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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, February 27, 2023, Vol. 27, No. 57

                            Headlines

2 MONKEY TRADING: Seeks to Hire Diaz Trade Law as Special Counsel
2 MONKEY TRADING: Seeks to Hire Taurus CPA as Accountant
2ND CHANCE: Seeks to Hire Goe Forsythe & Hodges as General Counsel
77 VARET: Seeks to Hire Goldberg Weprin as Bankruptcy Counsel
942 PENN RR: Miami Boutique Hotel Up for Sale on March 30

A T MABRY: Amends Class 2 & 3 Secured Claims Pay Details
ACJK INC: Seeks Approval to Hire Albert Pelate as Consultant
ACJK INC: Seeks Approval to Hire Steven T. Stanton as Consultant
ACJK INC: Seeks Approval to Tap A Bankruptcy Law Firm as Counsel
ADOLE GROUP: SARE Files for Chapter 11 Bankruptcy

ALASKA AIR: Egan-Jones Hikes Senior Unsecured Ratings to B+
ALCARAZ CATERING: Taps Beall & Burkhardt as Legal Counsel
ALLEGIANCE COAL: Seeks Cash Collateral Access
AMC ENTERTAINMENT: $2B Bank Debt Trades at 36% Discount
AMC NETWORKS: Chairman James Dolan Open to Sale

AMERICAN AIRLINES: Egan-Jones Retains B- Sr. Unsecured Ratings
AMERICAN AUTO: Oaktree Specialty Marks $14.7M Loan at 22% Off
AMERICAN HARVEST: Hires Basin Brokers as Real Estate Agent
AMERICAN TELECONFERENCING: Investcorp Marks $1.4M Loan at 84% Off
AMERICAN TELECONFERENCING: PennantPark Writes Off $1.6M Loan

AMERICAN TELECONFERENCING: PennantPark Writes Off $7.9M Loan
AMERICANAS SA: Meeting With Bondholders Culminate Without Agreement
ANASTASIA PARENT: Oaktree Specialty Marks $2.7M Loan at 25% Off
ARBORWORKS ACQUISITION: Investcorp Marks $1.2M Loan at 15% Off
ARBORWORKS LLC: Investcorp Credit Marks $7.8M Loan at 15% Off

ASP LS: $1.38B Bank Debt Trades at 16% Discount
ASTRO INTERMEDIATE: S&P Downgrades ICR to 'CCC', Outlook Negative
AUDACY CAPITAL: $770M Bank Debt Trades at 34% Discount
AVENTIV TECHNOLOGIES: Prospect Floating Marks Loan at 23% Off
BASS STREET: Gets OK to Hire Bozeman as Special Counsel

BEAM & COMPANY: Walter Dahl Appointed as Subchapter V Trustee
BED BATH & BEYOND: Marjorie Bowen Quits as Director
BED BATH: Egan-Jones Lowers Senior Unsecured Ratings to CCC-
BETTER NUTRITIONALS: Committee Taps Dundon as Financial Advisor
BLACKSTONE MORTGAGE: S&P Affirms 'BB-' ICR, Alters Outlook to Neg.

BSPV-PLANO LLC: Seeks to Hire Stretto Inc as Solicitation Agent
CAREER BUILDER: Prospect Floating Marks $969,272 Loan at 32% Off
CASTLE US HOLDING: $295M Bank Debt Trades at 29% Discount
CCS-CMGC HOLDINGS: $500M Bank Debt Trades at 29% Discount
CELSIUS NETWORK: Chooses NovaWulf for Bankruptcy Exit

CENTERPOINTE HOTELS: Court OKs Appointment of Chapter 11 Examiner
CHASE CUSTOM: $1.5MM DIP Loan From Androscoggin and Machias OK'd
CHICK LUMBER: To File Revised Plan Within March
CHIEF INVESTMENTS: Hires Crye-Leike Oxford as Real Estate Agent
CHURCH CAPITAL: Seeks to Hire Robert Goldstein as Attorney

CITY BREWING: $850M Bank Debt Trades at 51% Discount
CNX RESOURCES: S&P Affirms 'BB' Issuer Credit Rating, Debt Rating
COLOUROZ INVESTMENT 2: $205M Bank Debt Trades at 41% Discount
COMMUNITY HEALTH: Posts $179 Million Net Income in 2022
COMPUTE NORTH: Court Approves Bankruptcy Plan

CORECIVIC INC: Egan-Jones Retains BB+ Senior Unsecured Ratings
CREDITO REAL: Gets Okay for $62M U.S. Assets Sale in Chapter 15
CYXTERA TECHNOLOGIES: To Ask Lenders to Extend Loan Maturities
DACO CONSTRUCTION: March 23 Hearing on Disclosure Statement
DEL SOL DELIVERYS: Seeks to Continue Factoring Deal with TAFS

DELPHI BEHAVIORAL: Grassi Healthcare CEO Appointed as PCO
DELTA TOPCO: Oaktree Specialty Marks $6.6M Loan at 20% Off
DGS REALTY: Wins Cash Collateral Access Thru April 30
ECO MATERIAL: Fitch Affirms LongTerm IDR at 'B', Outlook Stable
EMERGENT FIDELITY: BlockFi Seeks to Dismiss U.S. Bankruptcy

ENVISION HEALTHCARE: $5.45B Bank Debt Trades at 59% Discount
EVOHEALTH LLC: Seeks to Hire Sasser Law Firm as Legal Counsel
FIELDWOOD ENERGY: Chapter 11 Plan Has Industrywide Implications
FIGUEROA MOUNTAIN: Court OKs 19th Cash Collateral Stipulation
FINTHRIVE SOFTWARE: Oaktree Specialty Marks $25M Loan at 23% Off

FTX GROUP: Court Tightens SBF's Bail, Schedules Hearing
FTX GROUP: Judge Kaplan Threatens SBF Jail Over Use of VPNs, Apps
GAUCHO GROUP: Grosses $591K From Sale of Securities
GENESISCARE USA: $350M Bank Debt Trades at 75% Discount
GIGAMONSTER NETWORKS: $5.8MM DIP Loan Wins Final OK

GILL R.S.: Seeks to Hire Howard Peritz as Bankruptcy Counsel
GOODLIFE PHYSICAL: Court OKs Stipulation to Appoint PCO
GREENPOINT ASSET: Seeks May 29 Extension of Plan Exclusivity
GREER TRANSPORT: Court OKs Cash Collateral Access Thru March 7
GTT COMMUNICATIONS: $350M Bank Debt Trades at 49% Discount

HALLIBURTON COMPANY: Egan-Jones Retains BB Sr. Unsecured Ratings
HCA INC: Egan-Jones Retains BB+ Senior Unsecured Ratings
HEALTHCARE SOLUTIONS: Removes Interim CEO, CFO to Cut Costs
HIE HOLDINGS: Elizabeth Kane Appointed as Chapter 11 Trustee
HOCHHEIM PRAIRIE: S&P Downgrades ICR to 'B', Outlook Negative

HOLLEY INC: $100M Bank Debt Trades at 21% Discount
HOMER CITY: $145M Bank Debt Trades at 31% Discount
HORNBLOWER SUB: $349.4M Bank Debt Trades at 41% Discount
INDEPENDENT PET: Intends to Sell Natural Pawz Back to Founders
INDEPENDENT PET: Seeks to Hire Berkeley Research, Appoint CROs

INDEPENDENT PET: Seeks to Hire Houlihan Lokey as Investment Banker
INDEPENDENT PET: Seeks to Hire McDonald Hopkins as Legal Counsel
INDEPENDENT PET: Seeks to Hire Young Conaway as Co-Counsel
INDEPENDENT PET: Seeks to Tap Omni Agent as Administrative Advisor
INFOW LLC: Jones Has $1.489 Billion of Debt in His Schedules

INSTANT BRANDS: S&P Affirms 'CCC+' Rating on First-Lien Term Loan
ISTAR INC: Egan-Jones Withdraws BB- Senior Unsecured Ratings
IVANTI SOFTWARE: Oaktree Specialty Marks $10.2M Loan at 42% Off
JAM MEDIA: Wins Interim Cash Collateral Access
KINGS RIVER: Fine-Tunes Plan Documents

KKR REAL ESTATE: S&P Alters Outlook to Negative, Affirms 'BB-' ICR
KROLLMOTION TECHNOLOGIES: Court OKs Interim Cash Collateral Access
LEADING LIFE: Patient Care Ombudsman Submits First Report
LTI FLEXIBLE: $142M Bank Debt Trades at 19% Discount
LTI HOLDINGS: Oaktree Specialty Marks $2.1M Loan at 20% Off

MADISON CLINIC: Seeks to Hire Maples Law Firm as Attorney
MAGENTA BUYER: $750M Bank Debt Trades at 22% Discount
MARINE WHOLESALE: Seeks Interim Cash Collateral Access
MARTIN MIDSTREAM: Incurs $10.3 Million Net Loss in 2022
MEDICAL ACQUISITION: Taps Robberson Schroedter as Special Counsel

META MEDIA: Seeks to Hire Levene Neale as Bankruptcy Counsel
MIAMI JET TOURS: Court OKs Cash Collateral Access Thru March 31
MILLERS HOME: Seeks to Hire SL Briggs as Accountant
MMM REALTY: Seeks to Hire Town & Country Elite Realty as Brokers
MUSCLEPHARM CORP: U.S. Trustee Appoints 2 New Committee Members

NABORS INDUSTRIES: Unit Nets $242.2 From Sale of Exchangeable Notes
NATIONAL CINEMEDIA: $270M Bank Debt Trades at 67% Discount
NATURALSHRIMP INC: Posts $15.2 Million Net Income in Third Quarter
NAVARRO PECAN: Seeks to Hire Epiq as Claims and Noticing Agent
NEW TROJAN: $605M Bank Debt Trades at 31% Discount

NOVA WILDCAT: Seeks to Hire Carl Marls Advisory, Appoints CRO
NOVA WILDCAT: Seeks to Hire Epiq as Administrative Advisor
NOVA WILDCAT: Seeks to Hire Reed Smith as Bankruptcy Counsel
NOVA WILDCAT: Seeks to Hire SSG Advisors as Investment Banker
NS FOA LLC: Commences Subchapter V Bankruptcy Case

NS FOA: Seeks Approval to Hire Wernick Law as Bankruptcy Counsel
NUOVO CIAO-DI: Seeks to Hire Bronson Law Offices as Legal Counsel
OBSTETRIC AND GYNECOLOGIC: Exclusivity Hearing Set for Feb. 28
ORIGIN AGRITECH: Incurs RMB6.3 Million Net Loss in Fiscal 2022
PARK PLACE: Seeks to Hire Jacobs PC as Bankruptcy Counsel

PETROLIA ENERGY: Posts $168K Net Income in First Quarter
PHOENIX SERVICES: Gets OK to Hire KPMG as Tax Consultant
RADIOLOGY PARTNERS: Oaktree Specialty Marks $3.4M Loan at 16% Off
RED PLANET: $1.40B Bank Debt Trades at 27% Discount
REFRESH20 WATER: Wins Interim Cash Collateral Access

REVLON CONSUMER: $1.80B Bank Debt Trades at 74% Discount
RICHMOND HOSPITALITY: Says Plan Not Patently Unconfirmable
RISING TIDE: Prospect Floating Marks $985,000 Loan at 27% Off
RISING TIDE: S&P Downgrades ICR to 'CC' on Proposed Debt Exchange
RIVERBED INTERMEDIATE: S&P Downgrades ICR to 'CCC', Outlook Neg.

RIVERBED TECHNOLOGY: Reaches 6-Week Forbearance Deal with Lenders
ROBERTSHAW US: $510M Bank Debt Trades at 43% Discount
ROCKLEY PHOTONICS: Court OKs Interim Cash Collateral Access
S2 ENERGY: Seeks to Hire Heller Draper & Horn as Legal Counsel
SEI INSIEME: Seeks to Hire Bronson Law Offices as Legal Counsel

SHEFA LLC: Seeks to Hire Robert N. Bassel as Attorney
SHUTTERFLY LLC: $1.11B Bank Debt Trades at 47% Discount
SIGNAL PARENT: S&P Alters Outlook to Negative, Affirms 'B-' ICR
SILVER STAR OF NEVADA: Hits Chapter 11 Bankruptcy Protection
SILVER STAR: Files Emergency Bid to Use Cash Collateral

SILVER STAR: Seeks to Hire Fellers Snider as Legal Counsel
SILVER STATE: U.S. Trustee Seeks Appointment of Bankruptcy Trustee
SM WELLNESS: Oaktree Specialty Marks $3.3M Loan at 18% Off
SM WELLNESS: Oaktree Specialty Marks $9.1M Loan at 28% Off
SMYRNA READY: S&P Upgrades ICR to to 'BB-' on Healthy Metrics

SORRENTO THERAPEUTICS: Court OKs $30MM DIP Loan from JMB
SPANX LLC: Oaktree Specialty Marks $330,000 Loan at 21% Off
SPECTACLE BIDCO: S&P Upgrades ICR to 'B+' on Refinancing
ST. CHARLES MEMORY: Seeks to Hire Joyce W. Lindauer as Counsel
SUSTAINABLE SAN DIEGO: Seeks to Hire Neil Czujko as Broker

TANDEM REAL ESTATE: Taps Smith Kane Holman as Legal Counsel
TOLL ROAD II: Fitch Affirms 'BB-' Rating on $1.1BB Revenue Bonds
TRAYLOR CHATEAU: Chapter 11 Trustee Gets OK to Hire Accountant
TUESDAY MORNING: Taps Stretto Inc. as Claims and Noticing Agent
UAL CORP: Egan-Jones Retains CCC+ Senior Unsecured Ratings

UNITED AIRLINES: Egan-Jones Retains CCC+ LC Sr. Unsecured Ratings
UNITED FURNITURE: Appointment of Trustee for Affiliates Okayed
VANTAGE DRILLING: S&P Rates New $200MM First-Lien Notes 'B-'
VANTAGE SPECIALTY: Fitch Assigns 'B' LongTerm IDR, Outlook Stable
VENATOR FINANCE: $375M Bank Debt Trades at 22% Discount

VERITAS US: $1.70B Bank Debt Trades at 20% Discount
VERMILION ENERGY: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
VINTAGE FOOD: Seeks Approval to Hire Gordon Advisors as Accountant
VIRGIN PULSE: $185M Bank Debt Trades at 26% Discount
VIRGINIA TRUE: Taps Spence Law Office as Special Counsel

WW INTERNATIONAL: $945M Bank Debt Trades at 41% Discount
ZAYO GROUP: $4.96B Bank Debt Trades at 19% Discount
ZEP INC: $550M Bank Debt Trades at 19% Discount
ZEP INC: Oaktree Specialty Marks $19.5M Loan at 30% Off
[^] BOND PRICING: For the Week from February 20 to 24, 2023


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2 MONKEY TRADING: Seeks to Hire Diaz Trade Law as Special Counsel
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2 Monkey Trading, LLC and Lucky Shot USA, LLC seek approval from
the U.S. Bankruptcy Court for the Middle District of Florida to
hire Jennifer R. Diaz, Esq. and the law firm of Diaz Trade Law,
P.A. as its special counsel.

The firm will provide legal representation and advice pertaining to
the Notice of Seizure issued by U.S. Customs and Border Protection
under FP &P case number 2018-1803-000113-01.

The firm has agreed to perform the services at a non-refundable
upfront flat fee of $2,500.

Diaz does not represent or hold any interest adverse to the Debtors
or the estate, according to court filings.

The firm can be reached through:

     Jennifer R. Diaz, Esq.
     Diaz Trade Law, P.A.
     12700 Biscayne Blvd # 401
     North Miami, FL 33181
     Phone: +1 305-456-3830
     Email: info@diaztradelaw.com

                       About 2 Monkey Trading

2 Monkey Trading, LLC, a company in Orlando, Fla., sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
M.D. Fla. Case No. 22-04099) on Nov. 17, 2022, with up to $500,000
in assets and up to $10 million in liabilities. Douglas Ingalls,
manager, signed the petition.

Judge Tiffany P. Geyer oversees the case.

Michael A. Nardella, Esq., at Nardella and Nardella, PLLC is the
Debtor's counsel.


2 MONKEY TRADING: Seeks to Hire Taurus CPA as Accountant
--------------------------------------------------------
2 Monkey Trading, LLC and Lucky Shot USA, LLC seek approval from
the U.S. Bankruptcy Court for the Middle District of Florida to
hire Brett W. Newberger, and Taurus CPA Solutions as its
accountant.

The firm will be preparing the Debtor's 2022 Federal Income Tax
returns and tax consulting services.

The accountant's fees are estimated to be $4,120 for 2 Monkey
Trading and $2,000 for Lucky Shot USA, LLC.

Taurus CPA does not hold any interest adverse with the Debtors'
estates, and is a "disinterested person" as defined within Sec.
101(14) of the Bankruptcy Code, according to court filings.

The firm can be reached through:

     Brett W. Newberger, CPA
     Taurus CPA Solutions, LLC
     3460 Ellicott Center Drive, Suite 105A
     Ellicott City, MD 21043
     Phone: 410-465-4600
     Email: brett@tauruscpas.com

                      About 2 Monkey Trading

2 Monkey Trading, LLC, a company in Orlando, Fla., sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
M.D. Fla. Case No. 22-04099) on Nov. 17, 2022, with up to $500,000
in assets and up to $10 million in liabilities. Douglas Ingalls,
manager, signed the petition.

Judge Tiffany P. Geyer oversees the case.

Michael A. Nardella, Esq., at Nardella and Nardella, PLLC is the
Debtor's counsel.


2ND CHANCE: Seeks to Hire Goe Forsythe & Hodges as General Counsel
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2ND Chance Investment Group, LLC seeks approval from the U.S.
Bankruptcy Court for the Central District of California to hire Goe
Forsythe & Hodges LLP as its general counsel.

The firm will provide these services:

     a. assist the Debtor with respect to compliance with the
requirements of the U.S. Trustee;

     b. advise the Debtor regarding matters of bankruptcy law,
including the rights and remedies of Debtor with respect to its
assets and claims of creditors;

     c. represent the Debtor in any proceedings or hearings in the
bankruptcy court and in any action in any other court where its
rights under the Bankruptcy Code may be litigated or affected;

     d. conduct examinations of witnesses, claimants or adverse
parties, and assist in the preparation of reports, accounts, and
pleadings related to the case;

     e. advise the Debtor concerning the requirements of the
Bankruptcy Code and applicable rules;

     f. assist the Debtor in negotiation, formulation,
confirmation, and implementation of a Chapter 11 plan of
reorganization;

     g. make any bankruptcy court appearances on behalf of the
Debtor; and

     h. perform such other services as the Debtor may require of
the firm in connection with the case.

The hourly rates charged by the firm's attorneys and paralegals are
as follows:

     Partners              $435 to $595 per hour
     Associates            $375 to $450 per hour
     Paralegals            $195 per hour

Robert Goe, Esq., a partner at Goe Forsythe & Hodges, 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 P Goe, Esq.
     Goe Forsythe & Hodges LLP
     18101 Von Karman Avenue, Suite 1200
     Irvine, CA 92612
     Telephone: (949) 798-2460
     Facsimile: (949) 955-9437
     Email: rgoe@goeforlaw.com

                 About 2ND Chance Investment Group

2ND Chance Investment Group, LLC owns in fee simple title 13 real
properties located in various locations in California and
Washington having an aggregate value of $7.02 million.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-12142) on December
21, 2022. In the petition signed by Rayshon A. Foster, managing
member, the Debtor disclosed $7,221,261 in assets and $11,002,949
in liabilities.

Judge Scott C. Clarkson oversees the case.

Amanda G. Billyard, Esq., at Financial Relief Law Center, APC, is
the Debtor's legal counsel.


77 VARET: Seeks to Hire Goldberg Weprin as Bankruptcy Counsel
-------------------------------------------------------------
77 Varet Holding Corp. and and 162-164 82nd St. LLC seek approval
from the U.S. Bankruptcy Court for the Eastern District of New York
to hire Goldberg Weprin Finkel Goldstein LLP as their bankruptcy
counsel.

The firm will render these services:

      a. provide the Debtors with all necessary representation in
connection with this Chapter 11 case, as well as the Debtors'
responsibilities as debtors-in-possession;

      b. represent the Debtors in all proceedings before the U.S.
Bankruptcy Court and the Office of the U.S. Trustee;

      c. review, prepare and file all necessary legal papers,
applications, motions, objections, adversary proceedings, and
reports on the Debtors' behalf; and

      d. provide all legal services required by the Debtor in
connection with the refinance or sale of the property.

The firm's current billing rates for bankruptcy matters are $685
per hour for partner time, and between $275 to $500 for associate
time.

The firm received an initial payment of $25,000 from the Debtors,
including filing fees.

Goldberg is not a creditor of either Debtor and does not hold an
adverse interest to the Debtors or their respective estates,
according to court filings.

The firm can be reached through:

     Kevin J. Nash, Esq.
     Goldberg Weprin Finkel Goldstein LLP
     125 Park Avenue, 12th Floor
     New York, NY 10004
     Phone: (212) 301-6944
     Email: knash@gwfglaw.com

          About 77 Varet Holding Corp.

77 Varet Holding Corp. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-42316) on Sept.
21, 2022. In the petition filed by David Goldwasser, as manager,
the Debtor reported assets between $10 million and $50 million and
liabilities between $1 million and $10 million.

Judge Nancy Hershey Lord oversees the case.

The Debtor is represented by Kevin J. Nash, Esq., at Goldberg
Weprin Finkel Goldstein LLP, as counsel.


942 PENN RR: Miami Boutique Hotel Up for Sale on March 30
---------------------------------------------------------
Fisher Auction Company and Trustee Realty Inc. will present a live
auction event a 14,075± square feet building currently operating
as a 29-unit boutique apartment hotel in the Heart of South Beach
in Miami Beach, Florida, on March 30, 2023, at 11:00 a.m. (EDT) at
942 Pennsylvania Avenue, Miami Beach, Florida 33139.  The property
is owned by 942 Penn RR LLC.

The final bid price for the property will be determined by
competitive bidding at the auction.  The property will be offered
free and clear of all liens and claims to the highest bidder and
best bidder with the highest bid being subject to the final
approval of the United States Bankruptcy Court for the Southern
District of Miami Division and acceptance of price, plus the 6
percent Buyer's Premium and is subject to the terms and conditions
of the Governing Documents.

Broker participation is at 2% of the final bid price.

Qualifying bid requirements must be wired into Barry E. Mukamal,
Chapter 11 Trustee's bankruptcy estate account via Federal wire
transfer in U.S. Funds (not an ACH Credit) a $250,000 Initial
Deposit to be received by the Trustee no later than 12:00 p.m.
(EDT) on March 28, 2023 ("Good Faith Deposit").  Contact Fisher
Auction Company for wiring instructions via email
info@fisherauction.com or call Tel: (954) 942-0917 Ext. 4124.

The highest and best bidder will execute the non-contingent
Purchase and Sale Agreement immediately following the Auction.  An
Additional Escrow Deposit totaling (10%) of the total purchase
price in U.S. Funds will also be due via a Federal wire transfer to
Barry E. Mukamal, Chapter 11 Trustee's bankruptcy estate account
within two (2) hours of the conclusion of the Auction.

A sale hearing is scheduled for April 3, 2023, at 9:30 a.m. (EDT)
at the United States Bankruptcy Court, C. Clyde Atkins United
States Courthouse, Courtroom 8, 301 N. Miami Avenue, Courtroom 8,
Miami, Florida 33128.

For further information on the sale vent, visit Fisher Auction's
website at
https://www.fisherauction.com/commercial/auction/bw95300.

Fisher Auction can be reached at:

  Fisher Auction Company
  Attn: Francis D. Santos
        Real Estate Auction Consultant
  2112 East Atlantic Boulevard
  Pompano Beach, FL 33062
  Tel: (754) 220-4116
       (954) 942-0917 (Florida)
  Toll Free: (800) 331-6620
  Fax: (954) 782-8143
  Email: francis@fisherauction.com
         info@fisherauction.com

Trustee Realty can be reached at:

   Trustee Realty Inc.
   Attn: Jason A. Welt, PA
         Real Estate Associate
   Tel: (954) 803-0790
   Email: jw@jweltpa.com

                         About 942 Penn RR

942 Penn RR, LLC, owns a short-term luxury apartment building
located at 942 Pennsylvania Ave., Miami Beach, Fla.

942 Penn RR filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-14038) on
May 23, 2022, with $1,617,630 in total assets and $27,179,541 in
total liabilities. Raziel Ofer, manager, signed the petition.

Judge Robert A. Mark oversees the case.

The Law Office of Mark S. Roher, PA is the Debtor's legal counsel.

On June 29, 2022, the Court appointed Barry E. Mukamal as the
Debtor's Chapter 11 trustee.  Bast Amron, LLP and KapilaMukamal,
LLP, serve as the Trustee's legal counsel and accountant,
respectively.


A T MABRY: Amends Class 2 & 3 Secured Claims Pay Details
--------------------------------------------------------
A T Mabry Trucking, Inc., submitted a First Modified Plan of
Reorganization for Small Business dated February 20, 2023.

The Plan Proponent's financial projections show that the Debtor
will have projected disposable income of at least $ 2,000.00 per
month in Year 1, $2,500.00 per month in Year 2, and $3,000.00 per
month in Years 3, 4, and 5. The final Plan payment is expected to
be paid on April 30, 2028.

This Plan of Reorganization proposes to pay creditors of the Debtor
from cash flow from operations and sales proceeds of assets no
longer required to operate its business.

Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 100 cents on the dollar. This Plan also provides
for the payment of administrative and priority claims.

Class 2 consists of the Secured claims of BMO Harris Bank, NA
(Claim #1), Hanmi Bank and Stearns Bank. Class 2 claims are
unimpaired as the claimants will be paid in full from the surrender
and sale of the collateral. These claims are over secured. See
Article 10.02 if sales proceeds do not satisfy claim. This Class is
unimpaired.

Regarding Class 2 claims referenced in Article 4.01, should the
sales proceeds of voluntarily surrendered collateral be
insufficient to fully satisfy a claim in full, claimants shall have
no later than 14 days after said sale to file an Amended Proof of
Claim with the deficiency balance.

Class 3 consists of the UCC-1 Secured claims of Fundamental
Capital, LLC and The Fundworks, LLC. Class 3 claims will be paid
100% of their allowed claims (without interest) in pro-rata
installments after administrative and Class 1 and 2 claims are
paid.

Like in the prior iteration of the Plan, Class 4 unsecured non
priority claims will be paid 100% of their allowed claims (without
interest) in pro-rata installments over the remaining Plan term all
other classes of claims have been paid.

This Plan will be funded from monthly disposable income of the
Debtor and the sales proceeds of 3 tractor / trucks owned by a
third party.

A full-text copy of the First Modified Plan dated February 20, 2023
is available at https://bit.ly/3xNGjlq from PacerMonitor.com at no
charge.

Debtor's Counsel:

     Brett Alexander Zwerdling, Esq.
     Zwerdling, Oppleman, Adams & Gayle
     5020 Monument Avenue
     Richmond, VA 23230
     Phone: (804) 355-5719
     Fax (804) 355-1597
     Email: bzwerdling@zandolaw.com

                       About A T Mabry Inc.

A T Mabry, Inc., hauls municipal refuse using specialized trailers
as a subcontractor for businesses that have the primary contracts
with municipalities.

A T Mabry, Inc., sought protection for relief under Chapter 11 of
the Bankruptcy Code (Bankr. E.D. Va. Case No. 22-33248) on Nov. 14,
2022, with $100,001 to $500,000 in both assets and liabilities.
Brett Alexander Zwerdling, Esq., at Zwerdling, Oppleman & Adams, is
the Debtor's counsel.


ACJK INC: Seeks Approval to Hire Albert Pelate as Consultant
------------------------------------------------------------
ACJK Inc., doing business as Medicap Pharmacy, seeks approval from
the U.S. Bankruptcy Court for the Southern District of Illinois to
hire Albert Pelate, owner of the majority of its corporate stock,
as its consultant.

The Debtor seeks to employ Mr. Pelate for services regarding
collection and liquidation of the estate and litigation of Debtor's
causes of action at the rate he would be paid as a licensed
pharmacist in the retail pharmacy business, $80 per hour.

Mr. Pelate can be reached at:

     Albert Daniel Pelate, RPh
     Medicap Pharmacy 228
     2770 Madison Ave
     Granite City, IL 62040
     Phone+1 618-451-8001
     Fax+1 618-451-8015

                          About ACJK Inc.

ACJK Inc. d/b/a Medicap Pharmacy is a local pharmacy that offers
services such as immunizations, medication therapy management,
multi-dose packaging, medication synchronization, important health
screenings, and expert care.  On the Web:
https://granitecity.medicap.com/

ACJK Inc. filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Ill. Case No. 23-30045) on January 30,
2023. In the petition filed by Mark Allen, as manager, the Debtor
reported assets and liabilities between $1 million and $10 million
each.

The case is overseen by Honorable Bankruptcy Judge Laura K.
Grandy.

The Debtor is represented by Michael J Benson, Esq. at A Bankruptcy
Law Firm, LLC.


ACJK INC: Seeks Approval to Hire Steven T. Stanton as Consultant
----------------------------------------------------------------
ACJK Inc., doing business as Medicap Pharmacy, seeks approval from
the U.S. Bankruptcy Court for the Southern District of Illinois to
hire Steven T. Stanton, Esq. of the Law Offices of Steven T.
Stanton to provide legal consulting services.

Mr. Stanton will be entitled to compensation at the rate of $300
per hour for legal services and $75 per hour for paralegal work,
plus reimbursement of actual costs incurred.

Mr. Stanton assured the court that he is a "disinterested person"
as defined in 11 U.S.C. 101(14) and does not hold or represent any
interest adverse to the Debtor or its estate.

The firm can be reached through:

     Steven T. Stanton, Esq.
     Law Offices of Steven T. Stanton
     4224 Crescent Industrial Dr
     Granite City, IL 62040
     Phone: +1 618-931-3090

                           About ACJK Inc.

ACJK Inc. d/b/a Medicap Pharmacy is a local pharmacy that offers
services such as immunizations, medication therapy management,
multi-dose packaging, medication synchronization, important health
screenings, and expert care.  On the Web:
https://granitecity.medicap.com/

ACJK Inc. filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Ill. Case No. 23-30045) on January 30,
2023. In the petition filed by Mark Allen, as manager, the Debtor
reported assets and liabilities between $1 million and $10 million
each.

The case is overseen by Honorable Bankruptcy Judge Laura K.
Grandy.

The Debtor is represented by Michael J Benson, Esq. at A Bankruptcy
Law Firm, LLC.



ACJK INC: Seeks Approval to Tap A Bankruptcy Law Firm as Counsel
----------------------------------------------------------------
ACJK Inc., doing business as Medicap Pharmacy, seeks approval from
the U.S. Bankruptcy Court for the Southern District of Illinois to
hire A Bankruptcy Law Firm, LLC to handle its Chapter 11 case.

The firm will be entitled to compensation at the rate of $300 per
hour for legal services and $75 per hour for paralegal work.

The firm is a "disinterested person", as the term is defined in the
Bankruptcy Code, and does not hold or represent an interest adverse
to the estate, according to court filings.

The firm can be reached through:

     Michael J. Benson, Esq.
     A Bankruptcy Law Firm, LLC
     815 Lincoln Highway, Suite 107
     Fairview Heights, IL 62208
     Phone: 618-207-6500
     Email: mike@bensonlawfirms.com

                           About ACJK Inc.

ACJK Inc. d/b/a Medicap Pharmacy is a local pharmacy that offers
services such as immunizations, medication therapy management,
multi-dose packaging, medication synchronization, important health
screenings, and expert care.  On the Web:
https://granitecity.medicap.com/

ACJK Inc. filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Ill. Case No. 23-30045) on January 30,
2023. In the petition filed by Mark Allen, as manager, the Debtor
reported assets and liabilities between $1 million and $10 million
each.

The case is overseen by Honorable Bankruptcy Judge Laura K.
Grandy.

The Debtor is represented by Michael J Benson, Esq. at A Bankruptcy
Law Firm, LLC.



ADOLE GROUP: SARE Files for Chapter 11 Bankruptcy
-------------------------------------------------
Adole Group LLC filed for chapter 11 protection in the Southern
District of New York .  

According to court filings, Adole Group LLC reported $1,735,749 in
debt owed to 1 to 49 creditors. The petition states that funds will
be available to unsecured creditors.

A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
March 13, 2023, at 2:00 PM at Office of UST (TELECONFERENCE ONLY) -
CHAPTER 11s.

                     About Adole Group LLC

Adole Group LLC is a Single Asset Real Estate (as defined in 11
U.S.C. Section 101(51B)).  The Debtor is the owner in fee simple
title of a property located at 68 W 120th Street New York, NY
valued at $2.89 million.

Adole Group LLC filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-10222) on Feb. 15,
2023.  In the petition filed by Cheryl A. Smith, MD, as managing
member, the Debtor reported total assets amounting to $2,905,200
and total liabilities of $1,735,749.

The Debtor is represented by:

  Jjais A. Forde, Esq.
  Law Offices of Jjais A. Forde, PLLC
  68 W 120th Street
  New York, NY 10027
  Tel: 516-350-8325
  Email: bankruptcy@fordelawoffices.com


ALASKA AIR: Egan-Jones Hikes Senior Unsecured Ratings to B+
-----------------------------------------------------------
Egan-Jones Ratings Company on February 8, 2023, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Alaska Air Group, Inc. to B+ from B.

Alaska Air Group, Inc. is an American airline holding company based
in SeaTac, Washington, United States.


ALCARAZ CATERING: Taps Beall & Burkhardt as Legal Counsel
---------------------------------------------------------
Alcaraz Catering, Inc. seeks approval from the U.S. Bankruptcy
Court for the Central District of California to employ Beall &
Burkhardt, APC as legal counsel.

The firm's services include:

   a. advising the Debtor generally concerning its rights, duties,
and obligation under the Bankruptcy Code, the Federal Rules of
Bankruptcy Procedure, and the requirements of the Office of the
U.S. Trustee;

   b. representing the Debtor in all hearings and meetings before
the bankruptcy court;

   c. prosecuting and defending the appropriate adversary
proceedings.

   d. prosecuting claims objections;

   e. preparing and prosecuting a disclosure statement and plan of
reorganization; and

   f. other necessary legal services.

The firm will be paid at these rates:

     William C. Beall     $575 per hour
     Eric W. Burkhadt     $450 per hour
     Carissa Horowitz     $350 per hour

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

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

The firm can be reached at:

     William C. Beall, Esq.
     Eric W. Burkhardt, Esq.
     Carissa Horowitz, Esq.
     Beall & Burkhardt, APC
     1114 State Street
     La Arcada Building, Suite 200
     Santa Barbara, CA 93101
     Telephone: (805) 966-6774
     Facsimile: (805) 963-5988
     Email: will@beallandburkhardt.com

                      About Alcaraz Catering

Alcaraz Catering, Inc. is a catering company in Oxnard, Calif.

Alcaraz Catering filed a petition for relief under Subchapter V of
Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No.
22-10622) on Aug. 13, 2022, with $1 million to $10 million in both
assets and liabilities. Susan K. Seflin has been appointed as
Subchapter V trustee.

Judge Ronald A. Clifford, III oversees the case.

The Law Offices of Kenneth H.J. Henjum and Beall & Burkhardt, APC
serve as the Debtor's legal counsels.


ALLEGIANCE COAL: Seeks Cash Collateral Access
---------------------------------------------
Allegiance Coal USA Limited and affiliates ask the U.S. Bankruptcy
Court for the District of Delaware for authority to use cash
collateral for approximately two weeks and provide adequate
protection.

The Debtors require the use of cash collateral to maintain their
operations and going concern value.

As of the Petition Date, the majority of the Debtors' liabilities
consists of senior secured funded indebtedness.

On May 24, 2022, the Debtor ACUSA and non-Debtor AHQ entered into
the Convertible Note Agreement with Collins St Convertible Notes
Pty Ltd ACN 657 773 754, as trustee for The Collins St Convertible
Notes Fund ABN 30 216 289 383, dated May 24, 2022. Under the
Collins Note Agreement, ACUSA issued to the Prepetition Lender two
tranches of convertible notes: (i) Tranche 1, with a face value of
$30.7 million, and (ii) Tranche 2, with a face value of $12.157
million.

As of the Petition Date, the aggregate principal amount outstanding
under the Collins Notes is approximately A$42.857 million.

On October 26, 2020, NECC entered into the Promissory Note in favor
of Cline Mining Corporation in the amount of $35.120 million. The
Cline Note has a maturity date of July 1, 2030.

As of the Petition Date, the aggregate principal amount outstanding
under the Cline Note was approximately US$26 million.

As adequate protection, the Prepetition Lender will be granted
replacement liens on the proceeds of the Debtors' mineral leases
and superpriority claims.

The Debtors' right to use cash collateral pursuant to the Interim
Order will terminate upon any of the following:

     1. March 4, 2023 (without prejudice to future or amended
orders granting extensions of such date); or

     2. Any of the following will happen in respect of the Debtors'
chapter 11 cases:

          (i) appointment of a chapter 11 trustee or examiner or

         (ii) conversion of the cases to chapter 7.

A copy of the motion is available at https://bit.ly/41dgmJo from
PacerMonitor.com.

                 About Allegiance Coal USA Limited

Allegiance Coal USA Limited is a listed Australian company focused
on seaborne met coal mine development and operations, with
operating mines in southeast Colorado, central Alabama, as well as
a development project in northwest British Columbia.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 23-10234) on February 21,
2023. In the petition signed by Jonathan Romcke, chief executive
officer, the Debtor disclosed up to $100 million in assets and up
to $50 million in liabilities.

Robert J. Dehney, Esq., at Morris, Nichols, Arsht & Tunnell LLP,
represents the Debtor as legal counsel.



AMC ENTERTAINMENT: $2B Bank Debt Trades at 36% Discount
-------------------------------------------------------
Participations in a syndicated loan under which AMC Entertainment
Holdings Inc is a borrower were trading in the secondary market
around 63.9 cents-on-the-dollar during the week ended Friday,
February 24, 2023, according to Bloomberg's Evaluated Pricing
service data.

The $2 billion facility is a Term loan that is scheduled to mature
on April 22, 2026.  About $1.93 billion of the loan is withdrawn
and outstanding.

AMC Entertainment Holdings, Inc. operates as a holding company. The
Company, through its subsidiaries, provides theatrical exhibition,
movie screening, food distribution, online ticket booking, and
other related services.


AMC NETWORKS: Chairman James Dolan Open to Sale
------------------------------------------------
Gerry Smith of Bloomberg News reports that AMC Networks Inc.
Executive Chairman James Dolan said he was open to a "strategic
transaction" as his company's shares soared after posting
fourth-quarter results that beat Wall Street's expectations.  On an
earnings call Friday, Feb. 17, 2023, Dolan suggested to analysts
that AMC Neworks could "stay the course" or pursue a "strategic
transaction," adding that it was "very much open to all those
ideas."  For now, Dolan said he was focused on guiding the company
through a challenging time as cord-cutting throws the industry's
business model into disarray.  "The current mechanisms for
monetizing content are not working," Dolan said.

                       About AMC Network Inc.

AMC Networks Inc. -- http://www.amcnetworks.com/-- is an American
entertainment company headquartered in 11 Penn Plaza, New York,
that owns and operates the cable channels AMC, IFC, We TV and
SundanceTV; the art house movie theater IFC Center in New York
City; the independent film companies IFC Films and RLJE Films; and
premium subscription streaming services Acorn TV, Allblk, Shudder
and Sundance Now.





AMERICAN AIRLINES: Egan-Jones Retains B- Sr. Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company on February 6, 2023, maintained its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by American Airlines Group Inc. EJR also withdrew its
'B' rating on commercial paper issued by the Company.

American Airlines Group Inc. is an American publicly traded airline
holding company headquartered in Fort Worth, Texas.


AMERICAN AUTO: Oaktree Specialty Marks $14.7M Loan at 22% Off
-------------------------------------------------------------
Oaktree Specialty Lending Corporation has marked its $14,760,000
loan extended to American Auto Auction Group, LLC to market at
$11,439,000 or 78% of the outstanding amount, as of December 31,
2022, according to a disclosure contained in Oaktree Specialty's
Form 10-Q for the quarterly period ended December 31, 2022, filed
with the Securities and Exchange Commission on February 7, 2023.

Oaktree Specialty is a participant in a Second Lien Term Loan to
American Auto Auction Group, LLC. The loans accrues 13.33%
(SOFR+8.75%) per annum. The loan matures on January 2, 2029.

Oaktree Specialty Lending Corporation is a specialty finance
company that looks to provide customized, one-stop credit solutions
to companies with limited access to public or syndicated capital
markets. Oaktree Specialty was formed in late 2007 and operates as
a closed-end, externally managed, non-diversified management
Investment Company that has elected to be regulated as a Business
Development Company under the Investment Company Act.

American Auto Auction Group LLC operates physical, mobile, and
digital auction venues in addition to various remarketing services
that are expected to remain stable channels in the foreseeable
future, despite the advent of alternate powertrains and electric
vehicles.



AMERICAN HARVEST: Hires Basin Brokers as Real Estate Agent
----------------------------------------------------------
American Harvest, Inc. received approval from the U.S. Bankruptcy
Court for the District of Montana to hire Angela Cymbaluk and Basin
Brokers Realtors as its real estate agents.

The brokers will list and market the real property located in
Sidney Montana owned by ITC Grain.

The agent will receive a commission equal to 5 percent of the sales
price.

Angela Cymbaluk and Basin Brokers represent no interest adverse to
the Debtors, or the estate and are "disinterested persons" as
defined in 11 U.S.C. 101(14), as disclosed in the court filings.

The agents can be reached through:

     Angela Cymbaluk
     Basin Brokers Realtors
     106 Main St.
     Williston, ND 58801
     Mobile: (701) 770-6046

                       About American Harvest

American Harvest, Inc. operates an oilseed and grain farming
business. The company is based in Sidney, Mont.

American Harvest filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. D. Mont. Case No. 22-10031) on March
25, 2022, listing up to $10 million in assets and up to $500,000 in
liabilities. Gary L. Rainsdon serves as Subchapter V trustee.

Judge Benjamin P. Hursh oversees the case.

Steven M. Johnson, Esq., at Church, Harris, Johnson and Williams,
P.C. serves as the Debtor's legal counsel.



AMERICAN TELECONFERENCING: Investcorp Marks $1.4M Loan at 84% Off
-----------------------------------------------------------------
Investcorp Credit Management BDC, Inc. has marked its $1,484,113
loan extended to American Teleconferencing Services Ltd to market
at $237,458 or 16% of the outstanding amount, as of December 31,
2022, according to a disclosure contained in Investcorp Credit's
Form 10-Q for the quarterly period ended December 31, 2022, filed
with the Securities and Exchange Commission on February 13, 2023.

Investcorp Credit Management BDC is a participant in a Senior
Secured First Lien Loan to American Teleconferencing Services Ltd.
The loan accrues interest at a rate of P + 5.50% (1.00% Floor) per
annum. The loan matured last January 31, 2023.

Investcorp Credit Management BDC says the loan is in default. It
has classified the loan as a "non-accrual asset."

Investcorp Credit Management BDC, Inc, a Maryland corporation
formed in May 2013, is a closed-end, externally managed,
non-diversified management investment company that has elected to
be regulated as a business development company under the Investment
Company Act of 1940, as amended, and has elected to be treated as a
regulated investment company under Subchapter M of the Internal
Revenue Code for U.S. federal income tax purposes.

American Teleconferencing Services, Ltd., doing business as
Premiere Global Services, Inc., provides communication solutions.
The Company offers audio and web-based conferencing and
collaboration services.  Premiere Global Services serves
information technology, enterprise, small business, and marketing
industries worldwide.



AMERICAN TELECONFERENCING: PennantPark Writes Off $1.6M Loan
------------------------------------------------------------
PennantPark Floating Rate Capital Ltd has marked its $1,656,000
loan extended to American Teleconferencing Services, Ltd to market
at $17,000 or 1% of the outstanding amount, as of December 31,
2022, according to a disclosure contained in PennantPark Floating's
Form 10-Q for the quarterly period ended December 31, 2022, filed
with the Securities and Exchange Commission on February 8, 2023.

PennantPark Floating is a participant in a First Lien Secured Debt
to American Teleconferencing Services, Ltd. The loan matured last
January 31, 2023.

PennantPark Floating was organized as a Maryland corporation in
October 2010. PennantPark Floating is a closed-end, externally
managed, non-diversified investment company that has elected to be
treated as a business development company under the Investment
Company Act of 1940, as amended.  On April 14, 2022, listing and
trading of the Company's common stock commenced on the New York
Stock Exchange after the Company voluntarily withdrew the principal
listing of its common stock from the Nasdaq Stock Market LLC
effective at market close on April 13, 2022.

As reported previously by the Troubled Company Reporter, Capital
Southwest Corporation marked two loans it extended to American
Teleconferencing Services at 6% of the outstanding amount, as of
December 31, 2022, according to a disclosure contained in Capital
Southwest's Form 10-Q for the quarterly period ended December 31,
2022, filed with the Securities and Exchange Commission on January
31, 2023.

Capital Southwest is a participant in a 2016 First Lien term loan
where it extended $4,858,000 in principal amount to ATS.  The loan
accrues interest at 9.00% (P+5.50%/Q (Floor 2.00%)) per annum and
is slated to mature on June 8, 2023.  The fair value of the loan is
$274,000 as of December 31.

Capital Southwest is also a participant in a 2021 revolving loan
extended to ATS.  Capital Southwest extended $868,000 to ATS, which
loan accrues interest at 9.00% (P+5.50%/Q (Floor 2.00%)) per annum
and was slated to mature on January 31, 2023.  The fair value of
the loan is $49,000 as of December 31.

Capital Southwest said both loans are on non-accrual status as of
December 31, meaning it has ceased to recognize interest income on
them.

Capital Southwest is an internally managed investment company that
specializes in providing customized financing to middle market
companies in a broad range of investment segments located primarily
in the United States. Its common stock currently trades on The
Nasdaq Global Select Market under the ticker symbol "CSWC." CSWC
was organized as a Texas corporation on April 19, 1961. On March
30, 1988, CSWC elected to be regulated as a business development
company.

American Teleconferencing Services, Ltd, doing business as Premiere
Global Services, Inc., is a software company based in Atlanta,
Georgia.  ATS provides communication solutions.  The Company offers
audio and web-based conferencing and collaboration services.
Premiere Global Services serves information technology, enterprise,
small business, and marketing industries worldwide.


AMERICAN TELECONFERENCING: PennantPark Writes Off $7.9M Loan
------------------------------------------------------------
PennantPark Floating Rate Capital Ltd has marked its $7,986,000
loan extended to American Teleconferencing Services, Ltd to market
at $90,000 or 1% of the outstanding amount, as of December 31,
2022, according to a disclosure contained in PennantPark Floating's
Form 10-Q for the quarterly period ended December 31, 2022, filed
with the Securities and Exchange Commission on February 8, 2023.

PennantPark Floating is a participant in a First Lien Secured Debt
to American Teleconferencing Services, Ltd. The loan matures on
June 8, 2023.

PennantPark Floating was organized as a Maryland corporation in
October 2010. PennantPark Floating is a closed-end, externally
managed, non-diversified investment company that has elected to be
treated as a business development company under the Investment
Company Act of 1940, as amended.  On April 14, 2022, listing and
trading of the Company's common stock commenced on the New York
Stock Exchange after the Company voluntarily withdrew the principal
listing of its common stock from the Nasdaq Stock Market LLC
effective at market close on April 13, 2022.

As reported previously by the Troubled Company Reporter, Capital
Southwest Corporation marked two loans it extended to American
Teleconferencing Services at 6% of the outstanding amount, as of
December 31, 2022, according to a disclosure contained in Capital
Southwest's Form 10-Q for the quarterly period ended December 31,
2022, filed with the Securities and Exchange Commission on January
31, 2023.

Capital Southwest is a participant in a 2016 First Lien term loan
where it extended $4,858,000 in principal amount to ATS.  The loan
accrues interest at 9.00% (P+5.50%/Q (Floor 2.00%)) per annum and
is slated to mature on June 8, 2023.  The fair value of the loan is
$274,000 as of December 31.

Capital Southwest is also a participant in a 2021 revolving loan
extended to ATS.  Capital Southwest extended $868,000 to ATS, which
loan accrues interest at 9.00% (P+5.50%/Q (Floor 2.00%)) per annum
and was slated to mature on January 31, 2023.  The fair value of
the loan is $49,000 as of December 31.

Capital Southwest said both loans are on non-accrual status as of
December 31, meaning it has ceased to recognize interest income on
them.

Capital Southwest is an internally managed investment company that
specializes in providing customized financing to middle market
companies in a broad range of investment segments located primarily
in the United States. Its common stock currently trades on The
Nasdaq Global Select Market under the ticker symbol "CSWC." CSWC
was organized as a Texas corporation on April 19, 1961. On March
30, 1988, CSWC elected to be regulated as a business development
company.

American Teleconferencing Services, Ltd, doing business as Premiere
Global Services, Inc., is a software company based in Atlanta,
Georgia.  ATS provides communication solutions.  The Company offers
audio and web-based conferencing and collaboration services.
Premiere Global Services serves information technology, enterprise,
small business, and marketing industries worldwide.


AMERICANAS SA: Meeting With Bondholders Culminate Without Agreement
-------------------------------------------------------------------
Taís Fuoco of Bloomberg News reports that the meeting between
Americanas and representatives of bondholders held Feb. 17, 2023,
ended without progress, Valor said, citing sources who spoke on
condition of anonymity.

The Company presented to the holders the same proposal made to the
banks: capitalization of 7 billion reais by the reference
shareholders, conversion of 18 billion reais of the company's total
debt into shares and subordinated debt and the repurchase of 12
billion reais in debt, according to the report.

Americanas has 6 issues of local notes, 5 of which bring together
credits of more than 4 billion reais and are represented by
Felsberg Advogados.

                      About Americanas SA

Americanas was one of the largest diversified retail chains in
Brazil, with a wide platform of physical stores, robust e-commerce,
fintech, and has just entered into the niche food retail.  It is
listed on B3, being indirectly controlled by billionaire Jorge
Paulo Lemann, Carlos Alberto Sicupira and Marcel Telles.

The retailer nosedived in January 2023 after becoming mired in an
accounting scandal.  The firm filed for bankruptcy at a court in
Rio de Janeiro on Jan. 19, 2023.

Americanas sought protection under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-10092) on Jan. 25,
2023.  White & Case LLP, led by John K. Cunningham, is the U.S.
counsel.


