget it may file
will be prior approved by the Committee.


Eric Monzo, Esq., a partner at Morris James, 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:

     Eric J. Monzo, Esq.
     Morris James LLP
     500 Delaware Avenue, Suite 1500
     Wilmington, DE 19801
     Tel:  302-888-5848
     Fax:  302-571-1750
     Email: emonzo@morrisjames.com

                        About DCL Holdings

DCL Holdings (USA) Inc. -- https://www.pigments.com/ -- offers the
broadest range of colour pigments and preparations for the
coatings, plastics and ink industries worldwide.  The company is a
global leader in the supply of color pigments and dispersions for
the coatings, plastics and ink industries, according to its Web
site.

DCL Holdings (USA) and five affiliates sought Chapter 11 bankruptcy
protection (Bankr. D. Del. Lead Case No. 22-11319) on Dec. 20,
2022.  In the petition filed by its chief restructuring officer,
Scott Davido, the Debtor reported between $100 million and $500
million in both assets and liabilities.

The Debtors tapped King & Spalding, LLP as bankruptcy counsel;
Richards, Layton & Finger, P.A. as Delaware counsel; TM Capital
Corp. as investment banker; and Ankura Consulting Group, LLC as
restructuring advisor.  Kroll Restructuring Administration, LLC is
the claims agent.


DCL HOLDINGS: Committee Taps Province LLC as Financial Advisor
--------------------------------------------------------------
The official committee of unsecured creditors of DCL Holdings (USA)
Inc. seeks approval from the U.S. Bankruptcy Court for the District
of Delaware to hire Province, LLC as its financial advisor.

The firm's services include:

     (a) becoming familiar with and analyzing the Debtor's budget,
assets and liabilities, and overall financial condition;

     (b) reviewing financial and operational information furnished
by the Debtor and other parties;

     (c) assessing the Debtor's various pleadings and proposed
treatment of unsecured creditor claims therefrom;

     (d) preparing, or reviewing as applicable, avoidance action
and claim analyses;

     (e) assisting the committee in reviewing the Debtor's
financial reports, including, but not limited to, statements of
financial affairs, schedules of assets and liabilities, and monthly
operating reports;

     (f) preparing analyses relating to the estimation of the
number and value of present and future personal injury claims;

     (g) developing claims procedures to be used in the development
of financial models of payments and assets of a claims resolution
trust;

     (h) advising the committee on the current state of this
Chapter 11 case;

     (i) advising the committee in negotiations with the Debtor and
other parties as necessary;

     (j) assisting committee counsel in its investigation of the
Debtor's assets, liabilities and financial conditions, and
prepetition transactions including those between the Debtor and
non-Debtor affiliates;

     (k) if necessary, participating as a witness in hearings
before the court with respect to matters upon which Province has
provided advice; and

     (l) performing such other services as may be required or are
otherwise deemed to be in the interests of the committee in
accordance with the committee's powers and duties as set forth in
the Bankruptcy Code, Bankruptcy Rules or other applicable law.   

The firm will be paid at these hourly rates:

     Managing Directors and Principals             $860 - $1,350
     Vice Presidents, Directors, Senior Directors  $580 - $950
     Analysts, Associates, and Senior Associates   $300 - $650
     Other / Para-Professional                     $220 - $300

Paul Huygens, a principal with Province, 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:

     Paul Huygens
     Province, LLC     
     2360 Corporate Circle, Suite 340
     Henderson, NV 89074
     Phone: +1 (702) 685-5555
     Email: matkinson@provincefirm.com

                        About DCL Holdings

DCL Holdings (USA) Inc. -- https://www.pigments.com/ -- offers the
broadest range of colour pigments and preparations for the
coatings, plastics and ink industries worldwide.  The company is a
global leader in the supply of color pigments and dispersions for
the coatings, plastics and ink industries, according to its Web
site.

DCL Holdings (USA) and five affiliates sought Chapter 11 bankruptcy
protection (Bankr. D. Del. Lead Case No. 22-11319) on Dec. 20,
2022.  In the petition filed by its chief restructuring officer,
Scott Davido, the Debtor reported between $100 million and $500
million in both assets and liabilities.

The Debtors tapped King & Spalding, LLP as bankruptcy counsel;
Richards, Layton & Finger, P.A. as Delaware counsel; TM Capital
Corp. as investment banker; and Ankura Consulting Group, LLC as
restructuring advisor.  Kroll Restructuring Administration, LLC is
the claims agent.


DCL HOLDINGS: Committee Taps Quinn Emanuel as Legal Counsel
-----------------------------------------------------------
The official committee of unsecured creditors of DCL Holdings (USA)
Inc. seeks approval from the U.S. Bankruptcy Court for the District
of Delaware to hire Quinn Emanuel Urquhart & Sullivan, LLP as its
counsel.

The firm's services include:

     a. administration of these Chapter 11 Cases and the exercise
of oversight with respect to the Debtors’ affairs, including all
issues in connection with the Debtors, the Committee, and/or these
Chapter 11 Cases;

     b. preparation on behalf of the Committee of any necessary
applications, motions, objections, memoranda, orders, reports, and
other legal papers;

     c. appearances before the Court, participation in litigation
as a party-in-interest, and at statutory meetings of creditors to
represent the interests of the Committee;

     d. negotiation and evaluation of the use of cash collateral,
any proposed debtor-in-possession financing, and any other
potential financing alternatives;

     e. negotiation, formulation, drafting, and confirmation of a
plan or plans of reorganization or liquidation and matters related
thereto;

     f. investigations, directed by the Committee, of among other
things,  unencumbered assets, liabilities, and financial condition
of the Debtors, prior transactions, and operational issues
concerning the Debtors that may be relevant to these Chapter 11
Cases;

     g. negotiation and formulation of any proposed sale of any of
the Debtors’ assets, including pursuant to section 363 of the
Bankruptcy Code;

     h. communications with the Committee’s constituents in
further of its responsibilities, including, but not limited to,
communications required under section 1102 of the Bankruptcy Code;
and

     i. performance of all of the Committee’s duties and powers
under the Bankruptcy Code and Bankruptcy Rules and the performance
of such other services as are in the interests of those represented
by the Committee.

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

     Partners                      $1,192.50 to $1,917
     Associates and Of Counsel     $747 to $1,183.50
     Paralegal                     $432 to $603

In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, Quinn
Emanuel disclosed that:

     -- it has agreed to provide a 10 percent discount to its
standard billing rates for this engagement;

     -- none of the professionals included in the engagement vary
their rate based on the geographic location of the bankruptcy
case;

     -- the Committee retained Quinn Emanuel on Jan. 3, 2023. The
billing rates for the period prior to this application are the same
as indicated in this application; and

     -- Quinn Emanuel anticipates filing a budget at the time it
files its interim fee applications, and any such budget it may file
will be prior approved by the Committee.

Erika Morabito, Esq., a partner at Quinn Emanuel Urquhart &
Sullivan, disclosed in a court filing that the firm is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     Erika L. Morabito, Esq.
     Quinn Emanuel Urquhart & Sullivan, LLP
     1300 I Street NW, Suite 900
     Washington, D.C. 20005
     Tel: +1 202 538 8000
     Fax: +1 202 538 8100
     Email: erikamorabito@quinnemanuel.com

                        About DCL Holdings

DCL Holdings (USA) Inc. -- https://www.pigments.com/ -- offers the
broadest range of colour pigments and preparations for the
coatings, plastics and ink industries worldwide.  The company is a
global leader in the supply of color pigments and dispersions for
the coatings, plastics and ink industries, according to its Web
site.

DCL Holdings (USA) and five affiliates sought Chapter 11 bankruptcy
protection (Bankr. D. Del. Lead Case No. 22-11319) on Dec. 20,
2022.  In the petition filed by its chief restructuring officer,
Scott Davido, the Debtor reported between $100 million and $500
million in both assets and liabilities.

The Debtors tapped King & Spalding, LLP as bankruptcy counsel;
Richards, Layton & Finger, P.A. as Delaware counsel; TM Capital
Corp. as investment banker; and Ankura Consulting Group, LLC as
restructuring advisor.  Kroll Restructuring Administration, LLC is
the claims agent.


DELCATH SYSTEMS: Regains Compliance With Nasdaq Listing Rule
------------------------------------------------------------
Delcath Systems, Inc. received a letter from The Nasdaq Stock
Market, LLC, notifying the Company that (a) the Company had
regained compliance with the Nasdaq Market Value Standard because
the market value of the Company's common stock had been $35 million
or greater for the last ten consecutive business days (i.e., from
Jan. 5, 2023 to Jan. 19, 2023) and (b) the matter is now closed.

As previously disclosed in a Current Report on Form 8-K of Delcath
Systems filed on Oct. 28, 2022, on Oct. 26, 2022, the Company
received a letter from Nasdaq indicating that the Company was not
in compliance with the requirement to maintain a minimum market
value of listed securities of $35 million, as set forth in NASDAQ
Listing Rule 5550(b)(2), because the market value of the Company's
common stock had been below $35 million for 30 consecutive business
days. In accordance with NASDAQ Listing Rule 5810(c)(3)(A), Nasdaq
gave the Company a period of 180 calendar days in which to regain
compliance.

                       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, the HEPZATO KIT (melphalan
hydrochloride for injection/hepatic delivery system), is a
drug/device combination product.  HEPZATO is designed to
administer
high-dose chemotherapy to the liver while controlling systemic
exposure and associated side effects.

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.


DELCATH SYSTEMS: Regains Compliance With Nasdaq Market Value Rule
-----------------------------------------------------------------
Delcath Systems, Inc. received a letter from NASDAQ notifying the
Company that (a) the Company had regained compliance with the
NASDAQ Market Value Standard because the market value of the
Company's common stock had been $35 million or greater for the
period from Jan. 5, 2023 to Jan. 19, 2023) and (b) the matter is
now closed.

As previously disclosed in a Current Report on Form 8-K of Delcath
filed on Oct. 28, 2022, on Oct. 26, 2022, the Company received a
letter from The NASDAQ Stock Market, LLC indicating that the
Company was not in compliance with the requirement to maintain a
minimum market value of listed securities of $35 million, as set
forth in NASDAQ Listing Rule 5550(b)(2), because the market value
of the Company's common stock had been below $35 million for 30
consecutive business days.  In accordance with NASDAQ Listing Rule
5810(c)(3)(A), NASDAQ gave the Company a period of 180 calendar
days in which to regain compliance.

                       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, the HEPZATO KIT (melphalan
hydrochloride for injection/hepatic delivery system), is a
drug/device combination product. HEPZATO is designed to administer
high-dose chemotherapy to the liver while controlling systemic
exposure and associated side effects.

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.


DIEBOLD NIXDORF: Board OKs $1.3M Executive Retention Awards
-----------------------------------------------------------
The board of directors of Diebold Nixdorf, Incorporated, approved
cash retention awards for certain members of the Company's
leadership team, including certain named executive officers,
Octavio Marquez ($500,000), Olaf Heyden ($400,000) and Jonathan
Leiken ($400,000), as disclosed in a Form 8-K filed with the
Securities and Exchange Commission.  The Retention Award for each
executive is governed by the terms of a retention award letter.

The Retention Award will be payable 70% on or before Feb. 28, 2023
and 30% on or before July 15, 2023, in each case subject to the
executive's continued employment through the payment date of each
Installment.  Additionally, payment of the Second Installment will
be contingent upon approval of the Board.

Each Installment of the Retention Award is subject to clawback and
repayment by the executive if, prior to the one-year anniversary of
the payment of each Installment, the executive voluntarily resigns
or the executive's employment is terminated by the Company with
cause (as defined in the Letter Agreement).

                       About Diebold Nixdorf

Diebold Nixdorf, Incorporated -- www.DieboldNixdorf.com --
automates, digitizes and transforms the way people bank and shop.
As a partner to the majority of the world's top 100 financial
institutions and top 25 global retailers, the Company's integrated
solutions connect digital and physical channels conveniently,
securely and efficiently for millions of consumers each day.  The
Company has a presence in more than 100 countries with
approximately 22,000 employees worldwide.

Diebold Nixdorf reported a net loss of $78.1 million for the year
ended Dec. 31, 2021, a net loss of $267.8 million for the year
ended Dec. 31, 2020, and a net loss of $344.6 million for the year
ended Dec. 31, 2019.  As of Sept. 30, 2022, the Company had $2.91
billion in total assets, $3.90 billion in total current
liabilities, $89.3 million in pensions, post-retirement and other
benefits, $114.8 million in deferred income taxes, $120.1 million
in other liabilities, and a total deficit of $1.32 billion.

                             *   *   *

As reported by the TCR on Jan. 11, 2023, S&P Global Ratings raised
its issuer credit rating on U.S.-based ATM and point-of-sale
provider Diebold Nixdorf Inc. to 'CCC+' from 'SD'.  S&P said, "The
positive outlook reflects our expectation that the company's
increased backlog, price increases and cost-cutting efforts coupled
with supply chain efficiencies will materially improve EBITDA
margins and reduce leverage toward the mid-8x area by the end of
2023.  We also expect this will improve prospects for growing free
cash flow generation to support FOCF to debt in the
low-single-digit percent area over the next 12 months."

Early this month, Moody's Investors Service affirmed Diebold
Nixdorf, Inc.'s corporate family rating of Caa2 following the
closing of the Company's debt capital restructuring.


DIMENSIONS IN SENIOR: Taps B. Riley as Financial Advisor
--------------------------------------------------------
Dimensions In Senior Living, LLC and its affiliates seek approval
from the U.S. Bankruptcy Court for the District of Nebraska to
employ B. Riley Advisory Services as financial advisor and broker.

The Debtors need the firm's advisory services in connection with a
potential sale of their assets.

The firm will be paid as follows:

   a. Base Fee. The firm will be paid a fee of 2.50 per cent of the
base purchase price.

   b. Incremental Fee. If the purchase price exceeds $20 million,
the firm shall be paid an incremental fee of 3.5 percent of any
purchase price amount that exceeds $20 million.

   c. The firm shall credit the work fee against the transaction
fee. The firm shall be paid a net transaction fee that is equal to
the transaction fee less the Fee Credit.

   d. Should the buyer in the sale transaction be a party having
expressed prior interest in acquiring the Debtors' assets before
the bankruptcy filing, the firm shall be paid a fixed fee of
$150,000.

Richard Peil, a partner at B. Riley Advisory Services, disclosed in
a court filing that his firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Richard Peil
     B. Riley Advisory Services
     2355 E. Camelback Road, Suite 830
     Phoenix, AZ 85016
     Tel: (602) 567-2541
     Email: rpeil@brileyfin.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 and 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 between $1 million and $10
million in both assets and liabilities.

Judge Brian S. Kruse oversees the cases.

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


DLVAM1302 NORTH: Hearing on Plan Continued to March 2
-----------------------------------------------------
DLVAM1302 North Shore, LLC, submitted a Third Amended Plan and a
corresponding Disclosure Statement on Jan. 18, 2023.

The Court on Jan. 19, 2023, convened a hearing on the Plan and
Disclosure Statement.  Amid objections to confirmation of the Plan,
the Court continued the hearing to March 2, 2023 at 1:30 p.m.  

The trial slated for Feb. 21 has been canceled.  At the March 2
hearing, the Court will consider HMC Assets, LLC's objection to
confirmation and its motion to dismiss the Chapter 11 case, as well
as the Debtor's motion for cramdown.

The U.S. Trustee has withdrawn its objection to the Debtor's Second
Amended Plan.
  
                     Third Amended Plan

According to the Third Amended Disclosure Statement, the Debtor
generates its revenue through a duplex which it owns on Ana Maria
Island.  The Debtor markets the duplex as a vacation rental. As of
the Petition Date, Floyd Calhoun is the manager of the Debtor.

Pursuant to the Plan, each Holder of an Allowed Unsecured Claim
shall receive, on account of such Allowed Claim, a Distribution of
Cash from either the Plan Trust (if applicable) and/or the Debtor.
To the extent the Holder of an Allowed General Unsecured Claim
receives less than full payment on account of such Claim, the
Holder of such Claim may be entitled to assert a bad debt deduction
or worthless security deduction with respect to such Allowed
Unsecured Claim.

To the extent that any amount received by a Holder of an Allowed
Unsecured Claim under the Plan is attributable to accrued but
unpaid interest and such amount has not previously been included in
the Holder's gross income, such amount should be taxable to the
Holder as ordinary interest income. Conversely, a Holder of an
Allowed Unsecured Claim may be able to recognize a deductible loss
(or, possibly, a write-off against a reserve for worthless debts)
to the extent that any accrued interest on the debt instruments
constituting such Claim was previously included in the Holder's
gross income but was not paid in full by the Debtors. Such loss may
be ordinary, but the tax law is unclear on this point.

The Debtor's Plan will be funded initially by the continued
operations of the Debtor.  Ultimately, the Plan will be funded by
the sale/refinance of the Debtor's real estate holding.

Attorney for the Debtor:

     Buddy D. Ford, Esq.
     Jonathan A. Semach, Esq.
     Heather M. Reel, Esq.
     BUDDY D. FORD, P.A.
     9301 West Hillsborough Avenue
     Tampa, FL 33615-3008
     Tel: (813) 877-4669
     Office E-mail: All@tampaesq.com
     E-mail: Buddy@tampaesq.com
             Jonathan@tampaesq.com
             Heather@tampaesq.com

A copy of the Disclosure Statement dated Jan. 18, 2023, is
available at https://bit.ly/402g0oD from PacerMonitor.com.

                About DLVAM1302 North Shore

Anna Maria, Fla.-based DLVAM1302 North Shore, LLC filed a petition
for Chapter 11 protection (Bankr. M.D. Fla. Case No. 21-05371) on
Oct. 20, 2021, disclosing $1,988,681 in total assets and $1,585,279
in total liabilities.  Floyd Calhoun, manager, signed the
petition.

Judge Catherine Peek McEwen oversees the case.

The Debtor tapped Buddy D. Ford, P.A., as legal counsel.


DRAKES CREEK: Case Summary & Four Unsecured Creditors
-----------------------------------------------------
Debtor: Drakes Creek Holding Company, LLC
        519 Gregory Road
        Franklin, KY 42134

Business Description: The Debtor is engaged in activities related
                      to real estate.

Chapter 11 Petition Date: January 27, 2023

Court: United States Bankruptcy Court
       Western District of Kentucky

Case No.: 23-10074

Debtor's Counsel: Neil C Bordy, Esq.  
                  SEILLER WATERMAN LLC
                  22nd Floor - Meidinger Tower
                  462 S 4th Street
                  Louisville, KY 40202
                  Tel: 502-584-7400
                  Fax: 502-583-2100
                  Email: bordy@derbycitylaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Charles Weldon Deweese as managing
member.

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

https://www.pacermonitor.com/view/DATCWTA/Drakes_Creek_Holding_Company_LLC__kywbke-23-10074__0001.0.pdf?mcid=tGE4TAMA


EAGLE MECHANICAL: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Eagle Mechanical Inc.
        920 Tomahawk Trail Suite B
        Indianapolis, IN 46214

Chapter 11 Petition Date: January 27, 2023

Court: United States Bankruptcy Court
       Southern District of Indiana

Case No.: 22-00291

Judge: Hon. James M. Carr

Debtor's Counsel: Weston Overturf, Esq.
                  OVERTURF FOWLER LLP                  
                  111 Monument Circle Suite 900
                  Indianapolis, IN 46204
                  Tel: (317) 559-3647
                  Email: woverturf@kgrlaw.com

Total Assets: $7,751,209

Total Liabilities: $9,136,761

The petition was signed by Rogelio Mancilla Jr. as CEO.

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

https://www.pacermonitor.com/view/POZLSXA/Eagle_Mechanical_Inc__insbke-23-00291__0001.0.pdf?mcid=tGE4TAMA


EAGLE VALLEY: Case Summary & Largest Unsecured Creditors
--------------------------------------------------------
Five affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:

    Debtor                                         Case No.
    ------                                         --------
    Eagle Valley Energy Partners, LLC              23-10034
    13413 Galleria Circle, Suite Q-100
    Austin, TX 78738

    Eagle Valley Development, LLC                  23-10035
    13413 Galleria Circle, Suite Q-100
    Austin, TX 78738

    Eagle Valley Minerals, LLC                     23-10036
    13413 Galleria Circle, Suite Q-100
    Austin, TX 78738

    Eyrie Holdings, LLC                            23-10037
    13413 Galleria Circle, Suite Q-100
    Austin, TX 78738

    Eyrie Mineral Holdings, LP                     23-10038
    13413 Galleria Circle, Suite Q-100
    Austin, TX 78738

Business Description: Headquartered in Austin, Texas, Eagle Valley
   
                      Energy is a privately held company focused
                      on acquiring, operating, and drilling in the
                      Gulf Coast and East Texas Basins.

Chapter 11 Petition Date: January 27, 2023

Court: United States Bankruptcy Court
       Western District of Texas

Judge: Hon. Tony M. Davis

Debtors' Counsel: Tom A. Howley, Esq.
                  HOWLEY LAW PLLC
                  Pennzoil Place - South Tower
                  711 Louisiana Street, Ste. 1850
                  Houston, TX 77002
                  Tel: (713) 333-9125
                  Email: tom@howley-law.com

Eagle Valley Energy Partners'
Total Assets: $1,189,566

Eagle Valley Energy Partners'
Total Liabilities: $1,348,275

Eagle Valley Development's
Total Assets: $909,466

Eagle Valley Development's
Total Liabilities: $58,142,346

Eagle Valley Minerals'
Total Assets: $0

Eagle Valley Minerals'
Total Liabilities: $830,000

Eyrie Holdings'
Total Assets: $250

Eyrie Holdings'
Estimated Liabilities: $65,517,984

Eyrie Mineral Holdings'
Total Assets: $0

Eyrie Mineral Holdings'
Total Liabilities: $830,000

The petitions were signed by Gary Barton as chief restructuring
officer.

Full-text copies of the petitions containing, among other items,
lists of the Debtors' largest unsecured creditors are available for
free at PacerMonitor.com at:

https://www.pacermonitor.com/view/D6F4YLA/Eagle_Valley_Energy_Partners_LLC__txwbke-23-10034__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/CPZ6J3I/Eagle_Valley_Development_LLC__txwbke-23-10035__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/CTSB6KQ/Eagle_Valley_Minerals_LLC__txwbke-23-10036__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/TDUGQYA/Eyrie_Holdings_LLC__txwbke-23-10037__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/TXERWRY/Eyrie_Mineral_Holdings_LP__txwbke-23-10038__0001.0.pdf?mcid=tGE4TAMA


EAST WINDSOR: Unsecureds Will Get 33% of Claims in 60 Months
------------------------------------------------------------
East Windsor Taekwondo Academy LLC filed with the U.S. Bankruptcy
Court for the District of New Jersey a Small Business Plan of
Reorganization dated January 23, 2023.

The Debtor, West Windsor Taekwondo, LLC/East Windsor Taekwondo, LLC
("HFS") is a small business that operates taekwondo schools and
gyms in two locations. The Debtor's principal place of business is
located at 217 Clarkson Road, West Windsor, New Jersey.

The Debtor's financial difficulties date back to September 2020
when the government mandated COVID lockdowns shut down the Debtor's
entire industry. Since that time, the Debtor has reduced his staff
from 5 employees prior to the lockdowns to just 2 employees now.
The Debtor has also reduced other expenses.

Unfortunately, the student membership has not increased to
sufficient levels quickly enough to allow the Debtor to meet all of
its monthly obligations. In an effort to preserve value for all of
its creditors, the Debtor made the decision to seek protection
under Chapter 11 of the Bankruptcy Code.

Class 3 consists of General Unsecured Claims. The General Unsecured
Claims total $413,117.00. Based on the Cash Flow Analysis, this
class of creditors will receive a total base dividend of
$137,120.00 to be shared on a pro-rata basis. It is anticipated
that distributions will begin to this class of creditors in the 3rd
year of the Plan after all Administrative and Secured Debts have
been paid. Distributions shall be made quarterly thereafter to this
class of creditors with the final payment being made in the 60th
month of the Plan. This Class is impaired.

It is Estimated that 33% of claims in this class will be paid.
Payments to be made as follows:

     * $7,120.00 in the 4th Quarter of Year 3 of the Plan; and
then

     * $55,000.00 over Year 4 of the Plan.

     * $75,000.00 over Year 5 of the Plan.

Class 4 consists of Steven Phillips as the sole Shareholder/Member
of both West Windsor Taekwondo and East Windsor Taekwondo. Mr.
Phillips will receive no distribution under the Plan, other than to
retain his ownership interest in the Debtor.

The Debtor shall use the estimated funds on hand upon the Effective
Date of the Plan to make the initial distributions for
Administrative Expenses and the initial plan payment. Additionally,
the Debtor shall use its disposable income to make its monthly
payments under the Plan.

A full-text copy of the Plan of Reorganization dated January 23,
2023 is available at https://bit.ly/3JoDkac from PacerMonitor.com
at no charge.

Attorney for Debtor:

     Gillman, Bruton & Capone, LLC
     Marc C. Capone, Esq.
     60 Highway 71, Unit 2
     Spring Lake Heights, NJ 07762
     (732) 661-1664

                About East Windsor Taekwondo

East Windsor Taekwondo Academy LLC is a small business that
operates taekwondo schools and gyms in two locations.  The Debtor
filed a Chapter 11 petition (Bankr. D.N.J. Case No. 22-18439) on
Oct. 25, 2022.  The Debtor is represented by Marc C. Capone, Esq.
of GILLMAN, BRUTON & CAPONE, LLC.   


ERO COPPER: Fitch Affirms LongTerm IDR at 'B', Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Ero Copper Corp.'s (Ero) Long-Term
Issuer Default Rating (IDR) at 'B'. In addition, Fitch has affirmed
Ero's senior unsecured notes at 'B'/'RR4' and affirmed and
withdrawn its secured revolving credit facility rating at 'B'/'RR4'
for commercial reasons. The Rating Outlook is Stable.

Ero's ratings are constrained by its relatively small size and
concentration of operating production with one copper and one gold
mine site in Brazil. Ero's credit profile is supported by its
average-cost copper mine and robust mine lives. High liquidity and
low leverage are also positive credit considerations.

Fitch is withdrawing Ero's secured revolving credit facility rating
for commercial reasons.

KEY RATING DRIVERS

Small Concentrated Production: Ero's cash flow is dependent upon
the output of Caraiba, which Fitch forecasts to contribute with
43,200 MT of copper in 2023, and Xavantina, with 48,900 oz of gold.
The company aims to increase annual copper output to 95,000 MT
through the development of a third mining unit, Tucuma. Given the
conventional mining method, recent nature of the technical report
and available infrastructure near Tucuma, Fitch views the risk of
delay and cost over-run as lower than average. The onset of
operations will be seen as a credit positive event. Construction
for this mine started in 2022. Production should begin ramping up
in 2024 and Tucuma should hit nominal capacity in late 2025.

Average Cost Position: Ero's Caraiba operations, from which it
sources all its copper, are placed in the second quartile of the
global copper cash cost curve, according to CRU Group, at
USD1.36/lb excluding royalties. High sustaining capex, royalties
and other factors push the company's AISC to the lower end of the
fourth quartile of the cost curve. Fitch estimates that the
addition of Tucuma would leave average cash costs near the lower
half of the global cash curve. The company is estimated to average
a 50% EBITDA margin over the rated horizon. A 10% decrease in the
copper price expected by Fitch affects EBITDA by USD18 million
given price floor hedging of USD 7,716/tonne for 75% of Ero's
copper output in 2023.

Reliance on Exploration: Ero Copper's strategy is to grow within
its existing mining concessions in Brazil and therefore is reliant
on finding additional reserves. Exploration capex in 2023 is
expected to be between USD31 million and USD40 million. The company
has a solid track record having more than doubled copper reserves
in the period 2017-2020 at Caraiba (17 years of life of mine, the
ratio of contained fines in reserves to production in 2022) and
adding six years to the life of its gold mine, Xavantina (nine
years of life of mine).

High Capex Pressures FCF: The largest capital projects are Pilar
3.0, which includes the Caraiba mill expansion and the construction
of a new external shaft in the Pilar mine, with USD250 million
total expenditure between 2022 and 2025, and the Tucuma project
with about USD300 million total expenditure between 2022 and 2024.
Investment plans are financed by Ero's USD400 million bond, USD490
million cash flow from operations between 2022 and 2024 and a
USD150 million revolving credit facility. Capex levels are forecast
to peak at USD365 million in 2023 with the development of Tucuma
before tailing off when the project is completed. FCF margin is
expected to turn positive in 2025, at 18%.

Decreasing Leverage: Fitch calculates 2023 EBITDA of approximately
USD180 million from a projected level of USD220 million in 2022, as
higher costs in combination with declining gold and copper prices
pressure margins. Ero's leverage is poised to increase in 2023 but
is anticipated to fall thereafter as the entrance of Tucuma boosts
results. Gross and net debt/EBITDA of about 2.3x and 1.9x are
projected in 2023. The ramp up of Tucuma is expected to more than
offset the decline in prices and current inflationary pressures
setting gross and net leverage below 2.0x and 1.5x on average in
the rating horizon.

