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

              Friday, March 3, 2023, Vol. 27, No. 61

                            Headlines

130 BOWERY ACQUISITION: Taps Meridian Capital Group as Broker
141 TROUTMAN: Unsecured Creditors to Get 50% Under Plan
1ST CHOICE REHABILITATION: Bid to Use Cash Collateral Denied
3333 ALPHARETTA: Court Approves Disclosure Statement
34 SUMNER REALTY: Case Summary & Two Unsecured Creditors

44TH STREET INVESTMENT: Seeks to Hire CBRE Inc. as Broker
5280 AURARIA: Resets Plan Disclosures Hearing to March 7
67 BROADWAY: Creditor Says Claim Improperly Not Unimpaired
67 BROADWAY: US Bank Says Plan Fails to Specify Claims
96 WYTHE: Receiver Wants Claims Included in Plan

A&V HOLDINGS: Midcap Financial Marks $1.5M Loan at 73% Off
ACASTI PHARMA: Ernst & Young Replaces KPMG as Auditor
ADAMIS PHARMACEUTICALS: Gets Extension to Regain Nasdaq Compliance
ADHERA THERAPEUTICS: Grosses $150K From Sale of Securities
ADIENT GLOBAL: Moody's Rates New $350MM Senior Secured Notes 'Ba3'

ADVANCED GAS: Has Deal on Cash Collateral Access
AEQUOR MGT: U.S. Trustee Appoints Creditors' Committee
AKORN OPERATING: Moody's Lowers PDR to D-PD Amid Bankruptcy Filing
AKORN OPERATING: S&P Downgrades ICR to 'D' on Bankruptcy Filing
AKORN PHARMACEUTICALS: To Seek Liquidation,To Lay Off Workers

AKOYA BIOSCIENCES: Midcap Financial Marks $22.5M Loan at 16% Off
AKUMIN INC: Removes Interim Tag From CFO Kretschmer's Title
ALBAUGH LLC: Moody's Upgrades CFR & Sr. Bank Loans to Ba2
ALPINEX OPCO: Midcap Financial Marks $1.4M Loan at 62% Off
ALTERYX INC: Moody's Assigns 'B3' CFR & Rates New $350MM Bond 'B3'

AMBROSIA BUYER: Midcap Financial Marks $21.4M Loan at 70% Off
AMERICAN ACHIEVEMENT: Sixth Street Marks $27.1M Loan at 23% Off
AMN HEALTHCARE: Fitch Assigns 'BB+' LongTerm IDR, Outlook Stable
ANDERBY BREWING: Seeks Cash Collateral Access
ARA MACAO HOLDINGS: Trustee Taps REDW as Substitute Tax Accountant

ARTIVION INC: S&P Downgrades ICR to 'B-', Outlook Stable
ASSOCIATED FIXTURE: Amended Subchapter V Plan Confirmed
ATLANTIC ACCEPTANCE: Seeks to Hire Lorium PLLC as Legal Counsel
AUTO MONEY: Wins Cash Collateral Access on Final Basis
BANNER BUYER: Midcap Financial Marks $1.9M Loan at 81% Off

BAYTEX ENERGY: Moody's Puts 'B1' CFR Under Review for Upgrade
BEAM & COMPANY: Court OKs Cash Collateral Access Thru April 11
BERNER FOOD: Midcap Financial Marks $2.6M Loan at 79% Off
BIONIK LABORATORIES: Borrows $500K From Remi Affiliate
BLUCORA INC: S&P Withdraws 'BB-' Issuer Credit Rating

BOYD GAMING: Moody's Ups CFR to Ba3 & Senior Unsecured Notes to B1
BRINKER INT'L: Moody's Alters Outlook on 'Ba3' CFR to Neg.
BURRELL FARMS: Case Summary & One Unsecured Creditor
CALIFORNIA-NEVADA: March 24 Disclosures Hearing Set
CALIFORNIA-NEVADA: Unsecureds Get 1.1% to 17.7% in Plan

CARBON6 TECHNOLOGIES: Midcap Marks $12.5M Loan at 81% Off
CARVANA CO: Widens Net Loss to $2.9 Billion in 2022
CASA CBW: Court OKs Interim Cash Collateral Access
CASH CLOUD: U.S. Trustee Appoints Two New Committee Members
CAVALIER PHARMACY: Court OKs Cash Collateral Access Thru April 6

CELSIUS NETWORK: Hearing on Exclusivity Extension Set for March 8
CENTURY ALUMINUM: Posts $113.5 Million Net Loss in Fourth Quarter
CERUS CORP: Midcap Financial Marks $1.5M Loan at 80% Off
CHS/COMMUNITY HEALTH: Moody's Cuts CFR to Caa1, Outlook Stable
CII PARENT: Taps Morris, Nichols, Arsht & Tunnell as Co-Counsel

CLEVELAND-CLIFFS INC: Moody's Ups CFR to Ba2, Outlook Stable
CLINTON NURSERIES: Bid to Release Escrow Funds Denied
CLOUD VENTURES 1: Taps Hagen Sharp & Company as Accountant
CLUBHOUSE MEDIA: Further Reduces Company Debt by $110K
COMAIR LTD: Court Take Cognizance of Business Rescue Proceeding

COMMUNITY CARE: Moody's Affirms B3 CFR & Alters Outlook to Negative
CONSOLIDATED ELEVATOR: Seeks Cash Collateral Access Thru June 30
COPPER MECHANICAL: Unsecureds to Get 10% Dividend in Plan
COPPER REALTY: Unsecured Creditors to Get 100% in Plan
CORE SCIENTIFIC: Committee Taps Ducera as Investment Banker

CORE SCIENTIFIC: Committee Taps Willkie Farr & Gallagher as Counsel
CORE SCIENTIFIC: Investors Defend Bid to Appoint Equity Committee
CUMMINGS MANOOKIAN: Motion for Leave to Appeal Denied
DELPHI BEHAVIORAL: March 30 Hearing on Disclosure Statement
DELPHI BEHAVIORAL: U.S. Trustee Unable to Appoint Committee

DIAMOND SCAFFOLD: Business Operations or Sale Proceeds to Fund Plan
DUNBAR PLAZA: Court Approves Disclosure Statement
DYE & DURHAM: Sixth Street Marks CAD1.4M Loan at 26% Off
DYE & DURHAM: Sixth Street Marks CAD34.2M Loan at 30% Off
EDISON INTERNATIONAL: S&P Assigns 'BB+' Rating on Jr. Sub. Notes

ENERGY DRILLING: Taps Calderone Advisory Group as Financial Advisor
ENTREC CORP: Court Sustains Wolverine's Objection to Bill of Costs
ERICKSON INC: Midcap Financial Marks $25M Loan at 47% Off
EYECARE PARTNERS: Moody's Alters Outlook on 'B3' CFR to Negative
FARMERS COOPERATIVE: Seeks to Hire Johanning as Real Estate Agent

FARMERS COOPERATIVE: Taps Bill Cockrum Liquidations as Auctioneer
FONDUE 26: Case Summary & 20 Largest Unsecured Creditors
FORUM ENERGY: Posts $12.8 Million Net Loss in Fourth Quarter
FREE SPEECH: Jones Owns More Guns, Gave Millions of Crypto
FRONTIER COMMUNICATIONS: Moody's Rates $750MM 1st Lien Notes 'B3'

FRONTIER COMMUNICATIONS: S&P Rates New First-Lien Sec. Notes 'B'
FTX GROUP: SBF Accused of Using Aides in Hiding Campaign Cash
GABRIEL PARTNERS: Midcap Financial Marks $655,000 Loan at 83% Off
GENESIS GLOBAL: Gets OK to Hire 'Ordinary Course' Professionals
GENESIS GLOBAL: Gets OK to Hire Morrison Cohen as Special Counsel

GENESIS GLOBAL: Seeks to Hire Moelis & Company as Investment Banker
GENESIS GLOBAL: Taps Alvarez & Marsal as Financial Advisor
GENWORTH HOLDINGS: Moody's Ups Rating on Sr. Unsecured Debt to Ba1
GLOBAL AVIATION: Seeks to Hire Hinkle Law Firm as Counsel
GLOBAL MIXED: Court OKs Cash Collateral Access Thru March 21

GO CAR WASH: Midcap Financial Marks $26M Loan at 60% Off
GRAFFITI BUYER: Midcap Financial Marks $1.3M Loan at 61% Off
GRAFFITI BUYER: Midcap Financial Marks $8.3M Loan at 27% Off
HERO HOLDINGS: Midcap Financial Marks $2.5M Loan at 72% Off
HERO HOLDINGS: Midcap Financial Marks $27.03M Loan at 32% Off

HIGH TECH HIGH: Moody's Affirms Ba1 Rating on 2017A Revenue Bonds
HIVE INTERMEDIATE: Midcap Financial Marks $2.3M Loan at 91% Off
HOBBY LOBBY: Court OKs Cash Collateral Access Thru April 30
HOFFMASTER GROUP: Moody's Withdraws 'Caa2' CFR on Debt Repayment
HOMERENEW BUYER: Midcap Financial Marks $1.9M Loan at 82% Off

HOUSTON REAL ESTATE: Hearing on Exclusivity Bid Set for March 8
HUNYGIRLS VENTURES: Wins Cash Collateral Access Thru May 4
INSTANT BRANDS: Moody's Cuts CFR to Caa2, Outlook Negative
ISABEL ENTERPRISES: Court Approves Disclosure Statement
JDI DATA: Court OKs Cash Collateral Access Thru March 10

JET OILFIELD: Unsec. Creditors to Get 100% in 84 Months
JONES DESLAURIERS: Moody's Rates USD500MM Sr. Secured Notes 'B2'
K & N PARENT: Midcap Financial Marks $23M Loan at 94% Off
K STREET LLC: Seeks to Extend Plan Exclusivity to March 24
KDC US HOLDINGS: Midcap Financial Marks $6.02M Loan at 80% Off

KENT WYTHE HOLDCO: Taps Leech Tishman Robinson Brog as Counsel
KENT WYTHE: Unsecured Creditors Will Get 100% of Claims in Plan
KENYON-WANAMINGO ISD: Moody's Lowers GOULT Bonds Rating to Ba1
KEYSTONE GAS: Gets OK to Hire HBC CPAs & Advisors as Accountant
KL CHARLIE: Midcap Financial Marks $1.9M Loan at 80% Off

KOPPERS INC: Moody's Rates New $400MM Sr. Secured Term Loan 'Ba3'
KURNCZ FARMS: Unsecureds Owed $3.7M to Get 70% in Plan
LASH OPCO: Midcap Financial Marks $1.6M Loan at 53% Off
LIBERTY POWER: Seeks to Hire Venable LLP as Substitute Counsel
LIQUI-BOX HOLDINGS: Midcap Financial Marks $2.6M Loan at 30% Off

LUCIRA HEALTH: Covid Home Testing Kits Maker Enters Chapter 11
MATCON CONSTRUCTION: Taps Small Business CFO as Accountant
MENACHEM LAND: Court Denies Disclosure Statement
MERX AVIATION: Midcap Financial Marks $204M Loan at 27% Off
MISSOURI JACK: Court Denies Bid for Exclusivity Extension

MULCH AND STONE: Seeks to Tap Frost & Associates as Legal Counsel
NAVACORD CORP: S&P Rates New $500MM Senior Secured Notes 'B-'
NAVARRO PECAN: Taps Bonds Ellis Eppich Schafer Jones as Counsel
NEW CITY AUTO: Creditors to Get Proceeds From Liquidation
NORTHEAST TOMATO: Seeks Cash Collateral Access

NORTHWEST SENIOR HOUSING: Unsecureds Owed $206M to Get Up to 50%
NRG ENERGY: Moody's Rates $650MM Series A Preferred Stock 'Ba3'
NRG ENERGY: S&P Downgrades ICR to 'BB' on Underperformance
NUOVO CIAO-DI: Seeks to Hire Urban Compass as Commercial Broker
ON SEMICONDUCTOR: Moody's Affirms Ba1 CFR, Outlook Remains Stable

OUTPOST PINES: Seeks Cash Collateral Access
PENTECOSTAL ASSEMBLIES: Unsecureds to Recover 100% in Plan
PHENOMENON MARKETING: Taps Richardson Kontogouris as Accountant
PIEDMONT DRAGWAY: Taps Stevens Martin Vaughn & Tadych as Counsel
PILGRIM'S PRIDE: Moody's Ups CFR to Ba2 & Unsecured Notes to Ba3

PLOURDE SAND: Court OKs Cash Collateral Access Thru March 1
PLUS THERAPEUTICS: Widens Net Loss to $20.3 Million in 2022
PRODUCE DEPOT: Court Denies Disclosure Statement
QLIK TECHNOLOGIES: Moody's Rates Amended Secured Loans 'B3'
QUALITAT DRYWALL: Wins Cash Collateral Access on Final Basis

QUANERGY SYSTEMS: Committee Gets OK to Hire Gibbons P.C. as Counsel
QUANERGY SYSTEMS: Committee Hires Dundon as Financial Advisor
R.P. RUIZ: Unsecureds Owed $7.98M to Get $137K in Plan
RALPH T. CENTANNI: Voluntary Chapter 11 Case Summary
REPLICEL LIFE: Settles Dividend Payment on Preferred Shares

RISING TIDE: Moody's Lowers First Lien Term Loan Rating to 'C'
RITCHIE BROS: Moody's Confirms Ba2 CFR & Alters Outlook to Stable
RODA LLC: Court OKs Use of $352,245 Cash Collateral
SABERT CORP: Moody's Alters Outlook on 'B2' CFR to Stable
SAN LUIS & RIO: Files Amendment to Disclosure Statement

SAN LUIS & RIO: Trustee Files Amended 2nd Plan of Liquidation
SEINEYARD INC: U.S. Trustee Unable to Appoint Committee
SENECAL CONSTRUCTION: Taps Stevens Martin Vaughn as Counsel
SEQUENTIAL BRANDS: Midcap Financial Marks $1.2M Loan at 82% Off
SERTA SIMMONS: March 23 Hearing on Disclosure Statement

SIERRA ENTERPRISES: Moody's Affirms Caa3 CFR, Outlook Negative
SORRENTO THERAPEUTICS: U.S. Trustee Appoints Creditors' Committee
SOUTHERN PRODUCE: Seeks to Hire Country Boys as Auctioneer
STARRY GROUP: Hits Chapter 11 Bankruptcy Protection
TBC COMPANIES: Gets OK to Hire FRSCPA as Accountant

THLP CO: Midcap Financial Marks $4.9M Loan at 58% Off
TIBCO SOFTWARE: Sixth Street Marks $13M Loan at 26% Off
TRANSOCEAN LTD: Posts $621 Million Net Loss in 2022
TRENCH PLATE: Midcap Financial Marks $1.8M Loan at 75% Off
TRICIDA INC: Lead Plaintiff Says Disclosures Inadequate

TUESDAY MORNING: U.S. Trustee Appoints Creditors' Committee
ULTIMATE BAKED: Midcap Financial Marks $3.2M Loan at 77% Off
US AUTO FINANCE: Midcap Marks $20M Loan at 79% Off
US AUTO: Midcap Financial Marks $13.3M Loan at 47% Off
USLS ACQUISITION: Midcap Financial Marks $1.6M Loan at 47% Off

VARI-FORM GROUP: Midcap Financial Marks $5.8M Loan at 95% Off
VARI-FORM INC: Midcap Financial Marks $2M Loan at 95% Off
VELOCIOUS DELIVERY: Seeks to Hire The Milledge Law Firm as Counsel
VICI REALTY: Involuntary Chapter 11 Case Summary
VIRGIN ISLANDS WPA: Moody's Withdraws Caa2 Rating on Electric Bonds

VIVOS REAL ESTATE: Seeks Approval to Hire Chesapeake Houseworks
WILDCAT BUYERCO: Midcap Financial Marks $725,000 Loan at 82% Off
WINDOW SELECT: Files for Chapter 11 Bankruptcy Protection
WINESTEAD LLC: Court OKs Deal on Cash Collateral Access
YOUNGBLOOD SKIN: Unsecureds to Get 30 Cents on Dollar

[*] David Spehar Joins Tiger Group as Field Ops Associate Director
[*] Simpson Thacher Adds Distinguished Restructuring Lawyer
[^] BOOK REVIEW: The Luckiest Guy in the World

                            *********

130 BOWERY ACQUISITION: Taps Meridian Capital Group as Broker
-------------------------------------------------------------
130 Bowery Acquisition, LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of New York to employ Meridian
Capital Group, LLC to market for sale its real property located at
130 Bowery, New York.

The firm will be paid a commission of 1.50 per cent of the gross
sales.

As disclosed in court filings, Meridian Capital Group is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     David Schechtman
     Meridian Capital Group, LLC
     800 Third Avenue, 38th Floor
     New York, NY 10022
     Tel: (212) 468-5900
     Fax: (212) 612-0100
     Email: dschechtman@meridiancapital.com

                   About 130 Bowery Acquisition

130 Bowery Acquisition, LLC sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No.
22-11109) on Aug. 12, 2022, with up to $50,000 in both assets and
liabilities. Judge John P Mastando III presides over the case.

Dawn Kirby, Esq., at Kirby Aisner & Curley, LLP and The Law Offices
of Fred L. Seeman represent the Debtor as bankruptcy counsel and
special litigation counsel, respectively.


141 TROUTMAN: Unsecured Creditors to Get 50% Under Plan
-------------------------------------------------------
Judge Nancy Hershey Lord has entered an order conditionally
approving the Second Revised Amended Disclosure Statement of 141
Troutman LLC, 243 Suydam LLC, and Union Residence LLC.

The Combined Hearing to consider final approval of the adequacy of
the Disclosure Statement and confirmation of the Plan must be held
before the Honorable Nancy Hershey Lord, United States Bankruptcy
Judge, on February 28, 2023 at 11:00 a.m., and will be conducted
using the Zoom platform.

Objections, if any, to final approval of the adequacy of the
Disclosure Statement and/or confirmation of the Plan must be filed
and served no later than February 27, 2023.

Completed ballots must be submitted in the form, either by personal
delivery, regular mail or email, so as to be received no later than
February 27, 2023.

The Debtors must file supporting declarations and a Ballot
tabulation with the Clerk of the Court no later than February 28,
2023 at 9:00 a.m.

                        Chapter 11 Plan

141 Troutman LLC, 243 Suydam LLC, and Union Residence LLC submitted
a Second Revised Amended Disclosure Statement.

The Plan seeks to implement the Debtors' prime goal of retaining
their properties by a restructuring of the underlying mortgage debt
through a negotiated cure and reinstatement thereof pursuant to 11
U.S.C s1124(2). Following the Debtors' unsuccessful challenge to
allowance of pre-petition default interest and certain other
amounts owed by the Debtors to the Senior Lender (defined below)
under the subject Loan Documents, the Debtors and their secured
Senior Lender have negotiated a stipulation of settlement providing
for an agreed cure and reinstatement on the terms set forth in the
attached stipulation of settlement (the "Mortgage Restructuring
Settlement"). The Mortgage Restructuring Settlement now forms the
centerpiece of the Plan and allows the Debtors the opportunity to
retain the Properties by effectuating a negotiated monetary cure in
the aggregate sum of $2,851,316.66, plus legal fees and costs. The
cure and reinstatement shall be funded by a capital contribution
from the Debtors' principals. The Mortgage Restructuring Settlement
is expressly incorporated into the Plan in its entirety relating to
the treatment of the secured claim of the Senior Lender.
Confirmation of the Plan shall be deemed approval of the Mortgage
Restructuring Settlement pursuant to Bankruptcy Rule 9019(a).

Under the Plan, Class 3 consists of the allowed Unsecured Claims of
Non-Insider creditors, including all pre-petition vendors and
service providers. Class 3 allowed Unsecured Claims are estimated
by the Debtors to total approximately $92,000.  On the Effective
Date, each holder of an Allowed Class 3 Unsecured Claim will
receive a pro rata dividend of approximately 50% from the General
Unsecured Creditor Fund in full and final satisfaction of such
holder's allowed Unsecured Claim.  Since the monies to fund the
dividend to Class 3 creditors will be escrowed prior to the
Confirmation Hearing, the Debtors submit that there is little risk
to the Class 3 creditors that they will receive the proposed
distribution under the Plan.  Class 3 is impaired.

The Plan will be funded through the New Value Contributions of the
Debtors' Principals to be deposited into escrow with the Disbursing
Agent prior to the start of the Confirmation Hearing. The New Value
Contribution shall be used to fund payments due under the Plan
itemized as follows:

Administrative Expense Claims              $150,000
Priority Claims                             $12,272
Secured NYC Water Board Claim                $5,152
Cure to Senior Lender                    $2,851,317
General Unsecured Creditor Fund             $50,000
                                         ----------
Total:                                   $3,068,741

A copy of the Order dated Feb. 17, 2023, is available at
https://bit.ly/3Z4V5Q6 from PacerMonitor.com.

A copy of the Second Revised Amended Disclosure Statement dated
Feb. 17, 2023, is available at https://bit.ly/3xA6Pi4 from
PacerMonitor.com.

                    About 141 Troutman, et al.

141 Troutman, LLC, 243 Suydam, LLC, and Union Residence, LLC, are
owners of residential buildings in Brooklyn, New York,

141 Troutman filed a petition for Chapter 11 protection (Bankr.
E.D.N.Y. Lead Case No. 22-40337) on Feb. 24, 2022, listing
$2,372,944 in total assets and $14,537,068 in total liabilities.

243 Suydam filed for Chapter 11 protection (Bankr. E.D.N.Y. Case
No. 22-40339) on Feb. 24, 2022, listing $4,605,790 in total assets
and $14,675,136 in total liabilities.

Union Residence filed for Chapter 11 protection (Bankr. E.D.N.Y.
Case No. 22-40342) on Feb. 24, 2022, listing $6,758,667 in assets
and $14,536,870 in liabilities.

The Debtors' cases are jointly administered.

Chaim Lefkowitz, manager, signed the petitions.

Judge Nancy Hershey Lord oversees the cases.

Goldberg Weprin Finkel Goldstein, LLP, serves as the Debtors' legal
counsel.


1ST CHOICE REHABILITATION: Bid to Use Cash Collateral Denied
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Maryland denied the
Motion for Authorization to Use Cash Collateral to Pay Ordinary and
Necessary Expenses Within the Ordinary Course of Business filed by
1st Choice Rehabilitation & Wellness Center, PLLC.

The Court found several deficiencies in the Cash Collateral Motion.
The Certificate of Service does not comply with Local Bankruptcy
Rule 9013-4 because no address is provided for the parties served
via U.S. Mail and Debtor failed to attach the list of the 20
Largest Unsecured Creditors. Further, service on the Small Business
Administration does not comply with Fed. R. Bankr. P. 7004(b)(5),
made applicable by Fed. R. Bankr. P. 4001(b)(1)(A) and 9014(b).

While the Court commends the Debtor's proactive effort to provide
actual notice via email, it must additionally provide service that
complies with the applicable rules. Furthermore, while alluded to
in the Cash Collateral Motion, the Debtor has not provided a cash
flow projection as is required under Local Bankruptcy Rule
4001-5(a)(1)(C). Finally, the Debtor mentions in the Cash
Collateral Motion that interim relief is desired but has not filed
a motion to shorten objection deadline or requesting an expedited
hearing in accordance with Local Bankruptcy Rule 9013-7. If
emergency or expedited interim relief is desired, the Debtor must
request such relief in compliance with the applicable rules.

A copy of the order is available at https://bit.ly/3IAY788 from
PacerMonitor.com.

      About 1st Choice Rehabilitation & Wellness Center PLLC

1st Choice Rehabilitation & Wellness Center PLLC is in the business
of owning and operating a chiropractic practice in Washington, DC
under the license of its professional, Dr. Rashida A. Cohen. During
2022, 1st Choice Rehabilitation generated revenues from operations
in the approximate amount of $911,211.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Md. Case No. 23-11243) on February 24,
2023.

In the petition signed by Rashida A. Cohen, manager, the Debtor
disclosed up to $500,000 in assets and up to $10 million in
liabilities.

Judge Lori S. Simpson oversees the case.

Ronald Drescher, Esq., at Drescher & Associates, PA, represents the
Debtor as legal counsel.



3333 ALPHARETTA: Court Approves Disclosure Statement
----------------------------------------------------
Judge Lisa Ritchey Craig has entered an order approving the
Disclosure Statement of 3333 Alpharetta Lifehope 10 Acre Land,
LLC.

An Objection with respect to approval of the Disclosure Statement
(the "Capital One Objection") was filed by secured creditor Capital
One, National Association ("Capital One").  Ground lessor 3333 Old
Milton Alpharetta LLC (the "Ground Lessor") filed a Joinder in the
Capital One Objection.

At the Hearing, the Debtor and Capital One announced that they had
reached an agreement regarding approval of the Disclosure
Statement, proceedings with respect to the Plan and related
matters. Based on this agreement announced at the Hearing, the
representations and argument presented to the Court at the Hearing,
and the entire record before the Court, and good and sufficient
cause appearing therefor.

A final confirmation hearing with respect to the Plan will be held
on March 17, 2023, and March 20, 2023, at 10:00 a.m. before the
Honorable Lisa Ritchey Craig in Courtroom 1204, United States
Courthouse, 75 Ted Turner Drive, Atlanta, Georgia 30303.

Any party objecting to the confirmation of the Debtor's Plan must
file a written objection with the Court no later than March 14,
2023, at 5:00 PM Eastern Time, and serve a copy of that objection
on the Debtor's counsel by that same date.

By Feb. 23, 2023, the Debtor, after consultation with Capital One's
counsel, shall amend the Disclosure Statement and Plan to address
the disclosure and plan issues stated in the Capital One Objection
as discussed at the Hearing.

By Feb. 23, 2023, the Debtor shall (i) cause the earnest money
check previously received from the Buyer to be cashed so that a
cash earnest money deposit (not a check) in the amount of $25,000
from the Buyer is held in escrow pursuant to the PSA, and (ii) file
with the Court sworn certifications from both the Debtor and the
Buyer (collectively, the "Earnest Money Certifications") that a
cash earnest money deposit from the Buyer is being held in escrow
as described above. The cash earnest money deposit shall be
non-refundable to the Buyer except as otherwise provided in the
PSA.

By March 13, 2023, the Debtor shall file the following
(collectively, the "Sale Certifications"): (i) the Debtor shall
file a sworn report with the Court regarding the status of the
Proposed Sale, including, without limitation, whether the Buyer is
prepared to close the sale under the PSA, with a closing on or
before April 15, 2023, and without appraisal, financing or other
contingencies other than final court approval, and that the PSA has
not been altered or amended since it was filed with the Court; and
(ii) the Buyer shall file a sworn certification with the Court
certifying that the Buyer is prepared to close the sale under the
PSA, with a closing on or before April 15, 2023, and without
appraisal, financing or other contingencies other than final court
approval (including approval of the assumption and assignment of
the Ground Lease), and that the PSA has not been altered or amended
since it was filed with the Court.

The Debtor and the Buyer are directed (i) to cooperate with and
respond to informal discovery requests from Capital One, the Ground
Lessor and any other parties no later than March 6, 2023, and (ii)
to make available for deposition no later than March 12, 2023,
representatives of the Debtor, the Buyers, and any witness that the
Debtor intends to call at the Confirmation Hearing. The Proceedings
are a contested matter pursuant to Federal Rule of Bankruptcy
Procedure 9014.

Attorneys for the Capital One, National Association:

     John A. Harris, Esq.
     Robert P. Harris, Esq.
     QUARLES & BRADY LLP
     One Renaissance Square
     Two North Central Avenue
     Phoenix, AR 85004-2391
     Telephone: (602) 229-5200
     E-mail: john.harris@quarles.com
             robert.harris@quarles.com

          - and -

     Walter E. Jones, Esq.
     BALCH & BINGHAM LLP
     30 Ivan Allen Jr. Blvd. N.W., Suite 700
     Atlanta, GA 30308
     Telephone: (404) 261-6020
     Facsimile: (404) 261-3656
     E-mail: wjones@balch.com

         About 3333 Alpharetta Lifehope 10 Acre Land

3333 Alpharetta Lifehope 10 Acre Land, LLC, is a Georgia-based
company that owns a commercial rental property located at 3333 Old
Milton Parkway, Alpharetta, Georgia 30005.

3333 Alpharetta Lifehope 10 Acre Land sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No.
22-57594) on Sept. 23, 2022. In the petition signed by its
designated manager, Scott C. Honan, the Debtor disclosed up to $100
million in assets and up to $50 million in liabilities.

Judge Lisa Ritchey Craig oversees the case.

William A. Rountree, Esq., at Rountree Leitman Klein & Geer, LLC,
serves as the Debtor's counsel.


34 SUMNER REALTY: Case Summary & Two Unsecured Creditors
--------------------------------------------------------
Debtor: 34 Sumner Realty LLC
        34 Sumner Street
        Springfield, MA 01108

Business Description: The Debtor owns various condominium units,
                      garage units, retail unit, and storage
                      unit, at 34 Sumner Avenue, Springfield,
                      MA, with an aggregate value of $4 million.

Chapter 11 Petition Date: March 2, 2023

Court: United States Bankruptcy Court
       District of Massachusetts

Case No.: 23-30073

Debtor's Counsel: Louis S. Robin, Esq.
                  LAW OFFICES OF LOUIS S. ROBIN
                  1200 Converse Street
                  Longmeadow, MA 01106-1760
                  Tel: (413) 567-3131
                  Fax: (413) 565-3131
                  Email: louis.robin@prodigy.net

Total Assets: $4,000,000

Total Debts: $7,000,000

The petition was signed by Louis Masaschi as manager.

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

https://www.pacermonitor.com/view/UELDO5Y/34_Sumner_Realty_LLC__mabke-23-30073__0001.0.pdf?mcid=tGE4TAMA


44TH STREET INVESTMENT: Seeks to Hire CBRE Inc. as Broker
---------------------------------------------------------
44th Street Investment, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Arizona to employ CBRE, Inc. to market
for sale its real property located at 3191 East 44th St., Tucson,
Ariz.

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

Cathy Teeter, a partner at CRBE, disclosed in a court filing that
her firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Cathy Teeter
     CRBE, Inc.
     2575 East Camelback Road Suite 500
     Phoenix, AZ 85018
     Tel: (602) 735-5555
     Fax: (602) 735-5655

              About 44th Street Investment

44th Street Investment, LLC is a single asset real estate (as
defined in 11 U.S.C. Sec. 101(51B)).

44th Street Investment filed a petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. D. Ariz. Case No. 23-00317) on Jan.
18, 2023, with $1 million to $10 million in both assets and
liabilities. Mark Allen, manager, signed the petition.

Judge Brenda Moody Whinery oversees the case.

The Debtor is represented by Robert M. Charles, Jr., Esq., at Lewis
Roca Rothgerber Christie, LLP.


5280 AURARIA: Resets Plan Disclosures Hearing to March 7
--------------------------------------------------------
The Court has entered an order granting 5280 Auraria, LLC's Ex
Parte Unopposed Motion to continue Disclosure Statement hearing and
reset attendant deadlines.

The dates and deadlines established by the previous orders entered
on Feb. 1 and Feb. 9, 2023, respectively, are modified as follows:

   * The Circulation Deadline is reset from Feb. 15, 2023, to Feb.
22, 2023.

   * The Filing Deadline is reset from Feb. 17, 2023, to Feb. 24,
2023.

   * The Disclosure Statement Hearing set to begin at 1:30 p.m. on
Feb. 23, 2023, is continued to March 7, 2023, starting at 10:30
a.m.

   * Objections to the Disclosure Statement must be filed and
served no later than Feb. 28, 2023.

                       About 5280 Auraria

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

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

Judge Kimberley H. Tyson oversees the case.

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


67 BROADWAY: Creditor Says Claim Improperly Not Unimpaired
----------------------------------------------------------
Lbhoney Badger, Sbmuni%Cust ("Creditor") objects to the approval of
the 67 Broadway Realty, LLC's Disclosure Statement.

The Creditor is the owner of tax sale certificate liens secured by
Debtor’s real property as follows:

   * 65 Broadway, Paterson, NJ - $110,599 as of June 21, 2022
   * 73 Broadway, Paterson, NJ - $100,270 as of June 21, 2022

According to Creditor, the Debtor's Disclosure Statement and Plan
provide for the sale of the properties that Creditor has a lien on
within twelve months from the effective date of the plan.  There is
no court approval process in the plan relating to the sale price
for the properties.  The Plan provides that if the sale price is
insufficient to pay Creditor's claims in full than Creditor will
have an unsecured claim for the deficiency.

Creditor points out that the Disclosure Statement and Plan
improperly classify Creditor's claims as unimpaired when in fact
Creditor's legal rights are being altered and its claims are
impaired as set forth in 11 U.S.C. Sec. 1124.  Specifically,
pursuant to the Plan creditor is being deprived of its right to
pursue a foreclosure of each property while the Debtor attempts to
sell same. Furthermore, the Plan allows for an improper bifurcation
of Creditor's claim into a secured and unsecured claim without any
legal basis.

Creditor asserts that the Disclosure Statement and Plan do not
indicate that Creditor's liens will remain on the properties until
such time as creditor is paid in full in violation of 11 U.S.C.
Sec. 1191(c)(1) and 1129(b)(2)(A).

Creditor complains that the Disclosure Statement and Plan are also
objectionable as it fails to specify that Creditor's claims shall
not be discharged or subject to the discharge injunction until such
time as said claims are paid in full.

Attorneys for creditor LBHONEY BADGER, SBMUNI%CUST:

     Gary C. Zeitz, Esq.
     GARY C. ZEITZ, L.L.C.
     1101 Laurel Oak Road, Suite 170
     Voorhees, NJ 08043
     Tel: (856) 857-1222

                   About 67 Broadway Realty

67 Broadway Realty LLC is a single asset real estate (as defined in
11 U.S.C. Sec. 101(51B)).

67 Broadway Realty LLC sought Chapter 11 bankruptcy protection
(Bankr. D.N.J. Case No. 22-12713) on April 4, 2022. In the petition
filed by Sandra Jaquez, as managing member, the Debtor estimated
assets and liabilities between $1 million and $10 million.  The
case is assigned to Honorable Judge Vincent F. Papalia. David L.
Stevens, of Scura, Wigfield, Heyer & Stevens, is the Debtor's
counsel.


67 BROADWAY: US Bank Says Plan Fails to Specify Claims
------------------------------------------------------
Creditor US Bank Cust for Pro Cap 8 objects to the approval of 67
Broadway Realty, LLC's Disclosure Statement.

The Creditor points out that the Debtor's disclosure statement and
plan provide for the sale of the properties that Creditor has a
lien on within twelve months from the effective date of the plan.
There is no court approval process in the plan relating to the sale
price for the properties.  The Plan provides that if the sale price
is insufficient to pay Creditor's claims in full than Creditor will
have an unsecured claim for the deficiency.

Creditor further points out that the Disclosure Statement and Plan
improperly classify Creditor's claims as unimpaired when in fact
Creditor's legal rights are being altered and its claims are
impaired as set forth in 11 U.S.C. 1124.  Specifically, pursuant to
the Plan creditor is being deprived of its right to pursue a
foreclosure of each property while the Debtor attempts to sell
same.  Furthermore, the Plan allows for an improper bifurcation of
Creditor's claim into a secured and unsecured claim without any
legal basis.

Creditor asserts that the Disclosure Statement and Plan do not
indicate that Creditor's liens will remain on the properties until
such time as creditor is paid in full in violation of 11 U.S.C.
1191(c)(1) and 1129(b)(2)(A).

Creditor complains that the Disclosure Statement and Plan are also
objectionable as it fails to specify that Creditor's claims shall
not be discharged or subject to the discharge injunction until such
time as said claims are paid in full.

Attorneys for Creditor, US BANK CUST FOR PRO CAP 8:

     Gary C. Zeitz, Esq.
     GARY C. ZEITZ, L.L.C.
     1101 Laurel Oak Road, Suite 170
     Voorhees, NJ 08043
     Tel: (856) 857-1222

                    About 67 Broadway Realty

67 Broadway Realty LLC is a single asset real estate (as defined in
11 U.S.C. Sec. 101(51B)).  67 Broadway Realty sought Chapter 11
bankruptcy protection (Bankr. D.N.J. Case No. 22-12713) on April 4,
2022.  In the petition filed by Sandra Jaquez, as managing member,
the Debtor estimated assets and liabilities between $1 million and
$10 million.  The case is assigned to Honorable Judge Vincent F.
Papalia.  David L. Stevens, of Scura, Wigfield, Heyer & Stevens, is
the Debtor's counsel.


96 WYTHE: Receiver Wants Claims Included in Plan
------------------------------------------------
Temporary Receiver, Constantino Sagonas, appointed by the New York
County Supreme Court, filed an objection to the trustee's motion
for conditional approval of the Disclosure Statement and to set a
combined hearing on the Plan and the Disclosure Statement in the
Chapter 11 case of debtor 96 Wythe Acquisition LLC, LLC.

The Receiver objects to the Scheduling Order to notify the Court
that it will be filing objections to the disclosure statement and
plan because they summarily dismiss the Receiver's priority
administrative claim for his fees and expenses.

The Receiver points out that at the last conference on this matter,
the Court expressed its reluctance to combine the hearings on the
disclosure statement and plan confirmation unless it was clear that
there would be no issues that would delay confirmation.  The
Trustee's counsel represented to the Court that would not be the
case with respect to the Plan proposed in this proceeding.

The Trustee filed the proposed Amended Disclosure Statement and
Plan at 6:21 pm on Feb. 14, 2023.  That Plan did not explicitly
assign the Receiver to any class.  The Disclosure Statement did not
accurately describe the New York court order appointing the
Receiver, omitted any reference to the Receiver's pending motion
for approval of his final accounting and discharge of his bond, and
failed to explain how the Receiver would be paid in the event that
the Court should approve the accounting and reject the claims
against the Receiver.

The Receiver's counsel promptly notified the Trustee's counsel of
these issues the next morning.  That evening the Trustee's counsel
proposed revisions to the disclosure statement that would
accurately describe the New York court order and the pending motion
to approve the final accounting and discharge the bond, but also
added language that would explicitly provide that, "the Plan does
not provide for any payment to the Administrative Claims filed by
Mr. Sagonas."  The Trustee has offered no explanation how it can
summarily dismiss the Receiver's priority administrative claim in a
manner consistent with Bankruptcy Code Secs. 543(b) and (c) and
503(b)(3)(E).

Attorneys for Constantino Sagonas, as Temporary Receiver:

     Douglas A. Kellner, Esq.
     KELLNER HERLIHY GETTY & FRIEDMAN, LLP
     470 Park Avenue South—Seventh Floor
     New York, NY 10016-6819
     Telephone: (212) 889-2121

                  About 96 Wythe Acquisition

96 Wythe Acquisition, LLC, operates the Williamsburg Hotel, a hotel
located at 96 Wythe Ave., Brooklyn, N.Y.

96 Wythe Acquisition sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 21-22108) on Feb. 23,
2021, disclosing $79,990,206 in liabilities. CRO David Goldwasser
signed the petition.

Judge Sean H. Lane oversees the case.

The Debtor tapped Backenroth Frankel & Krinsky, LLP and Mayer
Brown, LLP as bankruptcy counsels; Fern Flomenhaft, PLLC as
insurance counsel; and B. Riley Advisory Services as litigation
support consultant. Getzler Henrich & Associates, LLC and Hilco
Real Estate, LLC serve as the Debtor's financial advisors.

Stephen Gray was appointed as Chapter 11 trustee.  The trustee
tapped Togut, Segal & Segal, LLP; Fragomen Del Rey Bernsen & Loewy,
LLP; and Bernstein Redo & Savitsky PC as bankruptcy counsel,
special counsel, and special liquor license counsel, respectively.
Verdolino & Lowey PC is the trustee's tax accountant.


A&V HOLDINGS: Midcap Financial Marks $1.5M Loan at 73% Off
----------------------------------------------------------
Midcap Financial Investment Corporation has marked its $1,505,000
loan extended to A&V Holdings Midco, LLC to market at $409,000 or
27% of the outstanding amount, as of December 31, 2022, according
to a disclosure contained in Midcap Financial's Form 10-K for the
transition period from April 1, 2022 to December 31, 2022, filed
with the Securities and Exchange Commission on February 21, 2023.

Midcap Financial is a participant in a First Lien Secured Debt –
Revolver Loan to A&V Holdings Midco, LLC. The loan accrues interest
at a rate of 1% (L+450,) per annum. The loan matures on March 10,
2025.

Midcap Financial Investment Corporation is a Maryland corporation
incorporated on February 2, 2004.  It is a closed-end, externally
managed, non-diversified management investment company that has
elected to be treated as a business development company under the
Investment Company Act of 1940. Apollo Investment Management, L.P.
is the investment adviser and an affiliate of Apollo Global
Management, Inc. and its consolidated subsidiaries (AGM). Apollo
Investment Administration, LLC, an affiliate of AGM, provides,
among other things, administrative services and facilities for the
Company.

Headquartered in Tampa, Fla., A&V Holdings Midco, LLC, dba AVI-SPL
or AVI, is a
digital workplace solutions provider whose services include design,
engineering, procurement, integration and installation of
audio-visual and video collaboration systems and managed services
for the operation and maintenance of AV and VC systems to North
American enterprise, public sector and SMB clients. It is
majority-owned by affiliates of private equity sponsor Marlin
Equity Partners.



ACASTI PHARMA: Ernst & Young Replaces KPMG as Auditor
-----------------------------------------------------
Acasti Pharma Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that the audit committee and
board of directors of the Company approved the dismissal of KPMG
LLP as the Company's independent registered public accounting firm.
The report of KPMG on the consolidated financial statements of the
Company as of and for the fiscal years ended March 31, 2022 and
2021 did not contain any adverse opinion or a disclaimer of
opinion, nor were they qualified or modified as to uncertainty,
audit scope or accounting principles.

During the fiscal years ended March 31, 2022 and 2021 and the
subsequent interim period through Feb. 22, 2023, there were no (1)
disagreements between the Company and KPMG on any matter of
accounting principles or practices, financial statement disclosure
or auditing scope or procedure, which disagreements if not resolved
to the satisfaction of KPMG, would have caused KPMG to make
reference in connection with their opinion to the subject matter of
the disagreements, or (2) reportable events.

On Feb. 22, 2023, in connection with the Company's dismissal of
KPMG, the Board approved the engagement of Ernst & Young LLP as its
new independent registered public accounting firm to audit the
Company's financial statements for the fiscal year ending March 31,
2023.  The decision to retain E&Y was recommended by the Audit
Committee, and approved by the Board, after taking into account the
results of a competitive review process and other business factors.


During the fiscal years ended March 31, 2022 and 2021 and the
subsequent interim period through Feb. 22, 2023, neither the
Company nor anyone on its behalf consulted with E&Y regarding (i)
the application of accounting principles to a specific transaction,
either completed or proposed, (ii) the type of audit opinion that
might be rendered on the Company's financial statements and neither
a written report nor oral advice was provided to the Company that
E&Y concluded was an important factor considered by the Company in
reaching a decision as to accounting, auditing or financial
reporting issues, (iii) any matter that was the subject of a
disagreement (as defined in Item 304(a)(1)(iv) of Regulation S-K
and the related instructions), or (iv) any reportable event (as
described in Item 304(a)(1)(v) of Regulation S-K).

                         About Acasti Pharma

Acasti Pharma Inc. -- http://www.acastipharma.com-- is a
late-stage specialty pharma company with drug delivery capability
and technologies addressing rare and orphan diseases.  Acasti's
novel drug delivery technologies have the potential to improve the
performance of currently marketed drugs by achieving faster onset
of action, enhanced efficacy, reduced side effects, and more
convenient drug delivery -- all which could help to increase
treatment compliance and improve patient outcomes.

Acasti Pharma reported a net loss and comprehensive loss of $9.82
million for the year ended March 31, 2022, a net loss and
comprehensive loss of $19.68 million for the year ended March 31,
2021, and a net loss and comprehensive loss of $25.51 million for
the year ended March 31, 2020.  As of Dec. 31, 2022, the Company
had $116.80 million in total assets, $20.08 million in total
liabilities, and $96.72 million in total shareholders' equity.


ADAMIS PHARMACEUTICALS: Gets Extension to Regain Nasdaq Compliance
------------------------------------------------------------------
Adamis Pharmaceuticals Corporation announced that the Nasdaq
Hearings Panel has granted the Company's request for continued
listing on Nasdaq, pursuant to an extension through June 26, 2023
to evidence compliance with the $1.00 bid price requirement and its
continued compliance with all other applicable criteria for
continued listing on the Nasdaq Capital Market.

The Company's continued listing is subject to the Company's
satisfaction of certain interim milestones, including the timely
undertaking of certain corporate actions during the Compliance
Period, including seeking shareholder approval for a reverse stock
split of the Company's common stock, and effecting a reverse stock
split if required to achieve a closing bid price of at least $1.00
per share for a minimum of ten consecutive business days prior to
the expiration of the Compliance Period.

"We are most appreciative that the Panel has provided us with this
extension," said David J. Marguglio, chief executive officer of
Adamis.  "We are committed to using our best efforts to take the
actions required to satisfy the terms of the Panel's extension and
regain compliance with the Nasdaq listing standards.  And at the
appropriate time, I look forward to providing an update concerning
the strategic and financing alternatives process that we first
announced in early October 2022."

                       About Adamis Pharmaceuticals

Adamis Pharmaceuticals Corporation (NASDAQ: ADMP) --
http://www.adamispharmaceuticals.com-- is a specialty
biopharmaceutical company primarily focused on developing and
commercializing products in various therapeutic areas, including
allergy, opioid overdose, respiratory and inflammatory disease.

Adamis reported a net loss applicable to common stock of $45.83
million for the year ended Dec. 31, 2021, compared to a net loss
applicable to common stock of $49.39 million for the year ended
Dec. 31, 2020. As of Sept. 30, 2022, the Company had $12.14
million in total assets, $9.13 million in total liabilities,
$157,303 in convertible preferred stock, and $2.84 million in
total
stockholders' equity.

In its Quarterly Report filed on November 14, 2022, the Company
said it has incurred substantial recurring losses from continuing
operations, has used, rather than provided, cash in its continuing
operations, and is dependent on additional financing to fund
operations. The Company incurred a net loss of approximately $23.2
million and $37.1 million for the nine months ended September 30,
2022 and 2021. As of September 30, 2022, the Company had cash and
cash equivalents of approximately $2.4 million, an accumulated
deficit of approximately $301.2 million and liabilities of
approximately $9.1 million. These conditions raise substantial
doubt about the Company's ability to continue as a going concern.