ANASTASIA PARENT: Oaktree Specialty Marks $2.7M Loan at 25% Off
---------------------------------------------------------------
Oaktree Specialty Lending Corporation has marked its $2,729,000
loan extended to Anastasia Parent, LLC to market at $2,043,000 or
75% of the outstanding amount, as of December 31, 2022, according
to a disclosure contained in Oaktree Specialty's Form 10-Q for the
quarterly period ended December 31, 2022, filed with the Securities
and Exchange Commission on February 7, 2023.

Oaktree Specialty is a participant in a First Lien Term Loan to
Anastasia Parent, LLC. The loans accrues 8.48% (LIBOR+3.75%) per
annum. The loan matures on August 11, 2025.

Oaktree Specialty Lending Corporation is a specialty finance
company that looks to provide customized, one-stop credit solutions
to companies with limited access to public or syndicated capital
markets. Oaktree Specialty was formed in late 2007 and operates as
a closed-end, externally managed, non-diversified management
Investment Company that has elected to be regulated as a Business
Development Company under the Investment Company Act.

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


ARBORWORKS ACQUISITION: Investcorp Marks $1.2M Loan at 15% Off
--------------------------------------------------------------
Investcorp Credit Management BDC, Inc has marked its $1,242,236
loan extended to Arborworks Acquisition LLC to market at $1,055,901
or 85% of the outstanding amount, as of December 31, 2022,
according to a disclosure contained in Investcorp Credit's Form
10-Q for the quarterly period ended December 31, 2022, filed with
the Securities and Exchange Commission on February 13, 2023.

Investcorp Credit Management BDC is a participant in a Senior
Secured First Lien Loan to Arborworks Acquisition LLC. The loan
accrues interest at a rate of 3M L + 9.00% (1.00% Floor) per annum.
The loan matures on November 9, 2026.

Investcorp Credit Management BDC, Inc, a Maryland corporation
formed in May 2013, is a closed-end, externally managed,
non-diversified management investment company that has elected to
be regulated as a business development company under the Investment
Company Act of 1940, as amended, and has elected to be treated as a
regulated investment company under Subchapter M of the Internal
Revenue Code for U.S. federal income tax purposes.

Arborworks LLC was founded in 2009. The company's line of business
includes providing ornamental shrub and tree services. 



ARBORWORKS LLC: Investcorp Credit Marks $7.8M Loan at 15% Off
-------------------------------------------------------------
Investcorp Credit Management BDC, Inc has marked its $7,892,857
loan extended to Arborworks Acquisition LLC to market at $6,708,929
or 85% of the outstanding amount, as of December 31, 2022,
according to a disclosure contained in Investcorp Credit's Form
10-Q for the quarterly period ended December 31, 2022, filed with
the Securities and Exchange Commission on February 13, 2023.

Investcorp Credit Management BDC is a participant in a Senior
Secured First Lien Loan to Arborworks Acquisition LLC. The loan
accrues interest at a rate of 3M L + 9.00% (1.00% Floor) per annum.
The loan matures on November 9, 2026.

A portion or all of the loan is held by Arborworks Acquisition LLC
indirectly through Investcorp Credit Management BDC SPV, LLC and
pledged as collateral for the revolving credit facility held
through Capital One, N.A.

Investcorp Credit Management BDC, Inc, a Maryland corporation
formed in May 2013, is a closed-end, externally managed,
non-diversified management investment company that has elected to
be regulated as a business development company under the Investment
Company Act of 1940, as amended, and has elected to be treated as a
regulated investment company under Subchapter M of the Internal
Revenue Code for U.S. federal income tax purposes.

Arborworks LLC was founded in 2009. The company's line of business
includes providing ornamental shrub and tree services. 



ASP LS: $1.38B Bank Debt Trades at 16% Discount
-----------------------------------------------
Participations in a syndicated loan under which ASP LS Acquisition
Corp is a borrower were trading in the secondary market around 84.1
cents-on-the-dollar during the week ended Friday, February 24,
2023, according to Bloomberg's Evaluated Pricing service data.

The $1.38 billion facility is a Term loan that is scheduled to
mature on May 7, 2028.  The amount is fully drawn and outstanding.

ASP LS Acquisition Corp. was formed to effectuate the acquisition
of Laser Ship, Inc. by the private equity firm American Securities
LLC.


ASTRO INTERMEDIATE: S&P Downgrades ICR to 'CCC', Outlook Negative
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
pet supplies manufacturer and distributor Astro Intermediate
Holding II Corp. (Astro) to 'CCC' from 'B-' due to very weak credit
metrics, poor interest coverage, and negative historical and
forecasted free cash flow. S&P believes it is likely the company
will default without an unforeseen positive development.

The outlook is negative.

S&P also lowered its issue-level ratings on the company's $525
million senior secured first-lien term loan and $163 million senior
secured second-lien term loan to 'CCC' and 'CC', respectively.

S&P said, "The recovery rating of '3' on the first-lien term loan
is unchanged, indicating our expectation for meaningful (50%-70%;
rounded estimate: 50%) recovery in the event of payment default.
The recovery rating of '6' on the second-lien term loan is also
unchanged, indicating our expectation for negligible (0%-10%;
rounded estimate: 0%) recovery in the event of payment default.

"The negative outlook reflects our expectation that credit metrics
will remain extremely pressured in fiscal 2023 as weak demand for
durable pet supplies persist in an uncertain macroeconomic
environment. We could lower the ratings if we believe a
default--which could include a covenant violation, missed interest
payment, or debt restructuring--is inevitable within the next six
months."

Astro reported revenue and EBITDA well below our expectations in
the first half of fiscal 2023.

Pet-owning households are tightening their belts in the current
inflationary environment and have increasingly begun to balk at
higher average unit retail prices. S&P said, "We believe that
Astro's focus on higher-priced durable pet supplies (roughly half
of total net sales) has exacerbated weak demand as consumers
prioritize pet spending on food and medicine. We also believe that
pet adoption tailwinds are beginning to subside after a meaningful
surge during COVID-19, resulting in less need for one-time durables
purchases associated with acquiring a new pet, such as for kennels,
crates, beds, and food storage. In response to these tough
operating headwinds, many of Astro's retail customers have
decreased order flow, delayed replenishment, and have actively
begun to work-down inventory levels, presumably until point-of-sale
data for the company's products improves. Nearly all of Astro's
sales channels are down by double-digit percentages year-to-date,
including e-commerce. We expect continued top-line softness in the
second half, primarily driven by significant volume declines that
are precipitated by weaker consumer demand."

Gross margin has been pressured by recent manufacturing problems,
which has resulted in very weak EBITDA, poor interest coverage, and
borrowing on its ABL facility to make required debt service
payments.

Lower volumes year-over-year, coupled with manufacturing
inefficiencies--such as unplanned machine downtime, excessive scrap
and rework, and increased frequency of retailer order changeovers
to meet shifting customer demand--has led to significant gross
margin degradation. While the company has cited some moderation in
input cost inflation, S&P expects continued poor gross margin
performance in the second half as the company struggles to resolve
manufacturing-related disruptions. Ultimately, the persistent
profit pressures underpin its estimate for S&P Global
Ratings-adjusted leverage in the midteens area in fiscal 2023.
Moreover, due to escalating interest expense from rising rates (for
which the company's debt is unhedged) and meager EBITDA generation,
we expect EBITDA interest coverage of 0.6x in fiscal 2023. The
potential for the company to continue to borrow under the ABL
facility to make at least a portion of its $20 million quarterly
debt service payment is a significant liquidity risk as S&P
believes that Astro will have a free operating cash flow (FOCF)
deficit of about $8 million this year, including a $10.5 million
deficit over the next six months. For these reasons, we believe
that a liquidity crisis, potentially in the form of a covenant
violation, missed interest payment, or debt restructuring, is
likely within the next 12 months absent an unforeseen positive
development.

S&P said, "The negative outlook reflects our expectation for
ongoing top-line pressure and weak earnings due to a difficult
operating environment and unresolved manufacturing inefficiencies.
We view the capital structure as unsustainable and without an
unforeseen positive development it is likely that the company will
default within the next 12 months."

S&P could lower the rating if it believes a missed debt service
payment, violation of its financial covenant, or a distressed
exchange is inevitable within the next six months. This could
happen if:

-- The company continues to rely upon its ABL to make debt service
payments; or

-- The challenging operating and macroeconomic environment
persists, leading to continued weak earnings and negative cash flow
generation.

S&P could take a positive rating action if Astro's business
prospects improve leading to positive FOCF and EBITDA interest
coverage sustained above 1x. This could happen if:

-- Demand for the company's products increases;

-- Retail customers return to normalized ordering patterns; and

-- Manufacturing inefficiencies subside.

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



AUDACY CAPITAL: $770M Bank Debt Trades at 34% Discount
------------------------------------------------------
Participations in a syndicated loan under which Audacy Capital Corp
is a borrower were trading in the secondary market around 66.3
cents-on-the-dollar during the week ended Friday, February 24,
2023, according to Bloomberg's Evaluated Pricing service data.

The $770 million facility is a Term loan that is scheduled to
mature on November 17, 2024. About $630.5 million of the loan is
withdrawn and outstanding.

Audacy Capital Corp. owns and operates radio stations. The Company
focuses on sports, news, and music and entertainment. Audacy
Capital produces, co-produces, and co-promotes events across
markets, including concerts, multi-day musical festivals, speaker
series, trade shows, and sports-related events.



AVENTIV TECHNOLOGIES: Prospect Floating Marks Loan at 23% Off
-------------------------------------------------------------
Prospect Floating Rate and Alternative Income Fund, Inc. has marked
its $1,928,934 loan extended to Aventiv Technologies fka Securus
Technologies Holdings, LLC to market at $1,477,600 or 77% of the
outstanding amount, as of December 31, 2022, according to a
disclosure contained in Prospect Floating's Form 10-Q for the
quarterly period ended December 31, 2022, filed with the Securities
and Exchange Commission on February 13, 2023.

Prospect Floating is a participant in a First Lien Senior Secured
Loan to Aventiv Technologies fka Securus Technologies Holdings,
LLC. The loan accrues interest at a rate of 9.23% (3ML+4.50%) per
annum. The loan matures on November 1, 2024.

Prospect Floating, incorporated in Maryland on April 29, 2011, is
an externally managed, non-diversified, closed-end management
Investment Company that has elected to be regulated as a business
development company under the Investment Company Act of 1940, as
amended.

Carrollton, Texas-based Aventiv Technologies LLC is a diversified
technology company that provides innovative solutions to customers
in the corrections and government services sectors.  Aventiv is the
parent company to Securus Technologies and AllPaid, leading
providers of innovative products and services. 



BASS STREET: Gets OK to Hire Bozeman as Special Counsel
-------------------------------------------------------
Bass Street Moline, LLC received approval from the U.S. Bankruptcy
Court for the Central District of Illinois to employ Bozeman,
Neighbour, Patton & Noe, LLP as special counsel.

The Debtor needs the firm's legal assistance to pursue claims
against Jeffrey Harrop and RJR Restaurants, LLC or negotiate the
settlement of those claims.

The firm will be paid at the rate of $290 per hour.  

Daniel Hardin, Esq., a partner at Bozeman, Neighbour, Patton & Noe,
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 F. Hardin, Esq.
     Bozeman, Neighbour, Patton & Noe, LLP
     1620 5th Ave #101
     Moline, IL 61265
     Tel: (309) 797-0850
     Email: dhardin@bnpn.com

                     About Bass Street Moline

Bass Street Moline, LLC is a limited liability company engaged in
the restaurant business.

Bass Street Moline sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Ill. Case No. 22-80459) on July 29,
2022, with up to $500,000 in both assets and liabilities. David
Yordy, member and manager, signed the petition.

Judge Thomas L. Perkins oversees the case.

The Debtor tapped Dale G. Haake, Esq., at Katz Nowinski P.C. as
bankruptcy counsel; Bozeman, Neighbour, Patton & Noe, LLP as
special counsel; and Padgett Business Services as accountant.


BEAM & COMPANY: Walter Dahl Appointed as Subchapter V Trustee
-------------------------------------------------------------
The U.S. Trustee for Region 17 appointed Walter Dahl, Esq., as
Subchapter V trustee for Beam & Company, Inc.

Mr. Dahl is the founding principal of Dahl Law, a law firm in
Sacramento, Calif.

In court filings, Mr. Dahl declared that he is a disinterested
person according to Section 101(14) of the Bankruptcy Code.

Mr. Dahl can be reached at:

     Walter R. Dahl, Esq.
     Dahl Law
     2304 "N" Street
     Sacramento, CA 95816
     Telephone: (916) 446-8800
     Telecopier: (916) 741-3346
     Email: wdahl@dahllaw.net

                       About Beam & Company

Beam & Company, Inc. is a full-service general contractor focusing
on commercial real estate remodels. It is based in Fresno, Calif.

Beam & Company filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. E.D. Calif. Case No. 23-10244) on Feb.
10, 2023, with $100,000 to $500,000 in assets and $1 million to $10
million in liabilities. Brandon Cooper, president of Beam &
Company, signed the petition.
.
Judge Rene Lastreto II oversees the case.

Peter Fear, Esq., at Fear Waddell, PC is the Debtor's legal
counsel.


BED BATH & BEYOND: Marjorie Bowen Quits as Director
---------------------------------------------------
Marjorie Bowen voluntarily resigned from the board of directors of
Bed Bath & Beyond Inc. effective as of Feb. 11, 2023.   

Ms. Bowen's resignation was not related to any disagreement with
the Company on any matter relating to its operations, policies or
practices, as disclosed by the Company in a Form 8-K filed with the
Securities and Exchange Commission.

                      About Bed Bath & Beyond

Bed Bath & Beyond Inc., together with its subsidiaries, is an
omnichannel retailer selling a wide assortment of merchandise in
the Home, Baby, Beauty & Wellness markets and operate under the
names Bed Bath & Beyond, buybuy BABY, and Harmon, Harmon Face
Values.  The Company also operates Decorist, an online interior
design platform that provides personalized home design services.

The Company reported a net loss of $559.62 million for the fiscal
year ended Feb. 26, 2022, a net loss of $150.77 million for the
year ended Feb. 27, 2021, and a net loss of $613.82 million for the
year ended Feb. 29, 2020.  As of Nov. 26, 2022, the Company had
$4.40 billion in total assets, $5.20 billion in total liabilities,
and a total shareholders' deficit of $798.64 million.

                             *   *   *

As reported by the TCR on Jan. 11, 2023, S&P Global Ratings raised
its issuer credit rating on Union, N.J.-based specialty home
retailer Bed Bath & Beyond Inc. (BBBY) to 'CC' from 'SD' (selective
default). S&P said, "The 'CC' rating and negative outlook on BBBY
reflects our view that while not actively in default, the company
is highly vulnerable and a distressed transaction or broader
restructuring is a virtual certainty based on its deteriorating
liquidity position, challenging operating conditions, and the
looming maturities of its outstanding 2024 notes."

As reported by the TCR on Nov. 28, 2022, Moody's Investors Service
retained Bed Bath's corporate family rating at Ca and the outlook
remains stable.  According to Moody's, Bed Bath & Beyond's Ca
corporate family rating reflects the very high likelihood of
further defaults over the next twelve months.


BED BATH: Egan-Jones Lowers Senior Unsecured Ratings to CCC-
------------------------------------------------------------
Egan-Jones Ratings Company on January 23, 2023, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Bed Bath & Beyond Inc. to CCC- from CCC. EJR also
maintained 'C' rating on commercial paper issued by the Company.

Headquartered in Union, New Jersey, Bed Bath & Beyond Inc. is an
American chain of domestic merchandise retail stores.


BETTER NUTRITIONALS: Committee Taps Dundon as Financial Advisor
---------------------------------------------------------------
The Official Committee of Unsecured Creditors of Better
Nutritionals, LLC seeks approval from the U.S. Bankruptcy Court for
Central District of California to hire Dundon Advisers LLC as its
financial advisor.

The firm will render these services:

     a. evaluate and develop restructuring plans and other
strategic alternatives to maximize unsecured creditor recoveries.
Dundon may recommend various plans and strategic alternatives from
time to time;

     b. raise new debt or equity financing, or restructuring of
existing indebtedness;

     c. determine the value of certain assets, businesses,
collateral, and damages derived from causes of action;

     d. assist and support the Committee and legal counsel in
pursuing causes of action and litigation;

     e. assist in negotiations with the Debtor, creditors and other
stakeholders and in developing responses to any objections from
parties in interest or other courses of action undertaken by the
Committee;

     f. review monthly operating reports, budgets, budget variance
reports, schedules, statements of financial affairs, and other
financial information and disclosures required during the pendency
of the Chapter 11 case;

     g. assist the Committee with recommending and monitoring the
outcome of operational, or business changes;

     h. assist the Committee and legal counsel with the preparation
of all case motions requiring financial information or analysis;

     i. render general financial advice, financial analytics, and
modeling in connection with review of any Chapter 11 Plan proposed
by the Debtor, or any Chapter 11 Plan to be prepared by the
Committee if and in the event the Debtor's exclusivity in respect
of a Chapter 11 Plan is terminated or expired.

     j. assist with the review, classification, and quantification
of claims against the estates under the plan of reorganization;

     k. assist in effecting the plan of reorganization; and  

     l. assist with any other activities the Committee and Dundon
mutually agree to pursue.

Dundon's current hourly rates are $370 to $850 per hour.

Matthew Dundon, a principal of Dundon Advisers, 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:
     
     Matthew Dundon
     Dundon Advisers LLC
     Ten Bank Street, Suite 1100
     White Plains, NY 10606
     Telephone: (917) 838-1930
     Email: md@dundon.com

                     About Better Nutritionals

Better Nutritionals, LLC is a contract manufacturer and R&D leader
in nutritional supplements.  The company is based in Norco, Calif.

Better Nutritionals sought protection from Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Calif. Case No. 22-14723) on Dec. 20,
2022. In the petition signed by Sharon Hoffman, manager, the Debtor
disclosed $50 million to $100 million in assets and $100 million to
$500 million in liabilities.

Judge Mark D. Houle oversees the case.

John N. Tedford, IV, Esq., at Danning Gill Israel & Krasnoff, LLP
and Force 10 Partners, LLC serve as the Debtor's legal counsel and
financial advisor, respectively.

The U.S. Trustee for Region 16 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case. The
committee is represented by Keith Owens, Esq.


BLACKSTONE MORTGAGE: S&P Affirms 'BB-' ICR, Alters Outlook to Neg.
------------------------------------------------------------------
S&P Global Ratings revised its outlook on Blackstone Mortgage Trust
Inc. (BXMT) to negative from stable. At the same time, S&P affirmed
all its ratings on BXMT, including its 'BB-' issuer credit and
senior secured debt ratings.

Rationale

The outlook revision reflects S&P's expectation that challenging
macroeconomic conditions will likely lead to a weakening loan
portfolio and that credit performance will likely deteriorate,
leading to higher leverage. Asset quality--in particular office
loans--has deteriorated and eroded the credit performance of
commercial real estate (CRE) lenders.

S&P expects higher rates will add to the woes in commercial real
estate (CRE) markets, contributing to higher capitalization rates
and lower property valuations, affecting CRE lenders, particularly
for those with exposure to office, retail malls, and hotels.

As of year-end 2022, BXMT had 40% exposure to office loans and its
leverage, as measured by debt to adjusted total equity (ATE), had
increased to around 4.3x, from 3.8x at year-end 2021.



BSPV-PLANO LLC: Seeks to Hire Stretto Inc as Solicitation Agent
---------------------------------------------------------------
BSPV-Plano, LLC seeks approval from the U.S. Bankruptcy Court for
the Eastern District of Texas to employ Stretto, Inc. as its
solicitation agent.

The firm will render these services:

     a. assist with, among other things, solicitation, balloting,
and tabulation of votes; prepare any related reports, as required
in support of confirmation of a chapter 11 plan;

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

     c. provide claims analysis and reconciliation, case research,
depository management, treasury services, confidential online
workspaces or data rooms, and any related services otherwise
required by applicable law, governmental regulations, or court
rules or orders in connection with this Chapter 11 Case.

Stretto will bill the Debtor no less frequently than monthly.

Sheryl Betance, a senior managing director at Stretto, 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:

     Sheryl Betance
     Stretto, Inc.
     410 Exchange, Ste. 100
     Irvine, CA 92602
     Telephone: (714) 716-1872
     Email: sheryl.betance@stretto.com

                         About BSPV-Plano

BSPV-Plano, LLC, a company in Plano, Texas, sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Texas Case No.
22-40276) on March 1, 2022, with $50 million to $100 million in
both assets and liabilities. Richard Shaw, manager, signed the
petition.

At the time of the filing, BSPV-Plano was developing a 31.5-acre,
"55+" Independent Senior Luxury Apartment Community with 318 units
of apartment inventory that is known and branded as "The Bridgemoor
at Plano," and located at 1109 Park Vista Road, Plano, Texas.

Judge Brenda T. Rhoades oversees the case.

Munsch Hardt Kopf and Harr, PC, Grant Thornton, LLP and American
Global of Texas, LLC serve as the Debtor's legal counsel, financial
advisor and insurance consultant, respectively.


CAREER BUILDER: Prospect Floating Marks $969,272 Loan at 32% Off
----------------------------------------------------------------
Prospect Floating Rate and Alternative Income Fund, Inc. has marked
its $969,272 loan extended to CareerBuilder LLC to market at
$663,951 or 68% of the outstanding amount, as of December 31, 2022,
according to a disclosure contained in Prospect Floating's Form
10-Q for the quarterly period ended December 31, 2022, filed with
the Securities and Exchange Commission on February 13, 2023.

Prospect Floating is a participant in a First Lien Senior Secured
Loan to CareerBuilder LLC. The loan accrues interest at a rate of
11.48% (3ML+6.75%) per annum. The loan matures on July 31 2023.

Prospect Floating, incorporated in Maryland on April 29, 2011, is
an externally managed, non-diversified, closed-end management
Investment Company that has elected to be regulated as a business
development company (BDC) under the Investment Company Act of 1940,
as amended.

Careerbuilder, LLC operates an online job portal. The Company
offers job postings, standard job optimization, employment
recommendation e-mails, branding, talent and compensation
intelligence, and recruitment services.


CASTLE US HOLDING: $295M Bank Debt Trades at 29% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Castle US Holding
Corp is a borrower were trading in the secondary market around 70.8
cents-on-the-dollar during the week ended Friday, February 24,
2023, according to Bloomberg's Evaluated Pricing service data.

The $295 million facility is a Term loan that is scheduled to
mature on January 29, 2027.  The amount is fully drawn and
outstanding.

Castle US Holding Corporation provides database tools and software
to public relations and communications professionals.



CCS-CMGC HOLDINGS: $500M Bank Debt Trades at 29% Discount
---------------------------------------------------------
Participations in a syndicated loan under which CCS-CMGC Holdings
Inc is a borrower were trading in the secondary market around 70.6
cents-on-the-dollar during the week ended Friday, February 24,
2023, according to Bloomberg's Evaluated Pricing service data.

The $500 million facility is a Term loan that is scheduled to
mature on October 1, 2025.  The amount is fully drawn and
outstanding.

CCS-CMGC Holdings, Inc. operates as a holding company. The Company,
through its subsidiaries, provides health care services.




CELSIUS NETWORK: Chooses NovaWulf for Bankruptcy Exit
-----------------------------------------------------
Dietrich Knauth of Reuters reports that Crypto lender Celsius
Network will seek to exit bankruptcy under the guidance of asset
manager NovaWulf Digital Management, which will take over the
operations of a new company that will be owned by Celsius
customers, the company said at a court hearing in Manhattan on
Wednesday, February 15, 2023.

The proposed deal with NovaWulf should allow Celsius to exit
Chapter 11 and begin returning crypto assets to customers in June,
Celsius attorney Ross Kwasteniet said at Wednesday's hearing.

Celsius selected NovaWulf's bid out of more than 130 proposals
received, saying that NovaWulf was the only finalist that intended
to maintain long-term control over Celsius' harder-to-liquidate
assets, like its loan portfolio and bitcoin mining business.

Those assets would be owned by Celsius creditors and managed by
NovaWulf under a profit-sharing agreement if U.S. Bankruptcy Judge
Martin Glenn, who is overseeing Celsius' Chapter 11 process, and
creditors sign off on the deal.

Crypto lenders such as Celsius boomed during the COVID-19 pandemic,
drawing customers with the promise of high interest rates on their
cryptocurrency deposits and the ability to borrow against their
crypto assets. But many companies in the highly interconnected
sector went bankrupt in 2022, driven by a market crash in May and
the November implosion of a major crypto exchange, FTX.

Under the plan, Celsius customers with less than $5,000 in their
accounts will be eligible to receive a one-time payment in bitcoin,
Etherium or the stablecoin USDC, according to court documents filed
on Wednesday. Celsius estimates that option will be available to
more than 85% of its customers, providing them with about 70% of
the value of their deposits.

Celsius customers with more than $5,000 in their accounts would
receive payments from crypto that is left over after smaller
customer accounts have been paid back, and will additionally
receive ownership shares in the new company.

NovaWulf has agreed to pay up to $55 million to the reorganized
company, called "NewCo" by Celsius, which will be owned by Celsius
creditors and will continue Celsius' bitcoin mining and loan
businesses. NovaWulf will share in the new business' profit,
Kwasteniet said.

The new company would also pursue litigation stemming from Celsius'
collapse, including claims against former CEO Alex Mashinsky and
other insiders.

Celsius creditors previewed their legal claims against Mashinsky
and other insiders in a late Tuesday court filing, accusing them of
withdrawing millions of dollars from Celsius as it collapsed and
causing billions in losses through their "negligent, reckless, and
self-interested" actions.

The creditors' legal claims echo many of the findings of an
independent bankruptcy examiner, who reported on Jan. 31 that
Celsius used investor money and customer deposits to prop up its
own token while two of its founders made millions of dollars from
token sales.

New York's attorney general has already sued Mashinsky for alleged
fraud carried out during his time leading Celsius.

Mashinsky could not immediately be reached for comment on
Wednesday. An attorney representing him has said previously that he
denies the allegations and looks forward to vigorously defending
himself in court.

Any proceeds from the post-bankruptcy litigation would benefit the
Celsius customers who take an ownership stake in NewCo, Kwasteniet
said.

New Jersey-based Celsius filed for U.S. bankruptcy in July after
freezing customer withdrawals. Celsius said at the time that it had
more than 1.7 million registered users and approximately 300,000
active users with account balances greater than $100.

                    About Celsius Network

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

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

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

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

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

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

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

The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as bankrupty counsels; Fischer (FBC & Co.) as
special counsel; Centerview Partners, LLC as investment banker; and
Alvarez & Marsal North America, LLC as financial advisor. Stretto
is the claims agent and administrative advisor.

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

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


CENTERPOINTE HOTELS: Court OKs Appointment of Chapter 11 Examiner
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas
approved the appointment of Randy Williams, Esq., as examiner in
the Chapter 11 cases of CenterPointe Hotels @ Texas II, LP and
CenterPointe Partners @ Texas, LLC.

Mr. Williams was appointed by the U.S. Trustee for Region 7, a
government bankruptcy watchdog, to investigate allegations of theft
or misuse of funds by the companies' management. The results of the
investigation will determine the propriety of appointing an
independent trustee who will take over the companies' bankruptcy
cases.

Mr. Williams is an attorney licensed to practice in Texas and is a
partner at Byman & Associates, PLLC.

In court papers, Mr. Williams disclosed that he does not have any
connections with the companies, creditors and other "parties in
interest."  

                 About CenterPointe Hotels @ Texas

Houston-based CenterPointe Hotels @ Texas II, LP is primarily
engaged in renting and leasing real estate properties. Its
affiliate, CenterPointe Partners @ Texas, LLC, operates in the
traveler accommodation industry.

CenterPointe Hotels @ Texas II and CenterPointe Partners @ Texas
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. S.D. Texas Lead Case No. 23-30023) on Jan. 2, 2023.

At the time of the filing, CenterPointe Hotels @ Texas II reported
$10 million to $50 million in assets and $1 million to $10 million
in liabilities while its affiliate reported $1 million to $10
million in both assets and liabilities.

Judge Jeffrey P. Norman oversees the cases.

David L. Curry, Jr., Esq., at Okin Adams Bartlett Curry, LLP is the
Debtors' legal counsel.


CHASE CUSTOM: $1.5MM DIP Loan From Androscoggin and Machias OK'd
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Maine authorized
Chase Custom Homes & Finance, Inc. to use cash collateral and
obtain postpetition financing on an interim basis.

The Debtor is permitted to obtain postpetition financing from:

     (1) Androscoggin Savings Bank, as lender, up to the aggregate
principal amount of $625,000; and

     (2) Machias Savings Bank, as lender, up to a revolving maximum
principal amount of $950,000.

Each of the loans is subject to the terms and conditions in the
Interim Order and the timing of advances and repayments as set
forth in the Budget.

The ASB DIP Facility will mature on the earliest of: (a) September
30, 2023; (b) the effective date of a confirmed plan of
reorganization or liquidation; (c) conversion of the case to one
under Chapter 7 or dismissal of the case; or (d) at Androscoggin's
discretion, upon the occurrence of an Event of Default.

The MSB DIP Facility will mature on the earliest of: (a) September
30, 2023; (b) the date on which the MSB DIP Facility is fully
repaid pursuant to the Budget; (c) the effective date of a
confirmed plan of reorganization or liquidation; (d) conversion of
the case to one under Chapter 7 or dismissal of the case; or (e) at
Machias's discretion, upon the occurrence of an Event of Default.

The Debtor requires the use of cash collateral and DIP Facility to
maintain and operate its business and assets, to sell or otherwise
liquidate its assets, to provide financial information, and to pay
other expenses necessary to maximize the value of the Debtor's
estate in Chapter 11.

These events constitute an "Event of Default" under the DIP
facility:

     (a) The Interim Order is reversed, vacated, stayed, amended,
supplemented or otherwise modified in a manner which will
materially and adversely affect the rights of the DIP Lenders;

     (b) The Debtor materially fails to perform or materially
breaches any of the covenants set forth in the Interim Order,
including, but not limited to, using Cash Collateral in any manner
not authorized by the Budget, or any representation or warranty of
the Debtor set forth in the Interim Order will be false or
misleading in any material respect;

     (c) Any intentional misrepresentation by the Debtor in the
weekly financial reporting to be provided by the Debtor under the
Interim Order;

     (d) The chapter 11 case of the Debtor is either dismissed or
converted to a chapter 7 case pursuant to a final order of the
Court, the effect of which has not been stayed;

     (e) A chapter 11 trustee, or an examiner with expanded powers
beyond those set forth in Bankruptcy Code sections 1106(a)(3) and
1106(a)(4), is appointed by a final order of the Court, the effect
of which has not been stayed, in the chapter 11 case of the Debtor;
or

     (f) A default occurs under the DIP Facility Documents.

As of February 14, 2023, the Debtor was indebted to Machias in the
aggregate amount of $6.815 million and the Debtor acknowledges and
ratifies the validity, perfection, and first priority of Machias':
(i) mortgages on the subdivisions owned by the Debtor located in
Gorham (Bramblewood), Raymond (Rolling Brook), and Lewiston
(Sanctuary Estates) and (ii) liens on all business assets of the
Debtor as of the Petition Date, including all rights to payment.

As of February 14, the Debtor was indebted to Androscoggin in the
aggregate amount of $5.965 million and the Debtor acknowledges and
ratifies the validity, perfection, and second priority of
Androscoggin's liens on all business assets of the Debtor as of the
Petition Date, including all rights to payment.

The Debtor's business has an immediate need to borrow under the DIP
Facilities and to use cash collateral to have adequate liquidity to
provide for, among other things, the orderly continuation of the
operation of its business, to maintain business relationships with
vendors, suppliers, and customers, to make payroll, and to satisfy
other working capital and operational, financial, and general
corporate needs.

The final hearing on the matter is set for March 7 at 9:30 a.m.

A copy of the Court's order and the Debtor's budget is available at
https://bit.ly/3Eyjsy9 from PacerMonitor.com.

The Debtor projects, total disbursements on a weekly basis as
follows:

      $35,847 for the week ending June 2, 2023;
     $164,880 for the week ending June 9, 2023;
      $40,547 for the week ending June 16, 2023;
     $165,279 for the week ending June 23, 2023; and
      $39,094 for the week ending June 30, 2023.

             About Chase Custom Homes & Finance, Inc.

Chase Custom Homes & Finance, Inc. is part of the residential
building construction industry. The Debtor sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No.
23-20032) on February 15, 2023. In the petition signed by Terina
Chase, authorized party, the Debtor disclosed up to $50 million in
both assets and liabilities.

Judge Michael A. Fagone oversees the case.

The Debtor tapped Sam Anderson, Esq., at Bernstein Shur Sawyer &
Nelson, P.A. as legal counsel and Purdy, Powers & Co., P.A. as
accountant and financial advisor.



CHICK LUMBER: To File Revised Plan Within March
-----------------------------------------------
Chick Lumber, Inc. said in court filings it intends to file an
amended bankruptcy-exit plan mid- to late in March.

On January 31, 2022, the Debtor filed the Disclosure Statement and
Amended Plan of Reorganization.  On March 17, 2022, the Bankruptcy
Court entered an order denying approval of the Disclosure Statement
subject to the Debtor's right to file an amended disclosure
statement that resolves the issues discussed during the hearing.

The Disclosure Statement is built on a series of compromises and
settlements negotiated with Citizens Bank, Carroll County Leasing
Company, Herget Building Supply, Inc.
and their principals and other creditors with the consent and
approval of the Unsecured Creditors' Committee.

The Citizens Settlement resulted from a deliberately long and
successful mediation conducted by Peter Cary, Bankruptcy Judge. The
Citizens Settlement is expressly conditioned on the approval of the
United States Small Business Administration.

The Debtor submitted an Offer in Compromise to Citizens to Citizens
in March 2022 as required by the Court. The Offer tracks the
mediation settlement reached by the parties with the support,
consent and agreement of the Committee. Citizens had to complete
portions of the Offer. On June 2, 2022, counsel to Citizens
confirmed in an email to the Debtor's counsel that the Debtor's
Offer in Compromise had been submitted to the SBA.

According to the Debtor, the SBA rejected an Offer in Compromise
from Salvatore Massa, the Debtor's President, because Massa is in
bankruptcy.  The Debtor said the SBA was mistaken. According to
Citizens, the Massa OIC will probably be approved since that was
the only reason for the rejection.

The SBA also rejected the Debtor's Offer in Compromise. The only
reason given was that the repayment term was too long. The SBA
policy limits repayment terms to 3 years.

Citizens and the Debtor have discussed a proposal that they shared
with other constituencies.

With Committee approval, the Debtor will make a revised Offer in
Compromise that addresses
the repayment term issue.

The Massas have filed their own Chapter 11, Subchapter V bankruptcy
cases.

                        About Chick Lumber

Chick Lumber, Inc. -- https://www.chicklumber.com/ -- is a dealer
of lumber, plywood, steel beams, engineered wood, trusses, steel
and asphalt roofing, windows, doors, siding, trim, stair parts, and
finish materials. It also offers drafting and design, installation,
delivery, outside sales, and plan reading and estimating services.

The Debtor sought Chapter 11 protection (Bankr. D.N.H. Case No.
19-11252) on Sept. 9, 2019, in Concord.  In the petition signed by
Salvatore Massa, president, the Debtor disclosed between $1 million
and $10 million in both assets and liabilities.

Judge Bruce A. Harwood oversees the case.

William S. Gannon PLLC is the Debtor's legal counsel.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on Oct. 3, 2019.  The Committee is represented by
Goldstein & McClintock, LLLP as its legal counsel.




CHIEF INVESTMENTS: Hires Crye-Leike Oxford as Real Estate Agent
---------------------------------------------------------------
Chief Investments, LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Mississippi to hire Tim Phillips
of Crye-Leike Oxford Real Estate as its real estate broker.

The broker will market and sell the Debtor's property located at
2014 University Avenue, Oxford, MS 38655.

The broker will receive a commission of 2 percent of the selling
price of the property.

Mr. Phillips assured the court that his firm holds no interest
adverse to the Debtor or the estate.

The firm can be reached through:

     Tim Phillips
     Crye-Leike Oxford Real Estate
     1310 University Avenue
     P.O. Box 1870
     Oxford, MS 38655
     Phone: +1 662-234-9868

                      About Chief Investments

Oxford, Miss.-based Chief Investments, LLC filed its voluntary
petition for Chapter 11 protection (Bankr. N.D. Miss. Case No.
21-11765) on Sept. 20, 2021, listing as much as $10 million in both
assets and liabilities.  Joy Kyser Kizziah, managing member, signed
the petition.  The Law Offices of Craig M. Geno, PLLC represents
the Debtor as legal counsel.


CHURCH CAPITAL: Seeks to Hire Robert Goldstein as Attorney
----------------------------------------------------------
Church Capital Corporation seeks approval from the U.S. Bankruptcy
Court for the Northern District of California to hire the Law
Offices of Robert Goldstein to represent and continue to assist in
administration of this Chapter 11 case.

Robert Goldstein will be paid at these hourly rates:

     Attorneys                   $575
     Associates                  $550
     Paraprofessionals           $175

Robert Goldstein will be paid a retainer in the amount of $12,500.

Robert Goldstein will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Robert Goldstein, partner of the Law Offices of Robert Goldstein,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtor and its estates.

Robert Goldstein can be reached at:

     Robert Goldstein, Esq.
     Eduardo Gonzalez, Esq.
     LAW OFFICES OF ROBERT L. GOLDSTEIN
     100 Bush Street, Suite 501
     San Francisco, CA 94104
     Tel: (415) 391-8710
     Fax: (415) 391-8701

                 About Church Capital Corporation

Church Capital Corporation sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Cal. Case No.
23-40021) on Jan. 10, 2023, listing $50,000 in assets and $100,001
to $500,000 in liabilities.

Judge Charles Novack presides over the case.

Robert L. Goldstein, Esq. at the Law Offices Of Robert L. Goldstein
represents the Debtor as counsel.


CITY BREWING: $850M Bank Debt Trades at 51% Discount
----------------------------------------------------
Participations in a syndicated loan under which City Brewing Co LLC
is a borrower were trading in the secondary market around 49.3
cents-on-the-dollar during the week ended Friday, February 24,
2023, according to Bloomberg's Evaluated Pricing service data.

The $850 million facility is a Term loan that is scheduled to
mature on April 5, 2028. The amount is fully drawn and
outstanding.

City Brewing Company, LLC operates as a brewery company. The
Company produces beverages by contract, including beer, malts,
teas, and energy drinks.



CNX RESOURCES: S&P Affirms 'BB' Issuer Credit Rating, Debt Rating
-----------------------------------------------------------------
S&P Global Ratings affirmed all ratings including the 'BB' issuer
credit rating on oil and gas exploration and production (E&P)
company CNX Resource Corp.

The stable outlook reflects S&P's expectation CNX will maintain
modest financial policies, including its extensive hedging program.
This will support strong cash flow and financial measures,
including FFO to debt above 45%, if natural gas prices continue to
moderate from current levels.

S&P said, "We expect CNX's financial measures will continue to
improve. Like much of the industry, we expect CNX to pursue a
capital spending program that drives flat to modest growth, using
free cash flow generation to fund debt repayment and shareholder
returns. We forecast the company will generate average free cash
flow of $350 million-$500 million annually under our price
assumptions, after our expectation of capital spending of $575
million-$675 million. We also note that CNX has hedged around 80%
of its expected gas production for 2023, including basis
differentials, at an average of $2.47 per thousand cubic feet
(mcf), which provides a level of stability to its cash flows."

CNX's robust hedging program provides stable cash flows. CNX's
extensive hedging program should provide some stability through the
often volatile price cycles of natural gas, which accounts for over
90% of its production. S&P said, "As a result, we would not expect
to see EBITDA and debt leverage swings as severe as the experience
of many E&P peers. Nevertheless, due to hedging, CNX has not fully
benefitted from higher natural gas prices, although over time we
expect pricing will improve as it layers in new hedges at higher
prices. We have adjusted historical financial measures for noncash
mark to market hedge losses, which we estimate were about $930
million for the year ended Dec. 31, 2022, because they don't
reflect financial performance in the current period."

S&P said, "We believe CNX has one of the best cost positions among
its Appalachian peers. While its size and scale somewhat lag those
of its largest peers in the Appalachian Basin, the company's cash
operating costs (excluding general and administrative costs), which
we estimate to be about $0.85-$0.90 per thousand cubic foot
equivalent (mcfe), are lower than those of its peers, which
typically have cash operating costs of more than $1.00/mcfe. We
believe CNX's vertical integration with its wholly owned subsidiary
CNX Midstream Partners L.P. (CNXM) is a key reason for CNX's low
costs relative to those of its peers because CNXM mitigates much of
the company's third-party gathering and processing expenses.

"The stable outlook reflects our expectation that over the next 24
months CNX will maintain modest financial policies, including its
extensive hedging program, which support strong free cash flow
generation and a balance of debt repayment and shareholder returns.
As a result, we expect FFO to debt to exceed 45% and debt to EBITDA
will remain below 2x. Our assumptions are supported by the
company's robust hedging program that should lock in pricing at
around 80% production, providing a cushion to any potential fall in
natural gas prices.

"We could lower our issuer credit rating on CNX if we forecast its
leverage will weaken over the next two years such that its expected
FFO to debt falls below 30% and its debt to EBITDA is above 3x on a
sustained basis. This would most likely occur if there were a
sustained material decline in natural gas prices, likely in
combination with a weakening in the company's hedging program, or
if CNX's capital spending rises without a commensurate increase in
its production. Alternatively, more aggressive shareholder returns
than expected could limit debt repayment and lead to weaker
financial measures.

"We could raise our rating over the next twelve months if CNX grows
its reserves or diversifies its assets such that its business risk
compares more favorably to higher rated peers. Additionally, we
would expect FFO to debt to average above 60% with debt to EBITDA
below 1.5x. This could occur if natural gas prices average well
above our assumptions, providing increased cash flow to expand
capital spending, or make acquisitions, and CNX maintained a
balance of debt repayment and shareholder returns."

ESG credit indicators: E-4, S-2, G-2

S&P said, "Environmental factors are a negative consideration in
our credit rating analysis on CNX Resources Corp. because the E&P
industry contends with an accelerating energy transition and
adoption of renewable energy sources. CNX is in a somewhat unique
position as it is carbon net-negative for scope 1 and 2 emissions
thanks to its coal mine methane emissions capture and abatement
operations that provide carbon offsets. These operations are
expected to modestly contribute to EBITDA in the near-term, growing
more meaningful over time. Nevertheless, we believe falling demand
for fossil fuels will lead to declining profitability and returns
for the industry."



COLOUROZ INVESTMENT 2: $205M Bank Debt Trades at 41% Discount
-------------------------------------------------------------
Participations in a syndicated loan under which ColourOZ Investment
2 LLC is a borrower were trading in the secondary market around
59.2 cents-on-the-dollar during the week ended Friday, February 24,
2023, according to Bloomberg's Evaluated Pricing service data.

The $205 million facility is a Payment-in-Kind Term loan that is
scheduled to mature on September 21, 2024. The amount is fully
drawn and outstanding.

ColourOZ Investment 2 LLC provides industrial paint products.


COMMUNITY HEALTH: Posts $179 Million Net Income in 2022
-------------------------------------------------------
Community Health Systems, Inc. reported net income of $179 million
on $12.21 billion of net operating revenues for the year ended
Dec. 31, 2022, compared to net income of $368 million on $12.36
billion of net operating revenues for the year ended Dec. 31,
2021.

As of Dec. 31, 2022, the Company had $14.67 billion in total
assets, $15.40 billion in total liabilities, $541 million in
redeemable noncontrolling interests in equity of consolidated
subsidiaries, and a total stockholders' deficit of $1.27 billion.

Commenting on the results, Tim L. Hingtgen, chief executive officer
of Community Health Systems, Inc., said, "We were pleased with our
progress during the final quarter of the year, including solid
volume growth in admissions, adjusted admissions and surgeries.  We
also significantly reduced contract labor from its peak in early
2022, while improving overall employee recruitment and retention
levels.  I am grateful to our healthcare system leaders,
clinicians, caregivers and support teams for their unwavering
commitment to advance patient care and achieve operational
improvements in 2022. Looking forward, we are optimistic about our
opportunities in 2023."

                   Three Months Ended December 31, 2022

Net operating revenues for the three months ended Dec. 31, 2022,
totaled $3.142 billion, a 2.8 percent decrease compared to $3.233
billion for the same period in 2021.  On a same-store basis, net
operating revenues decreased 1.3 percent for the three months ended
Dec. 31, 2022, compared to the same period in 2021.  Net operating
revenues for the three months ended Dec. 31, 2022, reflect a 1.9
percent increase in admissions and a 5.2 percent increase in
adjusted admissions, compared to the same period in 2021.  On a
same-store basis, admissions increased 4.4 percent and adjusted
admissions increased 8.2 percent for the three months ended Dec.
31, 2022, compared to the same period in 2021.

Net income attributable to Community Health Systems, Inc.
stockholders was $414 million, or $3.18 per share (diluted), for
the three months ended Dec. 31, 2022, compared to $178 million, or
$1.34 per share (diluted), for the same period in 2021.  Pandemic
relief funds had a positive impact on net income attributable to
Community Health Systems, Inc. stockholders (both on a consolidated
and adjusted basis) of approximately $2 million, or $0.01 on a per
share (diluted) basis, for the three months ended Dec. 31, 2022,
and $30 million, or $0.22 on a per share (diluted) basis, for the
same period in 2021.

The increase in net income attributable to Community Health
Systems, Inc. stockholders for the three months ended Dec. 31,
2022, compared to the same period in 2021, was due primarily to the
impact of certain non-operating items, including gains from early
extinguishment of debt and the CoreTrust transaction as well as a
higher benefit from income taxes.  The decrease in Adjusted EBITDA
for the three months ended Dec. 31, 2022, compared to the same
period in 2021, is primarily due to lower acuity of inpatient
admissions and unfavorable changes in payor mix, as well as the
reduction in pandemic relief funds recognized and continued expense
pressures including increased salaries and benefits expense driven
by wage inflation.  In addition, expense from contract labor was
lower than the prior year period and the prior quarter.

A full-text copy of the Annual Report on Form 10-K as filed with
the Securities and Exchange Commission is available for free at:

https://www.sec.gov/ix?doc=/Archives/edgar/data/1108109/000156459023002038/cyh-10k_20221231.htm

                About Community Health Systems Inc.

Community Health Systems, Inc. -- http://www.chs.net-- is a
healthcare company whose affiliates are providers of healthcare
services, developing and operating healthcare delivery systems in
45 distinct markets across 16 states.  As of Feb. 15, 2023, the
Company's subsidiaries own or lease 79 affiliated hospitals with
approximately 13,000 beds and operate more than 1,000 sites of
care, including physician practices, urgent care centers,
freestanding emergency departments, occupational medicine clinics,
imaging centers, cancer centers and ambulatory surgery centers.

                             *   *   *

This concludes the Troubled Company Reporter's coverage of
Community Health Systems until facts and circumstances, if any,
emerge that demonstrate financial or operational strain or
difficulty at a level sufficient to warrant renewed coverage.


COMPUTE NORTH: Court Approves Bankruptcy Plan
---------------------------------------------
Evan Ochsner of Bloomberg Law reports that Compute North Holdings
Inc., the crypto mining services provider, secured a bankruptcy
judge's approval of its liquidation after selling off its assets
over the past several months.

The Minnesota-based company, which entered bankruptcy in September
2022 with about $250 million in secured debt, sold off its assets
through 13 separate sales, James Grogan of Paul Hastings LLP, a
lawyer for the company, said Thursday, February 16, 2023, in the US
Bankruptcy Court for the Southern District of Texas.

"We have reached key settlements with all of our largest creditors
and constituents," Grogan told US Bankruptcy Judge Marvin Isgur,
who signed off on the plan.

                   About Compute North Holdings

Computer North Holdings, Inc., now known as Mining Project Wind
Down Holdings Inc. -- https://www.computenorth.com/ -- is a crypto
mining data center company. Compute North has four facilities in
the U.S. -- two in Texas and one in both South Dakota and
Nebraska,
according to its website.

While cryptocurrency prices skyrocketed during the pandemic (with
bitcoin surging by 300% in 2020), the Federal Reserve's decision to
curb rising inflation by hiking interest rates has since ushered in
some of the crypto market's biggest losses in history.  After
amassing a record value above $3 trillion in November 2021, the
cryptocurrency market posted its worst first half ever --
plummeting more than 70% through July. Terra's luna token, a once
top cryptocurrency worth more than $40 billion, lost virtually all
its value within a week in May after sister token TerraUSD, a
stablecoin meant to hold a price of $1, broke its dollar peg as
markets collapsed.

Crypto lenders such as Celsius boomed during the COVID-19 pandemic,
drawing depositors with high interest rates and easy access to
loans rarely offered by traditional banks. But the lenders'
business model came under scrutiny after a sharp sell-off in the
crypto market spurred by the collapse of major tokens terraUSD and
luna in May 2022. New Jersey-based Celsius froze withdrawals in
June 2022, citing "extreme" market conditions, cutting off access
to savings for individual investors and sending tremors through the
crypto market.

The list of major crypto firms that have filed for bankruptcy
protection in 2022 now include crypto lenders Celsius Network,
Three Arrows Capital, Voyager Digital, and crypto mining firm
Compute North.

Compute North Holdings and 18 affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case
No. 22-90273) on Sept. 22, 2022. In the petitions signed by Harold
Coulby, as authorized signatory, the Debtors reported between $100
million and $500 million in both assets and liabilities.

Judge Marvin Isgur oversees the cases.

The Debtors tapped Paul Hastings, LLP and Ferguson Braswell Fraser
Kubasta, PC as bankruptcy counsels; Jefferies, LLC as investment
banker; and Portage Point Partners as financial advisor.  Epiq
Corporate Restructuring, LLC is the claims, noticing and
solicitation agent.

On Oct. 6, 2022, the Office of the U.S. Trustee for Region 7
appointed an official committee of unsecured creditors.  The
committee tapped McDermott Will & Emery LLP as legal counsel; and
Miller Buckfire & Co., LLC and its affiliate, Stifel, Nicolaus &
Co., Inc., as investment banker.

On Nov. 23, 2022, the Debtors filed their proposed joint Chapter 11
liquidating plan and disclosure statement.


CORECIVIC INC: Egan-Jones Retains BB+ Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company on February 6, 2023, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by CoreCivic, Inc.

Headquartered in Nashville, Tennessee, CoreCivic, Inc. formerly the
Corrections Corporation of America, is a company that owns and
manages private prisons and detention centers and operates others
on a concession basis.


CREDITO REAL: Gets Okay for $62M U.S. Assets Sale in Chapter 15
---------------------------------------------------------------
Mexican specialty finance lender Crédito Real, S.A.B. de C.V.,
SOFOM, E.N.R., received court approval from a Delaware bankruptcy
judge to sell its equity interests in an American auto lending firm
in a $62 million deal with a Mexican financial services firm.