DERIVATION SUMMARY

Ero's scale of production and degree of diversification with 46,300
MT of copper from a single site plus 42,700 oz of gold from a
different operation in 2022 is larger and less concentrated than
Taseko Mines (B-/Stable) of about 34,000 MT of attributable copper
from one site in Canada; similar to Aris Mining's (B+/Stable)
230,000 oz of gold from two sites in Colombia but lower than
Eldorado Gold's (B+/Stable) 450,000 oz of gold from a number of
mines in Turkey, Greece and Canada; or Hudbay Minerals'
(BB-/Stable) 120,000 MT of copper, 220,000 oz of gold, 60,000 MT of
zinc, 2.6 million of silver and 1,100 MT of molybdenum from two
mining units in Canada and Peru.

Copper contributes with more than 85% of Ero's revenue. Most of
Ero's peers have a degree of revenue concentration on either copper
(Taseko at 90%, Hudbay at 55%) or gold (Aris and Eldorado at 100%),
but Hudbay shows a wider product diversification into gold (20%),
zinc (10%), molybdenum (12%) and silver (3%).

The mine life of Ero (17 years in Caraiba) is larger than Aris
Mining's four years, similar to Hudbay's 16 years or Eldorado
Gold's 17 years, but lower than Taseko's 23 years.

The second quartile cost position in the cost curve of the most
relevant metals and operations of Ero is slightly worse than that
of Hudbay Minerals (at first or second), but better than that of
Eldorado Gold (second or third), Aris Mining (third) or Taseko
Mines (fourth).

Profitability in the near term of more than 50% for Ero is expected
to be the highest among peers, such as Aris Mining (40%), Eldorado
Gold (33%), Hudbay Minerals (30%) and Taseko (25%).

The gross leverage expected for Ero of about 2.0x over the rated
horizon is lower than that of Taseko (4.0x) or Aris Mining (2.5x),
and similar to that of Hudbay (2.0x) and Eldorado Gold (2.0x).

Under Fitch's Country-Specific Treatment of Recovery Ratings Rating
Criteria, recovery ratings are capped at 'RR4' given concentration
of operations in Brazil.

KEY ASSUMPTIONS

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

- Copper price at USD8,000/tonne in 2023, USD7,500/tonne in 2024,
and USD7,500/tonne in 2025;

- Gold price at USD1,600/oz in 2023, USD1,400/oz in 2024 and
USD1,300/oz in 2025;

- Average annual copper sold at about 44,200 tonnes in 2023-2025
from Caraiba, 5% below guidance midpoint;

- Average annual gold sold at 52,700 oz in 2023-2025, 5% below
guidance midpoint;

- Tucuma begins producing in 2H24;

- No dividends or share-repurchases;

- Capex average USD250 million per year in 2023-2025, including
Tucuma development.

RATING SENSITIVITIES

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

- Visibility into successful completion of the Tucuma project;

- Increasing size and diversification over the medium term;

- Financial policies in place resulting in consolidated total
debt/EBITDA after minority distributions anticipated to be
sustained below 3.0x.

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

- Increased costs or material disruption at Caraiba;

- Total debt/EBITDA after minority distributions anticipated to be
sustained above 4.0x;

- Large debt-funded acquisitions;

- Negative FCF on a sustained basis.

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: As of Sept. 30, 2022, Ero held
approximately USD360 million of cash and cash equivalents, and
USD75 million of undrawn availability under a revolving credit
facility. The undrawn revolver availability increased to USD150
million due in 2026 upon closing of the amended revolver in January
2023. Ero's senior unsecured USD400 million bond is due in 2030.
Maturities of equipment loans will be fairly minimal. Fitch expects
liquidity to be sufficient to support existing operations and
development of Tucuma under its rating case.

ISSUER PROFILE

Ero Copper Corp., headquartered in Vancouver, B.C., owns a 99.6%
interest in the Caraiba copper operations in Bahia, Brazil and
97.6% in the Xavantina gold mine located in Mato Grosso, Brazil.
Ero also owns the Tucuma Iron Oxide Copper Gold type development
copper project located in Para, Brazil.

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
   -----------             ------         --------   -----
Ero Copper Corp.      LT IDR B  Affirmed               B

   senior
   unsecured          LT     B  Affirmed     RR4       B

   senior secured     LT     WD Withdrawn              B

   senior secured     LT     B  Affirmed     RR4       B


ESCADA AMERICA: Creditors Committee Backs 13% Plan
--------------------------------------------------
Escada America, LLC, submitted a Disclosure Statement filed a First
Amended Chapter 11 Plan of Reorganization and a corresponding
Disclosure Statement on Jan. 18, 2023.

THe Committee’s counsel has provided the Debtor with comments to
the Plan and Disclosure Statement, which the Debtor has
incorporated.  Accordingly, the Debtor has filed a revised plan and
disclosure statement.  The Debtor does not object to the
Committee's form of support letter attached to the Statement.

On Jan. 11, 2023, The Official Committee of Unsecured Creditors --
comprised of Simon Property Group and Brookfield Properties --
filed a letter of support explaining that the treatment provided to
holders of allowed general unsecured claims in the Plan is a direct
result of the Committee's investigation and negotiations with the
Debtor and the Secured Lenders.  The Committee believes the Plan,
which will deliver no less than a 13% recovery to holders of
allowed general unsecured claims by May 1, 2023 (as opposed to
conversion and potentially years of litigation), is in the best
interest of the estate and the Debtor's general unsecured
creditors.

Pursuant to the Term Sheet, the Committee agreed to issue the
Letter for inclusion in the solicitation package for the Plan,
advising creditors of the Committee's (i) support for the Plan and
(ii) recommendation that creditors vote in favor of the Plan.

                          Amended Plan

The Plan proposed by the Debtor is based on an extensively
negotiated settlement term sheet (the "Term Sheet") among the
Debtor, the Committee, and three insider secured-
creditor-affiliates of the Debtor: (i) Eden Roc International LLC;
(ii) Mega International LLC; and (iii) Escada Sourcing and
Production LLC ("ESP").

Under the Plan, Class 5 All Allowed, Noninsider, General Unsecured
Claims of the Debtor not included in any other class total
$20,616,905.  Each holder of an allowed Claim in Class 5 will
receive its pro rata share of the "GUC Distribution," which shall
be no less than the "GUC Floor," which shall be no less than an
amount sufficient to pay each holder of an allowed Class 5 Claim no
less than 13 cents on the dollar for its aggregate allowed claims,
as provided in greater detail below.

In the event of a default, the Debtor's bankruptcy case shall be
converted to chapter 7.

On the Plan Effective Date, the total amount of value available for
distribution to holders of allowed General Unsecured Claims shall
be no less than $2,600,000 (the "GUC Floor") and may be a greater
sum (the "GUC Distribution"), which amount shall be distributed pro
rata to the holders of allowed general unsecured creditors no later
than May 1, 2023 (the "Distribution Date").

The GUC Floor is predicated on allowed General Unsecured Claims
totaling not more than an aggregate amount of $20,000,000.  If, as
of the effective date, the total allowed amount of General
Unsecured Claims exceeds, in aggregate, $20,000,000, then the
amount of the GUC Floor shall increase to the amount necessary to
provide all allowed General Unsecured Claims a distribution equal
to 13.0%.

The total GUC Distribution must be no less than the GUC Floor (13
cents on the dollar for Class 5) for the Plan to go effective and
for the Plan Effective Date to occur. If the Plan does not go
effective by April 15, 2023, then the Debtor's Chapter 11 case
shall convert automatically
to chapter 7.  If the GUC Distribution, in an amount no less than
the GUC Floor, is not made to holders of Allowed General Unsecured
Claims on or before the Distribution Date of May 1, 2023, then the
Debtor's bankruptcy case shall convert automatically to chapter 7.

The Plan will be funded with: (i) Cash on Hand after satisfaction
in full of allowed Administrative Claims and Priority Claims, (ii)
the Cash Contribution, and (iii) (A) the Bond Proceeds and/or (B)
the Bond Cover.

Mega and ESP, referred to as the Contributing Creditors, will
contribute new cash in an amount equal to $675,000 (the "Cash
Contribution") to pay allowed claims against the estate.  The
Contributing Creditors shall be jointly and severally liable to pay
the Cash Contribution, but may allocate the payment amount for each
between themselves.  The Cash Contribution will be made on or
before the Distribution Date.  For the avoidance of doubt, the
Contributing Creditors shall contribute additional new cash in
excess of the Cash Contribution as necessary to ensure that the GUC
Floor is met.

The Debtor's total cash on hand on the Effective Date of the Plan,
prior to the funding of the Cash Contribution and excluding the
Bond Proceeds or Bond Cover, as applicable, must be no less than
$900,000 (the "Cash on Hand").  If the total cash on hand on the
Effective Date of the Plan is less than $900,000, then the
Contributing Creditors shall contribute additional cash necessary
to satisfy the GUC Floor.

In the event the total amount of estate cash, excluding any Bond
Proceeds (defined below) is less than $900,000 at any point before
the Effective Date of the Plan, the case shall convert
automatically to chapter 7; provided however, that no later than
three (3) business days after estate cash falls below $900,000, the
Contributing Creditors may contribute funds (such funds,
collectively, the "Cash Top Up") to increase the total amount of
estate cash to at least $900,000 so as to prevent an automatic
conversion to chapter 7 before the Distribution Date.  In the event
Cash on Hand exceeds $900,000 on the Effective Date of the Plan,
the Contributing Creditors shall be reimbursed the amount of the
Cash Top Up from any such excess Cash on Hand.

The Debtor shall provide weekly cash balance reporting to the
Committee and shall notify the Committee immediately in writing if
the total amount of estate cash becomes less than $900,000.

The total recovered proceeds (the "Bond Proceeds") of the Bond
Collateral shall be distributed to holders of allowed General
Unsecured Claims by no later than the Distribution Date.  The
Contributing Creditors shall advance up to $1,850,000 (the "Bond
Cover") in the event that the Bond Proceeds are less than
$1,850,000 as of the Distribution Date.  If (i) the GUC Floor is
met on the Distribution Date, and (ii) the Contributing Creditors
advanced the Bond Cover, then any Bond Proceeds received after the
date of the Bond Cover shall be the property of the Contributing
Creditors.  The Bond Proceeds shall not be included in the
calculation of the amount of Cash on Hand.

Except for the Contributing Creditors' obligation to maintain the
total amount of estate cash at $900,000, any failure by the
Contributing Creditors to perform any funding obligation under the
Plan shall not give rise to remedies for, without limitation,
specific performance of effectuating the Plan by the Contributing
Creditors. For example, if the GUC Floor is not funded in
accordance with the Plan, the Debtor, the estate, or creditors will
not have any cause of action against the Contributing Creditors
(except in connection with any failure to maintain at least
$900,000 in estate cash). Rather, if the GUC Floor is not funded,
this case shall convert automatically to chapter 7 in accordance
with the Plan. If the case converts to chapter 7, the Contributing
Creditors shall ensure, and pay the amount necessary to ensure,
that the total amount of Cash on Hand on the date of conversion is
no less than $900,000.

Attorneys for the Chapter 11 Debtor:

     John-Patrick M. Fritz, Esq.
     LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P.
     2818 La Cienega Avenue
     Los Angeles, CA 90034
     Tel: (310) 229-1234
     Fax: (310) 229-1244
     E-mail: JPF@LNBYG.COM

A copy of the Disclosure Statement dated Jan. 18, 2023, is
available at https://bit.ly/3wgY77H from PacerMonitor.com.

                     About Escada America

Escada America, LLC, owner of a clothing store in New York, sought
Chapter 11 bankruptcy protection (Bankr. C.D. Cal. Case No.
22-10266) on Jan. 18, 2022.  In the petition filed by Kevin Walsh,
director of finance, the Debtor listed $1 million to $10 million in
both assets and liabilities.

Judge Sheri Bluebond oversees the case.  

John Patrick M. Fritz, Esq., at Levene, Neale, Bender, Yoo &
Golubchik, LLP serves as the Debtor's legal counsel while
Holthouse, Carlin & Van Trigt, LLP is the Debtor's accountant.

On May 18, 2022, the U.S. Trustee for Region 16 appointed an
official committee of unsecured creditors in this Chapter 11 case.
Kelley Drye & Warren, LLP, serves as the committee's legal
counsel.

The Debtor filed its proposed Chapter 11 plan of reorganization and
disclosure statement on May 12, 2022.


EYEPOINT PHARMACEUTICALS: Enters Lease for Manufacturing Facility
-----------------------------------------------------------------
EyePoint Pharmaceuticals, Inc. announced it has entered into a
lease agreement to design and construct a 40,000-square-foot
manufacturing facility in Northbridge, Massachusetts to support the
global manufacturing of programs, including EYP-1901 and YUTIQ.

"As EyePoint continues to advance our retinal disease-focused
pipeline and commercial business, the ability to efficiently and
reliably manufacture our products is key to our mission of bringing
innovative treatment options to patients living with serious eye
disorders," said Nancy Lurker, chief executive officer of EyePoint
Pharmaceuticals.  "This new facility provides us with significant
manufacturing capacity to accelerate the clinical development and
future commercial production for EYP-1901, as well as support
global demand for our U.S. FDA and China NMPA approved therapy,
YUTIQ.  This strategic investment in a commercial scale facility
reflects our commitment to EYP-1901, YUTIQ and the focus on
building a strong pipeline for long-term shareholder value."

The 40,000 square-foot standalone manufacturing facility will be
Good Manufacturing Practice (GMP) compliant to meet U.S. FDA and
European Medicines Agency (EMA) standards and support EYP-1901's
clinical supply and commercial readiness upon regulatory approval.
In addition, the building will have the capacity and capabilities
to support EyePoint's commercial business and expanding pipeline.
The new facility, customized for EyePoint's requirements, will be
constructed and managed by V.E. Properties IX, LLC and is expected
to be operational in the second half of 2024.  EyePoint was
represented by Jones Lang LaSalle throughout the property search,
selection, and lease negotiation process.

"This agreement allows EyePoint to meet anticipated global clinical
and commercial demand for our products and product candidates with
only a modest financial upfront requirement, as rent obligations do
not begin until we occupy the facility in the second half of 2024,"
said George Elston, chief financial officer of EyePoint
Pharmaceuticals.  "Additionally, in connection with this agreement,
EyePoint will be receiving approximately $1.9 million in state and
local tax incentives as part of our commitment to this facility and
the local jobs that it will create. We look forward to working with
V.E. Properties IX, as they build this new facility to our
specifications."

                   About EyePoint Pharmaceuticals

EyePoint Pharmaceuticals, Inc., formerly pSivida Corp. --
http://www.eyepointpharma.com-- headquartered in Watertown, MA, is
a specialty biopharmaceutical company committed to developing and
commercializing innovative ophthalmic products in indications with
high unmet medical need to help improve the lives of patients with
serious eye disorders.  The Company's pipeline leverages its
proprietary Durasert technology for sustained intraocular drug
delivery including EYP-1901, an investigational sustained delivery
intravitreal treatment currently in Phase 2 clinical trials.  The
proven Durasert drug delivery platform has been safely administered
to thousands of patients' eyes across four U.S. FDA approved
products, including YUTIQ for the treatment of posterior segment
uveitis, which is currently marketed by the Company.

EyePoint reported a net loss of $58.42 million for the year ended
Dec. 31, 2021, a net loss of $45.39 million for the year ended Dec.
31, 2020, a net loss of $56.79 million for the year ended Dec. 31,
2019, and a net loss of $53.17 million for the year ended June 30,
2018.  As of Sept. 30, 2022, the Company had $220.49 million in
total assets, $84.14 million in total liabilities, and $136.35
million in total stockholders' equity.


FIRST BRANDS: $250MM Incremental Loan No Impact on Moody's B2 CFR
-----------------------------------------------------------------
Moody's Investors Service said that First Brands Group, LLC's
ratings, including the B1 senior secured and B2 corporate family
rating, are unchanged following the announcement of the company's
proposed $250 million incremental first lien term loan. The rating
outlook remains positive.

The proposed add-on is to be fungible with the company's existing
$425 million incremental tranche issued in December 2022. Combined
proceeds are primarily to be used for acquisitions, including First
Brands purchase of Horizon Global Corporation ("Horizon"), which is
anticipated to close in the first quarter of 2023.

Since late-2021, First Brands has increased funded debt by over 50%
as the company resumes a more active approach to acquisitions. The
purchase of Horizon provides greater clarity to the use of prior
debt raises and reflects First Brands strategy to acquire
significantly underperforming assets. Horizon's operating
performance has been very weak for several years, and Moody's
expects First Brands to improve the business through substantial
cost savings. The acquisition of Horizon expands First Brands'
product offering into new categories, including hitches and towing
accessories.

Moody's expects First Brands earnings to increase in 2023 through
both the realization of ongoing cost savings initiatives and new
savings identified with Horizon. In addition, Moody's expects
earnings to be supported by organic revenue growth in the
mid-single digit range in 2023 as First Brands' products are
largely non-discretionary automotive aftermarket products.

The positive outlook reflects the view that First Brands'
debt/EBITDA will trend toward 4x over the next several quarters
from the mid-4x range in 2022. Further, Moody's expects First
Brands to maintain good liquidity with free cash flow to debt of at
least 5% in 2023 (incorporating cash costs to realize savings).

First Brands Group, LLC, headquartered in Cleveland, OH, is a
leading manufacturer and distributor of primarily aftermarket
component parts for the automotive and other industrial equipment
markets. The company's products include wipers, air and oil
filters, water and fuel pumps, brake drums and rotors, spark plugs
and gas springs.


FTX TRADING: Gets OK to Hire Alvarez & Marsal as Financial Advisor
------------------------------------------------------------------
FTX Trading LTD and its affiliates received approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Alvarez &
Marsal North America, LLC as financial advisor.

The firm's services include:

     a)  assistance to the Debtors in the preparation of
financial-related disclosures required by the court, including the
Debtors' schedules of assets and liabilities, statements of
financial affairs, monthly operating reports and rule 2015
reporting;

     b) assistance with the identification and implementation of
post-petition cash management procedures, including development of
a 13-week cash forecast by silo;

     c) advisory assistance in connection with the development and
implementation of human resources processes, employee compensation
and other critical employee benefit programs designed to maximize
the value of the estate;

     d) assistance in assessing the Debtors' vendor base to
identify critical and foreign disbursements and establish a vendor
management process;

     e) assistance in the identification of executory contracts and
leases and performance of cost/benefit evaluations with respect to
the assumption or rejection of each;

     f) assistance to the Debtors' newly appointed management team
and counsel focused on the coordination of resources related to the
ongoing reorganization effort;

     g) assistance in the preparation of financial information for
distribution to creditors and others, including, but not limited
to, cash flow projections and budgets, cash receipts and
disbursement analysis, analysis of various asset and liability
accounts, and analysis of proposed transactions for which court
approval is sought;

     h) attendance at meetings and assistance in discussions with
potential investors, banks, and other secured lenders, any official
committees appointed in the Debtors' Chapter 11 cases, the United
States Trustee, other parties in interest and professionals hired
by same, as requested;

     i) analysis of creditor claims;

     j) assistance in the preparation of information and analysis
necessary for the confirmation of a plan of reorganization;

     k) assistance in the evaluation and analysis of avoidance
actions, including fraudulent conveyances and preferential
transfers;

     l) assistance in the analysis or preparation of information
necessary to assess the tax attributes related to the confirmation
of a plan of reorganization;

     m) advice, support and coordination regarding the Debtors'
efforts to recover and secure their assets;

     n) assistance in gathering and analyzing data and information
and supporting the Debtors, including at the direction of Debtors'
outside counsel, in responses to requests for data and
information;

     o) litigation advisory services with respect to accounting and
tax matters, along with expert witness testimony on case related
issues as required by the Debtors; and

     p) other general business consulting services.

The firm's hourly rates are as follows:

      Restructuring Professionals

      Managing Director    $1,025 - $1,375
      Director             $775 - $975
      Analyst/Associate    $425 - $775

      Non-Restructuring Professionals

      Managing Director    $875 - $1,320
      Director             $650 - $1,045
      Analyst/Consultant   $350 - $700

In the 90 days prior to the petition date, the firm received
retainers and payments totaling $4 million for pre-bankruptcy
services.

As disclosed in court filings, Edgar Mosley II, a managing director
at Alvarez & Marsal, does not represent any other entity having an
adverse interest in connection with the Debtors' Chapter 11 cases
pursuant to Bankruptcy Code Section 1103(b).

Alvarez & Marsal can be reached through:

     Edgar W. Mosley II
     Alvarez & Marsal North America, LLC
     2100 Ross Avenue, 21st Floor
     Dallas, TX 75201
     Tel: +1 214 438 1000
     Fax: +1 214 438 1001
     Email: emosley@alvarezandmarsal.com

                          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

The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Debtors' cases.
The committee is represented by Paul Hastings, LLP.

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


FTX TRADING: Sullivan & Cromwell Okayed to Stay as Lead Counsel
---------------------------------------------------------------
A bankruptcy court judge in Delaware has given New York law firm
Sullivan & Cromwell the green light to continue representing FTX
during its bankruptcy proceedings.

Judge John T. Dorsey at a hearing on Jan. 20, 2023, denied an
emergency motion to adjourn the hearing on the application and and
approved the Debtors' application to employ Sullivan & Cromwell LLP
as counsel.

As reported in the TCR, FTX Group's CEO John Ray told a judge that
Sullivan & Cromwell's removal or limitation as bankruptcy counsel
for FTX would "severely, if not irreparably" harm customers and
creditors.

Sullivan & Cromwell has advised FTX since the exchange first
initiated Chapter 11 proceedings in November, listing assets and
liabilities of at least $10 billion.

In a court filing on behalf of FTX, the firm said that objectors
are seeking to blame advisers while ignoring the benefit they "have
brought, and continue to bring, to the debtors and their
stakeholders."

Sullivan & Cromwell in December 2022 disclosed that prior to the
bankruptcy, it had earned about $8.5 million for work on matters
tied to the exchange since 2021.  Some former firm attorneys also
now occupy top in-house roles for certain FTX entities, including
FTX's US general counsel, Ryne Miller.

The US Trustee, Andrew R. Vara, who acts as a watchdog in corporate
bankruptcy cases, said in a Jan. 13, 2023 motion that the firm's
disclosures relating to the FTX ties were "wholly insufficient" to
earn approval as a disinterested party from the court.  Vara also
claimed that the firm's connection to Miller and its past work for
the exchange should prevent the firm from leading any
investigation.

US Sen. John Hickenlooper (D-Col.) and three colleagues told the
court in a letter this month that Sullivan & Cromwell is wrong for
its role because the firm's prior work raised impartiality
concerns.

Sullivan & Cromwell argued in its filing that it is a disinterested
party under the bankruptcy code and that some of the questions
regarding its ties to certain FTX officials and past legal work for
the exchange are "mere speculation."

                         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 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

The Official Committee of Unsecured Creditors tapped Paul Hastings
as counsel, FTI Consulting, Inc., as financial advisor, and
Jefferies LLC as the investment banker.  Young Conaway Stargatt &
Taylor LLP is the Committee's Delaware and conflicts counsel.

Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases.
White-collar crime specialist Mark S. Cohen has reportedly been
hired to represent SBF in litigation.  Lawyers at Paul Weiss
previously represented SBF but later renounced representing the
entrepreneur due to a conflict of interest.


FULL CIRCLE: Continued Operations to Fund Plan Payments
-------------------------------------------------------
Full Circle Technologies, LLC, filed with the U.S. Bankruptcy Court
for the Northern District of Texas an Amended Plan of
Reorganization dated January 23, 2023.

The Debtor operates a company providing sales, installation,
maintenance and monitoring for security and restricted access
systems.

The Debtor filed this case on September 9, 2022 and has continued
to operate the company. The Debtor has greatly reduced its
operations with the termination of the Tesla project. This has
resulted in the Debtor closing its Austin office and eliminating
overhead. The Debtor has been able to operate at a profit during
this proceeding.

The Debtor proposes to restructure its current indebtedness and
continue its operations to provide a dividend to the creditors of
the Debtor.

Class 10 consists of Allowed Unsecured Creditors. All unsecured
creditors shall share pro rata in the unsecured creditors pool. The
Debtor shall make monthly payments commencing 30 days after the
effective date of $1,500 into the unsecured creditors' pool. The
amount represents the Debtor's disposable income. The Debtor shall
make distributions to the Class 10 creditors every 90 days
commencing 90 days after the first payment into the unsecured
creditors pool. The Debtor shall make 60 payments into the
unsecured creditors pool.

The Class 10 creditors shall include all creditors not in Classes 1
through 9 except to the extent of the unsecured portion of
Bayfirst's Class 4 Claim. Any Class 10 creditor that has filed a
UCC-1 shall be deemed to consent to a release of any secured claim
upon confirmation of this Plan, except Bayfirst shall not be deemed
to have consented to a release of its UCC-1 and the secured portion
of its claim until such secured claim has been timely paid in full
pursuant to the Plan. The Class 10 creditors are impaired.

The allowed unsecured claims total $2,200,000.

Class 11 consists of the Tesla Claim. Tesla and the Debtor have
agreed to execute a mutual release (the "Tesla Release") that will
provide for a release of the Tesla Claim against the Debtor and a
release of all claims that Debtor holds against Tesla. Tesla
disputes claims by any third party against Tesla for which Tesla
does or could claim an offset related in any way to Debtor or
Debtor's affairs. Tesla does not admit it has waived or shall waive
any offsets or rights to claim offsets as a defense to any third
party's claims. The Class 11 creditor is impaired.

Class 12 consists of Current Owners. The current owners will
receive no payments under the Plan, however, they will be allowed
to retain their ownership in the Debtor. The Class 12 Claimants are
not impaired.

Debtor anticipates the continued operations of the business to fund
the Plan.

A full-text copy of the Amended Plan dated January 23, 2023 is
available at https://bit.ly/3HDlSgD from PacerMonitor.com at no
charge.

Attorneys for Debtor:

     Eric A. Liepins, Esq.
     Eric A. Liepins, PC
     12770 Coit Road, Suite 850
     Dallas, TX 75251
     Telephone: (972) 991-5591
     Facsimile: (972) 991-5788
     Email: eric@ealpc.com

                  About Full Circle Technologies

Full Circle Technologies, LLC, a Dallas-based company, filed a
petition under Chapter 11, Subchapter V of the Bankruptcy Code
(Bankr. N.D. Texas Case No. 22-31660) on Sept. 9, 2022, with
$1,040,000 in assets and $3,265,341 in liabilities. Areya Holder
Aurzada serves as Subchapter V trustee.

Judge Scott W. Everett oversees the case.

Eric A. Liepins, Esq., at Eric A. Liepins, P.C., is the Debtor's
counsel.


GENESIS GLOBAL: DCG Denies Involvement in Chapter 11 Filing
-----------------------------------------------------------
Ernest Hoffman of KITCO reports that Digital Currency Group (DCG),
the parent company of Genesis Capital, on Jan. 27, 2023, posted an
update on Twitter claiming "Neither DCG nor any of its employees,
including those who sit on the Genesis board of directors, were
involved in the decision to file for bankruptcy."

Genesis Global Holdco and its subsidiaries Genesis Global Capital
and Genesis Asia Pacific earlier filed for Chapter 11 protection.

DCG also noted that only the lending divisions of Genesis have
filed for bankruptcy protection.  "Genesis Global Trading and
Genesis' spot and derivatives trading entity will remain
operational."

They concluded by saying that DCG "will continue to operate
business as usual, as will its other subsidiaries," and that they
will continue to "engage with Genesis Capital and its creditors to
reach an amicable solution for all parties."

Genesis has proposed a reorganization plan to be overseen by an
independent special committee of the company's board of directors
which includes the creation a trust to distribute assets to their
various creditors, and a "dual track process" which would pursue "a
sale, capital raise and/or equitization transaction that would
enable the business to emerge under new ownership." Should they
fail to finalize a sale or raise sufficient capital, "creditors
will receive ownership interests in Reorganized GGH."

"An in-court restructuring presents the most effective avenue
through which to preserve assets and create the best possible
outcome for all Genesis stakeholders," said Genesis Interim CEO
Derar Islim when the filing was made. "We deeply appreciate our
clients' ongoing patience and partnership as we work towards an
equitable solution."

Genesis struggled to raise fresh capital or reach a deal with its
creditors since it halted withdrawals in November in the wake of
the collapse and bankruptcy of crypto exchange FTX and sister
company Alameda Research. This also put enormous strain on Digital
Currency Group (DCG), the parent company of Genesis, and their CEO
Barry Silbert.

Then on Jan. 12, the U.S. Securities and Exchange Commission (SEC)
filed charges against both Genesis Global Capital and Gemini Trust
Company for the unregistered offer and sale of securities to retail
investors through the Gemini Earn crypto asset lending program.
Both the SEC and federal prosecutors in New York are also
investigating the transfer of funds between DCG and Genesis and
reviewing what the companies told investors about the
transactions.

DCG has recently been forced to take actions to shore up its
finances, including putting a halt to its quarterly dividend
payments to shareholders, which the firm announced in a letter sent
to shareholders on Jan. 17, 2023.

In the letter, the DCG said that it was focused on "strengthening
our balance sheet by reducing operating expenses and preserving
liquidity. As such, we have made the decision to suspend DCG's
quarterly dividend distribution until further notice." The firm
also indicated that it was considering selling some of the assets
in its portfolio to help with the fundraising process.

                      About Genesis Global

Genesis Global Holdco, LLC, through its subsidiaries, and Global
Trading, Inc., provide lending and borrowing, spot trading,
derivatives and custody services for digital assets and fiat
currency.