ADHERA THERAPEUTICS: Grosses $150K From Sale of Securities
----------------------------------------------------------
Adhera Therapeutics, Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission it entered into a Securities
Purchase Agreement with two affiliate accredited investors pursuant
to which the Company issued and sold the investor a non-convertible
Original Issue Discount Senior Secured Promissory Note in the
principal amount of $214,285.72 and 339,722 Common Stock Purchase
Warrants for total gross proceeds of $150,000.  The proceeds from
these financings were used for working capital purposes.

In connection with the January financing, the Company also agreed
to increase the principal amount of prior Original Issue Discount
Promissory Notes issued to the investors in May 2022 by 25%, from a
total of $1,000,000 in principal to $1,250,000 in principal (not
including accrued and unpaid interest).  The Prior Notes rank pro
rata with the new Notes with respect to interest payments.

The Notes are due on the earlier of (i) the 12 month anniversary of
the issuance date, and (ii) the date on which the Company completes
a public offering for cash of common stock and/or common stock
equivalents which results in the listing of the Company's common
stock on a "national securities exchange" as defined in the
Securities Exchange Act of 1934, provided that unless there is an
event of default, the Company may extend the maturity date by six
months in its discretion.  The Notes bear interest at 8% per annum,
payable monthly, subject to an increase to 15% in case of an event
of default as provided for therein.  Furthermore, at any time
before the 12 month anniversary of the date of issuance of a Note,
the Company may, after providing written notice to the holder,
prepay all of the then outstanding principal amount of the Note for
cash in an amount equal to the sum of 105% of the then outstanding
principal amount of the Note, accrued but unpaid interest and all
liquidated damages and other amounts due in respect of the Note (if
any).

The Notes may, at the discretion of the Company, be converted into
shares of a new class of convertible preferred stock of the Company
on the closing date of the Qualified Financing.  In the event of
the conversion, the holder will receive a number of shares of
Convertible Preferred Stock equal to the quotient obtained by
dividing (i) the unpaid principal amount of this Note (together
with any interest accrued but unpaid thereon) by (ii) the closing
price of the securities issued in the Qualified Financing on the
closing date of the Qualified Financing.  Upon issuance, the
conversion price of the Convertible Preferred Stock will be equal
to the closing price of the securities issued in the Qualified
Financing, subject to adjustment.

The Notes provide for certain customary events of default which
include failure to maintain the required reserve of shares for the
Warrants, a restatement of the financial statements of the Company
resulting in a reduction to the stock price by an enumerated
threshold, and certain other customary events of default, subject
to certain exceptions and limitations.  Upon an event of default,
the Notes will become immediately due and payable at a 125%
premium, which will be reduced to 100% if the event of default
occurs while the Company's common stock is listed on a national
securities exchange.

The Notes contain customary restrictive covenants which apply for
as long as at least 75% of the Notes remain outstanding, including
covenants against incurring new indebtedness or liens, repurchasing
shares of common stock or common stock equivalents, paying
dividends or distributions on equity securities, and transactions
with affiliates, subject to certain exceptions and limitations.  In
addition, the SPA imposes certain additional negative covenants and
obligations on the Company, including a prohibition on filing a
registration statement (other than on Form S-8) unless at least 30%
of the Notes have been repaid as of such filing, a prohibition on
incurring new indebtedness at any time while any Notes are
outstanding, and a 90-day restriction against issuing shares of
common stock or common stock equivalents, subject to certain
exceptions and limitations.

Under the SPA, the Company also granted each investor the right to
participate in future financings that are exempt from registration
under the Securities Act of 1933 in an amount equal to 15% of such
financings, which right has a term equal to the earlier of (i) the
24 month anniversary of the SPA, and (ii) the date the Notes are no
longer outstanding.  The SPA also provides the investors with
most-favored nations treatment, giving them the right to amend
their securities if the Company issues securities with more
favorable terms while the investor's securities are outstanding,
subject to certain exceptions and limitations.

The Warrants are exercisable for a period of five-years and six
months from issuance at an exercise price of $0.82 per share,
subject to certain limitations including beneficial ownership
limitations, and subject to adjustment including downward
adjustment upon a dilutive issuance of securities at a per-share
price that is below the exercise price.  Unless the holder's sale
of shares of common stock issuable upon exercise of the Warrants at
prevailing market prices (not at a fixed price) is registered on an
effective registration statement under the Securities Act, the
Warrants may be exercised cashlessly.

The Company's obligations under the Notes are secured by a lien on
all assets of the Company and its subsidiaries pursuant to Security
Agreements each dated the date of the respective SPA.

The SPA requires a reserve of authorized but unissued shares equal
to four times the number of shares issuable to the investors upon
exercise of the Warrants, subject to reduction as the Warrants are
exercised.

Aegis Capital Corp. served as placement agent in the financings and
received a cash commission in the amount of 10% of the gross
proceeds, or $30,000.

Under the SPA the Company reimbursed the investors a total of
$15,000 out of the proceeds from the offerings for fees and
expenses incurred in connection therewith.

                             About Adhera

Headquartered in Durham, NC, Adhera Therapeutics, Inc. (formerly
known as Marina Biotech, Inc.) -- http://www.adherathera.com-- is
an emerging specialty biotech company that, to the extent that
resources and opportunities become available, is strategically
evaluating its focus including a return to a drug discovery and
development company.

Adhera reported a net loss of $6.35 million for the year ended Dec.
31, 2021, compared to a net loss of $3.77 million for the year
ended Dec. 31, 2020.  As of June 30, 2022, the Company had $976,000
in total assets, $20.97 million in total liabilities, and a total
stockholders' deficit of $20 million.

Boca Raton, Florida-based Salberg & Company, P.A., the Company's
auditor since 2021, issued a "going concern" qualification in its
report dated April 15, 2022, citing that the Company has a net loss
and cash used in operations of approximately $6.4 million and
$665,000 respectively, in 2021 and a working capital deficit,
shareholders' deficit and accumulated deficit of $25.1 million,
$25.1 million and $53 million respectively, at Dec. 31, 2021.
These matters raise substantial doubt about the Company's ability
to continue as a going concern.


ADIENT GLOBAL: Moody's Rates New $350MM Senior Secured Notes 'Ba3'
------------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to Adient Global
Holdings Ltd's (Adient) proposed $350 million senior secured notes
and a B3 to the proposed $500 million senior unsecured notes.  All
other ratings for Adient, including the B2 corporate family rating,
the B2-PD Probability of Default Rating, the B3 senior unsecured
rating and the SGL-2 Speculative Grade Liquidity rating were not
affected with this rating action. Additionally, the Ba3 senior
secured rating at wholly owned subsidiary Adient US LLC was not
affected at this time. The outlooks at both Adient and Adient US
LLC were not impacted and remain stable.

Proceeds from the proposed issuances, along with available cash,
are expected to be used to paydown Adient's 3.5% senior unsecured
Euro notes and Adient US LLC's term loan. This is the first time
the company will be issuing secured debt at Adient that ranks pari
passu with Adient US LLC's term loan as they share the same
security and guarantor package.

Assignments:

Issuer: Adient Global Holdings Ltd

Senior Secured Regular Bond/Debenture, Assigned Ba3 (LGD2)

Senior Unsecured Regular Bond/Debenture, Assigned B3 (LGD5)

RATINGS RATIONALE

Adient's ratings reflect its position as the leading global
supplier of automotive seating and related components, strong
regional and customer diversification and long-standing
relationships with all major automotive OEMs. These positives are
balanced with modest margins, still elevated financial leverage and
negative free cash flow exacerbated by restructuring outlays,
higher inventory levels and dividends paid to non-controlling
interests.

The company has demonstrated an ability to improve recovery of key
input costs and to shorten the time lag for customer reimbursement
to less than two quarters.  Renewed focus on profitability has led
to better balance in and balance out of business boosted by more
efficient core operations, namely improved program launch
execution.  New business awards across a diverse mix of
powertrains, customers (new entrants and legacy) and regions should
provide some resilience to potentially weaker new vehicle volumes.
Moody's expects debt-to-EBITDA in the mid-4x range and the EBITA
margin below 2.5%, modest for the rating level.  A material
improvement in these metrics is contingent upon a more meaningful
recovery in production volumes, the timing of which is increasingly
uncertain.

The stable outlook considers Adient's reduced leverage from
accelerated debt repayment, solid liquidity, its ongoing progress
in obtaining cost recoveries from customers and Moody's expectation
for results to continue improving as OEM production rates stabilize
and increase.

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

The ratings could be upgraded with a sustained recovery in
automotive vehicle production levels, leading to meaningful
progress towards improved margins and breakeven/positive free cash
flow. Debt-to-EBITDA trending towards 4x would also be a key
consideration for positive rating action. The ability to manage
rising raw material inputs and other costs and good execution of
continued restructuring actions, which should ultimately translate
into margin expansion, will also be viewed favorably.

The ratings could be downgraded due to an inability to improve
margins, the loss of or meaningful decline in volume from a major
customer or indications that the company will be unable to generate
positive free cash flow over the next 12-18 months. Weaker
liquidity, including reliance on the asset based lending (ABL)
facility to go along with a sharply lower cash balance, could also
result in a negative rating action.

Adient plc, the parent company of Adient Global Holdings Ltd, is
one of the world's largest automotive seating manufacturers with
longstanding relationships with the largest global OEMs in the
automotive space. Automotive seating solutions include complete
seating systems, frames, mechanisms, foam, head restraints,
armrests, trim covers and fabrics. Adient operates in the Chinese
automotive seating market through several joint ventures. Revenue
for the twelve months ended December 31, 2022 was over $14.3
billion.

The principal methodology used in these ratings was Automotive
Suppliers published in May 2021.


ADVANCED GAS: Has Deal on Cash Collateral Access
------------------------------------------------
Advanced Gas Products, Inc. and the U.S. Small Business
Administration advised the U.S. Bankruptcy Court for the Central
District of California, Santa Ana Division, that they have reached
an agreement regarding the Debtor's use of cash collateral and now
desire to memorialize the terms of this agreement into an agreed
order.

Pre-petition, on May 18, 2020, the Debtor executed a U.S. Small
Business Administration Note, pursuant to which the Debtor obtained
a $150,000 loan. On August 6, 2021, the Note was modified
increasing the SBA Loan to a cumulative total of $293,900. The
terms of the Modified Note require the Debtor to pay principal and
interest payments of $1,488 every month beginning 24 months from
the date of the Note over the 30-year term of the SBA Loan. The SBA
Loan has an annual rate of interest of 3.75% and may be prepaid at
any time without notice or penalty. As of the Petition Date, the
amount due on the SBA Loan was $313,921.

As evidenced by a Security Agreement executed on May 18, 2020, the
Amended Security Agreement executed on August 6, 2021, and a valid
UCC-1 filing on May 27, 2020 as Filing Number 207781762303, the SBA
Loan is secured by all tangible and intangible personal property.

The parties agree that the Debtor may continue using cash
collateral through May 9, 2023, to pay ordinary and necessary
expenses provided in the budget.

As adequate protection, retroactive to February 10, 2023, the SBA
will receive a replacement lien(s) that is deemed valid, binding,
enforceable, non-avoidable, and automatically perfected, effective
as of the Petition Date, on all postpetition revenues of the Debtor
to the same extent, priority and validity that its lien attached to
the Personal Property Collateral.

The Debtor will remit adequate protection payments to the SBA in
the amount of $1,488 and pursuant to the terms as set forth in the
applicable SBA Loan documents, and continuing until May 9, 2023, or
further Court order regarding interim or final use of cash
collateral, or the entry of an order confirming the Debtor's plan
of reorganization, whichever occurs earlier. Adequate protection
payments will include the Debtor's SBA Loan number and be sent to
the payment address on the SBA Proof of Claim.

The SBA will be entitled to a super-priority claim over the life of
the Debtor's bankruptcy case, which claim will be limited to any
diminution in the value of SBA's collateral, pursuant to the SBA
Loan, as a result of the Debtor's use of cash collateral on a
post-petition basis.

The Debtor agrees to maintain insurance on the Personal Property
Collateral and to designate SBA as a loss payee or additional
insured in accordance with the SBA Loan and related loan documents
and agrees to provide proof of insurance within seven days upon
written request of SBA.

A hearing on the matter is set for March 15, 2023 at 10 a.m.

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

                   About Advanced Gas Products

Advanced Gas Products, Inc. is a locally owned and family-operated
packaged gas and welding supply dealer in Huntington Beach, Calif.

Advanced Gas Products filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No.
22-11918) on Nov. 9, 2022. At the time of filing, the Debtor
estimated $100,001 to $500,000 in assets and $1,000,001 to $10
million in liabilities.

Judge Theodor Albert presides over the case.

Angela A Schmidt, Esq., at the Law Office of Angela Schmidt
represents the Debtor as counsel.



AEQUOR MGT: U.S. Trustee Appoints Creditors' Committee
------------------------------------------------------
The U.S. Trustee for Region 6 appointed an official committee to
represent unsecured creditors in the Chapter 11 case of Aequor Mgt,
LLC.

The committee members are:

     1. Marvin Blethen
        217 W. Commerce St.
        Bridgeton, NJ, 08302-1807
        Email: mblethen@bletheenminingassociates.com

     2. Patrick Bailey
        18381 CR 2171
        Whitehouse, TX 75791
        Email: Rickbailey5259@gmail.com

     3. Stephen Crittenden
        6137 Del Roy Dr.
        Dallas, TX 75230
        Email: Crittenden_Stephen@yahoo.com
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                         About Aequor Mgt

Aequor Mgt, LLC -- https://BurroSand.com/ -- claims to be the
lowest cost producer of 100 Mesh frac sand in the Permian Basin
serving oil and gas producers. The company is based in Tyler,
Texas.

Aequor Mgt and Aequor Holdings, LLC filed petitions for relief
under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Texas Lead
Case No. 23-60010) on Jan. 5, 2023.  At the time of the filing,
Aequor Mgt reported $1 million to $10 million in assets and $50
million to $100 million in liabilities while Aequor Holdings
reported $10 million to $50 million in both assets and
liabilities.

Judge Joshua P. Searcy oversees the cases.

The Debtors are represented by Davor Rukavina, Esq., at Munsch
Hardt Kopf & Harr, P.C.


AKORN OPERATING: Moody's Lowers PDR to D-PD Amid Bankruptcy Filing
------------------------------------------------------------------
Moody's Investors Service downgraded Akorn Operating Company LLC's
Probability of Default Rating to D-PD from Caa2-PD. Moody's
affirmed Akorn's Corporate Family Rating at Caa2 and the senior
secured term loan at Caa3. The outlook remains stable. These
actions follows the announcement that Akorn has filed a petition
for bankruptcy under Chapter 7 of the US Bankruptcy Code.

Subsequent to the action, Moody's will withdraw all of Akorn's
ratings due to the company's bankruptcy filing.

Affirmations:

Issuer: Akorn Operating Company LLC

Corporate Family Rating, Affirmed Caa2

Senior Secured Bank Credit Facility, Affirmed Caa3 (LGD5)

Downgrades:

Issuer: Akorn Operating Company LLC

Probability of Default Rating, Downgraded to D-PD from Caa2-PD

Outlook Actions:

Issuer: Akorn Operating Company LLC

Outlook, Remains Stable

RATINGS RATIONALE

The downgrade of the PDR reflects Akorn's bankruptcy filing on
February 23, 2023. The Caa2 CFR and Caa3 senior secured term loan
ratings reflect Moody's view of estimated recovery.

Akorn Operating Company LLC, headquartered in Lake Forest, IL, is a
specialty generic pharmaceutical manufacturer. The company focuses
on generic drugs in alternate dosage forms such as ophthalmic
drugs, injectable drugs and others in liquid, semi-solid, topical
and nasal spray dosage forms. Revenues for the twelve months ended
September 30, 2022, were approximately $400 million.

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


AKORN OPERATING: S&P Downgrades ICR to 'D' on Bankruptcy Filing
---------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
pharmaceutical manufacturer Akorn Operating Co. LLC to 'D' from
'CCC+'.

S&P also lowered the issue-level rating on the company's first-lien
term loan to 'D' from 'CCC+'. The recovery rating remains unchanged
at '3'.

Akorn Operating Co. LLC filed for chapter 7 bankruptcy after
failing to negotiate a sale of its remaining assets. The company
operated with negative cash flow, and S&P viewed its capital
structure as unsustainable. The company's term loan holders were
also its controlling equity holders following a chapter 11
restructuring in 2020. S&P anticipates that it will withdraw its
ratings in the next 30 days, as it believes the company has ceased
operations and will liquidate its assets.



AKORN PHARMACEUTICALS: To Seek Liquidation,To Lay Off Workers
-------------------------------------------------------------
Danny Connolly, Amanda Brennan and Cole Henke of WCIA report that
Akorn Pharmaceuticals has announced they are filing Chapter 7
bankruptcy and laying off hundreds in Decatur.

In a company-wide video call, Akorn President Douglas Boothe
announced to employees that Wednesday, February 22, 2023, would be
the last day they can visit the office to pack up their
belongings.

Mayor of Decatur Julie Moore Wolfe estimates about 450 workers were
laid off by Akorn.

Boothe said the company had been looking for potential buyers since
last 2022.

"The company's owners have just informed us they will not provide
any additional financing required to run the business," Boothe
said. "Their decision leaves us, the board and the ownership and
the management team, with no other alternatives to conclude the
sales process and initiate bankruptcy proceedings."

Former workers told WCIA they felt blindsided by the announcement.

"I mean, just be honest. You had people come in here two weeks ago,
last week, saying they were investors, but they were really just
appraisers coming to help with the filing of bankruptcy," Tristan
Probst, a worker for Akorn for nine years, said.

The pharmaceuticals company will terminate all benefits from
employees at the end of the month. Boothe also said they will be
unable to pay severance or provide COBRA health insurance coverage
to their former employees.

Akorn previously filed Chapter 11 bankruptcy in 2020.

According to the company's website, the Decatur manufacturing plant
was founded as Taylor Pharmaceutical in 1948. Akorn then acquired
the company in 1992.

The company's headquarters as well as a R & D facility are also
located in northern Illinois.

"They've broken the law," Lawmakers respond to facility closure.

Congresswoman Nikki Budzinski (D-IL) said she was outraged by
Akorn's plant closure.

"I came to Congress to stand up for working people throughout our
communities, and that's exactly what I intend to do for the folks
left with no job, no severance and only days left with health care
coverage and no time to prepare for next steps," the congresswoman
said in a statement to WCIA.

Decatur's state legislators were also shocked by the company's
news.

"It's devastating news for our community," Rep. Dan Caulkins
(R-Decatur) said. "Akorn has been a fixture in Decatur for years.
To be given two weeks' notice that your job is going to be gone, is
it's going to be devastating."

Rep. Sue Scherer (D-Decatur) believes the company broke state law.
Illinois' WARN Act requires companies of more than 75 employees to
give state and local officials 60 days' notice before a mass layoff
if they are laying off more than a third of the location's
workforce, or 250 workers.

If the company is found violating the WARN Act, Akorn is liable to
give backpay and benefits to their workers for every day they are
in violation.

"I'm not happy that they've broken the law," Scherer said. "But
number one, I am just crushed about what my constituents are going
through. These are hardworking people."

Workers can file a complaint with the Illinois Department of Labor
on their website.

City pitches in to help workers get back on their feet Millikin
University is also having a career fair on campus Thursday and is
inviting people laid off by the company to attend, in addition to
current students and alumni. The Decatur Conference Center and
Hotel is also hosting a job fair on March 14 from 9 a.m. to 3 p.m.
according to their Facebook page.

Budzinski also encourages anyone affected to attend workforce
development workshops Thursday, February 16, 2023, in Decatur.

Moore Wolfe believes despite the sudden news, the city will bounce
back economically with help from the other manufacturing plants.

"We are rallying the resources we have from work force to economic
development, to the community college," she said.

                       About Akorn, Inc.

Akorn, Inc. (Nasdaq: AKRX) -- http://www.akorn.com/-- is a
specialty pharmaceutical company that develops, manufactures, and
markets generic and branded prescription pharmaceuticals, branded
as well as private-label over-the-counter consumer health products,
and animal health pharmaceuticals. Akorn is headquartered in Lake
Forest, Illinois, and maintains a global manufacturing presence,
with pharmaceutical manufacturing facilities located in Illinois,
New Jersey, New York, Switzerland, and India.

Akorn, Inc. and its affiliates sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 20-11178) on May 20, 2020.

As of March 31, 2020, the Debtors disclosed total assets of
$1,032,275,000 and total liabilities of $1,051,769,000.

Previously, the cases were assigned to Judge John T. Dorsey, but
Judge Karen B. Owens now oversees the Debtors' case. The Debtors
tapped Kirkland & Ellis LLP and Kirkland & Ellis International LLP
as their general bankruptcy counsel. Richards, Layton & Finger,
P.A., is the Debtors' local counsel. AlixPartners, LLP, serves as
the Debtors' restructuring advisor, and PJT Partners LP is the
financial advisor and investment banker. Kurtzman Carson
Consultants, LLC, is the notice and claims agent.


AKOYA BIOSCIENCES: Midcap Financial Marks $22.5M Loan at 16% Off
----------------------------------------------------------------
Midcap Financial Investment Corporation has marked its $22,500,000
loan extended to Akoya Biosciences, Inc. to market at $19,012,000
or 84% of the outstanding amount, as of December 31, 2022,
according to a disclosure contained in Midcap Financial's Form 10-K
for the transition period from April 1, 2022 to December 31, 2022,
filed with the Securities and Exchange Commission on February 21,
2023.

Midcap Financial is a participant in a First Lien Secured Debt Loan
to Akoya Biosciences Inc. The loan accrues interest at a rate of
2.50% (SOFR+680) per annum. The loan matures on November 1, 2027.

Midcap Financial Investment Corporation is a Maryland corporation
incorporated on February 2, 2004.  It is a closed-end, externally
managed, non-diversified management investment company that has
elected to be treated as a business development company under the
Investment Company Act of 1940. Apollo Investment Management, L.P.
is the investment adviser and an affiliate of Apollo Global
Management, Inc. and its consolidated subsidiaries (AGM). Apollo
Investment Administration, LLC, an affiliate of AGM, provides,
among other things, administrative services and facilities for the
Company.

Akoya Biosciences, Inc. provides spatial biology solutions. The
Company offers end-to-end solutions for high-parameter tissue
analysis from discovery through clinical and translational
research, enabling the development of more precise therapies for
immuno-oncology and other drug development applications.



AKUMIN INC: Removes Interim Tag From CFO Kretschmer's Title
-----------------------------------------------------------
Akumin Inc. disclosed in a Form 8-K filed with the Securities and
Exchange Commission it entered into an amendment to the offer
letter with David Kretschmer that changed his title from interim
chief financial officer to chief financial officer and provided for
(i) an award of 250,000 restricted share units granted on the
effective date of the Amendment to the Offer Letter in connection
with his commitment to remain chief financial officer following the
completion of the preparation of the audited financial statements
of the Company for the financial year ended Dec. 31, 2022 and (ii)
a cash payment equal to 12 months of total compensation, being
$450,000 (representing an amount equal to his base salary) plus an
incentive target bonus pursuant to the Management Incentive Plan of
the Company equal to 75% of his base salary, in connection with a
change of control of the Company.

Akumin Inc. also entered into an amendment to the employment
agreement with Rohit Navani that revised his title from executive
vice president and chief development officer to chief corporate
affairs officer and revised the description of his duties.

                            About Akumin

Akumin Inc. -- www.akumin.com -- provides fixed-site outpatient
diagnostic imaging services through a network of owned and/or
operated imaging locations; and outpatient radiology and oncology
services and solutions to approximately 1,000
hospitals and health systems across 48 states.  Its imaging
procedures include magnetic resonance imaging ("MRI"),
computerized
tomography ("CT"), positron emission tomography, ultrasound,
diagnostic radiology (X-ray), mammography, and other related
procedures.  Akumin's cancer care services include a full suite of
radiation therapy and related offerings.

Akumin reported a net loss of $34.81 million for the year ended
Dec. 31, 2021, compared to a net loss of $34.15 million for the
year ended Dec. 31, 2020. For the nine months ended Sept. 30, 2022,
Akumin had a net loss of $102.25 million.

                            *    *    *

As reported by the TCR on Nov. 30, 2022, Moody's Investors Service
downgraded Akumin Inc.'s corporate family rating to Caa2 from B3.
The downgrade reflects Moody's view that Akumin's capital structure
is becoming unsustainable given the company's weak operating
performance, integration challenges and very high financial
leverage.


ALBAUGH LLC: Moody's Upgrades CFR & Sr. Bank Loans to Ba2
---------------------------------------------------------
Moody's Investors Service upgraded Albaugh, LLC's corporate family
rating to Ba2 from Ba3, probability of default rating to Ba2-PD
from Ba3-PD and senior secured bank credit facilities ratings to
Ba2 from Ba3. The outlook is stable.

"The upgrade reflects the improved business profile following Rotam
and Afrasa acquisitions, and expectations of continued improvements
through new product growth and synergy realization despite the
near-term headwinds in the agricultural chemicals market," said
Anastasija Johnson, VP-Senior Credit Officer at Moody's. "Moody's
expect metrics to weaken from current peak levels on lower prices
and volumes but remain in line with the rating in 2023."

Upgrades:

Issuer: Albaugh, LLC

Probability of Default Rating, Upgraded to Ba2-PD from Ba3-PD

Corporate Family Rating, Upgraded to Ba2 from Ba3

Senior Secured Bank Credit Facility (Local Currency), Upgraded to
Ba2 (LGD3) from Ba3 (LGD3)

Outlook Action:

Issuer: Albaugh, LLC

Outlook, Remains Stable

RATINGS RATIONALE

The Ba2 corporate family rating reflects Albaugh's position as one
of the top 10 global crop protection producers with a growing new
product portfolio but high concentration in commodity herbicides,
particularly in glyphosate. The rating benefits from the modestly
levered balance sheet (1.3x in the twelve months ended September
2022) and expanded geographic footprint, broader portfolio and
market segmentation approach following the transformative Rotam
acquisition and a bolt-on acquisition of Spain-based Industrias
Afrasa in 2022. The company's credit metrics are stronger than
initially expected at the time of Rotam acquisition in early 2022.
Moody's expect leverage to decline from current peak levels due to
lower commodity glyphosate prices and lower volumes in 2023 as
customers work through elevated inventories left after 2022,
especially in Latin America where some countries experienced
drought conditions. Although performance will decline in 2023,
Moody's still expect leverage to remain below 3x and free cash flow
to turn positive, supporting the current rating level. The rating
incorporates expectations that the company will continue to expand
its growth portfolio (currently about one-third of sales) either
through new product registrations or acquisitions, using cash on
the balance sheet or free cash flow.

As an agricultural chemical supplier, Albaugh's credit profile is
constrained by exposure to seasonal and weather-dependent swings in
demand for agricultural inputs, limited scale in a competitive
industry and volatility in cash flows due to working capital swings
and foreign currency exposure. Albaugh's concentration in commodity
herbicides (roughly two-thirds of sales), specifically in
glyphosate (roughly one-third of sales) remains a constraining
factor for the credit profile. Moody's view high concentration in
glyphosate as a long-term business risk, mitigated by the current
lack of the low-cost, broad spectrum-alternative herbicide.
Albaugh's highly negative ESG credit impact score reflects the
company's high exposure to environmental risks and social risks.
The environmental exposure stems from the company's dependence on
the agricultural sector that can result in variation in performance
because draughts or flood impact demand. The social risks stem from
high levels of toxicity of agricultural chemicals that can impact
the environment and can result in litigation risk or new regulation
risk. These risks are offset by moderate governance risks due to a
consistent financial policy despite concentrated ownership and
board control.

Albaugh is expected to have good liquidity. The company had $237
million of cash on hand as of September 2022. The company has full
availability under its $300 million five-year revolver due in 2027.
There are no significant near-term maturities and amortization on
the term loan is $7.5 million a year until it matures in 2029. The
term loan has no financial maintenance covenants, but the revolver
has a total net leverage covenant of 4.25 times. The company has
sufficient headroom under the covenant and is expected to remain in
compliance over the next 12 months. The credit facility allows for
dividend distribution for up to the greater of $30 million or 10%
of EBITDA. The credit facilities are secured by most of the assets,
excluding the Argentina and Chinese plants, providing limited
additional liquidity.

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

The stable outlook reflects Moody's expectations that metrics will
decline from peak levels but will remain in line with the rating.

Moody's could upgrade the rating if the company increases its scale
above $3.5 billion, consistently improves its EBITDA margins close
to 15%, maintains Moody's adjusted leverage below 2.5x times and
RCF/Debt above 25%. The company would need to make further progress
in reducing its core commodity glyphosate exposure below 20% and
demonstrate strong organic growth without additional acquisitions
to secure an upgrade.

Moody's could downgrade the rating if the there is a significant
deterioration in the company's operating conditions with EBITDA
margins declining towards 10%, if the company increases its
leverage above 3.5 times on a sustained basis and retained cash
flow to debt declines to 10% and if liquidity deteriorates.

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

Headquartered in Ankeny, Iowa, Albaugh, LLC is a global
manufacturer and seller of agricultural chemicals. The company is
majority owned by founder Dennis Albaugh with a 20% stake owned by
the Chinese agrochemicals developer and manufacturer and Albaugh's
supplier, Nutrichem.


ALPINEX OPCO: Midcap Financial Marks $1.4M Loan at 62% Off
----------------------------------------------------------
Midcap Financial Investment Corporation has marked its $1,489,000
loan extended to Alpinex Opco, LLC to market at $566,000 or 38% of
the outstanding amount, as of December 31, 2022, according to a
disclosure contained in Midcap Financial's Form 10-K for the
transition period from April 1, 2022 to December 31, 2022, filed
with the Securities and Exchange Commission on February 21, 2023.

Midcap Financial is a participant in a First Lien Secured Debt -
Revolver Loan to Alpinex Opco, LLC. The loan accrues interest at a
rate of 1% (SOFR+626) per annum. The loan matures on December 27,
2027.

Midcap Financial Investment Corporation is a Maryland corporation
incorporated on February 2, 2004.  It is a closed-end, externally
managed, non-diversified management investment company that has
elected to be treated as a business development company under the
Investment Company Act of 1940. Apollo Investment Management, L.P.
is the investment adviser and an affiliate of Apollo Global
Management, Inc. and its consolidated subsidiaries (AGM). Apollo
Investment Administration, LLC, an affiliate of AGM, provides,
among other things, administrative services and facilities for the
Company.



ALTERYX INC: Moody's Assigns 'B3' CFR & Rates New $350MM Bond 'B3'
------------------------------------------------------------------
Moody's Investors Service assigned a B3 Corporate Family Rating and
B3-PD Probability of Default Rating to Alteryx, Inc. in connection
with the company's proposed issuance of new unsecured debt.
Concurrently, Moody's assigned a B3 rating to Alteryx's new $350
million Senior Unsecured Bond due 2028 and a Speculative Grade
Liquidity (SGL) Rating of SGL-3. The outlook is stable.

Moody's expects net proceeds from the new senior unsecured bond
will be used for general corporate purposes, including refinancing
a portion of the company's convertible senior notes.  

Assignments:

Issuer: Alteryx, Inc.

Corporate Family Rating, Assigned B3

Probability of Default Rating, Assigned B3-PD

Speculative Grade Liquidity Rating, Assigned SGL-3

Senior Unsecured Regular Bond/Debenture, Assigned B3 (LGD4)

Outlook Actions:

Issuer: Alteryx, Inc.

Outlook, Assigned Stable

RATINGS RATIONALE

Alteryx's B3 CFR reflects the company's modest scale in a very
competitive industry, high debt leverage, and execution risk of
producing high revenue growth of double digits primarily through
the expansion of business with the current customer base. Leverage
(Moody's adjusted debt/cash EBITDA) is approximately 9x in 2022E,
resulting from significant growth investments made in the past few
years. Moody's expects that leverage will improve to near 6x in
2023 driven by business expansion with customers, contributions
from new cloud offerings, and the reduction of certain operating
expenses. The CFR also considers the company's go-forward capital
structure, which could include remaining convertible senior notes
due in August 2024. Moody's believes that the company will need to
continue to grow at a high level commensurate with its elevated
cost structure to refinance or repay future debt maturities.
Alteryx's investments in transforming and scaling its sales
strategy and cloud analytics platform, while expanding global
operations should fuel double-digit topline and earnings growth.
Moody's views recessionary pressures and its impacts, such as
cautionary tech spending and longer sales cycles, as risks to such
growth. However, Alteryx should fare relatively well with positive
enterprise spending trends for data analytics platforms, and a
strong and growing renewal base.  

Alteryx's credit profile is supported by the company's solid and
growing position of the company's analytics automation software
platform and strong customer relationships. Alteryx maintains long
relationships with its top ten customers, and these customers
represent less than 10% of total annual recurring revenue. The
company also services over 8,300 customers across a very broad
industry base, while maintaining a net expansion rate over 120%.  

Alteryx also benefits from a track record of execution against
plans and a recurring subscription revenue model that provides
predictability and visibility. Moody's expects that Alteryx will
adhere to disciplined financial policies with no significant
shareholder distributions, a focus on deleveraging, and an
expectation for a balanced approach to growth in the next few
years. Alteryx's liquidity profile is supported by the company's
cash balance, marketable securities, and a variable cost structure;
all of which can provide some flexibility through times of
significant investment and economic uncertainty.  

The stable outlook reflects Moody's expectation for leverage to
decrease to near 6x (adjusted debt/cash EBITDA) in 2023 from about
9x at the end of 2022 as Alteryx's earnings benefit from business
growth and margin expansion. While Moody's expects the US economy
will likely contract in a couple of quarters of 2023, with US
interest rates likely to remain elevated until inflation is
reliably under control, Alteryx will benefit from secular trends in
IT spend, particularly for data analytics and analytics automation.
Although free cash flow (FCF) will likely be flat in 2023, Moody's
expects positive FCF in 2024 of around $50 million.  

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

Alteryx's ratings could be upgraded if growth continues and profits
expand such that Moody's adjusted debt / EBITDA leverage is
maintained below 6x with FCF/debt of at least mid-single digit. The
company would also need to address upcoming debt maturities and
demonstrate a commitment to conservative financial policies.  

The ratings could be downgraded if Alteryx's growth slows.
Continued cash burn, the inability to generate positive free cash
flow by 2024, more aggressive financial policies resulting from
debt funded distributions or acquisitions, or the inability to
resolve approaching debt maturities could also lead to negative
ratings pressure.  

Alteryx's SGL-3 rating reflects adequate liquidity supported by
sizable cash and short term investments of approximately $340
million as of fiscal year 2022 and pro forma for the bond issuance,
as well as Moody's expectation for good cash flow generation once
growth from investments occurs and margins return to normal levels.
The company's liquidity position is constrained by large
investments impeding the generation of free cash flow, uncertainty
over the inflection point to positive free cash flow, and
outstandings on the convertible senior notes maturing in August
2024.  

Governance is a key consideration for the ratings. Alteryx's Credit
Impact Score is highly negative, driven primarily by the company's
governance risks characterized by a relatively aggressive financial
strategy.  

As a provider of software solutions, Alteryx has neutral-to-low
credit risks from environmental considerations, consistent with the
overall software industry. Alteryx has neutral-to-low credit
exposure to social considerations supported by strong enterprise
spending trends for data analytics platforms. Alteryx has moderate
human capital risks from its dependence on highly skilled technical
talent and challenges characteristic of the software sector
broadly. The company has moderately negative credit exposure
arising from reputational risks associated with potential cyber and
data security breaches of its products or internal networks.
Alteryx has highly negative governance considerations. The
company's heavy investments to spur growth have resulted in
elevated leverage and negative free cash flow (encumbered by some
one-time costs), which Moody's expect will continue over the near
term. This financial strategy significantly reduces Alteryx's
financial flexibility.

Alteryx provides an analytics automation software platform that
delivers automation of data engineering, analytics, reporting,
machine learning, and data science processes. This platform is
designed to make advanced analytics accessible to any data worker
across multiple departments of an enterprise. Alteryx has a diverse
customer base of over 8,300 customers across various industries
such as retail, food services, consumer products, telecom, media,
and financial services. The company had $855 million of revenue and
$834 million of ARR for the year ended December 2022.

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


AMBROSIA BUYER: Midcap Financial Marks $21.4M Loan at 70% Off
-------------------------------------------------------------
Midcap Financial Investment Corporation has marked its $21,429,000
loan extended to Ambrosia Buyer, Corp to market at $6,429,000 or
30% of the outstanding amount, as of December 31, 2022, according
to a disclosure contained in Midcap Financial's Form 10-K for the
transition period from April 1, 2022 to December 31, 2022, filed
with the Securities and Exchange Commission on February 21, 2023.

Midcap Financial is a participant in a Second Secured Debt Loan to
Ambrosia Buyer, Corp. The loan accrues interest at a rate of 8% per
annum. The loan matures on December 27, 2027.

Midcap Financial has classified the loan as non-accrual.

Midcap Financial Investment Corporation is a Maryland corporation
incorporated on February 2, 2004.  It is a closed-end, externally
managed, non-diversified management investment company that has
elected to be treated as a business development company under the
Investment Company Act of 1940. Apollo Investment Management, L.P.
is the investment adviser and an affiliate of Apollo Global
Management, Inc. and its consolidated subsidiaries (AGM). Apollo
Investment Administration, LLC, an affiliate of AGM, provides,
among other things, administrative services and facilities for the
Company.

Ambrosia Buyer, Corp. is a distributor of food service equipment
and supplies in North America, providing all non-food products used
by restaurants and other food service operators.



AMERICAN ACHIEVEMENT: Sixth Street Marks $27.1M Loan at 23% Off
---------------------------------------------------------------
Sixth Street Specialty Lending, Inc has marked its $27,171,000 loan
extended to American Achievement Corporation to market at
$20,922,000 or 77% of the outstanding amount, as of December 31,
2022, according to a disclosure contained in Sixth Street's Form
10-K for the fiscal year ended December 31, 2022, filed with the
Securities and Exchange Commission on February 16, 2023.

Sixth Street is a participant in a First Lien loan to American
Achievement Corporation. The loan accrues interest at a rate of
10.38% (incl. 9.88% Payment In Kind (L + 6.25%)) per annum. The
loan matures in September 2026.

As previously reported by the Troubled Company Reporter, Sixth
Street marked a $1,363,000 loan to American Achievement to market
at $78,000 or 6% of the outstanding amount, as of December 31,
2022.  Sixth Street is a participant in a First Lien loan to
American Achievement that accrues interest at a rate of 18.13%
(incl. 17.63% Payment In Kind (L + 14%)) per annum. The loan
matures in September 2026.

Sixth Street also marked a $4,740,000 Subordinated note due
September 2026 at $71,000.

Sixth Street says both the $1,363,000 loan and the Sub Note are on
non-accrual status as of December 31, 2022.

Sixth Street Specialty Lending, Inc is a Delaware corporation
formed on July 21, 2010. The Company was formed primarily to lend
to, and selectively invest in, middle-market companies in the
United States. The Company has elected to be regulated as a
business development company under the 1940 Act. In addition, for
tax purposes, the Company has elected to be treated as a regulated
investment company under Subchapter M of the Internal Revenue Code
of 1986, as amended. The Company is managed by Sixth Street
Specialty Lending Advisers, LLC.

On June 1, 2011, the Company formed a wholly-owned subsidiary, TC
Lending, LLC, a Delaware limited liability company. On March 22,
2012, the Company formed a wholly-owned subsidiary, Sixth Street SL
SPV, LLC, a Delaware limited liability company. On May 19, 2014,
the Company formed a wholly-owned subsidiary, Sixth Street SL
Holding, LLC, a Delaware limited liability company. On December 9,
2020, the Company formed a wholly-owned subsidiary, Sixth Street
Specialty Lending Sub, LLC, a Cayman Islands limited liability
company.

American Achievement Corporation manufactures and distributes
commemorative jewelry, including class rings, and recognition
products.


AMN HEALTHCARE: Fitch Assigns 'BB+' LongTerm IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has assigned a Long-Term Issuer Default Rating (IDR)
of 'BB+' to AMN Healthcare Services, Inc. and subsidiary AMN
Healthcare, Inc. (collectively AMN). Fitch has also assigned a
'BBB-/RR1' rating to the senior secured revolving credit facility
and a 'BB+'/'RR4' rating to the senior unsecured notes. The Rating
Outlook is Stable.

The 'BB+' IDR reflects AMN's leading position in the U.S. health
care staffing industry, low leverage and robust FCF, offset by its
cyclical industry exposure and its improved but limited scale and
diversification.

KEY RATING DRIVERS

Leadership Position in Temporary Nurse Staffing: AMN is one of the
largest U.S. temporary nurse staffing providers focused on travel
nurses, but also places locum tenens physicians and allied health
care professionals. Fitch expects that expansion and
diversification of its customer base in recent years is likely to
reduce downside within its cyclical core business, especially in an
economic downturn. Moreover, its scale has expanded considerably in
the past 15 years, with revenue exceeding $5.2 billion in 2022, up
from $1.2 billion in 2008. While best known for its leading
temporary and travel nurse staffing business, recent acquisitions
have helped build a tech-enabled services and solutions segment
that generated over 30% of EBITDA in 2022.

Moderating Pandemic-Driven Demand: After a record year in 2022,
Fitch expects high-teens declines in AMN's revenue and EBITDA for
2023, driven by an expectation of health care industry demand for
temporary staffing resetting to a "new normal", with the COVID-19
pandemic further subsiding and full-time hospital employee
recruitment and retention improving. Fitch's 2023 forecast for
revenue of $4.3 billion and EBITDA of nearly $0.7 billion is
nonetheless consistent with levels observed in the last half of
2022 and the midpoint of AMN's guidance for 1Q23 (with revenue and
EBITDA of about $1.1 billion and $175 million, respectively), with
continuing strong EBITDA growth in AMN's high-margin Technology &
Workforce Solutions segment partially offsetting continuing
moderation in core nurse staffing demand.

Strong FCF Generation: AMN's 'BB+' IDR is supported by FCF totaling
$0.2 billion-$0.6 billion annually over the past decade and
remaining in positive territory since 2006 (in two years, granted
only modestly), prior to the last major U.S. recession. Fitch also
expects meaningful positive FCF throughout its forecast despite
near-term top line pressures, consistent with its view that
well-managed staffing companies can typically sustain positive FCF
through economic cycles given the pass-through nature of much of
the cost structure and an ability to flex operating costs to
address shifting economic conditions.

Notably Low Leverage: Leverage is presently modest at about 1.0x
EBITDA, but Fitch expects this could increase in the near term with
EBITDA declining as health system temporary staffing needs
normalize and as AMN is likely to pursue further growth via
debt-funded M&A. Fitch expects AMN is likely to manage its business
in-line with its 2.0x-2.5x net leverage target. Fitch also
acknowledges that leverage may rise over time due to the industry's
material cyclicality. While EBITDA dropped over 50% as revenues
declined in 2009 due to the global financial crisis, Fitch expects
AMN to exhibit less cyclicality in the future. While the U.S.
nursing shortage is likely to persist, Fitch expects AMN's
expanding scale and improving diversification is likely to help
support operating results in future economic downturns.

Debt-Funded M&A Likely: Fitch expects M&A to play a material role
in AMN's long-term growth strategy, which poses both financial and
strategic risk over time. AMN has spent over $1.0 billion on M&A
since 2018 (including $0.5 billion to buy Stratus Video in 2020),
expanding its presence in areas including language interpretation,
telehealth, and other software and technology solutions targeting
the health care industry. While M&A in recent years has thus
diversified the business from its travel nursing roots, the
addition of businesses with considerably distinct operational
profiles (in terms of growth, margins and investment needs) has
also added integration and investment risk to the credit profile.

DERIVATION SUMMARY

Fitch views AMN as well positioned at the 'BB+' IDR with notably
low leverage, strong FCF, limited but improving diversification
from a rapidly-growing, high-margin technology solutions business,
and depth as a leading provider of temporary nurse staffing to
hospitals and other U.S. health care providers. Relative to
industrial staffing provider EmployBridge (B+/Stable), AMN benefits
from higher margins, greater share of its core end market, and
materially lower leverage at about 1.0x currently.

With EBITDA likely at $650 million-$700 million at its near-term
trough in 2023-2024, assuming health care temporary staffing demand
subsides as Fitch expects, AMN operates with solid, competitive
scale relative to peers such as Team Health (CCC) and Envision
Healthcare (Not Rated), both of whom have greater exposure to a
challenging outsourced physician staffing industry and much more
aggressive financial policy given their PE ownership, with far
higher leverage and modestly positive to negative FCF.

In applying Fitch's Parent and Rating Subsidiary Linkage criteria,
Fitch considers AMN Healthcare, Inc., the wholly-owned subsidiary
of AMN Healthcare Services, Inc., as the stronger of the two
entities due to its greater proximity to the operating assets.
Legal ring-fencing between the entities is considered open, while
access and control are viewed as strong, reflecting their common
management.

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.

KEY ASSUMPTIONS

- Revenue: declines in the high teens in 2023 and low-single-digits
in 2024 as normalizing demand weighs on both rates and volumes;
high-single-digit growth thereafter, with mid-teens growth in
Technology & Workforce Solutions;

- EBITDA: margin declines about 100 bps in 2023, improving
thereafter by about 50 bps annually, reflecting the top line trends
noted above and upside from an increasing mix of higher-margin
Technology & Workforce Solutions revenue;

- Capex: about 2.0% of revenue over the ratings case, up from about
1.5% of revenue in 2018-2022;

- Working Capital and Other Items before FFO: reflects modest use
of cash over the ratings case;

- Cash Taxes: reflects income tax rates in the mid-20s, in line
with that observed in 2021-2022;

- EBITDA Leverage: relatively stable at the lower end of the
1.0x-1.5x range, excluding M&A that Fitch expects could sustain
leverage at levels up to a turn higher (no specific provision is
made for M&A given uncertainty as to the allocation among business
segments having materially different margin profiles);

- Share Buybacks & Dividends: reflects $0.4 billion-0.5 billion of
buybacks annually with no dividends.