Upon the amended motion dated Nov. 29, 2022 filed by the Foreign
Representative of the Mexican Liquidation Proceeding of Crédito
Real, U.S. Bankruptcy Judge John T. Dorsey entered an order
authorizing and approving the sale of substantially all of the
Chapter 15 Debtor's direct and/or indirect equity interests (the
"CRUSAFin Interests") in a majority-owned, U.S. subsidiary,
Crédito Real USA Finance, LLC ("CRUSAFin") to Bepensa
Capital, Inc. in accordance with the terms of the purchase and sale
agreement (the "Successful SPA").

The Sale Agreement provides for an Initial Purchase Price of
$62,000,000 and a Base Purchase Price (means the Initial Purchase
Price, less the value allocated to the remaining unpurchased
Seagrave Interests) of $60,536,000.

The Sale Order requires Crédito Real USA to, prior to or
substantially
contemporaneous with a closing of the sale, dividend all CRUSAFin
Interests held by it to the Chapter 15 Debtor such that, following
such dividend, Crédito Real USA Finance, LLC will be a direct
subsidiary of the Chapter 15 Debtor.

The Sale Order approves the sale of the CRUSAFin Interests free and
clear of any liens, claims, or interests under section 363(f) of
the Bankruptcy Code. The Sale Order provides that all interests of
any kind or nature existing as to the CRUSAFin Interests after
giving effect to the Reorganization are released, discharged and
terminated.  All Parties shall have 14 days from the date the Sale
Order was entered by the Bankruptcy Court to appeal the Sale
Order.

                      About Credito Real SAB

Credito Real SAB de CV SOFOM ENR is a Mexico-based company that
provides consumer financing.  Credito is Mexico's biggest payroll
lender and second largest non-bank lender after Real Unifin.

Credito Real provides loans, either by providing direct financing
to consumers or by establishing financing programs with consumer
financing dealers that sell to Credito Real the collection rights
from consumer financing products.  It also provides financing
directly to individuals that are employed by corporations with
payroll deduction agreements with consumer financing dealers
authorized by Credito Real.  Credito Real operates through a number
of subsidiaries, including AFS Acceptance LLC.

Three alleged creditors signed a petition to send Credito Real to
Chapter 11 bankruptcy on June 22, 2022 (Bankr. S.D.N.Y. Case No.
22-10842).  Institutional Multiple Investment Fund LLC, of Boston,
Massachusetts; Banco Monex, S.A., of Mexico, and Solitaire Fund, of
Liechtenstein, who claim to own an aggregate $8 million of
unsecured bond debt, signed the involuntary Chapter 11 petition.
David H. Botter, Esq., at Akin Gump Strauss Hauer & Feld LLP is
advising the three bondholders.

Despite efforts by bondholders to force the company to pursue a
Chapter 11 restructuring in the U.S., the Debtor opted to pursue
proceedings in Mexico instead.  On June 28, 2022, Angel Francisco
Romanos Berrondo, one of the Debtor's shareholders and the former
CEO of Credito Real, filed a petition, in his capacity as a
shareholder, with the Mexican Court seeking to commence the Mexican
Liquidation Proceeding.

On June 30, 2022, the Mexican Court entered an order commencing the
dissolution and liquidation proceedings for the Company and
appointing Mr. Fernando Alonso-de-Florida Rivero as the Mexican
Liquidator.

The liquidator for Credito Real filed a Chapter 15 bankruptcy
petition (Bankr. D. Del. Case No. 22-10630) on July 14, 2022, to
seek U.S. recognition of the Mexican proceedings.  The petition was
signed by Robert Wagstaff, the foreign representative of the
liquidator.  Richards, Layton & Finger, P.A., led by John Henry
Knight, is counsel in the U.S. case.


CYXTERA TECHNOLOGIES: To Ask Lenders to Extend Loan Maturities
--------------------------------------------------------------
Reshmi Basu and Rachel Butt of Bloomberg News report that
struggling data-center firm Cyxtera Technologies Inc. is planning
to ask a group of lenders to push back maturities on company debt,
according to people with knowledge of the situation.

Cyxtera, which has a revolving line of credit due in November 2022
and term loans due 2024, is also planning to ask lenders to agree
to turn part of their debt holdings into equity, the people said.
To encourage lenders to agree to these changes, Cyxtera backers are
offering to inject more liquidity into the company, said the
people, who asked not to be identified discussing a private
matter.

                    About Cyxtera Technologies

Cyxtera Technologies, Inc. provides various data center products
and services for enterprises, service providers, and government
agencies. It offers retail colocation, interconnection, deployment,
and support services; and Bare Metal, an on-demand IT
infrastructure solution.  The company is headquartered in Coral
Gables, Florida.




DACO CONSTRUCTION: March 23 Hearing on Disclosure Statement
-----------------------------------------------------------
Judge Michelle M. Harner will convene a hearing to consider the
approval of the Disclosure Statement of Daco Construction
Corporation on March 23, 2023, at 10:00 a.m. in Courtroom 9-C of
the U.S. Bankruptcy Court, U.S. Courthouse, 101 West Lombard
Street, Baltimore, Maryland 21201.

March 16, 2023, is fixed as the last day for filing and serving
written objections to the Disclosure Statement.

                      About DACO Construction

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

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

Judge Michelle M. Harner oversees the case.

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


DEL SOL DELIVERYS: Seeks to Continue Factoring Deal with TAFS
-------------------------------------------------------------
Del Sol Deliverys, LLC asks the U.S. Bankruptcy Court for the
Western District of Texas, San Antonio Division, for authority to,
among other things, use cash collateral and continue a financing
arrangement with TAFS Inc.

The Debtor and TAFS are parties to a pre-bankruptcy factoring
agreement. TAFS, at its sole discretion, purchases an account and
advances to the Debtor 100% of the Net Amount minus its base fee.
TAFS provides accounts receivable financing, on a
transaction-by-transaction basis.

In order to preserve its ongoing business and going concern, the
Debtor requires continuing the Factoring Agreement.  This
arrangement with TAPS provides the Debtor with the cash liquidity
necessary to operate its business and pay the wages, salaries,
insurances, and other expenses associated with running the Debtor's
business.

The Debtor's use of Cash Collateral is limited to payment of the
authorized expenses contained in the Budget, with a 10% variance.

The financing and indebtedness due and owing by the Debtor to TAFS
will:

     i. have priority (except for trustee expenses and fees) over
any administrative expenses; and

    ii. be secured by a first priority lien in the Debtor's
accounts receivable, contract rights, general intangibles, property
and proceeds of any kind, created or arising on or after the
Petition Date.

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

                  About Del Sol Deliverys, LLC

Del Sol Deliverys, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 23-50147) on
February 10, 2023.

In the petition signed by Ariel Alvarez Diaz, as manager, the
Debtor disclosed $260,047 in total assets and $1,082,588 in total
liabilities.

Judge Craig A. Gargotta oversees the case.

William R. Davis, Jr., Esq., at Langley & Banack, Inc., represents
the Debtor as legal counsel.




DELPHI BEHAVIORAL: Grassi Healthcare CEO Appointed as PCO
---------------------------------------------------------
The U.S. Trustee for Region 21 appointed Joseph Tomaino, chief
executive officer of Grassi Healthcare Advisors, LLC, as patient
care ombudsman for Delphi Behavioral Health Group, LLC and its
affiliates.

A patient care ombudsman refers to an individual appointed in
healthcare bankruptcies to ensure the safety of patients. The
ombudsman monitors the quality of patient care and represents the
interest of patients of the healthcare debtor.

Mr. Tomaino disclosed in court filings that he is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.

The ombudsman may be reached at:

     Joseph Tomaino
     Grassi Healthcare Advisors, LLC
     488 Madison Ave., 21st Floor
     New York, NY 10022
     Telephone: 212-223-5020
     Facsimile: 212-755-6748
     Email: jtomaino@grassihealthcareadvisors.com
  
               About Delphi Behavioral Health Group

Delphi Behavioral Health Group, LLC and several affiliated entities
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. S.D. Fla. Lead Case No. 23-10945) on Feb. 6, 2023. In the
petition signed by its interim chief executive officer, Edward A.
Phillips, Delphi Behavioral Health Group disclosed $1 million to
$10 million in assets and $10 million to $50 million in
liabilities.

Delphi provides a range of inpatient and outpatient behavioral
healthcare services in the substance use disorder, addiction and
mental health treatment space. Headquartered in Fort Lauderdale,
Fla., Delphi and its affiliates operated 12 clinical facilities and
two recovery residences prior to the petition date, throughout
California, Florida, Maryland, Massachusetts and New Jersey. The
levels of care provided at the clinical facilities range from
inpatient and residential to outpatient (partial hospitalization),
intensive outpatient programming and outpatient programming.

Judge Peter D. Russin oversees the cases.

The Debtors tapped Berger Singerman LLP as legal counsel; Getzler
Henrich and Associates as restructuring services provider; and Epiq
Corporate Restructuring, LLC as notice and claims agent.

Brightwood Loan Services, LLC, the administrative agent for the
pre-bankruptcy lenders and the debtor-in-possession lenders, is
represented by King & Spalding, LLP.


DELTA TOPCO: Oaktree Specialty Marks $6.6M Loan at 20% Off
----------------------------------------------------------
Oaktree Specialty Lending Corporation has marked its $6,680,000
loan extended to Delta Topco Inc. to market at $5,319,000 or 80% of
the outstanding amount, as of December 31, 2022, according to a
disclosure contained in Oaktree Specialty's Form 10-Q for the
quarterly period ended December 31, 2022, filed with the Securities
and Exchange Commission on February 7, 2023.

Oaktree Specialty is a participant in a Second Lien Term Loan to
Delta Topco Inc. The loans accrues 11.65% (LIBOR+7.25%) per annum.
The loan matures on December 1, 2028.

Oaktree Specialty Lending Corporation is a specialty finance
company that looks to provide customized, one-stop credit solutions
to companies with limited access to public or syndicated capital
markets. Oaktree Specialty was formed in late 2007 and operates as
a closed-end, externally managed, non-diversified management
Investment Company that has elected to be regulated as a Business
Development Company under the Investment Company Act.

Delta Topco Inc is a provider of system software. 



DGS REALTY: Wins Cash Collateral Access Thru April 30
-----------------------------------------------------
The U.S. Bankruptcy Court for the District of New Hampshire
authorized DGS Realty, LLC to use the cash collateral of PHH
Mortgage Services, acting as servicer for U.S. Bank National Trust
Association, as Trustee for Lehman Brothers Small Balance
Commercial Mortgage Pass Through Certificates, Series 2006-3.

The Debtor is permitted to use and expend the proceeds of cash
collateral to pay the costs and expenses incurred in the ordinary
course of its business during the period from March 1 through April
30, 2023, or the date on which the Court enters an order revoking
the Debtor's right to use cash collateral in accordance with the
budget.

The Debtor will pay PHH Mortgage its monthly payment of $6,750,
plus real estate tax escrow in the amount of $3,066, each month,
pending further Court order.

The Debtor will pay the U.S. Small Business Administration its
monthly payment of $376, pending further Court order.

Absent the Court's entry of a further order extending
authorization, the Debtor's access to use cash collateral will
terminate upon the earliest of:

     a. the last day of the Use Period;

     b. the earliest date on which a final hearing on cash
collateral requirements can be held under the notice and service
requirements of Bankruptcy Rules 4001(b) and (d) and 7004(h);

     c. appointment of a Trustee pursuant to Bankruptcy Code
Section 1104;

     d. conversion of the Debtor's case to one under Chapter 7 of
the Bankruptcy Code;

     e. dismissal of the Debtor's case; or

     f. entry of an order granting a Motion for Relief from
Automatic Stay with respect to any property that is PHH Mortgage's
collateral.

A hearing on the Debtor's further use of cash collateral is
scheduled for May 3 at 11 a.m.

A full-text copy of the Court's order and the Debtor's budget for
the period from March to April 30, 2023, is available at
https://bit.ly/3SvDrTS from PacerMonitor.com.

The Debtor projects $98,029 in total income and $10,192 in total
expenses for March 2023 and $99,076 in total income and $10,442 in
total expenses for April 2023.

                       About DGS Realty

Based in Concord, New Hampshire, DGS Realty, LLC, is a real estate
limited liability company. Formed around May 10, 2017, the company
is owned by David H. Booth, Manager, Stephen W. Booth, and Gregory
A. Booth, each having a 1/3 interest.

DGS Realty filed a Chapter 11 petition (Bankr. D.N.H. Case No.
22-10028) on January 24, 2022.  In the petition signed by David H.
Booth, the manager, the Debtor estimated assets and debts between
$1 million and $10 million.   

Judge Bruce A. Harwood oversees the case.

Representing the Debtor as counsel is Eleanor Wm Dahar, Esq., at
Victor W. Dahar Professional Association.



ECO MATERIAL: Fitch Affirms LongTerm IDR at 'B', Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Eco Material Technologies
Inc., including its Long-Term Issuer Default Rating (IDR) at 'B'.
The Rating Outlook is Stable.

Eco's IDR reflects its high leverage, relatively small size and
limited product diversification compared to larger aggregates
producers and cement manufacturers, the cyclicality of its
end-markets and its adequate liquidity position. Fitch's
expectation for continued growth in the public construction and
private nonresidential construction end-markets in 2023 should
support modest deleveraging in the intermediate-term through EBITDA
growth. The company's leading position within the niche
supplementary cementitious materials (SCMs) market, strong
profitability metrics and extended debt maturity schedule are also
factored into the rating.

KEY RATING DRIVERS

Stable Earnings Outlook: Fitch expects a beneficial operating
environment for building materials producers in 2023 with continued
strength in public construction and private nonresidential
construction, which should offset a decline in private residential
construction activity. Fitch projects Eco's revenue to grow
7.5%-8.5% in 2023, driven by higher selling prices, and volume
growth supported by new plants coming online and ramping up
production, as well as benefits from the Infrastructure Investment
and Jobs Act.

Fitch forecasts adjusted EBITDA margin to expand slightly in 2023
to about 15.5%-16.0% from 15.0%-15.5% in 2022 due to some
moderation in transportation costs, which weighed on margins in
2022. Fitch expects EBITDA margins to continue to expand modestly
in 2024 and beyond as new facilities come online and Eco realizes
the benefits of operating leverage.

Weak Credit Metrics: Fitch-calculated EBITDA leverage was about
6.0x for the LTM period ended Sept. 30, 2022. Fitch projects EBITDA
leverage to decline to around 5.7x by YE 2022 and 5.5x by YE 2023
driven by revenue growth and EBITDA margin expansion, while EBITDA
interest coverage remains below 3.0x. Deleveraging in the
intermediate-term is expected to come by way of EBITDA growth given
the lack of pre-payable debt and the company's aggressive organic
growth strategy. While not incorporated in Fitch's rating case
forecast, the company may look to make debt-funded acquisitions,
which could temporarily increase leverage.

Aggressive Growth Strategy: The company has set forth an aggressive
growth strategy centered around a shift in its current operating
model of harvesting, treating, and distributing fresh fly ash,
making meaningful investments to increase additional sources of
SCMs, such as harvesting landfilled fly ash and using natural
pozzolans. Fitch expects Eco to spend about $50 million on capex in
2022 and $70 million in 2023.

In the short to intermediate term, Fitch views the company's growth
strategy as neutral to the credit profile as the execution risk of
ramping up sourcing and production of SCMs is offset by its strong
position in its fresh fly ash operations, which should have a
modest runway in terms of available supply. Longer term, Fitch
views the shift favorably due to the expectation of continued
reduction of coal-fired power plants and building long-term
sustainable supply reserves, which are green alternatives.

Leadership Position in Niche Market: Eco is poised to remain a
leader in the U.S. SCM market through its large footprint and size
relative to direct peers, portfolio of long-term supply contracts
and customer relationships. The company's nationwide platform and
extensive logistics capabilities should allow it to service
customers of all sizes. Fitch believes Eco's established position
as the leading supplier and distributor of fly ash adds stability
to profitability and cash flows and situates the company well to
further grow its sales from other sustainable cementitious
products.

Diverse Revenue Sources: Eco's revenues are predominately from U.S.
construction activity but are balanced between public
infrastructure, residential, and nonresidential end-markets, which
typically have differing cycles. While the exposure to the highly
cyclical new construction markets is a risk to the stability of
profitability through economic cycles, Fitch believes the strong
diversity of those end-markets helps partially insulate the company
from cyclical downturns in any individual end-market. Public
construction represents the greatest proportion of Eco's end-market
exposure, which Fitch views favorably as this end-market tends to
have lower volatility through a cycle relative to private
construction end-markets.

The company's operations are geographically diverse across the
U.S., which provides additional cushion against regional
construction downturns. The company is well-positioned to benefit
from construction markets experiencing higher growth such as the
South Central and Southeastern U.S.

Strong Profitability: Eco's Fitch-adjusted EBITDA margin is
expected to expand to 16.0%-17.0% during the forecast period, which
is strong relative to similarly rated producers of building
products and materials. However, Eco's margin is below that of
large aggregates producers and cement manufacturers, which
typically have EBITDA margins above 20%. Due to the low capital
intensity of its core business, Eco can generate free cash flow.
However, Fitch expects the company will generate negative FCF in
the near- to intermediate-term due to elevated growth capex as it
ramps up production of other SCM product offerings.

Pricing Power: Fly ash is generally less expensive than cement but
has experienced strong pricing power over at least the last decade.
Fitch expects Eco to continue increasing prices to offset any input
cost inflation, given strong demand, the company's strong market
position in SCMs and expectation of declining supply of fresh fly
ash. Upstream products like aggregates and cement benefit from
stronger pricing power relative to downstream products such as
concrete and asphalt, which have lower entry barriers and
relatively more saturated markets.

DERIVATION SUMMARY

Eco has weaker credit and profitability metrics than Fitch's
publicly rated universe of building materials companies, which are
concentrated in low-investment grade rating categories. These peers
are larger in size and typically have EBITDA leverage less than or
equal to 3.0x and a greater share of the broader building materials
market.

The company has similar end-market exposure and profitability
metrics compared with its closest publicly-traded peer, Summit
Materials, Inc., but Summit is significantly larger and has
stronger credit metrics. However, Eco's SCM product offerings are
entirely upstream, which generally result in more consistent
pricing power and stable margins through the cycle.

Eco's leverage is in line with or below large building products
distributors rated by Fitch, including Park River Holdings, Inc.
(B/Negative) and LBM Acquisition, LLC (B/Stable). Park River's
EBITDA leverage is currently above 6.5x while LBM's is expected to
sustain around 5.5x in the intermediate term. Eco is smaller in
scale but has meaningfully higher profitability and FCF generating
potential compared with these distributors.

KEY ASSUMPTIONS

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

- Revenue growth in high single-digit percentages in 2023 and 2024
supported by continued growth in public construction and private
nonresidential end-markets;

- Fitch-adjusted EBITDA margin of 15.5%-16.5% in 2023 and 2024;

- Elevated capex levels due to growth projects, with annual spend
between $60 million and $70 million, resulting in negative FCF;

- EBITDA leverage of 5.7x at YE 2022 and 5.0x at YE 2023.

Recovery Analysis Assumptions

The recovery analysis assumes that Eco Material Technologies, Inc.
would be reorganized as a going concern in bankruptcy rather than
liquidated. Fitch has assumed a 10% administrative claim.

The going-concern EBITDA reflects Fitch's assumption that distress
would likely occur from a combination of weak construction
activity, increasing and sustained competitive pressures and poor
operating performance. Fitch estimates annual revenue of $575
million and Fitch-adjusted EBITDA margin around 12% would capture
the lower revenue base of the company after emerging from a
downturn plus a sustainable margin profile after right sizing,
which leads to Fitch's $70 million going-concern EBITDA
assumption.

To calculate the EV, Fitch used a going-concern EBITDA multiple of
5.0x, which is below the 6.6x multiple for the acquisition of Boral
Resources, LLC. The 5.0x multiple is also lower compared to that
used for building products and distributor peers, which are
meaningfully larger than Eco. Fitch applied a 6.5x EV multiple to
Chariot Holdings, LLC, a leading North American provider of garage
door openers and a 6.0x EV multiple to Park River Holdings, Inc., a
leading national provider of specialty branded interior and
exterior building products. Fitch does not have recent data on
recovery multiples for building materials producers.

The ABL revolver is assumed to be 66% drawn at default, which
accounts for potential shrinkage in the available borrowing base
during a contraction in revenue that provokes a default, and is
assumed to have prior-ranking claims to the senior secured notes in
the recovery analysis. The analysis results in a recovery
corresponding to an 'RR3' for the $525 million senior secured
notes.

RATING SENSITIVITIES

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

- Successful execution on growth strategy as demonstrated by
increased revenue from SCMs other than fresh fly ash while
maintaining EBITDA margins in the mid- to high-teen percentages;

- Fitch's expectation that EBITDA leverage will sustain below
5.0x.

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

- Fitch's expectation that EBITDA leverage will sustain above
6.0x;

- EBITDA interest coverage falling below 2.0x;

- Failure to execute on growth strategy or material deterioration
in current operating performance, resulting in EBITDA margins
contracting into the low-teen percentages and neutral to negative
FCF.

LIQUIDITY AND DEBT STRUCTURE

Liquidity Position: Eco has ample liquidity with $35.1 million of
cash on the balance sheet and $47.4 million of availability under
its $50 million ABL as of Sept. 30, 2022. Fitch projects the
company to generate negative FCF in 2023 and 2024 as elevated
growth capex is expected to exceed cash flow from operations (CFO).
Fitch expects Eco's high cash balance, CFO and ABL will provide
enough liquidity to fund ongoing operations and growth projects.
Eco has no maturities until its senior secured notes come due in
2027.

ISSUER PROFILE

Eco Material Technologies Inc. (Eco) is a harvester, producer,
marketer, and distributor of supplementary cementitious materials
(SCMs) used in the production of concrete.

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
   -----------             ------        --------   -----
Eco Material
Technologies Inc.   LT IDR B  Affirmed                B

   senior secured   LT     B+ Affirmed      RR3       B+


EMERGENT FIDELITY: BlockFi Seeks to Dismiss U.S. Bankruptcy
-----------------------------------------------------------
Crypto lender BlockFi Inc. urged the Bankruptcy Court in Delaware
to dismiss Sam Bankman-Fried-owned  Emergent Fidelity Technologies
Ltd.'s Chapter 11 bankruptcy case so that it could take ownership
of Robinhood Markets Inc. shares.

"Neither law nor equity require the doing of a futile act.  But
this bankruptcy case asks the Court to do just that -- to
"reorganize" an empty shell.  Emergent has no employees, no income,
and no business; its sole assets were shares in Robinhood Markets
Inc. (the "Shares") worth hundreds of millions of dollars.
Emergent pledged the Shares and their proceeds to secure repayment
to BlockFi of over $600 million in loans and failed to deliver.
Then the Government seized the Shares, allegedly for the benefit of
the victims of the FTX Debtors and Samuel Bankman-Fried's ("SBF")
fraud.  Those victims include BlockFi to the tune of approximately
$1 billion. As a result, the Shares or the value thereof will
eventually go to BlockFi and its clients, in whole or in part.  And
-- importantly here -- Emergent's only assets, its raison d'etre,
left Emergent's estate at least 30 days before its petition date
and will never return.

BlockFi, which is in the midst of its own bankruptcy proceeding,
notes that the law captures the futility of Emergent's bankruptcy
in two ways:

   * First, the Bankruptcy Code requires all debtors to have
property.

   * Second, under Third Circuit precedent, a bankruptcy case must
be filed in good faith or must be dismissed.  

To file in "good faith," a debtor must seek to maximize the value
of its assets or preserve itself as a going concern.  But Emergent
seeks neither.

"So, why did Emergent file?  As a last-ditch litigation tactic.
Since November 21, 2022, Emergent has been controlled by Angela
Barkhouse and Toni Shukla, first as receivers and later as joint
provisional liquidators ("JPLs") appointed by a court in Antigua.
In those three months, the JPLs and their hired professionals have
managed to incur at least $1.7 million in fees," BlockFi says in
court filings.

"But since the JPLs' appointment, Emergent's claim to the Shares --
and the JPLs' chance of payment -- has grown steadily weaker.
First, the Bankruptcy Court for the District of New Jersey
"identified a property interest held by [BlockFi in the Shares as a
result of the Emergent Pledge Agreement]," such that BlockFi's
property interest "is deserving of protection under 11 U.S.C. Sec.
362(a)." Ex. B-21, pp. 88–89. Second, the Government seized the
Shares as part of its criminal investigation into SBF."

"Through this bankruptcy filing, however, the JPLs seek to obtain
an advantage in the ongoing litigation over BlockFi's interest in
the Shares. First, the automatic stay at least temporarily
handcuffs the BlockFi court, which has before it the first-filed
action concerning the Shares and has stated that it "intends to
pursue its jurisdiction and authority in the pending adversary
proceeding" concerning the Shares Ex. B-21, p. 88. Second, the JPLs
keep alive their slim hopes of getting paid. Neither of these
purposes constitute "good faith.""

Accordingly, BlockFi asks the Court to dismiss the Chapter 11 case
as Emergent's bankruptcy -- existing solely to advance the JPLs'
interests -- was not filed in good faith.

                About Emergent Fidelity Technologies

Emergent Fidelity Technologies is a holding company owned by Sam
Bankman-Fried that is based in Antigua and Barbuda.  Emergent
Fidelity owns 55 million shares of Robinhood Markets, Inc., and
$20.7 million cash, which is apparently proceeds from the sale of
additional such shares.  Emergent is 90% owned by Sam
Bankman-Fried.

Emergent Fidelity Technologies sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-10149) on Feb.
3, 2023.  In its petition, the Debtor reported $500 million to $1
billion in assets and liabilities.  The petition was signed by
Angela Barkhouse as Joint Provisional Liquidator of Emergent.

MORGAN, LEWIS & BOCKIUS LLP, led by Jody C. Barillare, is the
Debtor's counsel.

                         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.

                      About BlockFi Inc.

BlockFi is building a bridge between digital assets and traditional
financial and wealth management products to advance the overall
digital asset ecosystem for individual and institutional
investors.

BlockFi was founded in 2017 by Zac Prince and Flori Marquez and in
its early days had backing from influential Wall Street investors
like Mike Novogratz and, later on, Valar Ventures, a Peter
Thiel-backed venture fund as well as Winklevoss Capital, among
others. BlockFi made waves in 2019 when it began providing
interest-bearing accounts with returns paid in Bitcoin and Ether,
with its program attracting millions of dollars in deposits right
away.

BlockFi grew during the pandemic years and had offices in New York,
New Jersey, Singapore, Poland and Argentina.

BlockFi worked with FTX US after it took an $80 million hit from
the bad debt of crypto hedge fund Three Arrows Capital, which
imploded after the TerraUSD stablecoin wipeout in May 2022.

BlockFi had significant exposure to the companies founded by former
FTX Chief Executive Officer Sam Bankman-Fried. BlockFi received a
$400 million credit line from FTX US in an agreement that also gave
FTX the option to acquire BlockFi through a bailout orchestrated by
Bankman-Fried over the summer. BlockFi also had collateralized
loans to Alameda Research, the trading firm co-founded by
Bankman-Fried.

BlockFi is the latest crypto firm to seek bankruptcy amid a
prolonged slump in digital asset prices. Lenders Celsius Network
LLC and Voyager Digital Holdings Inc. also filed for court
protection this year. Kirkland & Ellis is also advising Celsius and
Voyager in their separate Chapter 11 cases.

BlockFi Inc. and eight affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 22-19361) on
Nov. 28, 2022.  In the petitions signed by their chief executive
officer, Zachary Prince, the Debtors reported $1 billion to $10
billion in both assets and liabilities.

Judge Michael B. Kaplan oversees the cases.

The Debtors taped Kirkland & Ellis and Haynes and Boone, LLP as
general bankruptcy counsels; Walkers (Bermuda) Limited as special
Bermuda counsel; Cole Schotz, P.C., as local counsel; Berkeley
Research Group, LLC as financial advisor; Moelis & Company as
investment banker; and Street Advisory Group, LLC as strategic and
communications advisor. Kroll Restructuring Administration, LLC is
the notice and claims agent.


ENVISION HEALTHCARE: $5.45B Bank Debt Trades at 59% Discount
------------------------------------------------------------
Participations in a syndicated loan under which Envision Healthcare
Corp is a borrower were trading in the secondary market around 41.4
cents-on-the-dollar during the week ended Friday, February 24,
2023, according to Bloomberg's Evaluated Pricing service data.

The $5.45 billion facility is a Term loan that is scheduled to
mature on October 10, 2025.  About $3.73 billion of the loan is
withdrawn and outstanding.

Envision Healthcare Corporation provides health care services. The
Hospital offers surgery, pharmacy, medical imaging, emergency care,
and other related health care services. Envision Healthcare serves
patients in the United States.


EVOHEALTH LLC: Seeks to Hire Sasser Law Firm as Legal Counsel
-------------------------------------------------------------
EvoHealth, LLC seeks approval from the U.S. Bankruptcy Court for
the Eastern District of Northern Carolina to hire Sasser Law Firm
as counsel.

The firm's services include:

     (a) providing legal advice with respect to powers and duties
as Debtor-in-Possession, the continued operation of its business
and management of its property;

     (b) preparing and filing monthly reports, plan of
reorganization and disclosure statement;

     (c) preparation on behalf of the Debtor-in-Possession of
necessary motions, applications, answers, orders, reports, and
other legal papers;

     (d) performing all other legal services for the Debtor until
and through the case's confirmation, dismissal or conversion;

     (e) undertaking necessary action, if any, to avoid liens
against the Debtor's property obtained by creditors and recover
preferential payments within 90 days of the Debtor's bankruptcy
filing;

     (f) performing a search of public records to locate liens and
assess validity; and

     (g) representing the Debtor at court hearings and any 2004
examination.

The firm will be paid at these rates:

     Attorneys            $350 per hour
     Legal Assistants     $$60 per hour

Philip Sasser, Esq., at Sasser Law Firm, 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:

     Philip M. Sasser, Esq.
     Sasser Law Firm
     2000 Regency Parkway, Suite 230
     Cary, NC 27518
     Phone: 919-319-7400
     Email: travis@sasserbankruptcy.com

                        About EvoHealth LLC

EvoHealth, LLC sought protection for relief under Chapter 11 of the
Bankruptcy Code (Bankr. E.D.N.C. Case No. 23-00396) on Feb. 12,
2023, listing „ $100,001 - $500,000 in assets and $500,001 - $1
million in liabilities. Philip M. Sasser, Esq. at the Sasser Law
Firm represents the Debtor as counsel.


FIELDWOOD ENERGY: Chapter 11 Plan Has Industrywide Implications
---------------------------------------------------------------
Catherine Marfin of Law360 reports that attorneys for several
surety bond companies told a Texas federal court Thursday, Feb. 16,
2023, that it should overturn a portion of Fieldwood Energy's
Chapter 11 bankruptcy plan that freed the company that purchased
its oil and gas assets from subrogation obligations, telling the
court that "bonds will be hard to come by" across the industry if
the plan is upheld.

Fieldwood Energy's Plan was confirmed by the Bankruptcy Court on
June 25, 2021.  In 2015, FWE purchased oil and gas properties and
assumed Apache Corporation's lugging and abandonment ("P&A")
obligations in connection with these O&G properties.  When it filed
for bankruptcy in 2020, FWE announced an agreement with its
predecessor (Apache) and lenders on a plan of   reorganization that
called for (i) FWE to sell its most valuable deepwater properties
to an affiliate created by its first lien lenders ("Newco"), with
management largely remaining in place, then (ii) divide the
remaining assets into (1) FWE I, a newly formed entity that would
contain only the legacy Apache properties, and (2) FWE III, the
remnants of legacy FWE where all remaining assets with potential
value were placed, and (iii) abandon other remaining assets with no
discernable value. FWE I and FWE III were tasked with using the
remaining value in their assigned assets to reduce the P&A
obligations as much as possible and then look to all of the
financial assurances (direct bonds and letters of credit backed by
other bonds) to finish the P&A and, if necessary, have the U.S.
Government look to the Predecessors for payment of all remaining
P&A obligations.

This restructuring was accomplished through a "divisive merger" --
FWE (a Delaware LLC) would sell its deepwater assets to Newco via a
bankruptcy sale under Section 363 of the Bankruptcy Code, then FWE
would convert to a Texas LLC. From there, through the Texas merger
statute, 34 FWE would "allocate" its assets and liabilities
divisively to FWE I and FWE III as needed by the Plan proponents to
accomplish their goals.  

Certain surety companies have appealed confirmation of the Plan.

                      About Fieldwood Energy

Fieldwood Energy -- https://www.fieldwoodenergy.com/ -- is a
portfolio company of Riverstone Holdings focused on acquiring and
developing conventional assets, primarily in the Gulf of Mexico
region.  It is the largest operator in the Gulf of Mexico owning an
interest in approximately 500 leases covering over two million
gross acres with 1,000 wells and 750 employees.

Fieldwood Energy and its 13 affiliates previously sought Chapter 11
protection (Bankr. S.D. Tex. Lead Case No. 18-30648) on Feb. 15,
2018, with a prepackaged plan that would deleverage $3.286 billion
of funded by $1.626 billion.

On Aug. 3, 2020, Fieldwood Energy and its 13 affiliates again filed
voluntary Chapter 11 petitions (Bankr. S.D. Tex. Lead Case No.
20-33948). Mike Dane, senior vice president and chief financial
officer, signed the petitions.

At the time of the filing, the Debtors disclosed $1 billion to $10
billion in both assets and liabilities.

Judge David R. Jones oversees the cases.

The Debtors tapped Weil, Gotshal & Manges LLP as their legal
counsel, Houlihan Lokey Capital, Inc. as investment banker, and
AlixPartners, LLP as financial advisor. Prime Clerk LLC is the
claims, noticing, and solicitation agent.

The first-lien group employed O'Melveny & Myers LLP as its legal
counsel and Houlihan Lokey Capital, Inc. as its financial advisor.
The RBL lenders employed Willkie Farr & Gallagher LLP as their
legal counsel and RPA Advisors, LLC as their financial advisor.
Meanwhile, the cross-holder group tapped Davis Polk & Wardwell LLP
and PJT Partners LP as its legal counsel and financial advisor,
respectively.

On Aug. 18, 2020, the Office of the U.S. Trustee appointed a
committee of unsecured creditors.  Stroock & Stroock & Lavan, LLP
and Conway MacKenzie, LLC, serve as the committee's legal counsel
and financial advisor, respectively.


FIGUEROA MOUNTAIN: Court OKs 19th Cash Collateral Stipulation
-------------------------------------------------------------
A status conference regarding Figueroa Mountain Brewing, LLC's
Chapter 11 Voluntary Petition has been continued to April 27, 2023,
at 1:30 p.m.

On February 22, Judge Martin R. Barash of the U.S. Bankruptcy Court
for the Central District of California approved the 19th
stipulation between Figueroa Mountain Brewing, LLC, on the one
hand, and secured creditors, White Winston Select Asset Funds, LLC
and SCS Acquisition LLC, as successor-in-interest to Montecito Bank
& Trust, on the other hand, over the Debtor's use of cash
collateral.  The Stipulation authorized the Debtor to use cash
collateral, on a final basis, through February 25.

During the period, the Debtor was permitted to use cash collateral
solely to pay ordinary business expenses, taxes, expenses owing to
the Clerk of the Bankruptcy Court and fees owing the Office of the
United States Trustee as they come due, roughly in accordance with
prior Budgets attached to previous approved cash collateral
stipulations among the Parties.

White Winston and SCS will continue to receive replacement liens in
post-petition collateral, as adequate protection.

As additional adequate protection, Creekstone will pay White
Winston $20,000 no later than 2 business days after the 19th
Stipulation is filed as specified in the stipulation.

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

                About Figueroa Mountain Brewing LLC

Founded in 2020, Figueroa Mountain Brewing, LLC
--https://www.figmtnbrew.com/ -- is in the business of
manufacturing beer with principal place of business in Buellton,
Calif.

Figueroa Mountain Brewing sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Cal. Case No. 20-11208) on Oct. 5,
2020.  Jaime Dietenhofer, the company's manager, signed the
petition.

At the time of filing, the Debtor had estimated assets of between
$1 million and $10 million and liabilities of the same range.

Judge Martin R. Barash oversees the case.  

Lesnick Prince & Pappas LLP is the Debtor's legal counsel.



FINTHRIVE SOFTWARE: Oaktree Specialty Marks $25M Loan at 23% Off
----------------------------------------------------------------
Oaktree Specialty Lending Corporation has marked its $25,061,000
loan extended to FINThrive Software Intermediate Holdings Inc to
market at $19,273,000 or 77% of the outstanding amount, as of
December 31, 2022, according to a disclosure contained in Oaktree
Specialty's Form 10-Q for the quarterly period ended December 31,
2022, filed with the Securities and Exchange Commission on February
7, 2023.

Oaktree Specialty is a participant in a Second Lien Term Loan to
FINThrive Software Intermediate Holdings Inc. The loans accrues
11.13% (LIBOR+6.75%) per annum. The loan matures on December 17,
2029.

Oaktree Specialty Lending Corporation is a specialty finance
company that looks to provide customized, one-stop credit solutions
to companies with limited access to public or syndicated capital
markets. Oaktree Specialty was formed in late 2007 and operates as
a closed-end, externally managed, non-diversified management
Investment Company that has elected to be regulated as a Business
Development Company under the Investment Company Act.

FinThrive is a provider of Revenue cycle management software
solutions to the healthcare sector.
 



FTX GROUP: Court Tightens SBF's Bail, Schedules Hearing
-------------------------------------------------------
Reuters reports that a federal judge on Tuesday, February 14, 2023,
ordered Sam Bankman-Fried not to use a virtual private network to
access the internet, after prosecutors expressed concern the FTX
cryptocurrency exchange founder might try to hide his online
activities.

U.S. District Judge Lewis Kaplan imposed the VPN ban through
Thursday, February 16, 2023, when he will hold a hearing to
consider additional restrictions to Bankman-Fried's $250 million
bail package.

Kaplan previously banned Bankman-Fried from using encrypted
messaging apps such as Signal that let users auto-delete messages,
and said using a VPN, which Bankman-Fried had done recently at
least twice, "presents many of the same risks."

The judge had on February 9, 2023 rejected a proposed agreement
letting Bankman-Fried contact specific though unnamed FTX workers,
and communicate by phone, email, Zoom and FaceTime, as well as
WhatsApp with monitoring technology.

                         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.


FTX GROUP: Judge Kaplan Threatens SBF Jail Over Use of VPNs, Apps
-----------------------------------------------------------------
Chris Dolmetsch of Bloomberg News reports that the federal judge
overseeing Sam Bankman-Fried's fraud trial threatened to revoke the
FTX co-founder's $250 million bail package if severe restrictions
weren't placed on his use of electronic devices and apps.

US District Judge Lewis Kaplan made clear at a Thursday hearing
that he didn't think a government proposal that would limit
Bankman-Fried to one monitored cell phone and laptop and restrict
his use of Zoom to communicating with counsel was sufficient.

The hearing follows weeks of concern over Bankman-Fried's use of
encrypted messaging app Signal to contact FTX's US general counsel,
a potential witness in the case.

                         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.


GAUCHO GROUP: Grosses $591K From Sale of Securities
---------------------------------------------------
Gaucho Group Holdings, Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission it sold 591,104 shares of common
stock for gross proceeds of $591,000 to accredited investors and
warrants to purchase 147,750 shares of common stock at an exercise
price of $1.00 per share.  The Warrants are exercisable for two
years from the date of issuance.

For this sale of Shares, Warrants, and shares underlying the
Warrants, there was no general solicitation and no commissions
paid, all purchasers were accredited investors with a prior
relationship with the Company, and the Company is relying on the
exemption from registration available under Section 4(a)(2) and/or
Rule 506(b) of Regulation D promulgated under the Securities Act
with respect to transactions by an issuer not involving any public
offering.

                        About Gaucho Group

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

Gaucho Group reported a net loss of $2.39 million for the year
ended Dec. 31, 2021, a net loss of $5.78 million for the year ended
Dec. 31, 2020, and a net loss of $6.96 million for the year ended
Dec. 31, 2019. As of Sept. 30, 2022, the Company had $25.39 million
in total assets, $6.86 million in total liabilities, and $18.53
million in total stockholders' equity.


GENESISCARE USA: $350M Bank Debt Trades at 75% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Genesiscare USA
Holdings Inc is a borrower were trading in the secondary market
around 25.1 cents-on-the-dollar during the week ended Friday,
February 24, 2023, according to Bloomberg's Evaluated Pricing
service data.

The $350 million facility is a Term loan that is scheduled to
mature on May 17, 2027.  The amount is fully drawn and
outstanding.

Genesiscare USA Holdings Inc operates as a holding company. The
Company, through its subsidiaries, provides breast and colorectal
surgery, gynecology, pathology, pulmonology, radiology, urology,
radiation therapy, and other cancer treatments.


GIGAMONSTER NETWORKS: $5.8MM DIP Loan Wins Final OK
---------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
GigaMonster Networks, LLC and affiliates to use cash collateral and
obtain postpetition financing, on a final basis.

The Debtors are permitted to obtain secured postpetition financing
in the maximum principal amount of $5.8 million pursuant to the
terms and conditions of the Superpriority Secured
Debtor-in-Possession Credit Agreement by and among (i) GigaMonster
Networks, (ii) the other Debtors, and (iii) M/C Partners VIII,
L.P., as agent and lender.

The DIP Facility proceeds and cash collateral will be used for (a)
working capital and general corporate purposes of the Debtors, (b)
bankruptcy-related costs and expenses and (c) any other purposes
agreed upon in the DIP Loan Documentation, in each case in
accordance with the Approved Budget.

The DIP Loan matures through the earliest to occur of:

      (a) March 17, 2023;

      (b) The termination of the Asset Purchase Agreement for any
reason without the prior written consent of the DIP Lender and the
Buyer other than a termination as a result of a default by the
Buyer or a termination for the Debtors to pursue approval of an
alternative transaction that results in the indefeasible payment in
full in cash of the DIP Obligations at or before maturity as of the
closing of such alternative transaction;

     (d) The substantial consummation of a plan of reorganization
filed in the Chapter 11 Cases that is confirmed pursuant to an
order entered by the Bankruptcy Court;

     (e) The date of acceleration of the DIP Loans and the
termination of the DIP commitments upon the occurrence of an Event
of Default;

     (f) Entry of an order by the Bankruptcy Court approving (A) a
motion seeking conversion or dismissal of any or all of the Chapter
11 Cases or (B) a motion seeking the appointment or election of a
trustee, a responsible officer or examiner with enlarged powers
relating to the operation of the Debtors' business;

     (g) The date the Bankruptcy Court orders the conversion of the
bankruptcy case of any of the Debtors to a chapter 7 liquidation;
and

     (h) Dismissal of the bankruptcy case of any Debtor.

As adequate protection, the Prepetition Lenders are granted valid,
perfected, postpetition security interests and liens in and on all
of the DIP Collateral, with a priority subject and subordinate only
to (i) the DIP Liens, the DIP Superpriority Claim, and the
Termination Payment and (ii) prior payment of the Carve-Out.

As further adequate protection, the Prepetition Agent, for itself
and for the benefit of the other Prepetition Lenders, are granted a
superpriority claim to the extent of any Diminution, which claim
will have priority over all other administrative expense claims and
unsecured claims against the Debtors or their estates.

The "Carve-Out" means (i) all fees required to be paid to (A) the
clerk of the Bankruptcy Court and (B) the Office of the United
States Trustee under 28 U.S.C. section 1930(a), plus interest
required to be paid on any past due amount at the statutory rate;
(ii) all reasonable fees and expenses, up to $50,000, incurred by a
trustee under section 726(b) of the Bankruptcy Code; (iii) to the
extent allowed at any time, all unpaid fees and expenses of persons
or firms retained by the Debtors pursuant to sections 327, 328, or
363 of the Bankruptcy Code or by any Creditors' Committee pursuant
to sections 328 or 1103 of the Bankruptcy Code.

A copy of the order is available at https://bit.ly/3ILW42A from
Kroll Restructuring Organization, the claims and noticing agent.

                 About GigaMonster Networks, LLC

GigaMonster Networks, LLC and affiliates develop and deploy
universal access networks in multi-family and commercial real
estate properties, providing internet, video and other network
services to approximately 400 customer properties and nearly 35,000
end-user subscribers.  GigaMonster contracts with property owners
to set up UANs in their buildings and also provide internet
services to subscribers in those buildings.

The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10051) on January
16, 2023. In the petition signed by Rian Branning, chief
restructuring officer, the Debtor disclosed up to $100 million in
both assets and liabilities.

Judge Kate Stickles oversees the case.

The Debtors tapped Pachulski Stang Ziehl and Jones LLP as legal
counsel, Novo Advisors LLC as restructuring advisor, Bank Street
Group, LLC as investment banker, and Kroll Restructuring
Administration as claims and noticing agent.



GILL R.S.: Seeks to Hire Howard Peritz as Bankruptcy Counsel
------------------------------------------------------------
Gill R.S. Company d/b/a Elm Street Citgo seeks approval from the
U.S. Bankruptcy Court for the Northern District of Illinois to hire
The Law Offices of Howard Peritz as its bankruptcy counsel.

The firm will render these services:

     a) assist and advise Debtor relative to the administration of
this proceeding;

     b) advise Debtor with respect to its powers and duties as
debtor-in-possession in the continued management and operation of
its business and property;

     c) represent the Debtor before the Bankruptcy Court and advise
the Debtor on pending litigation, hearings, motions, and decisions
of the Bankruptcy Court;

     d) review and advise the Debtor regarding applications,
orders, and motions filed with the Bankruptcy Court by third
parties in this proceeding;

     e) attend meetings conducted pursuant to section 341(a) of the
Bankruptcy Code and represent Debtor at all examinations;

     f) communicate with creditors and other parties in interest;

     g) assist Debtor in preparing all motions, applications,
answers, orders, reports, and papers necessary to the
administration of the estate;

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

     i) negotiate and prepare Debtor's chapter 11 plan, related
disclosure statement, and all related agreements and documents and
take any necessary actions on Debtor's behalf to obtain
confirmation of the plan; and

     j) perform all other necessary legal services and provide all
other necessary legal advice to Debtor in connection with this
chapter 11 case.

The firm will be paid at these rates:

     Attorneys     $415 per hour
     Paralegals    $200 per hour

Howard Peritz does not hold or represent an interest adverse to
Debtor's estate with respect to the matters for which it is to be
employed and is a "disinterested person," as that term is defined
in section 101(14) of the Bankruptcy Code and modified by section
1107(b), according to court filings.

The firm can be reached through:

     Howard Peritz, Esq.
     The Law Offices of Howard Peritz
     5 Revere Drive, Suite 200
     Northbrook, IL 60062
     Phone: 847 562 5880
     Email: howard@howardperitzlaw.com

          About Gill R.S. Company d/b/a Elm Street Citgo

Gill R.S. Company d/b/a Elm Street Citgo sought protection for
relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill.
Case No. 23-80002) on Jan. 3, 2023, listing  $500,001 to $1 million
in both assets and liabilities.

Judge Thomas M Lynch presides over the case.

Howard Peritz, Esq. at The Law Offices of Howard Peritz represents
the Debtor as counsel.


GOODLIFE PHYSICAL: Court OKs Stipulation to Appoint PCO
-------------------------------------------------------
Judge Sandra Klein of the U.S. Bankruptcy Court for the Central
District of California approved the stipulation between Goodlife
Physical Medicine Corp. and the U.S. Trustee for Region 16
regarding the appointment of a patient care ombudsman in the
company's Chapter 11 case.

A patient care ombudsman refers to an individual appointed in
healthcare bankruptcies to ensure the safety of patients. The
ombudsman monitors the quality of patient care and represents the
interest of patients of the healthcare debtor.

A copy of the stipulation is available for free at
https://bit.ly/41uH3cy from PacerMonitor.com.

                      About Goodlife Physical

Redondo Beach, Calif.-based Goodlife Physical Medicine Corp. filed
Chapter 11 petition (Bankr. C.D. Calif. Case No. 23-10340) on Jan.
23, 2023, with up to $50,000 in assets and $1 million to $10
million in liabilities. Judge Sandra R. Klein oversees the case.

Leslie Cohen, Esq., at Leslie Cohen Law, PC is the Debtor's legal
counsel.


GREENPOINT ASSET: Seeks May 29 Extension of Plan Exclusivity
-------------------------------------------------------------
Greenpoint Asset Management II, LLC and Michael G. Hull asked the
U.S. Bankruptcy Court for the Eastern District of Wisconsin to
extend for the fourth time the exclusive period to obtain
acceptance of their plan from February 28 to May 29.

The Debtors cannot yet obtain approval of their plan until a
resolution is obtained on the issue of avoidance of Mr. Erick
Hallick's charging liens as preferential transfers.

Greenpoint Asset Management II, LLC and Michael G. Hull are
represented by:

          Jerome R. Kerkman, Esq.
          KERKMAN & DUNN
          839 N. Jefferson St., Suite 400
          Milwaukee, WI 53202
          Tel: (414) 277-8200
          Email: jkerkman@kerkmandunn.com

                      About Greenpoint Asset

Greenpoint Asset Management II, LLC is the managing member
Greenpoint Tactical Income Fund, LLC and GP Rare Earth Trading
Account, LLC. It is based in Oconomowoc, Wis.

Greenpoint filed a petition for Chapter 11 protection (Bankr.  E.D.
Wis. Case No. 21-25900) on Nov. 11, 2021, listing $3,474,579 in
assets and $69,147,986 in liabilities.  Michael G. Hull,  manager,
signed the petition.  

Judge G. Michael Halfenger oversees the case.

Jerome R. Kerkman, Esq., at Kerkman & Dunn and Kopecky Schumacher
Rosenburg, LLC serve as the Debtor's bankruptcy counsel and
special counsel, respectively.  Armed Accountants, Inc. is the
Debtor's accountant.

The Debtor filed its plan of reorganization and disclosure
statement on March 7, 2022.


GREER TRANSPORT: Court OKs Cash Collateral Access Thru March 7
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Jacksonville Division, authorized Greer Transport LLC to use cash
collateral on an interim basis, in accordance with the budget,
through March 7, 2023.

The entities that assert an interest in the cash collateral are the
U.S. Small Business Administration, Arsenal Funding, BizFund,
Business Capital Providers, CT Corporation System, Direct Biz
Capital, DLP Funding LLC, Forward Financing, Fox Capital Inc., Fund
Box, Headway Capital, Newco, Ondeck Capital Inc., Restored 121
Trust, Robin Funding Group, and Speciality Capital.

As adequate protection, the creditors will have a perfected
post-petition lien against cash collateral to the same extent and
with the same validity and priority as the pre-petition lien,
without the need to file or execute any documents as may otherwise
be required under applicable non-bankruptcy law.