Genesis Global Capital, LLC (GGC) and Genesis Asia Pacific PTE.
(GAP) LTD. provide lending and borrowing, spot trading, derivatives
and custody services for digital assets and fiat
currency.  Genesis Global Holdco, LLC owns 100% of GGC and GAP.

On Jan. 19, 2023, Genesis Global Holdco, LLC and 2 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the United States Bankruptcy Code (Bankr. S.D.N.Y).  The cases
are pending before the Honorable Sean H. Lane, and the Debtors
have
requested joint administration of the cases under Case No.
23-10063.

Genesis Holdco is a sister company of Genesis Global Trading, Inc.
("GGT") and 100% owned by Digital Currency Group, Inc. ("DCG").
GGT, DCG and certain of the Holdco subsidiaries are not included in
the Chapter 11 filings.  The non-debtor subsidiaries include,
without limitation, Genesis UK Holdco Limited, Genesis Global
Assets, LLC, Genesis Asia (Hong Kong) Limited, Genesis Bermuda
Holdco Limited, Genesis Custody Limited ("GCL"), GGC International
Limited ("GGCI"), GGA International Limited, Genesis Global Markets
Limited, GSB 2022 II LLC, GSB 2022 III LLC and GSB 2022 I LLC.

The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as counsel;
Alvarez & Marsal Holdings, LLC, as financial advisor; and Moelis &
Company LLC as investment banker.  Kroll Restructuring
Administration is the claims agent.


GENESIS GLOBAL: Says Plan Deal With Creditors Near
--------------------------------------------------
The Dales Report reports that Genesis Global Capital is hoping to
emerge from bankruptcy in three to four months.

According to a Sean O'Neal, a lawyer representing the company,
Genesis could yet emerge from bankruptcy before the end of May of
this year.

Following the freezing of customer redemptions on Nov. 16 following
the collapse of major exchange FTX, Genesis finally declared
bankruptcy on January 20.

During the initial bankruptcy hearing in the Manhattan court held
on Monday, O'Neal declared that he has "some confidence"
that numerous disputes between Genesis Global Capital and
creditors of could be resolved within the week.  Likewise, he
expressed his expectation that it could exit Chapter 11 protection
intact before May 19, 2023.

             $3.5 Billion Debt to Top 50 Creditors.

In its bankruptcy filing, the crypto broker reported slightly over
$5 billion of assets and liabilities and more than 100,000
creditors who it owns at least $3.4 billion.

According to Reuters, O'Neal stressed that Genesis Global Capital
aspires to get out of problems with creditors after a gripping
period of negotiations.  Although he denied the possibility that
the company will need a mediator to get out of the conflict.

Among the hierarchy of creditors, the founders of bitcoin and
cryptocurrency exchange Gemini, Tyler and Cameron Winklevoss,
stand out.  These outspoken crypto investors invested in
the Gemini Earn rewards program, which emerged from a deal with
Genesis Global Capital.  However restrictions were placed on the
terms of the deal.

Cameron Winklevoss had previously been among the most high-profile
investors to levy criticism against Genesis Global Capital parent
company Digital Currency Group (DCG) and its executive director,
Barry Silbert.  He accuses them of defrauding 340,000 users of his
exchange who have invested and estimated US$ 900 million in total.

As reported by Business Insider, DCG's debt to Genesis includes
loans of $575 million due in May of this year and a $1.1 billion
promissory note due June 2032, according to a Friday declaration
filed with the bankruptcy court of the Southern District of New
York (SDNY) from Paul Aronzon, a member of a special committee of
the board of directors of Global Holdco (GGH), the holding company
of the Genesis entities.

DCG is one of the most important business conglomerates in
the Bitcoin ecosystem, as it is the parent of entities such as the
largest bitcoin hedge fund, Grayscale, and leading industry news
outlers such as CoinDesk.

                      About Genesis Global

Genesis Global Holdco, LLC, through its subsidiaries, and Global
Trading, Inc., provide lending and borrowing, spot trading,
derivatives and custody services for digital assets and fiat
currency.

Genesis Global Capital, LLC (GGC) and Genesis Asia Pacific PTE.
(GAP) LTD. provide lending and borrowing, spot trading, derivatives
and custody services for digital assets and fiat
currency.  Genesis Global Holdco, LLC owns 100% of GGC and GAP.

On Jan. 19, 2023, Genesis Global Holdco, LLC and 2 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the United States Bankruptcy Code (Bankr. S.D.N.Y).  The cases
are pending before the Honorable Sean H. Lane, and the Debtors
have
requested joint administration of the cases under Case No.
23-10063.

Genesis Holdco is a sister company of Genesis Global Trading, Inc.
("GGT") and 100% owned by Digital Currency Group, Inc. ("DCG").
GGT, DCG and certain of the Holdco subsidiaries are not included in
the Chapter 11 filings.  The non-debtor subsidiaries include,
without limitation, Genesis UK Holdco Limited, Genesis Global
Assets, LLC, Genesis Asia (Hong Kong) Limited, Genesis Bermuda
Holdco Limited, Genesis Custody Limited ("GCL"), GGC International
Limited ("GGCI"), GGA International Limited, Genesis Global Markets
Limited, GSB 2022 II LLC, GSB 2022 III LLC and GSB 2022 I LLC.

The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as counsel;
Alvarez & Marsal Holdings, LLC, as financial advisor; and Moelis &
Company LLC as investment banker.  Kroll Restructuring
Administration is the claims agent.


GILBERT BARBEE: Hires Stites & Harbison as Bankruptcy Counsel
-------------------------------------------------------------
Gilbert, Barbee, Moore & McIlvoy P.S.C. seeks approval from the
U.S. Bankruptcy Court for the Western District of Kentucky to hire
Stites & Harbison, PLLC as its counsel.

The firm will render these services:

     a. give legal advice with respect to the Debtor's powers and
duties as debtor in possession in the continued management of its
financial affairs and estate assets;

     b. take all necessary action to protect and preserve the
estate, including the prosecution of actions on behalf of the
Debtor, the defense of any actions commenced against the Debtor,
negotiations concerning all litigation in which the Debtor is
involved, if any, and objecting to claims filed against the
Debtor's estate;

     c. prepare on behalf of the Debtor all necessary motions,
answers, orders, reports and other legal papers in connection with
the administration of the Debtor's estate;

     d. provide counseling and representation with respect to the
assumption or rejection of executory contracts and leases and other
bankruptcy-related matters arising from these Chapter 11 Cases;

     e. perform any and all other legal services for the Debtor in
connection with this chapter 11 case and the formulation and
implementation of the Debtor's chapter 11 plan;

     f. render advice with respect to the myriad of general
corporate and litigation issues as they relate to the Chapter 11
Cases, including, but not limited to, real estate, ERISA,
securities, corporate finance, tax and commercial matters, health
services matters; and

     g. perform such other legal services as may be necessary and
appropriate for the efficient and economical administration of this
chapter 11 case.

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

The firm can be reached at:

     Brian R. Pollock, Esq.
     Alisa Micy, Esq.
     Stites & Harbison, PLLC
     West Market Street, Suite 1800
     Louisville, KY 40202-3352
     Tel.: (404) 739-8800
     Fax: (404) 739-8870
     Email: bpollock@stites.com
            amicu@stites.com

              About Gilbert, Barbee, Moore & McIlvoy

Gilbert, Barbee, Moore & McIlvoy P.S.C. --
https://www.gravesgilbert.com/ -- is a multi-specialty clinic in
Bowling Green, KY. Graves Gilbert Clinic was founded in 1937 by Dr.
G.Y. Graves and Dr. Tom Gilbert.

Gilbert, Barbee, Moore & McIlvoy filed a petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Ky. Case No.
22-10763) on Dec. 29, 2022. In the petition filed by Steven K.
Sinclair, as chief financial officer, the Debtor reported assets
and liabilities between $10 million and $50 million.

The Debtor is represented by Charity S Bird, Esq. at Kaplan Johnson
Abate & Bird LLP.


GUNITE MASTERS: Seeks Approval to Hire an Accountant
----------------------------------------------------
Gunite Masters of Texas, LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of Texas to hire an
accountant.

The Debtor taps Wajid Lodhi, a certified public accountant in the
State of Texas, as its accountant to provide monthly payroll and
accounting and financial services and prepare tax returns and also
provide services for its chapter 11 plan.

Mr. Lodhi will charge $170 per hour for his services.

Mr. Lodhi assured the court that he is a "disinterested person"
within the meaning of Section 101(14) of the Bankruptcy Code.

Mr. Lodhi can be reached at:

     Wajid Lodhi, CPA
     5522 Poundstone Court
     Sugar Land, T 77479
     Phone: (832) 972-9608

                   About Gunite Masters of Texas

Gunite Masters of Texas, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 22-33705) on
December 12, 2022. In the petition signed by Scott Hebert, chief
operating officer, the Debtor disclosed up to $10 million in both
assets and liabilities.

Judge Jeffrey P. Norman oversees the case.

Reese W. Baker, Esq., at Baker and Associates, is the Debtor's
legal counsel.


HERITAGE POWER: S&P Cuts Secured Debt to 'D' on Chapter 11 Filing
-----------------------------------------------------------------
S&P Global Ratings lowered its issue-level rating on Heritage Power
LLC's (Heritage's) senior secured debt to 'D' from 'CCC'. The
downgrade follows Heritage's filing for a voluntary reorganization
under Chapter 11 of the U.S. Bankruptcy Code on Jan. 24, 2023.

Heritage is a portfolio of 16 power plants across New Jersey, Ohio,
and Pennsylvania, as well as across four different zones in the
PJM: American Transmission Systems Inc., Mid-Atlantic Area Council
(MAAC), Eastern MAAC, and the remaining areas of the regional
transmission organization.

The downgrade follows the company filing for a voluntary
reorganization and entrance into a restructuring support agreement.
Heritage has $485 million outstanding on its senior secured term
loan B due July 2026 and $43 million drawn on its revolving credit
facility due July 2024.



HORIZON GLOBAL: Royce & Associates Has 5.7% Stake as of Dec. 31
---------------------------------------------------------------
In a Schedule 13G/A filed with the Securities and Exchange
Commission, Royce & Associates, LP disclosed that as of Dec. 31,
2022, it beneficially owns 1,581,993 shares of common stock of
Horizon Global Corporation, representing 5.7 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/1637655/000090630423000021/hzn3.txt

                          About Horizon Global

Horizon Global Corporation -- http://www.horizonglobal.com-- is a
designer, manufacturer, and distributor of a wide variety of
custom-engineered towing, trailering, cargo management and other
related accessory products in North America, Australia and Europe.
The Company serves OEMs, retailers, dealer networks and the end
consumer.

Horizon Global reported a net loss of $33.12 million for the 12
months ended Dec. 31, 2021, compared to a net loss of $37.98
million for the 12 months ended Dec. 31, 2020.  As of Sept. 30,
2022, the Company had $410.05 million in total assets, $525.72
million in total liabilities, and a total shareholders' deficit of
$115.67 million.


J & T ELLIS TRUCKING: Taps Pace Tax Service as Accountant
---------------------------------------------------------
J & T Ellis Trucking, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Utah to employ Pace Tax Service as its
accountant.

The firm will be paid $50 per month for bookkeeping services, and
$570 annually for tax return preparation.

Jacqueline Patterson, a partner at Pace Tax Service, 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:

     Jacqueline Patterson
     Pace Tax Service
     56 North Main Street
     Richfield, UT 84701
     Tel: (435) 527-9254.

                    About J & T Ellis Trucking

J & T Ellis Trucking, LLC filed a Chapter 11 bankruptcy petition
(Bankr. D. Utah Case No. 22-24370) on Nov. 4, 2022, with as much as
$1 million in both assets and liabilities. Judge William T. Thurman
oversees the case.

The Debtor tapped Red Rock Legal Services, PLLC as legal counsel
and Pace Tax Service as accountant.


JED HOLDING: Case Summary & Four Unsecured Creditors
----------------------------------------------------
Debtor: Jed Holding Company LLC
        519 Gregory Road
        Franklin, KY 42134

Business Description: The Debtor is engaged in activities related
                      to real estate.

Chapter 11 Petition Date: January 27, 2023

Court: United States Bankruptcy Court
       Western District of Kentucky

Case No.: 23-10075

Debtor's Counsel: Neil C Bordy, Esq.
                  SEILLER WATERMAN LLC
                  22nd Floor - Meidinger Tower
                  462 S 4th Street
                  Louisville, KY 40202
                  Tel: 502-584-7400
                  Fax: 502-583-2100
                  Email: bordy@derbycitylaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Charles Weldon Deweese as managing
member.

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

https://www.pacermonitor.com/view/YJYP5OQ/Jed_Holding_Company_LLC__kywbke-23-10075__0001.0.pdf?mcid=tGE4TAMA



K&L EXCAVATING: Gets OK to Hire Hester Baker Krebs as Legal Counsel
-------------------------------------------------------------------
K&L Excavating, LLC received approval from the U.S. Bankruptcy
Court for the Southern District of Indiana to employ Hester Baker
Krebs, LLC as its legal counsel.

The firm will render these services:

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

     (b) take necessary action to avoid the attachment of any lien
against the Debtor's property threatened by secured creditors
holding liens;

     (c) prepare legal papers; and

     (d) perform all other necessary legal services for the
Debtor.

Hester Baker Krebs will be paid based upon its normal and usual
hourly billing rates and will be reimbursed for its out-of-pocket
expenses.

The retainer fee is $16,738.

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

Hester Baker Krebs can be reached at:

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

                       About K&L Excavating

K&L Excavating LLC is a privately owned excavating contractor. The
Debtor sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D. Ind. Case No. 22-91144) on December 14, 2022. In
the petition signed by Kenneth D. Martin II, member, the Debtor
disclosed up to $100,000 in assets and up to $10 million in
liabilities.

Judge Andrea K. Mccord oversees the case.

John Allman, Esq., at Hester Baker Krebs, LLC, is the Debtor's
legal counsel.


KNOW LABS: Extends Exercise Dates of Warrants Until January 2024
----------------------------------------------------------------
Know Labs, Inc. approved the Extension of Warrant Agreements with
Ronald P. Erickson and an entity controlled by Mr. Erickson,
extending the exercise dates from Jan. 30, 2023 to Jan. 30, 2024.

As previously disclosed, on Dec. 7, 2022, the Company approved the
Amendments to the senior secured convertible redeemable notes with
Ronald P. Erickson or entities with which he is affiliated,
extending the due dates to Jan. 30, 2023.

                           About Know Labs

Know Labs, Inc. is focused on the development and commercialization
of proprietary biosensor technologies which, when paired with its
AI deep learning platform, are capable of uniquely identifying and
measuring almost any material or analyte using electromagnetic
energy to detect, record, identify and measure the unique
"signature" of said materials or analytes.  Know Labs call this its
"Bio-RFID" technology platform, when pertaining to radio and
microwave spectroscopy, and its "ChromaID" technology platform,
when pertaining to optical spectroscopy.  The data obtained with
the Company's biosensor technology is analyzed with its trade
secret algorithms which are driven by its AI deep learning
platform.

Know Labs reported a net loss of $20.07 million for the year ended
Sept. 30, 2022, a net loss of $25.36 million for the year ended
Sept. 30, 2021, a net loss of $13.56 million for the year ended
Sept. 30, 2020, and a net loss of $7.61 million for the year ended
Dec. 31, 2019.  As of Sept. 30, 2022, the Company had $13.76
million in total assets, $3.81 million in total current
liabilities, $87,118 in total non-current liabilities, and $9.86
million in total stockholders' equity.


LEXARIA BIOSCIENCE: Hires Ex-GW Pharma President as Advisor
-----------------------------------------------------------
Lexaria Bioscience Corp. has engaged the former President of GW
Pharmaceuticals USA, Julian Gangolli, as a strategic advisor.
According to the Company's Form 8-K filed with the Securities and
Exchange Commission, Mr. Gangolli oversaw approval by the US Food
and Drug Administration of the first and only pure cannabidiol drug
ever approved by the FDA, Epidiolex, and its subsequent successful
commercialization in the USA leading to the acquisition of GW
Pharmaceuticals by Jazz Pharmaceuticals in 2021 in a $7.2 billion
transaction.

Prior to that, Mr. Gangolli was a senior member of the Allergan
management team from 1998 onwards that transformed Allergan into
one of the leading specialty pharmaceutical companies in the US and
was also a member of their Executive Management team that oversaw
the sale of Allergan to Actavis in 2015.

Stock options valid to purchase 5,000 shares of the Company are
being issued to Mr. Gangolli with an exercise price of $2.73 per
share, valid for five years from the date of issuance.

                           About Lexaria

Lexaria Bioscience Corp. -- http://www.lexariabioscience.com-- is
a biotechnology company developing the enhancement of the
bioavailability of a broad range of fat-soluble active molecules
and active pharmaceutical ingredients using its patented
DehydraTECH drug delivery technology.  DehydraTECH combines
lipophilic molecules or APIs with specific long-chain fatty acids
and carrier compounds that improve the way they enter the
bloodstream, increasing their effectiveness and allowing for lower
overall dosing while promoting healthier oral ingestion methods.

Lexaria Bioscience reported a net loss and comprehensive loss of
$7.38 million for the year ended Aug. 31, 2022, a net loss and
comprehensive loss of $4.19 million for the year ended Aug. 31,
2021, a net loss and comprehensive loss of $4.08 million for the
year ended Aug. 31, 2020, and a net loss and comprehensive loss of
$4.16 million for the year ended Aug. 31, 2019.  As of Nov. 30,
2022, the Company had $6.21 million in total assets, $281,520 in
total liabilities, and $5.93 million in total stockholders' equity.


MAUSER PACKAGING: S&P Upgrades ICR to 'B' on Refinancing
--------------------------------------------------------
S&P Global Ratings raised the issuer credit rating to 'B' from 'B-'
on Mauser Packaging Solutions Holding Co. The outlook is stable.

S&P said, "We assigned our 'B' issue-level and '3' recovery ratings
to the company's proposed $750 million term loan B and $2.75
billion senior secured notes. We also assigned our 'CCC+'
issue-level and '6' recovery rating to the company's proposed $1.35
billion second-lien senior secured notes.

"The stable outlook reflects our expectation that Mauser will
maintain healthy demand for its products and ongoing contributions
from its Earnings Improvement Plan (EIP) will support continued
operating performance improvement such that the company maintains
adequate liquidity and leverage below 8x."

The overhaul of Mauser's capital structure pushes out its next
maturity from April 2024 until 2026, significantly reducing
refinancing risk over the near term.

The equity contribution by Stone Canyon will allow Mauser to reduce
its 1st lien secured debt balance by about $400 million, as well as
add an additional $100 million to the balance sheet to strengthen
liquidity. This is on top of the expansion of its ABL facility size
to $350 million and the addition of a new $150 million cash flow
revolver, which should provide ample liquidity capacity to manage
working capital in what is expected to be a more volatile operating
environment. S&P said, "As part of our revised rating, we expect
the company to successfully execute on the exchange of the majority
of its 2nd lien notes for its $1.35 billion unsecured notes, such
that the notes would not trigger a springing maturity in its new
secured debt. We also note that the company will have significant
maturities approaching in 2026 under the new capital structure, and
we would expect the company to begin addressing these maturities
well in advance of them becoming current to maintain the 'B'
rating."

Cost pass-throughs supported revenue and EBITDA growth through the
third quarter but were offset by weaker volumes across all four
major segments and foreign currency losses. Mauser Packing
Solutions Holding Co. grew revenue 19% year-to-date to over $4
billion, and S&P Global Ratings-adjusted EBITDA was $743 million
compared with $529 million through the first nine months of 2021.
The increases are primarily a result of pricing actions to pass
through rising inflation for both raw and non-raw materials.
Offsetting the pricing gains were weaker volumes across all four
segments through the first three quarters, North America Small
Packaging (NASP), North America Large Packaging (NALP),
Reconditioning, and International as demand remained light for
industrial products across the plastics, metal, and fiber
substrates from recessionary pressures in both in North America and
Europe. S&P said, "The company projects overall volumes to remain
muted into the first half of 2023, which is consistent with our
expectation of GDP contraction in the U.S. We are forecasting
revenue contraction in the mid-single-digit percent area given
these weaker volume expectations and raw material pricing relief
into 2023."

Mauser's EBITDA margins and operating performance continues to
benefit from its ongoing Earnings Improvement Plan (EIP). The EIP
incorporates management's ongoing operational improvement and
cost-savings initiatives, which has resulted in projected annual
cost savings of $165 million in 2022. This supported EBITDA margin
growth back into the mid- to high-teens percent area following
weaker margins in 2021. Working capital remained an outflow through
the first three quarters of 2022, but the company projects it will
slow in the fourth quarter, which should also support additional
cash flow through the year end. S&P forecasts continued positive
FOCF through 2023 given continued margin improvement and cost
savings through the EIP.

The stable outlook reflects S&P's expectation that Mauser will
maintain healthy demand for its products and ongoing contributions
from its EIP will support continued operating performance
improvement such that the company maintains adequate liquidity and
leverage below 8x.

S&P could lower its ratings on Mauser if weaker-than-expected
operating performance or leveraging events caused credit metrics to
deteriorate on a sustained basis, such that:

-- Debt leverage exceeded 8x for a prolonged period;

-- Interest coverage approaches 1.5x;

-- FOCF to debt falls below 2% for a sustained period; or

-- The company is unable to address future debt maturities in a
timely manner.

Although unlikely, S&P could raise its ratings on Mauser if:

-- Interest coverage remains well above 2.0x and S&P Global
Ratings-adjusted debt leverage below 5x on a sustained basis; and

-- Mauser and its owners commit to maintaining financial policies
that support improved credit metrics.

ESG credit indicators: E2, S2, G3

S&P said, "Governance is a moderately negative consideration on our
credit rating analysis of Mauser Packaging Solutions Holding Co., a
metal, plastic, and fiber packaging and container reconditioning
business. This is the case for most rated entities owned by
private-equity sponsors. Stone Canyon Industries has owned Mauser
since 2016. We believe the company's highly leveraged financial
risk profile points to corporate decision-making that prioritizes
the interests of the controlling owners. This also reflects the
generally finite holding periods and a focus on maximizing
shareholder returns.

"Environmental factors have an overall neutral influence. Although
the reconditioning business reduces the volume of waste by
repurposing containers for reuse, we expect industrial and
petrochemical production, rather than sustainability concerns, will
drive segment earnings for the foreseeable future."



MDWERKS INC: Issues 14.25M Common Shares to Tradition Reserve I
---------------------------------------------------------------
MDwerks, Inc. disclosed in a Form 8-K filed with the Securities and
Exchange Commission on Jan. 23, 2023, that, on Dec. 21, 2022, it
issued 14,250,000 shares of the Company's common stock upon
conversion of 142,500 shares of the Company's Series A Convertible
Preferred Stock held by Tradition Reserve I LLC.  As previously
reported, prior to the conversion, Tradition owned a total of
9,100,000 shares of Series A Preferred Stock, representing 100% of
the issued and outstanding Series A Preferred Stock.

Following the conversion, Tradition distributed the 14,250,000
shares of Common Stock, pro rata, to its members.

Following the conversion, the Company has 122,260,208 shares of
Common Stock outstanding and 8,957,500 shares of Series A Preferred
Stock outstanding.

Under the Company's amended and restated certificate of
incorporation, any holder of Series A Preferred Stock has the
right, at any time and from time to time, to convert all or any of
the shares of Series A Preferred Stock held by such holder into
shares of Common Stock on a one to 100 basis.

The issuance of the shares of Common Stock pursuant to the
foregoing transactions was made without registration in reliance on
the exemption from registration under the Securities Act of 1933,
as amended, afforded by Section 3(a)(9) thereof.  No commission or
other remuneration was paid or given directly or indirectly for
soliciting the exchange of such securities.

                           About MDWerks

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

MDwerks reported net income of $37,976 for the year ended Dec. 31,
2021, compared to a net loss of $20,553 for the year ended Dec. 31,
2020.  As of June 30, 2022, the Company had zero asset, $239,444 in
total liabilities, and a total stockholders' deficit of $239,444.
As of Sept. 30, 2022, the Company had zero assets, $49,652 in total
liabilities, and a total stockholders' deficit of $49,652.

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


MESSAGE IN ME: Cash Flow Projections to Fund Plan
-------------------------------------------------
Message in Me Ministries filed with the U.S. Bankruptcy Court for
the Northern District of Mississippi a Subchapter V Plan of
Reorganization dated January 23, 2023.

The Debtor is a church. The Debtor was created and established by
Pastor Maurice Howard and had the assistance and benefit of a
number of directors.

Prior to the pandemic, the Debtor enjoyed full houses of in-person
worshippers just about every service for which the church doors
were open. Unfortunately, the pandemic has changed the habits of
many worshippers in churches all around the country, and not just
this particular church. The Debtor has seen its parishioners
trickling back to live services, and its collections have gradually
increased as a result.

However, the return of worshippers, and increase in donations, did
not occur fast enough, or significantly enough, to stop a
foreclosure by Eutaw Construction, which holds the mortgage on the
Debtor's church building, prior to the filing of the Petition. As a
result, the Debtor filed the Petition to stope the foreclosure,
gain some traction with the return of worshippers and increase
donations and to restructure the Eutaw debt.

Class 3 consists of the Secured Claims of Eutaw Construction. The
Secured Claims of Euraw are secured by the Debtor's real property
located at 41314 Crane Drive in Aberdeen, Mississippi. The Debtor
values the real property at $375,000, which is significantly more
than any possible liquidation value.

Nevertheless, the Debtor proposes to amortize the Eutaw claim over
25 years, with a balloon at the end of year 7, when the entire
indebtedness will become due and payable. The restructured debt
will be paid in equal monthly installments of principal and
interest, beginning on the effective date of the Plan. Debtor
proposes to rely upon the current contract rate of interest
payments throughout the life of the obligation. The Secured Claims
of Eutaw are impaired.

There are no unsecured creditors listed in the schedules.

In light of the fact that the Debtor is a non-profit entity, there
are no equity security interests or holders.

Debtor relies upon the cash flow projections for the source of
funds to implement the Plan, pay its operating expenses and pay the
secured claims of Eutaw. The Debtor will continue its current
informal marketing efforts in contacting potential worshippers who
have attended church in the past to encourage them to recommit
their appearance at the church and continue contributions or
donations.

Substantially all of this marketing effort will be through the
efforts of Pastor Howard and his spouse, along with some of the
former directors and general members of the congregation who will
contact neighbors, friends and relatives to encourage them to
return to the church and assist with its finances.

A full-text copy of the Subchapter V Plan dated January 23, 2023 is
available at https://bit.ly/3JmKDij from PacerMonitor.com at no
charge.

Debtor's Counsel:

     Craig M. Geno, Esq.
     Law Offices of Craig M. Geno, PLLC
     587 Highland Colony Parkway
     Ridgeland, MS 39157
     Tel: (601) 427-0048
     Email: cmgeno@cmgenolaw.com

                  About Message In Me Ministries,
                     A Non-Profit Corporation

Message in Me Ministries, a Non-Profit Corporation, filed a Chapter
11 bankruptcy petition (Bankr. N.D. Miss. Case No. 22-12764) on
Oct. 25, 2022, with as much as $1 million in both assets and
liabilities. Judge Selene D. Maddox oversees the case.

The Debtor is represented by the Law Offices of Craig M. Geno,
PLLC.


MILFORD REGIONAL MEDICAL CENTER: S&P Cuts LT Bong Rating to 'B+'
----------------------------------------------------------------
S&P Global Ratings lowered its long-term rating on the
Massachusetts Development Finance Agency's bonds, issued for
Milford Regional Medical Center (Milford), to 'B+' from 'BB'.

The outlook is negative.

"The downgrade and negative outlook reflect Milford's
weaker-than-expected and persistent operating losses that have
materially diminished balance sheet metrics," said S&P Global
Ratings credit analyst Cynthia Keller.



NORDSTROM INC: Fitch Lowers LongTerm IDR to 'BB+', Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has downgraded Nordstrom Inc.'s Long-Term Issuer
Default Rating (IDR) to 'BB+' from 'BBB-'. The Rating Outlook is
Stable.

The downgrade reflects Nordstrom's weakening operating trajectory
resulting from heightened macroeconomic and competitive pressure
and an elongated recovery at Nordstrom's Rack brand, which could
suggest longer-term challenges. Adjusted leverage (capitalizing
leases at 8x) could trend around 4x in 2022/2023 before settling in
the high-3x range, higher than Fitch's prior expectations of
leverage sustaining below 3.5x.

Nordstrom's ratings continue to reflect its historically good
market position in the apparel, footwear, and accessories space,
with its differentiated merchandise and high level of customer
service, including omnichannel offering, enabling the company to
enjoy strong customer loyalty. The rating also recognizes the
company's exposure to stronger shopping centers and good mix of
digital and off-price sales alongside its full-price department
store presence.

KEY RATING DRIVERS

Ongoing Business Challenges; Elevated Leverage: Nordstrom's
operating trajectory has been weaker than most retailers, including
its department store peers, since the start of the pandemic in
early 2020. Nordstrom's results have since trailed retail peers
given its focus on fashion and occasioned-based apparel, exposure
to markets with heavy domestic and international tourism, impact of
supply chain challenges given above-average digital penetration and
elongated turnaround efforts at its off-price Rack division.