RATING SENSITIVITIES

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

- Greater diversification in business mix, increased operating
scale and/or a publicly-stated commitment to maintain EBITDA
Leverage below 2.0x; however, Fitch does not view an upgrade as
likely within the near term.

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

- EBITDA Leverage sustained above 2.5x;

- EBITDA margins sustained below 12.5%;

- FCF sustained below 5.0% of revenue; and

- Declining volumes, bill rates or other key indicators signaling
deteriorating competitive position.

LIQUIDITY AND DEBT STRUCTURE

Liquidity: AMN has ample liquidity to operate its business, fund
organic and M&A-driven growth and return capital to shareholders.
Liquidity is supported by $65 million of cash on hand as of YE
2022, an undrawn, fully available $750 million senior secured
revolver and FCF expected to average $0.4 billion annually over
Fitch's ratings case forecast. AMN has generated positive FCF every
year since 2006, predating the global financial crisis (including
two marginally positive years), with FCF of $0.2 billion-$0.6
billion in each of the past five years. Fitch expects the expanded
scale of the business and the higher-margin technology segment to
help sustain positive FCF for the foreseeable future.

Debt Structure: AMN has a simple capital structure comprised of an
undrawn $750 million senior secured revolver, $500 million of
4.625% senior unsecured notes due 2027, and $350 million of 4.000%
senior unsecured notes due 2029. While net leverage is presently
just under 1.0x, well below AMN's 2.0x-2.5x net leverage target,
Fitch expects leverage is likely to rise within this range over
time. Fitch views M&A as a core component of the company's growth
strategy and thus debt-funded M&A is likely to translate to higher
debt and higher leverage within the ratings horizon.

ISSUER PROFILE

A leader in health care staffing and talent solutions founded in
1985 and headquartered in Dallas, Texas, AMN is one of the largest
providers of travel nursing and locum tenens services for hospitals
and other health care facilities in the U.S., and also offers other
staffing and technology-enabled solutions for the health care
industry. It is publicly traded on the NYSE under the ticker
"AMN".

   Entity/Debt             Rating           Recovery   
   -----------             ------           --------   
AMN Healthcare
Services, Inc.      LT IDR BB+  New Rating

AMN Healthcare,
Inc.                LT IDR BB+  New Rating

   senior
   unsecured        LT     BB+  New Rating     RR4

   senior secured   LT     BBB- New Rating     RR1


ANDERBY BREWING: Seeks Cash Collateral Access
---------------------------------------------
Anderby Brewing, LLC asks the U.S. Bankruptcy Court for the North
District of Georgia, Atlanta Division, for entry of an order
determining the extent of, and authorizing the use of cash
collateral and provide adequate protection.

The Debtor requires the use of cash collateral to pay employees,
rent, utilities, vendors who provide raw materials and supplies,
insurers, and other ordinary expenses.

The Debtor leases a commercial property where it operates a brewery
pursuant to a written lease agreement with Greenleaf Management,
LLC for premises located at 110 Technology Pkwy Suite 200,
Peachtree Corners, Georgia 30092.

During the COVID-19 pandemic, the Debtor experienced a decrease in
revenues as a result of fewer patrons coming to the Brewery in
person as a result of concerns regarding public gatherings and due
to fewer out-of-office and after-hours events being hosted.

As a result of financial challenges from the COVID-19 pandemic, the
Debtor fell behind on Lease payments to the Landlord and has been
unable to catch up on those payments.

The Debtor is currently in arrears for five months of rent,
inclusive of February 2023, totaling $56,737.

A review of the Uniform Commercial Code Financing Statements filed
as to the Debtor in the Georgia Superior Court Clerk Cooperative
UCC index shows that several entities might potentially assert an
interest in cash collateral which are the Fifth Third Bank, U.S.
Small Business Administration, U.S. Bank Equipment Finance, and
Pawnee Leasing Corporation.

An unknown entity asserts a security interest in the Debtor's
inventory, goods, merchandise, raw materials, supplies, other
tangible personal property, accounts, and accounts receivable under
a UCC Financing Statement filed on December 30, 2022, GSCCC File
No. 038-2022-037873, which did not list the name of the secured
creditor. This unknown entity might assert an interest in the cash
collateral.

As adequate protection, the Debtor offers creditors a replacement
lien to the same extent and with the same priority as its
pre-petition lien.

The Debtor proposes to limit its cash collateral use to those
specific categories of expenses identified on its proposed Budget,
with an allowance of 15% for normal variation in expenses on those
line items in the amount of $500 or more, and a 20% variance on any
line items of less than $500.

A copy of the Debtor's motion and budget is available at
https://bit.ly/3YdI5Hh from PacerMonitor.com.

The Debtor projects total expenses, on a monthly basis, as
follows:

     $77,098 for March 2023;
     $77,098 for April 2023;
     $77,098 for May 2023;
     $77,098 for June 2023;
     $77,098 for July 2023; and
     $77,098 for August 2023.

                     About Anderby Brewing, LLC

Anderby Brewing, LLC owns and operates a brewery in Peachtree
Corners, Georgia. The Debtor sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 23-51983) on
March 1, 2023. In the petition signed by Michael Preston Smelt,
president, the Debtor disclosed up to $1 million in both assets and
liabilities.

Michael D Robl, Esq., at Robl Law Group LLC, represents the Debtor
as legal counsel.


ARA MACAO HOLDINGS: Trustee Taps REDW as Substitute Tax Accountant
------------------------------------------------------------------
S. Cary Forrester, the Chapter 11 trustee for Ara Macao Holdings,
L.P., received approval from the U.S. Bankruptcy Court for the
District of Arizona to employ REDW, LLC to substitute for Edwards
LargayMihaylo& Co., PLC.

The firm's services include:

   a. preparing any federal or state income tax returns required to
be filed during the pendency of the Debtor's Chapter 11 case;

   b. performing any bookkeeping services necessary for the
preparation of the income tax returns; and

   c. providing general tax advice to the trustee.

The firm will be paid at these rates:

     Charles Mihaylo             $550 per hour
     John Harvoy                 $330 per hour
     Lisa Morris                 $270 per hour
     Staff/Senior Accountants    $220 to $400 per hour
     Clerical/Administrative     $125 to $180 per hour

Charles Mihaylo, a partner at REDW, 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:

     Charles V. Mihaylo
     REDW, LLC
     5353 North 16th Street, Suite 200
     Phoenix, AZ 85016
     Tel: (602) 730-3603
     Email: cmihaylo@redw.com

                     About Ara Macao Holdings

Ara Macao Holdings, L.P. is a provider of real estate development
services based in Sedona, Ariz.

On April 6, 2018, an involuntary Chapter 11 petition was filed
against Ara Macao Holdings (Bankr. D. Ariz. Case No. 18-03615). The
petitioning creditors are KB Partners, Inc., Christopher de Sibert,
Gary Nitsche, Daniel Dorgan, Richard Umbach and Edgewater
Resources, LLC. They are represented by Patrick A Clisham, Esq., at
Engelman Berger, P.C.

On May 8, 2018, the involuntary proceeding was converted to a
voluntary Chapter 11 case (Bankr. D. Ariz. Case No. 18-03615).
Judge Paul Sala oversees the case.  Ara Macao Holdings hired Burch
& Cracchiolo, P.A. as its bankruptcy counsel.

The U.S. Trustee for Region 14 appointed an official committee of
unsecured creditors in Ara Macao Holdings' bankruptcy case.  The
committee is represented by Engelman Berger, P.C.

S. Cary Forrester is the Chapter 11 trustee appointed for Ara Macao
Holdings. The trustee hired Forrester & Worth, PLLC as bankruptcy
counsel; Snell & Wilmer, LLP as special counsel; and REDW, LLC as
tax accountant.


ARTIVION INC: S&P Downgrades ICR to 'B-', Outlook Stable
--------------------------------------------------------
S&P Global Ratings downgraded cardiovascular medical device
manufacturer Artivion Inc. to 'B-' from 'B'.

The stable outlook reflects S&P's expectation that, while the
company will face ongoing macroeconomic pressures, it will continue
to organically increase its revenue by the mid- to
high-single-digit percent range and generate modestly positive
FOCF.

Despite the increase in its organic revenue, the challenging
operating environment has caused Artivion's leverage to remain
elevated due to its continued cash flow deficits, which has
weakened its metrics below our expectations for the 'B' rating. The
company's operating margins and cash flow generation in 2022 were
significantly impaired by industrywide challenges (i.e. elevated
raw material and freight costs, supply chain disruptions leading to
shortages of critical components, and staffing shortages in
hospitals that caused procedure delays). Operational challenges,
such as the staffing challenges at its German aortic stent
manufacturing facility, the delay of the BioGlue CE Mark, the delay
in its receipt of premarket approval (PMA) for its PerClot product
and the ensuing payment from Baxter, and the exit of the supplier
of the handpieces for its CardioGenesis cardiac laser therapy
products, have also negatively affected its results. Artivion's
earlier accelerated investment in development projects also
contributed to the pressure on its margin. The company's S&P Global
Ratings-adjusted EBITDA margin dropped to 14% in 2022 from 18% in
2021. This caused its S&P Global Ratings-adjusted leverage to rise
to 9.1x as of the end of 2022, which compares with 7.6x as of the
end of 2021. 2022 was also the third consecutive year it generated
negative FOCF, which S&P expects will continue in 2023, excluding a
one-time milestone payment.

S&P said, "We believe Artivion's differentiated product portfolio
and some pricing power will help it partially offset some of the
ongoing headwinds, though we expect its profitability will remain
pressured in 2023.We also note that some of the margin compression
the company experienced in 2022 stemmed from its accelerated
investment in research and development (R&D), which will ease in
2023 due to the cessation of its PROACT Xa study. However, we
estimate its profitability will remain well below its 2021 levels
in 2023. Although the reduction in its R&D spending will alleviates
some of the pressure on its near-term credit metrics, we believe
this investment is critical to maintaining (and strengthening) its
competitive position.

"We expect Artivion will increase its organic revenue by the
high-single-digit percent area over the next few years and generate
breakeven FOCF in 2023.At the same time, given our expectation for
a higher expense base without significant price hikes, we believe
the company's credit metrics will remain pressured for an extended
period. In addition, Artivion's significant sales in Europe expose
it to fluctuations in the euro/dollar exchange rate, which has
recently acted as an additional financial headwind. We believe
these factors, in combination with the company's significant
working capital investments and increasing interest rates, will
continue to suppress its cash generation in 2023. We expect
Artivion's leverage will remain elevated at about 7.5x in 2023 and
assume minimal cash flow when incorporating the expected payment
from Baxter, which we anticipate will help it offset an
approximately $10 million FOCF deficit. Including the milestone
payment, we now expect the company's reported FOCF will reach about
$5 million, assuming it receives approval from the U.S. Food and
Drug Administration (FDA) for the product under the agreement
(PerClot).

"While we do not believe there is material upside to our base-case
forecast, we expect recessionary pressure will be limited in 2023.
We do not expect outsized increases in wages in 2023 and assume the
company will be able to meet the demand for its stent graft
portfolio with its current staffing levels. We also expect Artivion
will reduce its working capital usage through better inventory
management in the coming years. That said, we do not currently
forecast the company will experience significant recessionary
pressures, given that its products are used to treat severe aortic
diseases and the procedures are profitable for hospitals. However,
we believe Artivion could face some pushback if it attempts to
raise its prices in markets where it has never implemented such
increases. Additionally, with BioGlue off the European markets for
some time, the company may experience some erosion in its market
share.

"The stable outlook reflects our expectation that Artivion will
continue to increase its organic revenue by the mid- to -high
single digit percent area while generating modestly positive FOCF
despite ongoing macroeconomic pressures.

"We could lower our rating if we view its capital structure as
unsustainable. This could occur if Artivion faces additional
industry headwinds or company-specific challenges that cause it to
underperform, leading us to expect continued cash flow deficits as
it seeks to access the capital markets ahead of the maturities of
its revolver (in 2025) and term loan (in 2027).

"We would consider raising our rating on Artivion if it sustains
FOCF to debt of more than 3%. This would most likely occur if the
company continues to expand its revenue by the mid- to
high-single-digit percent area, improves its EBITDA margins by at
least 150 basis points (bps), and expands its cash flow generation.
An upgrade would be predicated on our belief that additional
acquisitions would not drain its cash flow."

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



ASSOCIATED FIXTURE: Amended Subchapter V Plan Confirmed
-------------------------------------------------------
Bankruptcy Judge William T. Thurman for the District of Utah has
issued findings of fact and conclusions of law regarding the
confirmation of Associated Fixture Manufacturing, Inc.'s Amended
Plan under Subchapter V of Chapter 11.

Judge Thurman finds that the Plan complies with, and the Debtor has
satisfied, all applicable confirmation requirements and the Plan
will be confirmed by entry of the separate confirmation order.  The
Plan complies with the applicable provisions of Title 11 of the
Bankruptcy Code, including, without limitation, as follows:

   A. Proper Classification: Article 4 of the Plan properly
designates classes of Claims, and classifies only substantially
similar claims in the same classes.

   B. Specify Unimpaired Classes: There are no unimpaired classes
of claims under the Plan. All classes of claims are impaired.

   C. Specify Treatment of Impaired Classes: Classes J1, J2, J3,
J4, J5, S1, T1, U1, U2, U3, and E1 are designated as impaired under
the Plan. Article 5 of the Plan specifies the treatment of the
impaired classes of claims.

   D. No Discrimination: The Plan provides for similar treatment
for each claim or interest in each respective class, unless the
holder(s) of a particular Claim(s) has agreed to less favorable
treatment with respect to such Claim.

   E. Implementation of the Plan: The Plan provides adequate and
proper means for implementation. Among other things, Articles 7 and
11 provide for (a) the vesting of estate property in the
Reorganized Debtor; (b) ownership and management structure of the
Reorganized Debtor; (c) the Reorganized Debtor's use and retention
of property; and (d) distributions to creditors.

   F. Revision to Corporate Charter: The Plan, in Article 7.2,
provides that only a single class of shares with full voting
authority will exist post-confirmation, and that the charter of the
Reorganized Debtor will be amended to reflect this Plan provision.

   G. Ongoing Management: Scott Colledge and Martin White have
agreed to continue a management of the Reorganized Debtor, and
nothing contained in the Plan is inconsistent with the interests of
creditors and interest-holders, or with public policy, with respect
to the manner of selection of future officers, directors, or
trustees.

   H. Additional Plan Provisions: The Plan's provisions are
appropriate and consistent with the applicable provisions of the
Bankruptcy Code, including provisions regarding (a) assumption and
rejection of executory contracts and unexpired leases, and (b) the
retention, enforcement, and/or abandonment of claims upon
confirmation (Article 16).

   I. Bankruptcy Rule 3016(a): The Plan is dated and identifies the
Debtor as its proponent.

   J. Filing of the Plan [Section 1189]: The Debtor filed the
original draft of its Plan on Nov. 23, 2022 (which was the 90th day
after the petition date) and amended the Plan on Jan. 6, 2023.

   K. Contents of the Plan [Section 1190]. The Plan includes (a) a
brief history of the business operations of the Debtor; (b) a
liquidation analysis; and (c) projections with respect to the
ability of the Debtor to make payments under the proposed plan of
reorganization. The Plan also provides for the use of future
earnings of the Reorganized Debtor to satisfy Plan obligations, and
if confirmed over the dissent of a class of creditors, submission
to the Trustee of such portion of future earnings necessary for the
execution of the Plan. Section 1190(3) is inapplicable in this
case.

A full-text copy of the Findings of Fact and Conclusions of Law
dated Feb. 10, 2023, is available at https://tinyurl.com/32hb9k8k
from Leagle.com.

              About Associated Fixture Manufacturing

Associated Fixture Manufacturing Inc. --
https://www.associatedfixture.com/ -- is a millwork shop in Utah.

The Debtor filed a petition for relief under Subchapter V of
Chapter 11 of the Bankruptcy Code (Bankr. D. Utah Case No.
22-23317) on Aug. 26, 2022.  In the petition filed by Scott T.
Colledge, as director, the Debtor reported assets between $500,000
and $1 million and liabilities between $1 million and $10 million.

D. Ray Strong has been appointed as Subchapter V trustee.

The Debtor is represented by The Legal Formative.



ATLANTIC ACCEPTANCE: Seeks to Hire Lorium PLLC as Legal Counsel
---------------------------------------------------------------
Atlantic Acceptance Corp. seeks approval from the U.S. Bankruptcy
Court for the Southern District of Florida to employ Lorium PLLC as
counsel.

Lorium will render these services:

     (a) advise the Debtor with respect to its powers and duties;

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

     (c) prepare legal papers;

     (d) protect the interests of the Debtor in all matters pending
before the court; and

     (e) represent the Debtor in negotiations with its creditors in
the preparation of a plan.

Lorium requires a retainer of $25,000.

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

     Joe Grant, Esq.           $450
     Other Attorneys    $250 - $450
     Paralegals         $135 - $150

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

The firm can be reached through:

     Joe M. Grant, Esq
     Lorium PLLC
     197 South Federal Highway, Suite 200
     Boca Raton, FL 33432
     Telephone: (561) 361-1000
     Facsimile: (561) 672-7581
     Email: jgrant@loriumlaw.com

                   About Atlantic Acceptance

Atlantic Acceptance Corp. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-11339) on Feb.
20, 2023. In the petition signed by Ryan Allen Rochefort, managing
member, the Debtor disclosed up to $10 million in assets and up to
$50 million in liabilities.

Judge Mindy A. Mora oversees the case.

Joe M. Grant, Esq., at Lorium PLLC is the Debtor's counsel.


AUTO MONEY: Wins Cash Collateral Access on Final Basis
------------------------------------------------------
The U.S. Bankruptcy Court for the District of South Carolina
authorized Auto Money North LLC, to use cash collateral on a final
basis in accordance with the budget, with a 10% variance.

AutoMoney, Inc., an affiliate of the Debtor, asserts a blanket lien
on substantially all of the Debtor's cash, accounts receivable, or
payment rights to secure a debt of approximately $893,010, as of
November 30, 2022.

Following the entry of the Final Cash Collateral Order, the Debtor
amended its schedules to disclose the existence of a Commercial
Guaranty Agreement executed on January 19, 2021, in favor of Wells
Fargo Bank, N.A. by which the Debtor provided Wells Fargo with a
security interest in deposit accounts at Wells Fargo to guaranty
loan obligations owed to Wells Fargo by Moneyline Properties, LLC,
an affiliate of the Debtor.

The Debtor's counsel represents to the Court that because the
security interest held by Wells Fargo was perfected by control
instead of by the filing of a UCC financing statement, it was not
discovered when a UCC search was performed prior to the filing of
the Cash Collateral Motion and relevant Schedules. However, the
Guaranty was recently signed by Debtor's owners. As of the Petition
Date, the approximate balance of each of the four loans made by
Wells Fargo to Moneyline were $1.160 million; $404,221; $1.618
million; and $1.461 million. The Wells Fargo obligations were added
to Debtor's schedules after the Final Cash Collateral Order was
entered.

As adequate protection for any diminution in value, Wells Fargo is
granted a post-petition replacement lien and security interest in
the Debtor's post-petition deposit accounts at Wells Fargo to the
same extent and in the same priority as their pre-petition lien,
for any post-petition diminution in value, with the amount of such
replacement lien being capped by the amount of funds in the
Debtor's Wells Fargo deposit accounts as of the Petition Date.

A copy of the Court's order and the Debtor's budget is available at
https://bit.ly/3Iz4s4e from PacerMonitor.com.

The Debtor projects total cash outflows of $1.808 million for March
2023.

                   About Auto Money North LLC

Auto Money North LLC is a limited liability company that makes
loans secured by motor vehicles, commonly known as "title loans."
Auto Money North is a supervised lender that is overseen by the
South Carolina Department of Consumer Finance and South Carolina
Board of Financial Institutions, whose lending activities are
regulated and audited by South Carolina.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.S.C. Case No. 22-03309) on December 2,
2022. In the petition signed by Jeremy Blackburn, officer, the
Debtor disclosed up to $10 million in assets and up to $1 million
in liabilities.  The Debtor operates 16 stores and has 47 employees
as of the Petition Date.

Stanley H. McGuffin, Esq., at Haynsworth Sinkler Boyd, P.A.,
represents the Debtor as counsel.



BANNER BUYER: Midcap Financial Marks $1.9M Loan at 81% Off
----------------------------------------------------------
Midcap Financial Investment Corporation has marked its $1,935,000
loan extended to Banner Buyer LLC to market at $370,000 or 19% of
the outstanding amount, as of December 31, 2022, according to a
disclosure contained in Midcap Financial's Form 10-K for the
transition period from April 1, 2022 to December 31, 2022, filed
with the Securities and Exchange Commission on February 21, 2023.

Midcap Financial is a participant in a First Lien Secured Debt -
Revolver to Banner Buyer LLC. The loan accrues interest at a rate
of 1% (L+575) per annum. The loan matures on October 31, 2025.

Midcap Financial Investment Corporation is a Maryland corporation
incorporated on February 2, 2004.  It is a closed-end, externally
managed, non-diversified management investment company that has
elected to be treated as a business development company under the
Investment Company Act of 1940. Apollo Investment Management, L.P.
is the investment adviser and an affiliate of Apollo Global
Management, Inc. and its consolidated subsidiaries (AGM). Apollo
Investment Administration, LLC, an affiliate of AGM, provides,
among other things, administrative services and facilities for the
Company.

Banner Buyer LLC is affiliated with Banner Solutions, a wholesale
distributor of door hardware, electronic access control, and
security products primarily for repair, replacement, and renovation
applications in the commercial/institutional and residential
markets. Banner Solutions was founded in 1987 and is based in
Kansas City, Missouri.


BAYTEX ENERGY: Moody's Puts 'B1' CFR Under Review for Upgrade
-------------------------------------------------------------
Moody's Investors Service placed Baytex Energy Corp.'s ratings
under review for upgrade, including the B1 corporate family rating,
B1-PD probability of default rating and B3 senior unsecured notes
rating. The SGL-1 speculative grade liquidity (SGL) remains
unchanged. The outlook was changed to rating under review from
positive.

The review follows the February 28, 2023 announcement that Baytex
entered into an agreement to acquire Ranger Oil Corporation
("Ranger"), an oil and gas producer based in Eagle Ford, in a
transaction totaling US$2.5 billion. The proposed deal will be
financed with a combination of debt and equity, including drawings
under an upsized credit facility (total availability of US$1
billion from US$850 million currently), a US$250 million two-year
term loan and a US$500 million 364-day bridge facility.  

On Review for Upgrade:

Issuer: Baytex Energy Corp.

Corporate Family Rating, Placed on Review for Upgrade, currently
B1

Probability of Default Rating, Placed on Review for Upgrade,
currently B1-PD

Senior Unsecured Regular Bond/Debenture, Placed on Review for
Upgrade, currently B3 (LGD5)

Outlook Actions:

Issuer: Baytex Energy Corp.

Outlook, Changed To Rating Under Review From Positive

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

"The review for upgrade reflects credit benefits of the proposed
transaction, including a materially larger production base
complemented by an increased concentration in higher-value light
oil and a lower-cost profile," said Whitney Leavens, Moody's
analyst. "Moody's expect Baytex to maintain a conservative
financial policy and allocate positive free cash flow toward debt
reduction post transaction, supporting the maintenance of solid
financial metrics and good liquidity," she added.

The transaction will slow the deleveraging trend at Baytex with
debt-to-production rising to over US$15,000/boe (pro-forma) from
around US$10,000/boe at year end 2022; however, stronger cash
margins post acquisition will support better durability in a
low-price environment, and Moody's expect management to execute on
debt reduction in accordance with its track record, adhering to its
new C$1.5 billion net debt target.

The review will focus on the final post-transaction capital
structure and Moody's assessment of execution risks and
macroeconomic conditions, cash generation and deleveraging capacity
as well as the trajectory of the company's financial policies and
M&A strategy. Moody's expects to conclude the review once the
company has finalized the capital structure. Management expects to
close the transaction following shareholder approvals expected in
June 2023.

Baytex Energy Corp. is a publicly listed Calgary, Alberta-based
independent exploration and production company.

The principal methodology used in these ratings was Independent
Exploration and Production published in December 2022.


BEAM & COMPANY: Court OKs Cash Collateral Access Thru April 11
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of California,
Fresno Division, authorized Beam & Company, Inc. to use cash
collateral on an interim basis, in accordance with the budget, with
a 10% variance, through April 11, 2023.

As previously reported by the Troubled Company Reporter, there are
two creditors that appear to have a perfected security interest in
cash collateral of the Debtor. One was perfected by the filing of a
UCC-1 on September 3, 2020, by Hanmi Bank to secure the Hanmi Loan.
The second was perfected by the filing of a UCC-1 on September 26,
2021 by the U.S. Small Business Administration. The second UCC-1 is
related to an EIDL loan that Debtor took out.

As adequate protection, the Creditors with secured claims against
the cash collateral are granted replacement liens on the Debtor's
post-petition acquired assets, including but not limited to cash,
accounts, and accounts receivable to the extent such secured
creditor holds a prepetition security interest in such categories
of collateral; and the priority of such replacement liens will be
governed by the priority as they existed as of the petition date.

A further hearing on the matter is set for April 11, 2023 at 9:30
p.m.

A copy of the order is available at https://bit.ly/3ZAG3Ci from
PacerMonitor.com.

                    About Beam & Company, Inc.

Beam & Company, Inc. is a full service general contractor focusing
on commercial real estate remodels. The Debtor sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case
No. 23-10244) on February 10, 2023. In the petition signed by
Brandon Cooper, its president, the Debtor disclosed up to $500,000
in assets and up to $10 million in liabilities.

Judge Rene Lastreto II oversees the case.

Peter Fear, Esq., at Fear Waddell, PC, represents the Debtor as
legal counsel.



BERNER FOOD: Midcap Financial Marks $2.6M Loan at 79% Off
---------------------------------------------------------
Midcap Financial Investment Corporation has marked its $2,622,000
loan extended to Berner Food & Beverage, LLC to market at $563,000
or 21% of the outstanding amount, as of December 31, 2022,
according to a disclosure contained in Midcap Financial's Form 10-K
for the transition period from April 1, 2022 to December 31, 2022,
filed with the Securities and Exchange Commission on February 21,
2023.

Midcap Financial is a participant in a First Lien Secured Debt -
Revolver Loan to Berner Food & Beverage, LLC. The loan accrues
interest at a rate of (L+550, 1.00% Floor) per annum. The loan
matures on July 30, 2026.

Midcap Financial Investment Corporation is a Maryland corporation
incorporated on February 2, 2004.  It is a closed-end, externally
managed, non-diversified management investment company that has
elected to be treated as a business development company under the
Investment Company Act of 1940. Apollo Investment Management, L.P.
is the investment adviser and an affiliate of Apollo Global
Management, Inc. and its consolidated subsidiaries (AGM). Apollo
Investment Administration, LLC, an affiliate of AGM, provides,
among other things, administrative services and facilities for the
Company.

Berner Food & Beverage is a supplier of shelf-stable, dairy-based
food and beverage products to large CPG companies, emerging
beverage brands, and private label retailers nationwide.


BIONIK LABORATORIES: Borrows $500K From Remi Affiliate
------------------------------------------------------
Bionik Laboratories Corp. disclosed in a Form 8-K filed with the
Securities and Exchange Commission it issued a convertible
promissory note and borrowed $500,000 from an affiliate of Remi
Gaston-Dreyfus, a director of the Company.  The Holder subscribed
to the Note pursuant to a Subscription Agreement.

The Company intends to use the net proceeds from the Loan for the
Company's working capital and general corporate purposes.

The Note bears interest at a fixed rate of 1% per month, computed
based on a 360-day year of twelve 30-day months and will be
payable, along with the principal amount, on the two year
anniversary of the issue date.

The Note will be convertible into equity of the Company upon the
following events on the following terms:

    * On the Maturity Date without any action on the part of the
Holder, the outstanding principal and accrued and unpaid interest
under the Note will be converted into shares of common stock at a
conversion price equal to the closing price of the Company's common
stock on the Maturity Date.

    * Upon the consummation of the next equity or equity linked
round of financing of the Company for cash proceeds, without any
action on the part of the Holder, the outstanding principal and
accrued and unpaid interest under the Note will be converted into
the securities (or units of securities if more than one security
are sold as a unit) issued by the Company in one or more tranches
in the context of the Qualified Financing, based upon the issuance
(or conversion) price of such securities.

The Note contains customary events of default, which, if uncured,
entitle the Holder to accelerate the due date of the unpaid
principal amount of, and all accrued and unpaid interest on, the
Note.

                      About BIONIK Laboratories

Bionik Laboratories Corp. -- http://www.BIONIKlabs.com-- is a
robotics company focused on providing rehabilitation and mobility
solutions to individuals with neurological and mobility challenges
from hospital to home.  The Company has a portfolio of products
focused on upper and lower extremity rehabilitation for stroke and
other mobility-impaired patients, including three products on the
market and three products in varying stages of development.

Bionik reported a net loss and comprehensive loss of $10.41 million
for the year ended March 31, 2022, compared to a net loss and
comprehensive loss of $13.62 million for the year ended March 31,
2021.  As of Dec. 31, 2022, the Company had $3.68 million in total
assets, $4.21 million in total liabilities, and a total
stockholders' deficit of $521,906.

Toronto, Canada-based MNP LLP, the Company's auditor since 2015,
issued a "going concern" qualification in its report dated June 9,
2022, citing that the Company has experienced losses and has a
working capital deficiency and an accumulated deficit.  These
conditions, along with other matters, raise substantial doubt about
Company's ability to continue as a going concern.


BLUCORA INC: S&P Withdraws 'BB-' Issuer Credit Rating
-----------------------------------------------------
S&P Global Ratings withdrew its 'BB-' issuer credit rating on
Blucora (now known as Avantax Inc.) at the issuer's request, after
the company had earlier paid off all its rated debt. At the time of
withdrawal, the rating was on CreditWatch with negative
implications. S&P did not resolve the CreditWatch placement before
the withdrawal because S&P did not have the information necessary
to assess the firm's prospective financial position as a
stand-alone securities firm under S&P's financial institutions
criteria.



BOYD GAMING: Moody's Ups CFR to Ba3 & Senior Unsecured Notes to B1
------------------------------------------------------------------
Moody's Investors Service upgraded Boyd Gaming Corporation's
Corporate Family Rating to Ba3 from B1 and Probability of Default
Rating to Ba3-PD from B1-PD. The company's senior unsecured notes
were upgraded to B1 from B3. The company's Speculative Grade
Liquidity rating remains SGL-2 and the outlook is stable.

The upgrade of Boyd's CFR to Ba3 considers the sustained strong
operating performance, with continued growth in revenue and EBITDA,
very strong free cash flow generation, and reduced debt levels
which have driven down leverage to below 3.0x. The company has been
able to maintain improved EBITDA margins and increase absolute
EBITDA levels well above pre-pandemic levels while reducing funded
debt levels. The strong operating performance, reduction in
leverage, and good liquidity profile support the upgrade of the
rating to Ba3.

Upgrades:

Issuer: Boyd Gaming Corporation

Corporate Family Rating, Upgraded to Ba3 from B1

Probability of Default Rating, Upgraded to Ba3-PD from B1-PD

Senior Unsecured Regular Bond/Debenture, Upgraded to B1 (LGD5)
from B3 (LGD5)

Outlook Actions:

Issuer: Boyd Gaming Corporation

Outlook, Remains Stable

RATINGS RATIONALE

Boyd's Ba3 CFR reflects the meaningful reduction in leverage as a
result of sustained strong operating performance and debt
reduction. The company has generated a significant level of free
cash flow and has reduced debt levels meaningfully relative to the
pre-pandemic level, driving debt-to-EBITDA leverage to below 3x
range. The rating also reflects the company's significant size and
geographic diversification. The company is one of the largest
regional gaming operators in terms of net revenue and number of
casino assets operated. Key credit concerns include Boyd's
vulnerability to travel disruptions and unfavorable sudden shifts
in discretionary consumer spending and the uncertainty regarding
the sustainability of EBITDA margins. The company's moderate
leverage position provides flexibility within the rating to absorb
any potential margin contraction and reasonably sized acquisitions.
Longer-term social risk and fundamental challenges facing Boyd and
other regional gaming companies relate to consumer entertainment
preferences and US population demographics that Moody's believes
will move in a direction that does not favor traditional
casino-style gaming.

Boyd's speculative-grade liquidity rating of SGL-2 reflects good
liquidity and the demonstrated revenue and EBITDA growth, while
generating strong free cash flow of over $600 million over the last
twelve months. As of year-end 2022, the company had approximately
$284 million of unrestricted cash, and over $1 billion of
availability on its $1,450 million revolving credit facility. Boyd
is currently subject to a minimum consolidated interest coverage
covenant ratio of 2.5x and a maximum consolidated total net
leverage ratio covenant of 5.0x. The company is in compliance with
its financial covenants and Moody's believes the company will
maintain sizeable cushion with its covenants over the next twelve
months. Boyd additionally has a considerable amount of discrete,
owned assets that it can sell to raise cash should the need arise.

The stable outlook considers the company's strong operating
performance, and the expectation for sustained revenue improvement
with potential for some margin deterioration in 2023. The stable
outlook also incorporates the company's good liquidity and the
expectation for leverage to be maintained at current levels as the
business continues to perform.

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

Ratings could be upgraded if the company generates consistent and
comfortably positive free cash flow, revenue is growing,
debt-to-EBITDA is sustained below 3.0x, and the company adheres to
financial policies that maintain low leverage. A stable outlook for
regional gaming demand is also required for a higher rating.

Ratings could be downgraded if there is a decline in EBITDA
performance from factors such as volume pressures or higher
operating costs, liquidity deteriorates, or the company is unable
to sustain debt-to-EBITDA below 4.0x. Acquisitions or shareholder
distributions that increase leverage could also lead to a
downgrade.

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

Boyd Gaming Corporation owns and operates 28 gaming properties in
ten states: Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana,
Mississippi, Missouri, Ohio, and Pennsylvania. Revenue for the
publicly-traded company for the last twelve-month period ended
December 31, 2022 was approximately $3.55 billion.


BRINKER INT'L: Moody's Alters Outlook on 'Ba3' CFR to Neg.
----------------------------------------------------------
Moody's Investors Service changed Brinker International Inc.'s
outlook to negative from positive and downgraded its speculative
grade liquidity rating (SGL) to SGL-3 from SGL-2. In addition,
Moody's affirmed Brinker's ratings, including its Ba3 corporate
family rating, Ba3-PD probability of default rating, B1 senior
unsecured guaranteed notes rating, and B2 senior unsecured
non-guaranteed notes.

The change in outlook to negative reflects Brinker's weaker than
expected operating performance and credit metrics impacted by high
commodity and labor inflation, and reduced consumer demand in
response to a softening US economy. As of December 28, 2022 Moody's
adjusted debt-to-EBITDA increased to 4.9 times and EBIT-to-interest
decreased to 1.6 times; levels that are weak for the Ba3 rating. In
addition, the company is facing upcoming maturities of unsecured
notes, in May 2023 and October 2024, and difficulty generating
meaningful cash flow for debt reduction, with negative free cash
flow in the first half of fiscal 2023 ended December 2022 limiting
liquidity and materially delaying deleveraging goals.

The affirmation of the Ba3 rating reflects Moody's expectation that
Brinker's price increases, positive change in mix and return to
advertising supports it ability to drive operating margin
improvement and a return to positive free cash flow despite the
ongoing pressures presented by commodity inflation and a difficult
operating environment.  The affirmation also reflects that Brinker
will prioritize debt reduction over share repurchases with its
excess cash flow which, when combined with improved earnings, will
result in debt/EBITDA approaching 4.0x and EBIT/interest above 2.0x
by June 2024.  

The downgrade to SGL-3 reflects Brinker's reduced liquidity largely
as a result of its plans to borrow under its $800 million secured
revolving credit facility to repay the $300 million unsecured notes
upon maturity in May 2023. Given current borrowings of $311 million
as of December 2022, the company will reduce excess revolver
availability to around 25% of the total facility size. Balance
sheet cash is modest, at $14.7 million.  However, Moody's expects
free cash flow to turn positive over the next 12 months. After
working capital and sizeable capital expenditure needs, Moody's
expects the company to focus on debt reduction, particularly
reducing the level of revolver borrowings, The SGL-3 also reflects
that Brinker will refinance its debt maturities well in advance
including its $350 million unsecured notes due in October 2024.

Downgrades:

Issuer: Brinker International, Inc.

Speculative Grade Liquidity Rating, Downgraded to SGL-3 from
SGL-2

Affirmations:

Issuer: Brinker International, Inc.

Corporate Family Rating, Affirmed Ba3

Probability of Default Rating, Affirmed Ba3-PD

Backed Senior Unsecured Global Notes, Affirmed B1 (LGD4)

Senior Unsecured Global Notes, Affirmed B2 to (LGD6) from (LGD5)

Outlook Actions:

Issuer: Brinker International, Inc.

Outlook, Changed To Negative From Positive

RATINGS RATIONALE

Brinker's Ba3 CFR benefits from its high level of brand awareness
of its two brands Chili's and Maggiano's, meaningful scale, good
product pipeline and technology initiatives that are expected to
drive incremental traffic and mitigate inflationary pressures over
the longer term. The ratings are constrained by the earnings
concentration with Chili's, which requires this core brand to
generate profitable same restaurant sales trends on a consistent
basis. In addition, the uncertainty with regards to the ability and
willingness of consumers to maintain or increase their spend on
food away from home remains a concern as ongoing inflationary
pressures, while easing, negatively impact purchasing power.

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

Brinker's ratings could be downgraded if operating performance
improvement fails to materialize such that adjusted debt-to-EBITDA
remains above 4.75 times or EBIT coverage of interest below 2.0
times. A sustained deterioration in liquidity for any reason could
also result in a downward rating pressure, including free cash flow
remaining negative or failure to address looming debt maturities.
In addition, upon repayment of the 2023 unsecured notes, the rating
on the company's remaining unsecured notes could come under
pressure depending on the overall mix of secured and unsecured debt
in the capital structure.

An upgrade of Brinker's ratings would require improved operating
performance and credit metrics while maintaining good liquidity,
including an extended longer term debt maturity profile and
positive free cash flow. Metrics include adjusted debt-to-EBITDA
sustained below 4.0 times and EBIT coverage of interest sustained
above 2.75 times.

Brinker owns, operates and franchises the casual dining concepts
Chili's Grill & Bar (Chili's) and Maggiano's Little Italy. As of
December 28, 2022, Brinker had about 1,182 company-owned
restaurants and approximately 466 franchised restaurants, and
revenue of approximately $3.98 billion.

The principal methodology used in these ratings was Restaurants
published in August 2021.


BURRELL FARMS: Case Summary & One Unsecured Creditor
----------------------------------------------------
Debtor: Burrell Farms and Gardens, LLC
        287 Madison Ave.
        Memphis, TN 38103

Business Description: The Debtor owns a property located at 6263
                      Highway 54 West, Brownsville, TN valued at
                      $10 million.

Chapter 11 Petition Date: March 1, 2023

Court: United States Bankruptcy Court
       Western District of Tennessee

Case No.: 23-21037

Judge: Hon. M. Ruthie Hagan

Debtor's Counsel: Toni Campbell Parker, Esq.
                  LAW FIRM OF TONI CAMPBELL PARKER
                  45 N. Third Ave., Ste. 201
                  Memphis, TN 38103
                  Tel: 901-683-0099
                  Fax: 866-489-7938
                  Email: tparker002@att.net

Total Assets: $13,110,000

Total Liabilities: $3,000,000

The petition was signed by Thomas Burrell as president.

The Debtor listed Southern Development Company, LLC located at 6400
Highway 51 South Brighton, TN as its only unsecured creditor
holding an unknown amount of claim.

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

https://www.pacermonitor.com/view/TORUERI/Burrell_Farms_and_Gardens_LLC__tnwbke-23-21037__0001.0.pdf?mcid=tGE4TAMA


CALIFORNIA-NEVADA: March 24 Disclosures Hearing Set
---------------------------------------------------
California-Nevada Methodist Homes submits a motion for entry of an
order approving its Disclosure Statement, establishing solicitation
and voting procedures and scheduling hearing and establishing
notice and objection procedures with respect to confirmation of its
Chapter 11 Plan of Liquidation.

A hearing on the Disclosure Statement is scheduled for March 24,
2023, at 11:00 AM in/via Oakland Room 215 - Novack.  The last day
to send objections is March 17, 2023.

Since the Petition Date, the Debtor has, without limitation, (i)
retained a financial advisory firm to market the Debtor's assets,
(ii) conducted an auction for the sale of substantially all of the
Debtor's assets, (iii) obtained the necessary regulatory and Court
approval for the sale of the Debtor's assets, and (iv) closed the
sale of its assets to two affiliated companies. As a result, the
Debtor is now in a position to proceed towards confirmation of the
Plan to liquidate its remaining assets and wind down its
operations.

The Debtor submits that the Disclosure Statement contains all or
substantially all of the information typically considered by
bankruptcy courts, and suggested for inclusion in disclosure
statements by the U.S.T. Guidelines, and provides "adequate
information" as required pursuant to section 1125 of the Bankruptcy
Code, to enable holder of impaired claims that are entitled to vote
to accept or reject the Plan to make an informed judgment about the
Plan. Specifically, the Disclosure Statement contains information
with respect to the applicable subject matters, including, but not
limited to: (a) the Plan, (b) the operation of the Debtor's
business, (c) a valuation of the Debtor's assets, (d) a liquidation
analysis, (e) the source of information provided, (f) claims
against the Debtor's estate, (g) the Debtor's indebtedness, (h)
significant events leading to the filing of the Chapter 11 Case,
(i) the administration of the Debtor's estate following
confirmation of the Plan, (j) risk factors attendant to the Plan,
and (k) appropriate disclaimers.

Based on the Plan solicitation, voting, notice, objection, and
confirmation procedures, the Debtor proposes that the Court adopt
the following schedule, subject to the Court's availability:

   * March 17, 2023: Deadline to File and Serve Objections to
Disclosure Statement.

   * March 22, 2023: Deadline to Reply to Objections to Disclosure
Statement.

   * March 24, 2023 at 11:00 a.m. Pacific: Hearing on Motion to
Approve Disclosure Statement.

   * April 7, 2023: Deadline to Serve Solicitation Packets and
Non-Voting Class Notices.

   * May 5, 2023 at 4:00 p.m. Pacific: Deadline for Creditors to
Submit Ballots to Vote on the Plan.

   * May 9, 2023: Deadline to File and Serve Objections to the
Plan.

   * May 16, 2023: Deadline to File Ballots and Ballot
Tabulations.

   * May 17, 2023: Deadline to Reply to Objections to the Plan.

   * May 19, 2023 at 11:00 a.m. Pacific: Hearing on Plan
Confirmation.

Attorneys for the Debtor:

     Anthony J. Dutra, Esq.
     HANSON BRIDGETT LLP
     425 Market Street, 26th Floor
     San Francisco, CA 94105
     Telephone: (415) 777-3200
     Facsimile: (415) 541-9366
     E-mail: adutra@hansonbridgett.com

            About California-Nevada Methodist Homes

California-Nevada Methodist Homes -- http://www.cnmh.org/-- is a
California non-profit public benefit corporation that operates
nursing homes and long-term care facilities. It presently operates
two continuing care retirement communities, one known as Lake Park,
in Oakland Calif., and the other, known as Forest Hill, in Pacific
Grove, Calif.

On March 16, 2021, California-Nevada Methodist Homes filed a
Chapter 11 petition (Bankr. N.D. Cal. Case No. 21-40363), with $10
million to $50 million in assets and $50 million to $100 million in
liabilities.

The Hon. Charles Novack is the case judge.

The Debtor tapped Hanson Bridgett LLP, led by Neal L. Wolf, Esq.,
as legal counsel; and Silverman Consulting and B.C. Ziegler and
Company as financial advisors.  Stretto, LLC is the claims agent.


CALIFORNIA-NEVADA: Unsecureds Get 1.1% to 17.7% in Plan
-------------------------------------------------------
California-Nevada Methodist Homes submitted a Chapter 11 Plan of
Liquidation and a Disclosure Statement dated Feb. 17, 2023.

After the Debtor retained B.C. Ziegler and Company as its financial
advisor and investment banking firm, Ziegler marketed the Debtor
for sale to third parties.  In August of 2021, Ziegler received a
number of nonbinding proposals for the purchase of substantially
all of the Debtor's assets.

After analyzing the various proposals, the Debtor agreed to pursue
a sale to Pacifica Companies, LLC.  On Oct. 22, 2021, Debtor filed
a motion seeking authorization to sell the Assets to Pacifica, on
specified terms and conditions.  On Nov. 23, 2021, the Bankruptcy
Court entered an order, among other things, authorizing the Debtor
to enter into an agreement (the "Original PSA") to sell the Assets
to Pacifica free and clear of any liens and encumbrance (other than
those liens and encumbrances expressly excluded under the Debtor's
agreement with Pacifica).  After completing due diligence, Pacifica
terminated the Original PSA on November 29, 2021.

After further negotiations with Pacifica, the Debtor and Pacifica
entered into another agreement (the "Stalking Horse Agreement" or
"Purchase Agreement") on Dec. 17, 2021 whereby Pacifica agreed to
serve as the stalking horse bidder at an auction for the Assets and
to purchase the Assets on the terms set forth in the Stalking Horse
Agreement if no other buyers submitted a better offer.  The Debtor
also filed a motion seeking, among other things, approval of
procedures for the Auction of the Assets and approval of Pacifica
as the stalking horse bidder at that Auction.  On Jan. 14, 2022,
the Bankruptcy Court entered an order that, among other things,
approved Pacifica as the stalking horse bidder for the Debtor's
Assets, approved the procedures for the Auction, and approved
notice procedures concerning the assumption by the Debtor of
executory contracts and unexpired leases and the Debtor's
subsequent assignment of the assumed contracts and unexpired leases
to the successful bidder at the Auction.

The Debtor conducted the Auction for the Assets on Feb. 2, 2022.
At the conclusion of the Auction the Debtor declared Pacifica to be
the successful bidder and Heritage Campus Group as the backup
bidder.