A hearing on the matter is set for March 7 at 10:30 a.m.

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

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

       $137,885 for February 2023;
       $139,385 for March 2023;
       $135,385 for April 2023;
       $133,385 for May 2023; and
       $133,885 for June 2023.

                    About Greer Transport LLC

Greer Transport LLC is a family-owned and operated trucking company
based out of Ocala, FL. The Debtor sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-00124)
on January 20, 2023. In the petition signed by Charles A. Greer,
member and manager, the Debtor disclosed $437,242 in assets and
$1,696,803 in liabilities.

Judge Jacob A. Brown oversees the case.

Richard A. Perry P.A., represents the Debtor as legal counsel.



GTT COMMUNICATIONS: $350M Bank Debt Trades at 49% Discount
----------------------------------------------------------
Participations in a syndicated loan under which GTT Communications
Inc is a borrower were trading in the secondary market around 51
cents-on-the-dollar during the week ended Friday, February 24,
2023, according to Bloomberg's Evaluated Pricing service data.

The $350 million facility is a Payment-in-Kind Term loan that is
scheduled to mature on June 30, 2028.  The amount is fully drawn
and outstanding.

GTT Communications, Inc., formerly Global Telecom and Technology,
is a multinational telecommunications and internet service provider
company with headquarters in McLean, Virginia, and incorporated in
Delaware.



HALLIBURTON COMPANY: Egan-Jones Retains BB Sr. Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company on February 7, 2023, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Halliburton Company.

Headquartered in Houston, Texas, Halliburton Company is an American
multinational corporation responsible for most of the world's
hydraulic fracturing operations.


HCA INC: Egan-Jones Retains BB+ Senior Unsecured Ratings
--------------------------------------------------------
Egan-Jones Ratings Company on February 7, 2023, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by HCA Inc/Old.

Based in Nashville, Tennessee, HCA Inc. owns, manages, and operates
hospitals.


HEALTHCARE SOLUTIONS: Removes Interim CEO, CFO to Cut Costs
-----------------------------------------------------------
Healthcare Solutions Management Group, Inc. disclosed in a Form 8-K
filed with the Securities and Exchange Commission that on Feb. 9,
2023, Justin Smith was let go as the Company's interim chief
executive officer and interim chief financial officer.  Mr. Smith
was previously appointed as the Company's interim chief executive
officer and interim chief financial officer On April 15, 2021.  The
Company said Mr. Smith was let go as a result of the Company's
desire to reduce costs and increase internal efficiency and not as
a result of any disagreement with the Company on any matter
relating to the Company's operations, policies or practices.

On Dec. 27, 2022, Mr. Smith was removed as a member of the Board of
Directors  of the Company effective immediately.  Mr. Smith was
previously appointed on April 15, 2021 as the Executive Chairman
and member of the Board of Directors of the Company.  Mr. Smith's
removal was as a result of the Company's desire to reduce costs and
increase internal efficiency and was not the result of any
disagreement with the Company on any matter relating to the
Company's operations, policies or practices.

On Feb. 9, 2023, Jonathan Loutzenhiser, the Company's executive
vice president and a member of the Company's Board of Directors,
agreed to act as the Company's interim chief executive officer and
interim chief financial officer.  Jonathan Loutzenhiser, age 36,
was previously appointed as executive vice president of the Company
and a member of the Board of Directors of the Company on April 15,
2021. From 2013 to 2014 Mr. Loutzenhiser worked as a sports agent
at Recruiting.  From 2015 to 2016, Mr. Loutzenhiser served as the
chief executive officer at Mediplex.  From 2016 to 2017, Mr.
Loutzenhiser was the president of IneedMD.  He serves as the
executive vice president of Healthcare Solutions Holdings, Inc, the
Company's wholly owned subsidiary and a member of the Board of
Directors of HSH since he was appointed to such positions on
October 1, 2017 and holds this position to date.  Mr. Loutzenhiser
graduated from Grace University with a degree in business
management in 2012.

                 Separation and Release Agreement

On Feb. 9, 2023, the Company entered into a Separation, Release of
Claims and Non-Disclosure Agreement with Justin Smith. Pursuant to
the Agreement, it was agreed that the investment of $93,933,345.48
which was made in HSH, by Landes Capital Management LLC and Landes
and Compagnie Trust Prive KB, which Mr. Smith also serves as the
managing director of, will be returned to Landes in exchange for
Landes returning to the Company the 1,000,000 shares of the
Company's common stock that were issued to Landes in connection to
the Landes Investment.

The Agreement also contains a general release by Mr. Smith of the
Company as well as its parents, subsidiaries, corporate affiliates,
employees, officers, directors, owners, shareholders and agents,
individually and in their official capacities.  The Agreement also
contains a general release by the Company of Mr. Smith.

Additionally, the Agreement also provides that the Company agrees
to indemnify Mr. Smith in connection with any litigation arising
out of any action, suit or proceeding by reason of his service as
an executive with the Company.  Further, pursuant to the Agreement,
Mr. Smith agreed to keep confidential, the "Confidential
Information" of the Company as such term is defined in the
Agreement.

Additionally, pursuant to the Agreement, in the event of a material
breach by Mr. Smith of any of the provisions of the Agreement, Mr.
Smith agreed that the Company will be entitled to seek, in addition
to other available remedies, an award for liquidated damages in an
amount equal to $100,000.00 for each material breach.  Pursuant to
the Agreement, the Company agreed that in the event of a material
breach by the Company of any of the provisions of the Agreement,
Mr. Smith will be entitled to seek, in addition to other available
remedies, an award for liquidated damages in an amount equal to
$100,000.00 for each material breach.

                    About Healthcare Solutions

Headquartered in Glen Cove NY, Healthcare Solutions Management
Group, Inc., operates through its wholly owned subsidiary
Healthcare Solutions Holdings, Inc.  HSH is an integrated
healthcare company that provides vital services and care for
patients over the course of their lifetime.  HSH was organized with
the goal of becoming an advanced, national healthcare system in the
United States, providing clinicians with state-of-the-art
diagnostic and therapeutic tools, and providing patients with
greater access to a higher level of care in local communities that
the Company believes has historically been underserved by the
medical industry.

Healthcare Solutions reported a net loss of $2.79 million for the
year ended Sept. 30, 2021, compared to a net loss of $3.03 million
for the year ended Sept. 30, 2020.  As of Sept. 30, 2021, the
Company had $93.13 million in total assets, $14.47 million in total
liabilities, and $78.65 million in total stockholders' equity.

Lakewood, Colo.-based BF Borgers CPA PC, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated June 3, 2022, citing that the Company's minimal activities
raise substantial doubt about its ability to continue as a going
concern.


HIE HOLDINGS: Elizabeth Kane Appointed as Chapter 11 Trustee
------------------------------------------------------------
Tiffany Carroll, the Acting U.S. Trustee for Region 15, appointed
Elizabeth Kane as Chapter 11 trustee for HIE Holdings, Inc.

In court filings, Ms. Kane disclosed that she is a "disinterested
party" pursuant to Section 101(14) of the Bankruptcy Code.

Ms. Kane can be reached at:

     Elizabeth Kane
     P.O. Box 1572
     Honolulu, Hawaii 96806
     Telephone: (808) 223-2726
     Email: trustee@kanelawhawaii.com

                         About Hie Holdings

HIE Holdings, Inc. is the parent entity of Royal Hawaiian Water
Co., Ltd., and Hawaiian Isles Kona Coffee Company, Ltd. HIE
Holdings is, in turn, owned by Michael Boulware, Julie Boulware and
the Glenn Boulware Trust.

Royal Hawaiian, doing business as Hawaiian Isles Water Company,
operates a water bottling facility in Halawa, Oahu, while Hawaiian
Isles Kona Coffee, doing business as Hawaii Coffee Roasters,
roasts, packages and distributes coffee.

Royal Hawaiian sought for Chapter 11 bankruptcy protection (Bankr.
D. Hawaii Case No. 22-00524) on July 30, 2022; HIE Holdings (Bankr.
D. Hawaii Case No. 22-00534) on Aug. 3, 2022; and Hawaiian Isles
Kona Coffee (Case No. 22-00546) on Aug. 5, 2022. The cases are
jointly administered under Case No. 22-00534.

At the time of the filing, each of the Debtors reported assets
between $1 million and $10 million and liabilities between $1
million and $10 million.

Judge Robert J. Faris oversees the cases.

Chuck C. Choi, Esq., at Choi & Ito and KDL CPAs, LLC serve as the
Debtors' legal counsel and accountant, respectively.


HOCHHEIM PRAIRIE: S&P Downgrades ICR to 'B', Outlook Negative
-------------------------------------------------------------
S&P Global Ratings said it lowered its financial strength and
issuer credit ratings on Hochheim Prairie Farm Mutual Insurance
Assoc. and its subsidiary, Hochheim Prairie Casualty Insurance Co.,
to 'B' from 'B+'. The outlook is negative.

The rating action reflects S&P's view that because of a material
increase in Hochheim's net retention, Hochheim's capital base is
significantly more exposed to both frequency and severity losses as
it enters its peak weather season in the second quarter. Like most
property-exposed insurers, Hochheim was unable to place the same
reinsurance for 2023 as the expiring 2022 structures due to hard
market conditions. The increase in probable maximum losses have
strained our view of liquidity and capitalization per our
risk-based capital adequacy model.

As a single state writer, Hochheim's capitalization and earnings
are largely influenced by weather patterns in Texas. Historically,
the company has demonstrated the ability to replenish capital in
the second half of the year through operating earnings after its
peak weather season passes. Although 2022 was a relatively benign
weather year for Hochheim, higher attritional losses paired with
increased severity stemming from inflationary pressures hindered
the company's ability to rebuild capital in the second half of the
year.

S&P said, "The combination of a relatively depleted capital base
and significantly more exposed capital has led to a deterioration,
in our view, of the company's capitalization as measured by our
risk-based capital model and regulatory risk-based capital
measures. Our future view of Hochheim's capitalization will be
influenced by its ability to replenish capital through prospective
earnings and the level of reinsurance coverage placed next year."

The negative outlook reflects Hochheim's increased vulnerability
heading into the company's more active weather season in the second
quarter due to a decrease in reinsurance coverage for both
attritional and severe losses as of Jan. 1 renewals.

Downside scenario

S&P could lower the rating if:

-- Hochheim suffers an elevated weather season, leading to
underwriting losses,

-- Capital deteriorates from our base-case assumption, or

-- Regulatory risk-based capital metrics fall below 275%.

Upside scenario

S&P could revise the outlook if Hochheim is able to replenish
capital or secure additional reinsurance coverage.

Environmental, Social, And Governance

ESG credit indicators: E-4, S-2, G-2

Environmental factors are a negative consideration in S&P's credit
rating analysis of Hochheim. Its significant exposure to Texas wind
has a negative impact on our rating, and its single-state
concentration with a higher proportion of property risk creates
significant volatility of earnings and capital, in our view. The
company uses a large amount of proportional and nonproportional
reinsurance to support the balance sheet as needed. It also
purchases what it believes is economically efficient reinsurance
protection, which could lead to purchases below the 1-in-250 return
period protection, thereby having a disproportionate impact on
S&P's capital assessment in some years.



HOLLEY INC: $100M Bank Debt Trades at 21% Discount
--------------------------------------------------
Participations in a syndicated loan under which Holley Inc is a
borrower were trading in the secondary market around 79.1
cents-on-the-dollar during the week ended Friday, February 24,
2023, according to Bloomberg's Evaluated Pricing service data.

The $100 million facility is a Delayed-Draw Term loan that is
scheduled to mature on November 18, 2028.  About $29 million of the
loan is withdrawn and outstanding.

Holley Inc. operates as an automobile company. The Company designs,
manufactures, and distributes carburetors, fuel pumps, fuel
injection and nitrous oxide injection systems, superchargers,
exhaust headers, mufflers, ignition components, engine tuners, and
automotive performance plumbing products for car and truck
enthusiasts.



HOMER CITY: $145M Bank Debt Trades at 31% Discount
--------------------------------------------------
Participations in a syndicated loan under which Homer City
Generation LP is a borrower were trading in the secondary market
around 69 cents-on-the-dollar during the week ended Friday,
February 24, 2023, according to Bloomberg's Evaluated Pricing
service data.

The $145 million facility is a Term loan that is scheduled to
mature on April 6, 2023.  About $137 million of the loan is
withdrawn and outstanding.

Homer City Generation L.P. is a special purpose company that owns a
1,884 MW coal-fired plant in Homer City, Pa.



HORNBLOWER SUB: $349.4M Bank Debt Trades at 41% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Hornblower Sub LLC
is a borrower were trading in the secondary market around 58.7
cents-on-the-dollar during the week ended Friday, February 24,
2023, according to Bloomberg's Evaluated Pricing service data.

The $349.4 million facility is a Payment-in-Kind Term loan that is
scheduled to mature on April 27, 2025.  The amount is fully drawn
and outstanding.

Hornblower Sub, LLC is a charter yacht and public dining cruise
operator.



INDEPENDENT PET: Intends to Sell Natural Pawz Back to Founders
--------------------------------------------------------------
Olivia Pulsinelli of Houston Business Journal reports that an
entity affiliated with the former owner of Natural Pawz has offered
to buy two dozen Texas pet-supply stores that were slated to close
as part of Independent Pet Partners Holdings' bankruptcy.

The buyer, called NP Acquisition LLC, would acquire eight locations
of Kriser's Natural Pet stores and 16 Natural Pawz locations,
according to IPP's bankruptcy court documents. All of the stores
are in Texas, and the majority are in Houston. Of the 18 total
locations Natural Pawz lists on its website, one in the Heights
closed Jan. 22, before the bankruptcy filing, and the Kingwood East
location at 4529 Kingwood Drive is not among the locations being
sold.

NP Acquisition plans to pay 200% of the cost of IPP's inventory in
the stores as of the closing date plus $500,000 and assume all
liabilities in connection with the store leases. The companies aim
to close the deal by February 28, 2023, provided all required
bankruptcy court approvals are obtained by then.

A hearing to approve the sale will be held Feb. 23, 2023 at 2:30
p.m. Eastern Time in Delaware's bankruptcy court, according to a
court filing. Any objections must be filed on or before 4 p.m.
Eastern Time on February 21, 2023.

The stores will continue operating in the ordinary course of
business but will not replenish inventory until February 28, 2023,
per the court filings.  The Kriser's stores are expected to rebrand
to Natural Pawz by no later than 60 days after closing.  As part of
the deal, NP Acquisition will also acquire the Natural Pawz
intellectual property, including trademarks, social media accounts,
and domain name registrations and corresponding websites.

Pets+ Mag first reported the news of the buyer.

Biff Picone and Nadine Joli-Coeur sold the Natural Pawz company to
IPP in 2018 after founding it in Houston in 2005, according to the
Houston Chronicle. The pair confirmed to the Chronicle that they
are the NP Acquisition buyers but declined to comment further.

According to court filings, IPP's business was hit by two
industry-shaking events beyond its control, the Minneapolis / St.
Paul Business Journal reported last week. In 2019, an unexplained
rise of a potentially fatal condition in dogs called dilated
cardiomyopathy led the Food and Drug Administration to investigate
if there was a link between the disease and a diet of high-protein,
grain-free foods — the sort of food that IPP specialized in.

"While the FDA has yet to identify a specific dietary link between
grain-free diets and DCM, the publicity surrounding the
investigation had a significant and negative impact on the debtors'
business, as many of their customers immediately changed their
buying habits," IPP's attorney said in a filing, which estimated
that the shift cost it $10 million in sales.

The Covid-19 pandemic hit the following year. Although millions of
remote workers adopted new dogs and cats, much of the retail
benefit went to larger players that already had well-established
e-commerce businesses. IPP sales, which were heavily dependent on
in-store visits, fell another $10 million between 2019 and 2020,
the filing states.

Before filing Chapter 11, the company had sought a sale through
investment banker Houlihan Lokey Capital Inc. but did not receive
sufficient offers.

               About Independent Pet Partners Holdings

Independent Pet Partners Holdings, LLC and various affiliated
entities sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Del. Lead Case No. 23-10153) on Feb. 5, 2023. In
the petition signed by Stephen Coulombe, co-chief restructuring
officer, the Debtor disclosed up to $500 million in both assets and
liabilities.

Independent Pet Partners offers a one-stop pet experience with
healthy, high-quality food products and treats and a range of pet
services, including grooming, self-wash, pet parent education, and
veterinary services. The Debtors also sell goods through their
e-commerce platform with each of the Debtors' banners having its
own standalone website. As of the Petition Date, the Debtors
operated under four unique regional banners: Chuck and Don's,
Kriser's Natural Pet, Loyal Companion, and Natural Pawz.

The Debtors tapped McDonald Hopkins, LLC as general counsel, Young
Conaway Stargatt and Taylor, LLP as co-counsel, Berkeley Research
Group, LLC as co-chief restructuring officer, Houlihan Lokey
Capital, Inc. as financial advisor and investment banker, and Omni
Agent Solutions as notice, claims, and balloting agent.

CION Investment Corporation; Main Street Capital Corporation; MCS
Income Fund, Inc.; Newstone Capital Partners III, L.P; Newstone
Capital Partners III-A, L.P.; and Newstone Capital Partners III-B,
L.P., as DIP Lenders and Prepetition Lenders, are represented by:

     Shmuel Vasser, Esq.
     Stephen Wolpert, Esq.
     Dechert LLP
     1095 Avenue of the Americas
     New York, NY 10036
     E-mail: shmuel.vasser@dechert.com
             stephen.wolpert@dechert.com

Co-counsel to the DIP Lenders and Prepetition Lenders:

     Russell Silberglied, Esq.
     Brendan Schlauch, Esq.
     Richards, Layton & Finger, P.A.
     P.O. Box 551
     Wilmington, DE 19899
     E-mail: silberglied@rlf.com
             schlauch@rlf.com

Acquiom Agency Services, LLC, as administrative and collateral
agent under the DIP facility and as Prepetition ABL Agent, and
Prepetition Priming Agent, is represented by:

     Alex Cota, Esq.
     Daniel Ginsberg, Esq.
     Paul Hastings, LLP
     200 Park Avenue
     New York, NY 10166
     E-mail: alexcota@paulhastings.com
             danielginsberg@paulhastings.com

Counsel to Wilmington Trust, National Association, as Prepetition
DDTL Agent:

     Chad Pearlman, Esq.
     Arnold & Porter Kaye Scholer LLP
     250 West 55th Street
     New York, NY 10019-9710
     E-mail: Chad.Pearlman@arnoldporter.com


INDEPENDENT PET: Seeks to Hire Berkeley Research, Appoint CROs
--------------------------------------------------------------
Independent Pet Partners Holdings, LLC, and its affiliates seek
approval from the U.S. Bankruptcy Court for the District of
Delaware to hire Berkeley Research Group, LLC to provide Stephen
Coulombe and Charlie Reeves to serve as Co-Chief Restructuring
Officers and provide additional staff.

The Co-CROs will render these services:

      (a) serve in the role of interim Co-CROs, with additional BRG
support as requested;

     (b) collaborate with Debtors' management in identifying
strategic options with focus on strategies to maximize liquidity
and profitability;

     (c) assist with financial models and other analytics to
quickly evaluate impact of various alternatives;

     (d) assist with the development of business plan;

     (e) ease the pressure on management team by providing targeted
surge resources (if requested);

     (f) support Debtors' management in approach and negotiations
with external constituents including contingency planning; and

     (g) assist the Debtors in preparing for and operating in a
Chapter 11 bankruptcy proceeding, including negotiations with
stakeholders, and the formulation of a reorganization strategy and
plan of reorganization directed to preserve and maximize value;

     (h) to the extent reasonably requested by the Debtors, offer
testimony before the Bankruptcy Court with respect to the services
provided by the Co-CROs and the Additional Personnel, and
participate in depositions, including by providing deposition
testimony, related thereto;

     (i) such other services as mutually agreed upon by the
Co-CROs, BRG, and the Debtors.

The CoCROs' fees for the provision of the services will be $95,000
per month for Mr. Reeves and actual hours times $1,250 per hour for
Mr. Coulombe.

The current standard hourly rates for the BRG Professionals are:

     Managing Directors               $1,050 - $1,250
     Associate Directors & Directors  $810 - $990
     Professional Staff               $395 - $795
     Support Staff                    $175 - $350

Berkeley Research holds $100,000 as retainer.

Mr. Reeves 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:

     Charlie Reeves
     Stephen Coulombe
     Berkeley Research Group, LLC
     700 Louisiana Street, Suite 2600
     Houston, TX 77002
     Phone: 713-481-9410
     Fax: 832-862-2264
     Email: creeves@thinkbrg.com

       About Independent Pet Partners Holdings

Independent Pet Partners Holdings, LLC and various affiliated
entities sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Del. Lead Case No. 23-10153) on February 5, 2023.
In the petition signed by Stephen Coulombe, co-chief restructuring
officer, the Debtor disclosed up to $500 million in both assets and
liabilities.

Independent Pet Partners offers a one-stop pet experience with
healthy, high-quality food products and treats and a range of pet
services, including grooming, self-wash, pet parent education, and
veterinary services. The Debtors also sell goods through their
e-commerce platform with each of the Debtors' banners having its
own standalone website. As of the Petition Date, the Debtors
operated under four unique regional banners: Chuck and Don's,
Kriser's Natural Pet, Loyal Companion, and Natural Pawz.

Judge Laurie Selber Silverstein oversees the case.

The Debtors tapped McDonald Hopkins, LLC as general counsel, Young
Conaway Stargatt and Taylor, LLP as co-counsel, Berkeley Research
Group, LLC as co-chief restructuring officer, Houlihan Lokey
Capital, Inc. as financial advisor and investment banker, and Omni
Agent Solutions as notice, claims, and balloting agent.

CION Investment Corporation; Main Street Capital Corporation; MCS
Income Fund, Inc.; Newstone Capital Partners III, L.P; Newstone
Capital Partners III-A, L.P.; and Newstone Capital Partners III-B,
L.P., as DIP Lenders and Prepetition Lenders, are represented by
Dechert LLP.

Co-counsel to the DIP Lenders and Prepetition Lenders is Richards,
Layton & Finger, P.A.

Acquiom Agency Services, LLC, as administrative and collateral
agent under the DIP facility and as Prepetition ABL Agent, and
Prepetition Priming Agent, is represented by Paul Hastings, LLP.

Wilmington Trust, National Association, as Prepetition DDTL Agent,
is represented by Arnold & Porter Kaye Scholer LLP.



INDEPENDENT PET: Seeks to Hire Houlihan Lokey as Investment Banker
------------------------------------------------------------------
Independent Pet Partners Holdings, LLC, and its affiliates seek
approval from the U.S. Bankruptcy Court for the District of
Delaware to hire Houlihan Lokey Capital, Inc. as their financial
advisor and investment banker.

The firm's services include:

     (a) assisting the Debtors in the development and distribution
of selected information, documents and other materials, including,
if appropriate, advising the Debtors in the preparation of an
offering memorandum;

     (b) assisting the Debtors in evaluating indications of
interest and proposals regarding any Restructuring Transaction,
Sale Transaction,  or Financing Transaction from current and/or
potential lenders, equity investors, acquirers and/or strategic
partners;

     (c) assisting the Debtors with the negotiation of any
Transaction(s), including participating in negotiations with
creditors and other parties involved in any Transaction(s),

     (d) providing expert advice and testimony regarding financial
matters related to any Transaction(s), if necessary,

     (e) attending meetings of the Debtors’ Board of Directors,
creditor groups, official constituencies and other interested
parties, as the Debtors and Houlihan Lokey mutually agree, and

     (f) providing such other financial advisory and investment
banking services as may be agreed upon by Houlihan Lokey and the
Debtors.

Houlihan will be paid as follows:

     (i) Monthly Fee: A monthly fee of $75,000, payable on a
monthly basis during the term of the engagement, and

    (ii) Transaction Fee(s): In addition to the Monthly Fee, the
following transaction fee(s):

         a. Restructuring Transaction Fee. Upon the earlier to
occur of: (I) in the case of an out-of-court Restructuring
Transaction, the closing of such Restructuring Transaction, and
(II) in the case of an in-court Restructuring Transaction, the
effective date of a confirmed plan of reorganization under Chapter
11 of the Bankruptcy Code, a cash fee of:

            i. $1,000,000 in the event of an out-of-court
Restructuring Transaction; or

           ii. $1,500,000 in the event of an in-court Restructuring
Transaction.

         b. Sale Transaction Fee. Upon the closing of the Sale
Transaction, to be paid immediately and directly from the gross
proceeds of such Sale Transaction, as a cost of such Sale
Transaction, a cash fee based upon Aggregate Gross Consideration
(AGC), calculated as follows:

            i. In the event of an out-of-court sale of the
consolidated company:

               1. For AGC up to $75,000,000: $1,000,000; plus

               2. For AGC above $75,000,000: 3 percent of such
incremental AGC.

           ii. In the event of an in-court sale of the consolidated
company:

               1. For AGC up to $75,000,000: $1,500,000; plus

               2. For AGC above $75,000,000: 3 percent of such
incremental AGC.

          iii. Additionally, in the event of a sale of an
individual business segment on a standalone basis, an incremental
cash fee of the lower of (i) $300,000 and (i) 20 percent of AGC;
however, if a sale of only the California locations is consummated
with CriticalPoint Capital, LLC and Houlihan Lokey is not involved
in the marketing and negotiation of the transaction, Houlihan Lokey
shall not be entitled to a Sale Transaction Fee on account of such
transaction.

        c. Financing Transaction Fee. Upon the closing of each
Financing Transaction, immediately and directly from the gross
proceeds of such Financing Transaction, as a cost of such Financing
Transaction, a cash fee (Financing Transaction Fee), calculated as
set forth in the Engagement Agreement, equal to the sum of: (I) 1.0
percent of the gross proceeds of any indebtedness raised or
committed that is senior to other indebtedness of the Company,
secured by a first priority lien and unsubordinated, with respect
to both lien priority and payment, to any other obligations of the
Company (including with respect to debtor-in-possession financing),
(II) 3.0 percent of the gross proceeds of any indebtedness raised
or committed that is secured by a lien (other than a first lien),
is unsecured and/or is subordinated, and (III) 5.0 percent of the
gross proceeds of all equity or equity-linked securities
(including, without limitation, convertible securities and
preferred stock) placed or committed.

    (iii) Expenses. In addition to all of the other fees and
expenses paid to Houlihan Lokey under the Engagement Agreement, and
regardless of whether any Transaction is consummated, the Debtors
shall, upon Houlihan Lokey’s request, reimburse Houlihan Lokey
for its reasonable out-of-pocket expenses incurred from time to
time.

Adam Dunayer, managing director at Houlihan, disclosed in court
filings that his firm is a "disinterested person" within the
meaning of Bankruptcy Code Section 101(14).

The firm can be reached through:

     Adam Dunayer
     Houlihan Lokey Capital, Inc.
     245 Park Avenue, 20th Floor
     New York, NY 10167
     Tel: (212)-497-4100
     Fax: (212)-661-3070

       About Independent Pet Partners Holdings

Independent Pet Partners Holdings, LLC and various affiliated
entities sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Del. Lead Case No. 23-10153) on February 5, 2023.
In the petition signed by Stephen Coulombe, co-chief restructuring
officer, the Debtor disclosed up to $500 million in both assets and
liabilities.

Independent Pet Partners offers a one-stop pet experience with
healthy, high-quality food products and treats and a range of pet
services, including grooming, self-wash, pet parent education, and
veterinary services. The Debtors also sell goods through their
e-commerce platform with each of the Debtors' banners having its
own standalone website. As of the Petition Date, the Debtors
operated under four unique regional banners: Chuck and Don's,
Kriser's Natural Pet, Loyal Companion, and Natural Pawz.

Judge Laurie Selber Silverstein oversees the case.

The Debtors tapped McDonald Hopkins, LLC as general counsel, Young
Conaway Stargatt and Taylor, LLP as co-counsel, Berkeley Research
Group, LLC as co-chief restructuring officer, Houlihan Lokey
Capital, Inc. as financial advisor and investment banker, and Omni
Agent Solutions as notice, claims, and balloting agent.

CION Investment Corporation; Main Street Capital Corporation; MCS
Income Fund, Inc.; Newstone Capital Partners III, L.P; Newstone
Capital Partners III-A, L.P.; and Newstone Capital Partners III-B,
L.P., as DIP Lenders and Prepetition Lenders, are represented by
Dechert LLP.

Co-counsel to the DIP Lenders and Prepetition Lenders is Richards,
Layton & Finger, P.A.

Acquiom Agency Services, LLC, as administrative and collateral
agent under the DIP facility and as Prepetition ABL Agent, and
Prepetition Priming Agent, is represented by Paul Hastings, LLP.

Wilmington Trust, National Association, as Prepetition DDTL Agent,
is represented by Arnold & Porter Kaye Scholer LLP.


INDEPENDENT PET: Seeks to Hire McDonald Hopkins as Legal Counsel
----------------------------------------------------------------
Independent Pet Partners Holdings, LLC, and its affiliates seek
approval from the U.S. Bankruptcy Court for the District of
Delaware to hire McDonald Hopkins LLC as their counsel.

The firm's services include:

     a. advising the Debtors with respect to their powers and
duties as Debtors in possession in the continued management and
operation of their businesses and properties;

     b. advising and consulting on the conduct of these chapter 11
cases, including all of the legal and administrative requirements
of operating in chapter 11;

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

     d. taking all necessary actions to protect and preserve the
Debtors' estates, including prosecuting actions on the Debtors'
behalf, defending any action commenced against the Debtors, and
representing the Debtors in negotiations concerning litigation in
which the Debtors are involved, including objections to claims
filed against the Debtors' estates;

     e. preparing pleadings in connection with these chapter 11
cases, including motions, applications, answers, orders, reports,
and papers necessary or otherwise beneficial to the administration
of the Debtors' estates;

     f. representing the Debtors in connection with obtaining
authority to continue using cash collateral and postpetition
financing;

     g. advising the Debtors in connection with any potential sale
of assets;

     h. appearing before the Court and any appellate courts to
represent the interests of the Debtors' estates;

     i. advising the Debtors regarding tax matters;

     j. taking any necessary action on behalf of the Debtors to
negotiate, prepare, and obtain approval of a disclosure statement
and confirmation of a chapter 11 plan and all documents related
thereto; and

     k. performing all other necessary legal services for the
Debtors.

The firm will charge these hourly fees:

     Members        $390 - $1,020
     Of Counsel     $345 - $990
     Associates     $265 - $585
     Paralegals     $180 - $360

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

David Agay, a member of McDonald Hopkins, disclosed in a court
filing that his firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     David A. Agay, Esq.
     McDonald Hopkins LLC
     39533 Woodward Avenue. Suite 318
     Bloomfield Hills, MI 48304
     Tel: 248-646-5070
     Email: sgross@mcdonaldhopkins.com

       About Independent Pet Partners Holdings

Independent Pet Partners Holdings, LLC and various affiliated
entities sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Del. Lead Case No. 23-10153) on February 5, 2023.
In the petition signed by Stephen Coulombe, co-chief restructuring
officer, the Debtor disclosed up to $500 million in both assets and
liabilities.

Independent Pet Partners offers a one-stop pet experience with
healthy, high-quality food products and treats and a range of pet
services, including grooming, self-wash, pet parent education, and
veterinary services. The Debtors also sell goods through their
e-commerce platform with each of the Debtors' banners having its
own standalone website. As of the Petition Date, the Debtors
operated under four unique regional banners: Chuck and Don's,
Kriser's Natural Pet, Loyal Companion, and Natural Pawz.

Judge Laurie Selber Silverstein oversees the case.

The Debtors tapped McDonald Hopkins, LLC as general counsel, Young
Conaway Stargatt and Taylor, LLP as co-counsel, Berkeley Research
Group, LLC as co-chief restructuring officer, Houlihan Lokey
Capital, Inc. as financial advisor and investment banker, and Omni
Agent Solutions as notice, claims, and balloting agent.

CION Investment Corporation; Main Street Capital Corporation; MCS
Income Fund, Inc.; Newstone Capital Partners III, L.P; Newstone
Capital Partners III-A, L.P.; and Newstone Capital Partners III-B,
L.P., as DIP Lenders and Prepetition Lenders, are represented by
Dechert LLP.

Co-counsel to the DIP Lenders and Prepetition Lenders is Richards,
Layton & Finger, P.A.

Acquiom Agency Services, LLC, as administrative and collateral
agent under the DIP facility and as Prepetition ABL Agent, and
Prepetition Priming Agent, is represented by Paul Hastings, LLP.

Wilmington Trust, National Association, as Prepetition DDTL Agent,
is represented by Arnold & Porter Kaye Scholer LLP.


INDEPENDENT PET: Seeks to Hire Young Conaway as Co-Counsel
----------------------------------------------------------
Independent Pet Partners Holdings, LLC, and its affiliates seek
approval from the U.S. Bankruptcy Court for the District of
Delaware to hire Young Conaway Stargatt & Taylor, LLP as bankruptcy
co-counsel.

Young Conaway will render these legal services:

     (a) advise the Debtors with respect to their powers and
duties;

     (b) prepare legal papers;

     (c) appear in court and at any meeting with the U.S. Trustee
and any meeting of creditors at any given time;

     (d) perform various services in connection with the
administration of the Chapter 11 cases; and

     (e) perform all other services assigned by the Debtors.

Young Conaway received a total retainer of $75,000 in connection
with the planning and preparation of documents and its proposed
post-petition representation of the Debtors.

The hourly rates of Young Conaway's counsel and staff are as
follows:

     Andrew L. Magaziner           $870
     S. Alexander Faris            $600
     Kristin L. McElroy            $475
     Brenda Walters (paralegal)    $365

Andrew L. Magazine, a partner of Young Conaway, 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:

     Andrew L. Magaziner, Esq.
     S. Alexander Faris, Esq.
     Kristin L. McElroy, Esq.
     YOUNG CONAWAY STARGATT & TAYLOR, LLP
     Rodney Square
     1000 North King Street
     Wilmington, DE 19801
     Telephone: (302) 571-6600
     Facsimile: (302) 571-1253
     Email: amagaziner@ycst.com
            afaris@ycst.com
            kmcelroy@ycst.com

       About Independent Pet Partners Holdings

Independent Pet Partners Holdings, LLC and various affiliated
entities sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Del. Lead Case No. 23-10153) on February 5, 2023.
In the petition signed by Stephen Coulombe, co-chief restructuring
officer, the Debtor disclosed up to $500 million in both assets and
liabilities.

Independent Pet Partners offers a one-stop pet experience with
healthy, high-quality food products and treats and a range of pet
services, including grooming, self-wash, pet parent education, and
veterinary services. The Debtors also sell goods through their
e-commerce platform with each of the Debtors' banners having its
own standalone website. As of the Petition Date, the Debtors
operated under four unique regional banners: Chuck and Don's,
Kriser's Natural Pet, Loyal Companion, and Natural Pawz.

Judge Laurie Selber Silverstein oversees the case.

The Debtors tapped McDonald Hopkins, LLC as general counsel, Young
Conaway Stargatt and Taylor, LLP as co-counsel, Berkeley Research
Group, LLC as co-chief restructuring officer, Houlihan Lokey
Capital, Inc. as financial advisor and investment banker, and Omni
Agent Solutions as notice, claims, and balloting agent.

CION Investment Corporation; Main Street Capital Corporation; MCS
Income Fund, Inc.; Newstone Capital Partners III, L.P; Newstone
Capital Partners III-A, L.P.; and Newstone Capital Partners III-B,
L.P., as DIP Lenders and Prepetition Lenders, are represented by
Dechert LLP.

Co-counsel to the DIP Lenders and Prepetition Lenders is Richards,
Layton & Finger, P.A.

Acquiom Agency Services, LLC, as administrative and collateral
agent under the DIP facility and as Prepetition ABL Agent, and
Prepetition Priming Agent, is represented by Paul Hastings, LLP.

Wilmington Trust, National Association, as Prepetition DDTL Agent,
is represented by Arnold & Porter Kaye Scholer LLP.


INDEPENDENT PET: Seeks to Tap Omni Agent as Administrative Advisor
------------------------------------------------------------------
Independent Pet Partners Holdings, LLC, and its affiliates seeks
approval from the U.S. Bankruptcy Court for the District of
Delaware to hire Omni Agent Solutions, Inc. as its administrative
advisor.

The Debtors require an administrative advisor to:

     a. assist in case administration matters including data entry,
preparation and management of the creditor matrix, claims
management, noticing, and the development and maintenance of an
informational website;

     b. assist with any required solicitation, balloting,
tabulation and calculation of votes as well as preparing any
appropriate reports as required in furtherance of confirmation of a
plan of reorganization;

     c. generate an official ballot certification and testify, if
necessary, in support of the ballot tabulation results;

     d. handle requests for documents;

     e. develop and maintain a confidential virtual data room, if
requested; and

     f. provide such other services as may be requested by the
Debtors or otherwise required by applicable law, governmental
regulations, and court rules or orders.

The services to be rendered by Omni will be billed at rates ranging
from $55 to $180 per hour. Omni will receive a retainer in the
amount of $25,000.

Paul Deutch, executive vice president of Omni, 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:

     Paul H. Deutch
     Omni Agent Solutions
     5955 De Soto Avenue Suite 100
     Woodland Hills, CA 91367
     Tel: (818) 906-8300
     Fax: 818-783-2737
     Email: lacontact@omniagnt.com

       About Independent Pet Partners Holdings

Independent Pet Partners Holdings, LLC and various affiliated
entities sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Del. Lead Case No. 23-10153) on February 5, 2023.
In the petition signed by Stephen Coulombe, co-chief restructuring
officer, the Debtor disclosed up to $500 million in both assets and
liabilities.

Independent Pet Partners offers a one-stop pet experience with
healthy, high-quality food products and treats and a range of pet
services, including grooming, self-wash, pet parent education, and
veterinary services. The Debtors also sell goods through their
e-commerce platform with each of the Debtors' banners having its
own standalone website. As of the Petition Date, the Debtors
operated under four unique regional banners: Chuck and Don's,
Kriser's Natural Pet, Loyal Companion, and Natural Pawz.

Judge Laurie Selber Silverstein oversees the case.

The Debtors tapped McDonald Hopkins, LLC as general counsel, Young
Conaway Stargatt and Taylor, LLP as co-counsel, Berkeley Research
Group, LLC as co-chief restructuring officer, Houlihan Lokey
Capital, Inc. as financial advisor and investment banker, and Omni
Agent Solutions as notice, claims, and balloting agent.

CION Investment Corporation; Main Street Capital Corporation; MCS
Income Fund, Inc.; Newstone Capital Partners III, L.P; Newstone
Capital Partners III-A, L.P.; and Newstone Capital Partners III-B,
L.P., as DIP Lenders and Prepetition Lenders, are represented by
Dechert LLP.

Co-counsel to the DIP Lenders and Prepetition Lenders is Richards,
Layton & Finger, P.A.

Acquiom Agency Services, LLC, as administrative and collateral
agent under the DIP facility and as Prepetition ABL Agent, and
Prepetition Priming Agent, is represented by Paul Hastings, LLP.

Wilmington Trust, National Association, as Prepetition DDTL Agent,
is represented by Arnold & Porter Kaye Scholer LLP.



INFOW LLC: Jones Has $1.489 Billion of Debt in His Schedules
------------------------------------------------------------
Bankrupt conspiracy theorist Alexander E. Jones filed with the
Bankruptcy Court his schedules of assets and liabilities and
statement of financial affairs.

In his schedules, Mr. Jones disclosed $9,979,667 in total assets
against $1,489,460,000 of total liabilities.  Debt includes
$473,000,000 owed to the Connecticut Plaintiffs (represented by
Ryan Chapple of Cain & Skarnulis PLLC), which claims are classified
by the Debtor as "contingent" and "disputed".  His assets include
the ownership of several entities but their value is currently
unknown:

   * Free Speech Systems, LLC
   * AEJ Austin Holdings, LLC
   * Guadalupe Holdings, LLC
   * Magnolia Management LP
   * Jones Production
   * Jones Report, LLC
   * Jones Productions, LLC.

Copies of his Statement and Schedules are available at:

https://www.pacermonitor.com/view/W5S7AOA/Alexander_E_Jones__txsbke-22-33553__0162.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/WSNMGGY/Alexander_E_Jones__txsbke-22-33553__0161.0.pdf?mcid=tGE4TAMA

                  About Free Speech Systems

Free Speech Systems LLC is a broadcast media production and
distribution company that provides broadcasting aural programs by
radio to the public.  Free Speech Systems is a family-run business
founded by Alex Jones.

FSS is presently engaged in the business of producing and
syndicating Jones' radio and video talk shows and selling products
targeted to Jones' loyal fan base via the Internet.  Today, FSS
produces Alex Jones' syndicated news/talk show (The Alex Jones
Show) from Austin, Texas, which airs via the Genesis Communications
Network on over 100 radio stations across the United States and via
the internet through websites including Infowars.com.

Due to the content of Alex Jones' shows, Jones and FSS have faced
an all-out ban of Infowars from mainstream online spaces.  Shunning
from financial institutions and banning Jones and FSS from major
tech companies began in 2018.

Conspiracy theorist Alex Jones has been sued by victims' family
members over Jones' lies that the 2012 Sandy Hook Elementary School
shooting was a hoax.

Jones' InfoW LLC and affiliates, IWHealth, LLC and Prison Planet
TV, LLC, filed petitions under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-60020) on April
18, 2022.

The Debtors agreed to the dismissal of the Chapter 11 cases in June
2022 after the Sandy Hook victim families dismissed the three
bankrupt companies from their lawsuits.

Free Speech Systems filed a voluntary petition for relief under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex.
Case No. 22-60043) on July 29, 2022.  In the petition filed by W.
Marc Schwartz, as chief restructuring officer, the Debtor reported
assets and liabilities between $50 million and $100 million.
Melissa A Haselden has been appointed as Subchapter V trustee.

Alexander E. Jones filed for personal bankruptcy under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 4:22-bk-60043) on
Dec. 2, 2022, listing $1 million to $10 million in assets against
liabilities of $1 billion to $10 billion in liabilities.

Raymond William Battaglia, of Law Offices of Ray Battaglia, PLLC,
is FSS's counsel.  Raymond W. Battaglia and Crowe & Dunlevy, P.C.,
led by Vickie L. Driver, Christina W. Stephenson, Shelby A. Jordan,
and Antonio Ortiz are representing Alex Jones.


INSTANT BRANDS: S&P Affirms 'CCC+' Rating on First-Lien Term Loan
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'CCC+' issue-level rating on
Instant Brands Holdings Inc.'s $450 million first-lien term loan.
While the '3' recovery rating (50%-70%) is unchanged, S&P revised
its rounded recovery estimate to 50% from 55%.

The company completed a liquidity enhancing transaction that
increased its borrowing base availability. While the transaction
improved Instant Brands' liquidity position, S&P revised its
rounded recovery estimate to reflect the lower enterprise value
available to lenders in its simulated default scenario due to the
structure of the transaction.

All of S&P's other ratings on Instant Brands, including its 'CCC+'
issuer credit rating, are unchanged.

ISSUE-RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- The company's capital structure comprises a $250 million
asset-based lending (ABL) facility due in 2025 (not rated) and $450
million first-lien term loan due in 2028.

-- Instant Brands Holdings Inc. is the primary borrower of the
senior secured facilities. The guarantors include each existing and
future wholly owned domestic subsidiary of the borrower, subject to
customary exceptions.

-- The ABL is secured by the company's accounts receivable and
inventories. The first-lien term loan is secured on a
second-priority basis by all of the assets of the company and a
first-priority lien on all of the other domestic tangible and
intangible assets of certain subsidiaries (including 100% of the
capital stock of the borrower and any subsidiary of the borrower or
guarantors, subject to customary exceptions but limited to 65% of
the voting equity interests of any such tax-excluded or foreign
subsidiary).

Simulated default assumptions

-- Instant Brands Holdings Inc. has most of its assets and
operations in the U.S. In the event of a payment default, S&P
believes it would file for bankruptcy protection in the U.S. under
the administration of the U.S. bankruptcy court system.

-- S&P's simulated default scenario assumes a payment default
occurring in 2024 due to a significant decline in its liquidity
stemming from a weak macroeconomic environment and lower consumer
discretionary spending.

-- S&P believes the company would be reorganized rather than
liquidated under a hypothetical default scenario given its strong
brands and leading positions in several segments. As such, it has
valued the company on an enterprise value basis as a going concern
to estimate the potential recovery value available for its
creditors.

-- S&P's emergence-level EBITDA of $75 million roughly reflects
fixed-charge requirements of about $56 million in debt service
(assumed default year interest plus amortization) and assumes
minimal capital expenditure of $19 million.

-- S&P estimates a gross valuation of $374.2 million using a 5x
EBITDA multiple.

Simplified waterfall

-- Gross recovery value: $374.2 million

-- Obligor/nonobligor valuation split: 100%

-- Net recovery value for waterfall after administrative expenses
(5%): $355.5 million

-- Estimated ABL priority claims: $155.6 million

-- Remaining collateral available to secured debt: $200 million

-- Estimated first-lien claim: $382.4 million

    --Recovery expectations: 50%-70% (rounded estimate: 50%)

Note: All debt amounts include six months of prepetition interest.



ISTAR INC: Egan-Jones Withdraws BB- Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company on January 23, 2023, withdrew its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by iStar Inc.

Headquartered in New York, New York, iStar Inc (iStar) is a real
estate finance and investment company.


IVANTI SOFTWARE: Oaktree Specialty Marks $10.2M Loan at 42% Off
---------------------------------------------------------------
Oaktree Specialty Lending Corporation has marked its $10,247,000
loan extended to Ivanti Software, Inc.to market at $5,994,000 or
58% of the outstanding amount, as of December 31, 2022, according
to a disclosure contained in Oaktree Specialty's Form 10-Q for the
quarterly period ended December 31, 2022, filed with the Securities
and Exchange Commission on February 7, 2023.

Oaktree Specialty is a participant in a Second Lien Term Loan to
Ivanti Software, Inc.The loans accrues 12.01% (LIBOR+7.25%) per
annum. The loan matures on December 01, 2028.

Oaktree Specialty Lending Corporation is a specialty finance
company that looks to provide customized, one-stop credit solutions
to companies with limited access to public or syndicated capital
markets. Oaktree Specialty was formed in late 2007 and operates as
a closed-end, externally managed, non-diversified management
Investment Company that has elected to be regulated as a Business
Development Company under the Investment Company Act.

Ivanti Software, Inc. provides information technology services. The
Company offers IT asset management, security, endpoint, and supply
chain solutions.




JAM MEDIA: Wins Interim Cash Collateral Access
----------------------------------------------
The U.S. Bankruptcy Court for the District of New Jersey authorized
Jam Media Solutions, LLC to use cash collateral on a final basis in
accordance with the budget.

The Debtor requires cash collateral access to continue operations
in the ordinary course.

At the time of the Chapter 11 filing, the Debtor was indebted to
Newtek Small Business Finance, LLC in the amount of not less than
$3.480 million principal, interest and late charges, as of October
15,2022, as currently governed by the loan and security documents
between Newtek and the Debtor.

As adequate protection for use of cash collateral, Newtek is
granted a replacement perfected security interest in all
postpetition assets of the Debtor and a post-petition lien and
security interest on all postpetition property and assets of the
Debtor within the definition of Newtek Collateral.

The Debtor will pay $5,000 to Newtek as adequate protection.

To the extent the adequate protection proves insufficient to
protect Newtek's interest in the cash collateral, Newtek is granted
a superpriority administrative expense claim, pursuant to Section
507(b) of Bankruptcy Code.

The liens and security interests granted are automatically deemed
perfected upon entry of the Order without the necessity of Newtek
taking possession, filing financing statements, mortgages, or other
documents. Although not required.

A copy of the order is available at https://bit.ly/3SqC0WB from
PacerMonitor.com.

                About JAM Media Solutions, LLC

JAM Media Solutions, LLC is a media, entertainment, and digital
marketing solutions company that owns and operates radio stations,
live events and digital, mobile, print, social media properties.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.N.J. Case No. 22-18193) on October 15,
2022. In the petition signed by Jonathan Mason, CEO, the Debtor
disclosed up to $500,000 in assets and up to $10 million in
liabilities.

Judge Stacey L. Meisel oversees the case.

The Debtor is represented by Gabriel Del Virginia, Esq., at the Law
Office of Gabriel Del Virginia.



KINGS RIVER: Fine-Tunes Plan Documents
--------------------------------------
Kings River Holdings, Inc., submitted a Revised First Amended
Chapter 11 Subchapter V Plan dated February 20, 2023.

The Plan provides a path to confirmation and a successful exit from
Chapter 11 for the Debtor through a reorganization and post
confirmation continuation of the business. The Debtor believes that
the Plan will yield the highest and best return for creditors and
parties-in-interest.

Under the Plan, pursuant to 11 U.S.C. § 1191, the Debtor shall
apply all of the projected disposable income of the Debtor for a
period of 42 months to make payments under the Plan. Pursuant to §
1191(c)(3), the Debtor will be able to make all payments under the
Plan or there is a reasonable likelihood that the Debtor will be
able to make all payments under the Plan.

Like in the prior iteration of the Plan, each Holder of an Allowed
Unsecured Claim shall receive, in full and complete satisfaction,
settlement, discharge, and release of, and in exchange for, its
Allowed Unsecured Claim, its Pro Rata share of the Reorganized
Debtor's projected Disposable Income for a period of 42 months.

The Reorganized Debtor will continue to operate with the primary
purpose of conducting its business.  

On the Effective Date, and automatically, without need for further
order, document, or instrument, all property of the Debtor and the
Estate shall vest in the Reorganized Debtor free and clear of all
liens, claims, interests, and encumbrances, except to the extent
any such lien, claim, interest, or encumbrance is preserved under
this Plan, including with respect to the Regions Secured Claim,
Allowed Secured Tax Claims, and Allowed Other Secured Claims, if
any.

The Debtor anticipates that all distributions made under the Plan
will be funded from future earnings, which will not be less than
100% of the Debtor's Disposable Income for the 42 months following
Confirmation.

In satisfaction of § 1191(c)(2)(A), and as evidenced by Exhibit A
to the Plan, the Plan provides that all of the projected disposable
income of the Debtor will be applied to make payments under the
Plan for a period of 42 months. To the extent necessary, the Debtor
will present evidence at the Confirmation Hearing in satisfaction
of § 1191(c)(2).

Voting. Classes 2 and 5 may vote on the Plan. If all voting Classes
carry, then the Plan will be deemed consensual pursuant to section
1191(a). If any or all voting classes do not carry, then the Debtor
will proceed to seek confirmation of the Plan on cramdown pursuant
to section 1191(b).

Cramdown Plan. Discharge Under Bankruptcy Code § 1192. If this
Plan is confirmed as a cramdown plan pursuant to Bankruptcy Code
section 1191(b), the Debtor shall receive a discharge as soon as
practicable after completion by the [Debtor] of all payments due
within the [Commitment Period].