In 2022, the company faced a weakening apparel market and the need
to clear excess inventory via unplanned promotional activity, with
2022 EBITDA projected around $1.1 billion, around 25% below
pre-pandemic 2019 levels of $1.5 billion.

Nordstrom's operating challenges have resulted in adjusted leverage
(capitalizing leases at 8x) elevated near 4x in 2021 and 2022,
relative to the below 3.5x appropriate for Nordstrom's prior 'BBB-'
rating. Fitch expects EBITDA could modestly improve in 2023 to
around $1.2 billion, with leverage sustaining in the high-3x over
the next two years, assuming reduced inventory purchases allows the
company to reign in unplanned promotions. However, ongoing softness
in apparel will likely be a headwind in 2023.

Elongated Turnaround at Rack: The company's off-price Rack business
has undergone numerous changes in recent years, including
management and merchandising. Recent efforts to drive growth have
included elevating the product offering (after previously working
to bring in lower price point items) and expanding Rack's
omnichannel platform. Operating results have been discouraging,
with 2022 revenue likely around $4.8 billion, around 8% below 2019
levels.

Weakness has accelerated through 2022, with 3Q revenue
approximately 10% below 2019 levels and 4Q forecast down around 15%
to 2019. This contrasts with off-price competitors like The TJX
Companies, Inc. and Ross Stores, Inc. where revenue through the
first nine months of 2022 was up 20% and 16% relative to 2019,
respectively.

The company expects its merchandising overhaul to be largely
complete by mid-2023. However, recent results limit Fitch's
confidence in the company's ability to change Rack's operating
momentum. The business could continue to weigh on Nordstrom's
results through much of 2023. Given Rack's importance to
Nordstrom's business as both a revenue contributor (around 30%) and
a source of new customers for the broader Nordstrom ecosystem, the
division would need to stabilize operations for Nordstrom to
demonstrate positive credit profile momentum.

Diversified Operating Model: Longer term, assuming the company can
stabilize Rack, Fitch expects Nordstrom to benefit from its
well-developed, diversified operating model across full-line
stores, off-price Rack stores and digital presence (44% of 2021
revenue including Rack's digital business). Fitch believes the
company's exposure to primarily stronger malls and leading
omnichannel model serve as competitive advantages and could allow
Nordstrom to grow topline in the low-single digits over time.

Fitch recognizes that the department store industry will continue
to face secular headwinds, including reduced time spent in malls,
changes to apparel buying behavior (including ongoing trends toward
casualization) and encroaching competition from value-oriented and
online channels. However, Nordstrom's existing portfolio and
efforts to build a strong omnichannel offering should allow it to
at least maintain share in a difficult space.

Good Cash Flow: Nordstrom's ability to defend market share is
supported by its substantial cash flow, which allows it to make
strategic investments such as omnichannel model infrastructure and
in-store enhancements. During the three years ending 2019,
Nordstrom's cash flow before dividends averaged approximately $540
million, after accounting for around $775 million in annual capex
(including $935 million in 2019 to support the opening of the
company's Manhattan flagship).

FCF in 2021 was lower but still meaningfully positive in the $200
million range, negatively impacted by lower EBITDA (compared with
pre-pandemic levels) and decisions to pull forward inventory
receipts given supply chain unpredictability.

FCF, following the company's resumption of quarterly dividends at
$0.19/share (around $125 million annually) as of 1Q22, is projected
to be around $250 million to $300 million beginning 2022, assuming
some working capital benefits in 2022 following an inventory build
in 2021. Cash flow could be used for strategic investments or share
repurchases. The company could also use cash to repay its $250
million unsecured notes maturity in April 2024.

Nordstrom's capex capacity is a competitive advantage, given
consumer behavior shifts and a challenging competitive environment.
The company's good cash flow generation also supports its ability
to manage through economic cycles or extreme challenges such as the
pandemic, with some opportunity to improve competitive positioning
particularly if weaker players are forced to retrench.

DERIVATION SUMMARY

Nordstrom Inc.'s downgrade to 'BB+'/Stable from 'BBB-'/Negative
reflects weakening operating trajectory resulting from heightened
macroeconomic and competitive pressure and an elongated recovery at
Nordstrom's Rack brand, which could suggest longer-term challenges.
Adjusted leverage (capitalizing leases at 8x) could trend around 4x
in 2022/2023 before settling in the high-3x range; Nordstrom's
prior 'BBB-' rating assumed leverage could trend below 3.5x.

Nordstrom's ratings continue to reflect its historically good
market position in the apparel, footwear, and accessories space,
with its differentiated merchandise and high level of customer
service, including omnichannel offering, enabling the company to
enjoy strong customer loyalty. The rating also recognizes the
company's exposure to stronger shopping centers and good mix of
digital and off-price sales alongside its full-price department
store presence.

Fitch's rated U.S. department store coverage includes national
competitors Macy's Inc. (BBB-/Stable), Kohls Corp (BBB-/Stable),
Nordstrom, Inc. (BB+/Stable), and regional player Dillard's Inc.
(BBB-/Stable). Each have developed operating and financial
strategies to contend with long-term secular challenges inherent in
their space. Initiatives include investments in omnichannel models,
portfolio reshaping to reduce exposure to weaker indoor malls, and
efforts to strengthen merchandise assortments and service levels.

The national players have been best positioned to accelerate
investment and transformation efforts given greater relative scale
and cash flow generation. Dillard's has less ability to dedicate
resources to this transformation albeit is better positioned than
many smaller department and specialty stores.

While Macy's portfolio most closely resembles a traditional
department store model, Kohl's differentiates itself via its
off-mall presence and relatively higher private brand penetration.
Nordstrom's business model includes full-line stores, which are
focused more on higher-end price points and exposed primarily to A
malls; the company also has a substantial off-price business to
take advantage of share shifts toward this value channel.

Prior to the pandemic, the three national players operated with
adjusted debt/EBITDAR below 3.5x (closer to mid-2x for Kohl's) to
support investment grade ratings. Over the medium term, Fitch
expects Macy's could operate with leverage in the mid-2x, with
Kohl's modestly higher at around 3x and Nordstrom in the high-3x.
Reduced leverage at Macy's relative to pre-pandemic is largely due
to proactive debt reduction. Dillard's adjusted leverage is
projected around 1x, modestly below pre-pandemic levels closer to
1.5x; from a rating perspective the company's low leverage is
balanced by the company's relatively smaller scale and regional
positioning compared with peers.

KEY ASSUMPTIONS

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

- Fitch projects Nordstrom's 2022 revenue could expand 5% to $15.5
billion, similar to pre-pandemic levels, assuming a 4% decline in
4Q revenue following 9% through the first three quarters of the
year. Revenue could be down low single digits in 2023 assuming a
weaker 1H but improvements in 2H, particularly as comparisons ease.
Revenue could grow around 2% beginning 2024, assuming some
stabilization in the Rack business.

- EBITDA, which was $1.1 billion in 2021 (7.5% margin) compared
with $1.5 billion in 2019 (9.5% margin) on lower sales and supply
chain inflation, could be in the $1.1 billion range in 2022 (7.0%
margin) as revenue declines and elevated markdown activity in 2H
negate EBITDA growth in 1H. EBITDA could grow toward $1.2 billion
by 2024 despite flattish sales as margins improve toward 8% on
lower unplanned markdowns.

- FCF after dividends is projected around $250 million to $300
million annually, with some working capital benefits in 2022 as the
company reverses an inventory build from 2021. In 2022 Nordstrom
resumed its quarterly dividends at $0.19 or approximately $125
million annually; this is approximately half the rate of dividends
before their suspension in at the onset of the pandemic in 2020.
FCF could be used for strategic investments or share repurchases.
Debt repayment is another cash deployment option but this is not
factored into Fitch's base case forecast.

- Adjusted debt/EBITDAR, which was around 3x during the three years
ending 2019 and 4x in 2021 on EBITDA challenges, could remain close
to 4x in 2022 on flattish EBITDA and trend in the high-3x range in
2023/2024 given Fitch's EBITDA forecast and assuming flat debt
levels.

RATING SENSITIVITIES

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

- An upgrade to 'BBB-' would result from adjusted debt/EBITDAR
sustaining below 3.5x, which would occur if EBITDA sustained above
$1.3 billion. The company would also need to stabilize revenue
trends at its Rack division.

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

- A downgrade would result from EBITDA trending near $1.0 billion,
which would yield adjusted debt/EBITDAR (capitalizing leases at 8x)
sustaining above 4.0x.

LIQUIDITY AND DEBT STRUCTURE

Nordstrom had a cash balance of $293 million as of Oct. 29, 2022
and $700 million of availability on its $800 million secured
revolver due May 2027 (reflecting $100 million in borrowings on the
revolver). The revolver backstops the company's $800 million
commercial paper program; there were no outstanding CP borrowings
as of Oct. 29, 2022.

The revolver is secured by substantially all working assets,
principally inventory, accounts receivable and intellectual
property. The security is released if the company receives an
investment grade rating from at least two rating agencies (S&P,
Moody's and Fitch) or if the company receives an investment grade
rating from one rating agency and company-defined leverage
(Adjusted Debt/EBITDAR using balance sheet operating lease
liabilities) is less than or equal to 2.5x for two consecutive
quarters.

The company's capital structure includes $2.9 billion of unsecured
notes. The next maturity is $250 million of notes due April 2024
with the remainder due between 2027 and 2044.

RECOVERY CONSIDERATIONS: Fitch does not employ a waterfall recovery
analysis for issuers assigned ratings in the 'BB' category. The
further up the speculative grade continuum a rating moves, the more
compressed the notching between the specific classes of issuances
becomes. Fitch rates Nordstrom's secured revolver 'BBB-'/'RR1',
notched up one rating from the IDR given its security package.
Nordstrom's unsecured notes are rated 'BB+'/'RR4'.

ISSUER PROFILE

Nordstrom is the one of the largest department store operators in
the U.S. with approximately $15.5 billion in revenue across its
digital businesses and retail portfolio, with approximately 100
full-line department stores and around 250 off-price Rack
locations.

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
   -----------             ------          --------   -----
Nordstrom, Inc.     LT IDR BB+  Downgrade              BBB-

   senior
   unsecured        LT     BB+  Downgrade     RR4      BBB-

   senior secured   LT     BBB- Downgrade     RR1      BBB


NORTHSTAR GROUP: Moody's Rates New Senior Secured Term Loan 'B2'
----------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to NorthStar Group
Services, Inc.'s proposed senior secured term loan. All other
ratings for NorthStar, including the B2 corporate family rating,
B2-PD probability of default rating and B2 rating on its existing
senior secured credit facility due in 2026 are unchanged.  The
outlook is stable.

Proceeds of the $100 million incremental term loan, along with
approximately $20 million drawn on the ABL revolving facility were
used fund the recent acquisition of Trans Ash Inc. (Trans Ash), a
provider of coal ash remediation services, and pay transaction
expenses.  The transaction is modestly deleveraging (excluding
earnouts) with pro forma Moody's adjusted debt-to-EBITDA
approaching 4.4x at September 30, 2022.  Moody's believes Trans Ash
will be margin accretive while increasing NorthStar's scale and
capabilities in its legacy coal ash remediation business where
meaningful organic growth has been slow to materialize.
Nevertheless, the acquisition is sizable (at nearly 25% of
NorthStar's revenue base) and poses execution risks amid labor and
inflationary cost pressures that will continue for some time.  

Assignments:

Issuer: NorthStar Group Services, Inc.

Backed Senior Secured First Lien Term Loan, Assigned B2 (LGD4)

RATINGS RATIONALE

NorthStar's ratings reflect its diverse operating model, good
technical capabilities in its specialty areas, which include
handling and disposal of hazardous waste, and unique high-value
disposal facility that enables vertical integration. These factors
make the company well-positioned to capture future opportunities in
the nuclear plant deconstruction and decommissioning (D&D) market
and meaningful projects in its other niches, particularly
commercial and industrial deconstruction (C&I). Demand for services
is partly driven by the compliance needs of customers to meet
increasingly stringent environmental regulations. The contractual
nature of services, especially for large multi-year projects that
are underpinned by longstanding customer relationships, provides
revenue visibility and should support positive free cash flow over
the next year.

However, revenue and cash flow will fluctuate due to the volatility
of project work, including the variable timing of NorthStar's large
volume of small projects, though usually tied to master service
agreements. The company is exposed to the irregularity of large
scale weather events in its emergency response and restoration
business. Nuclear D&D projects also have variable timing around
potential plant shutdowns and event driven work from limited at
risk nuclear reactors. As well, these D&D projects take long to
plan and are vulnerable to delays or disruptions. This places
importance on having multiple projects going simultaneously and
maintaining good liquidity.  There is considerable operational risk
given the nature of the D&D business with sizeable projects in a
headline risk industry.  Bidding for projects is competitive. A
ramp in activity from contracted large projects, including from
Trans Ash, should support higher earnings and drive an improvement
in credit metrics over the next 12-18 months. Moody's views event
risk as high due to private equity control and NorthStar's history
of debt funded dividends.

Moody's expects NorthStar to maintain adequate liquidity over the
next year, from cash on hand, availability on the ABL revolver and
positive free cash flow. Moody's expects these sources to cover
mandatory term loan amortization payments, which have an aggressive
schedule of 2.5% in 2023, stepping up to 5% in 2024 and then 7.5%.
The $100 million ABL revolving credit facility, expiring in 2025,
had no cash drawings at September 30, 2022, and a borrowing base of
about $71 million with $41 million available net of posted letters
of credit.  Pro forma for the Trans Ash acquisition, for which
approximately $20 million was drawn, the borrowing base increased
to $100 million. The company uses the facility for letters of
credit, which are likely needed to support future D&D awards and
the company's surety bonds and insurance programs. Near-term debt
maturities are mandatory term loan amortization payments of
approximately $18.5 million in 2023. The company also has annual
equipment finance obligations of $3.5-$4.0 million over the next
couple of years.

The stable outlook reflects Moody's expectation that moderate
organic revenue growth will support positive free cash flow from
the contracted book of business.  The company is well-positioned to
capitalize on potential upcoming D&D projects and future large
projects in the C&I business, as well as opportunities in the coal
ash remediation market given the added scale and capabilities from
Trans Ash.  Moody's expects these factors to support debt reduction
and deleveraging over the next year. The stable outlook
incorporates Moody's expectation for NorthStar to maintain adequate
liquidity.

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

The ratings could be downgraded with deteriorating liquidity,
including weakening free cash flow and/or diminishing revolver
availability. A meaningful disruption in the performance on any
major contract or delay in the company's large, contracted projects
or failure to capture a good portion of upcoming D&D or
commercial/industrial deconstruction awards could also drive a
negative rating action. The ratings could also be downgraded with
expectations of deteriorating performance, including sustained
margin erosion, debt-to-EBITDA remaining above 5x or
EBIT-to-interest below 2.5x. A major accident related to the
handling of radioactive or hazardous material could also lead to a
downgrade, as could debt funded dividends or acquisitions that
weaken the metrics or liquidity.  Additionally, weaknesses with
executing on the combination with Trans Ash would be viewed
unfavorably.

The ratings could be upgraded with accelerated and consistent
growth in margins and free cash flow, driven by an increase in
contract wins on upcoming nuclear plant D&D projects and commercial
deconstruction projects, such that debt-to-EBITDA is expected to
remain below 4x. A more conservative financial policy and the
maintenance of good liquidity would also be prerequisites to an
upgrade.

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

NorthStar Group Services, Inc. provides a range of environmental
services, including commercial and industrial deconstruction;
nuclear decommissioning, deconstruction and waste disposal;
property damage response and restoration; and environmental coal
ash remediation and soil stabilization services. The company's
disposal facility in West, Texas - Waste Control Specialists, LLC
– which it acquired in 2020, processes, treats, stores and
disposes of radioactive and hazardous waste.  Revenue approximated
$844 million for the twelve months ended September 30, 2022.  Pro
forma for the Trans Ash, Inc. acquisition, revenue was
approximately $1 billion.


NORTHSTAR GROUP: S&P Affirms 'B' Long-Term ICR, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on nuclear decommissioning and commercial building deconstruction
services provider NorthStar Group Services Inc.

S&P said, "We raised our rating on the senior secured debt to 'B+'
from 'B'. We revised our recovery ratings on the senior secured
debt to '2' from '3'. A recovery rating of '2' denotes an
expectation for substantial (70%-90%) recovery in the event of
default. We assigned our 'B+' issue-level and '2' recovery rating
to the $100 million senior secured incremental term loan.

"The stable outlook reflects our view that NorthStar's healthy
backlog of projects and satisfactory operational execution will
overcome any risks related to macroeconomic recession, enabling the
company to keep its credit measures at appropriate levels for the
ratings."

NorthStar's credit measures remain relatively intact pro forma for
the Trans Ash acquisition.

S&P said, "We see the acquisition as essentially leverage-neutral,
with pro forma adjusted debt to EBITDA of 3.4x compared to 3.6x as
of Dec. 31, 2022. Our adjusted debt figure includes $48 million of
debt-like obligations, much of which come from leases and
contingent consideration liabilities. We note that in addition to
the $108 million of upfront consideration, we assume NorthStar will
also pay almost $68 million in earnouts from 2024-2026, funded via
internally generated cash flows. By the end of this year, we see
the company's S&P Global Ratings-adjusted debt to EBITDA ratio at
3.1x, its EBITDA to interest coverage ratio at 3.5x, and its free
operating cash flow (FOCF) to debt ratio at 13%. We continue to
view an adjusted debt to EBITDA ratio of either better than or
within the 4.5x-6.5x range and an EBITDA to interest coverage ratio
of well above 1.5x as appropriate for the current ratings."

Coal ash remediation is still a somewhat nascent industry, though
Trans Ash's market position and customer relationships help
NorthStar's competitive position.

Trans Ash, which generated $205 million of revenue in 2022 at a
healthy 22% EBITDA margin, is regarded as a leading provider of CCR
remediation services. NorthStar sees coal ash remediation as a $150
billion market opportunity if environmental regulations and
utilities' willingness to undertake these projects continue to
develop. Contamination from unlined and improperly constructed
impoundment facilities at landfills and basins can pollute the
surrounding surface water, ground water and/or air. One of the more
infamous examples of this is the pollution that occurred at the
Tennessee Valley Authority's Kingston facility in December 2008
which released 1.1 billion gallons of fly ash slurry. It has taken
a long time for the federal government to develop and enforce rules
pertaining to coal ash remediation, with the U.S. Environmental
Protection Agency only relatively recently having published its CCR
Part A and Part B rules in late 2020. The pace of new project bids
and wins is uncertain.

That said, Trans Ash has many projects currently in process and
within its $1.3 billion backlog for key customers Duke Energy and
The Southern Co., among others. Duke and Southern are important
customers of NorthStar as well. Its visibility of revenue is good,
with several large projects set to be completed from 2027-2035.
NorthStar sees its total revenue and backlog rising to over $1.1
billion and $3.4 billion, respectively, with the combination.
Environmental services segment revenues increase to 23% of
consolidated sales, up from 6% previously, and are accretive to
overall company profitability. The acquisition also comes with
roughly $90 million of modern yellow-iron equipment such as dump
trucks, excavators, and dredges. These strengths fortify
NorthStar's fair competitive position.

NorthStar's other segments are holding up well.

The buildout of the environmental services segment, highlighted by
the Trans Ash acquisition and NorthStar's work on Southern Co.'s
Plant Bowen CCR remediation project through 2034, may prove to be a
key driver of future growth. S&P notes however, that the Plant
Bowen project experienced slower-than-expected site-specific
ramping, and NorthStar's environmental services segment margins
dipped in 2022 on a year-over-year basis, though they are in-line
with those earned in years prior to 2021. The company's other
segments are performing well.

In CID, the company completed the Philadelphia Energy Services
facility deconstruction project in 2022 and has $1.5 billion of
large-scale projects in the pipeline. In nuclear services, Vermont
Yankee's reactor pressure vessel was dismantled in December 2022
and the decommissioning of the facility is on track for expected
completion in 2026. The Crystal River 3 plant remains on track for
a 2027 decommissioning date. On the response and restoration
segment, work from hurricanes is expected to provide $60 million of
revenue through 2023. The company has done a good job mitigating
wage inflation as adjusted EBITDA margins have remained relatively
steady during the last four years. The majority of its projects are
less than two years in duration, providing NorthStar more
opportunities to reset pricing. On its longer-term contracts
greater than five years, the company embeds escalation clauses.

S&P said, "The stable outlook on NorthStar reflects our belief that
following its acquisition of Trans Ash, the company's adjusted debt
to EBITDA ratio will remain either better than or within the
4.5x-6.5x range we see as appropriate for the current ratings. Our
base-case scenario also incorporates EBITDA interest coverage
remaining well above 1.5x with liquidity remaining adequate. While
the incurrence of $100 million of term loan borrowings and the
anticipated earn-out payments during the next three years will
weaken credit measures somewhat, we believe they will remain
appropriate. Recent projections about the potential weakening of
economic conditions have not yet compromised the company's $2
billion backlog. It has an abundance of smaller size jobs as well.
Good operational execution is likely to elicit solid operating
performance over the next year. The outlook also reflects our
assumption that financial sponsor owner J.F. Lehman will not take
NorthStar's debt leverage above the stated range during the next
year."

S&P may lower its ratings on NorthStar within the next 12 months
if:

-- Business conditions in the demolition and nuclear
decommissioning sectors deteriorate such that EBITDA declines by
more than 10%, causing adjusted debt leverage to exceed 6.5x or
EBITDA interest coverage to drop to 1.5x;

-- The company experiences unexpected delays or large adverse
changes in costs pertaining to in-progress or new projects or
integration-related risks that compress margins and diminishes
credit metrics;

-- It undertakes more aggressive financial policies (e.g.,
additional dividend payouts or engaging in an unexpectedly large
debt-financed acquisition), which sustains adjusted leverage above
6.5x with no clear prospects of recovery; or

-- Any combination of the above or other factors result in the
company's liquidity becoming constrained.

S&P sees the likelihood of an upgrade within the next 12 months as
remote, because it does not believe the company's financial
policies would support it.

For a modest uplift in ratings:

-- J.F. Lehman's (or any financial sponsor's) control of the
company would need to diminish to, and remain below, less than
40%;

-- NorthStar would need to maintain adjusted debt leverage below
4.5x on a sustained basis;

-- The company must exhibit a record of abiding by conservative
financial policies with a low risk of re-leveraging; and

-- The company must reduce the potential for volatility in
earnings and cash flows.

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

S&P said, "Environmental and social credit factors have no material
influence on our credit analysis. Governance is a moderately
negative consideration. Our assessment of the company's financial
risk profile as highly leveraged reflects corporate decision-making
that prioritizes the interests of the controlling owners, in line
with our view of the majority of rated entities owned by
private-equity sponsors. Our assessment also reflects their
generally finite holding periods and a focus on maximizing
shareholder returns."



NXT ENERGY: CEO George Liszicasz Passes Away
--------------------------------------------
NXT Energy Solutions Inc. announced with great sadness that Chief
Executive Officer, George Liszicasz, passed away suddenly early
morning on Jan. 22, 2023.  Mr. Liszicasz has been in declining
health for several months and his duties were assumed by a
committee of the Board that was formalized and announced late last
week.

The Company said, "George was charismatic, passionate and committed
to the commercial application of stress field detection ("SFD") to
increase the effectiveness of oil, gas and geothermal exploration
world-wide.  The Committee will undertake its executive role, until
further notice, in close cooperation with NXT's qualified
management team that will continue to manufacture SFD systems,
perform SFD surveys, and provide vital interpretation as contracts
are finalized.  The NXT family is profoundly saddened by this event
and extends its heartfelt condolences to George's loved ones."

                         About NXT Energy

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

NXT Energy reported a net loss and comprehensive loss of C$3.12
million for the year ended Dec. 31, 2021, compared to a net loss
and comprehensive loss of $6.03 million for the year ended Dec. 31,
2020. As of June 30, 2022, the Company had C$17.96 million in
total assets, C$3.35 million in total liabilities, and C$14.61
million in shareholders' equity.

Calgary, Canada-based KPMG LLP, the Company's auditor since 2006,
issued a "going concern" qualification in its report dated March
31, 2022, citing that the Company's current and forecasted cash and
cash equivalents and short-term investments position are not
expected to be sufficient to meet its obligations that raises
substantial doubt about its ability to continue as a going concern.


OC 10753 SUBWAY: Amends OC Unsecureds & SBA Secured Claims Pay
--------------------------------------------------------------
OC 10753 Subway, LLC ("10753"); OC 11097 Subway, LLC ("11097"); OC
15019 Subway, LLC ("15019"); Outside Capital, LLC ("OC")
(collectively, the "Debtors" and each a Debtor), submitted a Fourth
Amended Joint Subchapter V Plan of Reorganization dated January 23,
2023.

Allowed Secured Claims for each Debtor shall be satisfied as
follows:

     * 10753: Class 2, U.S. Small Business Administration. Pursuant
to Code § 506(a) the U.S. Small Business Administration's Class 2
Allowed Secured Claim shall be reduced to $44,560.80 as of the
Effective Date of the Plan (which amount is the value of the
collateral that secures the U.S. Small Business Administration's
Secured Claim) and the balance of the U.S. Small Business
Administration's Claim shall be treated as a Class 3 Claim. As of
the Effective Date of the Plan interest shall accrue in accordance
with the underlying loan documents based upon the $ 44,560.80
Allowed Secured Claim and shall be paid in equal monthly payments
over fifteen years commencing on the Effective Date of the Plan.

     * 11097: Class B, U.S. Small Business Administration. Pursuant
to Code § 506(a) the U.S. Small Business Administration's Class B
Allowed Secured Claim shall be reduced to $74,652.11 as of the
Effective Date of the Plan (which amount is the value of the
collateral that secures the U.S. Small Business Administration’s
Secured Claim) and the balance of the U.S. Small Business
Administration's Claim shall be treated as a Class C Claim. As of
the Effective Date of the Plan interest shall accrue in accordance
with the underlying loan documents based upon the $ 74,652.11
Allowed Secured Claim and shall be paid in equal monthly payments
over twenty years commencing on the Effective Date of the Plan.

     * 15019: Class II, U.S. Small Business Administration.
Pursuant to Code § 506(a) the U.S. Small Business Administration's
Class II Allowed Secured Claim shall be reduced to $39,059.85 as of
the Effective Date of the Plan (which amount is the value of the
collateral that secures the U.S. Small Business Administration's
Secured Claim) and the balance of the U.S. Small Business
Administration's Claim shall be treated as a Class C Claim. As of
the Effective Date of the Plan interest shall accrue in accordance
with the underlying loan documents based upon the $39,059.85
Allowed Secured Claim and shall be paid in equal monthly payments
over fifteen years commencing on the Effective Date of the Plan.

Class iv consists of the unsecured creditors of OC who hold Allowed
Claims. Holders of Class iv Allowed Claims shall share on a Pro
Rata basis monies deposited into the OC Unsecured Creditor Account.
Upon the first full month following the Effective Date of the Plan
and every month until Administrative Claims of OC are paid in full
and then for the remainder of the Term of the Plan, OC shall
deposit $974 into the OC Unsecured Creditor Account.

At the end of each calendar quarter, the balance of the OC
Unsecured Creditor Account will be distributed to the holders of
Allowed Administrative Claims on a Pro Rata basis until such time
as all holders of Allowed Administrative Claims have been paid in
full, and then will be distributed to Class iv general unsecured
creditors that hold Allowed Claims on a Pro Rata basis.

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

On the Effective Date of the Plan, each Debtor will open a separate
interest-bearing deposit account at a federally insured commercial
bank selected by the Debtors. Each bank account will be maintained
by the Debtors as the 10753 Unsecured Creditor Account, the 11097
Unsecured Creditor Account, the 15019 Unsecured Creditor Account,
and the OC Unsecured Creditor Account into which all payments made
by each Debtor for the benefit of holders of Allowed Administrative
Claims and Class 3, C, III, and iv creditors will be made until the
obligations under the Plan are completed.

The Debtors believe that the Plan, as proposed, is feasible. With
respect to the Three Subways, the funding for the Plan will come
from each Debtor's continued operations. With respect to OC, the
funding for the Plan will come from payments made to OC from the
non-debtor affiliated entities.

A full-text copy of the Fourth Amended Plan dated January 23, 2023
is available at https://bit.ly/407kque from PacerMonitor.com at no
charge.

Attorneys for Debtors:

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

                    About OC 10753 Subway

OC 10753 Subway, LLC and its affiliates filed their voluntary
petitions for relief under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. D. Colo. Lead Case No. 22-10999) on March
28, 2022. Joli A. Lofstedt serves as Subchapter V trustee.

At the time of filing, OC 10753 Subway listed as much as $500,000
in both assets and liabilities.

Judge Thomas B. McNamara oversees the cases.

Wadsworth Garber Warner Conrardy, PC and AW Financial Services, LLC
serve as the Debtors' legal counsel and accountant, respectively.


OEM SYSTEMS: Case Summary & Nine Unsecured Creditors
----------------------------------------------------
Debtor: OEM Systems Company, Inc.
        1135 S. Rock Blvd.
        #310
        Reno, NV 89502

Business Description: OEM designs, engineers and manufactures
                      custom-installation loudspeakers and
                      accessories.