On Feb. 8, 2022, the Bankruptcy Court entered an order approving
the sale of the Assets to Pacifica or its assignees (collectively,
the "Buyers") on terms substantially similar to those set forth in
the Stalking Horse Agreement, with the exception that the "Purchase
Price" as used therein was increased to $34,000,000, consisting of
$33,000,000 in cash and a $1,000,000 credit bid of Pacifica's
"Break-Up Fee" as that term was used in the Stalking Horse
Agreement.  The Stalking Horse Agreement, among other things,
requires the Buyers to assume the Debtor's liability to repay
current and former residents' Entrance Fee Claims and requires the
Debtor to pay its employees all unpaid wages and accrued, but
unused, vacation on or before the close of the sale of the Assets
to Pacifica.

On April 15, 2022, the Debtor filed a motion to obtain a $9,000,000
financing facility with Oceanside Investors Inc., an affiliate of
Pacifica.  On April 22, 2022, the Bankruptcy Court entered an order
on an interim basis (the "Interim Oceanside DIP Loan Order") that,
among other things, authorized the Debtor to enter into a financing
facility that (a) permitted the Debtor to borrow up to $5,000,000
from Oceanside on the condition that the Debtor first used the
funds to pay off the BH Capital DIP Loan, and (b) granted Oceanside
a superpriority security interest and lien in substantially all of
the Debtor's assets.  On May 9, 2022, the Bankruptcy Court entered
an order on a final basis that, among other things, authorized the
Debtor to enter into a financing facility (the "Oceanside DIP
Loan") under which the Debtor could borrow up to $9,000,000 from
Oceanside and granted Oceanside a superpriority security interest
and lien in substantially all of the Debtor's assets.  The Debtor
thereafter borrowed the full $9,000,000 and used the funds, among
other things, to pay off the BHC DIP Loan and to pay operating
expenses and expenses related to the Chapter 11 Case.

The sale of the Debtor's Assets to the Buyers was conditioned on,
among other things, the Debtor and Pacifica obtaining approval for
the sale from certain state regulatory and licensing bodies on
terms acceptable to Pacifica.  On May 6, 2022, the Attorney General
of California informed the Debtor that, the required notice to the
Attorney General was complete and that the Attorney General's
Office would begin its review of the sale. On Sept. 27, 2022, the
Attorney General's Office informed the Debtor that the sale of the
Debtor's Assets was approved, subject to certain conditions that
the Attorney General required.  On Sept. 29, 2022, Pacifica
provided the Debtor written notice that the Attorney General's sale
conditions were not acceptable to Pacifica.

The Debtor, Pacifica, and HCAI thereafter negotiated an arrangement
whereby Pacifica would agree to accept the Attorney General's sale
conditions and proceed with the purchase of the Assets.  On Nov. 7,
2022, the parties entered into the following three separate
agreements to effectuate that arrangement, all of which were
subject to the Court's approval:

   1. Debtor, Pacifica, and HCAI entered into a Binding Term Sheet
whereby, among other things, (a) Pacifica agreed to accept the
Attorney General's sale conditions, (b) HCAI agreed to finance $15
million of the purchase price for the Assets by reducing its
secured claim by $15 million in exchange for the Debtor's
assignment to HCAI of a $15 million note payable (the "Carry Back
Note") in Debtor's favor to be issued by one of the Buyers, (c)
Oceanside agreed to extend the DIP Loan through the closing of the
sale of the Assets, (d) Pacifica agreed to waive certain closing
conditions specified in the Stalking Horse Agreement, and (e)
Debtor and Pacifica agreed to release claims they may have against
each other for any breaches of the Stalking Horse Agreement that
preceded the execution of the Binding Term Sheet;

   2. The Debtor and Pacifica executed the Amendment to Purchase
and Sale Agreement (the "Amendment"), which modified the Stalking
Horse Agreement by, among other things, (a) replacing Schedule 1(e)
of the Stalking Horse Agreement's with the Attorney General's
September 27, 2022 conditions, which had the effect of
memorializing that the Attorney General's conditions were
acceptable to Pacifica, (b) modifying Section 2.1 to clarify that
part of the $34 million purchase price would be satisfied through
(i) the repayment of the Debtor's obligations under the Oceanside
DIP Loan, (ii) Pacifica providing Debtor the Carry Back Note, and
(iii) the $1,000,000 Break-up Fee that Pacifica credit bid at the
Auction, and (c) memorializing that Pacifica waived nearly all of
the Stalking Horse Agreement's closing conditions; and

   3. Debtor and HCAI executed an Assignment of Carry Back Note
("Assignment Agreement") to effectuate the assignment of the Carry
Back Note from the Debtor to HCAI and the corresponding $15 million
reduction to HCAI's secured claim.

On Nov. 14, 2022, the Court entered an order that, among other
things, (1) approved the Binding Term Sheet, Amendment, and
Assignment Agreement and (2) authorized the Debtor to assign the
Carry Back Note to HCAI in exchange for a $15 million reduction to
HCAI's secured claim.

The Attorney General's office informed Debtor that the Attorney
General would likely need to review and approve the new terms for
the sale of the Assets to the Buyers in light of the Binding Term
Sheet, Amendment, and Assignment Agreement. To help expedite the
Attorney General's review, the Debtor retained an appraiser to
value the Assets and demonstrate that the Debtor would still be
receiving fair market value for the Assets. On November 21, 2022,
the Attorney General's office informed the Debtor that the Attorney
General approved the sale of the Assets to the Buyers pursuant to
the terms of the Stalking Horse Agreement, Binding Term Sheet,
Amendment, and Assignment Agreement, subject to the Attorney
General's September 27, 2022 sale conditions.

On Dec. 6, 2022, the Debtor closed the sale of the Assets to the
Buyers. After the payoff of the Debtor's obligations under the
Oceanside DIP Loan, the payment of Ziegler's commission, payment of
transfer taxes and other closing costs, and the application of
various prorations and adjustments, the Debtor received
approximately $4.8 million in cash from the sale of its Assets.  In
addition, pursuant to the terms of the Stalking Horse Agreement,
among other things, the Buyers assumed all obligations the Debtor
had to pay the Entrance Fee Claims and the Buyer assumed all
obligations under the Residency Agreements.

Under the Plan, Class 6 General Unsecured Claims other than Claims
that fall within other Classes total $1,132,493 plus any deficiency
claim amount and will recover 1.1% to 17.7% of their  claims. Class
6 Claims are impaired under the Plan.  The Holder of a Class 6
Claim will receive the following treatment under the Plan:

   (a) The Holder of a Class 6 Claim that is an Allowed Claim as of
the Initial Class 6 Distribution Date will receive:

        (i) On or before the Initial Class 6 Distribution Date,
their pro rata share of the Initial Class 6 Distribution, which
shall be calculated by multiplying the amount of the respective
Holder's Allowed Claim as of the Initial Class 6 Distribution Date
by the Initial Class 6 Distribution, and dividing the result by the
aggregate amount of all Class 6 Claims that are Allowed Claims as
of the Initial Class 6 Distribution Date; and

       (ii) On or before the Final Class 6 Distribution Date, their
pro rata share of the Class 6 Reserve Residual, which shall be
calculated by multiplying the amount of the respective Holder's
Allowed Claim as of the Initial Class 6 Distribution Date by the
Class 6 Reserve Residual, and dividing the result by the aggregate
amount of all Class 6 Claims that are Allowed Claims as of the
Initial Class 6 Distribution Date, but only if such pro rata share
of the Class 6 Reserve Residual is greater than or equal to one
dollar ($1.00);

   (b) The Holder of a Subsequently Resolved Class 6 Claim will
receive, on or before the Final Class 6 Distribution Date, their
pro rata share of the Class 6 Reserve, which shall be calculated by
multiplying the amount of the of the respective Holder's Allowed
Claim as of the Final Class 6 Distribution Date by the Combined
General Unsecured Distribution, and dividing the result by the
aggregate amount of all Class 6 Claims that are Allowed Claims as
of the Final Class 6 Distribution Date.

Attorneys for the Debtor:

     Anthony J. Dutra, Esq.
     HANSON BRIDGETT LLP
     425 Market Street, 26th Floor
     San Francisco, CA 94105
     Telephone: (415) 777-3200
     Facsimile: (415) 541-9366
     E-mail: adutra@hansonbridgett.com

A copy of the Disclosure Statement dated Feb. 17, 2023, is
available at https://bit.ly/3XOS3hW from Stretto, the claims
agent.

            About California-Nevada Methodist Homes

California-Nevada Methodist Homes -- http://www.cnmh.org/-- is a
California non-profit public benefit corporation that operates
nursing homes and long-term care facilities. It presently operates
two continuing care retirement communities, one known as Lake Park,
in Oakland Calif., and the other, known as Forest Hill, in Pacific
Grove, Calif.

On March 16, 2021, California-Nevada Methodist Homes filed a
Chapter 11 petition (Bankr. N.D. Calif. Case No. 21-40363), with
$10 million to $50 million in assets and $50 million to $100
million in liabilities.

The Hon. Charles Novack is the case judge.

The Debtor tapped Hanson Bridgett LLP, led by Neal L. Wolf, Esq.,
as legal counsel; and Silverman Consulting and B.C. Ziegler and
Company as financial advisors. Stretto, LLC is the claims agent.


CARBON6 TECHNOLOGIES: Midcap Marks $12.5M Loan at 81% Off
---------------------------------------------------------
Midcap Financial Investment Corporation has marked its $12,500,000
loan extended to Carbon6 Technologies, Inc. to market at $2,413,000
or 19% of the outstanding amount, as of December 31, 2022,
according to a disclosure contained in Midcap Financial's Form 10-K
for the transition period from April 1, 2022 to December 31, 2022,
filed with the Securities and Exchange Commission on February 21,
2023.

Midcap Financial is a participant in a First Lien Secured Debt Loan
to Carbon6 Technologies, Inc. The loan accrues interest at a rate
of 1% (SOFR+675) per annum. The loan matures on August 1, 2027.

Midcap Financial Investment Corporation is a Maryland corporation
incorporated on February 2, 2004.  It is a closed-end, externally
managed, non-diversified management investment company that has
elected to be treated as a business development company under the
Investment Company Act of 1940. Apollo Investment Management, L.P.
is the investment adviser and an affiliate of Apollo Global
Management, Inc. and its consolidated subsidiaries (AGM). Apollo
Investment Administration, LLC, an affiliate of AGM, provides,
among other things, administrative services and facilities for the
Company.

Carbon6 Technologies, Inc. is a developer of e-commerce software
bundle technology designed to simplify operational success for
online entrepreneurs. The company acquires, builds, and integrates
software technologies for e-commerce merchants selling on Amazon,
and offers educational programs, support, and research tools for
merchandise and product listing online, enabling e-commerce
businesses around the globe to exceed their goals and helping them
to grow their business.


CARVANA CO: Widens Net Loss to $2.9 Billion in 2022
---------------------------------------------------
Carvana Co. has filed with the Securities and Exchange Commission
its Annual Report on Form 10-K disclosing a net loss of $2.89
billion on $13.60 billion of net sales and operating revenues for
the year ended Dec. 31, 2022, compared to a net loss of $287
million on $12.81 billion of net sales and operating revenues for
the year ended Dec. 31, 2021.

As of Dec. 31, 2022, the Company had $8.70 billion in total assets,
$9.75 billion in total liabilities, and a total stockholders'
deficit of $1.05 billion.

Liquidity and Capital Resources

Carvana stated, "We generate cash from the sale of retail vehicles,
the sale of wholesale vehicles, and proceeds from the sale of
finance receivables originated in connection with the sale of
retail vehicles.  We generate additional cash flows through our
financing activities including our short-term revolving inventory
and finance receivable facilities, real estate and equipment
financing, the issuance of long-term notes, and new issuances of
equity.   Historically, cash generated from financing activities
has funded growth and expansion into new markets and strategic
initiatives and we expect this to continue in the future.  We
expect our
primary sources of cash to continue to be sufficient to fund our
operating activities and cash commitments for investing and
financing activities for at least the next 12 months.

"Our ability to service our debt and fund working capital, capital
expenditures, and business development efforts in the long-term
will depend on our ability to generate cash from operating and
financing activities, which is subject to our future operating
performance, as well as to general economic, financial,
competitive, legislative, regulatory, and other conditions, some of
which may be beyond our control.  Our future capital requirements
will depend on many factors, including our ability to refinance
indebtedness, our ability to obtain supplemental liquidity through
debt, equity, strategic relationships or other arrangements on
terms available or acceptable to us, our rate of revenue growth,
our construction of IRCs and vending machines, the timing and
extent of our spending to support our technology and software
development efforts, and increased population coverage.  If we need
to obtain supplemental liquidity, there can be no assurance that
financing alternatives will be available in sufficient amounts or
on terms acceptable to us in the future."

Management Commentary

"Ten years ago, we launched Carvana in Atlanta, Georgia.  We were a
passionate group of people who believed we could build something
new in the world that we would be proud of.  What we aimed to do
was simple: to change the way people buy cars," said Ernie Garcia,
founder and CEO of Carvana.  "In just ten years, we have built an
offering our customers love.  We have brought that offering to over
300 markets across the country.  We have sold cars in a whole new
way to millions of people.  And we have laid the foundations to buy
and sell from many millions more.  Nothing worth doing is easy.
Building Carvana has been no different.  2022 has reminded us of
that again.  It has undoubtedly been a challenging time, but like
the challenges we have faced before, we are up to the task.  Over
the next 6 months, we will work to complete our estimated $1
billion cost reduction and we will do it while not only
maintaining, but actually improving our customer experiences.
Thank you to all the passionate people who are doing all the work
to make this happen. We are building something new in the world
that we should be proud of. I hope you're as proud as I am."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/0001690820/000169082023000052/cvna-20221231.htm

                            About Carvana

Founded in 2012 and based in Tempe, Arizona, Carvana Co. --
http://www.carvana.com-- is an e-commerce platform for buying and
selling used cars.

                             *   *   *

As reported by the TCR on Nov. 14, 2022, S&P Global Ratings revised
its outlook on Carvana Co. to negative from stable and affirmed its
'CCC+' issuer credit rating.  S&P said, "The negative outlook
reflects Carvana's weak operating performance and continuing
macroeconomic headwinds which could extend weaker profitability and
sustain or increase negative cashflows."

Moody's Investors Service changed Carvana Co.'s outlook to negative
from stable and at the same time affirmed Carvana's Caa1 corporate
family rating.  Moody's said, "The change in outlook to negative
from stable reflects Carvana's persistent lack of profitability and
negative free cash flow generation that has consistently fallen
short of Moody's expectations," as reported by the TCR on Nov. 25,
2022.


CASA CBW: Court OKs Interim Cash Collateral Access
--------------------------------------------------
The U.S. Bankruptcy Court for the District of Arizona authorized
Casa CBW, LLC to use cash collateral on a final basis in accordance
with the budget, with a 5% variance.

As previously reported by the Troubled Company Reporter, the Debtor
requires the use of cash collateral to maintain its business
operations and reorganize.

The cash collateral may be subject to a security interest by
certain of the Debtor's creditors, in particular, Rapid Finance,
the Small Business Administration and Funding Metrics.

The Debtor is permitted to use its inventory, deposit accounts,
cash, other cash equivalents, and other assets that may be
considered cash collateral, for the purpose of maintaining its
business operations and paying its operating expenses.

A copy of the order is available at https://bit.ly/3Zv0ZdI from
PacerMonitor.com.

                        About Casa CBW, LLC

Casa CBW, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ariz. Case No. 23-00711) on February 6,
2023. In the petition signed by Kyle Schwab, its manager, the
Debtor disclosed up to $100,000 in assets and up to $1 million in
liabilities.

Judge Scott H. Gan oversees the case.

German Yusufov, Esq., at Yusufov Law Firm PLLC, represents the
Debtor as legal counsel.



CASH CLOUD: U.S. Trustee Appoints Two New Committee Members
-----------------------------------------------------------
The U.S. Trustee for Region 17 appointed Black Hole Investments,
LLC and Cennox Reactive Field Services, LLC as new members of the
official committee of unsecured creditors in the Chapter 11 case of
Cash Cloud, Inc.

As of Feb. 28, the members of the committee are:

     1. Genesis Global Holdco, LLC
        Attn: Andrew Tsang
        250 Park Ave South 5th Floor
        New York, NY 10003
        Phone: (551) 242-6865
        Email: atsang@genesistrading.com

        Counsel:
        Jan VanLare
        Cleary Gottlieb Steen & Hamilton, LLP
        One Liberty Plaza
        New York, NY 10006
        Phone: (212) 225-2872
        Email: jvanlare@cgsh.com

     2. Cole Kepro International, LLC
        Attn: Frederick Cook
        4170-103 Distribution Circle
        Las Vegas, NV 89030
        Phone: (702) 633-270
        Email: fred@colekepro.com

        Counsel:
        Paul R. Hage
        Taft Stettinius & Hollister, LLP
        27777 Franklin Rd., Suite 2500
        Southfield, MI 48034
        Phone: (248) 351-3000
        Email: phage@taftlaw.com

     3. Brink's U.S., a Division of Brink's, Incorporated
        Attn: Tara Team & Kevin Boland
        555 Dividend Drive, Suite 100
        Coppell, TX 75019
        Phone: (469) 549-6476 (Team)
        Phone: (469) 549-6064 (Boland)
        Email: tara.team@brinksinc.com
        Email: kevin.boland@brinksinc.com

        Counsel:
        Robert Westermann and Brittany Falabella
        Hirschler Fleischer, P.C.
        2100 East Cary Street
        Richmond, VA 23223
        Phone: (804) 771-9549 (Falabella)
        Phone: (804) 771-5610 (Westermann)
        Email: bfalabella@hirsherlaw.com
        Email: rwestmann@hirschlerlaw.com

     4. National Services, LLC
        315 Trane Drive
        Knoxville, TN 37919
        Phone: (865) 588-1558
        Email: evans@nsafieldservice.com

        Counsel:
        Matthew Graves
        Hodges Doughty & Carson
        617 Main St.
        P.O. Box 869
        Knoxville, TN 37901
        Phone: (865) 292-2244
        Email: mgraves@hdclaw.com

     5. OptConnect MGT, LLC
        Attn: Chris Baird
        865 W. 450 N., Suite 1
        Kaysville, UT 84037
        Phone: (801) 660-8921
        Email: chris.baird@optconnect.com

        Counsel:
        Craig Druehl
        Dechert LLP
        Three Bryant Park, 1095 Avenue of Americas
        New York, NY 10036
        Phone: (212) 698-3601
        Email: craig.druehl@dechert.com

     6. Black Hole Investments LLC
        Attn: Zachary Chaltiel
        480 NW Albemarle Ter
        Portland, OR 97210
        Phone: (646) 593-2749
        Email: zach@victoireventures.com

     7. Cennox Reactive Field Services LLC
        Attn: Michael Goggans
        1341 W. Battlefield Rd., Suite 210
        Springfield, MO 65807
        Phone: (470) 371-8033
        Email: legal@cennox.com

                       About Cash Cloud

Coin Cloud Inc., doing business as Coin Cloud, operates automated
teller machines for buying and selling Bitcoin, Ethereum, Dogecoin,
and more than 40 other digital currencies with cash, card and
more.

Coin Cloud Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Nev. Case No. 23-10423) on Feb. 7, 2023.
In the petition filed by Chris McAlary, as president, the Debtor
reported assets between $50 million and $100 million and estimated
liabilities between $100 million and $500 million.

The case is overseen by Honorable Bankruptcy Judge Mike K.
Nakagawa.

The Debtor tapped Fox Rothschild, LLP as legal counsel, and
Province, LLC as financial advisor.  Stretto is the claims agent.

The U.S. Trustee for Region 17 appointed an official committee to
represent unsecured creditors in the Debtor's case. The committee
is represented by McDonald Carano, LLP and Seward & Kissel, LLP.


CAVALIER PHARMACY: Court OKs Cash Collateral Access Thru April 6
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Virginia,
Roanoke Division, authorized Cavalier Pharmacy, Inc. to use cash
collateral on an interim basis through April 6, 2023, to pay the
expenses set out in the budget as being necessary to the
continuation of the Debtor's business.  The Debtor may not exceed
$50,000 per month. The monthly payment to Powell Valley National
Bank will be $1,470 to be paid on or before the 30th day of each
month.

As additional adequate protection for the use of cash collateral,
Powell Valley is granted a first position (deemed perfected upon
entry of the Order) in and to all property of the estate of the
kind presently securing the indebtedness owing to the Secured
Creditor purchased or acquired with the cash collateral of the
Secured Creditor, up to the amount of the pre-petition cash
collateral, which is believed to be at least $300.

The final hearing on the matter is set for April 6 at 10:30 a.m.
via Zoom.

A copy of the order and the Debtor's budget is available at
https://bit.ly/3y0PsY1 from PacerMonitor.com.

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

     $48,798 for January 2023;
     $48,798 for February 2023;
     $48,798 for March 2023;
     $48,798 for April 2023;
     $48,798 for May 2023; and
     $48,798 for June 2023.

                  About Cavalier Pharmacy, Inc.

Cavalier Pharmacy, Inc. operates a pharmacy in Wise, Virginia.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Va. Case No. 23-70004) on January 4,
2023. In the petition signed by Rick Mullins, president, the Debtor
disclosed up to $50,000 in assets and up to $10 million in
liabilities.

Judge Paul M. Black oversees the case.

Scot Farthing, Esq., at Farthing Legal, PC, is the Debtor's legal
counsel.



CELSIUS NETWORK: Hearing on Exclusivity Extension Set for March 8
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York is
set to hold a hearing on March 8 to consider the motion filed by
Celsius Network, LLC and its affiliates to extend the time they can
keep exclusive control of their bankruptcy cases.

The motion seeks to extend the companies' exclusive period to file
a Chapter 11 plan to March 31 and solicit votes on the plan to June
30.

The companies will use the extension to further negotiate and
present a feasible plan. The companies have already drafted a plan
which, they said, incorporates initial negotiation efforts as well
as their efforts to market all of their assets for sale. Currently,
the companies intend to continue talks with regulators to ensure
that the plan and the transactions contemplated therein comply with
all applicable regulations.

The official committee representing unsecured creditors opposed the
exclusivity extension, saying the companies face a "looming
liquidity cliff" in June.

"If the [companies] pursue their current schedule, they simply
cannot emerge from bankruptcy by that time," the committee said.
"The [companies] have not provided evidence that they will be able
to raise the liquidity needed to fund these Chapter 11 cases long
enough to confirm a plan based on their current confirmation
timetable."

The extension also drew opposition from the U.S. Trustee for Region
2 and a group of account holders represented by David Adler, Esq.,
at McCarter & English, LLP. Both questioned why the companies
should be given three months after the deadline for filing their
own plan to solicit votes on the plan.

Meanwhile, another group of account holders represented by Deborah
Kovsky-Apap, Esq., at Troutman Pepper Hamilton Sanders, LLP, asked
the bankruptcy court to deny the motion to allow others to file a
competing plan.

"It is time to allow the [companies'] customers to propose their
own plan for the assets that they were defrauded into investing
with Celsius. The companies' exclusive right to control these cases
must give way to the rights of the [companies'] customers," Ms.
Kovsky-Apap said in court papers.

Ms. Kovsky-Apap can be reached at:

     Deborah Kovsky-Apap, Esq.
     Troutman Pepper Hamilton Sanders, LLP
     875 Third Avenue
     New York, NY 10022
     Telephone: (212) 704-6000
     Email: deborah.kovsky@troutman.com

     -- and --

Mr. Adler can be reached at:

     David Adler, Esq.
     McCarter & English, LLP
     825 8th Avenue
     Worldwide Plaza
     New York, NY 10019
     Telephone: (212) 609-6847
     Facsimile: (212) 609-6921
     Email: dadler@mccarter.com

                       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 bankruptcy 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.


CENTURY ALUMINUM: Posts $113.5 Million Net Loss in Fourth Quarter
-----------------------------------------------------------------
Century Aluminum Company reported a net loss of $113.5 million on
$529.9 million of total net sales for the three months ended
Dec. 31, 2022, compared to net income of $60.4 million on $659.1
million of total net sales for the three months ended Dec. 31,
2021.

For the 12 months ended Dec. 31, 2022, the Company reported a net
loss of $14.1 million on $2.77 billion of total net sales compared
to a net loss of $167.1 million on $2.21 billion of total net sales
for the 12 months ended Dec. 31, 2021.

As of Dec. 31, 2022, the Company had $1.47 billion in total assets,
$410.7 million in total current liabilities, $662 million in total
noncurrent liabilities, and $399.3 million in total shareholders'
equity.

Century's liquidity position at Dec. 31, 2022, was $245.0 million,
an increase of $29.9 million from the third quarter of 2022.

For the full year 2022, shipments of primary aluminum decreased by
2 percent sequentially.  Net sales for the full year 2022 increased
by $564.8 million sequentially, primarily driven by aluminum prices
and regional premiums, offset by lower volume of shipments.

"As we enter 2023, we have begun to see an abatement in the
high-cost environment that marked much of 2022," commented
President and Chief Executive Officer Jesse Gary.  "Global energy
prices have reduced markedly since last summer, most significantly
in the energy markets in which our U.S. smelters operate.  At the
same time, aluminum prices have remained buoyant, as long-term
decarbonization trends continue to drive growth in global aluminum
demand.  Combined, these trends leave our businesses well situated
to deliver excellent performance in 2023."

"In Iceland, our billet casthouse project at Grundartangi remains
on schedule for completion by year-end and we are seeing strong
demand for our first deliveries of Natur-Al green billet products
in the first quarter of 2024," continued Mr. Gary.  "We are very
proud of the excellent job the Grundartangi team has done
progressing this project safely and on-budget during the
challenging market conditions we experienced in 2022."

A full-text copy of the press release is available for free at:

https://www.sec.gov/Archives/edgar/data/949157/000094915723000020/exhibit99120221231q4earnin.htm

                       About Century Aluminum Company

Chicago, Illinois-based Century Aluminum Company --
http://www.centuryaluminum.com-- owns primary aluminum capacity in
the United States and Iceland.  Century's corporate offices are
located in Chicago, IL.

Century Aluminum reported a net loss of $123.3 million for the year
ended Dec. 31, 2020, a net loss of $80.8 million for the year ended
Dec. 31, 2019, and a net loss of $66.2 million for the year ended
Dec. 31, 2018.


CERUS CORP: Midcap Financial Marks $1.5M Loan at 80% Off
--------------------------------------------------------
Midcap Financial Investment Corporation has marked its $1,500,000
loan extended to Cerus Corporation to market at $301,000 or 20% of
the outstanding amount, as of December 31, 2022, according to a
disclosure contained in Midcap Financial's Form 10-K for the
transition period from April 1, 2022 to December 31, 2022, filed
with the Securities and Exchange Commission on February 21, 2023.

Midcap Financial is a participant in a First Lien Secured Debt -
Revolver Loan to Cerus Corporation. The loan accrues interest at a
rate of 1.80% (SOFR+375) per annum. The loan matures on March 1,
2024.

Midcap Financial Investment Corporation is a Maryland corporation
incorporated on February 2, 2004.  It is a closed-end, externally
managed, non-diversified management investment company that has
elected to be treated as a business development company under the
Investment Company Act of 1940. Apollo Investment Management, L.P.
is the investment adviser and an affiliate of Apollo Global
Management, Inc. and its consolidated subsidiaries (AGM). Apollo
Investment Administration, LLC, an affiliate of AGM, provides,
among other things, administrative services and facilities for the
Company.

Cerus Corporation is an American multinational biotechnology
company headquartered in Concord, California that develops and
provides a treatment system to pathogen-reduce human blood products
for the healthcare industry.



CHS/COMMUNITY HEALTH: Moody's Cuts CFR to Caa1, Outlook Stable
--------------------------------------------------------------
Moody's Investors Service downgraded CHS/Community Health Systems,
Inc.'s ("Community") Corporate Family Rating to Caa1 from B3 and
Probability of Default Rating to Caa1-PD from B3-PD. Moody's also
downgraded the ratings of the company's senior secured notes to B3
from B2, senior unsecured notes to Caa3 from Caa2 and the
Speculative Grade Liquidity("SGL") Rating to SGL-3 from SGL-2 and
affirmed the Caa2 ratings of the junior-priority secured notes. The
outlook is stable.

The downgrade of Community's ratings reflects a significant
increase in the company's financial leverage and the uncertainty
associated with the company's ability to generate positive free
cash flow given the tough operating environment. The company's
debt/EBITDA has risen to approximately 8.2 times for the last
twelve months ended on December 31, 2022, up from 6.3 times a year
earlier. Moody's expects that the financial leverage will decline
due to the cooling down of the travel nurse market but still remain
above 7.0 times in the next 12-18 months. The company continues to
face significant inflationary pressures, particularly due to an
increase in contract labor cost. The contract labor cost has
declined from its peak in early 2022, but continues to remain
elevated compared to the pre-pandemic levels.

The downgrade of Community's Speculative Grade Liquidity to SGL-3
from SGL-2 reflects Moody's view that the company will face
challenges in generating meaningful positive free cash flow in the
next 12-18 months. As such, the company's internal source of
liquidity is weak because of depleted cash balance after debt buy
backs. The overall adequate liquidity is supported by the company's
access to external sources (ABL) and its ability to sell assets.
Moody's expects that any future dividend and debt paydown will
require funds from the sale of the company's assets.

Social risk considerations are material to the rating action. The
company's reliance on highly specialized clinical labor makes it
vulnerable to worsening supply-demand imbalance of such labor and
the resultant spike in labor costs. This risk has become more
pronounced after the COVID pandemic, which triggered increased
retirement and a shift from permanent positions to temporary
staffing, especially for nurse professionals

Downgrades:

Issuer: CHS/Community Health Systems, Inc.

Corporate Family Rating, Downgraded to Caa1 from B3

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

Speculative Grade Liquidity Rating, Downgraded to SGL-3 from
SGL-2

Senior Secured Notes, Downgraded to B3 (LGD3) from B2 (LGD3)

Senior Unsecured Notes, Downgraded to Caa3 (LGD6) from Caa2
(LGD6)

Affirmations:

Issuer: CHS/Community Health Systems, Inc.

Backed Junior-Priority Secured Notes, Affirmed Caa2 (LGD5)

Outlook Actions:

Issuer: CHS/Community Health Systems, Inc.

Outlook, Remains Stable

RATINGS RATIONALE

Community's Caa1 Corporate Family Rating reflects Moody's
expectation that the company will operate with very high financial
leverage over the next 12-18 months. In addition, the rating
considers increased costs which will limit operational improvement
despite Community's turnaround initiatives. Community's Caa1 CFR is
supported by its large scale, geographic diversity and the progress
it has made with its divestiture program. As of December 31, 2022,
the company owned/operated 80 hospitals, compared to 110 at the end
of 2018. Community has actively divested hospitals with weak market
positions and limited negotiating leverage with managed care
payors.

The SGL-3 Speculative Grade Liquidity Rating reflects Moody's view
that the company will struggle to generate meaningful positive free
cash flow in the next 12 months. However, the company's liquidity
is supported by $118 million of cash on hand, $852 million
availability under the company's $1.0 billion ABL borrowing
facility as of December 31, 2022, and its ability to raise cash for
dividends and debt repayment from the sale of assets. Community's
almost entire debt (except ABL) has fixed interest rates.
Therefore, its exposure to interest rate rise is minimal. Also, the
company does not have any meaningful debt maturity before 2026.

Community's senior secured notes are rated B3, one notch higher
than the Corporate Family Rating of Caa1. This reflects the
priority claim on the assets and the presence of a considerable
amount of debt below the first lien borrowings that would absorb
losses ahead of the first lien secured creditors. The rating on the
first lien secured debt also reflects its position behind a $1
billion ABL (unrated) which has first priority on the company's
most liquid assets including cash, receivables and inventory ("ABL
collateral"). The company's junior priority secured notes are rated
Caa2. These notes have a second lien on tangible and intangible
assets that secure the first lien debt and a third priority lien on
the ABL collateral. Community's unsecured notes, junior to all
secured debt, are rated Caa3.

Social and governance considerations are material to the company's
rating. Community's ESG credit impact score is very highly negative
(CIS-5), reflecting a very aggressive financial strategy, potential
liability related to patient care, exposure to changes in
reimbursement rates by its payors, and regulatory and litigation
risks. Community has very highly negative credit exposure to
governance risk considerations (G-5) reflecting a long track record
of persistently high leverage and weak execution, which culminated
in transactions Moody's deemed to be distressed exchanges in
December 2019 and in December 2020. Community also has an
inconsistent track record relative to peers, though recent
divestitures of underperforming hospitals have had a positive
impact on margins. Community's highly negative credit risk exposure
to social risk considerations (S-4), mainly reflects risks
associated with responsible production which considers the
company's potential liability related to patient care and the
exposure to human capital because the company relies on highly
specialized labor to provide its services. The company is also
exposed to changes in reimbursement rates by its payors, including
government payors.

The outlook is stable. Moody's expects Community will operate with
good scale and  strong geographic diversity, albeit with very high
financial leverage in the next 12-18 months and adequate
liquidity.

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

Moody's could downgrade the ratings if liquidity erodes, free cash
flow remains negative, or if Community's earnings weaken such that
the debt burden becomes unsustainable. The ratings could also be
downgraded if the probability of default increases or if the
company pursues a transaction that Moody's deems as a distressed
exchange.

Moody's could upgrade the ratings if operational initiatives result
in improved volume growth and margin expansion. Community would
also need to improve its free cash flow and liquidity and reduce
financial leverage. Specifically, sustaining debt to EBITDA below
7.0 times while consistently generating positive free cash flow
could support a rating upgrade.

CHS/Community Health Systems, Inc., headquartered in Franklin,
Tennessee, is an operator of general acute care hospitals in
non-urban and mid-sized markets throughout the US. Revenues in the
last twelve months ended December 31, 2022 were approximately $12
billion.

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


CII PARENT: Taps Morris, Nichols, Arsht & Tunnell as Co-Counsel
---------------------------------------------------------------
CII Parent, Inc. seeks approval from the U.S. Bankruptcy Court for
the District of Delaware to employ Morris, Nichols, Arsht &
Tunnell, LLP as co-counsel with Glenn Agre Bergman & Fuentes, LLP.

The firm will provide these services:

   a. perform all necessary services as bankruptcy co-counsel,
including, without limitation, providing the Debtor with advice,
representing the Debtor, and preparing necessary documents in the
areas of restructuring and bankruptcy;

   b. take all necessary actions to protect and preserve the
Debtor's estate during this Chapter 11 case, including the
prosecution of actions by the Debtor, the defense of any actions
commenced against the Debtor, negotiations concerning litigation in
which the Debtor is involved and objecting to claims filed against
the estate;

   c. prepare or coordinate preparation of legal papers;

   d. counsel the Debtor with regard to its rights and
obligations;

   e. coordinate with the Debtor's other professionals in
representing the Debtor in connection with its bankruptcy case;
and

   f. perform all other necessary legal services.

The firm will be paid at these rates:

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

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

The firm received from the Debtor a retainer of $50,000.

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

In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Morris
Nichols Arsht & Tunnell disclosed the following::

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

   Response:  No.

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

   Response:  No.

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

   Response:  In connection with the chapter 11 case, Morris
Nichols Arsht & Tunnell was retained by the Debtor pursuant to the
Engagement Agreement dated December 23, 2022. The material terms of
the prepetition restructuring engagement are the same as the terms
proposed by the firm. For work performed for the Debtor in 2022,
the firm's hourly rates were as follows: partners, $800 to $1,500;
associates and special counsel, $485 to $875; paraprofessionals,
$360 to $380; and case clerks, $195.

Morris Nichols has yearly, hourly rate increases. As of January  1,
2023, the firm's hourly rates are as follows: partners, $825 to
$1,595; associates and special counsel, $505 to $915;
paraprofessionals, $375 to $395; case clerks, $195.

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

   Response:  Morris Nichols and the Debtor are working on a budget
and staffing plan for the Chapter 11 case.

The firm can be reached at:

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

                         About CII Parent

CII Parent, Inc., a software publisher in Boston, Mass., filed a
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
D. Del. Case No. 22-11345) on Dec. 27, 2022, with $50 million top
$100 million in both assets and liabilities. Thomas Radford,
president of CII Parent, signed the petition.

Judge Laurie Selber Silverstein oversees the case.

The Debtor is represented by Glenn Agre Bergman & Fuentes, LLP and
Morris, Nichols, Arsht & Tunnell, LLP.


CLEVELAND-CLIFFS INC: Moody's Ups CFR to Ba2, Outlook Stable
------------------------------------------------------------
Moody's Investors Service upgraded Cleveland-Cliffs Inc.'s (Cliffs)
Corporate Family Rating to Ba2 from Ba3, its Probability of Default
Rating to Ba2-PD from Ba3-PD and its senior unsecured note rating
to B1 from B2. At the same time, Moody's affirmed the Ba2 rating on
Cliffs guaranteed senior secured notes and the Ba3 rating on its
guaranteed senior unsecured notes. The affirmation of the
guaranteed secured and guaranteed unsecured notes ratings reflects
the company's evolving capital structure including the upsizing of
its asset-based lending facility (unrated) to $4.5 billion from
$3.5 billion in December 2021 and the pay down of other secured and
unsecured debt. The company's Speculative Grade Liquidity Rating
remains at SGL-1. Its ratings outlook was changed to stable from
positive.

"The upgrade of Cleveland-Cliffs ratings reflects improved steel
sector fundamentals, which will continue to support historically
strong operating results and free cash flow generation and lead to
continued debt reduction." said Michael Corelli, Moody's Senior
Vice President and lead analyst for Cleveland-Cliffs Inc.

Upgrades:

Issuer: Cleveland-Cliffs Inc.

Corporate Family Rating, Upgraded to Ba2 from Ba3

Probability of Default Rating, Upgraded to Ba2-PD from Ba3-PD

Senior Unsecured Regular Bond/Debenture, Upgraded to B1 (LGD6)
from B2 (LGD5)

Affirmations:

Issuer: Cleveland-Cliffs Inc.

Senior Secured Regular Bond/Debenture, Affirmed Ba2 (LGD4) from
(LGD3)

Senior Unsecured Regular Bond/Debenture, Affirmed Ba3 (LGD5) from
(LGD4)

Outlook Actions:

Issuer: Cleveland-Cliffs Inc.

Outlook, Changed To Stable From Positive

RATINGS RATIONALE

Cleveland-Cliffs Ba2 corporate family rating incorporates its
exposure to cyclical end markets and volatile iron ore and steel
prices, but also considers Moody's expectation for a historically
strong operating performance and continued debt reduction in 2023.
The rating also presumes the company will maintain moderate
financial leverage and ample interest coverage in a normalized
steel price environment.

Cliffs rating also considers the company's large scale and strong
market position as the largest US flat-rolled integrated steel
producer in the US with crude steelmaking capacity of about 20
million tons, and the benefits of its position as an integrated
steel producer from necessary raw materials through the steel
making and finishing processes. Nevertheless, it also reflects the
carbon transition risks related to the company's reliance on the
higher emitting blast furnace and basic oxygen furnace integrated
steelmaking process. Cliffs does have a strong position in the
North American iron ore markets, and its HBI facility along with
scrap processing capabilities enhances its vertical integration in
raw materials and enables it to have lower carbon emissions than
other global integrated steel producers. Cliffs rating also
reflects the benefits of its contract position, particularly with
the automotive industry, which provides a good earnings base. Its
performance will benefit on a lagged basis during rising steel
price environments due to the nature of the contracts and
renegotiation periods, but this does temper the downside during
periods of declining steel prices.

Cliffs operating performance materially weakened in Q4 2022 due to
higher maintenance, energy and alloy costs and materially lower
spot market steel prices. As a result, it generated only about $80
million in Moody's adjusted EBITDA. This somewhat overshadowed a
second consecutive strong year for the company with adjusted EBITDA
of about $2.9 billion and free cash flow generation of around $1.5
billion. The company's operating performance should materially
strengthen from the Q4 level as the automotive sector moves past
its supply chain issues, economic growth remains resilient in the
face of higher inflation and interest rates, its maintenance,
energy and material costs ebb and steel prices strengthen due to
contract resets and rising spot market prices. Hot rolled coil
prices bottomed out at about $640 per ton in November 2022 and have
recently surged to about $950 per ton on improved demand, reduced
supply due to temporary or permanent facility closures and a slower
than expected ramp up in new flat rolled steel capacity.

Cliffs earnings will remain somewhat weak in Q1 2023 as the lagged
effect of weak Q4 prices impact its operating results. There is
also the risk that steel demand and prices weaken as the year
progresses and higher interest rates weigh on economic growth as
supply increases from new capacity ramping up. This should be
somewhat tempered by spending related to the Infrastructure
Investment and Jobs Act, the CHIPS and Science Act and the
Inflation Reduction Act and the benefits of domestic steel sector
consolidation. Therefore, Moody's are projecting Cliffs will
generate adjusted EBITDA of about $2 billion - $2.5 billion in 2023
assuming hot rolled coil prices average about $700 – 750 per
ton.

Cliffs should generate strong free cash flow of about $1 billion if
EBITDA is in the $2 billion - $2.5 billion range and Moody's expect
most of this cash to be directed towards debt reduction. Cliffs
paid down about $1.1 billion of debt in 2022 which resulted in a
leverage ratio (debt/EBITDA) of only 1.8x and interest coverage
(EBIT/Interest) of 5.5x as of December 2022.  Moody's anticipate
the company's weaker operating performance in 2023 will result in
its leverage ratio modestly rising while its interest coverage
declines as higher rates affect its interest costs. The leverage
ratio will remain strong for the Ba2 corporate family rating but is
expected to rise to a level more commensurate with Cliffs rating
when steel prices and metal spreads decline towards more normalized
historical levels, and some of its other credit and profitability
metrics will be in line with the current rating.

Cliffs' Speculative Grade Liquidity rating of SGL-1 reflects the
company's very good liquidity profile, which is supported by its
$4.5 billion asset-based lending facility (ABL) and Moody's
expectation for strong free cash flow this year. The company had
$26 million of cash and $2.486 billion of borrowing availability on
this facility which had $1.864 billion of borrowings and $150
million of letters of credit issued as of December 31, 2022.
Moody's expect the company to materially pay down its revolver
borrowings in 2023 since rising interest rates have reduced the
benefit of maintaining revolver borrowings and retiring other
higher rate debt.

The stable ratings outlook incorporates Moody's expectation for a
moderately weaker operating performance in 2023, but for the
company to maintain profitability and credit metrics that support
the current ratings.

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

Cliffs ratings could be considered for an upgrade if steel prices
and metal spreads remain above historical averages and the company
demonstrates a clearly defined and more conservative financial
policy and pursues further debt reduction. Quantitatively, if
Cliffs sustains a leverage ratio of no more than 2.5x and CFO less
dividends in excess of 35% of its outstanding debt through varying
steel price points, then its ratings could be positively impacted.

Cliffs ratings could be downgraded if it does not continue to pay
down debt or its leverage ratio is sustained above 3.5x or CFO less
dividends below 25% of its outstanding debt or it fails to maintain
a good liquidity profile.

Headquartered in Cleveland, Ohio, Cleveland-Cliffs Inc. is the
largest iron ore and flat-rolled steel producer in North America
with approximately 28 million gross tons of annual iron ore
capacity and about 20 million tons of crude steelmaking capacity.
The company also has the capacity to produce 1.9 million metric
tons of hot briquetted iron (HBI) and the capability to process
about 3 million tons of scrap at 22 scrap collection and processing
facilities. For the twelve months ended December 31, 2022, Cliffs
had revenues of $22.99 billion.

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


CLINTON NURSERIES: Bid to Release Escrow Funds Denied
-----------------------------------------------------
In the adversary proceeding captioned as In re: CLINTON NURSERIES,
INC, CLINTON NURSERIES OF MARYLAND, INC., CLINTON NURSERIES OF
FLORIDA, INC., and TRIEM LLC, Chapter 11, Debtors. CLINTON
NURSERIES, INC, CLINTON NURSERIES OF MARYLAND, INC., CLINTON
NURSERIES OF FLORIDA, INC., and TRIEM LLC, Plaintiffs, v. WILLIAM
K. HARRINGTON, UNITED STATES TRUSTEE, REGION 2 Defendants, Case
Nos. 17-31897 (JJT), 17-31898 (JJT), 17-31899 (JJT), 17-31900
(JJT), Jointly Administered Under, 17-31897 (JJT), Adv. Pro. Case
No. 19-03014 (JJT), (Bankr. D. Conn.), Bankruptcy Judge James J.
Tancredi denies the motion for an order directing release of escrow
funds filed by the Debtors Clinton Nurseries, Inc, Clinton
Nurseries of Maryland, Inc., and Clinton Nurseries of Florida,
Inc.

The Debtors argue that they are entitled to an immediate release of
the Escrow Funds, arguing that: (1) they are entitled to release of
the Escrow Funds because the Stay has expired by its terms under
the Stay Order; and (2) continuing the Escrow would be improper
where the Second Circuit's decision is fully dispositive of their
appeal. From the Debtor's perspective, there is no dispute that the
Escrow Funds are the property of the Debtors and the release of
those funds is appropriate now that the principal issue raised by
the Debtors' appeal has purportedly concluded.

The U.S. Trustee argues that the Court must deny the Debtor's
request for release of the Escrow Funds because the Second Circuit
has not yet issued its Mandate and, as the requested relief is
premature, the Escrow Agreement has not expired.

The Court finds that the Stay Order has terminated, but the Escrow
Agreement and Escrow Order remain in effect and will not terminate
until after the Second Circuit resolves the U.S. Trustee's
Rehearing Petition and issues the Mandate, so long as the Mandate
is not further stayed.

Without a dispositive decision from the Second Circuit fully
disposing of all issues in the Debtor's appeal, the Stay
indisputably expired on July 9, 2021. The Court finds, however,
that expiration of the Stay alone, does not mean that the Debtor is
entitled to the requested relief. The Escrow Funds are to be
released only upon the agreement of the Debtors and the U.S.
Trustee or an order of the Court. Neither condition has been met
and, therefore, the Escrow has not terminated or expired by its
terms. Moreover, the Escrow Funds should not be released until the
Mandate issues as the Court also conditioned its confirmation of
the Debtors' Chapter 11 Plan on the establishment of the Escrow in
the first place.