Except as otherwise specifically provided in the Plan or in any
contract, instrument, or other agreement or document created
pursuant to the Plan, the distributions, rights, and treatment that
are provided in the Plan shall be in complete satisfaction,
discharge, and release of all Claims, interests, and Causes of
Action of any nature whatsoever, including any interest accrued on
Claims or interests from and after the Petition Date, whether known
or unknown, against, liabilities of, liens on, obligations of,
rights against, and interests in, the Debtor, the Reorganized
Debtor, or the Estate or any of its assets or properties,
regardless of whether any property shall have been distributed or
retained pursuant to the Plan on account of such Claims and
interests, including demands, liabilities, and Causes of Action
that arose before the Effective Date, any liability (including
withdrawal liability) to the extent such Claims or interests relate
to services performed by employees of the Debtor prior to the
Effective Date and that arise from a termination of employment, any
contingent or non-contingent liability on account of
representations or warranties issued on or before the Effective
Date, and all debts of the kind specified in Bankruptcy Code
sections 502(g), 502(h), or 502(i), in each case whether or not:
(1) a Proof of Claim based upon such debt or right is filed or
deemed filed pursuant to section Bankruptcy Code section 501; (2) a
Claim or interest based upon such debt, right, or interest is
Allowed pursuant to Bankruptcy Code section 502; or (3) the Holder
of such a Claim or interest has accepted the Plan. Upon compliance
with Local Bankruptcy Rule of Bankruptcy Procedure 2015-1(d), the
Confirmation Order shall be a judicial determination of the
discharge of all Claims.

A full-text copy of the Revised First Amended Plan dated February
20, 2023 is available at https://bit.ly/3YU7kiN from
PacerMonitor.com at no charge.

Debtor's Counsel:

      Thomas D. Berghman, Esq.
      MUNSCH HARDT KOPF & HARR, P.C.
      500 N. Akard Street, Suite 3800
      Dallas, TX 75201-6659
      Tel: 214-855-7554
      Email: tberghman@munsch.com

                  About Kings River Holdings

Kings River Holdings, Inc., is a glass/hardware manufacturing and
installation company doing business as Liberty Glass and Mirror.
Kings River provides manufactured glass goods for both residential
and commercial installation.

Kings River Holdings sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Tex. Case No. 22-41241) on Sept. 23,
2022.  In the petition signed by Rhett Yeary, president, the Debtor
disclosed up to $100,000 in assets and up to $10 million in
liabilities.

Judge Brenda T. Rhodes oversees the case.

Thomas D. Berghman, Esq., at Munsch Hardt Kopf and Harr, PC, is the
Debtor's counsel.


KKR REAL ESTATE: S&P Alters Outlook to Negative, Affirms 'BB-' ICR
------------------------------------------------------------------
S&P Global Ratings revised its outlook on KKR Real Estate Finance
Trust Inc. (KREF) to negative from stable. S&P affirmed the issuer
credit and senior secured debt ratings at 'BB-'.

The outlook revision reflects S&P's expectation that challenging
macroeconomic conditions will likely weigh on KREF's loan portfolio
and that credit performance will likely deteriorate, leading to
higher leverage. KREF's leverage increased to 5.0x as of Dec. 31,
2022, from 4.5x the prior year. As of year-end 2022, KREF's net
loan portfolio increased by $1.1 billion to $7.4 billion, of which
about 75% was originated over the past two years. In addition to
rising leverage, the firm has some large loan exposures relative to
equity, with the largest investment and top five investments making
up 30% and 98%, respectively, of adjusted total equity (ATE).
Offsetting the concentration exposure is the relatively low
weighted average loan to value ratio (LTV), which was 66%
(excluding risk rated-'5' loans) as of Dec. 31, 2022.

For year-end 2022, KREF's portfolio had four risk rated-'5' loans
with an outstanding principal balance of $519.7 million (6.9% of
the portfolio's total outstanding principal), compared with zero at
year-end 2021. The portfolio took a $25 million write-down in the
fourth quarter of 2022 on one of the 5-rated loans. All loans
currently impaired are in office properties, a sector that
continues to underperform given a secular decline in office space
requirements. If write-offs or specific reserves increase further,
leverage could be sustained above 5.0x over the next 12 months.

KREF's secured financing agreements have also grown to support
portfolio growth. While rising net interest margins and investment
growth could support earnings growth, KREF is required to
distribute at least 90% of taxable income annually as a REIT,
limiting its ability to lower leverage through retained earnings
growth.

S&P said, "We view KREF's sponsor partnerships and asset mix as
supportive of the rating; however, about one-quarter of the
portfolio value is in office properties, which we expect to be most
affected by macroeconomic headwinds in 2023. We view favorably the
company's diversified and primarily non-mark-to-market funding,
ample liquidity, and its association with KKR. Of the total $3.26
billion outstanding on secured financing agreements, the firm has a
maximum recourse of 25%. The facilities do not have a
mark-to-market valuation adjustment risk but do have margin call
risk related to credit events.

"We expect the firm to maintain adequate liquidity to meet its
funding needs on an ongoing basis. As of year-end 2022, KREF had
$1.5 billion of unfunded commitments, of which $678.6 million is
due in less than one year. The company's liquidity of $951.8
million consists of cash and cash equivalents and approved and
undrawn borrowings under various secured agreements.

"The negative outlook over the next 12 months reflects our
expectation that KREF's leverage could be sustained above 5.0x as a
result of further asset quality deterioration, debt-funded
initiatives, or more shareholder friendly returns. Our outlook also
considers that the firm will maintain ample liquidity to meet its
ongoing funding needs.

"We could lower the rating if leverage is sustained above 5.0x over
the next 12 months. We could also lower the rating if the
portfolio's asset quality or KREF's liquidity deteriorates.

"We could revise our outlook to stable if leverage falls well below
5.0x while asset quality remains stable and liquidity remains
sufficient."



KROLLMOTION TECHNOLOGIES: Court OKs Interim Cash Collateral Access
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
Northern Division, authorized Krollmotion Technologies, Inc., dba
Anytime Fitness, to use cash collateral on an interim basis until
March 8, 2023.

The Debtor requires to use the cash collateral of Live Oak Banking
Company to pay the reasonable expenses it incurs during the
ordinary course of its business.

The Debtor relates that the COVID-19 pandemic and the
government-mandated shutdowns during the worst periods of the
pandemic impacted its ability to sign new members. While the Debtor
had enough capital to continue operating through the pandemic, low
levels of member recruitment led to operating losses and depleted
the Debtor's capital.

The Debtor is optimistic about the prospects of reorganization.
With the COVID-19 pandemic receding, customers are more likely to
seek gym memberships. The Debtor is recruiting more members each
week, and is aggressively marketing through low-cost advertising on
social media. The Debtor plans to draw in customers through free
fitness consultations and family plans, which are also expected to
increase membership. With more paying members, the Debtor will have
the income to make a plan of reorganization feasible.

On October 29, 2019, the Debtor obtained a $615,000 SBA 7(A)
guaranteed loan from Live Oak. The SBA Loan is secured by the
Debtor's assets by virtue of having filed a UCC Financing Statement
with the California Secretary of State on October 29, 2019, Filing
No.: 40615270-10.

Pursuant to the terms of the loan agreement with Live Oak, the
Debtor is required to pay the monthly payments of 58,320 to Live
Oak effective February 2020. The Debtor timely made  $8,320
payments to Live Oak from February 2020 to December 2022, but fell
behind in January and February 2023 due to insufficient funds.

The Court said the monthly adequate protection payment to Live Oak
in the amount of $1,000 is due by March 1, 2023.

A final hearing on the matter is set for March 8, 2023 at 2 p.m.

A copy of the motion is available at https://bit.ly/41j4UMr from
PacerMonitor.com.

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

                  About Krollmotion Technologies

Krollmotion Technologies operates a 24-hour fitness center
featuring exercise machines and free weights, and offers monthly
memberships in addition to personal training, small group workout
classes, and dietary consultation. Members can use the facilities
at any time, any day of the year.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-10113) on February
16, 2023. In the petition signed by George P. Kroll, chief
executive officer, the Debtor disclosed up to $100,000 in assets
and up to $1 million in liabilities.

Michael Jay Berger, Esq., at Law Offices of Michal Jay Berger,
represents the Debtor as legal counsel.


LEADING LIFE: Patient Care Ombudsman Submits First Report
---------------------------------------------------------
Cori Loomis, the court-appointed patient care ombudsman, filed with
the U.S. Bankruptcy Court for the Northern District of Texas a
report regarding the quality of care provided at the assisted
living centers operated by Leading Life Senior Living, Inc.

Leading Life operates two memory care assisted living centers: the
Jasmine Estates of Edmond in Edmond, Okla., and the Jasmine Estates
of OKC in Oklahoma City.

In her report, which covered the period from Dec. 14, 2022 to Feb.
13, 2023, the PCO raised concern over the facilities'
non-compliance with regulatory requirements that may result in
resident care issues if not corrected.

According to the PCO, the Resident Assessment Forms required by the
Oklahoma State Department of Health had not been completed. The PCO
suggested the need for both facilities to ensure that resident
assessments are being performed timely and in accordance with
Oklahoma Administrative Code; and to update and revise policies and
procedures to reflect accurate references to Oklahoma requirements.


Meanwhile, the PCO observed during her visit to the facilities in
January that both facilities were clean and well kept. The PCO also
observed that both facilities hold social activities for their
residents.

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

Attorney for patient care ombudsman:

     J. Clay Christensen, Esq.
     Christensen Law Group, PLLC
     3401 N.W. 63rd St., Suite 600
     Oklahoma City, OK 73116
     Telephone: (405) 232-2020
     Facsimile: (405) 228-1113
     Email: clay@christensenlawgroup.com

                 About Leading Life Senior Living

Leading Life Senior Living, Inc. is a not-for-profit Texas
corporation that owns two memory care facilities in Oklahoma. The
facilities were purchased in 2017 by the Debtor from Edmond Memory
Care, LLC and Southwest Oklahoma City, LLC. The Edmond facility was
opened in 2014 and has 42 beds. The Oklahoma City facility was
opened in 2015 and has 44 beds.

Leading Life Senior Living sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 22-42784) on
Nov. 18, 2022. In the petition signed by its chief restructuring
officer, Joseph V. Pegnia, the Debtor disclosed $10 million to $50
million in assets and $10 million to $50 million in liabilities.

Judge Mark X. Mullins oversees the case.

Ferguson, Braswell, Fraser, Kubasta, P.C. and GlassRatner Capital &
Advisory Group, LLC, doing business as B. Riley Advisory Services,
serve as the Debtor's legal counsel and restructuring advisor,
respectively. Joseph V. Pegnia, managing director at GlassRatner,
is the Debtor's chief restructuring officer. Omni Agent Solutions
is the claims agent.


LTI FLEXIBLE: $142M Bank Debt Trades at 19% Discount
----------------------------------------------------
Participations in a syndicated loan under which LTI Flexible
Products Inc is a borrower were trading in the secondary market
around 80.6 cents-on-the-dollar during the week ended Friday,
February 24, 2023, according to Bloomberg's Evaluated Pricing
service data.

The $142 million facility is a Term loan that is scheduled to
mature on April 17, 2023.  The amount is fully drawn and
outstanding.

LTI Flexible Products, Inc., doing business as Boyd Corporation,
provides metal and chemical products. The Company offers acoustic,
seals, molded rubber, gaskets, thermal insulation, cushioning,
shock absorption, bonding systems, and fabricated metal products..




LTI HOLDINGS: Oaktree Specialty Marks $2.1M Loan at 20% Off
-----------------------------------------------------------
Oaktree Specialty Lending Corporation has marked its $2,140,000
loan extended to LTI Holdings, Inc.to market at $1,712,000 or 80%
of the outstanding amount, as of December 31, 2022, according to a
disclosure contained in Oaktree Specialty's Form 10-Q for the
quarterly period ended December 31, 2022, filed with the Securities
and Exchange Commission on February 7, 2023.

Oaktree Specialty is a participant in a Second Lien Term Loan to
LTI Holdings, Inc. The loans accrues 11.13% (LIBOR+6.75%) per
annum. The loan matures on September 06, 2026.

Oaktree Specialty Lending Corporation is a specialty finance
company that looks to provide customized, one-stop credit solutions
to companies with limited access to public or syndicated capital
markets. Oaktree Specialty was formed in late 2007 and operates as
a closed-end, externally managed, non-diversified management
Investment Company that has elected to be regulated as a Business
Development Company under the Investment Company Act.              
                 

LTI Holdings, Inc. (Boyd Corporation) is a California-based
manufacturer of customized, precision products that provide thermal
management (prevent overheating) and environmental sealing (protect
from heat, moisture or radio-frequency) solutions to customers
serving a broad array of end markets including mobile electronics,
medical, and aerospace and defense among others.



MADISON CLINIC: Seeks to Hire Maples Law Firm as Attorney
---------------------------------------------------------
The Madison Clinic for Applied Behavior Analysis LLC seeks approval
from the U.S. Bankruptcy Court for the Northern District of Alabama
to hire Maples Law Firm, P.C. as its attorneys,

The firm's services include:

     a. preparing pleadings and applications and conducting
examinations incidental to any related proceedings or to the
administration of the Debtor's Chapter 11 case;

     b. developing the relationship of the status of the Debtor to
the claims of creditors;

     c. advising the Debtor of its rights, duties and obligations
under Chapter 11 of the Bankruptcy Code;

     d. taking any and all other necessary action incident to the
proper preservation and administration of the case; and

     e. advising and assisting the Debtor in the preparation of a
Chapter 11 plan.

The firm will be paid at these rates:

     Attorneys    $395 per hour
     Associates   $250 per hour
     Paralegals   $100 to $145 per hour

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

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

The firm can be reached at:

     Stuart M. Maples, Esq.
     Maples Law Firm, P.C.
     200 Clinton Avenue West, Suite 1000
     Huntsville, AL 35801
     Tel: (256) 489-9779
     Fax: (256) 489-9720
     Email: smaples@mapleslawfirmpc.com

               About The Madison Clinic for Applied
                         Behavior Analysis

The Madison Clinic for Applied Behavior Analysis LLC sought
protection for relief under Chapter 11 of the Bankruptcy Code
(Bankr. N.D. Ala. Case No. 22-80259) on Feb. 14, 2023, listing
$50,000 in assets and $500,001 to $1 million in liabilities.

Judge Clifton R Jessup Jr represents the Debtor as counsel.

Stuart M Maples, Esq. at Maples Law Firm, PC represents the Debtor
as counsel.


MAGENTA BUYER: $750M Bank Debt Trades at 22% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Magenta Buyer LLC
is a borrower were trading in the secondary market around 78.1
cents-on-the-dollar during the week ended Friday, February 24,
2023, according to Bloomberg's Evaluated Pricing service data.

The $750 million facility is a Term loan that is scheduled to
mature on July 27, 2029.  The amount is fully drawn and
outstanding.

Magenta Buyer LLC is a provider of cybersecurity software that
derives revenue from the sale of security products, subscriptions,
SaaS, support and maintenance, and professional services.



MARINE WHOLESALE: Seeks Interim Cash Collateral Access
------------------------------------------------------
Marine Wholesale and Warehouse, Co., asks the U.S. Bankruptcy Court
for the Central District of California, Los Angeles Division, for
authority to use cash collateral on an interim basis.

The Debtor requires the use of cash collateral to pay the Debtor's
necessary expenses related to the Debtor's continued operations.

The primary reason for the Debtor's bankruptcy filing was the
actions of the Alcohol and Tobacco Tax and Trade Bureau: Its
assertion of liability against the Debtor and efforts to collect
this asserted liability.

On June 28, 2020, the Debtor obtained an Economic Injury Disaster
Loan from the United States Small Business Administration. The SBA
filed a UCC Financing Statement with the Secretary of State for the
State of California on June 28, 2020. As of the Petition Date, the
amount due to the SBA for the Loan was approximately $146,456.

Pursuant to the assessments and Tax Lien, the TTB asserts that it
has a secured claim against the Debtor in the amount of $25.225
million. As to the Debtor's personal property, the TTB Claim is
second in priority to the SBA Claim because the TTB did not file
its Tax Lien until September 2, 2021.

The TTB's entire claim against the Debtor arises from a single
contested allegation that the Debtor's former owner, the late
Robert L. Hartry, failed timely to report to the TTB a transfer of
shares in the Debtor that occurred December 15, 2012, allegedly in
violation of the TTB's regulations.

Further, from December 2012 until March 31, 2017, the TTB continued
to treat the Debtor as a bonded export warehouse proprietor,
accepting the firm's custodial warehouse bonds, its annual
Occupational Tax payment, and the company's monthly TTB returns.
During that period, TTB agents routinely visited and examined the
Debtor's bonded warehouse premises. United States Customs and
Border Protection (CBP) repeatedly approved the Debtor's
applications to withdraw tobacco products from the bonded warehouse
for delivery to qualified vessels. Despite these actions, the TTB
proceeded with the Cease and Desist letter and the Inquiry Letter,
and subsequently issued the assessments and Tax Lien.

As the holder of a Federally-issued license, the Debtor asserts it
was entitled to notice and an opportunity to demonstrate or achieve
compliance with the TTB's regulation before its warehouse permit
was revoked, as required by the Administrative Procedure Act, 5
U.S.C. section 558 and the TTB's own regulations.

Accordingly, the Debtor asserts the TTB Claim is meritless and
should be treated as an unsecured claim and reduced to $0. On
August 8, 2022, the TTB filed a proof of claim in the bankruptcy
case, asserting a claim of $25.225 million of which it asserts the
entirety is secured.

While the TTB has a lien on both the Debtor's personal property and
real properties, the only property that is cash collateral is the
Debtor's personal property. The Debtor's real properties are
utilized by the Debtor and therefore do not generate rent or other
profits. Rather, the only cash collateral now in the Debtor's
estate is its cash and accounts receivable, in which the SBA and
the TTB assert security interests. Additionally, the SBA and the
TTB will assert security interests in cash collateral that will
arise as proceeds from the sale of the inventory as the Debtor
continues its business operations.

The Debtor's unsecured claims total approximately $2.280 million.

As adequate protection of the SBA's security interest, the Debtor
will pay the SBA adequate protection payments, in cash, in the
amount of $731 each month, which have commenced on August 1, 2022,
and on the first business day of each month thereafter. This amount
is equal to the amount owing under the SBA Loan Documents, which
includes both principal and interest payments. This further
protects the SBA and is sufficient to show the SBA will be paid its
secured claim. Further, the Debtor will offer a postpetition
replacement lien on all of the Debtor's post-petition personal
property, other than recoveries from avoiding power actions, which
liens will have the same validity, priority, and extent as the
prepetition lien, in further adequate protection of the SBA's
interests, subject to the Debtor's ability to use such collateral
upon request and order of the Court.

As adequate protection for the TTB, the Debtor proposes a
post-petition replacement lien on all of the Debtor's post-petition
personal property, other than recoveries from avoiding power
actions, which liens will have the same validity, priority, and
extent as the prepetition lien, in further adequate protection of
the TTB's interests, subject to the Debtor's ability to use such
collateral upon request and order of the Court.

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

             About Marine Wholesale and Warehouse Co.

Marine Wholesale and Warehouse Co. sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-13785)
on July 12, 2022. In the petition signed by Jennifer Hartry, vice
president and secretary, the Debtor disclosed up to $50 million in
both assets and liabilities.

Judge Sheri Bluebond oversees the case.

David R. Haberbush, Esq., at Haberbush, LLP is the Debtor's
counsel.



MARTIN MIDSTREAM: Incurs $10.3 Million Net Loss in 2022
-------------------------------------------------------
Martin Midstream Partners L.P. reported a net loss of $10.33
million on $1.01 billion of total revenues for the year ended Dec.
31, 2022, compared to a net loss of $211,000 on $882.43 million of
total revenues for the year ended Dec. 31, 2021.

As of Dec. 31, 2022, the Company had $598.85 million in total
assets, $658.29 million in total liabilities, and a total partners'
deficit of $59.44 million.

Bob Bondurant, president and chief executive officer of Martin
Midstream GP LLC, the general partner of the Partnership, stated,
"Despite the challenges we faced in the second half of 2022 due to
fluctuating commodity prices, the Partnership had another solid
year.  While results were slightly lower than our guidance range,
all of our business segments, with the exception of the NGL
segment, outperformed compared to our internal forecast; with the
Transportation segment leading the way.  During the last month we
announced our intent to exit the butane optimization business which
will substantially lower our working capital needs, reduce
volatility in our earnings, and lessen our exposure to commodity
prices in the future.  We anticipate that by the end of the second
quarter of 2023, all remaining butane inventory volumes will be
sold.  We intend to redeploy our underground butane storage assets
by utilizing them in a fee-based business model, providing our
customers reliable storage and logistics services, while minimizing
the impact to our employees.

"In January of 2023, we announced our plan to refinance the
Partnership's capital structure.  On February 8, 2023, we closed
and funded $400 million of new second lien notes due 2028, and used
a portion of the proceeds to repay all of our outstanding notes due
in 2024 and 2025, with the remainder being used to pay down
borrowings under our revolving credit facility. Concurrently, we
amended our revolving credit facility lowering the bank commitments
to $200 million and extending the maturity to 2027.

"In summary, with the planned exit from the butane optimization
business and the extension of our debt maturities, we have
substantially lowered the risk profile of the Partnership.  We
remain committed to capital discipline and continued strengthening
of our balance sheet through meaningful debt reduction."

CAPITALIZATION

At Dec. 31, 2022, the Partnership had $516 million of total debt
outstanding, including $171 million drawn on its $275 million
revolving credit facility, $54 million of senior secured 1.5 lien
notes due 2024 and $291 million of senior secured second lien notes
due 2025.  At Dec. 31, 2022, the Partnership had liquidity of
approximately $63 million from available capacity under its
revolving credit facility.  The Partnership's adjusted leverage
ratio, as calculated under the revolving credit facility, was 4.27
times and 3.63 times on Dec. 31, 2022 and Sept. 30, 2022,
respectively.  The Partnership was in compliance with all debt
covenants as of Dec. 31, 2022.

On Jan. 30, 2023 the Partnership announced its intent to offer $400
million in new 5-year senior secured second lien notes due 2028 and
announced an amendment to its revolving credit facility effective
upon the close of the note offering.  Concurrently, the Partnership
announced a cash tender for all its then outstanding 1.5 lien notes
due 2024 and its second lien notes due 2025.  On Feb. 8, 2023, the
Partnership announced its $400 million 5-year senior secured second
lien notes offering closed and funded, all validly tendered notes
were accepted and paid, and as such the revolving credit facility
amendment was effective with the maturity extended to 2027.  Also
on Feb. 8, 2023, the Partnership exercised its optional redemption
rights with respect to the existing notes due 2024 and 2025 that
remained outstanding following the tender offer, and satisfied and
discharged its obligations under the indentures governing such
notes.

A full-text copy of the Form 8-K is available for free at:

https://www.sec.gov/Archives/edgar/data/1176334/000117633423000036/exhibit991earningspressrel.htm

                      About Martin Midstream

Martin Midstream Partners L.P. is a publicly traded limited
partnership with a diverse set of operations focused primarily in
the United States Gulf Coast region.  The Partnership's primary
business lines include: (1) terminalling, processing, storage, and
packaging services for petroleum products and by-products; (2) land
and marine transportation services for petroleum products and
by-products, chemicals, and specialty products; (3) sulfur and
sulfur-based products processing, manufacturing, marketing and
distribution; and (4) natural gas liquids marketing, distribution
and transportation services.

Martin Midstream Partners L.P. reported a net loss of $211,000 for
the year ended Dec. 31, 2021, a net loss of $6.77 million for the
year ended Dec. 31, 2020, and a net loss of $174.95 million for the
year ended Dec. 31, 2019.  As of June 30, 2022, the Company had
$636.16 million in total assets, $667.02 million in total
liabilities, and a total partners' deficit of $30.85 million.


MEDICAL ACQUISITION: Taps Robberson Schroedter as Special Counsel
-----------------------------------------------------------------
Medical Acquisition Company, Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of California to employ
Robberson Schroedter, LLP as special litigation counsel.

The Debtor needs the firm's legal assistance in connection with a
case (Case No. 37-2020-00022703-CU-BC-NC) filed against it by
Tri-City Healthcare District in the Superior Court of California,
County of San Diego.

The firm will be paid at these rates:

     Maggie E. Schroedter   $500 per hour
     Mary R. Robberson      $500 per hour
     Suzanne R. Pollack     $400 per hour

Maggie Schroedter, Esq., a partner at Robberson Schroedter,
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:

     Maggie E. Schroedter, Esq.
     Robberson Schroedter, LLP
     501 West Broadway, Suite 1250
     San Diego, CA 92101
     Tel: (619) 353-5691
     Email: info@thersfirm.com

                 About Medical Acquisition Company

Medical Acquisition Company, Inc., a provider of lien-based medical
financial services in Carlsbad, Calif., filed a petition for
Chapter 11 protection (Bankr. S.D. Calif. Case No. 22-00058) on
Jan. 13, 2022, with up to $50,000 in assets and up to $10 million
in liabilities. Charles Perez, chief executive officer and chief
operations officer, signed the petition.

Judge Christopher B. Latham oversees the case.

The Debtor tapped Joshi Law Group as bankruptcy counsel; David A.
Kay, Attorney at Law as appellate counsel; Sullivan, Workman & Dee,
LLP and Robberson Schroedter, LLP as special counsels; Julie
Stencil as bookkeeper; and Julie Cardin, Esq., CPA of Cardin &
Company, APC as accountant.


META MEDIA: Seeks to Hire Levene Neale as Bankruptcy Counsel
------------------------------------------------------------
Meta Media Tech, Inc. seeks approval from the U.S. Bankruptcy Court
for the Central District of California to hire Levene, Neale,
Bender, Yoo & Golubchik L.L.P. as its general bankruptcy counsel.

The firm will render these legal services:

     (a) advise the Debtors with respect to bankruptcy requirements
and other applicable requirements which may affect them;

     (b) advise the Debtors with regard to certain rights and
remedies of their bankruptcy estates and the rights, claims and
interests of creditors;

     (c) represent the Debtors in any proceeding or hearing in the
bankruptcy court involving their estates;

     (d) conduct examinations of witnesses, claimants or adverse
parties and represent the Debtors in any adversary proceeding;

     (e) prepare and assist the Debtors in the preparation of
reports, applications, pleadings and orders;

     (f) represent the Debtors with regard to obtaining use of
debtor-in-possession financing or cash collateral;

     (g) assist the Debtors in any asset sale process;

     (h) assist the Debtors in the negotiation, formulation,
preparation and confirmation of a plan of reorganization and the
preparation and approval of a disclosure statement; and

     (i) perform any other services as may be required in the
Debtors' Chapter 11 cases.

The firm's hourly rates are as follows:

     Attorneys                $350 to $690
     Paraprofessionals        $295

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

The Debtors agreed to pay the firm a retainer of $100,000.

David B. Golubchik, Esq., a partner at Levene, Neale, Bender, Yoo &
Brill, 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 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 Meta Media Tech

Meta Media Tech, Inc. is a fully managed network that is used to
securely and cost-effectively deliver movies, live events (such as
sports and concerts), and advertising content to more than 300 top
performing cinemas across the U.S.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-10603) on February 2,
2023. In the petition signed by Jason Brenek, chief executive
officer, the Debtor disclosed up to $50 million in assets and up to
$10 million in liabilities.  Although the Debtor believes its
intellectual property has a value of at least $30 million from
active continuing operations, it is unlikely that the value of the
Debtor's physical assets, in the event of cessation of operations,
would exceed $250,000 in a liquidation scenario.

David B. Golubchik, Esq., at Levene, Neale, Bender, Yoo and
Golubchik LLP, represents the Debtor as legal counsel.


MIAMI JET TOURS: Court OKs Cash Collateral Access Thru March 31
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida,
Miami Division, authorized Miami Jet Tours, Inc. to use cash
collateral on an interim basis in accordance with the budget, with
a 10% variance, through March 31, 2023.

The Court said each creditor with a security interest in cash
collateral will have a perfected postpetition lien against cash
collateral to the same extent and with the same validity and
priority as the prepetition lien, without the need to file or
execute any document as may otherwise be required under applicable
non bankruptcy law. In addition, the Debtor will maintain insurance
coverage for its property in accordance with the obligations under
the loan and security documents with the Secured Lenders.

In addition, the Debtor will pay Northeast Bank an adequate
protection payment equal to the regular monthly payment pursuant to
the loan and security documents between the Debtor and Northeast
Bank, which fluctuates based upon the applicable interest rate, per
month, until confirmation or further order of the Court. As of the
date of the Order, the monthly amount is $1,583. Upon entry of the
Order, the Debtor will remit the February payment to Northeast
Bank.

In addition, the Debtor will pay the SBA an adequate protection
payment of $731 per month, until confirmation or further Court
order.

The final hearing on the matter is set for March 23, 2023 at 11:30
a.m.

A copy of the order is available at https://bit.ly/3Ix3Koa from
PacerMonitor.com.

                    About Miami Jet Tours, Inc.

Miami Jet Tours, Inc. is a Miami transportation company
specializing in private transportation for small and large groups;
pre and post cruise transfers, corporate and sporting events,
concerts, school trips, churches, weddings, and customized
transportation needs.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-10569) on January 25,
2023. In the petition signed by Rafael Mulkay, president, the
Debtor disclosed up to $1 million in assets and up to $10 million
in liabilities.

Judge Robert A. Mark oversees the case.

Zach B. Shelomith, Esq., at LSS Law, represents the Debtor as legal
counsel.





MILLERS HOME: Seeks to Hire SL Briggs as Accountant
---------------------------------------------------
Millers Home Repair Remodeling & Design seeks approval from the
U.S. Bankruptcy Court for the District of Colorado to hire Mark
Dennis and SL Briggs, A Division of SingerLewak LLP to perform
professional accounting and financial
advisory services.

The firm's services include:

     (a) reviewing and amending, as necessary the Debtor's books
and records;

     (b) advising the Debtor on improving its existing accounting
systems;

     (c ) assisting the Debtor, as necessary with transitioning to
a Debtor in Possession bank account;

    (d) preparing updated financial statements;

    (e) assisting the Debtor with the preparation of required
financial reporting to the Bankruptcy Court, as well as financial
projections pertaining to any required budgets and a plan or
reorganization.

The firm will charge an hourly rate for its services, ranging
between $250 to $600 per hour for its partners and $175 per hour
for its associates.

Mark Dennis, a partner at SL Biggs, 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:

     Mark Dennis   
     SL Biggs
     2000 S. Colorado Blvd., Tower 2, Suite 200
     Denver, CO 80222
     Tel: 303-694-6700
     Fax: 303-759-2727
     Email: MDennis@SLBiggs.com

           About Millers Home Repair Remodeling & Design

Millers Home Repair Remodeling & Design sought protection for
relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo.
Case No. 23-10347) on Feb. 1, 2023, listing $50,000 in assets and
$500,001 to $1 million in liabilities. Stuart J. Carr, Esq. at
STUART J. CARR, P.C. represents the Debtor as counsel.


MMM REALTY: Seeks to Hire Town & Country Elite Realty as Brokers
----------------------------------------------------------------
MMM Realty, LLC seeks approval from the U.S. Bankruptcy Court for
the Eastern District of Virginia to employ Betty Westerlund and
Town & Country Elite Realty, LLC as its real estate agent for the
sale of its property at 318 1/2 Wolfe Street, Fredericksburg,
Virginia.

The brokerage fee will be 5 percent of the purchase price, with 2.5
percent to the listing agent and 2.5 percent to the buyer’s
agent.       

As disclosed in the court filings, Betty Westerlund and Town &
Country Elite Realty, LLC are "disinterested persons" as that term
is defined in section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Betty Westerlund
     Town & Country Elite Realty, LLC
     3464 Fall Hill Ave
     Fredericksburg, VA 22401
     Phone: +1 540-845-7247

                          About MMM Realty

MMM Realty, LLC filed a Chapter 11 bankruptcy petition (Bankr. E.D.
Va. Case No. 23-30015) on Jan. 4, 2023, with as much as $1 million
in both assets and liabilities. Judge Kevin R. Huennekens oversees
the case. The Debtor is represented by Michael J. O. Sandler, Esq.,
at Fisher-Sandler, LLC.


MUSCLEPHARM CORP: U.S. Trustee Appoints 2 New Committee Members
---------------------------------------------------------------
The U.S. Trustee for Region 17 appointed S.K. Laboratories, Inc.
and Excelsior Nutrition, Inc. as new members of the official
committee of unsecured creditors in the Chapter 11 case of
MusclePharm Corporation.

As of Feb. 21, the members of the committee are:

     (1) MHF Opco, LLC fka Mill Haven Foods, LLC
         211 Leer Street
         New Lisbon, WI 53950
         Phone: (608) 553-5862
         Email: brian@millhavenfoods.com

         Identified Counsel:
         Douglas Poland, Esq.
         Stafford Rosenbaum, LLP
         222 W. Washington Ave, Suite 900
         Madison, WI 53701
         Phone: (608) 259-2663
         Email: dpoland@staffordlaw.com

     (2) Atlantic Grain & Trade
         Attn: Anthony Reno
         1472 White Oak Drive
         Chaska, MN 55318
         Phone: (952) 283-1418
         Email: treno@atlanticgrain.com

     (3) JW Nutritional, LLC
         Attn: Jesse Windrix
         601 Century Parkway, Suite 300
         Allen, TX 75013
         Phone: (214) 221-0404
         Email: jesse@jwnutritional.com

         Identified Counsel:
         Adam K. Marshall, Esq.
         Barrow & Grim, PC
         110 W. 7th Street, Suite 900
         Tulsa, OK 74119
         Phone: 918-584-1600
         Email: marshall@barrowgrimm.com

     (4) S.K. Laboratories, Inc.
         Attn: None Listed
         5420 E. La Palma Ave.
         Anaheim, CA 92807
         Phone: (714) 695-9800
         Email: kurtis@sklabs.com

         Identified Counsel:
         Vogt Resnick Sherak, LLP
         4400 MacArthur Blvd., Suite 900
         Newport Beach, CA 92658
         Phone: (949) 851-9001
         Email: agreely@vrslaw.net

     (5) Excelsior Nutrition, Inc.
         Attn: Jennifer Wu
         1206 N. Miller Street, Suite D
         Anaheim, CA 92806
         Phone: (657) 999-5188
         Email: jw@4excelsior.com

         Identified Counsel:
         Allyson Johnson, Esq.
         Sylvester & Polednak, Ltd.
         1731 Village Center Circle
         Las Vegas, NV 89134
         Phone: (702) 952-5200
         Email: allyson@sylvesterpoledinak.com

                   About MusclePharm Corporation

Headquartered in Denver, Colorado, MusclePharm Corporation (OTCQB:
MSLP) -- http://www.musclepharm.com/and
http://www.musclepharmcorp.com/-- is a lifestyle company that
develops, manufactures, markets and distributes branded nutritional
supplements. It offers a broad range of performance powders,
capsules, tablets, gels and on-the-go ready to eat snacks that
satisfy the needs of enthusiasts and professionals alike.

MusclePharm filed a petition for relief under Subchapter V of
Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No.
22-14422) on Dec. 15, 2022. In the petition filed by its chief
executive officer, Ryan Drexler, the Debtor reported assets and
liabilities between $10 million and $50 million.

The Honorable Natalie M. Cox is the case judge.

The Debtor tapped Samuel A. Schwartz, Esq., at Schwartz Law, PLLC
as legal counsel; Foley & Lardner, LLP as special securities
counsel; and Portage Point Partners, LLC as restructuring advisor.
Jeffrey Gasbarra of Portage Point Partners serves as the Debtor's
chief restructuring officer.

The U.S. Trustee for Region 17 appointed an official committee to
represent unsecured creditors in the Debtor's case. Pachulski Stang
Ziehl & Jones, LLP and Larson & Zirzow, LLC serve as the
committee's bankruptcy counsel and Nevada counsel, respectively.


NABORS INDUSTRIES: Unit Nets $242.2 From Sale of Exchangeable Notes
-------------------------------------------------------------------
Nabors Industries, Inc., a wholly owned subsidiary of Nabors
Industries Ltd. ("NIL"), and NIL entered into a purchase agreement,
under which NII agreed to sell $225,000,000 aggregate principal
amount of its 1.750% Exchangeable Senior Notes due June 15, 2029 to
Goldman Sachs & Co. LLC, Wells Fargo Securities, LLC, Morgan
Stanley & Co. LLC, Citigroup Global Markets, Inc., HSBC Securities
(USA) Inc., Academy Securities Inc. and Nomura Securities
International, Inc.  In addition, NII granted certain of the
Initial Purchasers a 30-day option to purchase up to an additional
$25,000,000 in aggregate principal amount of the 1.750%
Exchangeable Senior Notes due June 15, 2029 on the same terms and
conditions.  This option was exercised in full on Feb. 10, 2023.

The Exchangeable Notes are fully and unconditionally guaranteed by
NIL.  The closing of the sale of the Exchangeable Notes occurred on
Feb. 14, 2023.  NII received net proceeds, after deducting
commissions and estimated offering expenses, of approximately
$242.2 million from the sale of the Exchangeable Notes.  NIL
intends to use the net proceeds from the offering to redeem all of
its outstanding 9.00% senior priority guaranteed notes due February
2025.  Any excess proceeds will be used for general corporate
purposes, which may include the repayment of other indebtedness.

The Exchangeable Notes were sold in a private offering exempt from
the registration requirements of the Securities Act of 1933, as
amended to persons reasonably believed to be qualified
institutional buyers pursuant to the exemption from registration
provided by Rule 144A under the Securities Act.

The Exchangeable Notes were issued pursuant to an indenture, dated
as of Feb. 14, 2023, among NII, as issuer, NIL, as guarantor and
Wilmington Trust, National Association, as trustee.

The Exchangeable Notes are general unsecured obligations of NII and
bear interest at a rate of 1.750% per year payable semi-annually in
arrears in cash on June 15 and December 15, beginning on Dec. 15,
2023.  The Exchangeable Notes mature on June 15, 2029, unless
earlier repurchased, redeemed or exchanged.  NIL's guarantee of the
Exchangeable Notes is a general unsecured obligation of NIL.

The exchange rate will initially be 4.7056 common shares of NIL per
$1,000 principal amount of the Exchangeable Notes (equivalent to an
initial exchange price of approximately $212.51 per common share of
NIL).  The exchange rate will be subject to adjustment in some
events but will not be adjusted for any accrued and unpaid
interest. In addition, following certain corporate events that
occur prior to the maturity date or upon our issuance of a notice
of redemption the exchange rate will increase for a holder who
elects to exchange its Exchangeable Notes in connection with such a
corporate event or redemption in certain circumstances.

Prior to the close of business on the business day immediately
preceding Dec. 15, 2028, holders will be entitled to exchange their
Exchangeable Notes for common shares of NIL only upon satisfaction
of one or more of the following conditions: (1) during any fiscal
quarter commencing after the fiscal quarter ending June 30, 2023
(and only during such fiscal quarter), if the closing sale price of
the common shares of NIL for at least 20 trading days (whether or
not consecutive) during the period of 30 consecutive trading days
ending on the last trading day of the immediately preceding fiscal
quarter is greater than 130% of the applicable exchange price on
each applicable trading day; (2) during the five business day
period after any ten consecutive trading day period in which the
trading price per $1,000 principal amount of Exchangeable Notes for
each trading day of the measurement period was less than 98% of the
product of the closing sale price of NIL's common shares and the
applicable exchange rate on such trading day; (3) with respect to
the Exchangeable Notes called (or deemed called) for redemption, at
any time prior to the close of business on the second scheduled
trading day immediately preceding the redemption date; or (4) upon
the occurrence of specified corporate events.  On or after Dec. 15,
2028, a holder may exchange all or any portion of its Exchangeable
Notes at any time prior to the close of business on the second
scheduled trading day immediately preceding the maturity date,
regardless of the foregoing conditions.  NII will settle exchanges
of the Exchangeable Notes by paying or causing to be delivered, as
the case may be, cash, common shares of NIL or a combination of
cash and such common shares, at its election.

The Exchangeable Notes will be redeemable, in whole or in part, at
NII's option at any time, and from time to time, on or after
June 15, 2026 and on or before the 22nd scheduled trading day
immediately before the maturity date, at a cash redemption price
equal to 100% of the principal amount of the Notes to be redeemed,
plus accrued and unpaid interest to the date of redemption, only if
the last reported sale price per share of the common shares exceeds
130% of the exchange price on (1) each of at least 20 trading days,
whether or not consecutive, during the 30 consecutive trading days
ending on, and including, the trading days immediately before the
date NII sends the related redemption notice; and (2) the trading
day immediately before the date NII sends such notice.  NII may
redeem the Exchangeable Notes at its option, in whole but not in
part, if NII or NIL have, or on the next interest payment date
would, become obligated to pay to the holder of any Exchangeable
Notes additional amounts as a result of certain tax-related events
at a redemption price equal to 100% of the principal amount plus
accrued and unpaid interest, including any additional amounts, if
any, to, but excluding, the redemption date.

If a "fundamental change" (as defined in the Indenture) occurs,
subject to certain conditions, holders may require NII to
repurchase for cash any or all of their Exchangeable Notes at a
repurchase price equal to 100% of the principal amount of the
Exchangeable Notes to be repurchased, plus accrued and unpaid
interest to, but excluding, the fundamental change repurchase date.
The Indenture contains customary dilution provisions as well as
adjustment provisions in connection with exchanges under certain
corporate events or a redemption.

                           About Nabors

Nabors Industries Ltd. (NYSE: NBR) owns and operates land-based
drilling rig fleets and provides offshore platform rigs in the
United States and several international markets.  Nabors also
provides directional drilling services, tubular services,
performance software, and innovative technologies for its own rig
fleet and those of third parties.

Nabors reported a net loss of $307.22 for the year ended Dec. 31,
2022, a net loss $543.69 million for the year ended Dec. 31, 2021,
a net loss of $762.85 million for the year ended Dec. 31, 2020, a
net loss of $680.51 million for the year ended Dec. 31, 2019, a net
loss of $612.73 million for the year ended Dec. 31, 2018, and a net
loss of $540.63 million for the year ended Dec. 31, 2017.  As of
Dec. 31, 2022, the Company had $4.73 billion in total assets, $3.51
billion in total liabilities, $678.60 million in redeemable
noncontrolling interest in subsidiary, and $536.79 million in total
equity.

                             *   *   *

In November 2021, Fitch Ratings affirmed Nabors Industries, Ltd.'s
and Nabors Industries, Inc.'s (collectively, Nabors) Issuer Default
Ratings (IDRs) at 'CCC+'.


NATIONAL CINEMEDIA: $270M Bank Debt Trades at 67% Discount
----------------------------------------------------------
Participations in a syndicated loan under which National CineMedia
LLC is a borrower were trading in the secondary market around 33
cents-on-the-dollar during the week ended Friday, February 24,
2023, according to Bloomberg's Evaluated Pricing service data.

The $270 million facility is a Term loan that is scheduled to
mature on June 20, 2025. About $257.9 million of the loan is
withdrawn and outstanding.

National CineMedia, LLC owns and operates movie theaters. The
Company offers entertainment content, advertising, and movie
screening services.



NATURALSHRIMP INC: Posts $15.2 Million Net Income in Third Quarter
------------------------------------------------------------------
NaturalShrimp Incorporated reported net income of $15.17 million on
$97,943 of sales for the three months ended Dec. 31, 2022, compared
to a net loss of $33.37 million on $16,640 of sales for the three
months ended Dec. 31, 2021.

For the nine months ended Dec. 31, 2022, the Company reported a net
loss of $11.55 million on $186,004 of sales compared to a net loss
of $38.78 million on $16,640 of sales for the nine months ended
Dec. 31, 2021.

As of Dec. 31, 2022, the Company had $32.28 million in total
assets, $29.56 million in total liabilities, $2 million in series E
redeemable convertible preferred stock, $43.61 million in series F
redeemable convertible preferred stock, and a total stockholders'
deficit of $42.89 million.

NaturalShrimp stated, "The Company has accumulated losses through
the period to December 31, 2022 of approximately $163,038,000 as
well as negative cash flows from operating activities of
approximately $4,754,000.  Presently, the Company does not have
sufficient cash resources to meet its plans in the twelve months
following the date of issuance of this filing.  These factors raise
substantial doubt about the Company's ability to continue as a
going concern.  Management is in the process of evaluating various
financing alternatives in order to finance the continued build-out
of our equipment and for general and administrative expenses.
These alternatives include raising funds through public or private
equity markets and either through institutional or retail
investors. Although there is no assurance that the Company will be
successful with our fund-raising initiatives, management believes
that the Company will be able to secure the necessary financing as
a result of ongoing financing discussions with third party
investors and existing shareholders."

A full-text copy of the Quarterly Report on Form 10-Q as filed with
the Securities and Exchange Commission is available for free at:

https://www.sec.gov/ix?doc=/Archives/edgar/data/1465470/000149315223005319/form10-q.htm

                        About NaturalShrimp

NaturalShrimp, Inc. is a publicly traded aqua-tech Company,
headquartered in Dallas, with production facilities located near
San Antonio, Texas.  The Company has developed a commercially
viable system for growing shrimp in enclosed, salt-water systems,
using patented technology to produce fresh, never frozen, naturally
grown shrimp, without the use of antibiotics or toxic chemicals.
NaturalShrimp systems can be located anywhere in the world to
produce gourmet-grade Pacific white shrimp.

Naturalshrimp reported a net loss of $86.30 million for the year
ended March 31, 2022, a net loss of $3.59 million for the year
ended March 31, 2021, and a net loss of $4.81 million for the year
ended March 31, 2020.  As of June 30, 2022, the Company had $35.45
million in total assets, $24.71 million in total liabilities, $2.02
million in series E redeemable convertible preferred stock, $43.61
million in series F redeemable convertible preferred stock, and a
total stockholders' deficit of $34.89 million.

Dallas, Texas-based Turner, Stone & Company, L.L.P., the Company's
auditor, issued a "going concern" qualification in its report dated
June 29, 2022, citing that the Company has suffered significant
losses from inception and has a significant working capital
deficit.  These conditions raise substantial doubt about its
ability to continue as a going concern.


NAVARRO PECAN: Seeks to Hire Epiq as Claims and Noticing Agent
--------------------------------------------------------------
Navarro Pecan Company Inc. seeks approval from the U.S. Bankruptcy
Court for the Northern District of Texas to hire Epiq Corporate
Restructuring, LLC as notice, claims and solicitation agent.

Epiq will oversee the distribution of notices and will assist in
the maintenance, processing and docketing of proofs of claim filed
in the Chapter 11 cases of the Debtors.

The hourly rates of Epiq's professionals are as follows:

   IT/Programming                           $53 - $73
   Case Managers/Consultants/
   Directors/Vice Presidents                $70 - $165
   Solicitation Consultant                  $180
   Executive Vice President, Solicitation   $185

In addition, Epiq will seek reimbursement for expenses incurred.

Kate Mailloux, senior director at Epiq, 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:

     Kate Mailloux
     Epiq Corporate Restructuring, LLC
     777 Third Avenue, 12th Floor
     New York, NY 10017
     Telephone: +1 646 282 2532
     Email: kmailloux@epiqglobal.com

                    About Navarro Pecan Company

Navarro Pecan Company Inc. founded in 1977, is a pecan sheller that
owns a state-of-the-art facility in Corsicana, Texas. Its pecans
are found in a variety of brand-name food products in the ice
cream, confectionery, cereal, snack food and bakery industries.

Navarro Pecan Company Inc. filed a petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No.
23-40266) on Jan. 30, 2023. In the petition filed by Brad Walker as
chief restructuring officer, the Debtor reported assets and
liabilities between $10 million and $50 million each.

The Debtor is represented by Joshua N. Eppich, Esq. at Bonds Ellis
Eppich Schafer Jones LLP.


NEW TROJAN: $605M Bank Debt Trades at 31% Discount
--------------------------------------------------
Participations in a syndicated loan under which New Trojan Parent
Inc is a borrower were trading in the secondary market around 68.8
cents-on-the-dollar during the week ended Friday, February 24,
2023, according to Bloomberg's Evaluated Pricing service data.

The $605 million facility is a Term loan that is scheduled to
mature on January 6, 2028. The amount is fully drawn and
outstanding.

New Trojan Parent, Inc. is the acquirer of Strategic Partners
Acquisition Corp., an indirect parent company of branded medical
apparel company Careismatic, Inc.


NOVA WILDCAT: Seeks to Hire Carl Marls Advisory, Appoints CRO
-------------------------------------------------------------
Nova Wildcat Shur-line Holdings, Inc. and its debtor-affiliates
seeks approval from the U.S. Bankruptcy Court for the District of
Delaware to hire Carl Marls Advisory Group LLC to provide a chief
restructuring officer and other additional CMAG personnel, and
designate Howard P. Meitiner as CRO.

The firm's services include:

     i. overseeing the daily management and operational affairs of
the Debtors in accordance with the Debtors' by-laws and in
compliance with applicable laws; and

   ii. reporting to each Debtor's applicable governing body and,
together with the Debtors' existing management, being responsible
for:

       a. assisting management and each Governing Body, as
requested, in addressing internal process matters, such as
accounting system cut-offs, and other matters relating to the
proposed restructuring;

       b. assisting in obtaining and presenting information
required by internal or external parties in interest, including the
Court, the Office of the United States Trustee, and any official
committees appointed in the Chapter 11 Cases, if any;

       c. assisting in the preparation of schedules of assets and
liabilities, statements of financial affairs, monthly operating
reports, and other financial reporting requirements related to the
restructuring;

       d. preparing wind down liquidation analyses as requested to
facilitate the filing of a disclosure statement and plan of
reorganization or liquidation;

       e. preparing the cash flow budget, managing liquidity and
cash flow forecasting, and modeling go-forward financial forecasts
and projections;

       f. assisting in facilitating information flow related sale
process with the Debtors' advisors;

       g. collaborating and coordinating with all the Debtors'
advisers;

       h. providing additional services as may be requested from
time to time subject to a written agreement as to scope and fees;
and

       i. performing other work, as authorized by the a Governing
Body, acceptable to CMAG.

The firm will be paid at these hourly rates:

     Partner                     $925 to $975
     Managing Director           $750 to $850
     Director / Vice President   $550 to $650
     Analysts / Associates       $400 to $500

CMAG received a $125,000 retainer.

Mr. Meitiner, managing director of Carl Marls Advisory, 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:

     Howard P. Meitiner
     Carl Marls Advisory Group LLC
     900 Third Ave, 33rd Floor
     New York, NY 10022
     Phone: 212-909-8400
     Email: hmeitiner@carlmarks.com

               About Nova Wildcat Shur-Line Holdings

Nova Wildcat Shur-Line Holdings Inc. -- https://www.h2bgroup.com/
-- also known as H2 Brands Group, is a one-stop shop for thousands
of home and hardware products.  Nova Wildcat is a privately held
brand portfolio housed under the H2B umbrella.  The Company owns
more than 10 brands consisting of an assortment of consumable
products intended to reach every room of the average consumer's
home.