Chapter 11 Petition Date: January 27, 2023

Court: United States Bankruptcy Court
       District of Nevada

Case No.: 23-50049

Judge: Hon. Natalie M. Cox

Debtor's Counsel: Stephen R. Harris, Esq.
                  HARRIS LAW PRACTICE LLC
                  850 E. Patriot Blvd
                  Suite F
                  Reno, NV 89511
                  Tel: 775-786-7600
                  Fax: 775-786-7764
                  Email: steve@harrislawreno.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Tony L. Gable as president.

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/J2RKSKA/OEM_SYSTEMS_COMPANY_INC__nvbke-23-50049__0001.0.pdf?mcid=tGE4TAMA


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

Oryx will use the net proceeds from the incremental term loan B,
currently expected to be about $300 million, to be used to pay a
distribution to the equity holder. The incremental debt, while
increasing leverage in YE2023 beyond Fitch's downgrade sensitivity,
is manageable given Fitch's projection for Oryx's EBITDA growth
over the next two years.

The ratings reflect the scale of the asset base, which is well
positioned in the Permian basin, and ability to generate
increasingly greater FCF. Oryx's high leverage and structural
subordination are key weaknesses. Fitch uses the cash distributions
to Oryx from the Plains-Oryx joint venture (JV) as a proxy for
EBITDA in Fitch's leverage calculations. This is calculated as
Oryx's share of the total free cash flow per the Modified
Distribution Sharing Agreement (MSA) after deducting capex and
working capital items from the total EBITDA generated at the JV.

KEY RATING DRIVERS

Leverage Trending Lower: Fitch believes FCF generated from volume
and EBITDA growth (and off a much larger asset base) is a key
factor to support deleveraging. Based on year-to-date performance,
Fitch expects YE 2022 EBITDA (defined by Fitch as cash
distributions to Oryx) to be approximately $284 million at Oryx.
Proforma for the $300 million in incremental term loan issuance
(resulting in about $1.856 billion in total debt), Fitch expects
Oryx's leverage to be approximately 6.4x for YE 2023 and then
decline to below 5.5x by YE 2024, largely through EBITDA growth
from increasing volumes and realization of some synergies.

While this additional debt issuance delays deleveraging by
one-year, in Fitch's view the incremental risk is manageable given
the continued expected growth in the Permian basin, and Fitch's
expectation of oil and gas prices that remain robust over the next
three years. If leverage, as per Fitch's calculation, remains
higher than the 5.5x on a sustained basis, either due to execution
of the financial policy or due to debt funded acquisitions, Fitch
may take a negative action.

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

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

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

Similar to many other joint ventures, this structure constrains
Oryx's ability to exercise unilateral control over financial policy
including a sale of the underlying assets in times of distress.
Fitch views this construct as weak, and it forms a key credit
consideration. However, this concern is lessened by limitations on
total debt at the JV (maximum of $150 million) and the likelihood
that the JV will remain debt-free.

Additionally, according to the terms of the MSA, all distributable
cash flows must be distributed to the parent entities and, for the
first $300 million, distributions will be divided 50/50 between the
two parents, which increases FCF visibility and is supportive of
debt service. Interest rate risk is also substantially mitigated on
the existing term loan with approximately $1.275 billion of the
original $1.6 billion hedged at a swap rate of 1.859%.

Diversified Customer Base: The JV benefits from a diversified
portfolio of more than 95 contracted, Permian-focused customers
with largely fixed-fee contracts and a weighted average remaining
term of approximately seven years. Weighted by the dedicated
acreage, 61% of the customers are investment grade, 23% are
non-investment grade, and 16% are private. The JV has a diversified
revenue stream with no single customer accounting for more than 16%
of total volumes.

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

Single-Basin Focused Provider: The JV is a crude gathering and
transportation services provider that operates predominantly in
Delaware region of the Permian basin, including a significant
presence in the Midland region. The JV is significant in size and
comparable with the largest entities in the region. As of YE 2022,
Fitch expects the combined entity will generate over $1.0 billion
of annualized EBITDA, trending 5% to 10% higher in 2023. Given its
concentration in the Permian basin, the JV is subject to event risk
should there be a significant weather event and to sharp volatility
in commodity prices.

Robust Growth Prospects: The underlying system is largely built-out
(combined both parents have invested about $5 billion in developing
the infrastructure), which lowers the capex requirements, estimated
by Fitch to be about $220 million-$300 million annually over the
next three years. Higher capex at the JV-level, while supportive of
long-term growth, could lower distribution to Oryx over the near
term. Given the complementary strengths of the combined system, the
JV is well placed to take advantage of the growth in the region,
which continues to have the lowest cost of production in the U.S.
In addition, rig activity has bounced back from 2Q20 and overall
growth in crude production is likely to be increase.

DERIVATION SUMMARY

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

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

Compared with Plains, Oryx (a holding company) is highly leveraged,
with Fitch expecting Oryx's leverage to be about 6.4x for 2023 as
compared with Plains' leverage expected to be below 4.0x at YE
2023. Plains is also a more diversified and considerably larger
entity generating about three times the EBITDA that Oryx would
generate.

KEY ASSUMPTIONS

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

- Volume growth in 2023, supported by improved drilling and well
completions;

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

- No new acreage dedications or new producer customers;

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

- No debt at the JV;

- Interest rate hedges on approximately 70% of the incremental term
loan;

- SOFR rates per Fitch's Global Economic Forecast e.g. 5% in 2023;

- Deleveraging supported by term loan amortization (1% per annum).

RATING SENSITIVITIES

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

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

- Leverage (total HoldCo debt with equity credit/HoldCo EBITDA)
below 4.5x on a sustained basis.

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

- Leverage (total HoldCo debt with equity credit/HoldCo EBITDA)
above 5.5x on a sustained basis;

- A further leveraging event causing a spike above Fitch's
downgrade threshold in 2024 or beyond;

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Liquidity is limited to the cash on the balance
sheet and the $50.0 million revolver. Fitch expects Oryx to receive
sufficient distributions to comfortably meet its debt service.
Primary use of cash is principal payments on the Term Loan which
amortizes 1% ($19 million given the incremental issuance) every
year. In addition, Fitch forecasts additional paydowns in 2022, per
the provision of the Term Loan that require a cash flow sweep based
on a portion of the excess cash flow generated.

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

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

ISSUER PROFILE

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

ESG CONSIDERATIONS

Fitch has changed Oryx's has an ESG Relevance Score to '4' from '3'
for Group Structure as private-equity backed midstream companies
have less structural and financial disclosure transparency than
publicly traded issuers. The score of '4' for Group Structure
reflects the complex group structure amongst Oryx and the JV, which
has a negative impact on the credit profile, and is relevant to the
rating in conjunction with other factors.

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

   Entity/Debt             Rating         Recovery   Prior
   -----------             ------         --------   -----
Oryx Midstream
Services Permian
Basin LLC           LT IDR BB- Affirmed               BB-

   senior secured   LT     BB  New Rating    RR3

   senior secured   LT     BB  Affirmed      RR3      BB


PANACEA LIFE: Signs Letter of Intent to Acquire N7 Enterprises
--------------------------------------------------------------
Panacea Life Sciences Holdings, Inc. announced it has executed a
letter of intent to acquire N7 Enterprises, Inc.  Pursuant to the
terms of the letter of intent, Panacea would acquire all of the
outstanding membership interests of N7 Enterprises in consideration
for the issuance of common shares of the Company to the existing
shareholders of N7 Enterprises.

N7 Enterprises operates an expanding Florida chain of kava and
kratom lounges under the Lizard Juice and N7 Nitro Kava brands
founded in 2012, and is also a distributor of CBD, hemp, kratom and
kava related products through its New Age Distribution subsidiary,
founded in 2022.  For its two business segments, N7 Enterprises
showed $4.1 million in revenue for the 2022 fiscal year and is
estimating that net income for the year will exceed $1 million.

"Acquiring N7 Enterprises' popular retail chain and innovative
distribution business will be a significant deepening of our U.S.
market penetration into the health and wellness industry and a
significant leap forward for PLSH," said Leslie Buttorff, CEO.
"With this acquisition we can capture a high value business in the
natural beverage retail and wholesale markets by expanding into
distribution with a business plan that includes brand licensing and
franchising development for all our product segments.  I look
forward to updating shareholders as this transaction progresses."

Completion of the acquisition of N7 Enterprises is subject to a few
conditions, including, but not limited to, completion of due
diligence and negotiation of definitive documentation.  The
proposed acquisition is not expected to constitute a fundamental
change for the Company, nor is it expected to result in a change of
control of the Company within the meaning of applicable securities
laws.

                           About Panacea

Panacea Life Sciences Holdings, Inc. formerly known as Exactus Inc.
(OTCQB:EXDI) -- http://www.exactusinc.com-- is a Nevada
corporation organized under the name Solid Solar Energy, Inc in
2008 and renamed Exactus, Inc. in 2016.  The Company has pursued
opportunities in Cannabidiol since 2019.  During most of 2020 the
Company was engaged in marketing of hemp derived products sourced
from its leased farming operation.

Panacea Life reported a net loss of $4.78 million for the year
ended Dec. 31, 2021, compared to a net loss of $5.23 million for
the year ended Dec. 31, 2020. As of Sept. 30, 2022, the Company had
$19.98 million in total assets, $20.42 million in total
liabilities, and a total stockholders' deficit of $439,907.

Lakewood, CO-based BF Borgers CPA PC, the Company's auditor since
2021, issued a "going concern" qualification in its report dated
arch 25, 2022, citing that the Company's significant operating
losses raise substantial doubt about its ability to continue as a
going concern.


PG MOTORS, LLC: Hires Law Firm of Buddy D. Ford as Counsel
----------------------------------------------------------
PG Motors, LLC seeks approval from the U.S. Bankruptcy Court for
the Eastern District of New York to employ the Law Firm of Buddy D.
Ford, P.A. as counsel.

The firm's services include:

     a. analyzing the financial situation of the Debtor;

     b. advising the Debtor with regard to the powers and duties of
the debtor and as Debtor-in-Possession in the continued operation
of the business and management of the property of the estate;

     c. preparing and filing of the petition, schedules of assets
and liabilities, statement of affairs, and other documents required
by the Court;

   d. representing the Debtor at the Section 341 creditors'
meeting;

   e. giving the Debtor legal advice with respect to its powers and
duties as Debtor and as Debtor-in Possession in the continued
operation of its business and management of its property; if
appropriate;

   f. advising the Debtor with respect to its responsibilities in
complying with the United States Trustee’s Operating Guidelines
and Reporting Requirements and with the rules of the court;

   g. preparing, on the behalf of your Applicant, necessary
motions, pleadings, applications, answers, orders, complaints, and
other legal papers and appear at hearings thereon;

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

   i. representing the Debtor in negotiation with its creditors in
the preparation of the Chapter 11 Plan; and

   j. performing all other legal services for Debtor as
Debtor-in-Possession which may be necessary herein, and it is
necessary for Debtor as Debtor-in Possession to employ this
attorney for such professional services.

The firm will be paid at these rates:

     Attorneys                            $450 per hour
     Senior Associate Attorneys           $400 per hour
     Junior Associate Attorneys           $350 per hour
     Senior paralegal                     $150 per hour
     Junior paralegal                     $100 per hour

The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

The Debtor paid the firm a retainer of $21,738.00.

As 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:

     Buddy D. Ford, Esq.
     BUDDY D. FORD, P.A
     Jonathan A. Semach, Esq.
     Heather M. Reel, Esq.
     9301 West Hillsborough Avenue
     Tampa, FL 33615-3008
     Tel: (813) 877-4669
     Email: Buddy@tampaesq.com
            Jonathan@tampaesq.com
            Heather@tampaesq.com

                          About PG Motors

PG Motors, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-05081) on December
24, 2022. In the petition signed by Kirk E. Grell, president and
managing member, the Debtor disclosed up to $500,000 in assets and
up to $10 million in liabilities.

Buddy D. Ford, Esq., at Buddy D. Ford, PA, is the Debtor's legal
counsel.


PRA GROUP: Fitch Assigns 'BB+(EXP)' Rating on $350MM Unsec. Notes
-----------------------------------------------------------------
Fitch Ratings has assigned an expected rating of 'BB+(EXP)' to the
proposed $350 million unsecured notes to be issued by PRA Group
Inc. (PRA). PRA has a Long-Term Issuer Default Rating (IDR) of
'BB+' with a Stable Rating Outlook.

The issuance is expected to be leverage neutral as proceeds from
the issuance are to be deposited into a segregated account to be
used by PRA to paydown the 2023 convertible notes.

KEY RATING DRIVERS

IDR AND SENIOR DEBT

The proposed unsecured debt rating is equalized with PRA's
Long-Term IDR, reflecting Fitch's expectation of average recovery
prospects in a stressed scenario as the negative impact from the
presence of significant secured funding in a priority position is
offset by lower total leverage. The proposed ratings are consistent
with the ratings on the existing unsecured debt.

PRA's rating remains supported by its leading global franchise
within the debt purchasing sector, with a dominant market position
in the U.S. and a strong presence across 18 countries in Europe,
the Americas and APAC; a consistent performance track record
spanning several business cycles; and a conservative leverage
profile.

The ratings are constrained by PRA's monoline business model,
primarily servicing charged­off consumer debt, continued lack of
portfolio growth opportunities, and limited contingent liquidity
resources. Additional constraints include the potential for
heightened regulatory scrutiny of the consumer collections
businesses and a reliance on internal modelling for portfolio
valuations and associated metrics, such as estimated remaining
collections (ERCs), which makes comparability difficult.

PRA's leverage (gross debt-to-adjusted EBITDA) was 2.0x for the TTM
ended 3Q22; slightly above 1.9x at YE 2021. Proforma for the
proposed issuance and planned paydown of the 2023 convertible
notes, and based on the preliminary 4Q22 adjusted EBITDA guidance
provided, leverage is expected to be between 2.1x and 2.4x at YE
2022. The increase is primarily driven by the continued decline in
adjusted EBITDA while total debt remains consistent as proceeds are
used to pay down existing unsecured debt.

While leverage could trend up further given continued pressure on
EBITDA from lower collections as well as potential portfolio growth
opportunities, Fitch believes PRA has adequate flexibility to
manage within its targeted leverage range of 2x-3x. Fitch also
considers debt-to-tangible equity as a complimentary leverage
metric, which was 3.3x at 3Q22; slightly above the 3.2x at YE 2021.
Fitch believes PRA's tangible equity position and limited
shareholder distributions are strengths compared to most peers.

PRA's long-term funding consists of secured revolving credit
facilities and a term loan, which are subject to ERC-linked
borrowing base calculations, as well as unsecured and convertible
notes. The unsecured funding mix was 42% of total debt as of Sept.
30, 2022, up from 38% at YE 2021, however, Fitch expects the
unsecured funding mix to trend lower from here as PRA funds
portfolio growth with secured borrowings. PRA recently executed a
refinancing of its European secured credit facilities in addition
to adding a UK credit facility, both of which extended the maturity
of the secured funding, offset somewhat by lower advance rates.

The planned paydown of the $345 million convertible notes
significantly reduces remaining near-term maturities, which Fitch
views favorably. Near-term liquidity is supported by cash and
undrawn, unrestricted, revolving credit capacity of $454.3 million
at end-3Q22. Fitch believes liquidity is adequate as debt
purchasers also have the flexibility in the short-term to moderate
their rate of investment vis a vis collections and conserve
liquidity.

Preliminary reported FY22 results indicate cash collections of
$1.73 billion at the midpoint, which was down 16% from 2021. Cash
collections were resilient during 2021 but have been moderating in
2022 driven by the expiry of supportive measures that benefitted
consumer credit and liquidity post the pandemic, as well as lower
portfolio purchases. ERC at YE 2022 is expected to be down 5.1%
from YE 2021 at the midpoint, but up 7.1% sequentially which would
be the first ERC growth since 2019 driven by strong purchases in
4Q22.

Adjusted EBITDA was $1.1 billion for FY22 at the midpoint of the
preliminary reported range, down 19.7% from FY21, driven by the
lower collections. Still, the calculated adjusted EBITDA margin, as
a proportion of revenues (gross of portfolio amortization),
remained strong at over 64% for 2022. Fitch believes earnings and
the margin could be pressured from normalizing collection and
operating costs, however, the outlook for portfolio growth is
improving and current profitability remains strong relative to the
assigned rating category.

The Stable Outlook reflects Fitch's belief that any risks stemming
from a potential economic stress, including from any associated
slowdown in debt-collection activities and/or changes to estimated
recoveries and extended unavailability of unsecured funding, are
mitigated by the company's conservative leverage profile and its
ability to moderate portfolio purchases to generate cash. The
Stable Outlook also assumes that any changes to PRA's collection
practices resulting from the new rules by the CFPB or the
resolution of the Civil Investigative Demand will have a minimal
negative impact on the business model.

RATING SENSITIVITIES

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

IDR

- A sustained reduction in earnings generation, particularly if it
leads to a weakening in key debt service ratios or other financial
efficiency metrics;

- A sustained increase in debt/adjusted EBITDA above 2.5x or
debt/tangible equity above 5x, whether resulting from a lack of
EBITDA growth, an increase in acquisitions or reduction of tangible
equity;

- A shift to a largely secured balance sheet funding model with
unsecured mix below 20%;

- A weakening in asset quality, as reflected in acquired debt
portfolios significantly underperforming anticipated returns or
repeated material write-downs in expected recoveries; or

- An adverse operational event or significant disruption in
business activities (for example arising from regulatory
intervention in key markets adversely impacting collection
activities), thereby undermining franchise strength and business
model resilience.

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

Given the current operating environment, an upgrade is unlikely in
the short term. However, over time, positive rating action could
result from:

- Unsecured debt greater than 40% of total debt on a sustained
basis;

- Leverage maintained consistently below 2.0x through the cycle on
a debt/adjusted EBITDA basis and below 4.0x on a debt/tangible
equity basis; and

- Demonstrated franchise strength and earnings resilience through
the current economic cycle.

SENIOR DEBT

PRA's senior unsecured debt rating is primarily sensitive to
changes in the group's Long­Term IDR and secondarily to the
funding mix and recovery prospects on the unsecured debt. A
material increase in the proportion of secured debt, which weakens
recovery prospects for unsecured debtholders in a stressed scenario
could result in the unsecured debt rating being notched down below
the IDR.

ESG CONSIDERATIONS

PRA Group, Inc. has an ESG Relevance Score of '4' for Customer
Welfare - Fair Messaging, Privacy & Data Security due to the
importance of fair collection practices and consumer interactions
and the regulatory focus on them, which has a negative impact on
the credit profile, and is relevant to the rating[s] in conjunction
with other factors.

PRA Group, Inc. has an ESG Relevance Score of '4' for Financial
Transparency due to the significance of internal modelling to
portfolio valuations and associated metrics such as estimated
remaining collections, which has a negative impact on the credit
profile, and is relevant to the rating[s] in conjunction with other
factors. These are features of the debt purchasing sector as a
whole, and not specific to the company.

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        
   -----------             ------        
PRA Group, Inc.

   senior unsecured     LT BB+(EXP)  Expected Rating

   USD 350 mln
   bond/note
   01-Dec-2028          LT BB+(EXP)  Expected Rating


PREMIER GRILLING: Gets OK to Hire Hayward PLLC as Legal Counsel
---------------------------------------------------------------
Premier Grilling LLC and its affiliates reeived approval from the
U.S. Bankruptcy Court for the Eastern District of Texas to employ
Hayward, PLLC to handle their Chapter 11 bankruptcy proceedings.

The firm will be paid at these rates:

     Partners     $400 to $450 per hour
     Associates   $225 to $375 per hour
     Paralegals   $195 per hour

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

The firm received from the Debtors a retainer of 30,000.

Melissa Hayward, Esq., a partner at Hayward, 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:

     Melissa S. Hayward, Esq.
     Hayward PLLC
     10501 North Central Expy., Suite 106
     Dallas, TX 75231
     Tel: (972) 755-7100
     Email: MHayward@HaywardFirm.com

                       About Premier Grilling

Premier Grilling, LLC is a grill store in Texas offering BBQ
smokers, charcoal grills, flat- top grills and griddles, gas
grills, infrared grills, kamado grills, and pellet grills.

Premier Grilling and Premier Grilling Outdoors, LLC sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
E.D. Texas Lead Case No. 22-41727) on Dec. 9, 2022. In the
petitions signed by Brian Rush as CEO of Premier Grilling LLC and
Dan Ferguson as president of Premier Grilling Outdoors, the Debtor
disclosed up to $10 million in both assets and liabilities.

Judge Brenda T. Rhoades oversees the cases.

Melissa S. Hayward, Esq., at Hayward PLLC, is the Debtors' legal
counsel.


PRINCIPLE ENTERPRISES: UST Has Issues WIth Exculpation Clauses
--------------------------------------------------------------
Andrew R. Vara, United States Trustee for Regions 3 and 9, objects
to the First Amended Combined Disclosure Statement and Plan of
Reorganization, filed by Principle Enterprises LLC on December 19,
2022.

According to the U.S. Trustee, the Amended Plan contains
impermissibly overbroad exculpation provisions and seeks to confer
Debtor releases without just cause and in contravention of
applicable law.

The U.S. Trustee says the Amended Plan shields numerous parties
that are not themselves estate fiduciaries but are merely related
to an estate fiduciary. It also includes acts and omissions for
claims arising after the Effective Date of the Amended Plan.

The U.S. Trustee further points out that the Amended Plan's
definition of Exculpated Parties extends beyond estate fiduciaries
to include all of the Debtor's current and former officers,
directors, principals, partners, members, managers, shareholders,
attorneys, accountants, financial advisors, and investment bankers
who served in those capacities during the pendency of the Chapter
11 Case, and their respective successors and assigns all in their
capacities as such.  Not all of these parties are or could be
estate fiduciaries, according to the U.S. Trustee.

According to the U.S. Trustee, the temporal scope of the
Exculpation provision is likewise overly broad.  The temporal scope
includes acts occurring subsequent to the Amended Plan's Effective
Date ("any Cause of Action for any claim arising before or after
the Effective Date and related to any act or omission in connection
with, relating to, or arising out of, the administration and
implementation of the Plan, or the distribution of property under
the Plan or any other related agreement . . .")

The U.S. Trustee points out that it also provides a prospective
exculpation that extends past the Effective Date to the Reorganized
Debtor.  Post-Effective Date entities cannot receive prospective
immunity by way of exculpation, just as they cannot receive
prospective immunity through a release.

According to the U.S. Trustee, the Amended Plan provides releases
of the Released Parties which includes, collectively, "(a) the
Reorganized Debtor; (b) the Exit Financing Lender; (c) KeyBank; (d)
Papalia; and (e) each Related Party of each Entity in the foregoing
clause (a) through clause (d)."14 As noted, the Related Parties of
those entities are defined expansively to include "the current and
former directors, managers, officers, predecessors, successors,
affiliates, assigns, subsidiaries, partners, limited partners,
general partners, principals, employees, agents, trustees,
financial advisors, attorneys, accountants, investment bankers,
consultants, representatives, and other professionals and advisors
and any such person's or Entity's respective heirs, executors,
estates, and nominees."

                  About Principle Enterprises

Principle Enterprises, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 22-21779) on
Sept. 9, 2022, with up to $50 million in both assets and
liabilities.  Angelo Mark Papalia, president of AMP Holdings, sole
member, signed the petition.

Judge Gregory L. Taddonio oversees the case.

Daniel R. Schimizzi, Esq., at Whiteford, Taylor & Preston, LLP, is
the Debtor's counsel.

The Debtor filed its proposed combined Chapter 11 plan and
disclosure statement on Dec. 6, 2022.


PROFESSIONAL DIVERSITY: Regains Compliance With Bid Price Rule
--------------------------------------------------------------
As previously disclosed, (i) on May 24, 2022, Nasdaq Listing
Qualifications staff notified Professional Diversity Network, Inc.
that it no longer complied with the minimum bid price requirement
under Listing Rule 5550(a)(2), (ii) on Nov. 22, 2022, Nasdaq Staff
notified the Company that it had determined to delist the Company
as it did not comply with bid price requirement for listing on The
Nasdaq Stock Market, and (iii) on Nov. 24, 2022, the Company
requested a hearing, which was held on Jan. 5, 2023.  Also as
previously disclosed, in order to comply with the Nasdaq minimum
bid price requirement, the Company effected a 2 for 1 reverse stock
split, effective Jan. 4, 2023.

On Jan. 20, 2023, the Company received a letter from Nasdaq
Hearings Panel's confirming that the Company has regained
compliance with the bid price requirement in Nasdaq Listing Rule
5550(a)(2) and meets all other applicable continued listing
requirements to remain listed in Nasdaq.  The Panel has also
determined to impose a Panel Monitor on the Company until Oct. 20,
2023.  If at any time before the end of the monitor period, Nasdaq
Staff or the Panel determines that the Company has failed to meet
the minimum bid price requirement (that is, the Company has had a
closing bid price under $1.00 for a period of 30 consecutive
trading days), or any other requirement for continued listing on
Nasdaq, Nasdaq Staff will issue a Delist Determination and the
Hearings Department of Nasdaq will promptly schedule a new hearing,
with the initial Hearings Panel or a newly convened Hearings Panel
if the initial Hearings Panel is unavailable.  During the monitor
period, the Company will be under an obligation to notify the Panel
immediately, in writing, in the event its bid price falls below the
minimum requirement for any reason, or if the Company falls out of
compliance with any applicable continued listing requirement.

                    About Professional Diversity

Headquartered in Chicago, Illinois, Professional Diversity Network,
Inc. -- https://www.prodivnet.com -- is a global developer and
operator of online and in-person networks that provides access to
networking, training, educational and employment opportunities for
diverse individuals.  Through the Company's online platforms and
partnerships, the Company provides hiring employers a means to
identify and acquire diverse talent and assist them with DEI
efforts.

Professional Diversity reported a net loss of $2.76 million for the
year ended Dec. 31, 2021, a net loss of $4.35 million for the year
ended Dec. 31, 2020, compared to a net loss of $3.84 million for
the year ended Dec. 31, 2019.  As of Sept. 30, 2022, the Company
had $7.07 million in total assets, $4.38 million in total
liabilities, and $2.68 million in total stockholders' equity.

Wilmington, DE-based Ciro E. Adams, CPA, LLC, the Company's auditor
since 2018, in its report dated March 31, 2022, citing that the
Company 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.


PROVIDENT COMMONWEALTH: S&P Affirms 'BB+' Rating on 2016A Rev Bond
------------------------------------------------------------------
S&P Global Ratings revised its outlook to stable from negative and
affirmed its 'BB+' rating on Massachusetts Development Finance
Agency's series 2016A student housing revenue bonds, issued for
Provident Commonwealth Educational Resources Inc. (PCER).

"The revision to stable outlook reflects improved occupancy during
the school year and improved coverage levels even though it's below
covenant requirement," said S&P Global Ratings credit analyst
Jessica Goldman.

The speculative-grade rating continues to reflect thin performance
despite robust occupancy and inability to build balance strength
with liabilities related to deferred payments.

PCER is a not-for-profit corporation organized for the sole purpose
of constructing and operating a housing facility on the University
of Massachusetts Boston (UMass Boston) campus, which is part of the
University of Massachusetts System (UMass System).

The UMass system, established in 1863, is a coeducational,
state-supported institution with campuses in Amherst, Boston,
Dartmouth, Lowell, and Worcester. It also includes UMassOnline. The
campuses are geographically dispersed throughout the commonwealth,
with complementary missions. UMass Boston's mission focuses on
urban and global engagement with a commitment to a multi-cultural
educational environment that enhances their diverse campus
community's ability to succeed. UMass Boston has traditionally been
more of a commuter campus, but the university has an evolving
student base, with a greater number of out of state students.
According to management, the housing project is an essential
component of the university's strategic direction, intended to
better serve the current student population and support improving
academic outcomes.



PUERTO RICO: Private Entity Genera to Operate Legacy Power Plants
-----------------------------------------------------------------
The Financial Oversight and Management Board for Puerto Rico on
Jan. 25, 2023, announced that it approved an agreement for a
private entity, Genera PR LLC, to operate and maintain Puerto
Rico's legacy power plants.

According to the Oversight Board, Puerto Rico needs and deserves
more reliable, more affordable, and cleaner energy.  Puerto Rico's
energy sector transformation rests partly on transitioning the
management of PREPA's existing power plants to a private operator,
which will also assume responsibility for environmental compliance,
safety, and decommissioning old plants.

Following a multi-year competitive bidding process to attract and
identify qualified candidates to manage PREPA's electric generation
operations, the Puerto Rico Public Private Partnerships Authority
(P3A) and PREPA selected Genera PR LLC to operate and maintain
legacy power plants.

The Oversight Board reviewed the proposed Thermal Generation
Facilities Operation and Maintenance Agreement with Genera in
accordance with PROMESA.  The proposed agreement with Genera is a
key element of Puerto Rico's energy transformation defined in the
Fiscal Plan, ensuring a reliable and cleaner source of power while
Puerto Rico moves towards the renewable energy goals defined by
Puerto Rico's Act 17-2019.

The Oversight Board supports those goals and approved the
agreement.

Decades of mismanagement and neglect have left Puerto Rico with an
expensive, inefficient, and dated energy system.  The Fiscal Plans
and Act 17 call for the unbundling of the electric system from a
monopoly into one in which the power plants and grid are operated
by different parties with private sector expertise.  The people of
Puerto Rico retain ownership of the grid and power plants and are
empowered to hold the private operators accountable.