Based on its interpretation of the Stay Order, the Court finds that
maintaining the Escrow until the Mandate issues is not only
appropriate but required. It was this Court's intention that only a
final ruling on all issues in the Debtor's appeal would trigger the
disbursement of the Escrow. Therefore, both in prudence and in
deference to the deliberations and process of the Second Circuit,
the Court must agree that the relief requested by the Debtors is
premature -- the Escrow must remain intact until the Second Circuit
renders a dispositive decision on the Remedy Question and issues
its Mandate.

As such, the Court orders that the Escrow Funds will continue to be
maintained pending entry of final judgment of this Court in accord
with a Mandate of the Second Circuit, without any further stay of
that Mandate.

A full-text copy of the Memorandum of Decision dated Feb. 10, 2023,
is available at https://tinyurl.com/bdzz9mpw from Leagle.com.

                      About Clinton Nurseries

Founded in 1921, Clinton Nurseries, Inc. operates nurseries that
produce ornamental plants and other nursery products.  It is based
in Westbrook, Conn.

Clinton Nurseries and its affiliates sought Chapter 11 protection
(Bankr. D. Conn. Lead Case No. 17-31897) on Dec. 18, 2017.  At the
time of the filing, Clinton Nurseries listed as much as $50 million
in both assets and liabilities.  Judge James J. Tancredi oversees
the cases.

Zeisler & Zeisler, P.C. serves as the Debtors' legal counsel.

Anthony Calascibetta, the Chapter 11 trustee appointed in the
Debtors' cases, is represented by Green & Sklarz, LLC.



CLOUD VENTURES 1: Taps Hagen Sharp & Company as Accountant
----------------------------------------------------------
Cloud Ventures 1, LLC seeks approval from the U.S. Bankruptcy Court
for the Northern District of Texas to employ Hagen Sharp & Company,
PLLC as its accountant.

The Debtor requires an accountant to:

   a. prepare income tax returns and F.I.C.A. and withholding tax
returns;

   b. provide adequate control over the revenue from the operation
of the Debtor's property; and

   c. prepare operating reports.

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

As disclosed in court filings, Hagen Sharp & Company is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached at:

     Richard Wylie, CPA
     Hagen Sharp & Company, PLLC
     6002 Waterview Dr.
     Arlington, TX 76016

                       About Cloud Ventures 1

Cloud Ventures 1, LLC, doing business as Pipeline Trenchers Group,
filed a Chapter 11 bankruptcy petition (Bankr. N.D. Texas Case No.
23-40228) on Jan. 26, 2023, with as much as $1 million in both
assets and liabilities. Judge Mark X. Mullin oversees the case.

The Debtor tapped Davis Ermis & Roberts, P.C. as legal counsel and
Hagen Sharp & Company, PLLC as accountant.


CLUBHOUSE MEDIA: Further Reduces Company Debt by $110K
------------------------------------------------------
Clubhouse Media Group, Inc. announced it has reduced its
outstanding debt by approximately $110,000.  Clubhouse Media's
outstanding debt to noteholders has been reduced to approximately
$4.4 million (not including accrued interest), following the
reduction.

"We are committed to reducing our debt and strengthening the
balance sheet," said Scott Hoey, chief financial officer of
Clubhouse Media. "Our goal is to continue down this path until all
(or at least a majority) of our debt is eliminated."

                       About Clubhouse Media

Las Vegas, Nevada-based Clubhouse Media Group, Inc. offers
management, production, and deal-making services to its handpicked
influencers, a management division for individual influencer
clients, and an investment arm for joint ventures and acquisitions
for companies in the social media influencer space.

Clubhouse Media reported net loss of $22.25 million for the year
ended Dec. 31, 2021, compared to a net loss of $2.58 million for
the period from Jan. 2, 2020 (inception) to Dec. 31, 2020.  As of
Sept. 30, 2022, the Company had $1.59 million in total assets,
$11.65 million in total liabilities, and $10.06 million in total
stockholders' deficit.

Spokane, Washington-based Fruci & Associates II, PLLC, the
Company's auditor since 2020, issued a "going concern"
qualification in its report dated March 29, 2022, citing that the
Company has an accumulated deficit, net losses, and negative
working capital.  These factors raise substantial doubt about the
Company's ability to continue as a going concern.


COMAIR LTD: Court Take Cognizance of Business Rescue Proceeding
---------------------------------------------------------------
In the case styled In re: COMAIR LIMITED, Chapter 15, Debtor in a
foreign proceeding, Case No. 21-10298 (JLG), (Bankr. S.D.N.Y.),
Bankruptcy Judge James L. Garrity, Jr. for the Southern District of
New York grants the motion filed by the Joint Provisional
Liquidators of Comair Limited.

In their motion, the JPLs ask the Court for an order:

   A. modifying the Court's prior order recognizing Comair's
Business Rescue Proceeding (BRP), in South Africa to (i) recognize
Comair's liquidation proceeding in South Africa as a foreign main
proceeding pursuant to section 1517 of the Bankruptcy Code and (ii)
recognize the JPLs as foreign representatives within the meaning of
section 101(24) of the Bankruptcy Code; and

   B. substituting the JPLs for the Business Rescue Practitioners
in all pending contested matters pursuant to Federal Rule of Civil
Procedure.

In support of the Motion, the JPLs assert that the BRPs were
Comair's "foreign representatives" through June 17, 2022, and
effective June 17, 2022, the JPLs are Comair's "foreign
representatives". They contend that the Business Rescue Proceeding
was a "foreign proceeding" within the meaning of section 101(23) of
the Bankruptcy Code, that it was pending in South Africa, the
country where Comair's center of main interests is located, and
therefore was a foreign proceeding pursuant to section 1502(4) of
the Bankruptcy Code and was entitled to recognition as a foreign
main proceeding under section 1517(b)(1) of the Bankruptcy Code.

The JPLs contend that the Comair insolvency proceeding -- the South
African Proceeding -- is uninterrupted, and the business rescue
proceeding has only been converted into an insolvency proceeding.
The JPLs maintain and the Court finds that there has been no change
in the identity of the foreign proceeding. Fundamentally, Comair is
still in an insolvency proceeding in South Africa under the
Companies Act.

Boeing says that the South African liquidation is distinct from the
reorganization because "Comair's provisional liquidation is a new
case with a different case number than its business rescue
proceeding," that the JPLs are distinct from the BRPs, the
liquidation is governed by the 1973 Companies Act and the business
rescue was governed by the 2008 Companies Act.  

The High Court had jurisdiction over Comair during the Business
Rescue Proceeding, and it retains jurisdiction over Comair
throughout the pendency of the Provisional Liquidation. As now
relevant, the only change affecting this Chapter 15 Case is that
the High Court has authorized a new party to represent Comair in
the South African liquidation, thus effecting a change in the
foreign representative. The Motion asks the Court to recognize that
change. Comair remains under the control of court-appointed
fiduciaries. The High Court simply replaced the reorganizational
fiduciaries with liquidators.

The Court finds that the South African business rescue proceeding
and the liquidation are parts of one foreign proceeding. As such,
the Court grants the Motion and the JPLs' request to amend the
Recognition Order to recognize the Provisional Liquidation as a
foreign main proceeding and the JPLs as the foreign representative
of Comair. The Court also grants the JPLs' request to be
substituted for the BRPs in all contested matters, including the
discovery dispute with Boeing.

A full-text copy of the Memorandum Decision dated Feb. 12, 2023, is
available at https://tinyurl.com/yc2ueftc from Leagle.com.

                       About Comair Ltd.

Comair Limited is an airline based in South Africa that operates
scheduled services on domestic routes as a British Airways
franchisee. It also operates as a low-cost carrier under its own
kulula.com brand.

The struggling airline was forced to halt all activities in March
2020 after a countrywide lockdown was imposed to curb the spread of
coronavirus.  Burning cash, Comair was forced to seek bankruptcy
protection in May.

In September 2020, the administrators of the restructuring process
presented a plan that provides that former board members and
executives of Comair would inject fresh equity into the company.
The approved rescue plan also entails 600 million rand in fresh
loans from its lenders, a deferred payment of 800 million rand and
delisting from the Johannesburg Stock Exchange (JSE).

Comair resumed kulula and British Airways flights in December
2020.

Comair Limited filed a Chapter 15 petition (Bankr. S.D.N.Y. Case
No. 21-10298) on Feb. 16, 2021, to seek U.S. recognition of its
Business Rescue proceedings in South Africa.  Pillsbury Winthrop
Shaw Pittman LLP is the U.S. counsel.



COMMUNITY CARE: Moody's Affirms B3 CFR & Alters Outlook to Negative
-------------------------------------------------------------------
Moody's Investors Service has affirmed Community Care Health
Network, LLC's (dba "Matrix") B3 corporate family rating and B3-PD
probability of default rating. Concurrently, Moody's affirmed the
company's B3 rating on the $330 million senior secured first lien
term loan and withdrew its B3 rating under the $20 million senior
secured revolving credit facility given its expiration. The company
is an Arizona-based provider of in-home health and care assessment
services for Medicare Advantage health plans in the US.

The outlook was changed to negative from stable to reflect the
company's overall liquidity profile deterioration, evidenced by the
expiration of its $20 million revolving credit facility and recent
free cash flow deficits. The ratings affirmation takes into
consideration the company's refocus towards its foundational
business (formerly known as Clinical Care), the continued demand
for comprehensive health assessments, and the stabilization of its
credit metrics including debt to EBITDA and interest coverage
ratios.  

Affirmations:

Issuer: Community Care Health Network, LLC

Corporate Family Rating, Affirmed B3

Probability of Default Rating, Affirmed B3-PD

Senior Secured 1st Lien Term Loan B, Affirmed B3 to (LGD4) from
(LGD3)

Withdrawals:

Issuer: Community Care Health Network, LLC

Senior Secured 1st Lien Revolving Credit Facility, Withdrawn,
previously rated B3 (LGD3)

Outlook Actions:

Issuer: Community Care Health Network, LLC

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

The B3 corporate family rating reflects Matrix's relatively modest
scale, very high financial leverage, and narrowly focused business
model. Moody's expects Matrix's financial leverage, as expressed by
debt to EBITDA, to be approximately 7.5 times for fiscal year 2022
and to remain elevated at least for the next 12 months. Matrix's
underperformance in 2022 was marked by the company's lack of
material growth in its foundational business (formerly known as
Clinical Care segment) and rapid decline in the Other Service Lines
(formerly known as Clinical Solutions) segment. During 2020 and
2021, through its Clinical Solutions segment, Matrix repurposed its
staff and mobile clinics in response to the COVID-19 pandemic,
providing COVID testing and employee-healthcare services to major
corporate clients. Although unsustainable, the initiative proved to
be extremely profitable. In 2022, however, as COVID eased, the
company elected to refocus on its comprehensive health assessments
foundational business. As it was unable to repurpose the Clinical
Solutions assets towards non-COVID business, those were divested in
the second half of the year.

Matrix's overall liquidity profile has deteriorated, which is
reflected in the change of outlook to negative from stable.
However, Moody's assesses the company's liquidity for the next 15
months as adequate, supported by a cash position of approximately
$50 million and Moody's expectations of minimal free cash flow
generation. The company's $20 million revolving credit facility
expired in February of 2023 was undrawn and is not considered in
the liquidity assessment. The outlook could be changed to stable if
the company improves its overall liquidity profile and successfully
refinance its capital structure.

The rating for Matrix's debt instrument reflects both the overall
Probability of Default of the company, B3-PD, and a loss given
default assessment of the individual debt instrument. Since
Matrix's debt capital structure consists of first-lien debt only,
the term loan's facility rating, at B3, directly reflects the
company's B3 CFR.

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

The negative outlook indicates that rating upgrades are unlikely
over the next 12-18 months. However, the ratings could be upgraded
if Matrix substantially increases scale, diversifies the revenue
base, sustains free cash flow to debt above 5%, decreases leverage
such that Moody's adjusted debt-EBITDA is sustained below 6.0
times, and improves its overall liquidity profile.

The ratings could be downgraded if Moody's expects further
liquidity deterioration with sustained negative free cash flow,
further decay of revenue and profitability, or inability to
refinance its capital structure.

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

Community Care Health Network, LLC (dba Matrix Medical Network,
"Matrix") provides primarily in-home health and care assessment
services for Medicare Advantage health plans in the United States.
Moody's expects the company to have generated revenues of
approximately $300 million in 2022. Matrix was spun out from The
Providence Service Corporation in an October 2016 buyout by Frazier
Healthcare Partners.


CONSOLIDATED ELEVATOR: Seeks Cash Collateral Access Thru June 30
----------------------------------------------------------------
Consolidated Elevator Company, Inc. 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 from April 1,
2023, through June 30, 2023.

The Debtor requires the use of cash collateral to pay necessary
expenses.

The Debtor believes the U.S. Small Business Administration takes
the position that all tangible and intangible personal property of
the Debtor constitutes cash collateral.

The Debtor believes the National Elevator Industry Pension Fund,
National Elevator Industry Health Benefit Plan, National Elevator
Industry Educational Plan, the Elevator Industry Work Preservation
Fund, and Elevator Constructors Annuity and 401(k) Retirement Plan
assert an interest in only cash on hand pursuant to its abstract
judgment.

The Debtor believes the secured creditors are adequately protected
by the continued and uninterrupted operation of the business.

Notwithstanding, the Debtor proposes monthly adequate protection
payment to the SBA in the amount of $2,437 per month.

The Fund currently holds a secured claim as to the Debtor's cash
pursuant to Section 697.530 of the Cal. Code of Civ. Proc. However,
the Fund's execution lien is a preference, and it can be avoided
pursuant to 11 U.S.C. section 547(b). The Debtor intends to bring a
preference action against the Fund.

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

             About Consolidated Elevator Company, Inc.

Consolidated Elevator Company, Inc. is a service company and
provides elevator repairs services. Its employees consist of
mechanics, salespeople, and support staff. It sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case
No. 22-15611) on October 14, 2022. In the petition signed by David
J. Sandoval, CFO, the Debtor disclosed up to $10 million in both
assets and liabilities.

Matthew D. Resnik, Esq., at RHM Law, LLP, is the Debtor's counsel.


Judge Sandra R. Klein oversees the case.



COPPER MECHANICAL: Unsecureds to Get 10% Dividend in Plan
---------------------------------------------------------
Copper Mechanical, Inc., submitted a Second Amended Disclosure
Statement for the Small Businesses Plan of Reorganization under
Chapter 11 of the Bankruptcy Code.

The Plan contemplates the reorganization of the Debtor's debts over
the course of a 3-year period in accordance with the proposed
treatment of each class. The Plan proposes to pay a 10% dividend of
the allowed general unsecured claims.

The following identify the Plan's proposed treatment of class 1
which contains general unsecured, impaired claims against the
Debtor:

   * Class 1 JPMorgan Chase Bank, N.A. total $38,476.22. The claim
will be paid a 10% dividend ($3,847.62) in 36 monthly installment
payments in the amount of $106.87, commencing on the Effective date
of the plan. This class is impaired.

   * Class 1 JPMorgan Chase Bank, N.A. total $61,900.00. The PPP
Loan was forgiven, and the claim was withdrawn on October 21, 2022.
This class is impaired.

   * Class 1 JPMorgan Chase Bank, N.A. total $49,962.39. The claim
will be paid a 10% dividend ($4,996.24) in 36 monthly installment
payments in the amount of $138.78, commencing on the Effective date
of the plan. This class is impaired.

   * Class 1 148 Supplies Corp. total $94,519.97. The claim will be
paid a 10% dividend ($9,451.99) in 36 monthly installment payments
in the amount of $262.55, commencing on the Effective date of the
plan. This class is impaired.

   * Class 1 Citibusiness Card totaling $3,782.74. The claim will
be paid a 10% dividend ($378.27) in 36 monthly installment payments
in the amount of $10.50, commencing on the Effective date of the
plan. This class is impaired.

   * Class 1 F.W. Webb Company total $30,200.00. The claim will be
paid a 10% dividend ($3,020.00) in 36 monthly installment payments
in the amount of $83.88, commencing on the Effective date of the
plan. This claim was not originally included to the Petition. On
November 9, 2022, the Debtor amended schedule E/F listed claim of
Law offices of F.W. Webb Company as unsecured. On December 20,
2022, the Court entered an Order establishing deadline for F.W.
Webb Company to file a proof of claim on or before January 30,
2023. This class is impaired.

The Plan will be financed (i) by continuing the reorganized
business operations of the Debtor, (ii) funds accumulated in the
Debtor in Possession bank account, as well as (iii) the
contribution of Roman Midyany, made from the personal funds on as
needed basis. The Debtor has no accounts receivables.

Attorney for the Debtor:

     Alla Kachan, Esq.
     2799 Coney Island Ave, Suite 202
     Brooklyn, NY 11235
     Tel: (718) 513-3145
     Fax: (347) 342-3156
     E-mail: alla@kachanlaw.com

A copy of the Second Amended Disclosure Statement dated Feb. 17,
2023, is available at https://bit.ly/3kdEbAb from
PacerMonitor.com.

                   About Copper Mechanical

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


COPPER REALTY: Unsecured Creditors to Get 100% in Plan
------------------------------------------------------
Copper Realty LLC submitted an Amended Plan of Reorganization dated
Feb. 17, 2023.

The Plan proposes segregation of the Creditors and Equity Interest
Holders of the Debtor into 17 separate classes.

Under the Plan, Class 15 Allowed Claims of Non-Insider Unsecured
Creditors are impaired.  The Allowed Claims of Unsecured Creditors
will share pro-rata in the Unsecured Creditor's Pool. The Unsecured
Creditors will share pro-rata in the Unsecured Creditor's Pool. The
Debtor shall pay $500 per month for a period of 60 months into the
Unsecured Creditors Pool.  Based upon the Debtor's Schedules, the
Debtor believes Class 15 Claims will receive approximately 100% of
their claims.

Class 16 Allowed Insider Unsecured Creditors are impaired.  The
current owners, Manish Shrivastava and Arvind Sarin have lent money
to the Debtor to sustain operations pre-petition.  The Allowed
Unsecured Claims of Manish Shrivastava and Arvind Sarin shall be
subordinated to the Class 15 Non-Insider Unsecured Creditors.  The
Class 16 Claimants will not receive payment on their claims under
the Class 15 creditors have been paid in full.

The Debtor's obligations under this Plan will be satisfied out of
the ongoing operations of the Reorganized Debtor.  The income
projections of the Reorganized Debtor are attached to the
Disclosure Statement. The Debtor believes the projections to be
accurate based upon current business operations.  The Debtor does
not intend to dramatically alter the current expenses or income
over the Plan term.

The Reorganized Debtor may sell any property post-petition.  Upon
any sale post-petition, the Reorganized Debtor is authorized to pay
any liens against the sold property.  All net proceeds from any
sale shall remain in the Reorganized Debtor during the term of this
Plan and may be used by the Reorganized Debtor for operations or to
make any payments required by this Plan.

Attorneys for the Debtor:

     Eric A. Liepins, Esq.
     ERIC A. LIEPINS, P.C.
     12770 Coit Road, Suite 850
     Dallas, TX 75251
     Tel: (972) 991-5591
     Fax: (972) 991-5788

A copy of the Amended Plan of Reorganization dated Feb. 17, 2023,
is available at https://bit.ly/3YImXKi from PacerMonitor.com.

                      About Copper Realty

Copper Realty, LLC, is the fee simple owner of 15 real properties
in Dallas and Irving, Texas, having an aggregate current value of
$2.79 million.

Copper Realty filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 22-40820) on
July 1, 2022, with $2,832,394 in assets and $2,686,750 in
liabilities.  Manish Shrivastava, managing member, signed the
petition.

Judge Brenda T. Rhoades oversees the case.

The Debtor tapped Eric A. Liepins, Esq., as bankruptcy counsel and
Brian Anderson, Esq., at The Anderson Law Firm PLLC as special
counsel.


CORE SCIENTIFIC: Committee Taps Ducera as Investment Banker
-----------------------------------------------------------
The official committee of unsecured creditors of Core Scientific,
Inc. and its affiliates seeks approval from the U.S. Bankruptcy
Court for the Southern District of Texas to employ Ducera Partners,
LLC as its investment banker.

The committee requires an investment banker to:

   (a) assist with the assessment of the Debtors' liquidity and use
of liquidity, and with identifying potential sources of financing
in connection with future transactions;

   (b) familiarize itself with the Debtors' business, operations,
financial condition and capital structure;

   (c) provide such other advisory and investment banking services
as may be agreed upon by Ducera and the committee;

   (d) assist in analyzing and evaluating various restructuring
scenarios and the potential impact of these scenarios on the
existing obligations of the Debtors and the recoveries of those
stakeholders impacted by the restructuring;

   (e) provide financial advice and assistance to the committee in
developing a restructuring;

   (f) provide financial advice and assistance to the committee in
the structuring of any new securities to be issued by the Debtors
in connection with a restructuring; and

   (g) assist the committee or participate in negotiations with the
Debtors and entities or groups affected by a restructuring.

The firm will be paid as follows:

   (a) Monthly Advisory Fee: $150,000 per month commencing as of
the effective date of the engagement letter, which shall be due and
payable until the earlier of (1) the consummation of a
restructuring and (2) the termination of Ducera's services pursuant
to the engagement letter, plus

   (b) Restructuring Fee: $3,000,000, which shall be due and
payable upon consummation of any restructuring, provided that the
restructuring fee shall be reduced by $75,000 for each month
commencing three months after the commencement of the monthly
advisory fee. The Ducera discount shall only apply if any and all
outstanding invoices have been paid before, or in connection with,
the consummation of the restructuring and shall be deducted from
the restructuring fee.

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

The firm can be reached at:

     Adam W. Verost
     Ducera Partners, LLC
     11 Times Square, 36th Floor
     New York, NY 10036
     Tel: (212) 671-9700

                       About Core Scientific

Core Scientific, Inc. (OTCMKTS: CORZQ) is the largest U.S.
publicly-traded Bitcoin mining company in computing power.  Core
Scientific, which was formed following a business combination in
July 2021 with blank check company XPDI, is a large-scale operator
of dedicated, purpose-built facilities for digital asset mining
colocation services and a provider of blockchain infrastructure,
software solutions and services.  Core mines Bitcoin, Ethereum and
other digital assets for third-party hosting customers and for its
own account at its six fully operational data centers in North
Carolina (2), Georgia (2), North Dakota (1) and Kentucky (1).  Core
was formed following a business combination in July 2021 with XPDI,
a blank check company.

In July 2022, one of the Company's largest customers, Celsius
Mining LLC, filed for Chapter 11 bankruptcy in New York.   

With low Bitcoin prices depressing mining revenue to a record low,
Core Scientific first warned in October 2022 that it may have to
file for bankruptcy if the company can't find more funding to repay
its debt that amounts to over $1 billion. Core Scientific did not
make payments that came due in late October and early November 2022
with respect to several of its equipment and other financings,
including its two bridge promissory notes.

Core Scientific and its affiliates filed petitions for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No.
22-90340) on Dec. 21, 2022. As of Sept. 30, 2022, Core Scientific
had total assets of US$1.4 billion and total liabilities of US$1.3
billion.

Judge David R. Jones oversees the cases.

The Debtors hired Weil, Gotshal & Manges, LLP as legal counsel; PJT
Partners, LP as investment banker; and AlixPartners, LLP as
financial advisor.  Stretto is the claims agent.

A group of Core Scientific convertible bondholders is working with
restructuring lawyers at Paul Hastings.

On Jan. 9, 2023, the U.S. Trustee for Region 7 appointed an
official committee to represent unsecured creditors in the
Debtors'
Chapter 11 cases. The committee tapped Willkie Farr & Gallagher,
LLP as legal counsel and Ducera Partners, LLC as investment banker.


CORE SCIENTIFIC: Committee Taps Willkie Farr & Gallagher as Counsel
-------------------------------------------------------------------
The official committee of unsecured creditors of Core Scientific,
Inc. and its affiliates seeks approval from the U.S. Bankruptcy
Court for the Southern District of Texas to employ Willkie Farr &
Gallagher, LLP as its legal counsel.

The firm's services include:

   a. advising the committee in connection with its powers and
duties under the Bankruptcy Code, the Bankruptcy Rules, and the
Local Rules;

   b. assisting and advising the committee in its consultation with
the Debtors relative to the administration of these Chapter 11
cases;

   c. attending meetings and negotiating with the representatives
of the Debtors and other parties-in-interest;

   d. assisting and advising the committee in its examination and
analysis of the conduct of the Debtors' affairs;

   e. assisting and advising the committee in connection with any
sale of the Debtors' assets pursuant to Section 363 of the
Bankruptcy Code;

   f. assisting the committee in the review, analysis, and
negotiation of any chapter 11 plan of reorganization or liquidation
that may be filed and assisting the committee in the review,
analysis, and negotiation of the disclosure statement accompanying
any such plan;

   g. taking all necessary actions to protect and preserve the
interests of the committee, including: (i) possible prosecution of
actions on its behalf; (ii) if appropriate, negotiations concerning
all litigation in which the Debtors are involved; and (iii) if
appropriate, review and analysis of claims filed against the
Debtors' estates;

   h. preparing legal papers in support of positions taken by the
committee;

   i. appearing, as appropriate, before the bankruptcy court, the
appellate courts, and the Office of the U.S. Trustee; and

   j. other necessary legal services.

The firm will be paid at these rates:

     Partners/Senior Counsel                $1,400 to $2,050 per
hour
     Associates/Other Attorneys/Law Clerks  $520 to $1,380 per
hour
     Paraprofessionals                      $315 to $540 per hour

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

Brett Miller, Esq., a partner at Willkie Farr & Gallagher,
disclosed in court filings that the firm's attorneys do not
represent any interest adverse to the Debtors and their estates.

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

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

   Response:  No.

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

   Response:  No.

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

   Response:  Not applicable.

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

   Response:  The committee and Willkie Farr & Gallagher expect to
develop a prospective budget and staffing plan to comply with the
U.S. Trustee's requests for information and additional disclosures,
and any other orders of the court, recognizing that in the course
of these Chapter 11 cases there may be unforeseeable fees and
expenses that will need to be addressed by the committee and te
firm.

The firm can be reached through:

     Brett H. Miller, Esq.
     Todd M. Goren, Esq.
     Willkie Farr & Gallagher, LLP
     787 Seventh Avenue
     New York, NY 10019
     Telephone: (212) 728-8000
     Facsimile: (212) 728-8111
     Email: bmiller@willkie.com
            tgoren@willkie.com

                       About Core Scientific

Core Scientific, Inc. (OTCMKTS: CORZQ) is the largest U.S.
publicly-traded Bitcoin mining company in computing power.  Core
Scientific, which was formed following a business combination in
July 2021 with blank check company XPDI, is a large-scale operator
of dedicated, purpose-built facilities for digital asset mining
colocation services and a provider of blockchain infrastructure,
software solutions and services.  Core mines Bitcoin, Ethereum and
other digital assets for third-party hosting customers and for its
own account at its six fully operational data centers in North
Carolina (2), Georgia (2), North Dakota (1) and Kentucky (1).  Core
was formed following a business combination in July 2021 with XPDI,
a blank check company.

In July 2022, one of the Company's largest customers, Celsius
Mining LLC, filed for Chapter 11 bankruptcy in New York.   

With low Bitcoin prices depressing mining revenue to a record low,
Core Scientific first warned in October 2022 that it may have to
file for bankruptcy if the company can't find more funding to repay
its debt that amounts to over $1 billion. Core Scientific did not
make payments that came due in late October and early November 2022
with respect to several of its equipment and other financings,
including its two bridge promissory notes.

Core Scientific and its affiliates filed petitions for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No.
22-90340) on Dec. 21, 2022. As of Sept. 30, 2022, Core Scientific
had total assets of US$1.4 billion and total liabilities of US$1.3
billion.

Judge David R. Jones oversees the cases.

The Debtors hired Weil, Gotshal & Manges, LLP as legal counsel; PJT
Partners, LP as investment banker; and AlixPartners, LLP as
financial advisor.  Stretto is the claims agent.

A group of Core Scientific convertible bondholders is working with
restructuring lawyers at Paul Hastings.

On Jan. 9, 2023, the U.S. Trustee for Region 7 appointed an
official committee to represent unsecured creditors in the
Debtors'
Chapter 11 cases. The committee tapped Willkie Farr & Gallagher,
LLP as legal counsel and Ducera Partners, LLC as investment banker.


CORE SCIENTIFIC: Investors Defend Bid to Appoint Equity Committee
-----------------------------------------------------------------
A group of equity holders of Core Scientific, Inc. defended its bid
to form an official committee that will represent equity holders in
the company's Chapter 11 case.

Noelle Reed, Esq., the equity group's attorney, argued the company
is not "hopelessly insolvent" contrary to claims by the ad hoc
noteholders' group.  

While Core Scientific and the official unsecured creditors'
committee both believe the company may well be solvent, the
noteholders' group believes otherwise, saying there is no evidence
to prove the company's solvency.

According to Ms. Reed, available data suggests that the value of
the company is much higher than it was on the petition date.

The attorney cited the price of Bitcoin, which increased by 37%
since Core Scientific's bankruptcy filing and other economic
conditions that are generally trending favorably, indicating a
material increase in the company's value.

Meanwhile, Ms. Reed criticized the noteholders' group for grossly
overstating the liabilities of Core Scientific and its affiliates.
The noteholders' group, the attorney said, added approximately $400
to $500 million to the face amount of the pre-bankruptcy secured
notes as a result of an alleged 200% repayment premium that will be
the subject of significant litigation.

In response to the noteholders' group's argument that the cost of
an official equity committee is unjustified, Ms. Reed said the
company and the equity group have already agreed to limit the
budget to $4.75 million.  

                       About Core Scientific

Core Scientific, Inc. (OTCMKTS: CORZQ) is the largest U.S.
publicly-traded Bitcoin mining company in computing power.  Core
Scientific, which was formed following a business combination in
July 2021 with blank check company XPDI, is a large-scale operator
of dedicated, purpose-built facilities for digital asset mining
colocation services and a provider of blockchain infrastructure,
software solutions and services.  Core mines Bitcoin, Ethereum and
other digital assets for third-party hosting customers and for its
own account at its six fully operational data centers in North
Carolina (2), Georgia (2), North Dakota (1) and Kentucky (1).  Core
was formed following a business combination in July 2021 with XPDI,
a blank check company.

In July 2022, one of the Company's largest customers, Celsius
Mining LLC, filed for Chapter 11 bankruptcy in New York. With low
Bitcoin prices depressing mining revenue to a record low, Core
Scientific first warned in October 2022 that it may have to file
for bankruptcy if the company can't find more funding to repay its
debt that amounts to over $1 billion. Core Scientific did not make
payments that came due in late October and early November 2022
with respect to several of its equipment and other financings,
including its two bridge promissory notes.

Core Scientific and its affiliates filed petitions for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
22-90340) on Dec. 21, 2022. As of Sept. 30, 2022, Core Scientific
had total assets of US$1.4 billion and total liabilities of US$1.3
billion.

Judge David R. Jones oversees the cases.

The Debtors hired Weil, Gotshal & Manges, LLP as legal counsel; PJT
Partners, LP as investment banker; and AlixPartners, LLP as
financial advisor.  Stretto is the claims agent.

A group of Core Scientific convertible bondholders is working with
restructuring lawyers at Paul Hastings.

On Jan. 9, 2023, the U.S. Trustee for Region 7 appointed an
official committee to represent unsecured creditors in the Debtors'
Chapter 11 cases. The committee is represented by Willkie Farr &
Gallagher, LLP.


CUMMINGS MANOOKIAN: Motion for Leave to Appeal Denied
-----------------------------------------------------
District Judge Aleta A. Trauger for the Middle District of
Tennessee the motion for leave to appeal filed by
Defendants/Appellants Brian Manookian and Manookian PLLC in the
case titled MANOOKIAN PLLC and BRIAN MANOOKIAN, Appellants, v.
JEANNE ANN BURTON, TRUSTEE, Appellee, Case No. 3:22-cv-00474, (M.D.
Tenn.).

On Nov. 6, 2019, Cummings Manookian, PLC filed a Chapter 7
Voluntary Petition in the Bankruptcy Court (Bankr. Case No.
3:19-bk-07235), which was assigned to Bankruptcy Court Judge
Charles M. Walker. Trustee Jeanne Ann Burton was appointed to serve
as the Chapter 7 Trustee for the debtor. Thereafter, the Trustee
filed the Adversary Proceeding (Adv. Pro. No. 3:20-ap-90002)
against Hagh Law PLLC, Afsoon Hagh, Manookian PLLC, and
First-Citizens Bank and Trust Company, asserting claims for
conversion, fraudulent transfer, tortious interference with
contract, successor liability/alter ego, and turnover, and seeking
a declaratory judgment, injunctive relief, and other related
relief.

On May 5, 2022, Brian Manookian and Manookian Law, filed their
Motion to Disqualify Judge Walker, on the basis that the judge had
"engaged in multiple prohibited ex parte communications about Brian
Manookian and this proceeding. . . while this action has been
pending." On May 31, Manookian Law noticed the deposition of Judge
Walker.

The order appealed from in this case is an order quashing a
deposition that was sought for the purpose of obtaining evidence in
support of the Appellants' Motion to Disqualify Bankruptcy Court
Judge Charles M. Walker. The Court determines that the
disqualification of the judge is not the question on appeal. The
only issue on appeal is the appropriateness of the Order Quashing
Notice of Deposition.

The Appellants have not referenced or even alluded to the standard
the judge applied in quashing the Notice setting his own
deposition, much less shown that he applied the wrong standard or
that a substantial ground for difference of opinion exists
regarding the correctness of the decision. The Appellants have not
argued that extraordinary circumstances warrant compelling Judge
Walker to appear for a deposition and, further, have provided no
basis for finding that Judge Walker abused his discretion in
issuing the Order Quashing the Notice of Deposition directed to him
personally.

Judge Walker has not yet "handled" the disqualification motion, and
the Appellants do not know how he would have ruled on it if they
had not sought an interlocutory appeal of the Order Quashing Notice
of Deposition. The Court determines that the Appellants have
engaged in wasteful litigation and incurred unnecessary expense in
seeking to appeal the Order Quashing Notice of Deposition rather
than waiting to see how the judge ruled on their Motion to
Disqualify and whether they actually had substantial grounds at
that point for seeking to appeal that ruling.

While the Motion to Disqualify might arguably constitute a discrete
dispute, the Court finds, however, that the Order Quashing Notice
of Deposition is an interlocutory order, not a final order -- it is
an issue arising in the context of resolving the Motion to
Disqualify. As such, the Court denies the Defendants/Appellants'
Notice of Appeal, which the Court construes as a motion for leave
to appeal.

A full-text copy of the Memorandum and Order dated Feb. 9, 2023, is
available at https://tinyurl.com/57xcwvzn from Leagle.com.



DELPHI BEHAVIORAL: March 30 Hearing on Disclosure Statement
-----------------------------------------------------------
Judge Peter D. Russin will convene a hearing on Delphi Behavioral
Health Group, LLC, et al.'s Disclosure Statement on March 30, 2023
at 2:00 p.m. (Prevailing Eastern Time) in United States Courthouse,
299 East Broward Boulevard, Courtroom 301, Fort Lauderdale, Florida
33301 via Zoom Video Communications, Inc.

The deadline for filing objections to Disclosure Statement (7 days
before the Disclosure Hearing) will be on March 23, 2023.

              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 Edward A. Phillips, interim chief executive
officer, the Debtors disclosed up to $10 million in assets and up
to $10 million in liabilities.

Delphi Behavioral Health Group 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, Florida, 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 case.

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
Prepetition Lenders and the Administrative Agent for the DIP
Lenders, is represented by King & Spalding LLP.


DELPHI BEHAVIORAL: U.S. Trustee Unable to Appoint Committee
-----------------------------------------------------------
The U.S. Trustee for Region 21, until further notice, will not
appoint an official committee of unsecured creditors in the Chapter
11 case of Delphi Behavioral Health Group, LLC, according to court
dockets.
    
               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 February 6, 2023. In
the petition signed by Edward A. Phillips, interim chief executive
officer, the Debtors disclosed up to $10 million in assets and up
to $10 million in liabilities.

Delphi Behavioral Health Group 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, Florida, 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 case.

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
Prepetition Lenders and the Administrative Agent for the DIP
Lenders, is represented by King & Spalding LLP.


DIAMOND SCAFFOLD: Business Operations or Sale Proceeds to Fund Plan
-------------------------------------------------------------------
Diamond Scaffold Services, LLC, filed with the U.S. Bankruptcy
Court for the Southern District of Alabama a Disclosure Statement
accompanying Plan of Reorganization dated February 27, 2023.

The Debtor is a limited liability company organized in the State of
Louisiana. It was formed in 2002. The Debtor provides scaffolding
and related equipment to its customers on industrial jobsites and
sometimes provides the labor necessary to install scaffolding on
the jobsites.

The Debtor owns no real property. It owns personal property. The
majority of the Debtor's scaffolding equipment is not listed on
Schedule B due to Sertant's and Mazuma's claims to own the
scaffolding on the Petition Date. The Debtor disputes their claims
of ownership, and such claims are the subject of pending adversary
proceedings. In lieu of an ownership interest in the scaffolding,
Debtor listed the Sertant and Mazuma Master Lease Agreements on
Schedule G with a disclaimer that Debtor claims to own the
scaffolding described in those agreements and a claim for
recharacterization of both agreements.

The Debtor's estimated total priority debt is $862,775.25; its
estimated secured total debt is $2,638,152.27, and its estimated
total unsecured debt is between $7,381,772.81 and $11,436,308.30,
depending on the Court's ultimate determination of the nature and
amount of Sertant's claim. The Debtor estimates that administrative
expenses claims will be approximately $600,000 - $1,000,0000 in
aggregate.

During the case, the Debtor attempted to realize the value of its
assets in order to pay its creditors by offering those assets for
sale. It employed investment banker SC&H Group, Inc. to market the
assets and conduct an auction. On November 21, 2022, the Debtor
filed its Expedited Motion for Entry of an Order (I) Approving
Bidding Procedures in Connection with the Sale of Substantially All
Its Assets, (II) Establishing Procedures for the Assumption and/or
Assignment by the Debtor of Certain Executory Contracts and
Unexpired Leases, (III) Approving Form and Manner of Notice of
Bidding Procedures, and (IV) Setting Objection Deadlines (doc. 293)
(the "Bid Procedures Motion").

In the motion, the Debtor proposed to sell substantially all of its
assets. It retained the discretion to determine whether accepting
any bid or bids is in the best interest of the estate. The order
approving the Bid Procedures Motion set a deadline of February 24,
2023 for interested bidders to submit their bids. An auction will
be conducted on March 1, 2023 and, if the Debtor determines that
accepting a bid or bids is in the best interest of the estate and
recommends such bid or bids to the Court for approval, a final sale
hearing will be held on March 2, 2023.

This plan provides two alternate funding mechanisms: (1) funding
over 5 years through the Debtor's business operations, or (2)
funding from a sale of substantially all of the Debtor's assets.

Class 14 consists of General Unsecured Non-Priority Creditors. Each
Holder off an Allowed Class 14 Claim creditor shall receive, in
full satisfaction of such creditor's Allowed Unsecured Claim, such
creditor's pro rata share of the Unsecured Creditors' Fund. The
Debtor shall pay an amount equal to 50% of its net income, but in
no instance less than $400,000.00 or more than $1,000,000.00, each
year into the Unsecured Creditor's Fund, which shall be maintained
by the Debtor, for 5 years as follows: (a) the Debtor shall make
the first annual deposit into the Unsecured Creditors' Fund, which
shall be based on the Debtor's net profit for 2023, no later than
March 1, 2024; and (b) the Debtor shall make all subsequent
deposits into the Unsecured Creditors' Fund each year on or before
March 1. The minimum that the Debtor may deposit into the Unsecured
Creditors' Fund over the five-year Plan term is $2 million
($400,000 for 5 years) (the "Minimum Unsecured Creditors' Fund").

The Debtor shall make five annual payments to each Holder of an
Allowed Unsecured Claim, each such payment being equal to such
Holder's pro rata share of the Unsecured Creditor's Fund for that
particular calendar year, beginning no later than March 15, 2024
and continuing on the same day of each year for 4 years.
Notwithstanding the foregoing, no Class 14 creditor shall receive
more than its Allowed Class 14 Claim. Class 14 is impaired and
entitled to vote on the Plan.

Class 15 comprises all Equity Interests in the Debtor. Under the
Plan, Jewell Sumrall shall pay a New Value Contribution of $250,000
into the Unsecured Creditors' Fund in five equal annual
installments of $50,000. As of the Effective Date, Jewell Sumrall
will pay the first installment of the New Value Contribution and
either (1) retain the Equity Interests in the Reorganized Debtor;
or (2) at his option, the Equity Interests in the Debtor may be
cancelled and new common stock issued to the New Equity Holder in
the Reorganized Debtor. This New Value Contribution shall further
constitute consideration for the injunction in favor of Jewell
Sumrall.

In the event the Debtor obtains an offer or offers to purchase all
or substantially all of Debtor's assets for a purchase price equal
to or exceeding the sum of all Allowed Administrative Claims,
Allowed Priority Claims, Allowed Secured Claims, Cure Claims, and
Minimum Unsecured Creditors' Fund over the life of the Plan, the
Debtor may, in its sole and absolute discretion, sell the
Properties free and clear of liens and encumbrances with such liens
and encumbrances attaching to the proceeds of sale to the extent of
and in the order and priority they attached to the Property
pre-petition.

The Debtor's Plan proposes two alternative funding methods. The
first is funding by continuing to operate its scaffolding business.
The Debtor's 5-year income and expense forecasts project annual
gross income averaging between $7.6 million and $8.55 million and
net income (after payment of business expenses and payments to
priority and secured creditors under this Plan) averaging between
$940,000 and $1,980,000. These projections reflect that the Debtor
will generate sufficient cash flow to pay in full the (a) Allowed
Secured Claims, (b) the Allowed Administrative Expenses, (c) the
Allowed Priority Claims, and to pay a minimum of $2,000,000.00 into
Unsecured Creditor's Fund to be distributed on a pro-rata basis
among Allowed Unsecured Creditors.

The equity holder in Debtor shall make a New Value Contribution of
$250,000 in consideration of retaining his equity or being issued
new equity in the Reorganized Debtor and in further consideration
of the injunction granted in his favor. The New Equity Contribution
shall be paid in equal installments of $50,000 over 5 years.

A full-text copy of the Disclosure Statement dated February 27,
2023 is available at https://bit.ly/3Yj2gn8 from PacerMonitor.com
at no charge.

Counsel for Debtor:

     Alexandra K. Garett, Esq.
     Matthew C. Butler, Esq.
     Silver Voit & Garrett, Attorneys at Law, P.C.
     4317-A Midmost Dr.
     Mobile, AL 36609-5589
     Tel: (251) 343-0800
     Fax: (251) 251-343-0800
     Email: agarrett@silvervoit.com
            mbutler@silvervoit.com

                 About Diamond Scaffold Services

Diamond Scaffold Services LLC -- https://www.diamondscaffold.com/
-- is an authorized distributor of Ring-lock, Cup-lock, Shoring,
and Frame Scaffold.

Diamond Scaffold Services sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Ala. Case No. 22-11208) on June
21, 2022, with between $1 million and $10 million in assets and
between $10 million and $50 million in liabilities. Jewell Wayne
Sumrall, president of Diamond Scaffold Services, signed the
petition.

Judge Jerry C. Oldshue oversees the case.

The Debtor tapped Alexandra K. Garrett, Esq., at Silver, Voit &
Garrett as bankruptcy counsel; Jason R. Watkins, Esq., as special
counsel; and SC&H Group, Inc. as investment banker.


DUNBAR PLAZA: Court Approves Disclosure Statement
-------------------------------------------------
Judge Mckay Mignault has entered an order approving the Disclosure
Statement of Dunbar Plaza, Inc., and the Debtor is authorized to
solicit creditors' votes on the Chapter 11 Plan of Reorganization.


March 17, 2023, is fixed as the last day for filing acceptances or
rejections of the Debtor's Chapter 11 Plan of Reorganization.

March 17, 2023, is fixed as the last day for filing and serving
written objections to confirmation of the Debtor's Chapter 11 Plan
of Reorganization.

A hearing will be held at 1:30 P.M. on March 29, 2023, in
Bankruptcy Courtroom A, 6200 Robert C. Byrd United States
Courthouse, 300 Virginia Street, Charleston, West Virginia, to
consider and act upon confirmation of the Debtor(s)' Chapter 11
Plan of Reorganization and any objection thereto timely filed with
the Court.

                       About Dunbar Plaza

Dunbar, W.Va.-based Dunbar Plaza, Inc., filed a petition for
Chapter 11 protection (Bankr. S.D. W.Va. Case No. 21-20221) on
Sept. 23, 2021, with as much as $10 million in both assets and
liabilities. Carl Higginbotham, president of Dunbar Plaza, signed
the petition.

Judge B. Mckay Mignault oversees the case.  

Joseph W. Caldwell, Esq., at Caldwell & Riffee, PLLC is the
Debtor's lead bankruptcy counsel. Matthew M. Johnson, Esq., a
practicing attorney in Charleston, W.Va., serves as Mr. Caldwell's
co-counsel.


DYE & DURHAM: Sixth Street Marks CAD1.4M Loan at 26% Off
--------------------------------------------------------
Sixth Street Specialty Lending, Inc has marked a CAD1,448,000 loan
to Dye & Durham Corporation to market at CAD1,069,000 or 74% of the
outstanding amount, as of December 31, 2022, according to a
disclosure contained in Sixth Street's Form 10-K for the fiscal
year ended December 31, 2022, filed with the Securities and
Exchange Commission on February 16, 2023.

Sixth Street is a participant in a First-lien revolving loan to Dye
& Durham Corp. The loan accrues interest at a rate of 11.2% (P +
6.75%) per annum. The loan matures in December 2026.

Sixth Street Specialty Lending, Inc is a Delaware corporation
formed on July 21, 2010. The Company was formed primarily to lend
to, and selectively invest in, middle-market companies in the
United States. The Company has elected to be regulated as a
business development company under the 1940 Act. In addition, for
tax purposes, the Company has elected to be treated as a regulated
investment company under Subchapter M of the Internal Revenue Code
of 1986, as amended. The Company is managed by Sixth Street
Specialty Lending Advisers, LLC.