Nova Wildcat Shur-Line Holdings Inc. and certain of its affiliates
sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
D. Del. Case No. 23-10114) on Jan. 29, 2023. In the petition filed
by Mark Rostagno, as CEO and director, Nova Wildcat Shur-Line
estimated assets between $10 million and $50 million and
liabilities between $50 million and $100 million.

The case is overseen by Honorable Bankruptcy Judge Craig T
Goldblatt.

The Debtors tapped REED SMITH LLP as counsel; CARL MARKS ADVISORY
GROUP, LLC, as restructuring advisor; and SSG ADVISORS, LLC, as
investment banker.  EPIQ BANKRUPTCY SOLUTIONS, LLC, is the claims
agent.


NOVA WILDCAT: Seeks to Hire Epiq as Administrative Advisor
----------------------------------------------------------
Nova Wildcat Shur-line Holdings, Inc. and its debtor-affiliates
seeks approval from the U.S. Bankruptcy Court for the District of
Delaware to hire Epiq Corporate Restructuring, LLC as their
administrative agent.

The firm will render these services:

     a. assist with, among other things, solicitation, balloting,
tabulation, and calculation of votes, as well as preparing any
appropriate reports, as required in furtherance of confirmation of
chapter 11 plan(s) (the "Balloting Services");

     b. in connection with the Balloting Services, handle requests
for documents from parties in interest;

     c. generate an official ballot certification and, if
necessary, testify in support of the ballot tabulation results;

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

     e. provide a confidential data room, if requested by the
Debtors;

     f. manage and coordinate any distributions pursuant to a
chapter 11 plan if designated as distribution agent under such
plan; and

     g. provide such other solicitation, balloting, and other
administrative services.

The firm will be paid at these rates:

     Clerical/Administrative Support           $25 - $52 per hour
     IT / Programming                          $55 - $72 per hour
     Project Managers/Consultants/ Directors   $75 - $175 per hour
     Solicitation Consultant                   $175
     Executive Vice President, Solicitation    $185
     Executives                                No Charge

The retainer is $25,000.

Kathryn 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 through:

     Kathryn Mailloux
     Epiq Corporate Restructuring, LLC
     777 Third Avenue, 12th Floor
     New York, NY 10017
     Phone: +1 714 394 6998
     Email: kmailloux @epiqglobal.com

               About Nova Wildcat Shur-Line Holdings

Nova Wildcat Shur-Line Holdings Inc. -- https://www.h2bgroup.com/
-- also known as H2 Brands Group, is a one-stop shop for thousands
of home and hardware products.  Nova Wildcat is a privately held
brand portfolio housed under the H2B umbrella.  The Company owns
more than 10 brands consisting of an assortment of consumable
products intended to reach every room of the average consumer's
home.

Nova Wildcat Shur-Line Holdings Inc. and certain of its affiliates
sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
D. Del. Case No. 23-10114) on Jan. 29, 2023. In the petition filed
by Mark Rostagno, as CEO and director, Nova Wildcat Shur-Line
estimated assets between $10 million and $50 million and
liabilities between $50 million and $100 million.

The case is overseen by Honorable Bankruptcy Judge Craig T
Goldblatt.

The Debtors tapped REED SMITH LLP as counsel; CARL MARKS ADVISORY
GROUP, LLC, as restructuring advisor; and SSG ADVISORS, LLC, as
investment banker.  EPIQ BANKRUPTCY SOLUTIONS, LLC, is the claims
agent.


NOVA WILDCAT: Seeks to Hire Reed Smith as Bankruptcy Counsel
------------------------------------------------------------
Nova Wildcat Shur-line Holdings, Inc. and its debtor-affiliates
seeks approval from the U.S. Bankruptcy Court for the District of
Delaware to hire Reed Smith LLP as its counsel.

The firm will render these services:

     a. advise the Debtors with respect to their powers and duties
as debtors and debtors-in-possession in the continued management
and operation of their business and properties;

     b. attend meetings and negotiate with representatives of
creditors and other parties in interest and advise and consult on
the conduct of the Chapter 11 Cases, including all of the legal and
administrative requirements of operating in chapter 11;

     c. take all necessary action to protect and preserve the
Debtors' estates, including the prosecution of actions on their
behalf, the defense of any actions commenced against the estate,
and negotiations concerning all litigation in which the Debtors may
be involved and objections to claims filed against the estates;

     d. prepare, on behalf of the Debtors, motions, applications,
answers, orders, reports, and papers necessary to the
administration of the estates;

     e. appear in the Bankruptcy Court and any appellate courts and
before the Office of the United States Trustee for the District of
Delaware, and protect the interests of the Debtors' estates before
such courts and the U.S. Trustee;

     f. take any necessary action on behalf of the Debtors to
obtain confirmation of the Debtors' plan of reorganization and/or
one or more sales of the Debtors' assets; and

     g. perform all other necessary legal services and provide all
other necessary legal advice to the Debtors in connection with the
Chapter 11 Cases.

Reed Smith will be compensated at a 10 percent discount on its
standard hourly rates.

The firm's discounted hourly rates are:

     Partners            $787.50 to $1,080
     Counsel             $697.50
     Associates          $549 to $702
     Legal Assistants    $346.50

As disclosed in the court filings, Reed Smith is a "disinterested
person," as defined in section 101(14) of the Bankruptcy Code and
as required by section 327(a) of the Bankruptcy Code.

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, Reed
Smith 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 firm represented the Debtors during the 12-month period
prior to the Petition Date. During that period, Reed Smith charged
the Debtors at a 10 percent discount to its standard hourly rates.
Reed Smith's standard hourly rates increased on Jan. 1, 2023, as is
customary; and

     -- the Debtors, Reed Smith, and the Debtors' proposed
financial advisor expect to develop a prospective budget and
staffing plan.

The firm can be reached through:

     Omar J. Alaniz, Esq.
     Reed Smith LLP
     2850 N. Harwood Street, Suite 1500
     Dallas, TX  75201
     T: +1 469 680 4292
     Email: oalaniz@reedsmith.com

               About Nova Wildcat Shur-Line Holdings

Nova Wildcat Shur-Line Holdings Inc. -- https://www.h2bgroup.com/
-- also known as H2 Brands Group, is a one-stop shop for thousands
of home and hardware products.  Nova Wildcat is a privately held
brand portfolio housed under the H2B umbrella.  The Company owns
more than 10 brands consisting of an assortment of consumable
products intended to reach every room of the average consumer's
home.

Nova Wildcat Shur-Line Holdings Inc. and certain of its affiliates
sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
D. Del. Case No. 23-10114) on Jan. 29, 2023. In the petition filed
by Mark Rostagno, as CEO and director, Nova Wildcat Shur-Line
estimated assets between $10 million and $50 million and
liabilities between $50 million and $100 million.

The case is overseen by Honorable Bankruptcy Judge Craig T
Goldblatt.

The Debtors tapped Reed Smith, LLP as counsel; Carl Marks Advisory
Group, LLC as restructuring advisor; and SSG Advisors, LLC as
investment banker.  Epiq Bankruptcy Solutions, LLC is the claims
agent.


NOVA WILDCAT: Seeks to Hire SSG Advisors as Investment Banker
-------------------------------------------------------------
Nova Wildcat Shur-line Holdings, Inc. and its debtor-affiliates
seeks approval from the U.S. Bankruptcy Court for the District of
Delaware to hire SSG Advisors, LLC, as their investment banker.

The firm will render these services:

      i. prepare an information memorandum describing the Debtors,
its historical performance and prospects, brands, existing
contracts, marketing and sales, labor force, management, and
financial projections;

     ii. assist the Debtors in compiling a data room of any
necessary and appropriate documents related to the sale of the
Debtors' assets;

    iii. assist the Debtors in developing a list of suitable
potential buyers who will be contacted on a discreet and
confidential basis after approval by the Debtors and update and
review such list with the Debtors on an on-going basis;

     iv. coordinate the execution of confidentiality agreements for
potential buyers wishing to review the information memorandum;

      v. assist the Debtors in coordinating physical and/or virtual
site visits for interested buyers and work with the management team
to develop appropriate presentations for such visits;

     vi. solicit competitive offers from potential buyers;

    vii. advise and assist the Debtors in structuring of sale
procedures and the conduct of any auction that may result
therefrom;

   viii. advise and assist the Debtors in structuring the sale and
negotiating the transaction agreements;

     ix. be available for meetings and court appearances in the
Chapter 11 Cases, including providing testimony in furtherance and
support of a Sale; and

      x. otherwise assist the Debtors and its other professionals,
as necessary, through closing on a best efforts basis.

The firm will be paid as follows:

     i. Initial Fee. An initial fee of $60,000, which initial fee
was due and was paid upon signing the Engagement Letter.

    ii. Monthly Fees. Monthly fees of $30,000 per month payable
beginning January 15, 2023, and on the15th of each month thereafter
throughout the Engagement Term. The Monthly Fees shall be credited
50 percent once, without duplication, against any fee payable under
paragraphs 3(b) -- (d) of the Engagement Letter after SSG has
received the fourth Monthly fee.

   iii. Sale Fee. Upon the consummation of a Sale Transaction to
any party and as a direct carveout from the proceeds of any Sale
from any and all secured lenders, prior in right to any such
secured debt, SSG shall be entitled to a fee, payable in cash, in
federal funds via wire transfer or certified check, at and as a
condition of closing of such Sale, equal to the greater of (a)
$450,000 or (b) three percent of total consideration received in
connection with the Sale Transaction.  Notwithstanding the
foregoing, in the event that the Debtors determine to terminate the
Sale process and move to a liquidation of the inventory and other
assets, then SSG shall be entitled to an alternative sale fee of
$150,000.

    iv. Financing Fee. Upon the consummation of a Financing, SSG
shall be entitled to a fee, payable in cash, in federal funds via
wire transfer or certified check, at and as a condition of closing
of such Financing, a fee equal to the total gross proceeds provided
for in any Financing (including all amounts raised and/or committed
whether or not drawn or used), multiplied by (x) 1.75 percent with
respect to any senior secured bank debt, other credit facility,
notes, bonds, debentures, or other debt securities (including any
debtor-in-possession financing); (y) 3.0 percent with respect to
any junior secured, unsecured, or any other bank debt, other credit
facility, notes, bonds, debentures, or other debt securities not
covered by (x) above, and (z) 5.0 percent with respect to any
common equity, preferred equity, hybrid, and/or equity-linked
securities of the Debtors; provided that, a Financing Transaction
Fee shall not be due with respect to financing where such financing
is raised from the Debtors' existing first lien lenders.

J. Scott Victor, a managing director at SSG Advisors, 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:

     J. Scott Victor
     SSG Advisors, LLC
     300 Barr Harbor Drive, Suite 420
     West Conshohocken, PA 19428
     Telephone: (610) 940-5802
     Email: jsvictor@ssgca.com

               About Nova Wildcat Shur-Line Holdings

Nova Wildcat Shur-Line Holdings Inc. -- https://www.h2bgroup.com/
-- also known as H2 Brands Group, is a one-stop shop for thousands
of home and hardware products.  Nova Wildcat is a privately held
brand portfolio housed under the H2B umbrella.  The Company owns
more than 10 brands consisting of an assortment of consumable
products intended to reach every room of the average consumer's
home.

Nova Wildcat Shur-Line Holdings Inc. and certain of its affiliates
sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
D. Del. Case No. 23-10114) on Jan. 29, 2023. In the petition filed
by Mark Rostagno, as CEO and director, Nova Wildcat Shur-Line
estimated assets between $10 million and $50 million and
liabilities between $50 million and $100 million.

The case is overseen by Honorable Bankruptcy Judge Craig T
Goldblatt.

The Debtors tapped REED SMITH LLP as counsel; CARL MARKS ADVISORY
GROUP, LLC, as restructuring advisor; and SSG ADVISORS, LLC, as
investment banker.  EPIQ BANKRUPTCY SOLUTIONS, LLC, is the claims
agent.


NS FOA LLC: Commences Subchapter V Bankruptcy Case
--------------------------------------------------
NS FOA LLC filed for chapter 11 protection in the Southern District
of Florida.  The Debtor elected on its voluntary petition to
proceed under Subchapter V of chapter 11 of the Bankruptcy Code.

The Debtor is an organic shrimp farm with its business premises
located at 15369 County Road 512, Fellsmere, FL 32948.

As of the Petition Date, the Debtor is indebted to the U.S. Small
Business Administration in the amount of $150,000.  The
indebtedness is an Economic Injury Disaster Loan and is secured by,
inter alia, a Promissory Note, Security Agreement, and Loan
Authorization and Agreement dated June 15, 2020, in which the
Debtor granted the Lender a security interest in all its tangible
and intangible personal property.  Installment payments, including
principal and interest, of $731 per month began 12 months from the
date of the Promissory Note.  The balance of principal and interest
will be payable 30 years from the date of the Promissory Note with
such amount to be based on a 30-year, 3.75% amortization.  The
Debtor is current on its payments to the Lender.

Aside from filing a motion to use the SBA's cash collateral, the
Debtor filed a motion to compel PNC Bank to turn over funds to the
Debtor.  PNC Bank, the Debtor's prepetition operating account
holder, has yet to turn over to the Debtor its funds in the
approximate amount of $160,000, despite repeated
requests by the Debtor and its counsel.

According to court filings, NS FOA LLC listed debt amounting to
$931,850 owed to 1 to 49 creditors. The petition states that funds
will be available to unsecured creditors.

A telephonic meeting of creditors under 11 U.S.C. Section 341(a) is
slated for March 10, 2023, at 3:00 p.m.

                        About NS FOA LLC

NS FOA LLC, doing business as Florida Shrimp Company, owns the
largest covered shrimp farm in the United States, supplying
fresh-frozen shrimp year round.  The Company distributes products,
including fresh-frozen ballyhoo (rigged and unrigged), bonita
strips and more.

NS FOA LLC filed a petition for relief under Subchapter V of
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
23-11183) on Feb. 14, 2023.  In the petition filed by Congwei
"Allan" Xu, as managing member, the Debtor reported total assets of
$1,180,942 and total liabilities of $931,850.

The case is handled by Honorable Bankruptcy Judge Mindy A Mora.

The Debtor is represented by:

  Aaron A Wernick, Esq.
  Wernick Law, PLLC
  15369 County Road 512
  Fellsmere, FL 32948
  Tel: 561-961-0922
  Email: awernick@wernicklaw.com


NS FOA: Seeks Approval to Hire Wernick Law as Bankruptcy Counsel
----------------------------------------------------------------
NS FOA LLC d/b/a Florida Shrimp Company seeks approval from the
U.S. Bankruptcy Court for the Southern District of Florida to hire
Aaron A. Wernick, Esq. and the law firm of Wernick Law, PLLC, as
its legal counsel.

The firm's services include:

     (a) give advice to the Debtors with respect to their powers
and duties and the continued management of their business
operations;

     (b) advise the Debtors with respect to their responsibilities
in complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;

     (c) prepare adversary proceedings and legal documents;

     (d) protect the interest of the Debtors in all matters pending
before the court; and

     (e) represent the Debtors in negotiations with creditors in
the preparation of a Chapter 11 plan.

The firm will be paid at these rates:

     Aaron A. Wernick, Esq.     $600 per hour
     Lenore Rosetto Parr, Esq.  $475 per hour
     Paralegal                  $200 per hour

Wernick received a retainer in the amount of $35,000.

Aaron Wernick, 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:

     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 NS FOA LLC

NS FOA LLC d/b/a Florida Shrimp Company owns the largest covered
shrimp farm in the United States, supplying fresh-frozen shrimp
year round.  The Company distributes products, including
fresh-frozen ballyhoo (rigged and unrigged), bonita strips and
more.

NS FOA LLC filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-11183) on Feb.
11, 2023. The petition was signed by Congwei "Allan" Xu as managing
member. At the time of filing, the Debtor estimated $1,180,942 in
assets and $931,850 in liabilities.

Aaron A. Wernick, Esq. at Wernick Law, PLLC represents the Debtor
as counsel.


NUOVO CIAO-DI: Seeks to Hire Bronson Law Offices as Legal Counsel
-----------------------------------------------------------------
Nuovo Ciao-Di LLC seeks approval from the U.S. Bankruptcy Court for
the Southern District of New York to hire Bronson Law Offices, P.C.
as its legal counsel.

The firm will render these services:

     (a) assist in the administration of the Debtor's Chapter 11
case;

     (b) prepare or review operating reports;

     (c) set a deadline for filing proofs of claim;

     (d) seek court approval to use cash collateral;

     (e) review claims and resolve claims, which should be
disallowed; and

     (f) assist in reorganizing and confirming a Chapter 11 plan.

Bronson Law Offices will be paid at these rates:

     H. Bruce Bronson, Esq.         $495 per hour
     Paralegal or Legal Assistant   $150 to $250 per hour

The firm received a retainer in the amount of $16,738.

As disclosed in court filings, Bronson Law Offices does not
represent any interest adverse to the Debtor and its estate.

Bronson Law Offices can be reached at:

     H. Bruce Bronson, Esq.
     Bronson Law Offices, P.C.
     480 Mamaroneck Ave.
     Harrison, NY 10528
     Tel: (914) 269-2530
     Fax: )888) 908-6906
     Email: hbbronson@bronsonlaw.net

                        About Nuovo Ciao-Di

Nuovo Ciao-Di LLC filed a petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-10068) on Jan. 20,
2023.  In the petition filed by Michael Rainero, as manager, the
Debtor reported assets and liabilities between $10 million and $50
million each.

The Debtor is represented by H. Bruce Bronson, Jr., Esq. at Bronson
Law Offices, P.C.


OBSTETRIC AND GYNECOLOGIC: Exclusivity Hearing Set for Feb. 28
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Iowa is set
to hold a hearing on Feb. 28 to consider the motion filed by
Obstetric and Gynecologic Associates of Iowa City and Coralville,
P.C. to extend the time it can keep exclusive control of its
bankruptcy case.

The motion seeks to extend the exclusive period for Obstetric and
Gynecologic Associates to file a Chapter 11 plan and solicit votes
on the plan to May 1 and June 28, respectively.

The marketing process for Obstetric and Gynecologic Associates'
assets is ongoing and the firm is working to identify a buyer for
the assets. Obstetric and Gynecologic Associates believes that
conducting a sale of the assets presents the best means of
maximizing value for creditors. At a minimum, the process will
establish the market value of the assets for both a sale and plan
process.

If Obstetric and Gynecologic Associates is unable to identify a
buyer for its assets, the best means to maximize creditor value may
be through a "true reorganization" of the firm under a Chapter 11
plan. At this stage of the marketing process, however, it is too
early to tell which route will provide the greatest benefit to
creditors, according to Obstetric and Gynecologic Associates'
attorney, Kristina Stanger, Esq., at Nyemaster Goode, P.C.

             About Obstetric and Gynecologic Associates

Obstetric and Gynecologic Associates of Iowa City and Coralville,
P.C. -- https://www.obgyniowacity.com/ -- provides obstetric and
gynecologic care services of women through Mercy Hospital in
Coralville, Iowa.

Obstetric and Gynecologic Associates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No.
22-01174) on Oct. 31, 2022. In the petition filed by Jill C.
Goodman, as authorized officer, the Debtor listed assets between
$500,000 and $1 million and liabilities between $50 million and
$100 million.

Judge Anita L. Shodeen oversees the case.

The Debtor tapped Levenfeld Pearlstein, LLC and Nyemaster Goode, PC
as legal counsels; and G2 Capital Advisors, LLC as restructuring
advisor. Jeffrey T. Varsalone, managing director at G2 Capital,
serves as the Debtor's chief restructuring officer. Stretto, Inc.
is the claims, noticing and solicitation agent.


ORIGIN AGRITECH: Incurs RMB6.3 Million Net Loss in Fiscal 2022
--------------------------------------------------------------
Origin Agritech Limited has filed with the Securities and Exchange
Commission its Annual Report on Form 20-F disclosing a net loss
attributable to the company of RMB6.26 million on RMB52.58 of
revenues for the year ended Sept. 30, 2022, compared to a net loss
attributable to the Company of RMB91.53 million on RMB46.42 million
of revenues for the year ended Sept. 30, 2021.

As of Sept. 30, 2022, Origin Agritech had RMB135.95 million in
total assets, RMB308.60 million in total liabilities, and a total
deficit of RMB172.64 million.

Lakewood, Colorado-based B F Borgers CPA PC, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated Feb. 13, 2023, citing that the Company incurred recurring
losses from operations, has net current liabilities and an
accumulated deficit that raise substantial doubt about its ability
to continue as a going concern.

A full-text copy of the Form 20-F is available for free at:

https://www.sec.gov/ix?doc=/Archives/edgar/data/0001321851/000141057823000111/seed-20220930x20f.htm

                       About Origin Agritech

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


PARK PLACE: Seeks to Hire Jacobs PC as Bankruptcy Counsel
---------------------------------------------------------
Park Place Realty Ventures 2 LLC seeks approval from the U.S.
Bankruptcy Court for the Eastern District of New York to hire
Jacobs P.C., as its attorneys.

The firm will render these services:

     a. assist the Debtor in administering this case;

     b. make such motions or taking such action as may be
appropriate or necessary
under the Bankruptcy Code;

     c. take such steps as may be necessary for the Debtor to
marshal and protect the estate's assets;

     d. negotiate with the Debtor's creditors in formulating a plan
of reorganization for the Debtor in this case;

     e. draft and prosecute the confirmation of the Debtor's plan
of reorganization in this case; and

     f. render such additional services as the Debtor may require
in this case.

The firm will be paid at these rates:

    Partners        $600 to $1,000 per hour
    Counsels        $500 to $1,200 per hour
    Associates      $400 to $800 per hour

Jacobs P.C. agreed to receive an initial retainer of $15,000.

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

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

The firm can be reached at:

     Leo Jacobs, Esq.
     Jacobs P.C.
     450 Lexington Avenue, 4th Floor
     New York, NY 10017
     Phone: (718) 772-8704
     Email: Leo@jacobspc.com

                 About Park Place Realty Ventures 2

Park Place Realty Ventures 2 LLC filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y.
Case No. 22-43177) on Dec. 22, 2023. The petition was signed by
Joseph Freund as managing member. At the time of filing, the Debtor
estimated $1 million to $10 million in both assets and liabilities.


Judge Jil Mazer-Marino presides over the case.

Leo Jacobs, Esq. at JACOBS PC represents the Debtor as counsel.


PETROLIA ENERGY: Posts $168K Net Income in First Quarter
--------------------------------------------------------
Petrolia Energy Corporation reported net income attributable to
common stockholders of $168,451 on $1.84 million of total revenue
for the three months ended March 31, 2022, compared to a net loss
attributable to common stockholders of $447,106 on $1.08 million of
total revenue for the three months ended March 31, 2021.

As of March 31, 2022, the Company had $8.14 million in total
assets, $8.97 million in total liabilities, and a total
stockholders' deficit of $837,135.

The financial condition of the Company has improved slightly
throughout the period from Dec. 31, 2021 to March 31, 2022.

As of March 31, 2022, the Company had total current assets of
$341,166 and total assets of $8,138,518.  Its total current
liabilities as of March 31, 2022 were $6,653,330 and its total
liabilities as of March 31, 2022 were $8,975,653.  The Company had
negative working capital of $6,312,164 as of March 31, 2022.

Net cash generated (used) by operating activities was $75,496 and
$(46,947) for the three months ended March 31, 2022, and 2021,
respectively.  The primary cause for the decrease was a reduction
in general and administrative expenses.

Net cash from investing activities was $0.00 for the three months
ended March 31, 2022, and the three months ended March 31, 2021.

Net cash provided by financing activities was $15,544 for the three
months ended March 31, 2022; net cash used by financing activities
was $12,147 for the three months ended March 31, 2021.  The
increase was caused by proceeds from issuance of preferred stock in
2022.

During the three months ended March 31, 2022, the Company operated
at a positive cash flow from operations of approximately $25,000
per month however its auditors have raised a going concern in their
audit report.

"The Company has suffered recurring losses from operations.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.  We plan to generate profits by
working over existing wells, reducing general and administrative
expenses and resolving ongoing litigation. However, we may need to
raise additional funds to workover wells through the sale of our
securities, through loans from third parties or from third parties
willing to pay our share of drilling and completing the wells.  We
do not have any commitments or arrangements from any person to
provide us with any additional capital," Petrolia stated.

"If additional financing is not available when needed, we may need
to cease operations.  There can be no assurance that we will be
successful in raising the capital needed to recomplete oil or gas
wells nor that any such additional financing will be available to
us on acceptable terms or at all," the Company said.

Management believes that actions presently being taken to obtain
additional funding provide the opportunity for the Company to
continue as a going concern.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1368637/000149315223005409/form10-q.htm

                          About Petrolia

Petrolia Energy Corporation is engaged in the exploration and
development of oil and gas properties.  Since 2015, the Company
has established a strategy to acquire, enhance and redevelop
high-quality, resource in place assets.  As of 2018, the Company
has included strategic acquisitions in western Canada while
actively pursuing the strategy to execute low-cost operational
solutions, and affordable technology.

Houston, Texas-based M&K CPAS, PLLC, the Company's auditor since
2019, issued a "going concern" qualification in its report dated
Dec. 9, 2022, citing that the company has an accumulated deficit at
Dec. 31, 2021 and 2020 and has a working capital deficit at Dec.
31, 2021, which raises substantial doubt about its ability to
continue as a going concern.


PHOENIX SERVICES: Gets OK to Hire KPMG as Tax Consultant
--------------------------------------------------------
Phoenix Services Topco, LLC and its affiliates received approval
from the U.S. Bankruptcy Court for the District of Delaware to
employ KPMG, LLP as tax and valuation consultant.

The firm's services include:

   A. Accounting Advisory Services.

     -- assistance with accounting positions related to case
proceedings and reorganization activities;

     -- assistance with reorganization-related processes;

     -- assistance with debtor-in-possession financial reporting;

     -- assistance with evaluating and commenting on fresh-start
accounting positions;

     -- assistance with preparing schedules and reconciliations to
support the Debtors' accounting positions, balances, and financial
statement disclosures;

     -- assistance with recording the effects of the plan and
fresh-start fair values into the Debtors' general ledger and
related financial reporting for US GAAP; and

     -- other common assistance.

   B. Valuation Services.

     -- valuation services related to fresh-start;

     -- valuation services related to other financial reporting
requirements, such as 350 or ASC 360; and

     -- valuation services related to tax reporting purposes.

   C. Tax Consulting Services.

     -- provide analysis as to the federal, state, international,
and local tax implications of the proposed restructuring;

     -- analysis of any Section 382 issues, including a sensitivity
analysis to reflect the Section 382 impact of the proposed or
hypothetical equity transactions pursuant to the proposed
restructuring and analysis of Section 382(l)(5) and (l)(6);

     -- analysis of "net unrealized built-in gains and losses" and
Notice 2003-65 as applied to the ownership change, if any,
resulting from or in connection with the proposed restructuring;

     -- analysis of tax attributes including net operating losses,
tax basis in assets, and tax basis in stock of subsidiaries;

     -- analysis of cancellation of debt income, including the
application of Section 108 and consolidated tax return regulations
relating to the restructuring of non-intercompany debt and any
contemplated capitalization or settlement of intercompany debt;

     -- analysis of the application of the attribute reduction
rules under Section 108(b) and Treasury Regulation Section
1.1502-28, including a benefit analysis of Section 108(b)(5) and
1017(b)(3)(D) elections;

     -- analysis of the tax implications of any internal
reorganizations and proposal of restructuring alternatives
(including a tax restructuring model);

     -- cash tax modeling to compare various tax scenarios, as
appropriate;

     -- analysis of potential bad debt and retirement tax losses;

     -- analysis of any proof of claims from tax authorities; and

     -- analysis of the tax treatment of bankruptcy related costs.

The firm will be paid at these rates:

     Partners                  $930 to $975 per hour
     Managing Directors        $885 to $945 per hour
     Directors                 $795 per hour
     Managers                  $690 per hour
     Senior Associates         $570 per hour
     Associates                $345 per hour

Olayinka Kukoyi, a partner at KPMG, 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:

     Olayinka Kukoyi
     KPMG, LLP
     811 Main Street
     Houston, TX 77002
     Tel: (713) 319-2000
     Fax: (713) 319-2041

                    About Phoenix Services Topco

Phoenix Services Topco, LLC provides services to global
steel-producing companies, including the removal, handling, and
processing of molten slag at customer sites, and the preparation
and transportation of metal scraps, raw materials, and finished
products.

Phoenix Services Topco and eight affiliates, including Phoenix
Services Holdings Corp., sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 22-10906) on
Sept. 27, 2022. In the petitions signed by its chief financial
officer, Robert A. Richard, Phoenix Services Topco disclosed $500
million to $1 billion in both assets and liabilities.

Judge Mary J. Walrath oversees the cases.

The Debtors tapped Weil, Gotshal, and Manges, LLP and Richards
Layton & Finger, P.A. as legal counsels; AlixPartners, LLP as
financial advisor; PJT Partners, Inc. as investment banker; and
Stretto, Inc. as claims and noticing agent and administrative
advisor.

Barclays Bank PLC, as DIP and First Lien Group lender, is
represented by Gibson, Dunn & Crutcher LLP while Credit Suisse Loan
Funding LLC, as DIP lender, is represented by Pachulski Stang
Ziehl
& Jones, LLP.

The U.S. Trustee for Regions 3 and 9 appointed an official
committee of unsecured creditors in the Debtors' Chapter 11 cases
on Oct. 11, 2022. Squire Patton Boggs (US), LLP, Cole Schotz, P.C.
and FTI Consulting, Inc. serve as the committee's lead bankruptcy
counsel, Delaware counsel and financial advisor, respectively.


RADIOLOGY PARTNERS: Oaktree Specialty Marks $3.4M Loan at 16% Off
-----------------------------------------------------------------
Oaktree Specialty Lending Corporation has marked its $3,400,000
loan extended to Radiology Partners Inc. to market at $2,870,000 or
84% of the outstanding amount, as of December 31, 2022, according
to a disclosure contained in Oaktree Specialty's Form 10-Q for the
quarterly period ended December 31, 2022, filed with the Securities
and Exchange Commission on February 7, 2023.

Oaktree Specialty is a participant in a First Lien Term Loan to
Radiology Partners Inc. The loans accrues 8.64% (LIBOR+4.25%) per
annum. The loan matures on July 9, 2025.

Oaktree Specialty Lending Corporation is a specialty finance
company that looks to provide customized, one-stop credit solutions
to companies with limited access to public or syndicated capital
markets. Oaktree Specialty was formed in late 2007 and operates as
a closed-end, externally managed, non-diversified management
Investment Company that has elected to be regulated as a Business
Development Company under the Investment Company Act.

Radiology Partners, Inc. operates as a health care testing center.
The Company offers diagnostic and interventional radiology services
by local radiologists.



RED PLANET: $1.40B Bank Debt Trades at 27% Discount
---------------------------------------------------
Participations in a syndicated loan under which Red Planet Borrower
LLC is a borrower were trading in the secondary market around 73.3
cents-on-the-dollar during the week ended Friday, February 24,
2023, according to Bloomberg's Evaluated Pricing service data.

The $1.40 billion facility is a Term loan that is scheduled to
mature on September 30, 2028. About $1.38 billion of the loan is
withdrawn and outstanding.

Red Planet Borrower, LLC develops application software.




REFRESH20 WATER: Wins Interim Cash Collateral Access
----------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Pennsylvania
authorized Refresh20 Water Systems, Inc. to use cash collateral on
an interim basis in accordance with its agreement with the U.S.
Internal Revenue Service, the Pennsylvania Department of Revenue,
Expansion Capital Group and Pennsylvania Department of Labor &
Industry.

The parties agreed that the Debtor may use cash collateral through
March 3, 2023.

The Pennsylvania Department of Revenue filed several liens against
the Debtor between September 26, 2018 and September 27, 2022. The
Revenue Department has a secured position on the Debtor's cash
collateral. The Debtor has offered the Revenue Department monthly
payments of $ 1,000 per month in return for continued use of cash
collateral.

The Pennsylvania Department of Labor & Industry filed a lien
against the Debtor on September 13,2021. Labor & Industry has a
secured position on the Debtor's cash collateral. The Debtor
offered Labor & Industry monthly payments of $500 in return for
continued use of cash collateral. Counsel for Labor & Industry has
accepted the Debtor's offer as to cash collateral.

The Expansion Capital Group has a secured position over items that
are generally referred to a cash collateral by virtue of loan
documents entitled "Future Receivables Sales Agreement" dated
January 5, 2022 and a UCC-1 filed with the Department of State on
June 2,2022. The Debtor has offered Expansion Capital monthly
payments of $1,000 per month in return for continued use of cash
collateral.

As adequate protection for the Debtor's use of cash collateral, the
Debtor will make the following payments:

     a. Payment to the IRS in the amount of $1,000 per month;

     b. Payment to Expansion in the amount of $1,000 per month;

     c. Payment to Revenue in the amount of $1,500 per month; and

     d. Payment to Labor & Industry in the amount of $500 per
month.

All payments will begin on March 1, 2023, and will be due on the
1st of the month every month thereafter.

As additional adequate protection for the Debtor's use of cash
collateral:

     a. The Debtor will not use any cash collateral except as
authorized by the Stipulation.

     b. The Debtor will pay all insurance premiums necessary to
maintain adequate insurance coverage on all of the Debtor's assets
and will pay all taxes levied on said assets when due and payable.

These events constitute an "Event of Default":

     a. The Debtor furnishes or makes any material false,
inaccurate or incomplete representation, warranty, certificate,
report or summary in or under the Stipulation;

     b. The Debtor's Chapter 11 case is converted to a case under
Chapter 7 of the Bankruptcy Code.

A copy of the stipulation is available at https://bit.ly/3kox9J0
from PacerMonitor.com.

A copy of the order is available at https://bit.ly/3KxqQ0s from
PacerMonitor.com.

                About Refresh20 Water Systems, Inc.

Refresh20 Water Systems, Inc. is in the business of in home water
treatment sales, installation and service.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Pa. Case No. 23-00327) on February 15,
2023. In the petition signed by Farley Lavonne Ferguson, president,
the Debtor disclosed up to $50,000 in assets and up to $500,000 in
liabilities.

Judge Henry W. Van Eck oversees the case.

Gary J. Imblum, Esq., at Imblum Law Offices PC, represents the
Debtor as legal counsel.



REVLON CONSUMER: $1.80B Bank Debt Trades at 74% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Revlon Consumer
Products Corp is a borrower were trading in the secondary market
around 26.2 cents-on-the-dollar during the week ended Friday,
February 24, 2023, according to Bloomberg's Evaluated Pricing
service data.

The $1.80 billion facility is a Term loan that is scheduled to
mature on September 7, 2023.  About $862.5 million of the loan is
withdrawn and outstanding.

Revlon, Inc., is an American multinational company dealing in
cosmetics, skin care, fragrance, and personal care.


RICHMOND HOSPITALITY: Says Plan Not Patently Unconfirmable
----------------------------------------------------------
Richmond Hospitality LLC, responded to the objection of Shaughnessy
Capital LLC (the "Lender") to the Debtor's application, pursuant to
the filed notice, seeking Court approval of its Disclosure
Statement.

The Debtor asserts that the filed Plan is not patently
unconfirmable.

The Debtor points out that while some of the Lender's arguments or
requests for additional disclosure in the Disclosure Statement set
forth in its Objection are not entirely unreasonable, they do not
render the Plan unconfirmable.

The Debtor further points out that while some of the Lender's
requests for additional information are not unreasonable, the
converse is also true—that the collective requests for certain
additional disclosure, while such may be the desire of the Lender,
they are not necessarily required or warranted in a disclosure
statement for a case of this nature.

The Debtor asserts that the Plan is an appropriate and adequate
liquidating plan, as is the Disclosure Statement describing the
Plan.

According to the Debtor, as stated on the record at previous
hearings held herein and in filed pleadings in this case, the
Debtor intends to file an amended Plan and Disclosure Statement
which will collectively contain certain material amendments.
Certain developing and other cardinal issues in this case will
impact the information set forth in the Plan and the Disclosure
Statement.  Accordingly, the amended Plan and amended Disclosure
Statement will reflect such modifications.

The Debtor points out that despite the Lender's protestations to
the contrary, the crux of the plan (and thus the Disclosure
Statement) is the sale process. The Plan (as well as the ultimate
amended Plan) is not based solely upon litigation results.

The Debtor is making good faith progress in this challenging case
and will continue to administer this case in good faith.

Counsel to the Chapter 11 Debtor:

     Adam P. Wofse, Esq.
     LAMONICA HERBST & MANISCALCO, LLP
     3305 Jerusalem Avenue, Suite 201
     Wantagh, NY 11793
     Tel: (516) 826-6500

                 About Richmond Hospitality

Richmond Hospitality, LLC is a real estate hotel development owner
and operator that was poised to develop an 80-room Best Western
Vibe hotel in Staten Island.

Richmond Hospitality filed its voluntary petition under Chapter 7
of the Bankruptcy Code on March 16, 2022. On May 18, 2022, the
court ordered the conversion of the case to one under Chapter 11
(Bankr. E.D.N.Y. Case No. 22-40507). At the time of the filing, the
Debtor listed $1 million to $10 million in both assets and
liabilities.

Judge Jil Mazer-Marino presides over the case.

Joseph S. Maniscalco, Esq., at LaMonica Herbst & Maniscalco, LLP
and Stuart R. Berg, P.C. serve as the Debtor's bankruptcy counsel
and special litigation counsel, respectively.


RISING TIDE: Prospect Floating Marks $985,000 Loan at 27% Off
-------------------------------------------------------------
Prospect Floating Rate and Alternative Income Fund, Inc. has marked
its $985,000 loan extended to Rising Tide Holdings Inc.to market at
$719,641 or 73% of the outstanding amount, as of December 31, 2022,
according to a disclosure contained in Prospect Floating's Form
10-Q for the quarterly period ended December 31, 2022, filed with
the Securities and Exchange Commission on February 13, 2023.

Prospect Floating is a participant in a Senior Secured Loan to
Rising Tide Holdings Inc. The loan accrues interest at a rate of
9.48% (3ML + 4.75%) per annum. The loan matures on June 1, 2028.

Prospect Floating, incorporated in Maryland on April 29, 2011, is
an externally managed, non-diversified, closed-end management
Investment Company that has elected to be regulated as a business
development company under the Investment Company Act of 1940, as
amended.

Rising Tide (d/b/a West Marine) retails recreational and commercial
boating supplies, apparel, and other related merchandise. The
company operates as a specialty retailer in the marine aftermarket,
serving the repair and replacement outfitting needs of active
marine enthusiasts and professional customers. Rising Tide is also
involved in the wholesale distribution of products to commercial
customers and other retailers through its port supply business line
and stores. The company recently operated around 230 stores within
38 U.S. states.



RISING TIDE: S&P Downgrades ICR to 'CC' on Proposed Debt Exchange
-----------------------------------------------------------------
S&P Global Ratings lowered its ratings on Florida-based marine
aftermarket retailer Rising Tide Holdings Inc. (d/b/a West Marine)
and its first-lien term loan facility to 'CC' from 'CCC' as well as
lowered its ratings on its second-lien term loan facility to 'C'
from 'CC'.

The negative outlook reflects that S&P anticipates lowering its
issuer credit rating to 'SD' (selective default) and issue-level
ratings to 'D' upon the completion of the exchange in the coming
days.

S&P views the proposed exchanges as distressed. Rising Tide has
announced an exchange offers for its outstanding first- and
second-lien term loan facilities maturing in 2028 and 2029,
respectively. The proposed exchange offer is also inclusive of the
first-lien term loan facilities lent to the company by its
financial sponsor, L Catterton. The exchange, along with borrowings
under a proposed FILO ABL facility, is expected to provide Rising
Tide with liquidity while deferring cash interest payments this
year.

S&P said, "We view the proposed exchange as tantamount to a default
because noteholders will receive less than originally promised. In
addition, we view the offers as distressed rather than
opportunistic because of Rising Tide's weak operating results this
year and liquidity constraints necessitating the debt exchange,
particularly the company's inability to make its upcoming interest
payment otherwise." Under the proposed terms, the company will
exchange the first-lien term loan facility, at par, for a new 1A
first-lien term loan facility due June 2028 with interest
considerations in cash and paid-in-kind (PIK) interest this year.
In addition, Rising Tide has proposed to exchange the second-lien
term loan facility at par into two tranches. These new tranches,
both maturing in June 2029, will consist of a 1B first-lien term
loan (subordinated to the 1A facility) and a 2A second-lien term
loan ranking junior to the other exchanged credit facilities. The
1B and 2A term loan facilities are expected to pay 100% PIK
interest through 2023. At the same time, the first-lien term loan
facilities held by L Catterton will be exchanged into the 1B and 2A
term loan tranches. Moreover, the company's asset-based loan (ABL)
facility will, as proposed, also include new FILO borrowings to
provide additional near-term liquidity. The stub debt for
non-participant first-lien lenders will be included in the 1B term
loan tranche while non-participant second-lien lenders are expected
to be included in a (2B) second-lien term loan tranche.

S&P said, "That said, we expect the banking group to be supportive
of the exchange noting 72% of first-lien term loan lenders and 89%
of the second-lien lenders have recently agreed to participate. We
also expect L Catterton to remain supportive of Rising Tide
including providing incremental funding to the business.

"The negative outlook reflects that we lower our issuer credit
rating to 'SD' and issue-level ratings to 'D' upon the completion
of the exchange in the coming days."

Rising Tide (d/b/a West Marine) retails recreational and commercial
boating supplies, apparel, and other related merchandise. The
company operates as a specialty retailer in the marine aftermarket,
serving the repair and replacement outfitting needs of active
marine enthusiasts and professional customers. Rising Tide is also
involved in the wholesale distribution of products to commercial
customers and other retailers through its port supply business line
and stores. The company recently operated around 230 stores within
38 U.S. states.

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



RIVERBED INTERMEDIATE: S&P Downgrades ICR to 'CCC', Outlook Neg.
----------------------------------------------------------------
S&P Global Ratings downgraded the issuer credit rating on
U.S.-based network performance software provider Riverbed
Technology LLC and the issue-level rating on its senior secured
term loan to 'CCC' from 'CCC+'.

The negative outlook reflects that, as S&P gather more information
about its fiscal-year 2022 performance and 2023 operating
prospects, it may lower its ratings if it believes the risk of a
default has increased.

This downgrade reflects the 9.3% decline in Riverbed's revenue and
free operating cash flow (FOCF) generation of negative $9.7 million
over the first nine months of fiscal year 2022, which were
considerably weaker than the 1% revenue growth and at least $10
million of positive FOCF S&P expected previously. More importantly,
it incorporates our expectation that it will be increasingly
difficult for the company to stabilize its operating performance
over the coming quarters, which will likely constrain its ability
to generate sufficient positive cash flow.

Based on these expectations, as well as the decline in Riverbed's
cash balances (its sole source of liquidity) to $38.0 million as of
Sept. 30, 2022, from $60.6 million as of Dec. 31, 2021, S&P now
sees mounting risk for a liquidity shortfall in the next 12-18
months. This risk will only increase if Riverbed cannot stabilize
its performance and continues to generate negative free cash flow
over the coming quarters, which could prompt it to undertake a
distressed debt restructuring in the next 12 months.

Though it is not a primary driver, the downgrade also incorporates
S&P's belief that--despite the limited available information--the
resignation of the company's former CFO likely represents a
negative credit development.

The negative outlook reflects that, as S&P gathers more information
about its fiscal-year 2022 performance and 2023 operating
prospects, it may lower our ratings if it believes the risk of a
default has increased.

S&P could consider lowering its ratings on Riverbed over the next
six months if it sees heightened risk of a distressed debt
restructuring or payment default.

Although unlikely, S&P could raise its rating on Riverbed if it
improves its operating performance, generates sufficient
discretionary cash flow to cover its term loan interest and
preferred equity dividends, and sustains these achievements.

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

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



RIVERBED TECHNOLOGY: Reaches 6-Week Forbearance Deal with Lenders
-----------------------------------------------------------------
Reshmi Basu of Bloomberg New reports that Riverbed Technology Inc.
entered into a six-week forbearance agreement with lenders, after
the company last week elected to skip a cash interest payment on
its loan, according to people with knowledge of the matter.

The San Francisco-based information technology company has been
exploring strategic options, including potential asset sales, said
the people, who asked not to be identified because the matter is
private.

Some of the lenders to the firm have been holding confidential
talks with the company amid mounting liquidity issues, Bloomberg
reported.

                  About Riverbed Technology Inc.

Riverbed Technology, Inc. provides software solutions.  The Company
offers application performance monitoring, cloud migration, network
performance monitoring, and security solutions. Riverbed Technology
serves customers globally.


ROBERTSHAW US: $510M Bank Debt Trades at 43% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Robertshaw US
Holding Corp is a borrower were trading in the secondary market
around 56.7 cents-on-the-dollar during the week ended Friday,
February 24, 2023, according to Bloomberg's Evaluated Pricing
service data.

The $510 million facility is a Term loan that is scheduled to
mature on February 28, 2025.  The amount is fully drawn and
outstanding.

Robertshaw US Holding Corp. designs and manufactures
electro-mechanical solutions, mechanical combustion systems, and
electrical controls primarily for use in residential and commercial
appliances, HVAC and transportation applications.



ROCKLEY PHOTONICS: Court OKs Interim Cash Collateral Access
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
authorized Rockley Photonics Holdings Limited to use cash
collateral on a final basis.

The Debtor has an immediate and critical need to use cash
collateral to, among other things, (i) permit the orderly
continuation of the operation of the Debtor's business, (ii)
maintain business relationships with customers, vendors, and
suppliers, and (iii) fund expenses of the Chapter 11 Case.

Pursuant to the Indenture, dated as of October 25, 2022, between
the Debtor, as issuer, certain subsidiaries of the Debtor, as
guarantors, and Wilmington Savings Fund Society, FSB, as Super
Senior Notes Trustee and collateral agent, the Super Senior
Noteholders purchased from the Debtor convertible senior secured
notes due 2026 which, as of the Petition Date, had an aggregate
principal amount outstanding of approximately $90.65 million.

Pursuant to the Indenture, dated as of May 27, 2022, between the
Debtor, as issuer, the Non-Debtor Prepetition Guarantors, and
Wilmington Savings Fund Society, FSB, as trustee and as collateral
agent, the Existing Noteholders purchased from the Debtor
convertible senior secured notes due 2026 which, as of the Petition
Date, had an aggregate principal amount outstanding of
approximately $29.31 million.

As of the Petition Date, (i) one or more Events of Default under
the Prepetition Notes Documents had occurred and were continuing,
(ii) all outstanding Prepetition Notes and all interest and other
amounts then owing or payable under the Prepetition Notes Documents
were due and payable, and (iii) the Debtor and the NonDebtor
Prepetition Guarantors were truly and justly indebted to the
Prepetition Secured Parties, without defense, challenge, objection,
claim, counterclaim, or offset of any kind, under the Prepetition
Notes Documents in the outstanding aggregate principal amount of
(x) with respect to the Super Senior Notes Indenture, approximately
$90.65 million and (y) with respect to the Existing Notes
Indenture, approximately $29.31 million, plus accrued and unpaid
interest with respect thereto, plus the prepayment premiums payable
under the Prepetition Notes Documents and any additional fees,
costs, expenses, and other obligations incurred in connection
therewith now or thereafter due, whether or not contingent, and
whenever arising, due, or owing, under any one or more of the
Prepetition Notes Documents.

The Debtor's right to use the cash collateral will terminate on the
earliest of

     (i) the Final Order ceasing to be in full force and effect for
any reason;

    (ii) the effective date  of any chapter 11 plan with respect to
the Debtor confirmed by the Court;

   (iii) the date on which all or substantially all of the assets
of the Debtor are sold in a sale under any chapter 11 plan or
pursuant  to section 363 of the Bankruptcy Code;

    (iv) March 15, 2023;

     (v) the Chapter 11 Case being dismissed or converted to a case
under chapter 7 of the Bankruptcy Code; or

    (vi) the occurrence of any of the Termination Events.

The Termination Events include:

     a. Failure of the Prepetition Loan Parties to (i) comply with
the terms of the Interim Order or Final Order, including the
failure to (x) comply with the Variance Covenant, or (y) have an
Approved Budget, or (z) meet any Milestone; or (ii) comply with any
covenant in the Prepetition Notes Documents (subject to applicable
grace periods);

     b. The inaccuracy in any material respect of any
representation of the Prepetition Loan Parties when made or deemed
made; and

     c. The Chapter 11 Case being dismissed or converted to a case
under Chapter 7 of the Bankruptcy Code; a Chapter 11 trustee or an
examiner (other than a fee examiner) being appointed with enlarged
powers relating to the operation of the business of the Debtor
(powers beyond those expressly set forth in section 1106(a)(3) and
(4) of the Bankruptcy Code); or there is a change of venue outside
the Second Circuit.

To the extent of any diminution in value of the Prepetition
Collateral, the Debtor has agreed to provide Adequate Protection to
the Prepetition Noteholders, in each case subject to the Carve-Out
for professional fees, U.S. Trustee fees and fees payable to the
clerk of court.

To the extent of, and in an amount equal to, the diminution in
value (if any) of the Super Senior Noteholders' and the Super
Senior Notes Trustee's interests in the Prepetition Collateral from
and after the Petition Date, the Prepetition Trustee, on behalf and
for the benefit of itself, the Super Senior Noteholders, and the
Super Senior Notes Trustee is granted valid, enforceable,
unavoidable, and fully perfected replacement liens and security
interests in all prepetition and post petition assets and property
of the Debtor.

To the extent of, and in an amount equal to, the diminution in
value (if any) of the Existing Noteholders' and the Existing Notes
Trustee's interests in the Prepetition Collateral from and after
the Petition Date, the Prepetition Trustee, on behalf and for the
benefit of itself, the Existing Noteholders, and the Existing Notes
Trustee is granted valid, enforceable, unavoidable, and fully
perfected replacement liens and security interests in the Adequate
Protection Collateral.

To the extent of, and in an amount equal to, the diminution in
value (if any) of any Super Senior Noteholders' and the Super
Senior Notes Trustee's interests in the Prepetition Collateral from
and after the Petition Date, the Prepetition Trustee, on behalf and
for the benefit of itself, the Super Senior Noteholders and the
Super Senior Notes Trustee, is  granted super-priority
administrative expense claims under sections 503 and 507 of the
Bankruptcy Code against the Debtor's estate to the extent that the
Adequate Protection Liens do not adequately protect against the
diminution in value of the Prepetition Collateral.