                        About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States. The chief of state is the President of the
United States of America. The head of government is an elected
Governor.  There are two legislative chambers: the House of
Representatives, 51 seats, and the Senate, 27 seats.  The
governor-elect is Ricardo Antonio "Ricky" Rossello Nevares, the son
of former governor Pedro Rossello.

In 2016, the U.S. Congress passed PROMESA, which, among other
things, created the Financial Oversight and Management Board and
imposed an automatic stay on creditor lawsuits against the
government, which expired May 1, 2017.

The members of the oversight board are: (i) Andrew G. Biggs, (ii)
Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J.
Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii)
David A. Skeel Jr.

On May 3, 2017, the Commonwealth of Puerto Rico filed a petition
for relief under Title III of the Puerto Rico Oversight,
Management, and Economic Stability Act ("PROMESA").  The case is
pending in the United States District Court for the District of
Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico's
PROMESA petition is available at
http://bankrupt.com/misc/17-01578-00001.pdf

On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation
(COFINA) commenced a case under Title III of PROMESA (D.P.R. Case
No. 17-01599). Joint administration has been sought for the Title
III cases.

On May 21, 2017, two more agencies -- Employees Retirement System
of the Government of the Commonwealth of Puerto Rico and Puerto
Rico Highways and Transportation Authority (Case Nos. 17-01685 and
17-01686) -- commenced Title III cases.

U.S. Chief Justice John Roberts named U.S. District Judge Laura
Taylor Swain to preside over the Title III cases.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq.,
at O'Neill & Borges LLC are onboard as attorneys.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at:
https://cases.primeclerk.com/puertorico

Jones Day is serving as counsel to certain ERS bondholders.

Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General
Obligation Bondholders.


RACKSPACE TECHNOLOGY: Moody's Lowers CFR to Caa1, Outlook Neg.
--------------------------------------------------------------
Moody's Investors Service downgraded Rackspace Technology Global,
Inc.'s corporate family rating to Caa1 from B2 and its probability
of default rating to Caa1-PD from B2-PD. The ratings on Rackspace's
senior secured debt, comprised of a $375 million senior secured
revolver (undrawn) due 2025, $2.3 billion senior secured term loan
B due 2028 and $550 million senior secured notes due 2028 were
downgraded to B3 from B1. Ratings on the company's $550 million
senior unsecured notes due 2028 were downgraded to Caa3 from Caa1.
The rating outlook was changed to negative from stable.

The downgrades and change in outlook to negative reflect, in part,
Rackspace's governance weaknesses, including aggressive financial
strategy and risk management practices as evidenced by rising debt
leverage (Moody's adjusted) in concert with weakening profitability
tied to its former public cloud growth strategy. The company now
faces very high execution risks associated with its pivot to a new
and still-to-be-proven business model from a previous multi-year
business strategy as it confronts declining revenue trends,
persistent margin pressures and weakening free cash flow. With the
company itself having limited visibility into its turnaround
progress over the next 12-18 months, Moody's believes the
possibility of distressed debt exchanges are a risk, especially
given Rackspace's significant private equity ownership and current
debt trading levels.

Downgrades:

Issuer: Rackspace Technology Global, Inc.

Corporate Family Rating, Downgraded to Caa1 from B2

Probability of Default Rating, Downgraded to Caa1-PD from B2-PD

Speculative Grade Liquidity Rating, Downgraded to SGL-2 from
SGL-1

Senior Secured Bank Credit Facility, Downgraded to B3 (LGD3) from
B1 (LGD3)

Senior Secured Regular Bond/Debenture, Downgraded to B3 (LGD3)
from B1 (LGD3)

Senior Unsecured Regular Bond/Debenture, Downgraded to Caa3 (LGD6)
from Caa1 (LGD6)

Outlook Actions:

Issuer: Rackspace Technology Global, Inc.

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

Rackspace's Caa1 CFR reflects high risks to the sustainability of
the company's business model, elevated and rising debt leverage
(Moody's adjusted) and intensely competitive end markets which
include much larger traditional system integrators and more nimble,
focused digital systems integrators providing consultation and
implementation services. Rackspace faces very high execution risks
associated with its pivot to an unproven strategy that more
directly targets higher margin public cloud services. Moody's
believes that the company's new business strategy will result in a
longer public cloud services sales cycle and more revenue
variability. Further, Rackspace's decision to rekindle its focus on
a legacy private cloud services business that had been largely
de-emphasized in recent years raises serious questions about prior
strategy and current business viability. The company's weakening
margin trends highlight fundamental flaws in what was a multi-year
go-to-market strategy that heavily targeted managed public cloud
services end markets. Most of Rackspace's recent revenue growth has
been driven largely by the low margin resale of public cloud
infrastructure of hyperscalers such as AWS, Google Cloud and
Microsoft Azure. Rackspace's company-defined "land-and-expand"
strategy hasn't delivered the level of follow-on upselling leading
to higher margin public cloud services contracts initially
anticipated. With this strategic pivot, Rackspace's more selective
targeting of higher margin service portions of the managed public
cloud industry will likely inject increased uncertainty into
revenue and margin visibility for the next 12-18 months, if not
longer. Rackspace's objectives with its formerly de-emphasized
private cloud business aim to drive meaningful and profitable
revenue growth from more regulated industry verticals potentially
less suited for the full migration of all IT workloads to the
public cloud, such as healthcare, technology and financial
services. Uncertainly about the success of this renewed private
cloud effort is also very high. During 2022 the company's sizable
$464 million of impairment charges on goodwill and assets and
significant senior management changes highlighted some of
Rackspace's strategic direction difficulties that may not be easily
reversed. Moody's also notes that the company's overall customer
base has dwindled by at least 17,000 in 2021 to just over 100,000,
providing additional evidence of business model difficulties.
Rackspace's rating is also constrained by the technological and
competitive threats inherent in the IT services industry.

The rating is supported by the company's moderate scale, the
company's well-known brand name, its large and experienced team of
mulitcloud professionals, a diversified customer base and largely
recurring revenue profile currently. Rackspace remains focused on
multicloud services end markets and has operated with relatively
low capital intensity in recent years, but this could change to
increased capital investing under its latest business strategy
shift, especially in private cloud end markets. Moody's expects
weakness in Rackspace's revenue growth and EBITDA margins in 2023
as a concerted business turnaround begins to take form, with free
cash flow weakening steadily from peak 2021 levels. Rackspace's
debt leverage (Moody's adjusted) has steadily trended higher over
the last two years and stood at an elevated 7.7x for the last 12
months ending September 30, 2022. Moody's believes the company's
debt leverage (Moody's adjusted) will continue to increase under
its revised business strategy through 2023 with limited visibility
into a potential deleveraging path in 2024 and beyond.

Rackspace's liquidity is good, supported by a cash balance of $249
million as of September 30, 202 and full availability under a $375
million revolving credit facility maturing in August 2025.
Rackspace faces a highly uncertain operating trajectory and Moody's
anticipates the company will rely on its cash balance and utilize
its revolver to support and invest in its business turnaround. The
revolving credit facility is subject to a springing maximum net
first lien leverage ratio of 5.0x when outstanding borrowings are
equal to or greater than 35% of facility commitments. Moody's
believes the company's potential turnaround difficulties could
result in the company failing to be in compliance with this first
lien leverage ratio, thus effectively reducing the full
availability of potential liquidity resources.

The debt instrument ratings of Rackspace reflect the probability of
default of the company, as reflected in the Caa1-PD probability of
default rating, an average expected family recovery rate of 50% at
default given the mix of secured and unsecured debt in the capital
structure, and the loss given default (LGD) assessment of the debt
instruments in the capital structure based on a priority of claims.
The company's revolver, senior secured term loan and senior secured
notes are rated B3 (LGD3), one notch above the Caa1 CFR, given the
loss absorption provided by the unsecured notes. The unsecured
notes are rated Caa3 (LGD6), two notches below the Caa1 CFR due to
their junior position in the capital structure.

In concert with these ratings downgrades, Moody's also changed
Rackspace's ESG Credit Impact Score to CIS-5 (Very Highly Negative)
from CIS-4 (Highly Negative). The score reflects neutral-to-low
environmental and social risk and very highly negative governance
risk. The company's Governance Score was changed to G-5 (Very
Highly Negative) from G-4 (Highly Negative) to reflect Rackspace's
very highly negative risk from governance practices, which include
strategies put into effect by prior management. The company has
operated with an aggressive financial strategy and risk management
policy that has tolerated elevated and rising debt leverage
(Moody's adjusted) under a prior revenue growth strategy
characterized by low profitability. The company's historically weak
track record may improve under its comprehensive forward strategy
which selectively targets more profitable growth pathways. However,
with its debt stakeholders now facing potential material principal
degradation, past governance decisions may be difficult to reverse
and improve upon easily. Moody's also continues to view the
dominant 60%-plus economic control of the now public company by its
private equity sponsor as highly negative.

The negative outlook reflects the very high execution risks
associated with the company's business strategy shift to a
still-to-be-proven business model from a previous multi-year
business strategy as it confronts declining revenue trends,
persistent margin pressures and weakening free cash flow. With
limited visibility into turnaround progress and deleveraging
potential over the next 12-18 months, Moody's believes the
possibility of distressed debt exchanges are a risk, especially
given Rackspace's significant private equity ownership and current
debt trading levels. Moody's also believes the company has only a
relatively modest operating runway to successfully execute a
difficult and comprehensive business turnaround.

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

Moody's could upgrade Rackspace's ratings if operating performance
has improved sufficiently and sustainably, and if leverage is below
6.0x and free cash flow/debt is greater than 5% (both on a
sustained and Moody's adjusted basis).

Moody's could downgrade Rackspace's ratings if the company pursues
distressed debt exchanges, leverage is sustained above 7.0x
(Moody's adjusted), margins remain under pressure or free cash flow
or liquidity deteriorates. In addition, the rating could be further
downgraded if there is deterioration of Rackspace's competitive
market positioning irrespective of its credit metrics.

The principal methodology used in these ratings was Communications
Infrastructure published in February 2022.

Based in San Antonio, Texas, Rackspace combines its broad IT
industry expertise with leading technologies across applications,
data and security to deliver end-to-end multicloud solutions. The
company's 100,000-plus customer base is accessed through a network
presence in more than 60 markets around the world.


RAYONIER ADVANCED MATERIALS: S&P Raises Sec. Notes Rating to 'B+'
-----------------------------------------------------------------
S&P Global Ratings raised its issue-level rating on Rayonier
Advanced Materials Inc.'s (RYAM) 7.625% senior secured notes due
2026 (issued by Rayonier A.M. Products Inc.) to 'B+' from 'B' and
revised the recovery rating to '2' from '3'. This follows the
company's announcement that it will no longer pursue the
opportunistic refinancing of its senior unsecured notes due June
2024, which would have added $325 million additional senior secured
notes to the company's capital structure. The '2' recovery rating
indicates S&P's expectation for substantial (70%-90%; rounded
estimate: 70%) recovery in the event of a payment default.

In conjunction with the company's debt-raise announcement on Jan.
17, 2023, S&P lowered its issue-level rating on the company's
existing 7.625% senior secured notes and revised the recovery
rating, citing lower recovery prospects given the expected increase
in senior secured claims.

S&P's 'B' issuer credit rating and stable outlook on RYAM remain
unchanged. However, it expects the company to refinance the
unsecured notes before they become current in June 2023, absent of
which, there will be downward pressure on the current rating.

RECOVERY ANALYSIS

Key analytical factors

-- S&P's simulated default scenario contemplates a payment default
in 2026, amid a severe global recession that severely curtails the
demand for RYAM's products across its core end markets.

-- S&P believes that following a payment default, RYAM would
likely be reorganized, rather than liquidated, because of its top
market share in the specialty pulp business, its highly specialized
plants, and its difficult-to-replicate intellectual expertise.
Therefore, S&P values the company as a going concern.

Simulated default and valuation assumptions:

-- Simulated year of default: 2026

-- EBITDA at emergence: $131.4 million

-- EBITDA multiple: 5x

-- Asset-based lending facility: 85% drawn at default

-- S&P's estimated claim amounts include approximately 6 months of
accrued but unpaid interest.

-- Pension & benefits obligations at default: $58.8 million

Simplified waterfall:

-- Adjusted-net enterprise value (after 5% administrative costs):
$568.3 million

-- Obligor/nonobligor valuation split: 65%/35%

-- Value distributed to priority claims: $180.4 million

-- Total collateral value available to secured claims: $338.1
million

-- Estimated secured claims at default: $493.1million

    --Recovery expectations: 70%-90% (rounded estimate: 70%)

-- Total collateral value available to unsecured claims: $49.8
million

-- Estimated unsecured claims (including deficiency) at default:
$486.9 million

    --Recovery expectations: 10%-30% (rounded estimated: 10%)



ROOSEVELT INN: Insurers Raise Objections to Plan Disclosures
------------------------------------------------------------
Philadelphia Indemnity Insurance Company ("PIIC"), a party in
interest, files its joinder to Samsung Fire & Marine Insurance Co.,
Ltd. (U.S. Branch)'s Objection to Roosevelt Inn, LLC and Roosevelt
Motor Inn, Inc.'s Motion to Approve Disclosure Statement.

PIIC was joined as a Fourth-Party Defendant in the DJ Action,
Samsung Fire & Marine Insurance Co., Ltd. (U.S. Branch) v. UFVS
Management Company, LLC, Roosevelt Motor Inn, Inc., Roosevelt Inn,
LLC, and Yagna Patel, U.S.D.C, E.D. Pa., Case No.
2:18-CV-04365-CDJ.  

In the DJ Action, PIIC asserted as a defense, inter alia, that
"[t]he PIIC Policies do not cover claims arising out of sexual
abuse, as alleged in the [State Court] Actions.  Coverage for the
purported claims and other relief sought in the [State Court]
Actions is expressly barred by an Abuse or Molestation Exclusion
Endorsement in each of the PIIC CGL Policies.

PIIC points out that the Disclosure Statement and Proposed Plan of
Reorganization would assign the State Court Actions, insurance
policies, and the Debtors' payment to a Settlement Trust.  The
Disclosure Statement provides no alternative to funding the State
Court Actions should insurers, including PIIC, be successful in the
DJ Action, and the proposed channeling injunction precluded
alternative relief.

                      State Court Actions

Beginning in 2017 certain individuals (the "Tort Plaintiffs")
commenced certain state-law based personal injury actions in the
Court of Common Pleas of Philadelphia County (the "State Court
Actions"), against Debtors Roosevelt Inn, LLC and Roosevelt Motor
Inn, Inc. and others (collectively, the "Tort Defendants"), based
upon claims of sexual assault and sexual exploitation of the Tort
Plaintiffs that occurred at the Roosevelt Inn, which is owned by
the Debtors.

Prior to the Petition Date, pursuant to certain policies of
insurance issued by Samsung to UFVS Management Company d/b/a
Roosevelt Inn, LLC (the "Samsung Policies"), Samsung was providing
defense on behalf of certain Tort Defendants in the State Court
Actions under a reservation of rights.

On Oct. 10, 2018, Samsung filed a Declaratory Judgment Complaint
against the Tort Defendants in the U.S. District Court for the
Eastern District of Pennsylvania, commencing Civil Action No.
2:18-cv-04365-CDJ (the "DJ Action") and seeking a declaration that
Samsung has no duty to defend or indemnify the Tort Defendants in
the State Court Actions.

Samsung said in its objection, "The Debtors' proposed Disclosure
Statement falls far short of its statutory purpose.  It omits
material information concerning: (a) the impairment of Samsung's
rights, claims and defenses under the Samsung Policies issued to
Debtors and the applicable state law governing same,
notwithstanding the alleged "insurance neutral" nature of the Plan;
and (b) the bases for the Plan's classification scheme for Tort
Claims and how such are to be allowed or disallowed, liquidated and
paid by the Settlement Trust.  This is caused in large part by
Debtors' failure to provide the Trust Distribution Procedures and
the other related Settlement Trust Documents. Absent these critical
documents, claimants and parties in interest simply are not aware
of how the various classes of Tort Claims will be determined, how
they will be valued and what they will be paid.  Further, insurers
such as Samsung are left in the dark as to the proposed insurance
settlement protocols proposed by Debtors for the Settlement Trust,
whether they will be required to defend Debtors against Tort
Plaintiffs in state court or bankruptcy court, and whether such
will impact insurers' state law rights, claims and defenses as
asserted in the DJ Action or otherwise."

Attorneys for Philadelphia Indemnity Insurance Company:

     Bruce W. McCullough, Esq.
     BODELL BOVE, LLC
     1225 N. King Street, Suite 1000, P.O. Box 397
     Wilmington, DE 19899-0397
     Tel: (302) 655-6749
     Fax: (302) 655-6827
     E-mail: bmccullough@bodellbove.com

          - and -

     Louis A. Bove, Esq.
     Rex F. Brien, Esq.
     BODELL BOVE, LLC
     1845 Walnut Street, Suite 1100
     Philadelphia, PA 19103
     Tel: (215) 864-6600
     Fax: (215) 864-6610
     E-mail: lbove@bodellbove.com
             rbrien@bodellbove.com

Co-Counsel for Samsung Fire & Marine Insurance Co., Ltd. (U.S.
Branch):

     WILSON ELSER MOSKOWITZ EDELMAN & DICKER LLP
     Mark G. Ledwin, Esq.
     1133 Westchester Avenue
     White Plains, NY 10604
     Tel: 914-872-7148
     mark.ledwin@wilsonelser.com

          - and -

     FALLS & DEMARCO, P.C.
     John C. Falls, Esq.
     129 Redford Road
     Oreland, PA 19075
     Tel: 856-296-3129
     jfalls@fallsdemarco.com

                       Reorganization Plan

The Debtors filed a Plan of Reorganization and a Disclosure
Statement on Dec. 16, 2022.

Since the commencement of the Chapter 11 cases, the Debtors have
advocated for a global resolution of the Tort Claims and the
insurance coverage disputes.  Without a determination of the extent
of insurance coverage available to the Debtors to fund a defense of
the Tort Claims, and should the Tort claimants prevail,
indemnification coverage available for any awards entered in favor
of the holders of Tort Claims, it is cost prohibitive for the
Debtors to address the 15 Tort Claims on a case-by-case basis
without jeopardizing their limited assets and their ability to
continue to operate their hotel.  The prior efforts to mediate a
global resolution among the Debtors, the holders of Tort Claims and
the Insurance Companies did not result in a settlement.

After the global mediation was suspended, negotiations continued
between the Debtors and the holders of Tort Claims.  Negotiations
are continuing between the Debtors and the holders of Tort Claims
in an effort to resolve outstanding issues relating to the terms of
the Plan, Settlement Trust and Trust Distribution Procedures.

The Plan allows the Debtors to equitably compensate the holders of
Tort Claims and to ensure that the Debtors emerge from bankruptcy
with the ability to continue the operation of their hotel.

Generally, the features of the Plan provide that on the Effective
Date, as follows:

   * The Equity Security Holders will make a cash contribution of
$1,100,000 to the Reorganized Debtors in consideration of the
Channeling Injunction and releases being provided under the Plan;

   * The Reorganized Debtors will procure an Exit Loan from the
Exit Lender for an amount adequate to fund the additional monies
required to be paid under the Plan on the Effective Date which is
estimated to be approximately $1,800,000;

   * The Reorganized Debtors will contribute to the Settlement
Trust (a) the amount of $1,587,500; (b) the Insurance Assignment,
and (c) the Settlement Trust Causes of Action.  Thereafter, the
Settlement Trust shall fund distributions on account of and satisfy
compensable Tort Claims in accordance with the Trust Distribution
Procedures from the Settlement Trust Assets; and

   * The Reorganized Debtors shall fund the Professional Fee
Reserve and the GUC Fund.

After the Effective Date, the general features of the Plan provide
for distributions as follows:

  -- the Reorganized Debtors shall fund Distributions on account of
holders of Allowed Class 1 Claims (Secured Claims) and Allowed
Class 2 (Priority Non-Tax Claims) which are estimated to be paid in
full;

  -- the Reorganized Debtors shall fund Distributions on account of
and satisfy Allowed Class 3 (General Unsecured Claims) exclusively
from the GUC Fund with an estimated recovery of 95%;

  -- holders of Allowed Class 4 Claims (Non-Tort Litigation Claims)
will be paid in accordance with the terms of the Plan and
Confirmation Order;

  -- the Reorganized Debtors shall fund Distributions on account of
and satisfy all other Allowed Claims with Cash on hand on or after
the Effective Date in accordance with the terms of the Plan and the
Confirmation Order; and

  -- As set forth above, the Settlement Trust shall fund
distributions on account of and satisfy compensable Tort Claims
(holders of Allowed Class 5 (Direct Tort Claims) and holders of
Allowed Class 6 (Indirect Tort Claims) in accordance with the Trust
Distribution Procedures from the Settlement Trust Assets.

                       About Roosevelt Inn

Roosevelt Inn, LLC, operates the Roosevelt Inn, located at 7600
Roosevelt Boulevard, Philadelphia, Pennsylvania.  It is a two-story
hotel with 105 rooms available for rent.  The real property where
the hotel is located was purchased by Roosevelt Motor Inn, Inc., in
1960 and the Roosevelt Inn was built on or about 1962.

Beginning in March 2017, the Debtors were served with what would be
the first of five lawsuits that alleged statutory and common law
negligence claims associated with the sex trafficking of minors.
These complaints generally allege that traffickers would bring
minors to the Roosevelt Inn for the purpose of commercial sex
work.

To address tort claims, Roosevelt Inn, LLC, and its affiliate,
Roosevelt Motor Inn, Inc., filed voluntary petitions for relief
under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Lead Case
No. 21-11697) on June 16, 2021, listing as much as $10 million in
both assets and liabilities. Anthony Uzzo, manager, signed the
petitions.

Judge Ashely M. Chan presides over the cases.

The Debtors tapped Karalis, PC as bankruptcy counsel; Asterion,
Inc. as financial advisor; A. Uzzo & Company, CPA's PC as
bookkeeper; and Blank Rome, LLP and Reed Smith, LLP as special
counsel.


SHAWCOR LTD: DBRS Confirms BB(low) Issuer Rating
------------------------------------------------
DBRS Limited confirmed Shawcor Ltd.'s Issuer Rating at BB (low) and
its Senior Unsecured Notes (the Notes) rating at B (high), both
with Stable trends. The Recovery Rating on the Notes remains RR5.
The rating confirmations and Stable trends reflect DBRS
Morningstar's expectations that, despite a slowing economic
backdrop, Shawcor will likely deliver strong operational execution
and results over the near term, which should strengthen the
Company's key credit metrics. Depending on the use of proceeds,
credit metrics could also benefit from the potential divestitures
as part of Shawcor's ongoing strategic review. The ratings continue
to be supported by the Company's predominant leadership position in
most of its business divisions, its diverse customer and geographic
bases, strong technical expertise, and favorable long term economic
trends that should continue to support the business risk profile
over the medium to long term. The ratings also consider Shawcor's
still significant exposure to the highly cyclical oil and gas
sector, high capital intensity, fluctuating cost of raw materials,
and the still nascent but sharply growing water tank business in
which the Company is looking to build a full spectrum of
offerings.

DBRS Morningstar forecasts Shawcor's sales to be exceptionally
strong in F2023, reaching more than $1.7 billion before moderating
toward $1.5 billion in F2024 versus $1.2 billion during the last 12
months ended September 30, 2022 (LTM 2022). DBRS Morningstar
expects the F2023 increase to be largely driven by a sharp increase
in revenues from the Pipeline and Pipe Services segment,
benefitting from a strong order backlog, combined with continued
solid growth in both the Composites and Automotive & Industrial
segments. The F2023 revenue growth also reflects DBRS Morningstar's
expectation that the Composites segment will continue to outperform
because of strong demand in the fuel tank and water businesses and
growing demand for the larger diameter composite pipes. The
Automotive & Industrial segment should benefit from growing
infrastructure spending and increasing adoption of electric/hybrid
vehicles, which in turn will keep the demand healthy for its highly
engineered wire cable and heat shrink products. DBRS Morningstar
anticipates revenues in F2024 to moderate as the Company works
through some of the order backlog in the Pipeline and Pipe Services
segment. Although the Pipeline and Pipe Services segment has
historically weighed on the Company's EBITDA, the forecast of a
strong performance in F2023 coupled with solid performance in the
remaining segments should result in Shawcor's EBITDA growing
materially to more than $225 million in F2023 before moderating in
F2024 to approximately $200 million versus $111 million during LTM
2022.

In the context of the ongoing strategic review of the remaining
components of the Pipeline and Pipe Services segment, DBRS
Morningstar anticipates some probability of significant portfolio
simplification actions within the next 12 months. While the timing
as well as the amount and use of proceeds is not yet known, DBRS
Morningstar anticipates any proceeds, combined with the Company's
cash flow from operations, to be primarily directed toward
repayment of any outstanding amounts under the secured credit
facility, capital expenditures (capex), bolt-on acquisitions,
and/or shareholder returns. DBRS Morningstar expects capex will
likely be focused in the Composites segment where the Company is
looking to grow capacity in the fuel tank business and its
capabilities in the water subsegment, with overall capex across the
three segments (Composites, Auto & Industrial, and Pipeline and
Pipe Services) forecast to increase to more than $100 million in
each of F2023 and F2024. Despite higher capex, DBRS Morningstar
forecasts the Company to generate free cash flow (FCF; after
changes in working capital, dividends, and lease principal
payments) of more than $60 million in 2023 and for FCF to remain
more than $35 million in F2024 from $35 million in LTM 2022. That
said, DBRS Morningstar expects cash flow uses to include
significant shareholder remuneration over the next couple of years.
Excluding potential plans for debt-funded shareholder rewards, DBRS
Morningstar expects credit metrics to further strengthen in F2023,
with the cash flow from operations-to-debt ratio climbing to more
than 50.0% and debt-to-EBITDA trending to 1.50 times (x), which is
considered strong for the current rating, before moderating
somewhat in F2024, which compare with 25.0% and 2.57x,
respectively, in LTM 2022.

DBRS Morningstar could take a positive rating action, should
Shawcor continue to demonstrate solid operational performance,
expand its operational profile in the Composites and Auto &
Industrial segments, successfully implement its portfolio
simplification initiatives, and improve its credit metrics on a
normalized and sustainable basis (i.e., debt-to-EBITDA below
2.00x). However, should credit metrics deteriorate for a sustained
period (i.e., debt-to-EBITDA increase above 4.00x with a
commensurate weakening of the Company's other key credit metrics)
as a result of either weaker-than-expected operating performance
and/or more aggressive financial management, the ratings could be
pressured.

Notes: All figures are in Canadian dollars unless otherwise noted.



SHEM OLAM: All Classes to Get 100% After Plan Sale
--------------------------------------------------
Shem Olam LLC, filed with the U.S. Bankruptcy Court for the
Southern District of New York a Disclosure Statement for the
Chapter 11 Plan dated January 24, 2023.

The Debtor is the owner of the real property located at 82 Highview
Road and 105 Carlton Road, Suffern, New York 10901 (collectively,
the "Highview Property").

The Plan provides for a sale of the Property to the purchaser
procured under the Bid Procedures. Upon the Closing of the sale,
the sale proceeds will be distributed to creditors in the order of
their statutory priority.

Class 1 consists of the Allowed Secured Tax Claim. The holder of
the Allowed Secured Tax Claim shall receive, in full and final
satisfaction of such Claim, Cash from the Sale Proceeds in an
amount equal to such Claim, payable at Closing. The claim is
disputed and any payment of that claim is subject to it becoming an
Allowed Claim. Class 1 is Unimpaired.

Class 2 consists of Other Secured Claims. Each holder of an Allowed
Other Secured Claim shall receive on the Effective Date, if the
Cash Sale Proceeds exceed the aggregate amount of all senior
Claims, including Allowed Claims in Class 1, payment in full in
Cash of the Allowed Claim plus interest at the applicable Legal
Rate as it accrues from the Commencement Date through the date of
payment. Class 2 is Unimpaired.

Class 3 consists of General Unsecured Claims against the Debtor.
Each holder of an Allowed General Unsecured Claim shall receive on
the Effective Date, if the Cash Sale Proceeds exceed the aggregate
amount of all senior Claims, including Allowed Claims in Class 1,
Allowed Claims in Class 2, Allowed Administrative Claims (including
Allowed Professional Fees), and Allowed Priority Claims, payment in
full in Cash of the Allowed Claim plus interest at the applicable
Legal Rate as it accrues from the Commencement Date through the
date of payment. The allowed unsecured claims total $214,968.00.
This Class will receive a distribution of 100% of their allowed
claims. Class 3 is Unimpaired.

Class 4 consists of Existing Equity Interests in the Debtor. If it
is determined in the Litigation that the Debtor is the owner of the
Property, then the Existing Equity Interests shall receive on the
Effective Date all the Excess Sale Proceeds. The Excess Sale
Proceeds shall be held in escrow pending a determination of the
ownership in the Property in the Litigation. Class 4 is
Unimpaired.

Class 5 consists of the YCC Claim and 82 Highview Claim. YCC filed
Claim Number 2 and 82 Highview filed Claim Number 3. The basis of
their claims is their contention that 82 Highview, which had
transferred the Property to Debtor, is the actual owner of the
Property.