On June 1, 2011, the Company formed a wholly-owned subsidiary, TC
Lending, LLC, a Delaware limited liability company. On March 22,
2012, the Company formed a wholly-owned subsidiary, Sixth Street SL
SPV, LLC, a Delaware limited liability company. On May 19, 2014,
the Company formed a wholly-owned subsidiary, Sixth Street SL
Holding, LLC, a Delaware limited liability company. On December 9,
2020, the Company formed a wholly-owned subsidiary, Sixth Street
Specialty Lending Sub, LLC, a Cayman Islands limited liability
company.

Dye & Durham Corporation provides cloud-based software solutions.
The Company connects a global network of professionals with public
records to support business transactions and regulatory compliance
through its platform. Dye & Durham serves customers in North
America and the United Kingdom.



DYE & DURHAM: Sixth Street Marks CAD34.2M Loan at 30% Off
---------------------------------------------------------
Sixth Street Specialty Lending, Inc has marked a CAD34,220,000 loan
to Dye & Durham Corp. to market at CAD24,113,000 or 70% of the
outstanding amount, as of December 31, 2022, according to a
disclosure contained in Sixth Street's Form 10-K for the fiscal
year ended December 31, 2022, filed with the Securities and
Exchange Commission on February 16, 2023.

Sixth Street is a participant in a First-lien loan to Dye & Durham
Corp. The loan accrues interest at a rate of 10.69% (C + 5.75%) per
annum. The loan matures in December 2027.

Sixth Street Specialty Lending, Inc is a Delaware corporation
formed on July 21, 2010. The Company was formed primarily to lend
to, and selectively invest in, middle-market companies in the
United States. The Company has elected to be regulated as a
business development company under the 1940 Act. In addition, for
tax purposes, the Company has elected to be treated as a regulated
investment company under Subchapter M of the Internal Revenue Code
of 1986, as amended. The Company is managed by Sixth Street
Specialty Lending Advisers, LLC.

On June 1, 2011, the Company formed a wholly-owned subsidiary, TC
Lending, LLC, a Delaware limited liability company. On March 22,
2012, the Company formed a wholly-owned subsidiary, Sixth Street SL
SPV, LLC, a Delaware limited liability company. On May 19, 2014,
the Company formed a wholly-owned subsidiary, Sixth Street SL
Holding, LLC, a Delaware limited liability company. On December 9,
2020, the Company formed a wholly-owned subsidiary, Sixth Street
Specialty Lending Sub, LLC, a Cayman Islands limited liability
company.

Dye & Durham Corporation provides cloud-based software solutions.
The Company connects a global network of professionals with public
records to support business transactions and regulatory compliance
through its platform. Dye & Durham serves customers in North
America and the United Kingdom.


EDISON INTERNATIONAL: S&P Assigns 'BB+' Rating on Jr. Sub. Notes
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue-level rating to Edison
International's proposed fixed-to-fixed reset rate junior
subordinated notes due 2053. The company intends to use the net
proceeds from these notes to repay commercial paper borrowings and
for general corporate purposes.

S&P said, "We classify these notes as hybrid securities with
intermediate equity content (50%). In line with our criteria, the
notes will receive minimal equity content (0%) after 2033 because
the remaining period until their effective maturity will be less
than 20 years.

"We rate the securities two notches below our 'BBB' long-term
issuer credit rating on Edison International to reflect their
subordination and the company's ability to defer interest payments
on the instrument. Our intermediate equity treatment is premised on
the instruments' long-term nature, subordination, and deferability
features. The long-term nature of the junior subordinated notes,
along with the company's limited ability and lack of incentives to
redeem the issuance for a long period, meets our standards for
permanence. In addition, the interest payments are deferrable,
which fulfills the deferability element." The instruments are also
subordinated to all of Edison International's existing and future
senior debt obligations, thereby satisfying the conditions for
subordination.



ENERGY DRILLING: Taps Calderone Advisory Group as Financial Advisor
-------------------------------------------------------------------
Energy Drilling Services LLC seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Michigan to employ
Calderone Advisory Group, LLC as its financial advisor.

The Debtor requires a financial advisor to assess available
options, assist with preference analysis, and to develop and
support a plan of reorganization.

The firm will be paid the sum of $20,000 as a retainer for services
to be rendered in this Chapter 11 proceeding.

The hourly rates of the firm's professionals are as follows:

     President                $500
     Senior Managing Director $475
     Managing Director        $425
     Executive Director       $425
     Paraprofessional          $85

Alexander Calderone, a member at Calderone Advisory Group,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     Alexander Calderone
     Calderone Advisory Group, LLC
     550 W. Merrill St., Suite 100
     Birmingham, MI 48009
     Tel: 248.430.8060
     
                 About Energy Drilling Services

Del Sol Deliverys, LLC sought Chapter 11 bankruptcy protection
(Bankr. W.D. Tex. Case No. 23-50147) on Feb. 10, 2023. In the
petition signed by Ariel Alvarez Diaz, 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. and
Calderone Advisory Group, LLC are the Debtor's legal counsel and
financial advisor, respectively.


ENTREC CORP: Court Sustains Wolverine's Objection to Bill of Costs
------------------------------------------------------------------
In the adversary proceeding captioned as IN RE: ENTREC CORPORATION,
et al., Chapter 15, Debtors. WOLVERINE ENERGY AND INFRASTRUCTURE
INC., Plaintiff, v. ENT CAPITAL CORP., et al., Defendants, Case No.
20-32643, Adversary No. 20-3455, (Bankr. S.D. Tex.), Bankruptcy
Judge Marvin Isgur for the Southern District of Texas sustains the
objection filed by Wolverine Energy and Infrastructure Inc. to
ENTREC Corporation's bill of costs.

Following a multi-day trial, the Court ruled for ENTREC following a
contract dispute with Wolverine. Wolverine sought the return of a
deposit it gave ENTREC. But under the terms of their contract,
Wolverine was not entitled to the deposit. The Court held that
ENTREC could keep the deposit, and it awarded costs to ENTREC as
the prevailing party.

After Wolverine appealed, ENTREC submitted its bill of costs.
ENTREC submitted no other evidence to support the bill of costs. In
total, ENTREC seeks to recover $21,361. Wolverine objected.

Save for the boilerplate statement in the bill of costs form that
the $20,119 was incurred for "fees of the court reporter for any
and all part of the transcript necessarily obtained for use in the
case," the Court has no evidence as to why the transcript costs
were incurred. The Court recognizes that at least some of the
deposition transcripts were referenced at trial. But even if the
transcripts were "critical" for preparation for trial, the Court
has scant evidence that the deposition transcripts were originally
obtained for trial preparation instead of simple discovery or
convenience.

Regarding the printing fees and disbursements, Wolverine argues
that printing costs are not appropriately shifted without a showing
that "materials copied were necessary for use in case at trial."
But ENTREC seeks the $625 for printing, not copying. Nevertheless,
ENTREC does not identify the documents for which it seeks to
recover printing costs in the bill for costs. The Court allowed the
use of electronic presentations throughout the case. That should
have eliminated the necessity of at least some of the printing
costs that ENTREC may have incurred for the purposes of trial. As
such, the Court sustains Wolverine's objection.

Like the printing costs, ENTREC does not identify the documents it
copied or why. Accordingly, the Court sustains Wolverine's
objection as to the $119 of copying costs.

Regarding the $498 for "search fees," Wolverine contends that
computerized search fees are not recoverable under federal law.
ENTREC fails to identify where Section 1920 permits the taxation of
"search fees" as costs. The Court sustains Wolverine's objection.

A full-text copy of the Memorandum Opinion dated Feb. 10, 2023, is
available at https://tinyurl.com/yc3wp5u5 from Leagle.com.

                       About Entrec Corp.

Alberta, Canada-based ENTREC Corporation -- http://www.entrec.com/
-- provides heavy lift and specialized transportation services with
offerings encompassing crane services, heavy haul transportation,
engineering, logistics and support.  It is a heavy haul
transportation and crane solutions provider to the oil and natural
gas, construction, petrochemical, mining, and power generation
industries.  It specializes in transporting oversized and
overweight loads in Canada and the U.S. ENTREC's core businesses
consist of Alberta-based Capstan Hauling and ENT Oilfield Group,
and Texas-based ENTREC Cranes & Heavy Haul. The company has a fleet
of 115 tractors and 125 cranes and picker trucks.  ENTREC
specializes in moving oversized and overweight loads.

ENTREC filed for creditor protection in the Court of Queen's Bench
of Alberta Judicial Centre Calgary under Canada's Companies'
Creditors Arrangement Act on May 14, 2020.

ALVAREZ & MARSAL CANADA INC. is the monitor in the CCAA
proceedings.  NORTON ROSE FULBRIGHT US LLP is the Canadian counsel
for the monitor.

ENTREC Corporation and its affiliates filed Chapter 15 petitions
(Bankr. S.D. Tex. Lead Case No. 20-32643) on May 15, 2020, to seek
U.S. recognition of the CCAA proceedings. The Hon. Marvin Isgur is
the U.S. judge.

HUNTON ANDREWS KURTH LLP is the Debtors' U.S. counsel.

                           *    *    *

On May 25, 2020, ENTREC obtained an order that amended and restated
the Initial Order of the Court to, among other things, extend the
stay period provided by the Initial Order to Aug. 7, 2020.  On Aug.
6, 2020, ENTREC obtained another order to, among other things,
further extend the stay period provided by the Initial Order to
Sept. 11, 2020.



ERICKSON INC: Midcap Financial Marks $25M Loan at 47% Off
---------------------------------------------------------
Midcap Financial Investment Corporation has marked its $25,000,000
loan extended to Erikson Incorporated to market at $13,427,000 or
53% of the outstanding amount, as of December 31, 2022, according
to a disclosure contained in Midcap Financial's Form 10-K for the
transition period from April 1, 2022 to December 31, 2022, filed
with the Securities and Exchange Commission on February 21, 2023.

Midcap Financial is a participant in a First Lien Secured Debt -
Revolver to Erickson Incorporated. The loan accrues interest at a
rate of 1% (SOFR+800) per annum. The loan matures on May 20, 2024.

Midcap Financial Investment Corporation is a Maryland corporation
incorporated on February 2, 2004.  It is a closed-end, externally
managed, non-diversified management investment company that has
elected to be treated as a business development company under the
Investment Company Act of 1940. Apollo Investment Management, L.P.
is the investment adviser and an affiliate of Apollo Global
Management, Inc. and its consolidated subsidiaries (AGM). Apollo
Investment Administration, LLC, an affiliate of AGM, provides,
among other things, administrative services and facilities for the
Company.

Founded in 1971, Erickson Incorporated is a vertically-integrated
manufacturer and operator of the powerful heavy-lift Erickson S-64
Aircrane helicopter, and is a leading global provider of aviation
services. 



EYECARE PARTNERS: Moody's Alters Outlook on 'B3' CFR to Negative
----------------------------------------------------------------
Moody's Investors Service revised the rating outlook for EyeCare
Partners, LLC's ("ECP") to negative from stable. At the same time,
Moody's affirmed the company's B3 Corporate Family Rating and B3-PD
Probability of Default Rating. Moody's also affirmed the B2 ratings
on the senior secured first lien credit facilities and the Caa2
rating on the senior secured second lien credit facility.

The revision of the outlook to negative reflects a weak performance
in 2022, very high leverage at close to 9x in the twelve months
ended September 30, 2022, and a deterioration in financial
flexibility due to negative free cash flow and lower cash balances.
Moody's expect the company's earnings will improve in 2023
reflecting on-going cost reduction initiatives and management's
focus on execution following a period of very aggressive
acquisitions. However, a material amount of add-backs to adjusted
EBITDA persists, which poses heightened uncertainty around the true
underlying cash generating ability of the company. Failure to
improve cash EBITDA in 2023 will result in negative rating pressure
as the company will face higher interest expense in 4Q 2023 as its
interest rate hedges expire.

Affirmations:

Issuer: EyeCare Partners, LLC

Corporate Family Rating, Affirmed B3

Probability of Default Rating, Affirmed B3-PD

Senior Secured 1st Lien Bank Credit Facility, Affirmed B2 (LGD3)

Senior Secured 2nd Lien Bank Credit Facility, Affirmed Caa2
(LGD5)

Outlook Actions:

Issuer: EyeCare Partners, LLC

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

The B3 CFR reflects ECP's high leverage, aggressive growth strategy
and moderate geographic concentration in two states, Michigan and
Missouri, which would make ECP more susceptible to an economic
downturn. Moody's expects that leverage will decrease towards 7x in
2023 as the company will focus on integrating recent acquisitions
and cost savings initiatives. Furthermore, large non-recurring
expenses related to recent acquisitions and business improvement
initiatives will markedly decline in 2023. Going forward, Moody's
expects ECP will remain acquisitive once it has improved operating
performance and cash generation. In addition, while e-commerce
penetration in the optical sector is likely to remain moderate,
Moody's expects that, over time, traditional optical retailers will
face margin and market share pressure from growing online
competition.

The rating considers that while leverage remains very high, the
potential to grow earnings following the integration of recent
acquisitions help somewhat offset the risks associated with the
elevated leverage. The rating is also supported by Moody's
favorable view of the longer-term prospects for vision care.

The B3 rating is further supported by Moody's expectation that the
company will maintain adequate liquidity over the next 12-18 months
with full availability to its $200 million revolver that matures in
February 2025. Liquidity is further supported by roughly $70
million of cash at year-end 2022. However, Moody's expects that ECP
will generate little positive cash flow in 2023 before planned new
clinics.

The B2 ratings for the company's senior secured credit facilities
are one notch higher than the B3 CFR. This reflects the level of
junior capital provided by the second lien term loan in the
company's capital structure. The Caa2 rating on   the company's
second lien term loan is two notches below the B3 CFR, reflecting
its substantial subordination to the meaningful amount of secured
debt in the company's capital structure.

ECP's ESG credit impact score is highly negative (CIS 4),
reflecting highly negative exposure to both social and governance
considerations. As a provider of eye care services, ECP encounters
reputational risk and is exposed to labor cost inflation. In
addition, ECP's aggressive acquisition strategy under private
equity ownership has led to very high leverage.

The negative outlook reflects the risks of further headwinds
adversely affecting the business in 2023 and the company's limited
financial flexibility. Failure to improve cash EBITDA will result
in negative rating pressure as the company will face higher
interest expense in Q4 2023 as its interest rate hedges expire.

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

The ratings could be downgraded if revenue or profitability
weakens, or the company fails to generate positive free cash flow
by end of 2023. A downgrade could also occur if the company's
liquidity weakens or if the company's financial policies become
more aggressive, or if adjusted debt/EBITDA does not decline below
7.5 times by the end of 2023.

The ratings could be upgraded if the company demonstrates stable
organic growth while effectively executing its expansion strategy.


An upgrade would be supported by sustained, positive free cash flow
and debt to EBITDA that is expected to be maintained below 6.5
times.

EyeCare Partners, LLC, headquartered in St. Louis, Missouri, is the
largest medically-focused eye care services provider. EyeCare
Partners, LLC is vertically integrated, providing optometry,
ophthalmology and retail products. Pro forma for the acquisitions,
EyeCare Partners, LLC will have more than 600 locations across 18
states. For the LTM September 30th, 2022 period, EyeCare Partners,
LLC generated roughly $1.5 billion of revenues. EyeCare Partners,
LLC is owned by Partners Group.

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


FARMERS COOPERATIVE: Seeks to Hire Johanning as Real Estate Agent
-----------------------------------------------------------------
Farmers Cooperative Association #301 seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Missouri to employ
Johanning Real Estate, LLC to market for sale its real property at
28 North Church St., Sullivan, Mo.

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

Paula Gross, a partner at Johanning Real Estate, disclosed in a
court filing that her firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Paula Gross
     Johanning Real Estate, LLC
     429 N. Mansion
     Sullivan, MO 63080
     Tel: (573) 578-3277
     Email: gross14480@gmail.com

           About Farmers Cooperative Association #301

Farmers Cooperative Association #301 is a local feed cooperative
that offers its customers full lines of feed, minerals, lime, and
fertilizers. It is based in Sullivan, Mo.

Farmers Cooperative Association sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Case No. 22-43908) on
Dec. 16, 2022, with up to $10 million in assets and up to $1
million in liabilities. Bill Manion, president of Farmers
Cooperative Association, signed the petition.

Judge Bonnie L. Clair oversees the case.

Spencer Desai, Esq., at the Desai Law Firm is the Debtor's legal
counsel.


FARMERS COOPERATIVE: Taps Bill Cockrum Liquidations as Auctioneer
-----------------------------------------------------------------
Farmers Cooperative Association #301 seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Missouri to employ
Bill Cockrum Liquidations, L.L.C. as auctioneer.

The firm will market and auction the Debtor's equipment and
personal property utilized in the operation of its business in
Sullivan, Mo.

The firm will be paid a commission of 15 percent of the final price
of assets sold after reimbursement of any out-of-pocket expenses.

Bill Cockrum, a partner at Bill Cockrum, 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:

     Bill Cockrum
     Bill Cockrum Liquidations, L.L.C.
     6128 Bartmer Avenue
     St. Louis, MO 63133
     Tel: (314) 429-4112

           About Farmers Cooperative Association #301

Farmers Cooperative Association #301 is a local feed cooperative
that offers its customers full lines of feed, minerals, lime, and
fertilizers. It is based in Sullivan, Mo.

Farmers Cooperative Association sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Case No. 22-43908) on
Dec. 16, 2022, with up to $10 million in assets and up to $1
million in liabilities. Bill Manion, president of Farmers
Cooperative Association, signed the petition.

Judge Bonnie L. Clair oversees the case.

Spencer Desai, Esq., at the Desai Law Firm is the Debtor's legal
counsel.


FONDUE 26: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: Fondue 26, LLC
          d/b/a The Ainsworth
        122 West 26th Street
        New York, NY 10001

Business Description: Fondue 26 operates sports bar, restaurant,
                      and private event venues.

Chapter 11 Petition Date: March 2, 2023

Court: United States Bankruptcy Court
       Southern District of New York

Case No.: 23-10306

Judge: Hon. Martin Glenn

Debtor's Counsel: Anne Penachio, Esq.
                  PENACHIO MALARA, LLP
                  245 Main Street, Suite 450
                  White Plains, NY 10601
                  Tel: 914-946-2889
                  Email: frank@pmlawllp.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Matthew Shendell as managing member.

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

https://www.pacermonitor.com/view/FTCGHJA/Fondue_26_LLC__nysbke-23-10306__0001.0.pdf?mcid=tGE4TAMA


FORUM ENERGY: Posts $12.8 Million Net Loss in Fourth Quarter
------------------------------------------------------------
Forum Energy Technologies, Inc. reported a net loss of $12.8
million on $190.7 million of revenues for the three months ended
Dec. 31, 2022, compared a net loss of $19.6 million on $148.1
million of revenues for the three months ended Dec. 31, 2021.

For the year ended Dec. 31, 2022, the Company reported net income
of $3.7 million on $699.9 million of revenues compared to a net
loss of $82.7 million on $541.1 million of revenues for the year
ended Dec. 31, 2021.

As of Dec. 31, 2022, the Company had $831.3 million in total
assets, $524.2 million in total liabilities, and $307.1 million in
total equity.

Neal Lux, president and chief executive officer, remarked,
"Activity increased across all seven product lines and 5%
sequential fourth quarter revenue growth exceeded the increase in
rig count.  In addition, FET secured strong bookings of $215
million and backlog is at its highest level since the fourth
quarter of 2018.  Incremental profitability was negatively impacted
by elevated project costs in the Subsea Technologies and Coiled
Tubing product lines, and additional freight expense.  Despite
these challenges, adjusted EBITDA of $17 million was within our
formal guidance range.  Strong fourth quarter free cash flow of $45
million benefited from the November 2022 sale-leaseback transaction
and continued working capital efficiency.

"On a full year basis, adjusted EBITDA of $59 million was at the
upper end of the guidance we provided in February 2022.  Our
impressive 194% adjusted EBITDA growth rate was among the best of
FET's peer group.  In addition, our asset-lite business generated
$34 million of cash flow from operations in the second half of the
year.  Finally, in December 2022, FET satisfied the mandatory
conversion requirements under our 9.00% Convertible Senior Secured
Notes.  As a result, in January, our long-term debt was reduced by
47.8%, and our year-end leverage ratio decreased from 3.5x to 1.4x,
proforma for the conversion.  These strong results reflect our
team's elite performance, hard work, and dedication to the strategy
we adopted at the beginning of the year.

"Looking ahead, on-going global supply and demand imbalances for
commodities are creating long-term opportunities for energy
investment that will benefit FET.  Given the industry's focus on
profitability and shareholder returns, we anticipate modest U.S.
rig count growth during 2023.  However, equipment utilization and
service intensity are expected to remain at extremely high levels.
In addition, offshore and international market activity growth,
particularly in the Middle East and Latin America, should
accelerate in 2023 and serve as the engine that sustains a
multi-year investment cycle.  With these assumptions, our EBITDA
guidance range for 2023 is $80 to $100 million."

A full-text copy of the press release is available for free at:

https://www.sec.gov/Archives/edgar/data/1401257/000140125723000010/fetq42022earningsrelease.htm

                         About Forum Energy

Forum Energy Technologies, Inc. -- www.f-e-t.com -- is a global
oilfield products company, serving the drilling, downhole, subsea,
completions and production sectors of the oil and natural gas
industry.  FET provides value added solutions that increase the
safety and efficiency of energy exploration and production.  Forum
is headquartered in Houston, TX with manufacturing and distribution
facilities strategically located around the globe.

Forum Energy reported a net loss of $82.65 million for the year
ended Dec. 31, 2021, a net loss of $96.89 million for the year
ended Dec. 31, 2020, a net loss of $567.06 million for the year
ended Dec. 31, 2019, a net loss of $374.08 million for the year
ended Dec. 31, 2018, a net loss of $59.40 million for the year
ended Dec. 31, 2017, and a net loss of $81.95 million for the year
ended Dec. 31, 2016.  As of Sept. 30, 2022, the Company had $790.25
million in total assets, $487.64 million in total liabilities, and
$302.60 million in total equity.

                               *  *  *

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


FREE SPEECH: Jones Owns More Guns, Gave Millions of Crypto
----------------------------------------------------------
James Nani of Bloomberg Law reports that right-wing conspiracist
Alex Jones and his lawyers told creditors involved in his
bankruptcy that he has 49 firearms and donated about $7.8 million
worth of cryptocurrency to his businesses.

As creditors scrutinize his assets, Jones and his lawyers also said
at a meeting Thursday that he owns several Rolex watches and a bag
of silver coins.

The Department of Justice's bankruptcy watchdog, the US Trustee,
and others used the meeting to ask Jones questions about personal
financial statements he filed last week.

Jones' personal bankruptcy has temporarily protected him against
roughly $1.4 billion in defamation judgments. Juries have found
Jones and his company, Infowars parent Free Speech Systems LLC,
financially liable for spreading falsehoods about the 2012 Sandy
Hook Elementary School shooting that killed 20 children and six
school staffers.

Jones' bankruptcy protects him from creditor collection efforts and
other court proceedings, but he is required to disclose all of his
assets and business activities.

Last week, Jones disclosed that he has been "holding firearms" for
people who participated in the Jan. 6 attack at the US Capitol.

US Trustee Jayson Ruff on Thursday, February 23, 2023, told Jones
that he needs to better describe his personal and household items.

"It needs to get done," Ruff said. "We're more than 10 weeks in and
at least that much could have been done but it wasn't done."

Jones and his advisers plan to make several amendments and fix any
mistakes to his disclosures, Vickie L. Driver of Crowe & Dunlevy,
Jones' bankruptcy attorney, said at meeting.

She noted it's been difficult to gather the appropriate
information. Her team has been hunting for an appraiser.

"We want to get you guys everything," Jones said. "So the cards are
all on the tables so we can just move on down the road here."

                  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.


FRONTIER COMMUNICATIONS: Moody's Rates $750MM 1st Lien Notes 'B3'
-----------------------------------------------------------------
Moody's Investors Service assigned B3 ratings to Frontier
Communications Holdings, LLC's $750 million first lien secured
notes and $900 million senior secured revolving credit facility.
Frontier's B3 Corporate Family Rating and all other ratings are not
impacted by the additional debt. The outlook is stable.

The proceeds from the proposed $750 million first lien notes will
be used to fund capital expenditures including fiber build out
plans. Pro forma for the proposed $750 million financing, Moody's
projects Frontier's debt-to-EBITDA (inclusive of Moody's
adjustments) will be 5.4x at year-end 2023. The terms and
conditions of the proposed $750 million first lien notes are
expected to be similar to the existing first lien notes. Moody's
expects the senior secured revolving credit facility to remain
undrawn.

The first lien secured notes and senior secured revolving credit
facility are rated B3, in line with the company's B3 CFR.
Frontier's senior secured revolving credit facility is pari passu
with the existing first lien term loan, and the proposed / existing
first lien secured notes.

"While the proposed financing increases the company's financial
flexibility by further pre-funding Frontier's fiber build out plan
of 10 million passings, it increases the company's leverage at a
time of economic uncertainty," said Emile El Nems, VP – Senior
Credit Officer at Moody's. "Going forward, Moody's expect this
management team to remain very focused on execution and to maintain
good liquidity."

Assignments:

Issuer: Frontier Communications Holdings, LLC

Senior Secured Revolving Credit Facility, Assigned B3 (LGD4)

Senior Secured First Lien Global Notes, Assigned B3 (LGD4)

RATINGS RATIONALE

Frontier's B3 CFR reflects the company's high leverage, declining
revenue and EBITDA, sizable capex program and elevated execution
risks associated with the company's on-going plans to modernize and
transform its legacy network to fiber. Over the next three years,
Frontier aims to increase its expected fiber passings to 10 million
from around 5.2 million at year-end 2022. In addition, Moody's
opinion considers the competitive intensity in the
telecommunications services industry. Across most of the company's
footprint, Frontier competes against well entrenched cable
operators, wireless competitors, and to a lesser degree
overbuilders.

At the same time the rating takes into consideration the company's
preliminary success in expanding its fiber footprint, increasing
fiber penetration, recapturing market share, shoring up liquidity,
and enhancing its financial flexibility with no debt maturing until
2027.

Moody's expects Frontier to maintain good liquidity over the next
12-18 months. Frontier's liquidity position is supported by around
$2.07 billion in expected cash and short term investments, and a
$900 million revolving credit facility, under which (at December
31, 2022) $683 million remained available due to $217 million in
letters of credit. The revolving credit facility is currently
governed by a maximum total first lien debt-to-EBITDA ratio of
3.0x.  

Frontier's ESG Credit Impact Score is highly negative (CIS-4). The
score reflects aggressive financial policy, negative social trends
that the company is experiencing in its legacy business, and cyber
security risk exposure given the company's collection of sensitive
consumer data.

The stable outlook reflects Moody's expectations that Frontier will
maintain good liquidity and improve operating metrics by
demonstrating steady growth in fiber broadband net adds, achieving
higher penetration (on a like for like basis), and delivering solid
EBITDA margins.

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

An upgrade of Frontier's CFR could occur if the company's free cash
flow-to-debt approaches mid single digits, the company demonstrates
an ability to recapture market share loss and achieves total
revenue and EBITDA growth, and the company maintains good
liquidity.

The rating could be downgraded if the company's liquidity
deteriorates, and the company fails to successfully recapture
share, and its growth strategy materially stalls or weakens.

The principal methodology used in these ratings was
Telecommunications Service Providers published in September 2022.

Headquartered in Norwalk, CT, Frontier Communications Parent, Inc.
(parent), is an Incumbent Local Exchange Carrier (ILEC) and is
considered the fourth largest wireline telecommunications company
in the US, with 15.4 million passings (with 10.2 million copper and
5.2 million fiber).


FRONTIER COMMUNICATIONS: S&P Rates New First-Lien Sec. Notes 'B'
----------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level rating and '2'
recovery rating to Frontier Communications Holdings LLC's proposed
$750 million first-lien secured notes due 2031. The '2' recovery
rating indicates its expectation for substantial (70%-90%; rounded
estimate: 75%) recovery in the event of a payment default.

Frontier plans to use the net proceeds from the notes to fund the
capital expenditure and operating costs associated with its fiber
build, expansion of its fiber customer base, and other general
corporate purposes.

S&P said, "At the same time, we assigned our 'B' issue-level rating
and '2' recovery rating to Frontier's revolving credit facility
following its extension of $850 million of the $900 commitment to
2028. The remaining $50 million of the facility that was not
extended will mature in 2025. The '2' recovery rating indicates our
expectation for substantial (70%-90%; rounded estimate: 75%)
recovery.

"Our 'B' issue-level and '2' recovery ratings on Frontier's
existing first-lien debt and 'CCC+' issue-level and '5' recovery
ratings on its second-lien debt are unchanged. While the
incremental first-lien debt would typically dilute recovery
prospects for creditors in our hypothetical default scenario,
recovery prospects are unchanged because we raised our gross
default valuation of the company by about $500 million. The higher
valuation reflects ongoing investments to expand its fiber network,
as well as healthy penetration rates that have contributed to
profitable growth. At our hypothetical year of default (first half
of 2025) under our recovery analysis, we expect Frontier to cover 8
million-8.5 million locations with fiber, or slightly above 50% of
its footprint. In our previous analysis, we expected Frontier to
cover 7 million-7.5 million locations with fiber, or slightly under
50% of its footprint by our hypothetical year of default (first
half of 2024). As such, we raised our enterprise valuation multiple
to 5x from 4.5x to reflect the value associated with the
incremental homes passed and greater mix of fiber assets.

"Following the notes issuance, we believe Frontier has sufficient
liquidity, including $683 million of availability under its
revolving credit facility as of Dec. 31, 2022, to fund its fiber
deployments through 2025.

"Our 'B-' issuer credit rating and stable outlook on Frontier are
also unchanged. Although we expect the additional debt to increase
the company's S&P Global Ratings-adjusted debt to EBITDA to about
5.7x in 2023 (which includes unfunded pension and other
postretirement benefit obligations on a tax-adjusted basis), from
about 5.3x under our base-case forecast, we believe its leverage
remains supportive of the rating. Our forecast assumes relatively
flat revenue growth in 2023 and 2024 as consumer fiber growth is
offset by ongoing declines in legacy data and voice revenue. At the
same time, we expect EBITDA to increase 4%-6% from cost-saving
initiatives and the customer mix shift to fiber. Still, we do not
expect substantial leverage improvement over the next few years
because of continued free operating cash flow deficits and funding
requirements. Over the longer term, we believe Frontier's fiber
expansion, if successful, will improve earnings and enable it to
reduce leverage once the investment cycle winds down."

Frontier built fiber to about 1.2 million homes in 2021. As of Dec.
31, 2022, it covered about 5.2 million homes with fiber,
representing about 34% of its footprint. The company has
longer-term plans to make fiber available to about two-thirds of
its service area by 2026 with a target penetration of about 36%.

ISSUE RATINGS – RECOVERY ANALYSIS

Key analytical factors

S&P's simulated default envisions a default in 2025, triggered by
execution missteps in its fiber build, resulting in low penetration
levels and cost overruns, and an acceleration of broadband market
share losses to cable and fixed wireless access. This could
contribute to significantly lower revenues, profitability, and cash
flow. The decline in operating results would lead to a payment
default when Frontier's liquidity and cash flow become insufficient
to cover its cash interest expenses, mandatory debt amortization,
and maintenance capital expenditure requirements.

At default, S&P's recovery analysis assumes senior secured debt
consisting of:

--$50 million revolving credit facility due 2025
--$850 million revolving credit facility due 2028
--$1.475 billion term loan B due 2027
--$1.15 billion of first-lien notes due 2027
--$1.55 billion of first-lien notes due 2028
--$1.2 billion of first-lien notes due 2030
--$750 million of first-lien notes due 2031

S&P's analysis also assumes second-lien debt consisting of:

--$1 billion of second-lien notes due 2029
--$750 million of second-lien notes due 2029
--$1 billion of second-lien notes due 2030

S&P said, "Our default scenario also assumes a LIBOR rate of 2.5%
at default and six months of accrued interest; increased cost of
capital as its financial condition deteriorates; and that the
revolving credit facility is 85% drawn at default.

"We value the company on a going-concern basis using a 5x multiple
of our projected emergence EBITDA of $1.4 billion.

"Our net emergence enterprise value (EV; after administrative
claims of 5%) of about $6.9 billion results in substantial recovery
of principal (70%-90%; rounded estimate: 75%) and six months of
prepetition interest for holders of first-lien secured debt. The
recovery rating is '2'.

"We anticipate modest recovery (10%-30%; rounded estimate: 10%) for
second-lien noteholders. The recovery rating is '5'."

Simulated default and valuation assumptions:

-- Simulated year of default: 2025
-- EBITDA at emergence: $1.4 billion
-- Implied enterprise valuation multiple: 5x
-- Gross EV: $6.9 billion

Simplified waterfall:

-- Valuation split (obligors/nonobligors): 91%/9%

-- Estimated net EV available to secured first-lien debt: $5.1
billion

-- Estimated secured first-lien debt claims: $7.1 billion

    --Recovery range: 70%-90% (rounded estimate: 75%)

    --First-lien issue-level rating: 'B'

-- Estimated unpledged value available to second-lien claims: $540
million

-- Estimated second-lien debt and first-lien deficiency claims:
$4.8 billion

    --Recovery range: 10%-30% (rounded estimate: 10%)

    --Second-lien issue-level rating: 'CCC+'

All debt amounts include six months of prepetition interest.

ESG Credit Indicators: E-2, S-3, G-2



FTX GROUP: SBF Accused of Using Aides in Hiding Campaign Cash
-------------------------------------------------------------
Laura Davison, Bill Allison, Allyson Versprille, and Gregory Korte
of Bloomberg News report that Sam Bankman-Fried, one of the largest
donors in the 2022 election cycle, used money from FTX customer
funds to illegally contribute to political campaigns and directed
other company executives to give on his behalf, according to a new
indictment.

The campaign cash from Bankman-Fried and other top FTX executives
has the potential to be the biggest infusion of illegal money into
US politics in decades.

The FTX founder used misappropriated funds to finance political
campaigns "which involved flooding the political system with tens
of millions of dollars in illegal contributions to both Democrats
and Republicans made in the names of others in order to obscure the
true source of the money and evade federal election law," according
to the charges, which include four new criminal counts, unsealed
Thursday.

The allegations in the revised indictment are the latest legal
trouble for Bankman-Fried, 30, who was criminally charged after his
crypto empire imploded last year.

The claims are also problematic and potentially damaging to the
reputations of dozens of candidates and political committees that
received tens of millions of dollars from Bankman-Fried and other
FTX executives.

FTX user accounts have been frozen for months, leaving many
customers wondering if they will ever be able to recoup the money
in the now-bankrupt crypto exchange.

The money Bankman-Fried, also known as SBF, used for political
donations originated from bank accounts tied to his hedge fund
Alameda Research and included FTX customer deposits, according to
the charges. He also directed two FTX straw donors to give to
candidates and groups to avoid donating in his own name, the
document said.

The indictment lists two co-conspirators, but doesn't disclose
their identities. Two executives who were big political donors at
FTX were former engineering director Nishad Singh and former FTX
Digital Markets co-CEO Ryan Salame.

Singh has made $9.3 million in political donations since 2020
according to Federal Election Commission records, all to Democrats.
Salame gave $24 million, with almost all of it supporting
Republicans.

The indictment gives some hints as to the identities of the unnamed
co-conspirators. In one instance, SBF directed an unnamed
individual to give a $107,000 donation to the New York State
Democratic Committee. Singh was the only donor to give that amount
to that group last election cycle.

The charges also outline that Bankman-Fried and his advisers agreed
that someone should give at least $1 million to a super-PAC that
appeared to be aligned with pro-LGBTQ issues. The unnamed executive
who donated to Democrats was tapped to make the donation. An
unnamed political adviser to Bankman-Fried told the executive he
would be “giving to a lot of woke [expletive] for transactional
purposes,” the indictment says.

Singh donated $1.1 million to LGBTQ Victory Fund Federal PAC in
July 2022, according to Federal Election Commission filings.

The other co-conspirator gave to Republicans, according to the
filing.
Competitive Races

The charges could pull in a wide swath of Democrats and
Republicans, super-PACS and other fundraising groups into
complicated legal proceedings and force them to pay back money --
plus interest -- just as they are seeking to raise funds for the
2024 presidential election cycle.

The straw donations would have had Bankman-Fried playing both sides
in some of the most competitive 2022 midterm races. In Senate
races, FTX executives supported both Democrat Catherine Cortez
Masto and Republican Adam Laxalt in Nevada, Democrat John Fetterman
and Republican Mehmet Oz in Pennsylvania, and both Tim Ryan and JD
Vance in Ohio.

Among the candidates Salame supported was George Santos — a then
little-known Long Island Republican who has since become a
household name for lying about key parts of his background. Salame,
who was romantically involved with Republican congressional
candidate Michelle Bond, also helped introduce donors to Santos —
including his parents and other FTX executives.

The indictment alleges that donations were paid for with wire
transfers from Alameda and labeled as loans or expenses.  Unlike
other loans made by Alameda, there was no documentation for the
loans, including their purpose, interest rate or repayment terms.
A separate spreadsheet maintained by Alameda listed over $100
million in political contributions, though FEC records show the
company made no donations in the 2022 election cycle.

Past US bankruptcy court filings showed that Bankman-Fried, Singh
and Salame received large loans from Alameda -- $1 billion, $543
million, and $55 million, respectively.

Beginning around March 2022, Bankman-Fried and others began
coordinating political contributions made using FTX and Alameda
funds through an encrypted, auto-deleting Signal chat called
"Donation Processing," the indictment said.

Bankman-Fried was charged in December with eight criminal counts,
including conspiracy and wire fraud, for allegedly misusing
billions of dollars in customers’ funds before the spectacular
collapse of his cryptocurrency empire.

The pressure on Bankman-Fried has mounted as members of his former
inner circle flip against him. Two, Caroline Ellison and Gary Wang,
have pleaded guilty to fraud charges and are cooperating with US
authorities. A third, Singh, is also expected to plead guilty and
could offer prosecutors crucial insight into the alleged campaign
finance violations.

                        About FTX Group

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

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

Faced with liquidity issues, FTX on Nov. 9, 2022, struck a deal to
sell itself to its giant rival Binance, but Binance walked away
from the deal 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.


GABRIEL PARTNERS: Midcap Financial Marks $655,000 Loan at 83% Off
-----------------------------------------------------------------
Midcap Financial Investment Corporation has marked its $655,000
loan extended to Gabriel Partners, LLC to market at $166,000 or 17%
of the outstanding amount, as of December 31, 2022, according to a
disclosure contained in Midcap Financial's Form 10-K for the
transition period from April 1, 2022 to December 31, 2022, filed
with the Securities and Exchange Commission on February 21, 2023.

Midcap Financial is a participant in a First Lien Secured Debt -
Revolver Loan to Gabriel Partners, LLC. The loan accrues interest
at a rate of 1% (P+500) per annum. The loan matures on September
21, 2026.

Midcap Financial Investment Corporation is a Maryland corporation
incorporated on February 2, 2004.  It is a closed-end, externally
managed, non-diversified management investment company that has
elected to be treated as a business development company under the
Investment Company Act of 1940. Apollo Investment Management, L.P.
is the investment adviser and an affiliate of Apollo Global
Management, Inc. and its consolidated subsidiaries (AGM). Apollo
Investment Administration, LLC, an affiliate of AGM, provides,
among other things, administrative services and facilities for the
Company.

Gabriel Partners, LLC is a Management Consulting, Finance, and
Financial Services company located in Cleveland, Ohio.  



GENESIS GLOBAL: Gets OK to Hire 'Ordinary Course' Professionals
---------------------------------------------------------------
Genesis Global Holdco, LLC and its affiliates received approval
from the U.S. Bankruptcy Court for the Southern District of New
York to employ professionals used in the ordinary course of
business.

The following are the "ordinary course" professionals:

   OCP                                         Services

   Ernst & Young LLP                           Tax and Compliance
Work
   1 Manhattan W 401, 9TH Ave
   New York, NY, 10001
   United States

   Reed Smith LLP                              GAP Regulatory
Counsel
   225 5TH Ave, Ste 1200
   Pittsburgh, PA, 15222-2716
   United States

   Davis Polk & Wardwell LLP                   Legal Counsel
   450 Lexington Avenue
   New York, NY 10017
   United States

   Allen & Gledhill                            Singapore Counsel
   One Marina Boulevard
   #28-00, Singapore 018989

   FTI Consulting                              Data Preservation
   555 12th Street NW, Suite 700
   Washington DC 20004

   Gunderson Dettmer                           Transaction
Diligence
   550 Allerton Street
   Redwood City, CA 94063

The OCPs will be compensated and reimbursed 100% of the fees and
expenses incurred in connection with post-petition services.

                      About Genesis Global

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

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

Genesis Global Holdco, LLC, GGC and GAP each filed a voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-10063) on Jan. 19, 2023. The cases are
pending before the Honorable Sean H. Lane.

At the time of the filing, Genesis Holdco reported $100 million to
$500 million in both assets and liabilities.

Genesis Holdco is a sister company of Genesis Global Trading, Inc.
("GGT") and 100% owned by Digital Currency Group, Inc. ("DCG").
GGT, DCG and certain of the Holdco subsidiaries are not included in
the Chapter 11 filings. The non-debtor subsidiaries include Genesis
UK Holdco Limited, Genesis Global Assets, LLC, Genesis Asia (Hong
Kong) Limited, Genesis Bermuda Holdco Limited, Genesis Custody
Limited ("GCL"), GGC International Limited ("GGCI"), GGA
International Limited, Genesis Global Markets Limited, GSB 2022 II
LLC, GSB 2022 III LLC and GSB 2022 I LLC.

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

The ad hoc group of creditors is represented by Kirkland & Ellis,
LLP and Kirkland & Ellis International, LLP. The ad hoc group of
Genesis lenders is represented by Proskauer Rose, LLP.


GENESIS GLOBAL: Gets OK to Hire Morrison Cohen as Special Counsel
-----------------------------------------------------------------
Genesis Global Holdco, LLC and its affiliates received approval
from the U.S. Bankruptcy Court for the Southern District of New
York to employ Morrison Cohen, LLP as special counsel.

The firm's services include:

   (a) advising the Debtors as to their rights and obligations with
respect to the numerous actions, inquiries and investigations by
federal and state regulators and law enforcement agencies;

   (b) communicating with opposing counsel on the Debtors' behalf;

   (c) appearing in and participating in litigations on the
Debtors' behalf;

   (d) researching and analyzing various legal issues related to
the litigations; and

   (e) providing advice on certain questions relating to the
litigations that may arise in the normal course of business.

The firm will be paid at these rates:

     Partners            $620 to $1,500 per hour
     Counsel             $560 to $850 per hour
     Associates          $415 to $715 per hour
     Paraprofessionals   $220 to $485 per hour

During the 90 days before the petition date, the Debtors paid the
firm in the aggregate amount of $304,916.95 for professional
services performed.

Jason Gottlieb, a partner at Morrison Cohen, 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:

     Jason Gottlieb, Esq.
     Morrison Cohen, LLP
     909 Third Ave, 27th Floor
     New York, NY 10022
     Tel: (212) 735-8600
     Fax: (212) 735-8708
     Email: jgottlieb@morrisoncohen.com

                      About Genesis Global

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

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

Genesis Global Holdco, LLC, GGC and GAP each filed a voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-10063) on Jan. 19, 2023. The cases are
pending before the Honorable Sean H. Lane.

At the time of the filing, Genesis Holdco reported $100 million to
$500 million in both assets and liabilities.

Genesis Holdco is a sister company of Genesis Global Trading, Inc.
("GGT") and 100% owned by Digital Currency Group, Inc. ("DCG").
GGT, DCG and certain of the Holdco subsidiaries are not included in
the Chapter 11 filings. The non-debtor subsidiaries include Genesis
UK Holdco Limited, Genesis Global Assets, LLC, Genesis Asia (Hong
Kong) Limited, Genesis Bermuda Holdco Limited, Genesis Custody
Limited ("GCL"), GGC International Limited ("GGCI"), GGA
International Limited, Genesis Global Markets Limited, GSB 2022 II
LLC, GSB 2022 III LLC and GSB 2022 I LLC.

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

The ad hoc group of creditors is represented by Kirkland & Ellis,
LLP and Kirkland & Ellis International, LLP. The ad hoc group of
Genesis lenders is represented by Proskauer Rose, LLP.


GENESIS GLOBAL: Seeks to Hire Moelis & Company as Investment Banker
-------------------------------------------------------------------
Genesis Global Holdco, LLC and its affiliates seek approval from
the U.S. Bankruptcy Court for the Southern District of New York to
employ Moelis & Company, LLC as investment banker and capital
markets advisor.

The firm's services include:

   (a) assisting in reviewing and analyzing the Debtors' results of
operations, financial condition and business plan;

   (b) assisting the Debtors in reviewing and analyzing any
potential restructuring, sale transaction or capital transaction;

   (c) assisting the Debtors in negotiating any restructuring, sale
transaction or capital transaction;

   (d) advising the Debtors on the terms of securities they may
offer in any potential capital transaction;

   (e) advising the Debtors on the preparation of information
memoranda for a potential sale transaction or capital transaction;

   (f) assisting the Debtors in contacting potential purchasers of
a capital transaction, meet with and provide them with the
information memo and such additional information about the Debtors'
assets, properties or businesses acceptable to the Debtors, subject
to customary business confidentiality agreements; and

   (g) provide other capital advisory and investment banking
services.

The firm will be paid as follows:

   i. Retainer Fee. A retainer fee of $500,000.

   ii. Monthly Fee. A fee of $200,000 per month, payable in advance
of each month.

   iii. Restructuring Fee. At the closing of a restructuring, a fee
of $10,000,000; provided, that only one restructuring fee shall be
payable pursuant to the engagement letter irrespective of the
occurrence of any later events involving the Debtors that fall
within the definition of restructuring; provided further if the
restructuring occurs in one or more transactions or a series of
transactions, the restructuring fee shall be paid only upon the
completion of the restructuring.

   iv. Sale Transaction Fee. At the closing of a sale transaction,
a non-refundable cash fee of $10,000,000. In the event of a sale
transaction that is consummated pursuant to Section 363 of the
Bankruptcy Code, such sale transaction shall trigger a
restructuring fee. To the extent a transaction is both a sale
transaction and a restructuring transaction, the Debtors shall pay
only the restructuring fee.

   v. Capital Transaction Fee. At the closing of a capital
transaction, a non-refundable cash fee as follows:

     a. 1 percent of the amount raised in a capital transaction
that is a first-lien debt financing, including a
debtor-in-possession (financing; provided, however, that 50% of any
fee earned on a DIP financing will be offset, to the extent
previously paid, against the first sale transaction fee or the
first restructuring fee; plus

     b. 2.5 percent of the amount raised in a capital transaction
that is any other debt financing; plus

     c. 3 percent of the amount raised in a capital transaction
that is equity, equity-linked interests, options, warrants or other
rights to acquire equity interests.