To the extent of, and in an amount equal to, the diminution in
value (if any) of any Existing Noteholders' and the Existing Notes
Trustee's interests in the Prepetition Collateral from and after
the Petition Date, the Prepetition Trustee, on behalf and for the
benefit of itself, the Existing Noteholders and the Existing Notes
Trustee, is granted super-priority administrative expense claims
under sections 503 and 507 of the Bankruptcy Code against the
Debtor's estate to the extent that the Adequate Protection Liens do
not adequately protect against the diminution in value of the
Prepetition Collateral.

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

The Debtor projects $41.5 million in total operating cash flow for
the period ending April 7, 2023.

                About Rockley Photonics Holdings

Rockley Photonics Holdings Limited specializes in the research and
development of integrated silicon photonics chipsets.  The Company
has developed a ground-breaking versatile, application specific,
third-generation silicon photonics platform specifically designed
for the optical integration challenges facing numerous mega-trend
markets.  The Company has partnered with multiple tier-1 customers
across markets to deliver complex optical systems required for
transformational sensors, communications, and medical product
realization.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-10081) on January 23,
2023. In the petition signed by Richard A. Meier,  chief executive
officer, the Debtor disclosed $90,880,000 in total assets and
$120,733,000 in total liabilities.

Judge Lisa G. Beckerman oversees the case.

The Debtor tapped Dania Slim, Esq., at Pillsbury Winthrop Shaw
Pittman, LLP as legal counsel, Walkers Law Firm as Cayman Islands
counsel, Jefferies LLC as investment banker, Alvarez and Marsal,
LLC as financial advisor, and Kroll, LLC as notice, claims and
balloting agent.



S2 ENERGY: Seeks to Hire Heller Draper & Horn as Legal Counsel
--------------------------------------------------------------
S2 Energy Operating, LLC and its affiliates seek approval from the
U.S. Bankruptcy Court for the Eastern District of Louisiana to hire
Heller Draper & Horn, L.L.C., as their legal counsel.

The firm's services include:

     a. advising the Debtor with respect to its rights, powers and
duties in the continued operation and management of its businesses
and property, and compliance with the Chapter 11 operating
guidelines and reporting requirements for Region 5, including the
preparation of documents and reports;

     b. preparing and pursuing confirmation of a plan of
reorganization and approval of a disclosure statement;

     c. preparing legal documents and reviewing all financial
reports to be filed;

     d. preparing responses to legal documents, which may be filed
by other parties;

     e. appearing in court;

     f. representing the Debtor in connection with obtaining
post-petition financing;

     g. assisting in the negotiation and documentation of financing
agreements and related transactions;

     h. investigating the nature and validity of liens asserted
against the property of the Debtor, and advising the Debtor
concerning the enforceability of said liens;

     i. investigating and advising the Debtor concerning, and
taking such action as may be necessary to collect, income and
assets in accordance with applicable law, and the recovery of
property for the benefit of the Debtor's estate;

     j. advising and assisting the Debtor in connection with any
potential property dispositions;

     k. advising the Debtor concerning the assumption, assignment,
rejection, restructuring or recharacterization of executory
contracts and leases;

     l. assisting the Debtor in reviewing, estimating and resolving
claims asserted against the estate;

     m. commencing and conducting litigation necessary and
appropriate to assert rights held by the Debtor, protect assets of
the estate or otherwise further the goal of completing the Debtor's
successful reorganization; and

     n. performing all other necessary legal services for the
Debtor.

The firm's hourly rates are as follows:

     Douglas S. Draper       $550
     Leslie A. Collins       $500
     Greta M. Brouphy        $475
     Michael E. Landis       $425
     Paralegals              $125  

Heller Draper holds a retainer in the amount of $10,000.

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

The firm can be reached through:

     Douglas S. Draper, Esq.
     Heller, Draper, Patrick, Horn & Manthey, LLC
     650 Poydras Street, Suite 2500
     New Orleans, LA 70130
     Phone: (504) 299-3300
     Email: ddraper@hellerdraper.com

                     About S2 Energy Operating

S2 Energy Operating, LLC operates in the oil and gas extraction
industry.

S2 Energy Operating filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No.
23-10066) on Jan. 16, 2023. The petition was signed by Barry R.
Salsbury as member. At the time of filing, the Debtor estimated $1
million to $10 million in both assets and in liabilities.

Judge Meredith S. Grabill presides over the case.

The Debtor tapped Douglas S. Draper, Esq. at Heller, Draper & Horn,
LLC as legal counsel, and Seaport Global Securities, LLC as
financial advisor and investment banker.


SEI INSIEME: Seeks to Hire Bronson Law Offices as Legal Counsel
---------------------------------------------------------------
Sei Insieme LLC seeks approval from the U.S. Bankruptcy Court for
the Southern District of New York to hire Bronson Law Offices,
P.C., as its legal counsel.

The firm will render these services:

     (a) assist in the administration of the Debtor's Chapter 11
case;

     (b) prepare or review operating reports;

     (c) set a deadline for filing proofs of claim;

     (d) seek court approval to use cash collateral;

     (e) review claims and resolve claims, which should be
disallowed; and

     (f) assist in reorganizing and confirming a Chapter 11 plan.

Bronson Law Offices will be paid at these rates:

     H. Bruce Bronson, Esq.         $495 per hour
     Paralegal or Legal Assistant   $150 to $250 per hour

The firm received a retainer in the amount of $16,738.

As disclosed in court filings, Bronson Law Offices does not
represent any interest adverse to the Debtor and its estate.

Bronson Law Offices can be reached at:

     H. Bruce Bronson, Esq.
     Bronson Law Offices, P.C.
     480 Mamaroneck Ave.
     Harrison, NY 10528
     Tel: (914) 269-2530
     Fax: )888) 908-6906
     Email: hbbronson@bronsonlaw.net

                         About Sei Insieme

Sei Insieme holds a second mortgage on the properties located at
307 Sixth Avenue, NY and 309 Sixth Avenue NY. The current value of
the Debtor's interest in the Properties is valued at $7.5 million.

Sei Insieme LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No.
22-11670) on Dec. 13, 2022. The petition was signed by William G.
Rainero as managing member. At the time of filing, the Debtor
estimated $7,500,095 in total assets and $5,008,000 in liabilities.


H Bruce Bronson, Esq. at the BRONSON LAW OFFICE, P.C. represents
the Debtor as counsel.


SHEFA LLC: Seeks to Hire Robert N. Bassel as Attorney
-----------------------------------------------------
Shefa LLC seeks approval from the U.S. Bankruptcy Court for the
Eastern District of Michigan to hire Robert N. Bassel, Esq., an
attorney serving Clinton, Michigan, to handle its bankruptcy
proceedings.

Mr. Bassel will be paid at the hourly rate of $350.

Mr. Bassel received a retainer of $21,738, of which $1,738 was used
to pay the filing fee, and $2,905 was applied to prepetition legal
fees incurred within 30 days of the filing, leaving a retainer of
$17,095.

Mr. Bassel will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Mr. Bassel assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtor and
its estates.

Robert N. Bassel can be reached at:

     Robert N. Bassel, Esq.
     P.O. Box T
     Clinton, MI 49236
     Tel: (248) 835-7683
     E-mail: bbassel@gmail.com

                          About Shefa LLC

Shefa LLC is a Single Asset Real Estate as defined in 11 U.S.C.
Section 101(51B).

Shefa LLC filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Mich. Case No. 23-40908) on Feb. 1,
2022. In the petition filed by principal, as manager, the Debtor
reported assets and liabilities between $1 million and $10
million.

The Debtor is represented by Robert N. Bassel, Esq.


SHUTTERFLY LLC: $1.11B Bank Debt Trades at 47% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Shutterfly LLC is a
borrower were trading in the secondary market around 52.7
cents-on-the-dollar during the week ended Friday, February 24,
2023, according to Bloomberg's Evaluated Pricing service data.

The $1.11 billion facility is a Term loan that is scheduled to
mature on September 25, 2026. About $1.09 billion of the loan is
withdrawn and outstanding.

Shutterfly, LLC is an American photography, photography products,
and image sharing company, headquartered in Redwood City,
California.



SIGNAL PARENT: S&P Alters Outlook to Negative, Affirms 'B-' ICR
---------------------------------------------------------------
S&P Global Ratings revised its outlook on the issuer credit rating
on California-based interior finishing design and installation
services provider Signal Parent Inc.'s (d/b/a Interior Logic Group
Holdings LLC [ILG]) to negative from stable.

At the same time, S&P affirmed its 'B-' rating, indicating its
adequate liquidity, long-dated funded debt maturities, and its
expectation for improved cash flow in 2023 primarily due to cost
savings, better pricing, and working capital improvements.

The negative outlook reflects the company's very high leverage,
last-12-months free cash flow deficit, and significant weakness in
the market for new single-family homes that could significantly
deteriorate ILG's credit measures in 2024.

Macroeconomic and industry data signal a significant drop in new
residential construction because of high interest rates and low
housing affordability. The year-over-year decline in single-family
housing starts began last May and accelerated nearly every month
thereafter, culminating in a 33% decline in November and 27% in
December. The large publicly traded homebuilders, which are ILG's
primary customers, report similar declines in new orders and
cancellations. Similarly, ILG noted in December that appointments
in its design centers were down 30% in the third quarter. These
declines haven't yet hurt ILG's revenue for a few reasons:

-- There is a lag of several months between start of construction
on a new house and completion.

-- The elongated construction cycle times of the last year due to
supply chain challenges widened the timing gap. As expected,
housing completions held up reasonably well throughout the year.

-- ILG has a significant backlog (approximately 94,000 lots as of
Sept. 30) that it can continue to work through and generate revenue
from even when completions begin to slow. ILG delivered
approximately 33,000 lots in the quarter ended in September.

S&P said, "Because of its backlog, we forecast a modest sales
decline in 2023 relative to the roughly 23% drop in housing starts
that our economists are forecasting for the year. However, we
expect it will work through much of its backlog in 2023, and the
construction decline should have a greater impact on ILG's revenue
and EBITDA in 2024.

"ILG's leverage is elevated and cash flow is weak, leaving little
room to withstand a housing downturn. We previously expected
leverage of 7.5x-9x and positive free cash flow in 2022 and 2023.
However, leverage rose to about 11x at the end of the third
quarter, and we estimate it was about 10x at year-end. ILG has not
reported fourth-quarter results, but we believe it burned a
significant amount of cash in 2022, primarily because of lower
EBITDA and higher-than-expected working capital needs amid supply
chain disruptions. We forecast positive reported free cash flow in
2023, partially because of a continued normalization of its supply
chain, which should allow it to generate cash from significantly
higher-than-average inventory on hand.

"EBITDA margin underperformance in 2022 was primarily driven by an
inability to pass through rapid input-cost increases, operational
issues in the company's key Arizona market, and significant
restructuring costs. We expect gross margin to improve in 2023 as
it realizes the benefits of higher prices, profitability in Arizona
begins to recover, and moderately lower restructuring costs. In
addition, the company will realize savings from cost initiatives it
has already implemented. Even with these improvements, we forecast
leverage will remain in the high-single-digit percentages in 2023.
After ILG works through most of its backlog in 2023, we expect the
current declines in housing starts will have a more meaningful
impact on results in 2024. We forecast leverage of about 10x-11x
and break-even to modestly negative reported free cash flow in
2024. We acknowledge that the most recent data for housing starts,
mortgage rates, and homebuilder sentiment show evidence that the
residential construction decline may have troughed in the last two
months. Still, we believe there is risk that weak market conditions
persist. Other key risks to our forecast include the health of the
construction supply chain, including availability of materials and
labor; inflation and ILG's ability to quickly pass on rising
prices; its ability to realize the benefits of cost-saving
initiatives and lower its restructuring costs; and the impact of
homebuyers' preferences and budgets on average revenue per lot."

Homebuilders are increasingly offering discounts to entice buyers,
which could constrain ILG's ability to pass through input cost
increases. This will compress homebuilders' margins and could make
them less willing to negotiate with ILG to share the burden if
materials and labor costs continue to rise. Further, as
macroeconomic conditions weaken, S&P believes consumers could opt
for lower-priced options for flooring, cabinets, and the other
products that ILG specializes in.

S&P said, "Long-term housing industry and demographic trends are
still favorable, and ILG's long-dated debt maturities support our
affirmation of our 'B-' rating. Notwithstanding the volatility we
expect over the next 12-24 months, there is still a significant
shortage of housing in the U.S. due to a lack of supply in the
decade following the great financial crisis. In addition, general
population growth and the sizable millennial cohort reaching the
prime age for homeownership should support demand. ILG is still its
industry leader, although we acknowledge the industry is
fragmented, competitive, and mostly local. The company recently
hired a new CEO, CFO, and regional leadership who are implementing
changes such as private-label products to help mitigate supply
chain pressures and a new direct-to-consumer business focused on
the repair and remodel market. This should be higher-margin and
offer some diversification benefits eventually, but could take
time. In addition, we view the company's liquidity as adequate
since it had $38 million cash on the balance sheet and $97 million
of asset-based lending (ABL) facility availability at the end of
the third quarter. The company's ABL does not mature until 2026,
term loan until 2028, and senior notes until 2029."

The negative outlook reflects the company's very high leverage,
negative last-12-months free cash flow, and significant weakness in
the market for new single-family homes that could significantly
deteriorate ILG's credit measures in 2024.

S&P could lower the rating if it believes ILG's capital structure
is unsustainable, which could result from greater-than-expected
declines in single-family construction, lower profitability due to
the inability to manage costs, the failure to achieve cost-saving
targets, or a more aggressive financial policy.

Signs that its capital structure is unsustainable could include a
combination of:

-- Persistent negative free operating cash flow (FOCF)
generation;

-- Depleted cash balances or limited revolver availability;

-- Leverage sustained above 10x;

-- Minimal covenant cushion; and

-- Insufficient EBITDA to cover fixed charges.

S&P could revise the outlook to stable if:

-- The company improves margins and reverses its poor operating
performance in Arizona, such that it expects sustained positive
free cash flow and leverage sustained below 10x; and

-- S&P has better visibility into the extent of the current
housing downturn.

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



SILVER STAR OF NEVADA: Hits Chapter 11 Bankruptcy Protection
------------------------------------------------------------
Silver Star of Nevada Inc. filed for chapter 11 protection in the
Western District of Oklahoma.

The Debtor owns and operates oil and gas properties in the State of
Oklahoma. Debtor has operated working interests in approximately 18
wells.  The Debtor has non-operated working interests in
approximately 10 wells. These wells are located in Kingfisher,
Logan and Johnston Counties, Oklahoma.

Prepetition, CrossFirst Bank asserts a claim against the Debtor in
the approximate amount of $1,700,000.00, together with accrues
interest fees and
costs, secured by substantially all of the Debtor's assets.

According to court filings, Silver Star of Nevada estimates between
$1 million and $10 million in debt owed to 1 to 49 creditors.  The
petition states that funds will be available to unsecured
creditors.

               About Silver Star of Nevada Inc.

Silver Star of Nevada Inc. is an Oklahoma Foreign Profit
Corporation.

Silver Star of Nevada Inc. filed a petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Okla. Case No.
23-10315) on February 14, 2023. In the petition filed by Charles V.
Long, Jr., as president, the Debtor reported assets and liabilities
between $1 million and $10 million each.

The Debtor is represented by:

   Stephen J. Moriarty, Esq.
   Fellers Snider
   PO Box 721660
   Oklahoma City, OK 73172
   Tel: 405-232-0621
   Fax: 405-232-9659
   Email: smoriarty@fellerssnider.co


SILVER STAR: Files Emergency Bid to Use Cash Collateral
-------------------------------------------------------
Silver Star of Nevada, Inc. asks the U.S. Bankruptcy Court for the
Western District of Oklahoma for authority to use cash collateral.

The Debtor requires the use of cash collateral to maintain its
current business operations.

CrossFirst Bank asserts a claim against Debtor in the approximate
amount of $1.7 million, together with interest fees and costs,
secured by substantially all of the Debtor's assets, including the
proceeds therefrom.

The Debtor's ability to (i) maintain its operations, (ii)
successfully reorganize its financial affairs, and (iii) eventually
repay its secured and unsecured creditors, depends upon the
Debtor's ability to use the cash collateral.

To adequately protect the interest of the holder of the lien on
Debtor's accounts, accounts receivable and cash collections in the
cash collateral, the Debtor proposes the following forms of
adequate protection:

     a. The Debtor will only expend cash collateral for the items
set forth in the Budget, which will also include a variance of 10%
each month, which variance will be  comprised of any one or more
line-item expenses;

     b. The Debtor will provide CrossFirst with a replacement lien,
subject only to prior non-avoidable liens, in all of Debtor's
assets, excluding only causes of action arising under chapter 5 of
the Bankruptcy Code; and

     c. The Debtor will provide CrossFirst with a monthly
budget-to-actual variance report. This report will be delivered
within 10 days of the end of the month.

Absent further agreement or approval of the Court, authority to use
cash collateral will expire on May 24, 2023.

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

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

The Debtor projects $439,350 in total cash receipts and $256,136 in
total operating disbursements for the period ending March 24,
2023.

                 About Silver Star of Nevada, Inc.

Silver Star of Nevada, Inc. owns and operates oil and gas
properties in the State of Oklahoma. The Debtor has operated
working interests in approximately 18 wells. Debtor has
non-operated working interests in approximately 10 wells. These
wells are located in Kingfisher, Logan and Johnston Counties,
Oklahoma.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Okla. Case No. 23-10315) on February
14, 2023. In the petition signed by Charles V. Long, Jr.,
president, the Debtor disclosed up to $10 million in both assets
and liabilities.

Stephen J. Moriarty, Esq., at Fellers, Snider Et Al, represents the
Debtor as legal counsel.


SILVER STAR: Seeks to Hire Fellers Snider as Legal Counsel
----------------------------------------------------------
Silver Star of Nevada, Inc. seeks approval from the U.S. Bankruptcy
Court for the Western District of Oklahoma Stephen J. Moriarty,
Esq. and Fellers Snider, A Professional Corporation, as its legal
counsel.

The firm's services include:

     (a) providing the Debtor with legal advice with respect to its
powers and duties in the continuing operation of its business and
management of its property;

     (b) preparing legal papers; and

     (c) performing all other necessary legal services.

Stephen Moriarty, Esq., the firm's attorney who will be handling
the case, charges an hourly fee of $425.

As disclosed in court filings, the firm's attorneys do not have
connection with creditors or any other party adverse to the
interest of the Debtor and its bankruptcy estate.

The firm can be reached at:

     Stephen J. Moriarty, Esq.
     Fellers, Snider, Blankenship, Bailey & Tippens, P.C.
     100 N. Broadway, Suite 1700
     Oklahoma City, OK 73102
     Tel: (405) 232-0621
     Fax: (405) 232-9659
     Email: smoriarty@fellerssnider.com

                    About Silver Star of Nevada

Silver Star of Nevada, Inc. filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Okla. Case No.
23-10315) on Feb. 14, 2023. The petition was signed by Charles V.
Long, Jr. as president. At the time of filing, the Debtor estimated
$1 million to $10 million in both assets and liabilities.

Stephen J. Moriarty, Esq. at Fellers, Snider, Blankenship, Bailey &
Tippens, P.C. represents the Debtor as counsel.


SILVER STATE: U.S. Trustee Seeks Appointment of Bankruptcy Trustee
------------------------------------------------------------------
The U.S. Department of Justice's bankruptcy watchdog is seeking the
appointment of an independent trustee to manage the bankruptcy
cases of Silver State Broadcasting, LLC and its affiliates.

Tracy Hope Davis, the U.S. Trustee for Region 17 who oversees the
companies' Chapter 11 cases, said the appointment of a bankruptcy
trustee is warranted given the companies' failure to, among other
things, prosecute the cases, confirm a plan of reorganization, and
comply with their duties, including the timely filing of monthly
operating reports.

"The appointment of a trustee would be in the best interests of the
debtors' estate and creditors and will provide creditors with the
transparency needed concerning all the debtors' assets, liabilities
and financial information," the U.S. trustee said in a motion filed
with the U.S. Bankruptcy Court for the District of Nevada.

In case the court determines that the appointment of a bankruptcy
trustee is not warranted, the companies' Chapter 11 cases must be
converted to one under Chapter 7, according to the U.S. trustee.

The motion is on the court's calendar for March 1.

                  About Silver State Broadcasting

Las Vegas-based Silver State Broadcasting, LLC and its affiliates
run an independent radio broadcasting company. Three of the radio
stations (KFRH, KREV and KRCK-FM) are the primary assets.

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

Judge August B. Landis oversees the cases.

Stephen R. Harris, Esq., at Harris Law Practice, LLC and Wood &
Maines, P.C. serve as the Debtors' bankruptcy counsel and special
counsel, respectively.

The Debtors filed their disclosure statement and proposed plan to
exit Chapter 11 protection on May 2, 2022.


SM WELLNESS: Oaktree Specialty Marks $3.3M Loan at 18% Off
----------------------------------------------------------
Oaktree Specialty Lending Corporation has marked its $3,395,000
loan extended to SM Wellness Holdings Inc.to market at $2,767,000
or 82% of the outstanding amount, as of December 31, 2022,
according to a disclosure contained in Oaktree Specialty's Form
10-Q for the quarterly period ended December 31, 2022, filed with
the Securities and Exchange Commission on February 7, 2023.

Oaktree Specialty is a participant in a First Lien Term Loan to SM
Wellness Holdings Inc. The loans accrues 9.42% (LIBOR+4.75%) per
annum. The loan matures on April 17, 2028

Oaktree Specialty Lending Corporation is a specialty finance
company that looks to provide customized, one-stop credit solutions
to companies with limited access to public or syndicated capital
markets. Oaktree Specialty was formed in late 2007 and operates as
a closed-end, externally managed, non-diversified management
Investment Company that has elected to be regulated as a Business
Development Company under the Investment Company Act.

Headquartered in Addison, Texas, SM Wellness Holdings, Inc. is a
provider of mammography services, operating over 90 centers across
eight states dedicated to annual screenings, diagnostic mammograms,
breast ultrasounds, biopsies and bone density screenings. Since
August 2018, Solis is majority owned by private equity sponsor
Madison Dearborn Partners.

  




SM WELLNESS: Oaktree Specialty Marks $9.1M Loan at 28% Off
----------------------------------------------------------
Oaktree Specialty Lending Corporation has marked its $9,109,000
loan extended to SM Wellness Holdings Inc. to market at $6,604,000
or 72% of the outstanding amount, as of December 31, 2022,
according to a disclosure contained in Oaktree Specialty's Form
10-Q for the quarterly period ended December 31, 2022, filed with
the Securities and Exchange Commission on February 7, 2023.

Oaktree Specialty is a participant in a Second Lien Term Loan to SM
Wellness Holdings Inc. The loans accrues 12.67% (LIBOR+8.00%) per
annum. The loan matures on April 16, 2029.

Oaktree Specialty Lending Corporation is a specialty finance
company that looks to provide customized, one-stop credit solutions
to companies with limited access to public or syndicated capital
markets. Oaktree Specialty was formed in late 2007 and operates as
a closed-end, externally managed, non-diversified management
Investment Company that has elected to be regulated as a Business
Development Company under the Investment Company Act.

Headquartered in Addison, Texas, SM Wellness Holdings, Inc. is a
provider of mammography services, operating over 90 centers across
eight states dedicated to annual screenings, diagnostic mammograms,
breast ultrasounds, biopsies and bone density screenings. Since
August 2018, Solis is majority owned by private equity sponsor
Madison Dearborn Partners.






SMYRNA READY: S&P Upgrades ICR to to 'BB-' on Healthy Metrics
-------------------------------------------------------------
S&P Global Ratings upgraded Tennessee-based Smyrna Ready Mix
Concrete (SRM) to 'BB-' from 'B+', acknowledging the company's
profitable and material expansion in scale and geographic
diversity.

S&P said, "We also raised our ratings on the company's senior
secured obligations to 'BB-' from 'B+', with a recovery rating of
'3' (rounded estimated: 50%).

"The stable rating outlook on Smyrna Ready Mix reflects our view
that the company will continue to operate with leverage in the 4x
to 5x EBITDA range in 2023, as favorable infrastructure demand
offsets softening in residential construction.

"We forecast Smyrna Ready Mix's EBITDA margins will remain
approximately 18%-20% in 2023 and 2024. We expect sales price
increases to offset persistent inflationary pressure on raw
materials such as cement, labor, and fuel. As such, we believe
Smyrna's S&P Global Ratings-adjusted EBITDA margins will remain
relatively stable throughout fiscal-years (FYs) 2023 and 2024. The
company's FY 2022 S&P Global Ratings-adjusted EBITDA margins were
below our previously published base-case expectation, primarily due
to rising raw material, labor, and delivery costs stemming from
national shortages in cement, elevated fuel prices, energy costs,
and supply disruptions from weather-related events. Smyrna has
counteracted its higher costs with strategic pricing actions that
should benefit 2023 forecasted metrics and see increased
productivity primarily through acquisitive growth compared with
2022. We believe these inflationary pressures will persist in FY
2023 and anticipate the company can partially offset them by
incrementally expanding its volumes and implementing more pricing
actions when necessary.

"The company has grown a strong, geographically diverse market
position in ready mix concrete, but economic headwinds could temper
recent earnings growth. Although we note the company has expanded
its geographic presence, competitive position, and earnings
significantly from prior years, it has come at the expense of large
debt-funded transactions. Smyrna has become North America's leading
provider of ready-mix concrete and is significantly larger than it
was in 2020. Its leading market position in serviceable market
areas has increased to year-end forecasted 2023 sales of $2.8
billion-$3.0 billion from year-end sales of $1.47 billion in 2021,
an overall revenue growth rate of 90% the past two years. We
forecast EBITDA to be between $550 million and$575 million for 2023
backed by incremental acquisitive earnings.

SRM will face challenges related to inherent end-market cyclicality
risk, its limited product offering, and competition in a highly
localized and highly fragmented market. SRM is constrained by a
lack of diverse revenue streams as roughly 89% of its revenues come
from ready-mix concrete. Higher rated and better-capitalized
building materials peers typically have a more diverse product type
mix. The company's success will continue to depend on its ability
to successfully execute its pricing strategy to mitigate cost
inflation. Smyrna is exposed to volatile raw material costs,
particularly in cement, fuel, and energy as they account for a very
high percentage of its direct materials. This can result in margin
volatility during periods of rapid or significant commodity price
movements. Although the company aims to pass through cost increases
to customers, its ability to do so is somewhat limited in a
competitive price environment--particularly during periods of low
demand. Additionally, SRM operates in a highly fragmented, highly
competitive industry subject to demand swings and increased price
competition in down construction cycles. S&P views these risks to
be more apparent in the coming months as half of SRM's customer
type is tied to residential construction, which its economists
forecast a 20% decline in housing starts, and a 10.4% decline in
non-commercial investment. In line with the percentage declines, we
generally view the ready-mix concrete business as having volatile
revenues and margins due to its exposure to cyclical residential
and commercial construction end markets. These end markets have
been resilient for the past two years, as home construction and
residential remodeling have shown strong earnings cycle, though the
overall end-market exposure is highly cyclical.

The stable outlook reflects S&P Global Ratings' expectation that
SRM will continue to improve its market share in 2023. S&P expects
further EBITDA growth due to incremental earnings as well as stable
margins through the integration of previous acquisitions and
additional sales price increases to offset inflationary pressures.
In the absence of additional large leveraged acquisitions, S&P
expects adjusted leverage to be in the 4x-5x EBITDA range.

S&P expects the company to maintain stronger credit ratios than
typically associated with the rating while its industry remains
relatively healthy and stable. Therefore:

-- In a healthy market, S&P would lower its rating on Smyrna Ready
Mix if it expected its debt to EBITDA to toward 5x.

-- In a weaker-than-expected market, S&P would expect the current
cushion in credit ratios to deteriorate and it would look to an
above 5x debt-to-EBITDA threshold for a downgrade. The latter
scenario could occur if EBITDA margins fell in excess of 400 basis
points (bps) because the company decreased pricing to move
inventory and generate cash.

While unlikely over the next 12 months, S&P could raise the rating
on Smyrna Ready Mix if:

-- The company sustains debt to EBITDA below 3x; and

-- Further improves its vertical integration into aggregates,
which will further expand operating margins and improve operating
cash flow, without meaningfully increasing debt.

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

S&P said, "Environmental factors are a moderately negative
consideration in our credit rating analysis of Smyrna Ready Mix
Concrete LLC due to the energy intensity of its operations, like
other heavy building materials peers. As a result, we believe
Smyrna Ready Mix is somewhat exposed to waste generation and use of
fossil fuels." The company is a provider of ready-mix concrete
mixes. Governance is a moderately negative consideration due to the
company's lack of independent oversight.



SORRENTO THERAPEUTICS: Court OKs $30MM DIP Loan from JMB
--------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, authorized Sorrento Therapeutics, Inc. and its
debtor-affiliates to use cash collateral and obtain postpetition
financing, on an interim basis.

The Debtors are permitted to obtain postpetition financing on a
superpriority senior secured in the form of a multiple draw term
loan facility in an aggregate principal amount of up to $75
million, pursuant to which:

     -- an aggregate principal amount of $30 million will be
borrowed in a single borrowing on the Closing Date, and

     -- following entry of the Final Order, the remaining aggregate
principal amount under the DIP Facility will be available in one or
more borrowings,

in accordance with and subject to the terms and conditions set
forth in (x) the Debtor-In-Possession Term Loan Facility Summary of
Terms and Conditions, substantially in the form attached to the
Interim Order, by and among the Debtors, as borrowers, each of the
Guarantors, JMB Capital Partners Lending, LLC, as the lender, and
(y) the Interim Order.

The Debtors have an immediate and critical need to obtain the DIP
Facility and use cash collateral in order to, among other things,
(i) permit the orderly continuation and operation of their
businesses, (ii) maintain business relationships with customers,
vendors and suppliers, (iii) make payroll, (iv) make capital
expenditures, (v) pay the expenses of the Chapter 11 Cases, (vi)
satisfy working capital and operational needs of the Debtors, and
(v) for general corporate purposes, in each case, in accordance
with and subject to the terms and conditions of the Interim Order
and the DIP Loan Documents.

All DIP Obligations will be due and payable in full in cash -- or
such other form of consideration as the DIP Lender and the
Borrowers may mutually agree -- on the earliest of:

     i. July 31, 2023;

    ii. the effective date of any chapter 11 plan of reorganization
with respect to the Borrowers or any other Debtor;

   iii. the consummation of any sale or other disposition of all or
substantially all of the Debtors' assets pursuant to section 363 of
the Bankruptcy Code;

    iv. the date of the acceleration of the DIP Loans and the
termination of the DIP Commitments in accordance with the DIP
Documents;

    v. dismissal of the Chapter 11 Cases or conversion of the
Chapter 11 Cases into cases under chapter 7 of the Bankruptcy Code;
and

    vi. 45 days after the date on which a motion to approve the DIP
Facility is filed (or such later date as agreed to by the DIP
Lender), unless the Final Order has been entered by the Bankruptcy
Court on or prior to such date.

The Events of Default include:

     i. Payment, non-compliance with covenants set forth in the DIP
Documents, judgements in excess of specified amounts, impairment of
security interest in the DIP Collateral and other customary
defaults and a final non-appealable order vacating the arbitration
award in the Nant Litigation;

    ii. the entry of the Final Order will have not occurred within
45 days after the date on which a motion to approve the DIP
Facility is filed; and

   iii. the dismissal of any of the Chapter 11 Cases or the
conversion of any of the Chapter 11 Cases to cases under chapter 7
of the Bankruptcy Code.

A final hearing on the matter is set for March 29, 2023 at 9:30
a.m.

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

The Debtor projects total disbursements, on a weekly basis, as
follows:

     $7.6 million for the week ending March 4, 2023;
     $1.8 million for the week ending March 11, 2023;
     $6.8 million for the week ending March 18, 2023; and
     $3.1 million for the week ending March 25, 2023.

                   About Sorrento Therapeutics

Sorrento Therapeutics, Inc. -- http://www.sorrentotherapeutics.com/
-- is a clinical and commercial stage biopharmaceutical company
developing new therapies to treat cancer, pain (non-opioid
treatments), autoimmune disease and COVID-19. Sorrento's
multimodal, multipronged approach to fighting cancer is made
possible by its extensive immuno-oncology platforms, including key
assets such as next-generation tyrosine kinase inhibitors ("TKIs"),
fully human antibodies ("G-MAB(TM) library"), immuno-cellular
therapies ("DAR-T(TM)"), antibody-drug conjugates ("ADCs"), and
oncolytic virus ("Seprehvec(TM)"). Sorrento is also developing
potential antiviral therapies and vaccines against coronaviruses,
including STI-1558, COVISHIELD(TM) and COVIDROPS(TM), COVI-MSCTM;
and diagnostic test solutions, including COVIMARK(TM).

Sorrento Therapeutics, Inc., and Scintilla Pharmaceuticals, Inc.,
sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No.
23-90085) on Feb. 13, 2023. Sorrento disclosed assets in excess of
$1 billion and liabilities of about $235 million as of Feb. 10,
2023.

Judge David R. Jones oversees the case.

Jackson Walker LLP and Latham & Watkins LLP are serving as legal
counsel to Sorrento. M3 Partners is serving as restructuring
advisor.  Stretto Inc. is the claims agent.


SPANX LLC: Oaktree Specialty Marks $330,000 Loan at 21% Off
-----------------------------------------------------------
Oaktree Specialty Lending Corporation has marked its $330,000 loan
extended to Spanx LLC to market at $260,000  or 79% of the
outstanding amount, as of December 31, 2022, according to a
disclosure contained in Oaktree Specialty's Form 10-Q for the
quarterly period ended December 31, 2022, filed with the Securities
and Exchange Commission on February 7, 2023.

Oaktree Specialty is a participant in a First Lien Revolver Loan
to Spanx LLC. The loans accrues 9.295 (LIBOR+5.25%) per annum. The
loan matures on November 18, 2027.

Oaktree Specialty Lending Corporation is a specialty finance
company that looks to provide customized, one-stop credit solutions
to companies with limited access to public or syndicated capital
markets. Oaktree Specialty was formed in late 2007 and operates as
a closed-end, externally managed, non-diversified management
Investment Company that has elected to be regulated as a Business
Development Company under the Investment Company Act.

Spanx, LLC manufactures women's clothing accessories. The Company
designs, manufactures, markets, and sells women's sleepwear,
loungewear, robes, lingerie, and leisurewear. Spanx serves
customers in the United States.


SPECTACLE BIDCO: S&P Upgrades ICR to 'B+' on Refinancing
--------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Spectacle
Bidco Holdings Inc. (doing business as Cirque du Soleil) to 'B+'
from 'B'. S&P also assigned its 'B+' issue-level and '3' recovery
ratings (50%-70%; rounded estimate: 60%) to its proposed first-lien
senior secured term loan B and revolving credit facility.

S&P said, "The stable outlook reflects our expectation that the
company will sustain leverage below 5x, even incorporating the
expectation for a shallow recession in 2023 in the U.S. that could
cause a pullback in discretionary spending, reduced ticket pricing,
and modestly lower show attendance.

"The upgrade reflects the decline in debt following the proposed
refinancing and our expectation that leverage will remain below 5x
in the next 12 months.

"We expect pro forma leverage based on our projected 2022 EBITDA to
be about 4.5x, which compare favorably to our 5x upgrade threshold
at the 'B' rating. In addition, we expect the company will continue
to generate modest free operating cash flow (FOCF) despite higher
interest cost, with FOCF to debt in the mid-single-digit percent
area over the next 12 months. As of September 2022, Cirque had
relaunched its entire show portfolio, including eight residencies
in Las Vegas as well as its touring division. As shows have
reopened, high average ticket prices that offset modestly weaker
attendance than pre-pandemic have driven revenue generation. We
believe attendance has been slowed by a lack of international
visitation to Las Vegas and slower recovery at its residence shows
in metropolitan areas such as New York, Chicago, and Boston. We
expect these trends to improve in 2023, supporting some higher
attendance next year. In 2023, Cirque will also benefit from a
full-year schedule, the first largely unaffected by the COVID-19
pandemic. This should support revenue growth in the
mid-single-digit percentage area. Reduced advertising spending and
a leaner cost structure has expanded margins this year compared to
2019, despite EBITDA being burdened by relaunch costs. We expect
margin to remain flat in 2023, driven by increased advertising and
labor costs, partially offset by moderate revenue growth. Under
these assumptions, we expect the company will end 2023 with
leverage in the low- to mid-4x area. This still provides cushion
relative to our 5x downgrade threshold at the 'B+' rating despite
our base case for a shallow recession this year."

Macroeconomic factors that could impede discretionary spending and
a concentration of EBITDA generation in Las Vegas pose the most
significant risk to Cirque's U.S. cash flow in 2023.

S&P said, "Rising prices and interest rates are eating away at
household purchasing power. We forecast a 0.1% GDP contraction for
2023 as the economy falls into a shallow recession in the first
half. We can't rule out an even harder landing if the U.S. Federal
Reserve becomes more aggressive with interest rate hikes to quell
inflation." Although the shift in spending to experiences from
products may continue, the surge in leisure spending in Las Vegas
and at Cirque's touring shows may begin to moderate if consumers'
willingness to spend on travel and entertainment is impaired by
reduced accumulated savings, ongoing high inflation, and higher
unemployment. Cirque's residence shows, most of which are in Las
Vegas, account for nearly half of its total revenue. Acceleration
in convention and group business in Las Vegas in 2023 could partly
replace a moderation in leisure demand. A weakening macroeconomic
environment could slow the pace of recovery if corporate travel
budgets fall. Visitor volume in 2022 was 8.6% below 2019 levels and
hotel occupancy about 10% below. This is largely because convention
attendance is 25% below 2019 levels.

While destination markets such as Las Vegas tend to be more
volatile in a downturn, the city's group and convention recovery is
continuing with the return of international travel, and investment
in new attractions, including the opening of Allegiant Stadium
(2020) and the MSG Sphere (scheduled to complete construction in
2023). This should continue to support recovery in visitation. As a
result, S&P expects the impact of a shallow recession would be less
dramatic than during the great recession. Additionally, the first
quarter of 2023 will likely compare easily to the first quarter of
2022 due to the negative impact the COVID-19 omicron variant had on
travel demand to Las Vegas and Cirque's shows. A favorable event
calendar in 2023 should also help visitation. The market will
benefit next year from the return of CONEXPO-CON/AGG, a
construction trade show held every three years, as well as Formula
1 auto racing's Las Vegas Grand Prix.

Cirque du Soleil benefits from its solid brand recognition.

This enables Cirque to form strategic partnerships with venue
providers that help cover the costs of developing new shows. The
contract terms and historical longevity of its shows, which can
last for upward of 20 years, provide some revenue and cash flow
predictability. Cirque's primary partnership is with MGM in the Las
Vegas market, accounting for a large proportion of its revenue
prior to the pandemic. This guarantees Cirque's operating costs, an
additional premium, and royalties from box office sales.
Competitive pressures from other entertainment and leisure
providers partially offset these factors. Additionally, we believe
the company has a moderate counterparty concentration with MGM,
which owns the venues for five of its resident shows.

The stable outlook reflects S&P's expectation that the company will
sustain leverage below 5x, even incorporating the expectation for a
shallow recession in 2023 in the U.S. that results in a pullback in
discretionary spending, reduced ticket pricing, and modestly lower
show attendance.

S&P said, "We could lower our rating on Cirque if the company
sustains adjusted leverage above 5x. This would likely be the
result of a more severe recession in the U.S. than we forecast
leading to a steep decline in ticket pricing and reduced attendance
or a more-aggressive-than-expected financial policy.

"While unlikely over the next 12 months, we would consider raising
our rating on Cirque if it continues to generate consistent organic
revenue growth while maintaining high profitability, such that its
leverage declines to and remains substantially below 4x, with
sufficient cushion to weather any revenue and EBITDA volatility
from an economic downturn. We would also look for its
private-equity owners to relinquish the majority of their stake in
the company before raising our rating."

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

S&P said, "Social factors are a moderately negative consideration
in our credit rating analysis of Cirque. As of September 2022, the
company had brought back most of its portfolio of shows since the
total shutdown of live events in 2020 amid the COVID-19 pandemic.
As such, we expect positive FOCF in 2022. Notwithstanding a more
severe recession than forecast, we expect Cirque will continue to
increase revenue and EBITDA and will sustain credit metrics in line
with or improved compared to 2019. Nonetheless, while we view the
pandemic as a rare and extreme disruption that is unlikely to recur
at the same magnitude, safety and health scares are an ongoing risk
factor. Governance factors are a moderately negative consideration
in our analysis, as is the case for most rated entities owned by
private-equity sponsors. We believe the company's highly leveraged
financial risk profile points to corporate decision-making that
prioritizes the interests of controlling owners. This also reflects
private-equity owners' generally finite holding periods and focus
on maximizing shareholder returns."



ST. CHARLES MEMORY: Seeks to Hire Joyce W. Lindauer as Counsel
--------------------------------------------------------------
St. Charles Memory Care, LLC seeks approval from the U.S.
Bankruptcy Court for the Northern District of Texas to employ Joyce
W. Lindauer Attorney, PLLC.

The Debtor requires legal counsel to effectuate a reorganization,
propose a plan of reorganization and effectively move forward in
its bankruptcy proceeding.

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

     Joyce W. Lindauer, Esq.          $475
     Sydney Ollar, Associate Attorney $250
     Larry Boyd, Law Clerk            $235
     Dian Gwinnup, Paralegal          $210

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

The firm received from the Debtor a retainer of $21,738, which
included the filing fee of $1,738.

Joyce Lindauer, Esq., the owner of the firm, disclosed in a court
filing that the firm is a "disinterested person" as defined in
Section 101(14) of the Bankruptcy Code.

The firm can be reached through:
     
     Joyce W. Lindauer, Esq.
     Joyce W. Lindauer Attorney, PLLC
     1412 Main Street, Suite 500
     Dallas, TX 75202
     Telephone: (972) 503-4033
     Facsimile: (972) 503-4034
     Email: joyce@joycelindauer.com

                   About St. Charles Memory Care

St. Charles Memory Care, LLC operates a continuing care retirement
community and assisted living facility for the elderly. It is based
in Grapevine, Texas.

St. Charles Memory Care sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 23-40253) on Jan.
27, 2023. In the petition signed by Tracy Bazzell, agent, the
Debtor disclosed up to $10 million in assets and up to $50 million
in liabilities.

Judge Mark X. Mullin oversees the case.

Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC,
represents the Debtor as legal counsel.


SUSTAINABLE SAN DIEGO: Seeks to Hire Neil Czujko as Broker
----------------------------------------------------------
Sustainable San Diego, Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of California to employ Neil
Czujko, a real estate broker in La Mesa, Calif.

Mr. Czujko's services include:

     (a) all advertising of the Debtor's property in various social
media;

     (b) document preparation and personal attendance at all
meetings related to the lease of the property; and

     (c) negotiations with various prospective tenant's agents and
consultations with the Debtor and counsel concerning issues related
to the lease.

The broker has agreed to be compensated at a percentage of 6
percent of the gross lease price of the property to be paid out of
the proceeds of the lease.

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

Mr. Czujko holds office at:

     Neil Czujko
     7317 El Cajon Blvd., #179
     La Mesa, CA 91942
     Telephone: (619) 254-8703
     Email: njcz569@gmail.com

                    About Sustainable San Diego

Sustainable San Diego, Inc. owns in fee simple title a commercial
building with yoga studio located at 4862 St. San Diego, Calif.,
valued at $1.65 million.

Sustainable San Diego sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-02982) on Nov.
19, 2022. In the petition signed by Dustin T. Johnston, president,
the Debtor disclosed $1,661,000 in total assets and $931,322 in
total liabilities.

Judge Laura S. Taylor oversees the case.

Michael R. Totaro, Esq., at Totaro & Shanahan serves as the
Debtor's counsel.


TANDEM REAL ESTATE: Taps Smith Kane Holman as Legal Counsel
-----------------------------------------------------------
Tandem Real Estate Holdings, LLC seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Pennsylvania to employ
Smith Kane Holman, LLC as its legal counsel.

The firm's services include:

     a. advising the Debtor with respect to its rights and
obligations;

     b. assisting the Debtor in the preparation of the schedules
and statement of financial affairs and any amendments;

     c. representing the Debtor at its first meeting of creditors
and any and all Rule 2004 examination;

     d. preparing legal papers regarding any proceeding instituted
by or against the Debtor with respect to this Chapter 11 case;

     e. assisting the Debtor in formulating and seeking
confirmation of a Chapter 11 plan and disclosure materials; and

     f. other necessary legal services.

The hourly rates charged by the firm for its attorneys and
paralegals are as follows:

     Partners       $375 to $475 per hour
     Associates     $275 to $350 per hour
     Paralegals      $75 to $100 per hour

Smith Kane Holman is "disinterested" within the meaning of Section
101(14) of the Bankruptcy Code, according to court filings.

The firm can be reached through:

     David B. Smith, Esq.
     Smith Kane Holman, LLC
     112 Moores Road, Suite 300
     Malvern, PA 19355
     Tel: (610) 407-7217
          (610) 407-7215
     Fax: (610) 407-7218
     Email: dsmith@skhlaw.com

                 About Tandem Real Estate Holdings

Tandem Real Estate Holdings, LLC is a multi-sector sector property
investment and development consultancy company in Newtown Square,
Pa.

Tandem Real Estate Holdings filed a petition for relief under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa.
Case No. 23-10461) on Feb. 16, 2023, with $1 million to $10 million
in both assets and liabilities. Holly Smith Miller, Esq., has been
appointed as Subchapter V trustee.

Judge Ashely M. Chan oversees the case.

The Debtor is represented by David B. Smith, Esq., at Smith Kane
Holman, LLC.


TOLL ROAD II: Fitch Affirms 'BB-' Rating on $1.1BB Revenue Bonds
----------------------------------------------------------------
Fitch Ratings has affirmed the 'BB-' rating for Toll Road Investors
Partnership II (TRIP II, the partnership) Dulles Greenway project's
approximately $1.1 billion in outstanding revenue bonds (series
1999 and 2005). The Rating Outlook remains Negative.

   Entity/Debt             Rating          Prior
   -----------             ------          -----
Toll Road
Investors
Partnership
II, L.P. (VA)

   Toll Road
   Investors
   Partnership
   II, L.P.
   (VA) /Toll
   Revenues/1 LT        LT BB-  Affirmed    BB-

RATING RATIONALE

The 'BB-' rating reflects Dulles Greenway's commuter traffic base
in the metropolitan Washington DC area, which has experienced
volatility from economic downturns, toll-free alternate routes and
the impact of the coronavirus. The rating also reflects the limited
visibility into TRIP II's short-term, rate-making predictability
following the more extensive Virginia State Corporation Commission
(SCC) rate framework effective since July 2021.

Debt structural features are protective, with a cash funded debt
reserve and stringent lock-ups when covenant thresholds are not
met, and a somewhat flexible repayment profile. Financial metrics
under Fitch's rating case remain pressured with high leverage and
narrow near-term debt service coverage ratios (DSCRs) in the 1.0x
range, driven by the step-up in debt service in 2022 and escalating
throughout the term.

The Negative Outlook reflects the use of trapped cash to meet debt
service payments in wake of the slower post-pandemic traffic
recovery in the near to medium term as well as the limited
visibility in future toll rate increases. The pandemic had a severe
impact on TRIP II's traffic with its recovery lagging behind many
peer facilities in Fitch's portfolio. Fitch has analyzed a range of
scenarios for a recovery in traffic over the near- to medium term.

TRIP II can withstand a sustained decline in traffic, a slow
recovery in traffic or low toll rate increases over the long-term
and still breakeven on debt due to the significant restricted cash
built up of approximately $205 million at fiscal 2022. Resolution
of the Negative Outlook will depend on the traffic recovery in
conjunction with demonstrated ability under the SCC rate framework
in securing toll increases necessary to maintain adequate coverage
levels and financial flexibility.

While TRIP II is pursuing an opportunity to negotiate its toll rate
framework in the current Virginia legislative session, any
potential change will take time if the legislation is ultimately
passed. The Greenway will still be required to apply for rate
increases from the SCC until then. Fitch will continue to monitor
the situation and incorporate future material credit events as they
arise.

KEY RATING DRIVERS

Revenue Risk - Volume - Midrange

Strong Service Area, Some Competition

Dulles Greenway benefits from a primarily commuter base with
minimal exposure to commercial traffic within the economically
strong metro Washington DC service area. Historical traffic
volatility is elevated, with a peak-to-trough decline of -32% as a
result of the Great Recession, and a degree of elasticity to toll
increases.

Recent improvements to toll-free alternative routes and higher,
persistent levels of telecommuting in the service area have led to
softer traffic performance and a slower post-pandemic recovery
relative to other facilities rated by Fitch. The Greenway's toll
rates, at around $0.41 peak per mile, are comparable to local peers
and other privately-owned toll roads within similar healthy service
areas.

Revenue Risk - Price - Weaker

Limited Visibility into Rate-Setting

'Revenue Risk - Price' key rating driver has been revised to
'Weaker', reflecting continued limited visibility into TRIP II's
future toll rates and uncertainty regarding the SCC toll rate
approval process. Following expiration of the legislative toll rate
schedule in fiscal 2019, TRIP II has to undergo rate case
applications to the SCC for future toll rate increases. The
Greenway's most recent toll increase was approved in April 2021 for
an increase to off-peak tolls for 2021 and 2022.

Under the new SCC rate approval process effective from July 2021,
any rate case submission only covers one year of toll rate
increases at a time and is required to be set at a reasonable level
which would not materially discourage use as defined by a 3% fall
in traffic, adjusted for population growth and provide TRIP II with
no more than a reasonable rate of return as determined by the SCC.

Fitch views the new framework as less predictable than prior
solutions (formulaic approach resulting in annual toll increases of
approximately 3.0% per year) and TRIP II has not yet demonstrated
its ability to procure a rate case under this new framework. TRIP
II's rate-making has historically increased at above inflationary
levels, but could be subject to political interference moving
forward, with increasing importance of timely rate increases in
light of the escalating debt service profile which started in
fiscal 2022.

Infrastructure Dev. & Renewal - Midrange

Manageable Near-Term Capital Works

Dulles Greenway's capital plan is adequate to meet the needs of the
road, mainly focusing on roadway maintenance and congestion relief
projects. TRIP II's 10-year plan is funded with annual deposits
from cash flow; over the longer-term, as the asset ages and capital
needs increase, the ability to recover capital expenses may be
constrained by the current rate-setting framework. TRIP II recently
completed approximately $20 million of projects, including the DTR
Connector project, a ramp reconfiguration at the west end and the
Leesburg Bypass project, with funds held in the distribution
lock-up account, which are not viewed as available for capex over
the long-term.