As YCC and 82 Highview are seeking the same relief, they are
combined into one class of claims and the claims will be treated as
one for purposes of entitlement to distribution, if at all. Except
to the extent that a holder of a YCC Claim and 82 Highview Claim
against the Debtor has agreed to a less favorable treatment of such
Claim, the holder of the YCC Claim/82 Highview Claim shall
collectively receive on the Effective Date all the Excess Sale
Proceeds if it is determined in the Litigation that they are the
owner of the Property. The Excess Sale Proceeds shall be held in
escrow pending a determination of the ownership of the Property in
the Litigation. Class 5 is Unimpaired.

The Plan shall be funded by the Sale Proceeds. Except for the
payment of Allowed Administrative Claims (including Professional
Fees), Allowed Priority Claims, and Allowed Claims in Classes 1
through 3, the Excess Sale Proceeds from the sale of the Property
shall be held in escrow to be distributed in accordance with the
Plan and to the extent the funds are held in escrow, they will be
held by the Debtor's counsel pending a Court order authorizing and
directing the payment of the excess Sale Proceeds.

The Property will be purchased only by a Cash bid at the Auction
under the Bid Procedures to be approved by the Court. The Cash
remaining after payment of the expenses of the Sale Transaction
shall constitute the Sale Proceeds available for distribution under
the Plan. Distributions not made at Closing will be made from Sale
Proceeds by the Debtor as the Disbursing Agent in accordance with
the terms of the Plan. To the extent that it is determined that 82
Highview, rather than the Debtor, owns the Property, the issue
becomes who is the sole member of 82 Highview at the time of the
transfer of the Property and/or who controls YCC. That issue may
need to be resolved as part of the Litigation before payment to 82
Highview under the Plan.

As of the filing of the Disclosure Statement, there are
approximately $898,987 in Claims against the Debtors, including
Priority and General Unsecured Claims. The Debtor has scheduled the
Property's value at $7,000,000. The Debtor does not intend to sell
the Property for less than $5,000,000, which would provide for a
100% recovery to all creditors. If the Debtor is unable to achieve
a minimum sale price of $5,000,000, the Debtor would withdraw the
sale and seek alternative means of reorganization including
potential exit financing. Accordingly, the Debtor believes that the
Plan provides Creditors with at least as much as they would be
entitled to receive in a chapter 7 liquidation.

A full-text copy of the Disclosure Statement dated January 24, 2023
is available at https://bit.ly/3Jmrc9m from PacerMonitor.com at no
charge.

Debtor's Counsel:

     A. Mitchell Greene, Esq.
     Leech Tishman Robinson Brog, PLLC
     875 Third Avenue, 9th Floor
     New York, NY 10022
     Tel: (212) 603-6300
     Email: amgreene@leechtishman.com

                        About Shem Olam LLC

Shem Olam LLC is the owner of the real property located at 82
Highview Road, Suffern, New York 10901 ("Property"). Rabbi Aryeh
Zaks is the present manager of Shem Olam LLC.

Shem Olam LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 22-22493). In the
petition filed by Rabbi Aryeh Zaks, as manager, the Debtor
estimated assets and liabilities between $1 million and $10 million
each.

Arnold Mitchell Greene, of Leech Tishman Robinson Brog PLLC, is the
Debtor's counsel.


SHILO INN: Seeks Approval to Hire Levene as Bankruptcy Counsel
--------------------------------------------------------------
Shilo Inn Portland/205, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Washington to employ Levene,
Neale, Bender, Yoo & Golubchik, LLP as its bankruptcy counsel.

The firm's services include:

     a. advising the Debtor with regard to the requirements of the
Bankruptcy Court, the Bankruptcy Code, the Bankruptcy Rules and the
Office of the United States Trustee as they pertain to the Debtor;

     b. advising the Debtor with regard to certain rights and
remedies of its bankruptcy estate and the rights, claims and
interests of creditors;

     c. representing the Debtor in any proceeding or hearing in the
bankruptcy court involving its estate unless it is represented in
such proceeding or hearing by special counsel;

     d. conducting examinations of witnesses, claimants or adverse
parties and representing the Debtor in any adversary proceeding
except to the extent that any such adversary proceeding is in an
area outside of Levene's expertise or which is beyond the firm's
staffing capabilities;

     e. preparing reports and legal papers;

     f. assisting the Debtor in the negotiation, preparation and
confirmation of a plan of reorganization and disclosure statement;
and

     g. other services, which may be appropriate in Levene's
representation of the Debtor during its bankruptcy case.

The firm will be paid at these rates:

     Attorneys           $350 to $650 per hour
     Paraprofessionals   $250 per hour

The retainer is $51,739.

David Golubchik, Esq. disclosed in court filings that his firm is a
"disinterested person" as defined in Section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     David B. Golubchik, Esq.
     Levene, Neale, Bender, Yoo & Brill, LLP
     10250 Constellation Blvd., Ste. 1700
     Los Angeles, CA 90067
     Telephone: (310) 229-1234
     Facsimile: (310) 229-1244
     Email: dbg@lnbyb.com

                   About Shilo Inn Portland/205

Shilo Inn Portland/205 LLC operates the "Shilo Inn" hotel in
Portland, Ore. The business is owned by Mark S. Hemstreet.

Shilo Inn Portland/205, along with several affiliates, first sought
Chapter 11 protection on March 20, 2022 (Bankr. D. Ore. Lead Case
No. 02-32682). Shilo Inn Portland/205's case was terminated on
March 30, 2004.

Hemstreet's Shilo Inn, Idaho Falls, LLC filed for Chapter 11
bankruptcy (Bankr. W.D. Wash. Case No. 20-42489) on Nov. 2, 2020.

Two more Shilo Inn hotels owned by Hemstreet -- Shilo Inn, Bend,
LLC, and Shilo Inn, Warrenton, LLC -- filed for Chapter 11
bankruptcy on Aug. 13, 2021 (Bankr. W.D. Wash. Case Nos. 21-41340
and 21-41341). The cases are pending and jointly administered under
Case No. 21-41340.

Shilo Inn Portland/205 again filed a petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wash. Case No.
22-41459) on Nov. 10, 2022.  In the petition filed by Larry Chank,
as authorized representative, Shilo Inn Portland/205 reported
between $10 million and $50 million in both assets and
liabilities.

Judge Brian D. Lynch handles the Debtors' cases.

Levene, Neale, Bender, Yoo & Golubchik, LLP and Stoel Rives, LLP
serve as the Debtors' bankruptcy counsel and local counsel,
respectively.



SNC VENTURES: Seeks to Hire Hughes Watters as Bankruptcy Counsel
----------------------------------------------------------------
SNC Ventures, LLC seeks approval from the U.S. Bankruptcy Court for
the Southern District of Texas to hire Hughes Watters Askanase, LLP
as its general bankruptcy counsel.

The firm's services will include:

     a) bankruptcy-related legal advice regarding the Debtor's
continued operation and management of its cash and property;

     b) preparation of legal papers;

     c) negotiation and formulation of a plan of reorganization and
the preparation of a disclosure statement;

     d) assistance in preserving and protecting the Debtor's
estate; and

     e) performance of other legal services.

The firm will charge for time at its normal billing rates for
attorneys and paralegals, and will request reimbursement for its
out-of-pocket expenses.

As of petition date, the firm held retainer funds in the total
amount of $23,883.50.

Hughes Watters is a "disinterested person" within the meaning of
Section 101(14) of the Bankruptcy Code, according to court
filings.

The firm can be reached through:

     Wayne Kitchens, Esq.
     Alexander Perez, Esq.
     Hughes Watters Askanase, LLP
     1201 Louisiana St, 28th Floor
     Houston, TX 77002
     Tel: (713) 759- 0818
     Fax: (713) 759-6834
     Email: wkitchens@hwa.com; aperez@hwa.com

                         About SNC Ventures

SNC Ventures LLC is a Texas limited liability company that operates
an e-commerce costume jewelry retail business. Steven Habel is the
managing member and operates SNC from its headquarters in Tomball,
Texas.

SNC Ventures LLC filed a petition for relief under Subchapter V of
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No.
22-33813) on December 22, 2022. In the petition filed by Steven T.
Habel, as managing member, the Debtor reported assets and
liabilities between $1 million and $10 million.

Brendon D Singh has been appointed as Subchapter V trustee.

The Debtor is represented by Wayne Kitchens, Esq., at Hughes
Watters Askanase LLP.


ST. CHARLES MEMORY: Voluntary Chapter 11 Case Summary
-----------------------------------------------------
Debtor: St. Charles Memory Care, LLC
            aka Autumn Leaves of St. Charles;
            aka Autumn Leaves
        1900 Enchanted Way
        Suite 200
        Grapevine TX 76051

Business Description: The Debtor operates a continuing care
                      retirement community and assisted living
                      facility for the elderly.

Chapter 11 Petition Date: January 27, 2023

Court: United States Bankruptcy Court
       Northern District of Texas

Case No.: 23-40253

Judge: Hon. Mark X. Mullin

Debtor's Counsel: Joyce W. Lindauer, Esq.
                  JOYCE W. LINDAUER ATTORNEY, PLLC
                  1412 Main Street, Suite 500
                  Dallas, TX 75202
                  Tel: (972) 503-4033
                  Email: joyce@joycelindauer.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Tracy Bazzell as agent.

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/DWFJJZY/St_Charles_Memory_Care_LLC__txnbke-23-40253__0001.0.pdf?mcid=tGE4TAMA


STANFORD INTERNATIONAL: Receiver Settles With Trustmark for $100M
-----------------------------------------------------------------
The court-appointed receiver for Stanford International Bank Ltd.
("SIB") and related entities, and certain plaintiffs, have reached
an agreement to settle all claims asserted or that could have been
asserted against Trustmark National Bank relating to or in any way
concerning SIB.

As part of the Settlement Agreement, the receiver and plaintiffs
have requested orders that permanently enjoin, among others, all
interested parties, including Stanford Investors, and all other
persons from bringing any legal proceeding or cause of action
arising from or relating to the Stanford Entities against Trustmark
National Bank or the Trustmark Released Parties.

Complete copies of the Settlement Agreement, the proposed bar
order, and settlement documents are available on the receiver's
website at http://www.stanfordfinancialreceivership.com/.

Interested parties may file written objections with the United
States District Court for the Northern District of Texas on or
before April 12, 2023.

                       $100-Million Payment

The Houston Chronicle reports that Trustmark Bank is one of five
banks facing a multi-billion-dollar fraud trial next month in
Houston for providing financial services to Ponzi scheme
perpetrator R. Allen Stanford and his investment firm has agreed to
settle its part of the case for $100 million.  According to the
Chronicle, Mississippi-based Trustmark Corp., parent of Trustmark
National Bank, agreed late New Year's Eve to pay the $100 million
instead of facing a federal civil fraud trial alongside four other
banks accused of "aiding, abetting and participating in the
fraudulent scheme" perpetrated by Stanford and his associates.

"Trustmark makes no admission of liability or wrongdoing in
connection with any Stanford matter," Trustmark said in a document
filed Dec. 31 with the U.S. Securities and Exchange Commission.
"Trustmark expressly denies any liability or wrongdoing with
respect to any matter alleged in regard of the multi-billion-dollar
Ponzi scheme operated by Stanford for almost 20 years.
Trustmark’s relationship with Stanford consisted of ordinary
banking services provided to business deposit customers."

According to the Chronicle, the settlement is another victory for
the court-appointed receiver, Dallas lawyer Ralph Janvey, who will
have now recovered more than $1.2 billion for the thousands of
investors who claim they were defrauded more than $5 billion by
Stanford and the Stanford Financial Group between 1999 and 2008.

The four remaining banks -- Toronto-Dominion Bank (TD Bank), HSBC
Bank, Independent Bank (formerly Bank of Houston) and Societe
Generale Private Banking (SG Suisse) -- are set to go on trial Feb.
27 in federal court in Houston.  The receiver and a committee of
Stanford investors are seeking $4 billion in actual damages.

Janvey and the official Stanford investors committee are "very
pleased that they reached a settlement of this magnitude for the
benefit of the victims of Allen Stanford's fraud," said Baker Botts
partner Kevin Sadler, who represents both in the litigation.

Sadler said the receiver and investors committee "will prosecute
vigorously their claims against the remaining defendants in the
case."  He said the upcoming trial "presents an opportunity for
these banks finally to be held publicly accountable for their
conduct."

"Over many years, these banks helped Stanford move billions of
dollars that he obtained by fraud," Sadler said.

In its statement to the SEC, Trustmark said the company "determined
that it is in the best interest of Trustmark, Trustmark Corp. and
the shareholders of Trustmark Corp. to enter into the settlement to
eliminate the risk, ongoing expense, uncertainty as to ultimate
outcome and imposition on management and the business of Trustmark
of further litigation of the actions and related Stanford claims."

In a notice sent to U.S. District Judge Kenneth Hoyt of Houston,
Sadley and Houston trial lawyer Robin Gibbs, who represents
Trustmark, said the $100 million settlement needs court approval to
be final.

Stanford was convicted on fraud charges in 2012 and is serving a
110-year prison sentence.

                      About Stanford Group

The Stanford Financial Group was a privately held international
group of financial services companies controlled by Allen Stanford,
until it was seized by United States (U.S.) authorities in early
2009.

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of  
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management served more than
70,000 clients in 140 countries.

On Feb. 16, 2009, the United States District Court for the Northern
District of Texas, Dallas Division, signed an order appointing
Ralph Janvey as receiver for all the assets and records of Stanford
International Bank, Ltd., Stanford Group Company, Stanford Capital
Management, LLC, Robert Allen Stanford, James M. Davis and Laura
Pendergest-Holt and of all entities they own or control.  The Feb.
16 order, as amended March 12, 2009, directs the Receiver to, among
other things, take control and possession of and to operate the
Receivership Estate, and to perform all acts necessary to conserve,
hold, manage and preserve the value of the Receivership Estate.

The case in district court was Securities and Exchange Commission
v. Securities Investor Protection Corp., 11-mc-00678, U.S. District
Court, District of Columbia (Washington).

The U.S. Securities and Exchange Commission charged before the U.S.
District Court in Dallas, Texas, Mr. Stanford and three of his
companies for orchestrating a fraudulent, multi-billion dollar
investment scheme centering on an US$8 billion Certificate of
Deposit program.

A criminal case was pursued against him before the U.S. District
Court in Houston, Texas.  Mr. Stanford pleaded not guilty to 21
charges of multi-billion dollar fraud, money-laundering and
obstruction of justice.  Assistant Attorney General Lanny Breuer,
as cited by Agence France-Presse News, said in a 57-page indictment
that Mr. Stanford could face up to 250 years in prison if convicted
on all charges.  Mr. Stanford surrendered to U.S. authorities after
a warrant was issued for his arrest on the criminal charges.


STONE CLINICAL: Seeks Plan Approval Over Whale Objections
---------------------------------------------------------
Stone Clinical Laboratories LLC and the Official Committee of
Unsecured Creditors filed an Amended Plan of Reorganization for the
resolution of the outstanding Claims against the Debtor.

The Debtor asks the Court to confirm the Plan despite objections
filed by Whale Capital, LP, which the Debtor says is on a vendetta
against the other owner of an equity interest in the Debtor and is
attempting to better itself at the expense of the general unsecured
creditors.

Whale argues that the Plan impermissibly gerrymanders creditors for
the purpose of obtaining an accepting impaired class.  Whale takes
the absolutist position that all similarly situated claims must be
placed in the same class.  Whale's reading of the Bankruptcy Code
and Fifth Circuit jurisprudence is strained at best, according to
the Debtor.

The Plan, when initially filed, contained separate classes for
those creditors possessing security interests in the Debtor's
assets. Four such entities existed at the time the Plan was filed
(Atlantes Corporate Finance, Hancock Whitney Bank, Nole Financial,
and TVT Capital, LLC).  And Nole, an impaired Class 4 creditor, has
voted in favor of the Plan.  The requirement of an impaired
accepting class is satisfied without regard to the classification
of Whale and holders of general unsecured claim

The Debtor adds that Section 1129 (b)(2)(C) is satisfied as the
Plan provides that all equity interests are cancelled (including
whatever equity interest Whale may possess).  In exchange, Whale
will have a beneficial interest in the Liquidating Trust and will
be paid pursuant to the waterfall distribution set forth in the
Plan.

                          Amended Plan

Under the Plan, Class 6 General Unsecured Claims consists of all
General Unsecured Claims and all Claims arising from the rejection
of any executory contract against the Debtor.  The Deficiency
Claims of Classes 1 (if any Class 1 Claim exists), 2 and 3
creditors, if any, shall be paid pro rata with the Class 6
creditors (and potentially the Class 5 and 8 creditors) out of the
Cash Fund until such Claims are paid in full.  Holders of Claims in
Class 6 are impaired and shall be entitled to accept or reject the
Plan.

Cash Fund shall mean the fund created for the payments set forth in
this Plan created from the sale of the Debtor's Assets, the cash on
hand on the Effective Date, the Debtor's accounts, and the
recoveries from Causes of Action.

Upon the Effective Date, the Liquidating Trustee shall be empowered
and authorized to sell, assign, transfer, abandon, or otherwise
dispose of Estate Assets or assets of the Post-Effective Date
Debtor in accordance with the Plan and without Bankruptcy Court
approval when the Face Amount of the Estate Asset or asset of the
Post-Effective Date Debtor is $25,000 or less; provided, however,
that the Liquidating Trustee will, on a quarterly basis, file a
notice with the Bankruptcy Court of all Estate Assets and assets of
the Post-Effective Date Debtor that have been sold, assigned,
transferred, abandoned or otherwise disposed of and include in the
notice (i) the Face Amount of the Estate Asset or asset of the
Post-Effective Date Debtor, and (ii) the amount the Estate or the
Post-Effective Date Debtor received from the disposition of the
Estate Asset or asset of the Post-Effective Date Debtor.

Attorneys for the Official Committee of Unsecured Creditors:

     Michael D. Rubenstein, Esq.
     LISKOW & LEWIS, APLC
     1001 Fannin Street, Suite 1800
     Houston, TX 77002
     Tel: (713) 651-2953
     Fax: (713) 651-2908
     E-mail: mdrubenstein@liskow.com

Attorneys for Stone Clinical Laboratories LLC

     Douglas S. Draper, Esq.
     HELLER, DRAPER & HORN, L.L.C.
     650 Poydras Street, Suite 2500
     New Orleans, LA 70130
     Tel: (504) 299-3300
     Fax: (504) 299-3399
     E-mail: ddraper@hellerdraper.com

A copy of the Disclosure Statement dated Jan. 14, 2023, is
available at https://bit.ly/3WtnbDh from PacerMonitor.com.

               About STONE Clinical Laboratories

STONE Clinical Laboratories, LLC is a full-service clinical
reference laboratory that specializes in preventative and molecular
diagnostics testing. The company is based in New Orleans, La.

On July 15, 2021, Whale Capital, L.P., Hologic, Inc. and Woman's
Hospital Foundation filed an involuntary Chapter 11 petition
against the Debtor. On Jan. 10, 2022, the court entered the order
for relief, thereby, commencing the Chapter 11 case (Bankr. E.D.
La. Case No. 21-10923). The petitioning creditors are represented
by The Derbes Law Firm LLC, Jaffe Raitt Heuer & Weiss P.C., and The
McCarthy Law Firm.

Judge Meredith S. Grabill presides over the case.

Heller, Draper & Horn, LLC and Gordian Seaport Advisors, LLC serve
as the Debtor's legal counsel and investment banker, respectively.

David Asbach, acting U.S. Trustee for Region 5, appointed an
official committee of unsecured creditors on Feb. 3, 2022. The
committee is represented by Liskow & Lewis, APLC.


TFRC ENTERPRISES: Case Summary & Nine Unsecured Creditors
---------------------------------------------------------
Debtor: TFRC Enterprises LLC
        22214 Highland Knolls
        Suite 120
        Katy TX 77450

Business Description: The Debtor owns in fee simple titles 21
                      properties located in various locations in
                      Texas having a total value of $2.72 million.

Chapter 11 Petition Date: January 27, 2023

Court: United States Bankruptcy Court
       Southern District of Texas

Case No.: 23-60006

Judge: Hon. Christopher M. Lopez

Debtor's Counsel: Richard Lee Fuqua II, Esq.
                  FUQUA & ASSOCIATES, P.C.
                  8558 Katy Freeway
                  Suite 119
                  Houston, TX 77024
                  Tel: (713) 960-0277
                  Fax: (713) 960-1064
                  Email: RLFuqua@FuquaLegal.com

Total Assets: $2,802,238

Total Liabilities: $435,493

The petition was signed by Richard J. Whitmore, II, as managing
member.

A copy of the Debtor's list of nine unsecured creditors is
available for free at PacerMonitor.com at:

https://www.pacermonitor.com/view/CZXKOSI/TFRC_Enterprises_LLC__txsbke-23-60006__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/C7OKA3Y/TFRC_Enterprises_LLC__txsbke-23-60006__0001.0.pdf?mcid=tGE4TAMA


TRICIDA INC: Seeks Approval of Disclosure Statement
---------------------------------------------------
Tricida, Inc., filed a motion for entry of order approving
Disclosure Statement and form and manner of notice of disclosure
statement hearing, establishing solicitation, voting, and related
procedures, scheduling confirmation hearing, establishing notice
and objection procedures for confirmation of Plan and granting
related relief.

By the Disclosure Statement Order, the Debtor seeks approval of the
following key dates related to the Disclosure Statement and Plan:

   * The voting record date will be on February 27, 2023.

   * The solicitation date no later than three Business Days after
entry of the Disclosure Statement Order (anticipated to be March 2,
2023).

   * The deadline to file claim objection or request to estimate
claim for Voting will be on March 16, 2023 (or 14 days prior to the
Voting Deadline).

   * The Plan supplement filing deadline will be on March 23,
2023.

   * The voting deadline will be on March 30, 2023 at 4:00 p.m.
(ET).

   * The confirmation objection deadline will be on March 30, 2023
at 4:00 p.m. (ET).

   * The deadline to file (a) reply to Confirmation Objection(s),
(b) Brief in Support of Plan Confirmation, (c) Declarations in
Support of Confirmation, (d) Proposed Confirmation Order and (e)
Voting Declaration will be on April 4, 2023 at 12:00 p.m. (ET).

   * The confirmation hearing (subject to the Court's calendar)
will be on April 6, 2023 at 10:00 a.m. (ET).

As set forth in greater detail in the First Day Declaration,
following extensive arms'-length negotiations, the Debtor entered
into the RSA with the Consenting Noteholders.  The RSA requires,
among other things, the Consenting Noteholders to vote in favor of
the Plan provided, among other things, that Tricida meets certain
milestones set forth in the RSA term sheet. In addition, the RSA
establishes a means for the implementation of the liquidating plan
through the creation of a liquidating trust. Moreover, the RSA sets
up a general framework for the treatment of claims against and
interests in the Debtor.

The Disclosure Statement contains the necessary information for
Holders of Claims entitled to vote to make an informed decision
about whether to vote to accept or reject the Plan

Counsel for the Debtor:

     Sean M. Beach, Esq.
     Allison S. Mielke, Esq.
     Andrew A. Mark, Esq.
     Carol E. Cox, Esq.
     YOUNG CONAWAY STARGATT & TAYLOR, LLP
     Rodney Square, 1000 North King Street
     Wilmington, DE 19801
     Telephone: (302) 571-6600
     Facsimile: (302) 571-1253

          - and -

     Samuel A. Newman, Esq.
     Julia Philips Roth, Esq.
     SIDLEY AUSTIN LLP
     555 West Fifth Street
     Los Angeles, CA 90013
     Telephone: (213) 896-6000
     Facsimile: (213) 896-6600

          - and -

     Charles M. Persons, Esq.
     Jeri Leigh Miller, Esq.
     Chelsea McManus, Esq.
     2021 McKinney Avenue, Suite 2000
     Dallas, TX 75201
     Telephone: (214) 981-3300
     Facsimile: (213) 981-3400

          - and -

     Michael A. Sabino, Esq.
     787 Seventh Avenue
     New York, NY 10019
     Telephone: (212) 839-5300
     Facsimile: (212) 839-5599

                       About Tricida Inc.

Tricida Inc. -- https://www.tricida.com/ -- is a pharmaceutical
company working to turn the tide on metabolic acidosis and
progression of chronic kidney disease.

Tricida Inc. filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Case No. 23-10024) on Jan. 12,
2023.

The Debtor disclosed $93,879,000 in total assets against
$229,977,000 in total debt as of Sept. 30, 2022.

The Debtor tapped YOUNG CONAWAY STARGATT & TAYLOR, LLP, as counsel;
SIERRACONSTELLATION PARTNERS, LLC, as financial advisor; and
STIFEL, NICOLAUS & COMPANY, INC., and MILLER BUCKFIRE, LLC, as
investment banker.  KURTZMAN CARSON CONSULTANTS LLC is the claims
agent.


TRICIDA INC: Unsecureds Owed $14.7M to Get 8% Under Sale Plan
-------------------------------------------------------------
Tricida, Inc., submitted a Chapter 11 Plan of Liquidation and a
Disclosure Statement.

The Debtor contemplates, through Bankruptcy Court order(s), the
sale of substantially all of its assets in the Chapter 11 case.  On
the Petition Date, the Debtor filed a motion seeking approval of
Bidding Procedures.

Given the Debtor's liquidity situation and the robust prepetition
marketing process, the Debtor has determined that its best
opportunity to maximize the value of its estate for the benefit of
all the Debtor's stakeholders relies on its ability to
expeditiously proceed through the Chapter 11 Case and complete the
proposed Sale in a manner that minimizes administrative expenses.

Under the Plan, Class 5 General Unsecured Claim totaling
$14,738,000 will recover 8% of their claims. Each Holder thereof
will be paid in cash its GUC Effective Date Distribution and
receive its pro rata right to recovery from the Liquidating Trust
pursuant to the Liquidating Trust Waterfall. Class 5 is impaired.

Class 6 De Minimus Unsecured Claims will recover 50 cents on the
dollar.

Subject to the provisions of the Plan concerning the Professional
Fee Reserve and the Wind-Down Budget, the Debtor and the
Liquidating Trustee (as applicable) shall fund distributions under
the Plan with Cash on hand on the Effective Date, including the
proceeds from the Sale, and all other Liquidating Trust Assets.

The Liquidating Trust Assets shall be distributed by the
Liquidating Trust as follows and in the following order: (a) the
Disputed Claim Distribution; (b) following the Disputed Claim
Distribution, (i) each holder of a Noteholder Claim shall receive a
true-up on its pro rata right of recovery, which shall be
calculated as follows: (1) Effective Date Cash Amount minus the
aggregate amount of the Noteholder Effective Date Distribution
minus the aggregate amount of the GUC Effective Date Distribution
minus the aggregate amount of the Disputed Claim Distribution
multiplied by (2) the percentage of the Noteholder Claim as
determined based on the aggregate amount of Allowed General
Unsecured Claims and Noteholder Claims; and (ii) each holder of an
Allowed General Unsecured Claim shall receive a true-up on its pro
rata right of recovery, which shall be calculated as follows: (1)
Effective Date Cash Amount minus the aggregate amount of the
Noteholder Effective Date Distribution minus the aggregate amount
of the GUC Effective Date Distribution minus the aggregate amount
of the Disputed Claim Distribution multiplied by (2) the percentage
of the Allowed General Unsecured Claim as determined based on the
aggregate amount of Allowed General Unsecured Claims and Noteholder
Claims; and (c) to the extent applicable, pro rata to each Holder
of a Noteholder Claim, Allowed Patheon Rejection Claim, and Allowed
General Unsecured Claim.

The Plan confirmation hearing will commence on April 6, 2023, at
10:00 a.m. (prevailing Eastern Time), before the Honorable John T.
Dorsey, United States Bankruptcy Judge, at the United States
Bankruptcy Court for the District of Delaware, 824 N Market St,
Fifth Floor, Courtroom 5, Wilmington, Delaware 19801.  The
objection deadline is March 30, 2023, at 4:00 p.m. (prevailing
Eastern Time).  The ballot or ballots must be received by 4:00
p.m., prevailing Eastern Time, on March 30, 2023 (the "Voting
Deadline").

Counsel for the Debtor:

     Sean M. Beach, Esq.
     Allison S. Mielke, Esq.
     Andrew A. Mark, Esq.
     Carol E. Cox, Esq.
     YOUNG CONAWAY STARGATT & TAYLOR, LLP
     Rodney Square, 1000 North King Street
     Wilmington, DE 19801
     Telephone: (302) 571-6600
     Facsimile: (302) 571-1253

          - and -

     Samuel A. Newman, Esq.
     Julia Philips Roth, Esq.
     SIDLEY AUSTIN LLP
     555 West Fifth Street
     Los Angeles, CA 90013
     Telephone: (213) 896-6000
     Facsimile: (213) 896-6600

          - and -

     Charles M. Persons, Esq.
     Jeri Leigh Miller, Esq.
     Chelsea McManus, Esq.
     2021 McKinney Avenue, Suite 2000
     Dallas, TX 75201
     Telephone: (214) 981-3300
     Facsimile: (213) 981-3400

          - and -

     Michael A. Sabino, Esq.
     787 Seventh Avenue
     New York, NY 10019
     Telephone: (212) 839-5300
     Facsimile: (212) 839-5599

A copy of the Disclosure Statement dated Jan. 18, 2023, is
available at https://bit.ly/3D3QHZa from PacerMonitor.com.

                       About Tricida Inc.

Tricida Inc. -- https://www.tricida.com/ -- is a pharmaceutical
company working to turn the tide on metabolic acidosis and
progression of chronic kidney disease.