Zul Jamal, a managing director in the Capital Structure Advisory
Group of Moelis & Company, disclosed in a court filing that the
firm is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code.

The firm can be reached at:

     Zul Jamal
     Moelis & Company, LLC
     399 Park Avenue, 5th Floor
     New York, NY 10022
     Tel: +1 212 883 3813
     Email: zul.jamal@moelis.com

                      About Genesis Global

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

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

Genesis Global Holdco, LLC, GGC and GAP each filed a voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-10063) on Jan. 19, 2023. The cases are
pending before the Honorable Sean H. Lane.

At the time of the filing, Genesis Holdco reported $100 million to
$500 million in both assets and liabilities.

Genesis Holdco is a sister company of Genesis Global Trading, Inc.
("GGT") and 100% owned by Digital Currency Group, Inc. ("DCG").
GGT, DCG and certain of the Holdco subsidiaries are not included in
the Chapter 11 filings. The non-debtor subsidiaries include Genesis
UK Holdco Limited, Genesis Global Assets, LLC, Genesis Asia (Hong
Kong) Limited, Genesis Bermuda Holdco Limited, Genesis Custody
Limited ("GCL"), GGC International Limited ("GGCI"), GGA
International Limited, Genesis Global Markets Limited, GSB 2022 II
LLC, GSB 2022 III LLC and GSB 2022 I LLC.

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

The ad hoc group of creditors is represented by Kirkland & Ellis,
LLP and Kirkland & Ellis International, LLP. The ad hoc group of
Genesis lenders is represented by Proskauer Rose, LLP.


GENESIS GLOBAL: Taps Alvarez & Marsal as Financial Advisor
----------------------------------------------------------
Genesis Global Holdco, LLC and its affiliates received approval
from the U.S. Bankruptcy Court for the Southern District of New
York to employ Alvarez & Marsal North America, LLC as their
financial advisor.

The firm's services include:

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

   (b) assistance in the evaluation of the Debtors' current
business plan and in the preparation of a revised operating plan
and cash flow forecast;

   (c) assistance in the review of the Debtors' business lines,
profitability analysis and liquidity requirements;

   (d) assistance in the development and management of a 13-week
cash flow forecast;

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

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

   (g) attendance at meetings and assistance in discussions with
potential investors, banks, and other secured lenders, any official
committee(s) appointed in these chapter 11 cases, the United States
Trustee, other parties in interest and professionals hired by same,
as requested;

   (h) analysis of creditor claims by type, entity, and individual
claim, including assistance with development of databases, as
necessary, to track such claims;

   (i) assistance in the preparation of information and analysis
necessary for the confirmation of a plan of reorganization in these
chapter 11 cases, including information contained in the disclosure
statement; and

   (j) rendering other general business consulting services.

Alvarez & Marsal will be paid at these rates:

     Managing Director   $1,025 to $1,375 per hour
     Director            $775 to $975 per hour
     Associate/Analyst   $425 to $775 per hour

The firm received from the Debtors $300,000 as a retainer in
connection with preparing for and conducting the filing of the
Chapter 11 cases. In the 90 days prior to the petition date, the
firm received retainers and payments totaling $2,813,625 in the
aggregate for services performed for the Debtors.

Michael Leto, a managing director at Alvarez & Marsal North,
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:

     Michael S. Leto
     Alvarez & Marsal North America, LLC
     600 Madison Avenue
     New York, NY 10022
     Tel: (212) 759-4433
     Email: mleto@alvarezandmarsal.com

                      About Genesis Global

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

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

Genesis Global Holdco, LLC, GGC and GAP each filed a voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-10063) on Jan. 19, 2023. The cases are
pending before the Honorable Sean H. Lane.

At the time of the filing, Genesis Holdco reported $100 million to
$500 million in both assets and liabilities.

Genesis Holdco is a sister company of Genesis Global Trading, Inc.
("GGT") and 100% owned by Digital Currency Group, Inc. ("DCG").
GGT, DCG and certain of the Holdco subsidiaries are not included in
the Chapter 11 filings. The non-debtor subsidiaries include Genesis
UK Holdco Limited, Genesis Global Assets, LLC, Genesis Asia (Hong
Kong) Limited, Genesis Bermuda Holdco Limited, Genesis Custody
Limited ("GCL"), GGC International Limited ("GGCI"), GGA
International Limited, Genesis Global Markets Limited, GSB 2022 II
LLC, GSB 2022 III LLC and GSB 2022 I LLC.

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

The ad hoc group of creditors is represented by Kirkland & Ellis,
LLP and Kirkland & Ellis International, LLP. The ad hoc group of
Genesis lenders is represented by Proskauer Rose, LLP.


GENWORTH HOLDINGS: Moody's Ups Rating on Sr. Unsecured Debt to Ba1
------------------------------------------------------------------
Moody's Investors Service has upgraded Enact Mortgage Insurance
Corporation (EMICO) insurance financial strength (IFS) rating to A3
from Baa1, and Enact Holdings, Inc. (NASDAQ: ACT) (Enact) long term
issuer rating and senior unsecured debt rating to Baa3 from Ba1. In
addition, Moody's has upgraded Genworth Holdings, Inc. (Genworth
Holdings) backed senior unsecured debt rating to Ba1 from Ba2. The
outlooks for the ratings are stable.

RATINGS RATIONALE

Enact

The upgrade of Enact's ratings reflects the company's strong
capital position that is supported by good net capital generation
reflective of stable net income, its consistent GSEs' PMIERs
sufficiency ratio (165% as of December 31, 2022) bolstered by the
continued utilization of traditional reinsurance coverage and
issuance of insurance-linked notes (ILN), and low levels of
leverage. The ratings also reflects a good market position of
around 20% as of Q4 2022, and the company's continued improvement
since its IPO in September 2021.

Enact's profitability has remained strong during 2022 with the
company reporting $704 million of net income as persistency rates
strengthened, and losses remained low as the company reported
favorable cure performance. Higher interest rates bolstered net
investment income also contributing to earnings. These strengths
are tempered by the commodity-like nature of the mortgage insurance
product and the fact that the MI sector's fortunes are greatly
influenced by lenders, the GSEs, public policy decisions, and other
uncontrollable variables, including competition from
government-sponsored mortgage insurers.

Enact has transferred approximately $1.8 billion of risk to the
capital markets through multiple Triangle Re ILN transactions, and
has also sourced additional risk transfer protection through excess
of loss coverage in the traditional reinsurance market. Through
these arrangements, Enact has reinsurance covering nearly all of
its business written between January 2018 and Q4 2022, providing
almost $1.8 billion of current reinsurance coverage to absorb
losses during periods of elevated mortgage credit losses. The
significant utilization of excess of loss reinsurance through
insurance-linked notes (ILNs) and the traditional reinsurance
market also bolsters the Enact's profile, and Moody's expects the
use of reinsurance will dampen the potential for earnings and
capital volatility that has historically impacted the mortgage
insurance sector during adverse economic environments.

The stable outlook reflects the company's continued solid position
in the US mortgage insurance market, good client diversification,
stable GSEs' PMIERs sufficiency ratio and leverage ratios to remain
around 15% in the near term. Moody's expects the company's
profitability to remain good into 2023 supported by stable
persistency rates and higher interest rates supporting net
investment income even as mortgage loan origination volumes are
expected to trend lower. Moody's also expects mortgage insurers
default rates and loss ratios including Enact's to rise to levels
consistent with pricing trends compared to the past couple of years
as delinquent loans in forbearance have cured.

Genworth Holdings

The rating upgrade reflects the company's good liquidity position
and financial flexibility following the improvement in its debt
ladder that includes no maturities until 2034, and the upgrade of
Enact's ratings. The rating action also reflects the expectation
for continued dividends from its ownership in Enact (senior debt,
Baa3 stable). The company's strengths are offset by the challenges
to organically expand liquidity sources, and the pressure on
financial flexibility from reduced dividends from Enact during a
stressed scenario or economic downturn. Genworth Holdings' ratings
also reflect the structural subordination of the holding company's
liabilities to the liabilities of Enact and the risks associated
with the dividend inflows from its insurance companies.

The stable outlook reflects the company's good liquidity that
provides sufficient coverage to service its liabilities and holding
company needs, and the expectation that Genworth Holdings will
further increase liquidity with periodic dividends from Enact
subject to its board approval and the continued emergence of cash
tax payments from its subsidiaries as part of its tax sharing
arrangements, albeit, lower over the next few years as compared to
2022.

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

Enact

According to Moody's, the following could lead to an upgrade of
Enact's ratings: 1) Maintaining adjusted financial leverage (excl.
AOCI) in the 15% range, or lower; 2) Continued maintenance of
comprehensive reinsurance program; and 3) Sustained PMIERSs
sufficiency ratio around 170% or higher.

Conversely, the following factors could lead to a downgrade of
Enact's ratings: 1) Non-compliance with PMIERs; 2) A material and
consistent decline in shareholders' equity by more than 10% over a
rolling twelve month period; 3) a significant deterioration in the
firm's profitability metrics; or 4) Adjusted financial leverage
(excl. AOCI) above 20%.

Genworth Holdings

The following factors could result in an upgrade of Genworth
Holdings' ratings: 1) An improvement of financial flexibility
including increased dividend capacity; 2) Further reduction in its
debt ladder with financial leverage (excluding U.S. life business
equity) that is around the 20% range; and 3) An upgrade of Enact's
ratings.

The following factors could lead to a downgrade in the company's
rating: 1) A downgrade of Enact's ratings; 2) A deterioration in
financial flexibility including decreased dividend capacity or
higher leverage; or 3) A public policy decisions that significantly
diminish the role of mortgage insurance in the US housing finance
market.

AFFECTED RATINGS:

The following ratings have been upgraded:

Enact Mortgage Insurance Corporation (EMICO):

Insurance Financial Strength to A3 from Baa1;

The rating outlook for Enact Mortgage Insurance Corporation (EMICO)
is stable.

Enact Holdings, Inc.:

Long-term issuer rating to Baa3 from Ba1;

Senior unsecured to Baa3 from Ba1;

The rating outlook for Enact Holdings, Inc. is stable.

Genworth Holdings, Inc.:

Backed senior unsecured to Ba1 from Ba2;

Backed senior unsecured shelf to (P)Ba1 from (P)Ba2;

Backed junior subordinate to Ba2 (hyb) from Ba3 (hyb);

Backed subordinate shelf to (P)Ba2 from (P)Ba3;

The rating outlook for Genworth Holdings, Inc. is stable.

Enact through its subsidiaries, provides private mortgage insurance
and other mortgage credit risk management services. Genworth
Financial (NYSE: GNW) also maintains majority control of Enact
which is traded on the Nasdaq. In 2022, Enact reported $939.5
million of net premiums earned and $704.2 million of net income
available to common shareholders. Total shareholders' equity was
$4.1 billion as of December 31, 2022.

Genworth Holdings is the intermediate holding company of Genworth,
an insurance and financial services holding company headquartered
in Richmond, Virginia. Genworth Holdings also acts as a holding
company for its respective life insurance subsidiaries. In
addition, Genworth Holdings relies on the financial resources of
Genworth including Enact to meet its obligations. As of December
31, 2022, Genworth reported total assets of $86.4 billion and
shareholders' equity of $10.7 billion.

The principal methodology used in these ratings was Mortgage
Insurers Methodology published in August 2022.


GLOBAL AVIATION: Seeks to Hire Hinkle Law Firm as Counsel
---------------------------------------------------------
Global Aviation Technologies LLC seeks approval from the U.S.
Bankruptcy Court for the District of Kansas to employ Hinkle Law
Firm LLC as its bankruptcy counsel.

Hinkle Law Firm will render these services:

     (a) advise the Debtor of its rights, powers, and duties in the
operation and management or liquidation of its business and
property;

     (b) advise the Debtor concerning and assist in the negotiation
and documentation of financing agreements, cash collateral orders
(if any) and related transactions;

     (c) investigate into the nature and validity of liens asserted
against the property of the Debtor, and advise the Debtor
concerning the enforceability of those liens;

     (d) investigate and advise the Debtor concerning and take such
action as may be necessary to collect income and assets in
accordance with applicable law and recover property for the benefit
of the Debtor's estate;

     (e) prepare legal papers;

     (f) advise the Debtor concerning and prepare responses to
applications, motions, pleadings, notices, and other documents
which may be filed and served herein;

     (g) counsel the Debtor in connection with the formulation,
negotiation, and promulgation of plan and related documents; and

     (h) perform such other necessary legal services.

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

     Nicholas R. Grillot   $300
     Lora J. Smith         $230
     Associates            $200
     Legal Assistants      $130

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

Hinkle Law Firm has received a general retainer from the Debtor in
the sum of $8,000 for services to be rendered in connection with
this Chapter 11 case.

Nicholas Grillot, Esq., and Lora Smith, Esq., attorneys at Hinkle
Law Firm, disclosed in a court filing that the firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

The firm can be reached through:

     Nicholas R. Grillot, Esq.
     Lora J. Smith, Esq.
     Hinkle Law Firm LLC
     1617 N. Waterfront Parkway, Ste. 400
     Wichita, KS 67206
     Telephone: (316) 660-6211
     Facsimile: (316) 660-6523
     Email: ngrillot@hinklaw.com
            lsmith@hinklaw.com

                 About Global Aviation Technologies

Global Aviation Technologies LLC sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 23-10111) on
February 20, 2023. In the petition signed by Candace Cottner,
managing member/director of finance, the Debtor disclosed up to
$500,000 in assets and up to $50 million in liabilities.

Nicholas R. Grillot, Esq., at Hinkle Law Firm LLC, represents the
Debtor as legal counsel.


GLOBAL MIXED: Court OKs Cash Collateral Access Thru March 21
------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Florida,
Gainesville Division, authorized Global Mixed Martial Arts Academy,
LLC to use cash collateral on an interim basis through March 21,
2023,

The Debtor is permitted to use cash collateral to pay: (a) amounts
expressly authorized by the Court, including payments to the
Subchapter V Trustee; (b) the current and necessary expenses set
forth in the budget; and (c) additional amounts as may be expressly
approved in writing by the U.S. Small Business Administration.

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

The Debtor is also directed to maintain insurance coverage for its
property in accordance with the obligations under the loan and
security documents with the Secured Creditor.

A copy of the court's order and the Debtor's budget
https://bit.ly/41BpYxV from PacerMonitor.com.

The Debtor projects total expenses, on a monthly basis, as
follows:

     $11,966 for March 2023;
     $11,966 for April 2023;
     $11,966 for May 2023;
     $11,966 for June 2023;
     $11,966 for July 2023;
     $11,966 for August 2023;
     $11,966 for September 2023;
     $11,966 for October 2023;
     $11,966 for November 2023; and
     $11,966 for December 2023.

           About Global Mixed Martial Arts Academy, LLC

Global Mixed Martial Arts Academy, LLC  provides training services
in specialized areas of martial arts. The primary source of revenue
is from memberships fees. The Debtor sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No.
23-10029) on February 21, 2023. In the petition signed by Jason R.
Dodd, president, the Debtor disclosed up to $50,000 in assets and
up to $500,000 in liabilities.

Judge Karen K. Specie oversees the case.

Lisa C. Cohen, Esq., at Ruff & Cohen, P.A., represents the Debtor
as legal counsel.



GO CAR WASH: Midcap Financial Marks $26M Loan at 60% Off
--------------------------------------------------------
Midcap Financial Investment Corporation has marked its $26,364,000
loan extended to Go Car Wash Management Corp to market at
$10,616,000 or 40% of the outstanding amount, as of December 31,
2022, according to a disclosure contained in Midcap Financial's
Form 10-K for the transition period from April 1, 2022 to December
31, 2022, filed with the Securities and Exchange Commission on
February 21, 2023.

Midcap Financial is a participant in a First Lien Secured Debt Loan
to Go Car Wash Management Corp. The loan accrues interest at a rate
of 1% (SOFR+625) per annum. The loan matures on December 31, 2026.

Midcap Financial Investment Corporation is a Maryland corporation
incorporated on February 2, 2004.  It is a closed-end, externally
managed, non-diversified management investment company that has
elected to be treated as a business development company under the
Investment Company Act of 1940. Apollo Investment Management, L.P.
is the investment adviser and an affiliate of Apollo Global
Management, Inc. and its consolidated subsidiaries (AGM). Apollo
Investment Administration, LLC, an affiliate of AGM, provides,
among other things, administrative services and facilities for the
Company.

Go Car Wash Management Corp provides Washing and polishing,
automotive.



GRAFFITI BUYER: Midcap Financial Marks $1.3M Loan at 61% Off
------------------------------------------------------------
Midcap Financial Investment Corporation has marked its $1,307,000
loan extended to Graffiti Buyer, Inc. to market at $507,000 or 39%
of the outstanding amount, as of December 31, 2022, according to a
disclosure contained in Midcap Financial's Form 10-K for the
transition period from April 1, 2022 to December 31, 2022, filed
with the Securities and Exchange Commission on February 21, 2023.

Midcap Financial is a participant in a First Lien Secured
Debt-Revolver Loan to Graffiti Buyer, Inc. The loan accrues
interest at a rate of 1% (L+550) per annum. The loan matures on
August 10, 2027.

Midcap Financial Investment Corporation is a Maryland corporation
incorporated on February 2, 2004.  It is a closed-end, externally
managed, non-diversified management investment company that has
elected to be treated as a business development company under the
Investment Company Act of 1940. Apollo Investment Management, L.P.
is the investment adviser and an affiliate of Apollo Global
Management, Inc. and its consolidated subsidiaries (AGM). Apollo
Investment Administration, LLC, an affiliate of AGM, provides,
among other things, administrative services and facilities for the
Company.

Graffiti provides brands and retailers with an app-free solution
allowing their customers to search for product information just by
panning their camera at the shelf. Customers can instantly glean
insights about products, overlaid in AR in front of them. They can
also filter products and visually see the ones that meet their
expectations.



GRAFFITI BUYER: Midcap Financial Marks $8.3M Loan at 27% Off
------------------------------------------------------------
Midcap Financial Investment Corporation has marked its $8,375,000
loan extended to Graffiti Buyer, Inc. to market at $6,147,000 or
73% of the outstanding amount, as of December 31, 2022, according
to a disclosure contained in Midcap Financial's Form 10-K for the
transition period from April 1, 2022 to December 31, 2022, filed
with the Securities and Exchange Commission on February 21, 2023.

Midcap Financial is a participant in a First Lien Secured Debt Loan
to Graffiti Buyer, Inc. The loan accrues interest at a rate of 1%
(L+550) per annum. The loan matures on August 10, 2027.

Midcap Financial Investment Corporation is a Maryland corporation
incorporated on February 2, 2004.  It is a closed-end, externally
managed, non-diversified management investment company that has
elected to be treated as a business development company under the
Investment Company Act of 1940. Apollo Investment Management, L.P.
is the investment adviser and an affiliate of Apollo Global
Management, Inc. and its consolidated subsidiaries (AGM). Apollo
Investment Administration, LLC, an affiliate of AGM, provides,
among other things, administrative services and facilities for the
Company.

Graffiti provides brands and retailers with an app-free solution
allowing their customers to search for product information just by
panning their camera at the shelf. Customers can instantly glean
insights about products, overlaid in AR in front of them. They can
also filter products and visually see the ones that meet their
expectations.



HERO HOLDINGS: Midcap Financial Marks $2.5M Loan at 72% Off
-----------------------------------------------------------
Midcap Financial Investment Corporation has marked its $2,553,000
loan extended to HRO (Hero Digital) Holdings, LLC to market at
$843,000 or 33% of the outstanding amount, as of December 31, 2022,
according to a disclosure contained in Midcap Financial's Form 10-K
for the transition period from April 1, 2022 to December 31, 2022,
filed with the Securities and Exchange Commission on February 21,
2023.

Midcap Financial is a participant in a First Lien Secured Debt –
Revolver to HRO (Hero Digital) Holdings, LLC. The loan accrues
interest at a rate of 1% (L+600) per annum. The loan matures on
November 18, 2026.

Midcap Financial Investment Corporation is a Maryland corporation
incorporated on February 2, 2004.  It is a closed-end, externally
managed, non-diversified management investment company that has
elected to be treated as a business development company under the
Investment Company Act of 1940. Apollo Investment Management, L.P.
is the investment adviser and an affiliate of Apollo Global
Management, Inc. and its consolidated subsidiaries (AGM). Apollo
Investment Administration, LLC, an affiliate of AGM, provides,
among other things, administrative services and facilities for the
Company.

Hero Digital Holdings LLC provides digital consulting services. The
Company offers digital marketing and content strategy, software
platform selection, rapid prototyping and user testing, visual
design, copywriting, platform engineering, and analytics and
optimization services.



HERO HOLDINGS: Midcap Financial Marks $27.03M Loan at 32% Off
-------------------------------------------------------------
Midcap Financial Investment Corporation has marked its $27,038,000
loan extended to HRO (Hero Digital) Holdings, LLC to market at
$18,330,000 or 68% of the outstanding amount, as of December 31,
2022, according to a disclosure contained in Midcap Financial's
Form 10-K for the transition period from April 1, 2022 to December
31, 2022, filed with the Securities and Exchange Commission on
February 21, 2023.

Midcap Financial is a participant in a First Lien Secured Debt to
HRO (Hero Digital) Holdings, LLC. The loan accrues interest at a
rate of 1% (L+600) per annum. The loan matures on November 18,
2028.

Midcap Financial Investment Corporation is a Maryland corporation
incorporated on February 2, 2004.  It is a closed-end, externally
managed, non-diversified management investment company that has
elected to be treated as a business development company under the
Investment Company Act of 1940. Apollo Investment Management, L.P.
is the investment adviser and an affiliate of Apollo Global
Management, Inc. and its consolidated subsidiaries (AGM). Apollo
Investment Administration, LLC, an affiliate of AGM, provides,
among other things, administrative services and facilities for the
Company.

Hero Digital Holdings LLC provides digital consulting services. The
Company offers digital marketing and content strategy, software
platform selection, rapid prototyping and user testing, visual
design, copy writing, platform engineering, and analytics and
optimization services. 



HIGH TECH HIGH: Moody's Affirms Ba1 Rating on 2017A Revenue Bonds
-----------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 rating on California
School Finance Authority's School Facility Revenue Refunding Bonds
(HTH Learning Project) Series 2017A. Concurrently, Moody's has
revised the outlook to stable from negative. The rating and outlook
affect approximately $21 million in outstanding revenue bonds.

RATINGS RATIONALE

The affirmation of Ba1 reflects the improved enrollment trend at
the two obligated group schools that comprise approximately 16% of
High Tech High's total enrollment. The rating also reflects
stabilization in the operating performance of the two schools,
which Moody's believe will be sustained given the increase in state
funding for 2023, and improved maximum annual debt service (MADS)
coverage. The rating also recognizes the improved liquidity across
the two schools driven in large part by substantial one-time
emergency federal funding. Academic performance is mixed with
favorable ELA scores, but math scores lag behind the state and
local district. Student demand, as reflected by the waiting list
across the two schools, remains satisfactory. The Ba1 rating also
incorporates the two schools' long operating histories with several
charter renewals. The schools are among 16 charter schools serving
grades K-12, managed by High Tech High as a Charter Management
Organization.

RATING OUTLOOK

The stable outlook reflects the expectation that High Tech High's
established operating history coupled with its solid management,
will continue to support stable operations going forward.

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING

-- Sustained improvement in financial performance at HTH Media
Arts and HTH Chula Vista, the two obligated group members

-- Sustained trend of full enrollment and healthy student demand
at obligated group schools

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING

-- Weakening of debt service coverage and/or liquidity at
obligation group schools

-- Declining enrollment at student demand at obligated group
schools

-- Material increase in leverage across the organization

LEGAL SECURITY

The Series 2017A bonds are secured under a loan agreement between
the California School Finance Authority and HTH Learning as the
borrower. Pursuant to the Indenture, loan repayments are secured by
payments from High Tech High (HTH) as the lessee for which revenues
from operations of two schools, High Tech High Media Arts and High
Tech High Chula Vista (the "Schools"), have been pledged.

Central to the security structure for the bonds is a state
intercept mechanism under which HTH as the lessee will direct
California's State Controller to intercept on a monthly basis, from
state aid that would otherwise be paid to the Schools, base rental
payments equal to debt service and related fees on the bonds and
pay such intercepted amount to the trustee prior to releasing the
remainder to HTH as the CMO. Should state aid payments be
insufficient for the required set aside, HTH Learning, as the
landlord under the lease agreements, is authorized to request a
payment of extraordinary monthly rent to HTH, as the tenant, which
would then be due within three business days to make up for any
shortfall. Any rent payments not received within 10 calendar days
accrue a late charge equal to 5% of the delinquent amount.

PROFILE

High Tech High (HTH) is a charter management organization (CMO)
operating 16 charter schools providing K-12 education to around
6,500 students. Combined enrollment at the two obligated group
schools is currently 1,025 for the 2022-23 school year. High Tech
High Learning (HTH Learning) is a non-profit public benefit
corporation organized for charitable purposes to support the public
charter schools operated by HTH. High Tech High Foundation (HTH
Foundation) is a non-profit public benefit corporation organized
for charitable purposes to support and promote HTH. High Tech High
Graduate School of Education (HTH GSE) is a non-profit public
benefit corporation organized for charitable purposes.

METHODOLOGY

The principal methodology used in this rating was US Charter
Schools published in September 2016.


HIVE INTERMEDIATE: Midcap Financial Marks $2.3M Loan at 91% Off
---------------------------------------------------------------
Midcap Financial Investment Corporation has marked its $2,326,000
loan extended to Hive Intermediate, LLC to market at $217,000 or 9%
of the outstanding amount, as of December 31, 2022, according to a
disclosure contained in Midcap Financial's Form 10-K for the
transition period from April 1, 2022 to December 31, 2022, filed
with the Securities and Exchange Commission on February 21, 2023.

Midcap Financial is a participant in a First Lien Secured Debt –
Revolver Loan to Hive Intermediate, LLC. The loan accrues interest
at a rate of 1% (SOFR+400 Cash plus 2.00% Payment In Kind) per
annum. The loan matures on September 22, 2027.

Midcap Financial Investment Corporation is a Maryland corporation
incorporated on February 2, 2004.  It is a closed-end, externally
managed, non-diversified management investment company that has
elected to be treated as a business development company under the
Investment Company Act of 1940. Apollo Investment Management, L.P.
is the investment adviser and an affiliate of Apollo Global
Management, Inc. and its consolidated subsidiaries (AGM). Apollo
Investment Administration, LLC, an affiliate of AGM, provides,
among other things, administrative services and facilities for the
Company.

Hive is in the Beverage, Food & Tobacco industry.



HOBBY LOBBY: Court OKs Cash Collateral Access Thru April 30
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Jersey authorized
Hobby Lobby Marine LLC to use cash collateral on an interim basis
in accordance with the budget, with a 15% variance, through April
30, 2023.

The Debtor requires the use of cash collateral to continue
operating its business.

In addition to Hanover Bank's security interests, liens, rights,
and other interests in and with respect to its collateral, as
adequate protection for and to secure the payment of an amount
equal to any diminution in the value of its collateral, the Debtor
grants to the Bank postpetition replacement liens and security
interests under Bankruptcy Code section 361(2) on all property of
the Debtor and its estate. The Replacement Liens granted to the
Bank are valid, enforceable, and fully perfected liens without any
action by Debtor or the Bank, and no filing or recordation or other
act that otherwise may be required under federal or state law in
any jurisdiction will be necessary to create or perfect such liens
and security interests.

The Replacement Liens will survive the entry of any order: (i)
converting the Chapter 11 Case to a case under Chapter 7 of the
Bankruptcy Code; (ii) dismissing the Chapter 11 Case; (iii)
appointing a Chapter 11 trustee (other than a Subchapter V trustee)
or examiner with expanded powers; and any Replacement Lien granted
pursuant to the Interim Order will continue in full force and
effect notwithstanding the entry of such an order, and such
replacement Lien will maintain any priority granted in the Interim
Order.  The Replacement Liens will be senior to any other security
interests, liens, or encumbrances, subject only to, in the
following order of priority (a) valid, perfected, and enforceable
prepetition liens which were senior to the Bank's respective liens
or security interests as of the Petition Date and (b) the payment
of the United States Trustee's fees, pursuant to 28 U.S.C. section
1930 and any court approved fees owed to the Subchapter V Trustee.

As additional adequate protection to the Bank: (a) by March 20,
2023 and no later than the 20th day of every month thereafter, the
Debtor will provide the Bank with an "actual to budget"
reconciliation of all inflows and expenses listed in the Budget for
first two weeks of the month; (b) by April 10, 2023 and no later
than the 10th day of every month thereafter, the Debtor will
provide the Bank with an "actual to budget" reconciliation of all
inflows and expenses listed in the Budget for the prior month and
copies of bank statements for the prior month (other than for bank
accounts at the Bank); and (c) the Debtor will make the adequate
protection payments to the Bank as set forth in the Budget.
In addition, each month, the Debtor will pay to the Bank the
monthly amount set forth in the budget for real estate taxes, to be
held in escrow by the Bank.

A final hearing on the matter is set for April 18, 2023 at 10 a.m.

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

The Debtor projects total expenses, on a monthly basis, as follows:


     $61,624 for February 2023;
     $65,424 for March 2023;
     $63,204 for April 2023;
     $82,963 for May 2023; and
     $84,061 for June 2023.

              About Hobby Lobby Marine LLC

Hobby Lobby Marine LLC operates a successful and long-standing
family-owned marina that has operated in Toms River, N.J. since
1961. In addition to selling new and used watercraft and boating
equipment, the Debtor rent 84 slips to customers, provide storage
solutions, and provide repair and other customary marine services.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. N.J. Case No. 22-19381) on November 28,
2022. In the petition signed by Robert Tweer, co-managing member,
the Debtor disclosed up to $10 million in both assets and
liabilities.

Judge Kathryn C. Ferguson oversees the case.

The Law Offices of Douglas T. Tabachnik, P.C., is the Debtor's
counsel.



HOFFMASTER GROUP: Moody's Withdraws 'Caa2' CFR on Debt Repayment
----------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings of Hoffmaster
Group, Inc. including the Caa2 Corporate Family Rating, the Caa2-PD
Probability of Default Rating, the Caa1 rating of the company's
senior secured bank credit facilities (Revolver and term loan), and
the Ca rating of the senior secured second lien term loan. This
rating action follows the repayment of all company's rated debt at
par.

Withdrawals:

Issuer: Hoffmaster Group, Inc.

Corporate Family Rating, Withdrawn, previously rated Caa2

Probability of Default Rating, Withdrawn, previously rated
Caa2-PD

Senior Secured 1st Lien Revolving Credit Facility, Withdrawn,
previously rated Caa1 (LGD3)

Senior Secured 1st Lien Term Loan B1, Withdrawn, previously rated
Caa1 (LGD3)

Senior Secured 2nd Lien Term Loan, Withdrawn, previously rated Ca
(LGD5)

Outlook Actions:

Issuer: Hoffmaster Group, Inc.

Outlook, Changed To Rating Withdrawn From Negative

RATINGS RATIONALE

Following a refinance, all the company's rated debt, including a
senior secured bank credit facility due 2023 and second lien term
loan due 2024 have been repaid in full. Consequently, Moody's has
withdrawn all ratings of Hoffmaster.

Hoffmaster Group, Inc., headquartered in Oshkosh, Wisconsin, is a
leading niche manufacturer and supplier of decorative disposable
tableware products sold equally throughout the foodservice and
retail channels. The company's primary products include napkins
displays, plates, cups, table covers, straws, and placemats among
other complementary items. The company also sells sourced items
such as cutlery and accessory items sold under the Hoffmaster,
Touch of Color, Party Creations, Sensations, Paper Art and
FashnPoint brand names. The company was acquired by private equity
firm Wellspring Capital in November 2016. Hoffmaster is a private
company and does not publicly disclose its financials. Revenue for
the twelve month period ended October 2, 2022 was approximately
$539 million.


HOMERENEW BUYER: Midcap Financial Marks $1.9M Loan at 82% Off
-------------------------------------------------------------
Midcap Financial Investment Corporation has marked its $1,958,000
loan extended to HomeRenew Buyer, Inc. to market at $352,000 or 18%
of the outstanding amount, as of December 31, 2022, according to a
disclosure contained in Midcap Financial's Form 10-K for the
transition period from April 1, 2022 to December 31, 2022, filed
with the Securities and Exchange Commission on February 21, 2023.

Midcap Financial is a participant in a First Lien Secured Debt Loan
to HomeRenew Buyer, Inc. The loan accrues interest at a rate of 1%
(SOFR+660) per annum. The loan matures on November 23, 2027.

Midcap Financial Investment Corporation is a Maryland corporation
incorporated on February 2, 2004.  It is a closed-end, externally
managed, non-diversified management investment company that has
elected to be treated as a business development company under the
Investment Company Act of 1940. Apollo Investment Management, L.P.
is the investment adviser and an affiliate of Apollo Global
Management, Inc. and its consolidated subsidiaries (AGM). Apollo
Investment Administration, LLC, an affiliate of AGM, provides,
among other things, administrative services and facilities for the
Company.

HomeRenew Buyer, Inc. is an installer of kitchen siding, roofing
windows tech difficult clients communication materials
troubleshooting vinyl, vinyl siding, carpentry.



HOUSTON REAL ESTATE: Hearing on Exclusivity Bid Set for March 8
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas is set
to hold a hearing on March 8 to consider the motion filed by
Houston Real Estate Properties, LLC to extend the time it can keep
exclusive control of its bankruptcy case.

The motion seeks to extend the company's exclusive periods to file
a Chapter 11 plan and solicit votes on the plan to May 8 and July
6, respectively.

Houston Real Estate Properties will use the extension to resolve
contingencies including its dispute with its largest creditors,
Osama Abdullatif and Abdullatif & Company, LLC, before formulating
a bankruptcy plan.

The company previously filed a complaint against both creditors
styled Houston Real Estate Properties LLC v. Osama Abdullatif, et.
al. (Adv. Proc. 22-03326) but it was dismissed by the bankruptcy
court on Jan. 24.

Houston Real Estate Properties will appeal the Abdullatif matter in
the state district court and will include contingencies in the
bankruptcy plan in case of recovery of the properties and registry
funds pursuant to the appeal, according to its attorney, Ron
Satija, Esq., at Hayward, PLLC.

               About Houston Real Estate Properties

Houston Real Estate Properties, LLC, a real estate company in
Texas, filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Tex. Case No. 22-32998) on Oct. 7,
2022. In the petition filed by its manager, Dward Darjean, the
Debtor reported $1 million to $10 million in both assets and
liabilities.

Judge Jeffrey P. Norman oversees the case.

The Debtor tapped Ron Satija, Esq., at Hayward, PLLC as bankruptcy
counsel and Jadd Masso, Esq., at Clark Hill as special counsel.


HUNYGIRLS VENTURES: Wins Cash Collateral Access Thru May 4
----------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida, Tampa
Division, authorized Hunygirls Ventures, Inc. d/b/a/ Sun Graphic
Technologies, to use cash collateral on an interim basis in
accordance with the budget, with a 10% variance, pending a further
hearing set for May 4, 2023, at 11 a.m.

As previously reported by the Troubled Company Reporter, the
Debtor's primary secured obligations were incurred in connection
with the Debtor's purchase of the business in 2019 using a Small
Business Administration 7a loan with CIBC Bank. The Debtor's term
loan with CIBC Bank has an approximate balance of $520,376 and is
secured by substantially all of the Debtor's personal property.

Additionally, the Debtor has a line of credit with CIBC Bank with
an approximate balance of $199,926.  This loan is also secured by
substantially all of the Debtor's personal property. Based upon the
Debtor's initial review of UCC-1 filings, CIBC Bank has a
first-position security interest in the Debtor's cash collateral.

The Debtor also has an Economic Injury Disaster Loan with the SBA
with an approximate balance of $139,593 secured by substantially
all of the Debtor's personal property. Based upon the Debtor's
initial review of UCC-1 filings, the SBA has a second-position
security interest in the Debtor's cash collateral.

The Debtor also has a line of credit with Headway Capital, LLC with
an approximate balance of $55,000 and a line of credit with Celtic
Bank Corporation, serviced by BlueVine Inc., with an approximate
balance of $13,000. Based upon the Debtor's initial review of UCC-1
filings, it does not appear these creditors filed UCC-1 financing
statements. However, based upon review of loan documents in the
Debtor's possession, they may assert an interest in the Debtor's
cash collateral.

The Debtor took on purchase-money financing with ENGS Commercial
Finance secured by a specific piece of equipment with a balance of
approximately $221,000 and purchase-money financing with LEAF
Capital Funding secured by specific software licenses with a
balance of approximately $42,500. The Debtor does not believe these
creditors have an interest in the cash collateral, but have been
informed of the Debtor's request to access cash collateral.

Since January 2022, the Debtor began receiving funding from various
MCA funders that may claim an interest in the Debtor's accounts
receivable and/or security interests in the Debtor's other assets.
The MCA Funders are Kalamata Capital, Silverline Services, Inc.,
Smart Business, Funding Metrics, LLC dba Lendini, Rapid Finance,
and White Road Capital LLC dba GFE Holdings.

As adequate protection with respect to the Lenders' interests in
the cash collateral, the Lenders are granted a replacement lien in
and upon all of the categories and types of collateral in which
they held a security interest and lien as of the Petition Date to
the same extent, validity and priority that they held as of the
Petition Date.

As further adequate protection for CIBC Bank during the interim
period, the Debtor agreed to pay CIBC Bank an interest-only payment
of $4,685 on February 1, 2023.

The Debtor is entitled to collect money from parties with
outstanding accounts receivable to the Debtor and no creditor or
party-in-interest will interfere with the Debtor's collection
actions. The Debtor will maintain records regarding the collection
of pre-petition amounts.

The Debtor will maintain insurance coverage for the collateral in
accordance with the obligations under the loan and security
documents.

A copy of the order and the Debtor's budget is available at
https://bit.ly/3ZbF0Zu from PacerMonitor.com.

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

     $45,338 for the week beginning March 6;
     $22,692 for the week beginning March 13;
     $22,148 for the week beginning March 20; and
     $19,792 for the week beginning March 27.

                  About Hunygirls Ventures, Inc.

Hunygirls Ventures, Inc. is a wide-format graphics and signage
manufacturer and screen printer.  Hunygirls Ventures, Inc. sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
M.D. Fla. Case No. 22-05092) on December 27, 2022.

In the petition signed by Michael R. Kisha, president, the Debtor
disclosed up to $10 million in both assets and liabilities.

Judge Roberta A. Colton oversees the case.

Matthew B. Hale, Esq., at Stichter, Riedel, Blain and Postler,
P.A., represents the Debtor as counsel.


INSTANT BRANDS: Moody's Cuts CFR to Caa2, Outlook Negative
----------------------------------------------------------
Moody's Investors Service downgraded Instant Brands Holdings Inc.'s
ratings including its Corporate Family Rating to Caa2 from B3, its
Probability of Default Rating to Caa2-PD from B3-PD, and the rating
on the company's first lien term loan due 2028 to Caa3 from B3. The
outlook is negative.

"The ratings downgrade and negative outlook reflects Instant
Brands' unsustainable capital structure and the elevated risk of
default including the potential for a distressed exchange over the
next 12-18 months.", said Oliver Alcantara, Moody's Assistant Vice
President - Analyst. "Moody's expect that demand and industry
headwinds will persist in 2023 and the company has limited
financial flexibility to navigate a challenging operating
environment given its high financial leverage and constrained
liquidity."

Instant Brands reported meaningfully lower operating results
through the first nine months of 2022, with year-over-year revenue
declining by -15.8% and company-adjusted EBITDA lower by -38%. The
company's appliance inventory position is leaner than the overall
market because of proactive actions taken by management to reduce
inventory purchase orders. Still, inventory destocking by retailers
and the high level of competitive discounting is negatively
impacting the company's appliance segment. Coronavirus related
lockdowns in China and unfavorable foreign currency exchange
pressured sales in Instant Brands' housewares business. As a
result, the company's debt/EBITDA leverage increased to 8.4x for
the last twelve months (LTM) period ending September 30, 2022, up
from 5.4x at the end of fiscal 2021. Moody's does not anticipate
Instant Brands' operating profits to improve in 4Q-2022, and
expects debt/EBITDA leverage will increase to around 9.0x by fiscal
year end 2022.

Instant Brands' capital structure is unsustainable at current
earnings levels and its liquidity is constrained by large
borrowings under its $250 million asset based lending (ABL)
revolver due 2025. The company had $140 million of borrowings and
about $32 million of availability on its ABL revolving facility as
of September 30, 2022. Revolver borrowings were used to cover
ongoing cash flow deficits since fiscal 2021 driven by meaningfully
lower earnings and higher interest expense, partially offset by
inventory reduction. Moody's projects that the company will carry
over $150 million of revolver borrowings in 2023.

In January 2023, Instant Brands completed a series of transactions
in efforts to improve its liquidity, including the transfer of the
real property of two of its manufacturing plants and other related
assets to unrestricted subsidiaries under the first lien credit
facility. Concurrently, the company's financial sponsors, Cornell
Capital, supported the company's liquidity via a guarantee that
increased the ABL revolver availability. The increased ABL
availability provides some financial flexibility to fund business
seasonality, particularly during the first half of 2023. Still,
Moody's views the company's capital structure as unsustainable
absent a meaningful improvement of operating results in 2023.
Persistently high inflation and weakening macro-economic conditions
are pressuring consumer discretionary spending, which will make it
challenging for the company to meaningfully improve revenue,
earnings and cash flows.

The downgrade of the first lien term loan due 2028 to Caa3 reflects
Instant Brands' Caa2 CFR and the first lien facility's weaker
collateral coverage relative to the $250 million ABL. The first
lien term loan is secured by a first priority lien on substantially
all tangible and intangible assets and capital stock of certain
subsidiaries held by the borrower and guarantors, except on ABL
collateral (all current assets of the company), on which it has a
second priority lien.

Moody's changed Instant Brands' governance issuer profile score to
G-5 from G-4, reflecting the company's aggressive leverage profile
and elevated risk of default given its unsustainable capital
structure. In addition, the transfer of assets to unrestricted
subsidiaries reduced the first lien facility's collateral package
and lowered its recovery prospects.

Downgrades:

Issuer: Instant Brands Holdings Inc.

Corporate Family Rating, Downgraded to Caa2 from B3

Probability of Default Rating, Downgraded to Caa2-PD from B3-PD

Senior Secured Bank Credit Facility, Downgraded to Caa3 (LGD4)
from B3 (LGD4)

Outlook Actions:

Issuer: Instant Brands Holdings Inc.

Outlook, Remains Negative

RATINGS RATIONALE

Instant Brands' Caa2 CFR reflects its very high financial leverage,
unsustainable capital structure and risk of default absent a
significant earnings improvement. Its debt/EBITDA is expected to
increase to over 9.0x by fiscal year end 2022, driven by material
revenue and EBITDA declines due to lower consumer demand and higher
debt balance to cover cash flow deficits in 2022. Liquidity is
adequate, constrained by large borrowings on the ABL revolving
facility which provides limited financial flexibility to fund
business seasonality over the next 12 months. Instant Brands' scale
is relatively small with annual revenue of under $1 billion and its
cash flows are highly seasonal centered around the holiday season.
The company has elevated operational risks due to the legacy
Corelle business high fixed costs and its reliance on a single,
specialized manufacturing facility for its namesake brand. The
company operates in the cyclical and mature housewares category,
and the small kitchen appliance market is highly competitive and
requires continued product innovation.

The rating also reflects Instant Brands' well-recognized portfolio
of brands with strong market positions in their niche product
categories, its global footprint, and good channel diversification.
The company benefits from some product diversification provided by
its portfolio of housewares and small kitchen appliance products,
and it is leveraging the strong brand image of its Instant Pot
brand by expanding into new product categories that also include
consumables.

Instant Brands' ESG credit impact score is very highly negative
(CIS-5), mainly driven by its very highly negative exposure to
governance risks related to its concentrated ownership, and
aggressive financial strategy and risk management. The elevated
risk of default, including the risk of a distressed exchange which
could be detrimental to creditors increases governance risks. The
company is moderately negatively exposed to environmental and
social risks.

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

The negative outlook reflects Instant Brands' elevated risk of
default given the meaningful deterioration of operating results,
negative free cash flow, very high leverage, and constrained
liquidity.

The ratings could be downgraded if an event of default, including a
distressed exchange becomes more certain or if the company is
unable to meaningfully improve its liquidity over the next 12
months. The ratings could also be downgraded if the company's cost
management initiatives fail to improve operating profit and cash
flows in fiscal 2023.

The ratings could be upgraded if the company meaningfully improves
its liquidity and reduces its financial leverage by improving
earnings or obtaining an additional capital injection. A ratings
upgrade would also require demand trends turning positive alongside
sustained improved profitability and cash flows such that the risk
of a default is lower.

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

Headquartered in Downers Grove, IL, Instant Brands Holdings Inc.
manufactures, designs and markets dinnerware, bakeware, kitchen
tools, range-top cookware, storage, and cutlery products. In March
2019, the company acquired Instant Brands, manufacturer of the
Instant Pot line of products. The company's most notable brands
include Corelle, Pyrex, Corningware, Snapware, Visions, Chicago
Cutlery, and Instant. The company markets its products primarily in
the US, Canada, and Asia-Pacific region and sells into several
channels including mass merchants, department stores, specialty
retailers and the Internet, among others. Instant Brands was
acquired by Cornell Capital in May 2017. Annual revenue is under $1
billion.


ISABEL ENTERPRISES: Court Approves Disclosure Statement
-------------------------------------------------------
The Court has entered an order approving the Disclosure Statement
explaining the Plan of Isabel Enterprises, Inc.

The hearing on confirmation of the Plan, at which testimony will be
received if offered and admissible, will be held on March 15, 2023
at 1:30 p.m. by video.