Debt Structure - Senior - Midrange

Back-loaded Debt, Sound Covenants

TRIP II's debt structure features fixed-rate, senior debt with
several bullet maturities which have been smoothed into an
amortizing structure with mandatory early redemption features,
escalating at a CAGR of 0.6% from 2023-2056. The legal final
maturity date on the 2005B bonds provides a significant tail
relative to the early redemption schedule, though encompasses only
a modest portion of the overall capital structure.

Missing an early redemption payment is not an event of default,
though deferral of planned early redemptions could cause debt
obligations to balloon. Cash reserves of nearly 1x maximum annual
debt service (on a scheduled basis), a $45 million surety bond, and
a dual-prong distribution lock-up test of 1.25x DSCR and 1.15x (net
of deposits for capex) with lock-up periods of one and three years
respectively are additional enhancements against the back-loaded
and long-dated structure.

Financial Profile

Due to lagging traffic performance, TRIP II's coverages did not
meet covenant thresholds in fiscal 2021 and are also not expected
to meet thresholds for fiscal 2022, leading to continued trapping
of cash held in its early redemption reserve fund (ERRF). Under the
bond indenture, historical coverages prior to 2022 were calculated
on a conservative basis to include debt service amounts of prior
redeemed bonds. On an actual cash basis, TRIP II did meet or was
close to the 1.25x covenant in recent years leading up to 2021 as
management paid off additional bonds beyond their original
mandatory early redemption schedule using reserves since 2011.

Cash balances remain healthy at $205 million as of fiscal 2022 YE,
including $105 million held in the ERRF and $40 million in the debt
service reserve fund. TRIP II's financial profile under Fitch's
rating case is narrow, with a 10-year average DSCR of 1.0x,
increasing to the 1.4x range after 2036. Under a slower recovery in
traffic, Fitch anticipates multiple years of DSCR below 1.0x, with
shortfalls expected to be fully covered through reserves and no
deferral of scheduled debt service.

PEER GROUP

Dulles Greenway's peers from a volume perspective include U.S.
commuter-based facilities with strong and growing service areas,
however these U.S. facilities tend to exhibit investment-grade DSCR
levels under Fitch's rating case of 1.4x or better. Fitch has also
compared TRIP II to other toll roads globally in the 'BB' category,
which exhibit a similar combination of factors, including narrower
rating case DSCR of 1.1x over the next 10 years, and additional
volatility in traffic along with uncertainty around future toll
rates.

RATING SENSITIVITIES

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

- Inability to implement adequate rate increases to
   accommodate the ascending debt service obligations;

- Weaker than expected traffic recovery leading to further
   pressure on DSCR metrics;

- Inability to fund capital investments with operating
   cash flows or reserved funds and/or material depletion
   of liquidity position without further preventative
   actions taken by management.

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

- Demonstrated track record of adequate rate increases  
   under the SCC approval framework to accommodate the
   ascending debt service obligations;

- Recovery of traffic and revenues and/or any positive
   legislative improvements in the toll rate framework
   which would support cash flow generation and DSCR
   metrics (calculated net of capex) above 1.1x on a
   sustained basis.

CREDIT UPDATE

Traffic and revenue have shown some recovery in fiscal 2022 (YE
December 31), growing 6.6% and 12.5% yoy respectively, however
still 69% and 76% respectively of 2019 pre-pandemic levels. A
combination of factors has led to the slower than expected
performance, including the slower return to office trend in the
Washington DC metro area and telecommuting in the high-income
Loudon County, lower congestion on alternative free routes due to
improvements to corridor traffic flow, and the slower return of
enplanements of Dulles Airport. The impact to Greenway traffic of
the recent 26% toll rate increase on Dulles Toll Road (DTR) in
January 2023 and the Metrorail's recent opening in November 2022
has yet to be seen.

The rate hike on DTR which connects at the Greenway's eastern
terminus, has increased the total cost for long distance trips to
DC and may lead to higher elasticity from users commuting. The
Metrorail now has two stops along the Greenway at Ashburn and
Loudoun Gateway, giving commuters at those particular stops the
option to park and take the rail to the airport or further into
DC.

Fitch's view on the impact is that it will not be material for the
project given the Greenway is mostly used by commuters from
Leesburg, a further 11-14 miles further east of the station stops.
The extension is considered an important component of the regional
transportation network which is expected to encourage regional
growth, which may benefit the Greenway in the longer term.

During the current Virginia legislative session, TRIP II is in the
process of lobbying for legislation (House Bill 1858 and Senate
Bill 1162) to open discussions with the Commonwealth to negotiate
changing its toll rate setting framework from under the SCC HCA to
the Private-Private-Public Transportation Act of 1995 under the
Department of Transportation. The proposed legislation is aimed to
allow TRIP II more flexibility to adjust rates and move to a
distance-based toll structure with any revised agreement subject to
the determination of the Commissioner of Highways that it is in the
"public interest" to do so.

Currently, tolls are charged at the one-time rate of $5.80 peak or
$5.25 off-peak for two-axle vehicles regardless of distance
travelled. Distance-based tolling charges users for distance
travelled and may lead to a lower, cost-effective tolls for some
users and help draw more traffic onto the road, especially for
shorter distance trips. Fitch believes any potential change in toll
setting framework and the details of any new agreement is uncertain
at this stage. Should these bills pass during this current
legislative session, discussions will move to the next negotiation
phase before any new arrangement is finalized. Until then, the
Greenway remains under SCC regulation and will be required to apply
for rate increases in the future.

Since the last January 2022 off-peak rate increase which was
approved in April 2021, the Greenway has not applied or have any
further rate hikes scheduled. The Greenway has not yet tested the
more extensive SCC rate approval process and management has
indicated they will consider the need for a new rate case after the
current legislative session. Fitch believes how TRIP II ultimately
navigates this process to secure sufficient rate increases to
offset its escalating debt service requirements will be an
important driver to the rating.

Fiscal 2022 estimated operating expenses were kept below budget and
maintained close to prior year levels despite higher traffic
activity. Savings were attributed to overall conservative budgeting
and lower administrative and third-party services and fees. An
updated 10-year capital improvement plan (CIP) totals roughly $30
million, adjusted for inflation. The largest expenditure is planned
for fiscal 2026 for cyclical road repaving with the remainder for
maintenance-related capex. Positively, the simple nature of the
asset allows for the CIP to be maintained at a manageable size and
funded entirely through excess cash flows deposited in the
Improvement Fund, with no reliance on future debt issuance.

TRIP II does not expect to meet its Minimum Coverage Ratio (MCR) or
Additional Coverage Ratio (ACR) covenant tests in 2022, continuing
to trigger trapping of cash. With cash built up in the ERRF,
management has indicated TRIP II intends to continue with early
redemption payments of the 2005B bonds. The step-up in debt service
which started in fiscal 2022 pressured DSCR below 1x and Fitch
believes it will be difficult for near-term coverages to meet the
1.25x covenant threshold without substantial rate increases or
stronger traffic recovery.

Nonetheless, Fitch notes positively that the intention of the ERRF
has always been to provide cushion to cover any shortfall in
revenues during weaker traffic periods that would result in partial
or missed early redemption payments as well as acting as a cushion
for any delays in getting rate increases approved by the SCC.
Further, any excess cash will remain locked up for three years
after the project meets its 1.15x ACR and one year after meeting
its 1.25x MCR. Fitch believes that the strong structural features
of the debt will continue to provide adequate cushion for the
project to meet debt service requirements including early
redemptions, as traffic recovers, in line with expectations for a
credit in the 'BB' category.

FINANCIAL ANALYSIS

Base Case

Given the performance of the asset through the pandemic, Fitch has
revised down its projections for TRIP II's traffic recovery in its
case analysis. In Fitch's base case, traffic is projected to grow
+19.5% in 2023, recovering back to 83% of 2019 levels. In the near
term, traffic grows moderately until a full recovery is reached in
the coming years and thereafter growth is staggered and gradually
declines from 1% per year to minimal growth through maturity of the
debt term.

Given TRIP II has not applied for a rate case and factoring in the
turnaround time for the SCC to approve any potential rate case to
be submitted later this year, Fitch has conservatively assumed no
rate increases in 2023. Thereafter, toll rates increase by
approximately 2.5% per year in the medium term then shift to a
lower 1.5% growth rate over the long term.

Operating expenses follows the issuer's budget for 2023, which
expects approximately 25% growth from prior year due to higher
traffic activity and thereafter increases by 2.75% per year. Debt
service also assumes all early redemption payments for the 2005B
bonds are being met with net revenues or cash reserved in the ERRF.
Under this scenario, DSCR reaches a minimum of 0.9x in 2023 and
remains narrow through 2035, then increases to above 1.4x through
final maturity.

Ratings Case

Fitch's rating case has an even more conservative traffic
projection with a full recovery closer to 10-years out, accounting
for a slower pandemic recovery and a larger telecommuting impact.
Its longer traffic recovery expectations are guided by similar
recovery periods for other toll roads which have been harder hit by
the pandemic due a high proportion of work from home users as well
as referencing DTR's published traffic and revenue forecast, which
does not see traffic recover back to 2019 levels until 2041, albeit
Fitch notes DTR traffic may see more elasticity from its large toll
rate increase schedule.

In the long term, growth rates are similarly conservative with low
growth during the projection period. The rating case adopts the
same toll rate increases as the base case and escalates the growth
in operating expenses by 50 basis points. Under these assumptions,
DSCR remains below 1x in the next few years with a 10-year average
of 1.0x. From 2036 onwards, DSCR increases to above 1.4x. Despite
narrow coverages in the near-term, no deferral of debt service is
required in its projections given the sizeable cash reserves
available in the ERRF.

Breakeven and Sensitivity Cases

Fitch has run several breakeven and sensitivity scenarios to assess
the asset's ability to withstand a severe traffic decline or
prolonged period of low toll increases, while incorporating the
strong cash lock-up features of the debt. Assuming that cash
reserves can be drawn down to cover shortfalls and that all early
redemption payments will be made, the Greenway requires a 3.4%
breakeven revenue growth rate to meet debt service requirements
over the projection period. Revenues can also withstand a -22.7%
and -16.5% parallel shift under Fitch's base and rating case
scenarios and still breakeven.

The modest required revenue growth of 3.4% and large shifts in
revenues the project can withstand is demonstrative of a moderate
degree of resiliency embedded in the debt structure and supportive
of the current rating in the 'BB' category.

SECURITY

The senior bondholders have a first priority lien on the security
interest within the Trust Estate which includes all of the rights
to net revenue, real estate interest, rights under the easements
and rights, title and interest in the equipment.

ASSET DESCRIPTION

TRIP II is the special purpose company that owns the Dulles
Greenway. The Dulles Greenway is a six-lane, 14-mile, limited
access toll highway in Loudoun County, Virginia, connecting Dulles
International Airport with US-15 in Leesburg. It serves as an
extension of the state-owned DTR, which connects Dulles Airport and
other high-density employment centers in the corridor to the rest
of the Washington DC metropolitan area. The two toll roads connect
near the entrance of Dulles Airport.

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.


TRAYLOR CHATEAU: Chapter 11 Trustee Gets OK to Hire Accountant
--------------------------------------------------------------
David Sosne, the trustee appointed in the Chapter 11 case of
Traylor Chateau, LLC, received approval from the U.S. Bankruptcy
Court for the Eastern District of Missouri to employ Massie
Fudemberg Goldberg, LLC as accountant.

The trustee requires an accountant to prepare any necessary
federal, state and local tax returns and to perform other
accounting services.

The hourly rates charged by the firm are as follows:

     Partner           $230
     Tax Manager       $135
     Staff Accountant   $75
     Administrative     $57

Sanford Krachmalnick, CPA, a member of Massie Fudemberg Goldberg,
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:
   
     Sanford H. Krachmalnick, CPA
     Massie Fudemberg Goldberg, LLC
     1015 Locust St., Suite 425
     St. Louis, MO 63101
     Telephone: (314) 231-5105

                       About Traylor Chateau

Traylor Chateau, LLC is a Missouri limited liability company that
owns a 30-unit apartment building located at 5832-5840 Cabanne
Avenue, in Saint Louis City, Mo. The company is a single asset real
estate (as defined in 11 U.S.C. Section 101(51B)).

Traylor Chateau sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Mo. Case No. 22-43815) on Dec. 6,
2022, with up to $10 million in assets and up to $1 million in
liabilities. Rena T. Traylor, member of Traylor Chateau, signed the
petition.

Judge Kathy A. Surratt-States oversees the case.

Frank R. Ledbetter, Esq., at Ledbetter Law Firm, LLC represents the
Debtor as counsel.

David A. Sosne, the Chapter 11 trustee appointed in the Debtor's
case, tapped Summers Compton Wells, LLC as legal counsel and Massie
Fudemberg Goldberg, LLC as accountant.


TUESDAY MORNING: Taps Stretto Inc. as Claims and Noticing Agent
---------------------------------------------------------------
Tuesday Morning Corporation and its debtor affiliates, seeks
approval from the U.S. Bankruptcy Court for the Northern District
of Texas to hire Stretto, Inc. as its claims, noticing, and
solicitation agent.

The Debtor requires a claims and noticing agent to serve notices to
creditors, equity security holders and other concerned parties, and
provide computerized claims-related services.

The Debtors provided Stretto a retainer in the amount of $10,000.

Stretto will bill the Debtor no less frequently than monthly.

Sheryl Betance, a senior managing director at Stretto, 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:

     Sheryl Betance
     Stretto, Inc.
     410 Exchange, Ste. 100
     Irvine, CA 92602
     Telephone: (714) 716-1872
     Email: sheryl.betance@stretto.com

                       About Tuesday Morning

Dallas, Texas-based Tuesday Morning Corporation is an off-price
retailer specializing in products for the home, including upscale
home textiles, home furnishings, housewares, gourmet food, toys and
seasonal decor, at prices generally below those found in boutique,
specialty and department stores, catalogs and on-line retailers.

Tuesday Morning and several affiliates filed for Chapter 11
bankruptcy protection (Bankr. N.D. Tex. Lead Case No. 23-90001) on
Feb. 14, 2023.  

The Debtors said both assets and liabilities, on a consolidated
basis, are between $100 million and $500 million.

The Hon. Edward L. Morris presides over the case.

Lawyers at Munsch Hardt Kopf & Harr, P.C., serve as counsel to the
Debtors.  The Debtors tapped Piper Sandler as investment banker;
and Stretto, Inc., as claims and noticing agent.


UAL CORP: Egan-Jones Retains CCC+ Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company on January 23, 2023, maintained its
'CCC+' foreign currency and local currency senior unsecured
ratings on debt issued by UAL Corporation. EJR also maintained its
'B' rating on commercial paper issued by the Company.

UAL Corporation is a holding company. The Company, through its
subsidiaries, transports persons, property and mail throughout the
United States and abroad.


UNITED AIRLINES: Egan-Jones Retains CCC+ LC Sr. Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company on January 23, 2023, maintained its
'CCC+' local currency senior unsecured rating on debt issued by
United Airlines Holdings, Inc. EJR also maintained its 'B' rating
on LC commercial paper issued by the Company.

Headquartered in Chicago, Illinois, United Airlines Holdings, Inc.
is a publicly traded airline holding company.


UNITED FURNITURE: Appointment of Trustee for Affiliates Okayed
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Mississippi
approved the appointment of Derek
Henderson, Esq., as the Chapter 11 trustee for United Furniture
Industries, Inc.'s affiliates.

The affiliates are LS Logistics, LLC, Furniture Wood, Inc., UFI
Transportation, LLC, United Wood Products, Inc., Associated Bunk
Bed Company, FW Acquisition, LLC, UFI Royal Development, LLC, and
UFI Exporter, Inc.

The approval comes upon the motions filed by David Asbach, Acting
U.S. Trustee for Region 5, to appoint a bankruptcy trustee to take
over the companies' Chapter 11 cases.

Mr. Henderson, a practicing attorney in Jackson, Miss., disclosed
in court filings that he does not have any connection with the
companies, creditors and other parties in interest.

                 About United Furniture Industries

United Furniture Industries, Inc. manufactures and sells
upholstery.  It offers bonded leather and upholstery fabric
recliners, reclining sofas and loveseats, sectionals, and sofa
sleepers, as well as stationary sofas, loveseats, chairs, and
ottomans.

United Furniture Industries was subject to an involuntary Chapter 7
bankruptcy petition (Bankr. N.D. Miss. Case No. 22-13422) filed on
Dec. 30, 2022. The petition was signed by alleged creditors Wells
Fargo Bank, National Association, Security Associates of
Mississippi Alabama LLC, and V & B International, Inc. On Jan. 18,
2023, the court entered the order for relief, thereby, converting
the case to one under Chapter 11.

On Jan. 31, 2023, eight affiliates of United Furniture Industries
filed for Chapter 11 protection in the U.S. Bankruptcy Court for
the Northern District of Mississippi. The affiliates are LS
Logistics, LLC, Furniture Wood, Inc., UFI Transportation, LLC,
United Wood Products, Inc., Associated Bunk Bed Company, FW
Acquisition, LLC, UFI Royal Development, LLC, and UFI Exporter,
Inc. Their Chapter 11 cases are jointly administered under Case No.
22-13422.

Judge Selene D. Maddox oversees the cases.

Wells Fargo is represented by R. Spencer Clift, III, Esq., while
Security Associates is represented by Andrew C. Allen, Esq., at The
Law Offices of Andrew C. Allen.


VANTAGE DRILLING: S&P Rates New $200MM First-Lien Notes 'B-'
------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issue-level rating and '2'
recovery rating to Vantage Drilling International's proposed $200
million first-lien notes due 2028. This rating assumes the company
refinances the 2023 notes as proposed, there are no material
changes to its assumptions, and S&P raises its issuer credit rating
on Vantage to 'CCC+' (as expected) at the close of the transaction.
The '2' recovery rating on the 2028 notes indicates S&P's
expectation for substantial (70%-90%; rounded estimate 75%)
recovery to creditors in the event of a payment default.

ESG credit indicators: E-4, S-3, G-3

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- S&P's simulated default scenario for Vantage contemplates that
sustained weak commodity prices significantly reduce the demand for
offshore drilling rigs, leading to a payment default.

-- S&P values Vantage on a discrete asset-value basis using its
net book value and our estimated appraisal values for the company's
fleet.

-- S&P applies a 5% annual dilution rate and a realization factor
between 25%-50% to the approximately $350 million in net book value
as of Sept. 30, 2022. S&P also applies about 50% shrinkage to the
company's accounts receivable, materials, and supplies, and 100%
shrinkage to cash.

Simulated default assumptions

-- Simulated year of default: 2024

-- Jurisdiction (Rank A): Although Vantage has split headquarters
in Dubai and Houston, S&P believes it would most likely file for
bankruptcy protection in the U.S. or restructure under the U.S.
bankruptcy code given its nexus in the country.

Simplified waterfall

-- Net enterprise value (after 5% in administrative costs): $158
million

-- First-lien senior secured debt: $210 million

    --Recovery expectations: 70%-90% (rounded estimate: 75%)

Note: All debt amounts include six months of prepetition interest.



VANTAGE SPECIALTY: Fitch Assigns 'B' LongTerm IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has assigned a first-time Long-Term Issuer Default
Rating (IDR) of 'B' to Vantage Specialty Chemicals, Inc. Fitch has
also assigned a 'B+'/'RR3' rating to the company's senior secured
revolver and term loan.

Vantage's 'B' IDR reflects the company's recent success revamping
its commercial strategy with a focus on products and customers that
generate higher profitability and asset utilization and away from
volume, leading to a significant improvement in cash flow, leverage
and coverage metrics. The rating is further supported by Vantage's
competitive position, where the company benefits from high
switching costs by customers for the majority of its revenue. The
rating is constrained by the need to see the recently improved
operating performance season over a more extended period and
Vantage's geographic concentration.

The Rating's Stable Outlook reflects Fitch's expectations for
EBITDA leverage to trend between 4.5x and 5.5x over the forecast
horizon.

KEY RATING DRIVERS

Transformed Commercial Efforts: Over the past three years, Vantage
has evolved its go-to-market strategy to focus sales on those
products that enhance margins and return on assets, and away from
volumes. At the same time, the company has also shifted its
end-market focus to consumer-oriented end markets with less
emphasis on more cyclical industrial markets.

To accomplish this transition, the company invested in senior
leadership with a focus on market-facing roles, completed an
accretive, strategic acquisition, and invested in customer outreach
and support functions. These efforts have resulted in improved
operating performance, lower leverage and more robust cash flow.

Substantial Operating Improvement: Vantage's commercial turnaround
efforts resulted in a significant improvement in both sales and
margins. Although volumes contracted due to both management-intent
and supply-chain constraints, management's commercial pivot to more
profitable volumes supported strong sales growth, while
Fitch-defined operating EBITDA margins reached the upper teens in
2022, from approximately low double digits in 2021. Fitch expects
that margins could moderate slightly to the mid-teen range as
inflationary price capture could be limited going forward.

Improved Capital Structure and Cash Flow: Vantage's top-line and
margin expansion have supported material deleveraging over the past
year, as EBITDA leverage declined from 7.8x to 4.4x. Moreover, FCF
margin improved to nearly 3% of revenue in 2022, after hovering on
either side of break-even for the past several years. Fitch expects
Vantage to generate over $30 million of FCF going forward, with
some variability tied to additional capital projects. The company's
ability to sustain these improved metrics will be dependent on
management's continued execution of its revamped commercial
strategy.

Established Competitive Position: Vantage benefits from its
portfolio of proprietary and specialized natural-based ingredients
derived from natural oils, animal and vegetable fats and seeds &
botanicals. The majority of its revenue benefits from high
switching costs due to either proprietary formulations or being
named the specified provider for a given product platform.
Moreover, Vantage's ingredients represent a small (often less than
5%) portion of the customer's product cost and provide defined
functional attributes that are not easily substituted.

Geographically Concentrated Markets and Manufacturing: Although
Vantage has been expanding internationally, the company remains
largely domestic, with the majority of its manufacturing occurring
out of two plants in the Chicago area. Fitch notes that the firm
has made strides to expand overseas with past acquisitions in
Europe, which supported some expansion of its natural oil supply
chain and manufacturing capabilities.

DERIVATION SUMMARY

Relative to its peers, Vantage's scale is in line with Aruba
Investments (B/Sta) and ASP Unifrax (B/Sta), though smaller than SK
Mohawk (B/Sta). Historical margins are on the lower end of the peer
group, and more in line with those of SK Mohawk, although Vantage's
transformed go-to-market strategy, should it hold, will move its
margins closer to peer ASP Unifrax, but still well-behind the
margins of Aruba Investments (B/Sta). The Company's historical
capital structure is largely in line with Aruba Investments and SK
Mohawk, though Fitch expects the company's leverage to improve and
be maintained in the 4.5x-5.5x range.

From an operational perspective, Vantage benefits from its position
as a proprietary or specified supplier for the bulk of its
business, which is stronger than SK Mohawk's competitive
positioning for its intermediates and additives, though not as
strong as Aruba Investments' position of being sole-source supplier
for the majority of its revenue.

KEY ASSUMPTIONS

-- Unit volumes in 2023 increase by slightly more than 2%, as
continued success and volume growth with consumer accounts is
partially offset by macro weakness on the industrial side of
Vantage's business. Unit volumes increase nearly 6% in 2024 from a
macro recovery and continued growth on the consumer side, and
increase 3%-4% annually thereafter;

-- Unit pricing in 2023 slips modestly from both the weaker
economic environment and moderating inflation, then increases in
the 2.5%-3.0% range thereafter;

-- Gross Margins and EBITDA margins both retreat from their 2022
highs, but remain above historical levels, assuming that management
continues to focus on margin over volume;

-- Vantage maintains Capex at approximately 2% of revenue;

-- No material changes in A/R factoring;

-- Fitch assumes that Vantage completes two strategic, "bolt-on"
acquisitions in 2024 and 2026, respectively.

RATING SENSITIVITIES

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

-- Fitch-defined EBITDA Leverage demonstrably below 4.5x;

-- Demonstrated ability to maintain operating EBITDA Margins in
the mid to upper teens and/or sustain positive FCF margins;

-- Increased scale and diversification.

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

-- Fitch-defined EBITDA Leverage sustained above 5.5x, potentially
stemming from aggressive, debt-funded M&A or dividends;

-- Operating EBITDA margins sustained in the low double-digits,
potentially stemming from loss of competitive positions;

-- FCF margins persistently break-even to negative.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Pro forma for the contemplated transaction,
Vantage will have adequate liquidity over the next two years,
starting with $26 million in cash and $74 million of availability
under its revolver. The company's liquidity will improve with (a)
the two-year maturity extension on its first lien term loan to
October 2026; and (b) the refinancing of its second-lien term loan
into the first-lien structure, thereby reducing overall cash
interest expense.

Fitch expects that continued FCF generation will continue to
bolster liquidity. Fitch notes that the proposed revolver extension
limits the tenor of the commitments to April 2025, approximately 18
months prior to the October 2026 maturity of the $670 million first
lien term loan.

ISSUER PROFILE

Headquartered in Chicago, Vantage Specialty Products is a producer
of bio-based chemical solutions derived from beef tallow and
vegetable oils focused on personal care, food, health care and
niche industrial applications.

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   
   -----------             ------          --------   
Vantage Specialty
Chemicals, Inc.      LT IDR B  New Rating

   senior secured    LT     B+ New Rating     RR3


VENATOR FINANCE: $375M Bank Debt Trades at 22% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Venator Finance
Sarl is a borrower were trading in the secondary market around 78
cents-on-the-dollar during the week ended Friday, February 24,
2023, according to Bloomberg's Evaluated Pricing service data.

The $375 million facility is a Term loan that is scheduled to
mature on August 8, 2024.  About $352.2 million of the loan is
withdrawn and outstanding.

Venator Finance SARL is a provider of financial investment
services. The Company was founded in June 2017 and is located in
Luxembourg.



VERITAS US: $1.70B Bank Debt Trades at 20% Discount
---------------------------------------------------
Participations in a syndicated loan under which Veritas US Inc is a
borrower were trading in the secondary market around 80.2
cents-on-the-dollar during the week ended Friday, February 24,
2023, according to Bloomberg's Evaluated Pricing service data.

The $1.70 billion facility is a Term loan that is scheduled to
mature on September 1, 2025.  The amount is fully drawn and
outstanding.

Veritas US Inc. designs and develops enterprise software solutions.


VERMILION ENERGY: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Vermilion Energy Inc.'s Long-Term Issuer
Default Rating (IDR) at 'BB-' and the company's senior unsecured
rating at 'BB-'/'RR4'. The Rating Outlook is Stable.

Vermilion's ratings reflect its diversified asset base and exposure
to higher priced European oil and gas indices compared with North
American peers, which results in peer leading netbacks and sub-1x
EBITDA leverage. The ratings are tempered by the company's smaller
production size for its rating category, lack of scale in fields
outside of North America and uncertainties around the introduction
of European Union windfall taxes.

KEY RATING DRIVERS

Peer Leading Netbacks: Vermilion's European price exposure, which
the company guides 18% of total 2023 production will be from
European gas and 15% from Brent linked oil, resulted in the highest
unhedged half cycle cash netbacks in Fitch's E&P portfolio at
USD71.4 during 3Q22. Although 3Q22's realized prices were
abnormally high, due to current supply constraints affecting
Europe, the exposure to price advantaged oil and gas has
historically supported Vermilion's strong cash netbacks, which are
a credit differentiator compared to similarly gas-to-oil weighted
North American E&P producers.

Fitch expects that the company's strong FCF for its relative
production size should allow Vermilion to achieve its sub CAD1
billion net debt target in 2023 or early 2024. Fitch forecasts
EBITDA leverage of approximately 0.5x in 2023 and 2024.

Windfall Taxes add Uncertainties: The temporary European Union
windfall tax enacted in 2H22 targeting oil and gas companies
reflects the less supportive environment Vermilion's European
operations face compared to its North American operations.
Uncertainty on the longer-term status and structure of these taxes,
as well as the rate that specific countries within the EU will
ultimately apply them, heightens regulatory and to a lesser extent,
FCF risks, because by design they apply in periods of outsized
profitability.

Vermilion is guiding CAD250 million of windfall taxes for 2023
following an estimated approximately CAD300 million in 2022. The
tax is calculated against a baseline of 20% above average taxable
earnings between 2018 and 2021, with the EU setting a minimum rate
of 33% and individual EU countries having the discretion to set
rates above this. For example, at the high end, Ireland, where
Vermilion's Corrib asset is located, has proposed a 75% tax rate.
EU countries have the option to apply the tax to 2022 and or 2023.

Diversified Asset Base: Vermilion has a unique asset profile among
peers given its high level of geographic diversification relative
to its size. Its asset base is focused on the three following
regions: North America, Europe and Australia. Production at 3Q22 is
split between Canada (62%), France (8%), Germany (7%), the
Netherlands (6%), the U.S. (6%), Australia (6%), Ireland (5%), and
the remainder in Central and Eastern Europe, which should become
more a contributor to production in late 2023 or 2024 once
Vermilion's Croatian gas plant is commissioned.

Vermilion's geographic diversification is linked to the company's
practice of seeking the highest return projects regardless of
location. Geologically, many of the plays tend to be shallow, lower
cost conventional resource plays (France, Netherlands) or lower
cost fracking plays (Williston Basin in Southeast Saskatchewan).

Challenges to Scaling Up: A downside of Vermilion's heavily
diversified portfolio is a limited ability to organically scale up
in most of its plays outside of North America properties. Growth
prospects for its international portfolio vary significantly,
ranging from regions in decline (e.g. France and Netherlands) to
areas with good geology but challenging permitting environments
(Germany and Netherlands).

The acquisition of Leucrotta Exploration in 2022 provides an avenue
of Montney production growth that Vermilion anticipates ultimately
scaling up to 28Mboepd. Production in 2022 through 3Q of
approximately 85Mboepd is at the bottom end of the general 'BB'
rating range, where production typically ranges between
75Mboepd-175Mboepd.

Corrib Expected to Close End of 1Q23: Closing of the Corrib
acquisition, which was originally expected in 2H22, and will
increase Vermilion's interest by 36.5%, is now anticipated to close
by the end of 1Q23. Clarity on the closing of the acquisition
improved in January 2023 when Vermilion announced it had obtained
formal Irish government consent for the acquisition. The final
purchase price is expected to be approximately CAD200 million to
CAD300 million cash compared to the original purchase price of
CAD600 million after netting out FCF's generated since the
transaction's effective date of Jan. 1, 2022.

Hedging Program: Historically, Vermilion has targeted 25%-50% of
production hedges over a rolling four quarters with natural gas
being more hedged than oil. For 2023, excluding Corrib, around 22%
of European natural gas and 18% of North American natural gas was
hedged, reflecting a reduction in overall positions and an exit
from oil hedges. The reduced hedging increases volatility in
potential cash flows and is directionally consistent with recent
E&P sector trends. Some producers, who typically have been able to
improve their financial position over the past 12 months, have
reduced hedging practices with the expectation their stronger
balance sheets can support against potential downside risks from
more cash flow volatility.

Vermilion Energy Inc. has an ESG Relevance Score of '4' for
Exposure to Social Impacts due to Vermilion's small-to medium-sized
production profile, offshore production, and operations where there
exists a more stringent climate-related regulatory framework and
increase social resistance, including the approval of a temporary
windfall tax measure aimed at EU companies with activities in the
hydrocarbon sector. This has a negative impact on the credit
profile and is relevant to the ratings in conjunction with other
factors.

DERIVATION SUMMARY

Vermilion's positioning against high-yield oil and gas peers is
mixed. In terms of geographic diversification, it is peer-leading
with operations in North America, Europe and Australia. However,
smaller positions across its international assets and exposure to
European regulatory risk reduce the credit risk benefit of this
diversification. Vermilion's overall production size is on the low
end of the 'BB-' level, with its Canadian operations of 52Mboepd in
3Q22 the largest contributor to production.

At a 3Q22 average of 84.2Mboepd, Vermilion is smaller than 'BB-'
rated E&P peers Civitas Resources (BB-/Positive) at 176.3Mboepd and
SM Energy (BB-/Stable) at 137.9Mboepd. Vermilion's size is more in
line with Canadian peers Baytex Energy (B+/Stable) and MEG Energy
(B+/Stable), which averaged 83.2Mboepd and 102.0Mboepd in 3Q22
respectively.

Vermilion's netbacks, which have historically been relatively
strong due to its exposure to Brent-linked premiums for its
international oil and higher European natural gas pricing,
increased materially through 2022 with the benefit of record high
European gas prices. Vermilion's 3Q22 netback of USD71.4 (54%
liquids) leads pure play Permian producers Pioneer Resources
USD55.6 (79%) and compares to Canadian peers Baytex (84% liquids)
and MEG (100% liquids), which had unhedged cash netbacks of
USD36.8. and USD40.1.

KEY ASSUMPTIONS

- WTI/bbl oil price USD81 in 2023, USD62 in 2024, USD50 in 2025 and
longer term;

- Brent/bbl oil price USD85 in 2023, USD65 in 2024, USD53 in 2025
and longer term;

- HHUB/mcf natural gas USD5 in 2023, USD4 in 2024, USD3 in 2025 and
USD2.75 longer term;

- TTF/mcf natural gas of USD40 in 2023, USD20 in 2024, USD10 in
2025 and USD5 longer term;

- Production between 86Mboepd-93Mboepd through the forecast;

- Excess cash is applied to fully repay revolver facility and 2025
notes are refinanced;

- Shareholder dividend and share buybacks increase once debt
targets achieved;

- Corrib acquisition closed in 1H23;

- Windfall taxes extended through forecast period.

RATING SENSITIVITIES

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

- Production approaching 150Mboepd;

- Increased scale in existing positions, with greater drilling
inventory, a higher reserve life and the ability to develop new
inventory while maintaining high margins;

- Mid-cycle EBITDA leverage below 2.0x.

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

- Loss of operational momentum with organic production trending
below 70Mboepd or materially increasing production costs.

- Impaired financial flexibility;

- Mid-cycle EBITDA leverage above 3.0x;

- Deviation from a financial policy that emphasizes debt reduction
before Vermilion's stated targets are met.

LIQUIDITY AND DEBT STRUCTURE

Reduced Revolver Utilization and Supportive FCF: Through the first
three quarters of 2022 Vermilion reduced its revolver draw to
CAD478 million from CAD1.285. The reduced revolver draw is
attributable to a combination of a 2Q22, USD400 million senior
unsecured issuance, where proceeds were applied to repaying
revolver debt, and discretionary repayments from FCF. CAD1.121
billion of available liquidity on Vermilion's CAD1.6 billion
facility was available at 3Q22.

Vermilion holds minimal cash and cash equivalents that totalled
approximately CAD8 million at 3Q22. Positive pre-distribution FCF
expectations through Fitch's forecast period helps place Vermilion
in the position to further reduce total debt to meet its internal
CAD1.0 billion net debt target. Vermilion's credit facility matures
in May 2026, and it has no maturities until the 5.625% notes come
due in 2025 followed by the 6.875% notes in 2030.

Vermilion has steadily increased its quarterly $0.10/share dividend
since reintroduction in 2021 after cancelling it in 2020 to
conserve liquidity. This dividend is modest in relation to forecast
FCF generation, and along with potential share buybacks or special
dividends is targeted at up to 25% of FCF in 2023. Distributions
are expected increase once the company's CAD1.0 billion net debt
target is met.

ISSUER PROFILE

Vermilion Energy Inc. (NYSE/TSE: VET) is a small-to-medium sized
diversified international E&P company with producing properties
primarily in North America, Europe, and Australia.

ESG CONSIDERATIONS

Vermilion Energy Inc. has an ESG Relevance Score of '4' for
Exposure to Social Impacts due to Vermilion's small-to medium-sized
production profile, offshore production, and operations where there
exists a more stringent climate-related regulatory framework and
increase social resistance, including the approval of a temporary
windfall tax measure aimed at EU companies with activities in the
hydrocarbon sector. This has a negative impact on the credit
profile and is relevant to the ratings in conjunction with other
factors.

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

   Entity/Debt             Rating         Recovery   Prior
   -----------             ------         --------   -----
Vermilion Energy
Inc.                 LT IDR BB- Affirmed              BB-

   senior
   unsecured         LT     BB- Affirmed     RR4      BB-


VINTAGE FOOD: Seeks Approval to Hire Gordon Advisors as Accountant
------------------------------------------------------------------
Vintage Food Services, Inc. received approval from the U.S.
Bankruptcy Court for the Eastern District of Michigan to employ
Douglas G. McKeon, CPA, M.S.T. and Gordon Advisors, P.C. as its
accountants.

The firm will render these services:

     (a) advise the Debtor with respect to its accounting and
financial responsibilities and duties as debtor in possession in
the continued management and operation of the business;

     (b) advise and consult with the Debtor regarding tax matters;

     (c) perform all necessary financial consulting services and
provide all other necessary financial advice to the Debtor in
connection with this Chapter 11, Subchapter V case.

The present hourly rate for the financial consulting assigned to
the Debtor is between $155 and $425 per hour.

Mr. McKeon assured the court that Gordon Advisors is a
"disinterested person" as that phrase is defined in section 101(14)
of the Bankruptcy Code.

The firm can be reached through:

     Douglas G. McKeon, CPA
     Gordon Advisors, P.C.
     1301 W Long Lake Rd Suite 200
     Troy, MI 48098
     Phone: +1 248-952-0200

                    About Vintage Food Services

Based in Fraser, Mich., Vintage Food Services, doing business as
Vintage House, offers a complete suite of catering services for
weddings, showers, corporate events, fundraisers, reunions, funeral
luncheons, sports banquets, and bar/bat mitzvahz.

Vintage Food Services sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 22-48073) on Oct.
16, 2022, with between $500,000 and $1 million in assets and
between $1 million and $10 million in liabilities. Anthony
Jekielek, president of Vintage Food Services, signed the petition.

Judge Thomas J. Tucker oversees the case.

Lynn M. Brimer, Esq., at Strobl Sharp, PLLC serves as Vintage Food
Services' legal counsel.

Huntington Bank, secured creditor of Vintage Food Services, is
represented by Lisa A. Hall, Esq., at Plunkett Cooney.


VIRGIN PULSE: $185M Bank Debt Trades at 26% Discount
----------------------------------------------------
Participations in a syndicated loan under which Virgin Pulse Inc is
a borrower were trading in the secondary market around 74.1
cents-on-the-dollar during the week ended Friday, February 24,
2023, according to Bloomberg's Evaluated Pricing service data.

The $185 million facility is a Term loan that is scheduled to
mature on April 6, 2029.  The amount is fully drawn and
outstanding.

Virgin Pulse, Inc. operates as a digital health, well being, and
engagement company. The Company focuses on engaging users every day
in building and sustaining healthy behaviors and driving measurable
outcomes for employees, employers, and health plans.



VIRGINIA TRUE: Taps Spence Law Office as Special Counsel
--------------------------------------------------------
Virginia True Corporation seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to employ Spence Law
Office, P.C. as its special counsel.

The Debtor requires a special counsel to investigate and prosecute
objections on behalf of the estate with respect to the claims
asserted by insiders in this Chapter 11 case.

The firm will be paid at these rates:

   Robert J. Spence                     $475 per hour
   Associates and Counsel Attorneys     $325 to 475 per hour
   Paraprofessional                     $125 per hour

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

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

The firm can be reached through:

     Robert J. Spence, Esq.
     Spence Law Office, P.C.
     55 Lumber Road, Suite 5
     Roslyn, NY 11576
     Tel: (516) 336-2060
     Fax: (516) 605-2084
     Email: rspence@spencelawpc.com

                  About Virginia True Corporation

Virginia True Corporation, a New York-based golf resort owner and
developer, sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. E.D.N.Y. Case No. 19-42769) on May 3, 2019. At the
time of the filing, the Debtor disclosed between $10 million and
$50 million in both assets and liabilities.

Judge Nancy Hershey Lord oversees the case.

Pick & Zabicki, LLP and Spence Law Office, P.C. serve as the
Debtor's bankruptcy counsel and special counsel, respectively.


WW INTERNATIONAL: $945M Bank Debt Trades at 41% Discount
--------------------------------------------------------
Participations in a syndicated loan under which WW International
Inc is a borrower were trading in the secondary market around 59.3
cents-on-the-dollar during the week ended Friday, February 24,
2023, according to Bloomberg's Evaluated Pricing service data.

The $945 million facility is a Term loan that is scheduled to
mature on April 13, 2028.  About $942.6 million of the loan is
withdrawn and outstanding.

WW International, Inc., formerly Weight Watchers International,
Inc., is a global company headquartered in the U.S. that offers
weight loss and maintenance, fitness, and mindset services such as
the Weight Watchers comprehensive diet program.



ZAYO GROUP: $4.96B Bank Debt Trades at 19% Discount
---------------------------------------------------
Participations in a syndicated loan under which Zayo Group Holdings
Inc is a borrower were trading in the secondary market around 81.3
cents-on-the-dollar during the week ended Friday, February 24,
2023, according to Bloomberg's Evaluated Pricing service data.

The $4.96 billion facility is a Term loan that is scheduled to
mature on March 9, 2027. The amount is fully drawn and
outstanding.

Zayo Group Holdings, Inc., or Zayo Group, is a privately held
company headquartered in Boulder, Colorado, with European
headquarters in London, England. The company provides
communications infrastructure services.



ZEP INC: $550M Bank Debt Trades at 19% Discount
-----------------------------------------------
Participations in a syndicated loan under which Zep Inc is a
borrower were trading in the secondary market around 80.8
cents-on-the-dollar during the week ended Friday, February 24,
2023, according to Bloomberg's Evaluated Pricing service data.

The $550 million facility is a Term loan that is scheduled to
mature on August 11, 2024.  About $186.6 million of the loan is
withdrawn and outstanding.

Zep, Inc. is an Atlanta, Georgia-based cleaning products
manufacturer. It specializes in cleaning and maintenance products
for industrial, institutional, food and beverage, vehicle care, and
retail customers.



ZEP INC: Oaktree Specialty Marks $19.5M Loan at 30% Off
-------------------------------------------------------
Oaktree Specialty Lending Corporation has marked its $19,578,000
loan extended to Zep Inc. to market at $13,704,000 or 70% of the
outstanding amount, as of December 31, 2022, according to a
disclosure contained in Oaktree Specialty's Form 10-Q  for the
quarterly period ended December 31, 2022, filed with the Securities
and Exchange Commission on February 7, 2023.

Oaktree Specialty is a participant in a Second Lien Term Loan to
Zep Inc. The loans accrues 12.98% (LIBOR+8.25%) per annum. The loan
matures on August 11, 2025.

Oaktree Specialty Lending Corporation is a specialty finance
company that looks to provide customized, one-stop credit solutions
to companies with limited access to public or syndicated capital
markets. Oaktree Specialty was formed in late 2007 and operates as
a closed-end, externally managed, non-diversified management
Investment Company that has elected to be regulated as a Business
Development Company under the Investment Company Act.

Zep, Inc. is an Atlanta, Georgia-based cleaning products
manufacturer. It specializes in cleaning and maintenance products
for industrial, institutional, food and beverage, vehicle care, and
retail customers.


[^] BOND PRICING: For the Week from February 20 to 24, 2023
-----------------------------------------------------------

  Company                 Ticker    Coupon  Bid Price    Maturity
  -------                 ------    ------  ---------    --------
99 Escrow Issuer Inc      NDN        7.500     44.644   1/15/2026
99 Escrow Issuer Inc      NDN        7.500     46.027   1/15/2026
99 Escrow Issuer Inc      NDN        7.500     45.960   1/15/2026
Accelerate Diagnostics    AXDX       2.500     91.048   3/15/2023
Air Methods Corp          AIRM       8.000      6.019   5/15/2025
Air Methods Corp          AIRM       8.000      5.581   5/15/2025
Anixter Inc               AXE        5.500    100.000    3/1/2023
Audacy Capital Corp       CBSR       6.500     14.928    5/1/2027
Audacy Capital Corp       CBSR       6.750     14.013   3/31/2029
Audacy Capital Corp       CBSR       6.750     14.380   3/31/2029
Avaya Inc                 AVYA       6.125     25.691   9/15/2028
Avaya Inc                 AVYA       8.000     28.500  12/15/2027
Avaya Inc                 AVYA       6.125     25.482   9/15/2028
Azul Investments LLP      AZULBZ     5.875     63.011  10/26/2024
Azul Investments LLP      AZULBZ     5.875     62.522  10/26/2024
BPZ Resources Inc         BPZR       6.500      3.017    3/1/2049
Bed Bath & Beyond Inc     BBBY       3.749     30.621    8/1/2024
Clovis Oncology Inc       CLVS       1.250      8.750    5/1/2025
Clovis Oncology Inc       CLVS       4.500     19.875    8/1/2024
Clovis Oncology Inc       CLVS       4.500      9.600    8/1/2024
Diamond Sports Group
  LLC / Diamond
  Sports Finance Co       DSPORT     5.375      9.951   8/15/2026
Diamond Sports Group
  LLC / Diamond
  Sports Finance Co       DSPORT     5.375     10.478   8/15/2026
Diamond Sports Group
  LLC / Diamond
  Sports Finance Co       DSPORT     5.375      6.000   8/15/2026
Diamond Sports Group
  LLC / Diamond
  Sports Finance Co       DSPORT     6.625      2.814   8/15/2027
Diamond Sports Group
  LLC / Diamond
  Sports Finance Co       DSPORT     5.375      2.266   8/15/2026
Diamond Sports Group
  LLC / Diamond
  Sports Finance Co       DSPORT     5.375     11.074   8/15/2026
Diamond Sports Group
  LLC / Diamond
  Sports Finance Co       DSPORT     6.625      2.633   8/15/2027
Endo Finance LLC /
  Endo Finco Inc          ENDP       5.375      5.250   1/15/2023
Endo Finance LLC /
  Endo Finco Inc          ENDP       5.375      4.912   1/15/2023
Energy Conversion
  Devices Inc             ENER       3.000      7.875   6/15/2013
Envision Healthcare       EVHC       8.750     24.027  10/15/2026
Envision Healthcare       EVHC       8.750     24.107  10/15/2026
Exela Intermediate
  LLC / Exela
  Finance Inc             EXLINT    11.500     13.993   7/15/2026
Exela Intermediate
  LLC / Exela
  Finance Inc             EXLINT    11.500     13.833   7/15/2026
Federal Farm Credit
  Banks Funding Corp      FFCB       0.260     74.173   2/24/2023
Federal Home Loan Banks   FHLB       1.300     88.605   3/21/2023
GNC Holdings Inc          GNC        1.500      0.819   8/15/2020
Goodman Networks Inc      GOODNT     8.000      1.000   5/31/2022
Gossamer Bio Inc          GOSS       5.000     29.550    6/1/2027
Invacare Corp             IVC        4.250      6.000   3/15/2026
Invacare Corp             IVC        5.000      6.000  11/15/2024
JPMorgan Chase & Co       JPM        5.261    100.000   2/28/2023
Lannett Co Inc            LCI        7.750     21.862   4/15/2026
Lannett Co Inc            LCI        4.500     16.360   10/1/2026
Lannett Co Inc            LCI        7.750     21.929   4/15/2026
Lightning eMotors Inc     ZEV        7.500     59.500   5/15/2024
Lumbermens Mutual
  Casualty Co             KEMPER     8.450      0.911   12/1/2097
MAI Holdings Inc          MAIHLD     9.500     35.328    6/1/2023
MAI Holdings Inc          MAIHLD     9.500     35.328    6/1/2023
MAI Holdings Inc          MAIHLD     9.500     35.328    6/1/2023
MBIA Insurance Corp       MBI       16.052      7.672   1/15/2033
MBIA Insurance Corp       MBI       16.218      6.598   1/15/2033
Macy's Retail Holdings    M          6.900     83.517   1/15/2032
Macy's Retail Holdings    M          6.700     83.524   7/15/2034
Macy's Retail Holdings    M          6.900     83.517   1/15/2032
Mashantucket Western
  Pequot Tribe            MASHTU     7.350     41.622    7/1/2026
Mauser Packaging
  Solutions Holding Co    BWY        8.500    101.964   4/15/2024
Morgan Stanley            MS         1.800     72.293   8/27/2036
Morgan Stanley Finance    MS        12.100     37.750  11/24/2023
National CineMedia LLC    NATCIN     5.750      3.332   8/15/2026
OMX Timber Finance
  Investments II LLC      OMX        5.540      0.850   1/29/2020
Party City Holdings Inc   PRTY       8.750     18.750   2/15/2026
Party City Holdings Inc   PRTY       8.750     19.000   2/15/2026
Party City Holdings Inc   PRTY      10.130     18.500   7/15/2025
Party City Holdings Inc   PRTY       6.625      0.750    8/1/2026
Party City Holdings Inc   PRTY       6.625      0.010    8/1/2026
Party City Holdings Inc   PRTY      10.130     17.971   7/15/2025
Photo Holdings
  Merger Sub Inc          SFLY      11.000     40.715   10/1/2027
Renco Metals Inc          RENCO     11.500     24.875    7/1/2003
RumbleON Inc              RMBL       6.750     35.674    1/1/2025
Shift Technologies Inc    SFT        4.750     12.500   5/15/2026
Talen Energy Supply LLC   TLN       10.500     36.500   1/15/2026
Talen Energy Supply LLC   TLN        6.500     38.000    6/1/2025
Talen Energy Supply LLC   TLN        7.000     42.000  10/15/2027
Talen Energy Supply LLC   TLN        6.500     28.661   9/15/2024
Talen Energy Supply LLC   TLN        6.500     28.661   9/15/2024
Talen Energy Supply LLC   TLN       10.500     36.092   1/15/2026
Talen Energy Supply LLC   TLN       10.500     33.000   1/15/2026
Team Inc                  TISI       5.000     74.724    8/1/2023
TerraVia Holdings Inc     TVIA       5.000      4.644   10/1/2019
Tricida Inc               TCDA       3.500     10.250   5/15/2027
US Renal Care Inc         USRENA    10.625     30.269   7/15/2027
US Renal Care Inc         USRENA    10.625     31.002   7/15/2027
UpHealth Inc              UPH        6.250     30.329   6/15/2026
WeWork Cos Inc            WEWORK     7.875     57.106    5/1/2025
WeWork Cos Inc            WEWORK     7.875     56.279    5/1/2025
WeWork Cos LLC /
  WW Co-Obligor Inc       WEWORK     5.000     47.050   7/10/2025
WeWork Cos LLC /
  WW Co-Obligor Inc       WEWORK     5.000     47.506   7/10/2025
Wesco Aircraft Holdings   WAIR      13.125      8.243  11/15/2027
Wesco Aircraft Holdings   WAIR       8.500     48.250  11/15/2024
Wesco Aircraft Holdings   WAIR       8.500     49.500  11/15/2024
Wesco Aircraft Holdings   WAIR      13.125      8.204  11/15/2027



                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
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                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.

Copyright 2023.  All rights reserved.  ISSN: 1520-9474.

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