Tricida Inc. filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Case No. 23-10024) on Jan. 12,
2023.

The Debtor disclosed $93,879,000 in total assets against
$229,977,000 in total debt as of Sept. 30, 2022.

The Debtor tapped YOUNG CONAWAY STARGATT & TAYLOR, LLP, as counsel;
SIERRACONSTELLATION PARTNERS, LLC, as financial advisor; and
STIFEL, NICOLAUS & COMPANY, INC., and MILLER BUCKFIRE, LLC, as
investment banker. KURTZMAN CARSON CONSULTANTS LLC is the claims
agent.


TRU GRIT FITNESS: Gets OK to Hire Schwartz Law as Counsel
---------------------------------------------------------
Tru Grit Fitness, LLC received approval from the U.S. Bankruptcy
Court for the District of Nevada to employ Schwartz Law, 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 and
property;

     (b) attending meetings and negotiating with representatives of
creditors and other parties in interest, and advising on the
conduct of the bankruptcy case, including all of the legal and
administrative requirements of operating in Chapter 11;

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

     (d) preparing reports and legal papers;

     (e) negotiating and preparing a plan of reorganization,
disclosure statement and all related documents, and taking
necessary actions to obtain confirmation of such plan;

     (f) advising the Debtors in connection with any sale of its
assets;

     (g) appearing before the bankruptcy court, appellate courts
and the Office of the U.S. Trustee; and

     (h) other necessary legal services.

Schwartz Law will be paid at these rates:

      Attorneys           $385 to $895 per hour
      Paraprofessionals   $145 to $280 per hour

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

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

The firm can be reached at:

     Samuel A. Schwartz, Esq.
     Schwartz Law, PLLC
     601 East Bridger Avenue
     Las Vegas, NV 89101
     Tel: (702) 385-5544
     Fax: (702) 442-9887
     Email: saschwartz@nvfirm.com

                       About Tru Grit Fitness

Tru Grit Fitness, LLC is a Las Vegas-based company that offers
fitness equipment.

Tru Grit Fitness sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Nev. Case No. 22-14320) on Dec. 7, 2022.
In the petition signed by its chief executive officer, Brandon
Hearn, the Debtor disclosed $10 million to $50 million in assets
and $50 million to $100 million in liabilities.

Judge August B. Landis oversees the case.

The Debtor tapped Samuel A. Schwartz, Esq., at Schwartz Law, PLLC
as legal counsel and Armory Consulting Co. as restructuring
advisor. James Wong, principal at Armory, is the Debtor's chief
restructuring officer.


VITAL PHARMACEUTICALS: Taps Faulkner ADR Law as Special Counsel
---------------------------------------------------------------
Vital Pharmaceuticals, Inc. and its affiliates seek approval from
the U.S. Bankruptcy Court for the Southern District of Florida to
employ the Law Firm of Faulkner ADR Law, PLLC as special counsel.

The Debtors need the firm's legal assistance in connection with
certain cases filed before the American Arbitration Association
(Case No. 01-20-0005-6081) and the U.S. Court of Appeals for the
Ninth Circuit (Case No. 22-56019).

The firm will be paid at these rates:

     Richard Faulkner, Esq.   $450 per hour
     Associates               $250 to $450 per hour
     Paralegals               $100 to $150 per hour

The retainer fee is $30,000.

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

The firm can be reached at:

     Richard Faulkner, Esq.
     Law Firm of Faulkner ADR Law, PLLC
     12770 Coit Road Suite 720
     Dallas, TX 75251
     Tel: (972) 427-1500
     Email: Rfaulkner@faulkneradrlaw.com

              About Vital Pharmaceuticals Inc.

Since 1993, Florida-based Vital Pharmaceuticals, Inc., doing
business as Bang Energy and as VPX Sports, has developed
performance beverages, supplements, and workout products to fuel
high-energy lifestyles. VPX Sports is the maker of Bang energy
drinks, among other consumer products.

Vital Pharmaceuticals, Inc., along with certain of its domestic
subsidiaries and affiliates, filed voluntary petitions for
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Fla. Lead Case No. 22-17842) on Oct. 10, 2022.

VPX estimated $500 million to $1 billion in assets and liabilities
as of the bankruptcy filing.

The Hon. Scott M. Grossman is the case judge.

The Debtors tapped Latham & Watkins, LLP as general bankruptcy
counsel; Berger Singerman, LLP as local counsel; Haynes and Boone,
LLP and Faulkner ADR Law, PLLC as special counsels; Huron
Consulting Group, Inc. as CTO services provider; and Rothschild &
Co US, Inc. as investment banker. Stretto, Inc. is the notice,
claims and solicitation agent.

The U.S. Trustee for Region 21 appointed an official committee of
unsecured creditors on Nov. 1, 2022. The committee tapped
Lowenstein Sandler, LLP as general bankruptcy counsel; Sequor Law,
P.A. as local counsel; and Lincoln Partners Advisors, LLC as
financial advisor.


VITAL PHARMACEUTICALS: Taps Haynes and Boone as Special Counsel
---------------------------------------------------------------
Vital Pharmaceuticals, Inc. and its affiliates seek approval from
the U.S. Bankruptcy Court for the Southern District of Florida to
employ the Law Firm of Haynes and Boone, LLP as special counsel.

The Debtors need the firm's legal assistance in connection with a
case filed in the U.S. District Court for the Central District of
California, captioned as Vital Pharmaceuticals, Inc. and JHO
Intellectual Property v. Orange Bang, Inc. and Monster Energy
Company (Case No. 5:20-cv-1464-DSF-SHK).

The firm will be paid at these rates:

     Partners     $750 to $1,650 per hour
     Associates   $500 to $875 per hour
     Paralegals   $225 to $600 per hour

The firm will be paid a retainer in the amount of $25,000.

Daniel Geyser, Esq., a partner at the Law Firm of Haynes and Boone,
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:

     Daniel L. Geyser, Esq.
     Law Firm of Haynes and Boone, LLP
     675 15th St. Suite 2200
     Denver, CO 80202
     Tel: (303) 382-6200
     Fax: (303) 382-6210
     Email: Daniel.Geyser@haynesboone.com

              About Vital Pharmaceuticals Inc.

Since 1993, Florida-based Vital Pharmaceuticals, Inc., doing
business as Bang Energy and as VPX Sports, has developed
performance beverages, supplements, and workout products to fuel
high-energy lifestyles. VPX Sports is the maker of Bang energy
drinks, among other consumer products.

Vital Pharmaceuticals, Inc., along with certain of its domestic
subsidiaries and affiliates, filed voluntary petitions for
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Fla. Lead Case No. 22-17842) on Oct. 10, 2022.

VPX estimated $500 million to $1 billion in assets and liabilities
as of the bankruptcy filing.

The Hon. Scott M. Grossman is the case judge.

The Debtors tapped Latham & Watkins, LLP as general bankruptcy
counsel; Berger Singerman, LLP as local counsel; Haynes and Boone,
LLP and Faulkner ADR Law, PLLC as special counsels; Huron
Consulting Group, Inc. as CTO services provider; and Rothschild &
Co US, Inc. as investment banker. Stretto, Inc. is the notice,
claims and solicitation agent.

The U.S. Trustee for Region 21 appointed an official committee of
unsecured creditors on Nov. 1, 2022. The committee tapped
Lowenstein Sandler, LLP as general bankruptcy counsel; Sequor Law,
P.A. as local counsel; and Lincoln Partners Advisors, LLC as
financial advisor.


VOYAGER DIGITAL: Cannot Seal Agreement With Celsius in Ch.11 Case
-----------------------------------------------------------------
A New York federal bankruptcy judge on Jan. 20, 2023, denied a bid
by the bankrupt cryptocurrency platform Voyager Digital Holdings to
file under seal a past agreement with bankrupt cryptocurrency
lender Celsius.

On Jan. 17, 2023, Voyager filed with the Bankruptcy Court a motion
to file under seal (i) the Omnibus Wallet Services Agreement
entered into as of June 12, 2020 between the Debtors and an
affiliate of Celsius Network LLC; and (ii) the amended Wallet
Agreement) entered into as of August 19, 2021 between the Debtors
and certain Celsius affiliates.

On Dec. 22, 2022, Celsius filed a motion seeking authorization to
(i) file a late proof of claim in Voyager's chapter 11 cases and
(ii) lift the automatic stay.  The Relief Motion is predicated on
legal theories of Celsius, put forward in its own chapter 11 cases,
regarding the ownership of certain cryptocurrency assets placed on
its platform by investors.  Such investors included Voyager.
Voyager's placement of assets on Celsius's platforms were governed
by the Wallet Agreements.  The Wallet Agreements contain
commercially sensitive information related to Voyager's
relationship with Celsius, aspects of which are subject to
potential future claims by Celsius in private arbitration. Further,
the Wallet Agreements have not been publicly disclosed.

The Debtors have attached the Wallet Agreements as exhibits to
their objection to the Relief Motion.  Due to the non-public and
sensitive nature of the Wallet Agreements, the Debtors submit that
the Court should restrict access to the Wallet Agreements and any
subsequent filings or notices containing information related
thereto pursuant to section 107 of the Bankruptcy Code.

But Judge Michael Wiles denied Voyager's motion to file the Wallet
Agreements under seal.

"The motion is denied for failure to satisfy the applicable
standards for sealing.  Voyager argues that disclosure might alert
creditors to the terms on which Voyager is willing to do business
but Voyager is not currently doing business and its plan requires a
liquidation.  The mere fact that the agreement calls upon the
parties to try to maintain confidentiality is not sufficient. The
full agreement shall be filed on the public record," Judge Wiles
ruled.

Voyager on Jan. 20 immediately filed a renewed motion for the
Wallet Agreements to remain confidential.  A hearing on the renewed
motion has not been set.
    
                  About Voyager Digital Holdings

Based in Toronto, Canada, Voyager Digital Holdings Inc. --
https://www.investvoyager.com/ -- runs a cryptocurrency platform.
Voyager claims to offer a secure way to trade over 100 different
crypto assets using its easy-to-use mobile application. Through its
subsidiary Coinify ApS, Voyager provides crypto payment solutions
for both consumers and merchants around the globe.

Voyager Digital Holdings Inc. and two affiliates sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead
Case No. 22-10943) on July 5, 2022. In the petition filed by
Stephen Ehrlich, chief executive officer, the Debtors estimated
assets and liabilities between $1 billion and $10 billion.

Michael E. Wiles oversees the cases.

The Debtors tapped Kirkland & Ellis, LLP as general bankruptcy
counsel; Berkeley Research Group, LLC as financial advisor; Moelis
& Company as investment banker; Consello Group as strategic
financial advisor; Deloitte Tax, LLP as tax services provider; and
Deloitte & Touche, LLP as accounting advisor. Stretto, Inc. is the
claims agent.

On July 19, 2022, the U.S. Trustee for Region 2 appointed an
official committee of unsecured creditors in these Chapter 11
cases.

The committee tapped McDermott Will & Emery, LLP as bankruptcy
counsel; FTI Consulting, Inc. as financial advisor; Cassels Brock &
Blackwell, LLP as Canadian counsel; and Epiq Corporate
Restructuring, LLC as noticing and information agent. 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.


WELDON INC: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: Weldon Inc.
        519 Gregory Road
        Franklin, KY 42134

Business Description: The Debtor is engaged in activities related
                      to real estate.

Chapter 11 Petition Date: January 27, 2023

Court: United States Bankruptcy Court
       Western District of Kentucky

Case No.: 23-10076

Debtor's Counsel: Neil C Bordy, Esq.
                  SEILLER WATERMAN LLC
                  22nd Floor - Meidinger Tower
                  462 S 4th Street
                  Louisville, KY 40202
                  Tel: 502-584-7400
                  Fax: 502-583-2100
                  Email: bordy@derbycitylaw.com

Estimated Assets: $500,000 to $1 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Charles Weldon Deweese as managing
member.

The Debtor stated it has no creditors holding unsecured claims.

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

https://www.pacermonitor.com/view/62O5TKA/Weldon_Inc__kywbke-23-10076__0001.0.pdf?mcid=tGE4TAMA


WEST WINDSOR: Unsecureds Will Get 33% of Claims in 60 Months
------------------------------------------------------------
West Windsor Taekwondo Academy, LLC, filed with the U.S. Bankruptcy
Court for the District of New Jersey a Small Business Plan of
Reorganization dated January 23, 2023.

The Debtor, West Windsor Taekwondo, LLC/East Windsor Taekwondo, LLC
("HFS") is a small business that operates taekwondo schools and
gyms in two locations. The Debtor's principal place of business is
located at 217 Clarkson Road, West Windsor, New Jersey.

The Debtor's financial difficulties date back to September 2020
when the government mandated COVID lockdowns shut down the Debtor's
entire industry. Since that time, the Debtor has reduced his staff
from 5 employees prior to the lockdowns to just 2 employees now.
The Debtor has also reduced other expenses.

Unfortunately, the student membership has not increased to
sufficient levels quickly enough to allow the Debtor to meet all of
its monthly obligations. In an effort to preserve value for all of
its creditors, the Debtor made the decision to seek protection
under Chapter 11 of the Bankruptcy Code.

Class 3 consists of General Unsecured Claims. The General Unsecured
Claims total $413,117.00. Based on the Cash Flow Analysis, this
class of creditors will receive a total base dividend of
$137,120.00 to be shared on a pro-rata basis. It is anticipated
that distributions will begin to this class of creditors in the 3rd
year of the Plan after all Administrative and Secured Debts have
been paid. Distributions shall be made quarterly thereafter to this
class of creditors with the final payment being made in the 60th
month of the Plan. This Class is impaired.

It is Estimated that 33% of claims in this class will be paid.
Payments to be made as follows:

     * $7,120.00 in the 4th Quarter of Year 3 of the Plan; and
then

     * $55,000.00 over Year 4 of the Plan.

     * $75,000.00 over Year 5 of the Plan.

Class 4 consists of Steven Phillips as the sole Shareholder/Member
of both West Windsor Taekwondo and East Windsor Taekwondo. Mr.
Phillips will receive no distribution under the Plan, other than to
retain his ownership interest in the Debtor.

The Debtor shall use the estimated funds on hand upon the Effective
Date of the Plan to make the initial distributions for
Administrative Expenses and the initial plan payment. Additionally,
the Debtor shall use its disposable income to make its monthly
payments under the Plan.

A full-text copy of the Plan of Reorganization dated January 23,
2023 is available at https://bit.ly/3Y1lvSs from PacerMonitor.com
at no charge.

Attorney for Debtor:

     Gillman, Bruton & Capone, LLC
     Marc C. Capone, Esq.
     60 Highway 71, Unit 2
     Spring Lake Heights, NJ 07762
     (732) 661-1664

                  About West Windsor Teakwondo

West Windsor Teakwondo Academy LLC is a small business that
operates taekwondo schools and gyms in two locations. The Debtor
filed a Chapter 11 petition (Bankr. D.N.J. Case No. 22-18438) on
Oct. 25, 2022.  The Debtor is represented by Marc C. Capone, Esq.
of GILLMAN, BRUTON & CAPONE, LLC.


WILLIAM HOLDINGS: Deadline to Submit Bids for Property on Feb. 21
-----------------------------------------------------------------
Hilco Real Estate will hold a court-approved sale of a multifamily
portfolio located at 5616 Lexington Avenue, Los Angeles,
California, owned by William Holdings LLC.  The deadline to submit
bids is on Feb. 21, 2023.

The properties are available for purchase individually, in any
combination, or in the portfolio's entirety.  This presents an
exceptional opportunity to acquire properties near desirable areas
and popular attractions, close to Hollywood and downtown Los
Angeles.

5616 Lexington Avenue is a multifamily property with 39 units
available for rent.  The property is mere blocks from both Highway
101 and Santa Monica Blvd.  The area features major employment
centers as it is close to Paramount Pictures, the Hollywood Bowl,
and major retailers like Starbucks, Target and Home Depot.

Copy of the sale notice is available at
https://www.hilcorealestate.com/properties-for-sale/inventory?propertyId=la-ca-multifamily-lexington-ave.

Further information on the sale, contact:

   Jonathan Cuticelli
   Managing Director
   Hilco Real Estate
   5 Revere Dr Suite 410
   Northbrook, IL 60062
   Email: jcuticelli@hilcoglobal.com
   Tel: 203-561-8737

   Adam Zimmerman
   Hilco Real Estate
   5 Revere Dr Suite 410
   Northbrook, IL 60062
   Email: azimmerman@hilcoglobal.com
   Tel: 847-917-9323

                      About William Holdings

Los Angeles-based William Holdings, LLC sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No.
22-14708) on Aug. 28, 2022. In the petition signed by its chief
executive officer, Kameron Segal, the Debtor disclosed between $10
million and $50 million in both assets and liabilities.

Judge Deborah J. Saltzman oversees the case.

The Law Offices of Michael Jay Berger serves as the Debtor's
counsel.

Howard M. Ehrenberg, the Chapter 11 trustee appointed in the
Debtor's case, is represented by Greenspoon Marder, LLP. Menchaca &
Company LLP is his financial advisor and consultant.


YELLOW CORP: Signs Severance Agreement With Former CAO
------------------------------------------------------
Yellow Corporation disclosed in a Form 8-K filed with the
Securities and Exchange Commission it entered into a severance
agreement and release with James Faught, which became effective
Jan. 24, 2023 unless previously revoked.  

As previously disclosed on the Current Report on Form 8-K filed
with the U.S. Securities and Exchange Commission on Dec. 13, 2022,
the employment of James Faught, chief accounting officer of Yellow
Corporation, was terminated, effective Dec. 8, 2022, upon the
elimination of the chief accounting officer position.

Provided that Mr. Faught does not revoke the Agreement, on the
Effective Date, Mr. Faught will be entitled to payment of the
equivalent of 18 months of his monthly base salary, which will be
paid in installments in accordance with the Company's regularly
scheduled pay cycle, subject to appropriate withholdings and
deductions.  Furthermore, as a result of the separation, any
equity-based awards granted to Mr. Faught will be subject to the
terms and conditions of the Company's 2019 Incentive and Equity
Award Plan and his equity award agreements.

Pursuant to the Agreement, Mr. Faught agreed to certain restrictive
covenants, including, among others, non-solicitation of employees
and non-solicitation of customers and accounts, each of which is
effective from the Separation Date until 18 months from the
Effective Date.

                      About Yellow Corporation

Yellow Corporation -- www.myyellow.com -- operates logistics and
less-than-truckload (LTL) networks in North America, providing
customers with regional, national, and international shipping
services throughout.  Yellow's principal office is in Nashville,
Tenn., and is the holding company for a portfolio of LTL brands
including Holland, New Penn, Reddaway, and YRC Freight, as well as
the logistics company Yellow Logistics.

Yellow Corp reported a net loss of $109.1 million for the year
ended Dec. 31, 2021, a net loss of $53.5 million for the year ended
Dec. 31, 2020, and a net loss of $104 million for the year ended
Dec. 31, 2019.  As of Sept. 30, 2022, the Company had $2.45 billion
in total assets, $843.8 million in total current liabilities, $1.49
billion in long-term debt (less current portion), $104.5 million in
pension and postretirement, $86.1 million in operating lease
liabilities, $263.8 million in claims and other liabilities, and a
total shareholders' deficit of $335.9 million.


ZEST ACQUISITION: Moody's Rates New 1st Lien Loans 'B3'
-------------------------------------------------------
Moody's Investors Service affirmed Zest Acquisition Corp.'s B3
Corporate Family Rating, and B3-PD Probability of Default Rating.
Concurrently, Moody's assigned B3 rating to Zest's proposed first
lien senior secured credit facility, consisting of a $50 million
revolver expiring in 2027, and a $320 million term loan due 2028.
The outlook remains stable.

Proceeds from the new debt along with $68 million of balance sheet
cash will be used to fully repay the company's existing $367
million of outstanding debt and pay related fees and expenses. Upon
close of the transaction, Moody's will withdraw the ratings on the
pre-existing debt concurrent with the associated repayment of
Zest's debt obligation.

The affirmation of the B3 CFR reflects Moody's expectations that
Zest will maintain very good liquidity and positive free cash flow
in the next 12-18 months.  The company has a leading market
position in the dental attachment market and Moody's expects Zest
will continue to benefit from industry growth and the rollout of
its new products including its LOCATOR Fixed for full-arch
solutions.  Moody's expects adjusted debt/EBITDA to decline towards
the low 4x range in the next 12-24 months.  Zest's narrow focus
within the dental device will continue to constrain the company's
credit profile.

Affirmations:

Issuer: Zest Acquisition Corp.

Corporate Family Rating, Affirmed B3

Probability of Default Rating, Affirmed B3-PD

Assignments:

Issuer: Zest Acquisition Corp.

Backed Senior Secured 1st Lien Revolving Credit Facility, Assigned
B3 (LGD4)

Backed Senior Secured 1st Lien Term Loan, Assigned B3 (LGD4)

Outlook Actions:

Issuer: Zest Acquisition Corp.

Outlook, Remains Stable

RATINGS RATIONALE

Zest's B3 Corporate Family Rating reflects the company's very
narrow product focus on hardware used in dental attachments
(dentures) and its small revenue base with LTM revenues of $107
million as of September 30, 2022. The company's customer
concentration has declined, as it has expanded its direct sales to
dentists and dental support organizations.  The company's ten
largest customers of implant manufacturers now represent around 20%
of sales of all LOCATOR products, down from around 40% in 2017.

Zest benefits from a long-term track record of consistent revenue
growth and high EBITDA margins. The company also enjoys favorable
long-term demand for dentures, primarily due to the aging
population. Pro forma for the refinancing, the company will
continue to have very good liquidity, meaningfully positive free
cash flow, and access to a $50 million undrawn revolving credit
facility.

The B3 rating  of the new senior secured revolver and new senior
secured term loan reflects their interest in substantially all
assets of the borrower and the fact that secured debt is the sole
financial debt within the company's capital structure.

The outlook is stable. Moody's expects that Zest's earnings will
continue to grow over the next 12-18 months and cash flow will be
positive throughout that period.

Moody's expects Zest to maintain very good liquidity in the next
12-18 months. Liquidity is supported by Moody's expectations of
free cash flow of $10 million in 2023.  At the close of the
transaction, Moody's expects a modest cash balance of $3 million
and full availability under the new $50 million revolver.  The
company's term loan will have approximately $3.2 million in
mandatory annual amortization.  The revolving credit facility is
subject to a springing first lien net leverage ratio covenant of
7.0x, which will be tested if the revolver utilization exceeds 40%.
Moody's does not expect the springing covenant to be tested in the
next 12-18 months.  Finally, the company's alternate liquidity
options are limited, as the majority of its assets are encumbered
by the bank credit facilities.

ESG considerations have a highly negative impact on Zest's rating
(CIS-4). The company's highly negative governance risk exposure
(G-4) reflects its aggressive financial strategy and risks
associated with board structure which is dominated by members
representing the company's private equity sponsor. The company has
had prudent financial policies, including reducing leverage with
this current refinancing transaction.  However, the company is
sponsor owned, which can make it susceptible to future dividend
payouts and debt-funded acquisitions. The social risks
considerations are moderately negative (S-3) and are primarily
associated with responsible production including compliance with
regulatory requirements for the safety of medical devices as well
as adverse reputational risks arising from recalls associated with
manufacturing defects.

As proposed, the new credit facilities are expected to provide
covenant flexibility that if utilized could negatively impact
creditors. Notable terms include the following:

Incremental debt capacity up to (A) the greater of $70 million and
100% of consolidated EBITDA plus (B) an additional amount subject
to 4.50x Total Net First Lien Leverage (if pari passu secured). No
portion of the incremental may be incurred with an earlier maturity
than the initial term loans.

There are no express "blocker" provisions which prohibit the
transfer of specified assets to unrestricted subsidiaries; such
transfers are permitted subject to carve-out capacity and other
conditions.

Non-wholly-owned subsidiaries are not required to provide
guarantees; dividends or transfers resulting in partial ownership
of subsidiary guarantors could jeopardize guarantees, with no
explicit protective provisions limiting such guarantee releases.

The credit agreement provides some limitations on up-tiering
transactions, including a requirement that each directly affected
lender consents to amendments to the waterfall and certain pro rata
provisions.

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

Ratings could be upgraded if the company enhances its scale or
business diversity and sustains debt/EBITDA below five times while
maintaining good liquidity.

Ratings could be downgraded if the company's liquidity weakens, or
if sales or margins erode. Quantitatively, ratings could be
downgraded if debt/EBITDA is sustained above seven times for an
extended period.

Headquartered in Carlsbad, CA, Zest Acquisition Corp. is a global
developer, manufacturer and distributor of medical devices used in
restorative dental procedures. Zest is owned by funds affiliated
with private equity sponsor BC Partners.

The principal methodology used in these ratings was Medical
Products and Devices published in October 2021.


ZEST ACQUISITION: S&P Affirms 'B' ICR, Outlook Stable
-----------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating on Zest
Acquisition Corp.

S&P said, "We assigned a 'B' issue-level rating to the proposed
senior secured first-lien $320 million term loan and $50 million
revolving credit facility (pari pasu with each other) and a '3'
recovery rating, indicating our expectation of average (50%-70%;
rounded: 50%) recovery in the event of a payment default. We will
withdraw the ratings on the company's existing first-lien $265
million term loan and $50 million revolving facility, and its
second-lien $115 million debt after the close of this transaction.

"Our stable outlook reflects our expectations for solid revenue
growth prospects, and our forecast that the company will maintain
S&P Global Ratings-adjusted EBITDA margins in the 50% area and S&P
Global Ratings-adjusted leverage in 5x-6x range in the coming
years."

Zest plans to issue a new $320 million five-year first-lien term
loan in addition to about $70 million cash balance to refinance its
existing debt, as well as cover related expenses.

The transaction will result in leverage reduction of about 1x, as
we forecast that pro forma for the transaction, the leverage to
improve to 5.5x by the end of 2023 from 6.8x for the 12 months
ended Sept. 30, 2022.

The ratings affirmation reflects improvement in leverage due to the
transaction. The company plans to use proceeds of the new proposed
$320 million first-lien term loan and its cash balance of about $70
million to repay the company's existing $252 million outstanding
first-lien term loan and $115 million second-lien debt and cover
the transaction costs. The transaction will result in debt
reduction of about $47 million, about 1x of leverage based on the
company's last 12 months S&P Global Ratings-adjusted EBITDA of
approximately $53 million. As a result, S&P estimated S&P Global
Ratings-adjusted leverage will decrease to about 5.5x by the end of
2023, from 6.8x for the 12 months ended Sept. 30, 2022.

S&P said, "We expect the company's revenue to grow in mid- to
high-single digit rate and margin profile to remain relatively
stable despite the industry-wide headwinds. Zest recently launched
its new product--LOCATOR Fixed, expanding its LOCATOR line into the
fixed overdenture segment. The company's new product has a
significant price advantage compared with existing full-arch fixed
solutions, and thus should support its penetration strategy in this
market, along with its well—established relations with customers
and its brand name. The limited launch was commercially successful,
and we believe it will support the company's growth prospects in
the coming years. We also believe the company's portfolio of putty
and whitening solutions will grow at a high single-digit rate, in
line with rapid clear aligner industry growth."

Persistent inflation, global supply chain disruptions, and high
labor turnover created an adverse operating environment for MedTech
segment and a negative pressure on the company's EBITDA margin
profile in 2022. S&P said, "We believe these headwinds will likely
persists into 2023. However, we believe the company will be able to
offset these headwinds by price increases and cost reduction. We
forecast Zest's S&P Global Ratings-adjusted EBITDA margin of
approximately 49% in 2022 and in the 49%-50% range in 2022-2023, a
small decline from 51.9% in 2021. We believe the company's EBITDA
margins would expand as the headwinds dissipate and the company's
portion of direct sales increases."

While the company's leverage has declined, its cash flow weakened
in 2022 mainly due to higher inventory spending. Zest's working
capital use was about $7 million for the first nine months of
fiscal 2022, compared to working capital cash inflow of about $3.5
million for the same prior-year period. The increase in cash use
was driven largely by the company's decision to hold more inventory
to support expected demand growth amid a constrained supply chain
environment. In S&P's view, the company's elevated inventory will
offset the supply chain disruption, which will likely will continue
through 2023; however, it believes working capital outflows will
stabilize.

The company's free cash flow generation in the first nine month of
2022 was approximately $11 million, compared to about $26 million
in the same period of 2021. S&P forecasts free operating cash flow
of about $5 million for fiscal 2023 (after $21 million transaction
fees), improving to about $25 million in 2024.

S&P said, "Our stable outlook reflects our expectations for solid
revenue growth prospects, its continued solid position in a niche
industry, and our forecast that the company will maintain S&P
Global Ratings-adjusted EBITDA margins in the 50% area and S&P
Global Ratings-adjusted leverage in 5x-6x range in the coming
years.

"We could consider lowering the rating if the company's leverage
were sustained above 7.5x and the free operating cash flow
(FOCF)-to-debt ratio below 3%. This scenario could materialize if
performance weakened, possibly because of disruptive customer
purchasing behavior or profitability pressure from increased costs,
leading to a material EBITDA margin reduction of 10% or more.

"We could consider an upgrade if the company decreases and sustains
leverage below 5x, while materially expanding its business scale
and scope. We believe this would be unlikely given the
concentration of the company's business profile and its financial
sponsor ownership."

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."



                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
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