Written ballots accepting or rejecting the plan or amended plan
dated Dec. 12, 2022, must be received by the proponent of the plan
THEODORE J PITEO, whose service address is Michael D. O'Brien &
Associates PC 12909 SW 68th Parkway, Suite 160 Portland, OR 97223,
by March 3, 2023.

Objections to the Plan must be filed and served by March 8, 2023.

Complaints objecting to the Debtor's discharge must be filed no
later than March 15, 2023.

A Summary of the Ballots by Class (LBF 1181) and a Report of
Administrative Expenses (LBF 1182) must be filed and served with
the clerk by March 8, 2023.

The date on which an equity security holder or creditor whose claim
is based on a security must be a holder of record of the security
in order to be eligible to accept or reject the plan is 7 days
before the hearing date.

An election of application of Sec. 1111(b)(2) of the Bankruptcy
Code by a class of secured creditors may be made no later than 7
days before the hearing date.

                     About Isabel Enterprises

Isabel LLC owns two tax lots consisting of a commercial unit
located at 330 NW 10th Avenue, #116, Portland, Oregon 97209 and a
related parking unit. Historically, Isabel LLC leased the property
to affiliate Isabel Enterprises, which operated a restaurant on the
premises commonly known as the Isabel Pearl. Amid deteriorating
conditions in the neighborhood and the pandemic, the restaurant
shut operations in July 2019.

Amid an impending sale of the property as a result of a foreclosure
action initially instituted by the Condominium Owners' Association,
Isabel Enterprises, Inc., and Isabel LLC sought Chapter 11
protection (Bankr. D. Ore. Lead Case No. 22-30801) on May 18, 2022.
In its petition, Isabel Enterprises was estimated to have $50,000
to $100,000 in assets and $1 million to $10 million in
liabilities.

The Hon. Peter C. Mckittrick oversees the cases.

Oren B. Haker, Esq., of Stoel Rives LLP, is the Debtors' counsel.


JDI DATA: Court OKs Cash Collateral Access Thru March 10
--------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida,
Fort Lauderdale Division, authorized JDi Data Corporation to use
cash collateral on an interim basis in accordance with the budget,
through March 10, 2023.

As previously reported by the Troubled Company Reporter, the Debtor
requires the use of cash collateral to:

     a. pay its secured creditor, the U.S. Small Business
Administration, its monthly debt payment which payment amount is
unknows as the first payment for the SBA loan is coming due. The
SBA Loan was for $1.8 million. The SBA has a UCC-1 recorded in the
Secured Transaction Registry in Florida, which is the State of
Incorporation for the Debtor;

     b. pay all necessary utilities, including remote cloud
services provided by AWS;

     c. pay all applicable taxes and insurances; and

     d. otherwise remain compliant with its current monthly
operational expenses.

The SBA appears to be the only secured creditor of the Debtor but,
the Debtor's management is verifying the execution of a Security
Agreement to the UCC-1, which was recorded on September 5, 2020,
being owed the principal sum of $1.8 million plus applicable
interest. Although the SBA retains a blanket UCC-1 interest in the
Debtor's personal property, the Debtor proposed to provide adequate
protection to the SBA in the form of the regular monthly payments
due under the note, or in a lesser amount as agreed upon.

A continued hearing on the matter is set for March 8 at 2 p.m.

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

                    About JDi Data Corporation

JDi Data Corporation has developed innovative solutions for
professionals within the insurance, risk, and legal communities.
Its software solutions are designed to allow organizations to
invest in tools that truly transform their day-to-day processes.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-11322) on February
17, 2022. In the petition signed by John Heller as CRO, the Debtor
disclosed up to $10 million in both assets and liabilities.

Judge Scott M. Grossman oversees the case.

Scott M. Grossman, Esq., at Moffa & Bierman, represents the Debtor
as legal counsel.


JET OILFIELD: Unsec. Creditors to Get 100% in 84 Months
-------------------------------------------------------
Jet Oilfield Services, LLC, submitted a Disclosure Statement under
11 U.S.C. Sec. 1125 for its Plan of Reorganization dated Feb. 9,
2023.

The Debtor's Plan is an operating Plan.  It proposes to repay
claims from future operations over a period of seven years.

Under the Plan, Class 14 consists of Allowed Unsecured Creditors
with Claims of $10,000 or less or which elect to reduce their
claims to $10,000.  Any creditor in Class 14 may elect to
participate in Class 15.  There are 30 creditors in Class 14 with
claims totaling $118,257. Class 14 creditors will receive a single
payment equal to 25% of their Allowed Claim within 90 days after
the Effective Date.  The payment to Class 14 is estimated to be
$29,564.  Class 14 is impaired.

Class 15 consists of Allowed Claims of Unsecured Creditors with
Claims of $10,000.01 or more. There are 80 creditors with claims
totaling $15,791,499 in Class 15.  The Class 15 creditors will
receive payment of 100% of the amount of their Allowed Claims in 84
equal monthly installments without interest. The monthly payments
to Class 15 are estimated at $187,994.04. Class 15 is impaired.

Attorneys for the Debtor:

     Stephen W. Sather, Esq.
     BARRON & NEWBURGER, P.C.
     7320 N. Mopac Expwy, Ste. 400
     Austin, TX 78701
     Tel: (512) 476-9103
     E-mail: ssather@bn-lawyers.com

A copy of the Disclosure Statement dated Feb. 17, 2023, is
available at https://bit.ly/3S8zapb from PacerMonitor.com.

                   About Jet Oilfield Services

Jet Oilfield Services, LLC, provides support activities for mining,
and oil and gas extraction industry.

Jet Oilfield Services sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 22-70126) on Oct.
12, 2022.  In the petition signed by Brian T. Owen, manager, the
Debtor disclosed up to $50 million in both assets and liabilities.

Judge Tony M. Davis oversees the case.

Angelo DeCaro serves as the Debtor's Chief Restructuring Officer.

Stephen W. Sather, Esq., at Barron and Newburger, PC, is the
Debtor's legal counsel.


JONES DESLAURIERS: Moody's Rates USD500MM Sr. Secured Notes 'B2'
----------------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to USD500
million of seven-year senior secured notes being issued by Jones
DesLauriers Insurance Management Inc. (Jones DesLauriers, corporate
family rating B3), a wholly owned subsidiary of Navacord Corp.
(Navacord), a leading Canadian insurance broker. The notes are
being offered to institutional investors and will rank pari passu
with existing senior secured credit facilities. Net proceeds from
the offering will be used to partially refinance the company's
existing term loan, and to help fund acquisitions. The rating
outlook for Jones DesLauriers is unchanged at stable.

RATINGS RATIONALE

According to Moody's, the company's ratings reflect Navacord's
growing market presence as the fourth-largest commercial lines
insurance broker in Canada generally serving middle market clients.
The company has a good mix of business across commercial and
personal property & casualty insurance and employee benefits, with
specialties in construction and transportation. The company is
diversified geographically across Canada, particularly in Ontario,
Alberta and British Columbia. Navacord has produced strong organic
growth in the low double digits in past years, supporting healthy
EBITDA margins in the mid-30s (per Moody's calculations). The
company has also completed 69 acquisitions since November 2018,
operating a decentralized model that allows acquired entities to
manage their business fairly autonomously while benefitting from
Navacord's centralized services.

These strengths are tempered by Navacord's aggressive financial
leverage and low fixed charge coverage, execution risk associated
with acquisitions, and limited scale relative to other rated
insurance brokers. Navacord also faces potential liabilities
arising from errors and omissions, a risk inherent in professional
services.

Giving effect to the proposed transaction, Moody's estimates that
Navacord's pro forma debt-to-EBITDA ratio will be close to 7.5x,
with (EBITDA-capex) coverage of interest of 1.0x-1.5x and a
free-cash-flow-to-debt ratio in the low single digits. These pro
forma metrics include Moody's adjustments for operating leases,
certain other debt-like obligations, and run-rate earnings from
acquisitions. Moody's expects the company to improve its coverage
metrics in the next 12 to 18 months through growth in EBITDA.

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

Factors that could lead to an upgrade of Jones DesLauriers' ratings
include: (i) increased scale and diversification, (ii)
debt-to-EBITDA ratio below 6x, (iii) (EBITDA - capex) coverage of
interest exceeding 2x, and (iv) free-cash-flow-to-debt ratio
exceeding 5%.

Factors that could lead to a downgrade of the ratings include: (i)
debt-to-EBITDA ratio above 7.5x, (ii) (EBITDA - capex) coverage of
interest below 1.2x, (iii) free-cash-flow-to-debt ratio below 2%,
or (iv) disruptions to existing or newly acquired operations.

Moody's has assigned the following rating to Jones DesLauriers:

USD500 million seven-year senior secured notes at B2 (LGD3).

Jones DesLauriers' rating outlook is unchanged at stable.

The principal methodology used in this rating was Insurance Brokers
and Service Companies published in June 2018.

Based in Toronto, Canada, Navacord Corp. offers a diversified mix
of property & casualty insurance, employee benefits and specialized
products mainly to middle market businesses across Canada. The
company generated revenue of CAD465 million for the 12 months
through October 2022.


K & N PARENT: Midcap Financial Marks $23M Loan at 94% Off
---------------------------------------------------------
Midcap Financial Investment Corporation has marked its $23,765,000
loan extended to K&N Parent, Inc to market at $1,402,000 or 6% of
the outstanding amount, as of December 31, 2022, according to a
disclosure contained in Midcap Financial's Form 10-K for the
transition period from April 1, 2022 to December 31, 2022, filed
with the Securities and Exchange Commission on February 21, 2023.

Midcap Financial is a participant in a Second Lien Secured Debt to
K&N Parent, Inc. The loan accrues interest at a rate of 8.75% per
annum. The loan matures on October 21, 2024.

Midcap Financial classified the loan as non-accrual.

Midcap Financial Investment Corporation is a Maryland corporation
incorporated on February 2, 2004.  It is a closed-end, externally
managed, non-diversified management investment company that has
elected to be treated as a business development company under the
Investment Company Act of 1940. Apollo Investment Management, L.P.
is the investment adviser and an affiliate of Apollo Global
Management, Inc. and its consolidated subsidiaries (AGM). Apollo
Investment Administration, LLC, an affiliate of AGM, provides,
among other things, administrative services and facilities for the
Company.

K&N Parent, Inc. is a designer and manufacturer of performance
automotive aftermarket products. The Company offers air filters,
intakes, oil filters, cabins, and accessories.  



K STREET LLC: Seeks to Extend Plan Exclusivity to March 24
----------------------------------------------------------
K Street, LLC asked the U.S. Bankruptcy Court for the District of
Columbia to extend the exclusivity periods through March 24 for
filing a Chapter 11 plan of reorganization and May 23 for receiving
acceptances to the plan.

The debtor previously obtained an Order extending automatic stay to
March 24 relative to the deadlines for a plan of
reorganization. The debtor seeks an extension on the plan filing
such that it is commensurate with the Order already entered.

                        About K Street LLC

K Street, LLC is a single asset real estate (as defined in 11
U.S.C. Sec. 101(51B)).

K Street filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. D.C. Case No. 22-00198) on Oct. 25,
2022, with $10 million to $50 million in assets and $1 million to
$10 million in liabilities. Habte Sequar, president and member of
K Street, signed the petition.

Judge Elizabeth L. Gunn oversees the case.

The Debtor is represented by John D. Burns, Esq., at The Burns
Law Firm, LLC.


KDC US HOLDINGS: Midcap Financial Marks $6.02M Loan at 80% Off
--------------------------------------------------------------
Midcap Financial Investment Corporation has marked its $6,020,000
loan extended to KDC US Holdings, Inc to market at $601,000 or 10%
of the outstanding amount, as of December 31, 2022, according to a
disclosure contained in Midcap Financial's Form 10-K for the
transition period from April 1, 2022 to December 31, 2022, filed
with the Securities and Exchange Commission on February 21, 2023.

Midcap Financial is a participant in a First Lien Secured Debt -
Revolver Loan to KDC US Holdings, Inc. The loan accrues interest at
a rate of 0% (L+325) per annum. The loan matures on December 21,
2023.

Midcap Financial Investment Corporation is a Maryland corporation
incorporated on February 2, 2004.  It is a closed-end, externally
managed, non-diversified management investment company that has
elected to be treated as a business development company under the
Investment Company Act of 1940. Apollo Investment Management, L.P.
is the investment adviser and an affiliate of Apollo Global
Management, Inc. and its consolidated subsidiaries (AGM). Apollo
Investment Administration, LLC, an affiliate of AGM, provides,
among other things, administrative services and facilities for the
Company.

KDC US Holdings, Inc. provides video equipment.



KENT WYTHE HOLDCO: Taps Leech Tishman Robinson Brog as Counsel
--------------------------------------------------------------
Kent Wythe Holdco, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to employ Leech Tishman
Robinson Brog, PLLC as its legal counsel.

The firm's services include:

   a. providing legal advice with respect to the Debtor's powers
and duties under the Bankruptcy Code in the continued operation of
its business and the management of its property;

   b. negotiating, drafting, and pursuing all documentation
necessary in this Chapter 11 case, including, without limitation,
any debtor-in-possession financing arrangements and the disposition
of the Debtor's assets, by sale or otherwise;

   c. preparing legal papers;

   d. negotiating with creditors of the Debtor, preparing a plan of
reorganization and taking the necessary legal steps to consummate a
plan, including, if necessary, negotiations with respect to
financing a plan;

   e. appearing in court;

   f. attending meetings and negotiating with representatives of
creditors, the United States Trustee, and other parties in
interest;

   g. providing legal advice to the Debtor regarding bankruptcy
law, corporate law, corporate governance, tax, litigation, and
other issues attendant to the Debtor's business operations;

   h. taking all necessary actions to protect and preserve the
Debtor's estate including prosecuting actions on the Debtor's
behalf, defending any action commenced against the Debtor, and
representing the Debtor in negotiations concerning litigation in
which the Debtor is involved, including objections to claims filed
against the Debtor's estate; and

   i. other legal services.

The firm will be paid at these rates:

     Shareholders                   $500 to $800 per hour
     Counsel                        $495 to $600 per hour
     Associates                     $325 to $475 per hour
     Legal Assistants/Paralegals    $120 to $250 per hour

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

The firm received from the Debtor a retainer of $50,800.

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

The firm can be reached through:

     Fred Ringel, Esq.
     Leech Tishman Robinson Brog, PLLC
     875 Third Avenue, 9th Floor
     New York, NY 10022
     Phone: 212-603-6300
     Fax: 212-956-2164
     Email: fringel@leechtishman.com

                      About Kent Wythe Holdco

Kent Wythe Holdco, LLC filed a Chapter 11 bankruptcy petition
(Bankr. E.D.N.Y. Case No. 23-40271) on Jan. 26, 2023, with as much
as $1 million in both assets and liabilities. Judge Jil
Mazer-Marino oversees the case.

The Debtor is represented by Fred B. Ringel, Esq., at Leech Tishman
Robinson Brog, PLLC.


KENT WYTHE: Unsecured Creditors Will Get 100% of Claims in Plan
---------------------------------------------------------------
Kent Wythe Holdco LLC filed with the U.S. Bankruptcy Court for the
Eastern District of New York a Disclosure Statement for Plan of
Reorganization dated February 27, 2023.

The Debtor is a limited liability company that is a party to a
prospective lease ("Ground Lease") for an assemblage of property
located in Brooklyn, New York at 67 Kent Avenue; 73 Kent Avenue; 69
N. 9th Street; 79 N. 9th Street, 120 Wythe Avenue and 55 N. 9th
Street ("Assemblage").

The Plan provides for: (1) the Debtor to pay all of its creditors,
in full, from its Available Cash on hand as augmented, as needed,
by a Capital Contribution to be made from its equity holder
("Restructuring Plan"); and, (2) to the extent the Debtor is able
to procure the Acquisition Financing, for the Debtor to close on
the Assemblage Acquisition utilizing the Acquisition Financing and
to pay all of its creditors in full, from its Available Cash, the
Capital Contribution and the cash proceeds from the Acquisition
Financing (the "Restructuring and Acquisition Plan").

Under the Restructuring Plan, the Plan Fund shall consist of the
Debtor's Available Cash and the Capital Contribution. Under the
Restructuring and Acquisition Plan, the Plan Fund will also include
the cash proceeds from the Acquisition Financing.

The Assemblage Acquisition will be consummated on the Effective
Date of the Plan by (i) acquisition of the membership interests of
the limited liability companies which own the properties making up
the Assemblage, (ii) closing on the Acquisition Financing, (iii)
assuming the Escrow Agreement which will trigger the release of the
Ground Lease and Ground Lease Guaranty with the Ground Lease
serving as collateral for the Assemblage Acquisition Financing and
(iv) causing a statutory merger of the entities owning the
properties with the Debtor under which the Debtor is the surviving
entity. After the release of the Ground Lease signature pages and
Ground Lease Guaranty from escrow and the Ground Lease and its
future rental stream will serve as security for the Acquisition
Financing.

The Assemblage Acquisition will take place by the Debtor acquiring
all of the membership interests in: 67 Kent Ave LLC, 73 Kent Ave
LLC, 69 N. 9th St., LLC, 79 N. 9th St., LLC, 120 Wythe Ave, LLC and
FFN9 LLC under purchase and sale agreements and then merge these
entities into the Debtor. The Debtor as the Reorganized Debtor will
be the surviving entity resulting from the statutory merger. After
the merger, the Debtor will own the Assemblage, subject to the
Acquisition Financing. The transactions will be governed by two
separate purchase and sale agreements: (1) the BEA Contract; and
(2) the FFN9 Contract. BEA is the corporate owner of the limited
liability companies that own the properties located at 67 Kent
Avenue; 73 Kent Avenue; 69 N. 9th Street; 79 N. 9th Street and 120
Wythe Avenue. FFN9 LLC is the limited liability company which owns
the property located at 55 N. 9th Street, Brooklyn, New York.

The Debtor's 100% owner, Kent Assemblage LLC, has committed to
providing the Capital Contribution to the Plan Fund for the Debtor
to fund all required payments under the Restructuring Plan. In
order to facilitate the transactions contemplated under the Plan,
Debtor and its equity owner, Kent Assemblage LLC, each reserve all
rights to accept new equity members into their respective LLC's in
connection with the Capital Contribution and in obtaining the funds
for the Assemblage Acquisition in furtherance of the Restructuring
and Acquisition Plan.

Class 1 consists of Allowed General Unsecured Claims against the
Debtor. Except to the extent that a holder of an Allowed General
Unsecured Claim against the Debtor has agreed to less favorable
treatment of such Claim, each holder of an Allowed General
Unsecured Claim shall receive on the Effective Date, Cash in the
amount of such Allowed General Unsecured Claim plus interest at the
federal judgment rate payable from the Plan Fund in full and final
satisfaction of such Allowed General Unsecured Claim.

The allowed unsecured claims total $579,409.69. This Class will
receive a distribution of 100% of their allowed claims. Class 1 is
Unimpaired.

Class 2 consists of Interests in the Debtor. On the Effective Date,
equity shall retain its interest in the Debtor. Class 2 is
Unimpaired.

Under the Restructuring Plan, the Plan Fund shall consist of the
Debtor's Available Cash and the Capital Contribution. Under the
Restructuring and Acquisition Plan, the Plan Fund shall also
include the cash proceeds from the Acquisition Financing. The funds
necessary to pay all Claims under the Plan, consisting of
Administrative Claims, Fee Claims and Unsecured Claims, will be
paid from the Plan Fund. To the extent the Debtor seeks to confirm
the Restructuring and Acquisition Plan, a commitment for the
Acquisition Financing will be included in the Plan Supplement.

A full-text copy of the Disclosure Statement dated February 27,
2023 is available at https://bit.ly/3kINFnq from PacerMonitor.com
at no charge.

Proposed Attorneys for the Debtor:

     LEECH TISHMAN ROBINSON BROG PLLC
     Fred B. Ringel, Esq.
     Lori Schwartz, Esq.
     Clement Yee, Esq.
     875 Third Avenue
     New York, New York 10022
     Tel. No.: 212-603-6300

                        About Kent Wythe

Kent Wythe Holdco LLC is a limited liability company that is a
party to a prospective lease ("Ground Lease") for an assemblage of
property located in Brooklyn, New York at 67 Kent Avenue; 73 Kent
Avenue; 69 N. 9th Street; 79 N. 9th Street, 120 Wythe Avenue and 55
N. 9th Street ("Assemblage").

Kent Wythe filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.Y.
Case No. 23 40271) on Jan. 26, 2023.  The Debtor is represented by
Fred B. Ringel, Esq. of LEECH TISHMAN ROBINSON BROG, PLLC.


KENYON-WANAMINGO ISD: Moody's Lowers GOULT Bonds Rating to Ba1
--------------------------------------------------------------
Moody's Investors Service has downgraded Kenyon-Wanamingo
Independent School District 2172, MN's issuer rating and
outstanding general obligation unlimited tax (GOULT) bonds to Ba1
from Baa3. The district has an estimated $17 million in outstanding
GOULT debt. The outlook was revised to stable from negative.

RATINGS RATIONALE

The downgrade of the issuer rating to Ba1 reflects the district's
negative general fund balance and narrow liquidity that requires
significant cash flow borrowing, following multiple years of budget
overruns, and enrollment declines. Financial operations will likely
improve going forward following implementation of state oversight
and voter support for a new operating levy, but the district's fund
balance will remain in deficit for at least a few years. The rating
also reflects the district's above median resident incomes and full
value per capita, and moderate leverage and fixed cost ratios.

Governance considerations are a driver of the rating action. The
impact of governance on district's credit profile balances the
challenges associated with open enrollment losses and a history of
ineffective budget management that has led to significant budget
variances with the positive influence of the recent placement of
the district in Statutory Operating Debt (SOD), a state oversight
program that requires the district to submit to the Commissioner of
Education. The district's plan outlines a strategy to nearly
eliminate the deficit fund balance position by fiscal 2026.

The absence of distinction between the Ba1 rating on the district's
GOULT debt and the Ba1 issuer rating is based on the district's
full faith and credit pledge with authority to raise ad valorem
property taxes unlimited as to rate or amount.

RATING OUTLOOK

The stable outlook reflects the expectation that the district's
reserves will remain extremely weak, but will begin improving
supported by a recent voter approved increase in the operating
levy, budget cuts, and state oversight.  

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS

-- Significant and sustained improvement in operating reserves and
liquidity

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS

-- Financial performance that adversely deviates from state
approved SOD plan

-- Significant increase in leverage

LEGAL SECURITY

The outstanding general obligation unlimited tax (GOULT) bonds are
supported by the district's full faith and credit pledge and the
authority to levy a dedicated property tax unlimited as to rate and
amount. The bonds are additionally secured by statute.

The GOULT bonds are also supported by the State of Minnesota's
School District Credit Enhancement Program which provides for an
unlimited advance from the state's general fund should the district
be unable to meet debt service requirements.

PROFILE

Kenyon-Wanamingo I.S.D. 2172 is located approximately 30 miles
northwest of Rochester (Aaa stable) and 60 miles southeast of the
Twin Cities (St. Paul, Aa1 stable; Minneapolis, Aa1 stable). The
district provides early childhood through twelfth grade education
to a resident population of approximately 5,700 and serves over 600
students.

METHODOLOGY

The principal methodology used in these ratings was US K-12 Public
School Districts Methodology published in January 2021.


KEYSTONE GAS: Gets OK to Hire HBC CPAs & Advisors as Accountant
---------------------------------------------------------------
Keystone Gas Corporation received approval from the U.S. Bankruptcy
Court for the Western District of Oklahoma to employ HBC CPAs &
Advisors as its accountant.

The firm will assist in preparing the Debtor's pre-bankruptcy tax
returns in connection with its analysis of the claim filed by the
U.S. Internal Revenue Service on Jan. 12, and in preparing the
Debtor's plan of reorganization.

The firm will be paid at these rates:

     Marty Chisum, CPA    $275 per hour
     Tamara Burton, CPA   $135 per hour
     Staffs               $75 per hour

Lonnie Heim, a partner at HBC CPAs & Advisors, 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:

     Lonnie Heim
     HBC CPAs & Advisors
     9905 N. May Ave.
     Oklahoma City, OK 73120
     Tel: (405) 848-7797

              About Keystone Gas Corporation

Keystone Gas Corporation, a utility service provider in Drumright,
Okla., sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. W.D. Okla. Case No. 22-12088) on Sept. 14, 2022. At
the time of the filing, the Debtor reported $1 million to $10
million in both assets and liabilities.

Judge Sarah A. Hall oversees the case.

The Debtor tapped Spencer Fane, LLP as legal counsel and HBC CPAs &
Advisors as accountant.


KL CHARLIE: Midcap Financial Marks $1.9M Loan at 80% Off
--------------------------------------------------------
Midcap Financial Investment Corporation has marked its $1,962,000
loan extended to KL Charlie Acquisition Company to market at
$402,000 or 20% of the outstanding amount, as of December 31, 2022,
according to a disclosure contained in Midcap Financial's Form 10-K
for the transition period from April 1, 2022 to December 31, 2022,
filed with the Securities and Exchange Commission on February 21,
2023.

Midcap Financial is a participant in a First Lien Secured Debt -
Revolver to KL Charlie Acquisition Company. The loan accrues
interest at a rate of 1% (P+525) per annum. The loan matures on
December 30, 2026.

Midcap Financial Investment Corporation is a Maryland corporation
incorporated on February 2, 2004.  It is a closed-end, externally
managed, non-diversified management investment company that has
elected to be treated as a business development company under the
Investment Company Act of 1940. Apollo Investment Management, L.P.
is the investment adviser and an affiliate of Apollo Global
Management, Inc. and its consolidated subsidiaries (AGM). Apollo
Investment Administration, LLC, an affiliate of AGM, provides,
among other things, administrative services and facilities for the
Company.

KL Charlie Acquisition Company is a Delaware Domestic Corporation.
KL Charlie Acquisition is in the Advertising, Printing & Publishing
industry, and affiliated with Fingerpaint Marketing, which is
backed by private equity firm Knox Lane.


KOPPERS INC: Moody's Rates New $400MM Sr. Secured Term Loan 'Ba3'
-----------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 rating to Koppers
Inc.'s proposed new $400 million senior secured term loan B.
Koppers Holdings Inc.'s ("Koppers") Ba3 Corporate Family Rating and
Ba3-PD Probability of Default Rating remain unchanged. The Ba3
rating on the senior secured first lien revolving credit facility
and B1 rating on the 6% senior unsecured notes due 2025 issued by
Koppers Inc. also remain unchanged. Moody's expects to withdraw the
rating on the senior unsecured notes once they are redeemed. The
Speculative Grade Liquidity Rating (SGL) of SGL-2 remains the same.
The outlook is stable.

Proceeds from the term loan as well as borrowings from the revolver
will be used to refinance the $500 million senior unsecured notes
due 2025 as well as pay estimated financing fees and expenses.

The assigned rating is subject to transaction completing as
proposed and review of final documentation.

"The proposed term loan will extend Koppers' maturity profile and
reduces near-term financing risk, but is partially offset by more
floating rate debt in the capital structure at a time when rates
are likely to head higher," said Domenick R. Fumai, Moody's Vice
President and lead analyst for Koppers Holdings Inc.

Assignments:

Issuer: Koppers Inc.

Backed Senior Secured Term Loan B, Assigned Ba3 (LGD3)

RATINGS RATIONALE

Moody's forecasts Koppers' sales will increase to approximately
$2.1 billion in 2023. Moody's expects Performance Chemicals to see
modest growth in repair and remodeling activity while residential
construction volumes will be down double-digits offset by major
price increases that went into effect in the beginning of the year.
With the phase-out of pentachlorophenol, Koppers should enjoy
further market penetration of CCA (copper chromium arsenate) and
DCOI.  Railroad and Utility Products Services should benefit from
strong demand due to increased infrastructure spending for utility
poles while railroad crosstie replacement volumes should remain
healthy.  Carbon Materials & Chemicals is expected to continue
being adversely impacted by higher coal tar costs, exacerbated by
the loss of volumes from Turkey due to the earthquake, but
continued solid end market demand and further pricing increases
ought to mitigate some of the impact of inflation. Moody's projects
Koppers to generate around $240 to $250 million in EBITDA in FY
2023. Koppers' financial leverage, (Debt/EBITDA), including Moody's
standard adjustments is 3.9x as of September 30, 2022 and is
expected to gradually approach mid-3x by 2024. Moody's anticipates
retained cash flow-to-debt to remain in the mid-to-upper teens over
the next several years, which is appropriate for the rating.

Koppers Ba3 rating reflects the relatively steading earnings
generated by the Railroad and Utility Products and Services (RUPS)
segment, which benefits from a significant portion of sales under
long-term contracts. Koppers rating is further underpinned by its
leading positions in the North American wood railroad crosstie and
wood-treating chemicals industries. The rating also reflects the
benefits of operational restructuring and solid retained cash flow
generation. Koppers has taken steps over the past several years to
improve the inherent stability and profitability of its business by
consolidating its operational footprint and shifting focus towards
higher margin businesses like wood preservation chemicals.

The rating is tempered by Koppers' narrow business focus in the
wood preservation industry. Moreover, many of its end markets have
modest organic growth prospects given their mature nature and has
resulted in a strategy that requires acquisitions to augment
organic growth. In the past, acquisitions have temporarily caused
credit metrics to exceed Moody's threshold for the rating. The
rating also factors the company's environmental liabilities that,
although currently manageable, could adversely affect its financial
condition in the long run. In addition, significant customer
concentration with the company's top 10 customers representing
roughly 39% of FY 2022 sales is another offsetting factor as the
loss of a key customer could have material impact on profitability.
Koppers' rating is constrained by raw material price fluctuations
and exposure to cyclical end markets including construction,
aluminum, steel and tires.

LIQUIDITY

The SGL-2 Speculative Grade Liquidity Rating (SGL) indicates good
current liquidity to support operations in the near-term with cash
of $33 million and availability under its senior secured revolving
credit facility of about $412 million as of December 31, 2022.
Pro forma for the redemption of the senior notes, availability
under the revolving credit facility will be roughly $302 million.
The revolving credit facility has a total leverage ratio covenant,
net of cash up to $125 million, of 5.00x, stepping down to 4.75x
after six quarters and 4.50x after eight subsequent quarters and a
minimum interest coverage ratio covenant of 2.0x. Moody's expects
the company to be in compliance over the next 12 months.

The stable outlook assumes that Koppers maintains relatively flat
debt levels and that demand in key end markets remains sufficient
so earnings and cash flows will continue to support credit metrics
appropriate for the rating.

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

Moody's would likely consider a downgrade if Debt/EBITDA is
sustained above 4.0x, retained cash flow-to-debt (RCF/Debt) to debt
is sustained below 12%, the company adopts a more aggressive
financial policy, including a large debt-financed acquisition or
significant increase in debt to finance shareholder returns.

Moody's does not view an upgrade as likely over the next 12-18
months given expectations for modest improvements in credit
metrics, but would consider an upgrade if financial leverage,
including Moody's standard adjustments, is sustained below 3.0x,
retained cash flow-to-debt (RCF/Debt) is consistently in excess of
20% and the company maintains solid liquidity to cover operating
activities and growth initiatives. An upgrade would also be
contingent upon no material change in estimates for environmental
remediation or liabilities and further progress towards resolution
of the coal tar pitch cases.

ESG CONSIDERATIONS

Koppers Holdings Inc.'s ESG considerations have a moderately
negative (CIS-3) impact on its rating. Environmental considerations
including carbon transition (E-4) and waste and pollution (E-4),
which is reflected by the company's potentially significant
environmental liabilities, are the primary drivers of the CIS
score, but have a limited impact on the current rating.

Exposure to environmental risks (E-4) reflects Koppers' highly
negative exposure to carbon transition given its footprint and the
elevated risks for regulatory fines and remediation related to
several sites where the EPA has identified it as a potentially
responsible party, though it presently has a limited financial
impact.

Social risk is highly negative (S-4), but commensurate with the
commodity chemical companies and is largely driven by risks
associate with health and safety and responsible production. Health
and safety risks arise from potential long-term exposure to coal
tar pitch, which is believed to be a carcinogenic and can cause
injury to workers. However, coal tar pitch is highly regulated by
OSHA and Koppers maintains a Zero Harm program which is employed
throughout the entire company.

The company's governance IPS score of G-3 is moderately negative.
Koppers governance risk is underpinned by financial strategy and
risk management risks (G-3) typically associated with a speculative
grade rating; however, this is partially offset neutral-to-low
risks associated with management creditability and very good track
record of meeting and exceeding public guidance.

STRUCTURAL CONSIDERATIONS

The new senior term loan is assigned a Ba3 rating commensurate with
the rating on the Ba3 senior secured revolving credit facility as
it shares the same collateral package and is equivalent to the Ba3
CFR. The B1 rating on the senior unsecured notes, one notch below
the CFR, reflects the amount of secured debt that has claims on the
company's assets and thus limits recovery prospects.

The principal methodology used in this rating was Chemicals
published in June 2022.

Koppers Holdings Inc. is an integrated global provider of treated
wood products, wood treatment chemicals and carbon compounds. Their
products and services are used in a variety of niche applications
in a diverse range of end markets, including the railroad,
specialty chemical, utility, residential lumber, agriculture,
aluminum, steel, rubber, and construction industries. Headquartered
in Pittsburgh, PA., the company generated $1.98 billion of revenue
for the twelve months ended December 31, 2022.


KURNCZ FARMS: Unsecureds Owed $3.7M to Get 70% in Plan
------------------------------------------------------
Kurncz Farms, Inc., submitted a Third Amended Combined Disclosure
Statement and Plan of Reorganization.

As of January 20, 2023, the Debtor has the following assets:

                     Fair Market Value  Est.Liquidated Value
                     -----------------  --------------------
Cash                          $64,600             $64,600
Net Receivables              $373,988            $336,600
Investment in Coop           $686,500                   -
Feed Inventory/Corn silage $1,200,000            $600,000
Cattle Inventory           $2,170,000          $1,953,000
Buildings                  $3,787,000                   -
Titled Vehicles               $47,200             $30,700
Equipment                  $1,014,000            $659,100
Total                      $9,343,288          $3,644,000

Currently, Debtor has 1666 milking and dry cows and approximately
430 calves through breeding age heifers. The Debtor's dairy farm
can hold 1850 milk cows.  The Debtor believes that it will reach
full capacity by December 2023.

Under the Plan, Class 5 General Unsecured Claims total $3,782,600.
Each Holder of an Allowed Unsecured Claim ("Class 5 Claimant" or
"Class 5 Claimants") will receive the following ("Class 5
Payments"):

  a. Pro Rata share of the lesser of (i) $2,346,739.23 or (ii) 70%
of each Allowed Unsecured Claim, payable as follows:

      (i) Shareholder Payments: On or before December 31, 2023,
Debtor will cause the Shareholders to pay $50,000.00 to be
distributed Pro Rata to Holders of Allowed Unsecured Claims, if
Debtor has insufficient funds to make this payment from its own
operating income. On or before December 31, 2024, Debtor will cause
the Shareholders to pay $50,000.00 to be distributed Pro Rata to
Holders of Allowed Unsecured Claims, if Debtor has insufficient
funds to make this payment from its own operating income.

     (ii) Plan Payments: Pro Rata distribution of: (i) $50,000.00
on or before December 31, 2025; (ii) $100,000.00 on or before
December 31, 2026; (iii) $100,000.00 on or before June 30, 2027;
and (iv) $200,000.00 on or before December 31, 2027 (the "Unsecured
Creditors Plan Payments").

    (iii) Excess Delta Payments. Beginning with the year-ending
2025, the Debtor will compare the difference between its cash basis
revenues less feed, seed, fertilizer, fuel, and chemicals (the
"Delta") with the Delta for the year-ending 2024. To the extent the
Delta in 2025 exceeds the Delta in 2024 by 10% (the "Excess
Delta"), a Pro Rata distribution of 15% of the Excess Delta will be
paid to Holders of Allowed Unsecured Claims by February 1 of the
following year. The same calculation will be made in each
subsequent year for the life of the plan.

    (iv) Balloon Payment: On or before the date that is five years
from the Effective Date of this Plan, Debtor will pay a balloon
payment that will be distributed Pro Rata to Holders of Allowed
Unsecured Claims in the amount that when combined with the
Unsecured Plan Payments, the total Excess Delta Payments, and the
Shareholder Payments provides Holders of Allowed Unsecured Claims
the lesser of (a) an aggregate amount of $2,346,739.23 or (b) 70%
of each of their Allowed Unsecured Claim. (collectively with a.(i),
(ii), (iii) and (iv) the "Class 5 Payments").

  b. Avoidance Actions: upon the Effective Date, each Holder of an
Allowed Unsecured Claim will be released from any liability under
any Avoidance Action.

  c. Security. The Class 5 Payments will be secured by mortgages on
certain of the property owned by the Individual Co-Borrowers (the
"Class 5 Property") up to the value of $2,500,000.00 (the "Class 5
Mortgage"). The Class 5 Mortgage is subordinate to mortgages of PNL
Devine, LLC and the United States of America acting through the
Internal Revenue Service. The mortgagors, while not liable for the
Class 5 Payments, will acknowledge in the Class 5 Mortgage that, as
members of the Debtor, they are granting the Class 5 Mortgage for
valuable consideration which is to induce the Class 5 Claimants to
vote for the Class 5 Treatment, resulting in confirmation of the
Debtor's Plan. The Class 5 Mortgage shall secure the Class 5
Payments and any reasonable costs, including attorneys' fees which
are incurred with respect to enforcing the collection of the Class
5 Payments ("Costs and Expenses"). The only defaults under the
Class 5 Mortgages shall be: (i) failure to make a Class 5 Payment;
(ii) failure to maintain insurance on the Class 5 Property or;
(iii) the filing of a bankruptcy, receivership, or other insolvency
of the mortgagor. There shall be no right to accelerate the Class 5
Payments for failure of the Debtor to make a Class 5 Payment.

   d. Recovery percentage will vary based on the amount of Allowed
Unsecured Claims, including Allowed Unsecured Claims filed by the
Bar Date. Caledonia Farms Elevator Company has agreed, upon
confirmation, to reduce its claim to $1,250,000.00. If the amount
of claims remains as it is today, the recovery will be 70%. If,
however, an additional claim is filed and becomes an Allowed
Unsecured Claim, the recovery percentage may decrease. The Debtor
does not foresee additional unsecured claims to be filed.

  e. The Unsecured Creditors Committee appointed in this case
retained the law firm of Keller and Almassian PLLC (the "Law Firm")
to represent it during Debtor's Chapter 11 Case and has agreed the
Law Firm shall represent, as their agent, all of the Class 5
Claimants, collectively, with respect to the post-confirmation
execution, administration, and enforcement of the Class 5 Mortgage.
The Law Firm shall be designated as mortgagee on behalf of and for
the benefit of all of the Class 5 Claimants under the Class 5
Mortgage. The Law Firm shall have all of the rights and powers of
the mortgagee under the Class 5 Mortgage and shall exercise those
rights and powers for the benefit of the Class 5 Claimants,
including but not limited to: (i) executing the mortgage on behalf
of and for the benefit of the Class 5 Claimants; (ii) communicating
with the mortgagor, the Debtor, and the Class 5 Claimants regarding
the status of the Class 5 Payments; (iii) sending notices of
default to the mortgagors; and (iv) executing a discharge of the
Class 5 Mortgage upon full payment of the Class 5 payments and
Costs and Expenses, if any. In the event of default in the payment
the Class 5 Payments, the Law Firm may, in its sole discretion,
exercise all rights and remedies under the Class 5 Mortgage to
foreclose the Class 5 Mortgage, pay any Costs and Expenses from the
sale proceeds and make distribution of the net proceeds of sale to
the Class 5 Claimants according to the Class 5 Treatment. The Law
Firm is expressly authorized to execute the mortgage, as mortgagee
for the benefit of the Class 5 Claimants. The Law Firm shall not be
liable to the Class 5 Claimants for any damage arising from the
exercise of its duties as mortgagee with respect to the Class 5
Mortgage except in the event of willful conduct or gross
negligence. Class 5 is impaired.

Distributions will be made from Debtor's operating income.

Counsel to Debtor:

     Susan M. Cook, Esq.
     Elisabeth M. Von Eitzen, Esq.
     WARNER NORCROSS & JUDD LLP
     150 Ottawa Avenue, NW, Suite 1500
     Grand Rapids, MI 49503
     Tel: (616) 752-2418

A copy of the Disclosure Statement dated Feb. 15, 2023, is
available at https://bit.ly/3xERe0H from PacerMonitor.com.

                       About Kurncz Farms

Based in Saint Johns, Michigan, Kurncz Farms, Inc., Kurncz Farms
was incorporated in 1991 by Peter J. Kurncz, Sr., Marion Kurncz,
Peter J. Kurncz, Jr., and Lisa Kurncz and now operates as a
Michigan corporation. Peter Kurncz, Jr. took over control of the
farming operation in the early 1990s. Kurncz Farms is currently
owned by Lisa Kurncz and Peter J. Kurncz, Jr.

Kurncz Farms's herd now includes over 1666 milking and dry cows and
430 calves through breeding age heifers.  Kurncz Farms farms 3,000
acres in Clinton, Shiawassee, and Gratiot counties. The farming
operation also includes growing crops and feed, including beans,
wheat, haylage, corn bushels, and corn silage. The company employs
30 full and part-time associates.

The main farm is located at 4777 Gilson Road, St. Johns, Clinton
County, Michigan. The farm's operations have $8 million to $9
million in annual revenues.

Kurncz Farms sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. W.D. Mich. Case No. 21-02612) on Nov. 30, 2021,
listing as much as $10 million in both assets and liabilities.
Peter J. Kurncz, president of Kurncz Farms, signed the petition.

Susan M. Cook, Esq., at Warner Norcross + Judd, LLP and Barron
Business Consulting serve as the Debtor's legal counsel and
business consultant, respectively.

The U.S. Trustee for Region 17 appointed an official committee of
unsecured creditors in the Debtor's case on Nov. 22, 2021.  The
committee is represented by Keller & Almassian, PLC.


LASH OPCO: Midcap Financial Marks $1.6M Loan at 53% Off
-------------------------------------------------------
Midcap Financial Investment Corporation has marked its $1,612,000
loan extended to Lash OpCo, LLCto market at $762,000 or 47% of the
outstanding amount, as of December 31, 2022, according to a
disclosure contained in Midcap Financial's Form 10-K for the
transition period from April 1, 2022 to December 31, 2022, filed
with the Securities and Exchange Commission on February 21, 2023.

Midcap Financial is a participant in a First Lien Secured Debt -
Revolver Loan to Lash OpCo, LLC. The loan accrues interest at a
rate of 1% (L+700) per annum. The loan matures on September 18,
2025.

Midcap Financial Investment Corporation is a Maryland corporation
incorporated on February 2, 2004.  It is a closed-end, externally
managed, non-diversified management investment company that has
elected to be treated as a business development company under the
Investment Company Act of 1940. Apollo Investment Management, L.P.
is the investment adviser and an affiliate of Apollo Global
Management, Inc. and its consolidated subsidiaries (AGM). Apollo
Investment Administration, LLC, an affiliate of AGM, provides,
among other things, administrative services and facilities for the
Company.

Lash OpCo, LLC operates as a beauty salon. The Company distributes
eyelash extension products.



LIBERTY POWER: Seeks to Hire Venable LLP as Substitute Counsel
--------------------------------------------------------------
Liberty Power Holdings, LLC and its affiliates seek approval from
the U.S. Bankruptcy Court for the Southern District of Florida to
employ Venable, LLP to substitute for Genovese Joblove & Battista,
P.A.

The firm's services include:

   (a) advising the Debtors with respect to their powers and duties
in the continued management and operation of their businesses and
properties;

   (b) attending meetings and negotiating with representatives of
creditors and other parties in interest and advising on the conduct
of the Debtors' bankruptcy cases, including all of the legal and
administrative requirements of operating in Chapter 11;

   (c) advising the Debtors in connection with any contemplated
sales of assets or business combinations;

   (d) advising and negotiating in connection with post-petition
financing and cash collateral arrangements, pre-bankruptcy
financing arrangements, emergence financing and capital structure;

   (e) advising the Debtors on matters relating to the evaluation
of the assumption, rejection or assignment of unexpired leases and
executory contracts;

   (f) advising the Debtors with respect to legal issues arising in
or relating to their ordinary course of business including
attendance at senior management meetings;

   (g) taking all necessary action to protect and preserve the
Debtors' estate, including the prosecution of actions on their
behalf, the defense of any actions commenced against the estates,
negotiations concerning all litigation in which the Debtors may be
involved, and objections to claims filed against the estate;

   (h) preparing legal papers;

   (i) negotiating and preparing a plan of reorganization,
disclosure statement and all related documents, and taking any
necessary action to obtain confirmation of such plan;

   (j) attending meetings with third parties;

   (k) investigating and, if applicable pursue, potential claims
and causes of action available to the Debtors' estates and advising
the Debtors on the prosecution or settlement thereof;

   (l) appearing before the bankruptcy court, any appellate courts,
and the Office of the U.S. Trustee; and

   (m) other necessary legal services and provide all other
necessary legal advice to the Debtors in connection with this
Chapter 11 case.

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

Paul Battista, Esq., a partner at Venable, 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 J. Battista, Esq.
     Mariaelena Gayo-Guitian, Esq.
     Heather L. Harmon, Esq.
     Venable, LLP
     100 Southeast Second Street, Suite 4400
     Miami, FL 33131
     Tel: (305) 349-2300
     Email: pjbattista@venable.com
            mguitian@venable.com
            hlharmon@venable.com

                        About Liberty Power

Established in 2001 and headquartered in Fort Lauderdale, Fla.,
Liberty Power Holdings, LLC is one of the largest and
longest-tenured owner-operated retail electricity providers in the
United States. It provides large and small businesses, government
agencies and residential customers with competitively-priced
electricity, sustainability solutions and exceptional customer
service.

Liberty Power filed a voluntary petition for Chapter 11
reorganization (Bankr. S.D. Fla. Case No. 21-13797) on April 20,
2021. On June 4, 2021, LPT, LLC, Liberty Power Maryland, LLC and
Liberty Power District of Columbia, LLC sought Chapter 11
protection. The cases are jointly administered under Case No.
21-13797 and have been assigned to Judge Scott M. Grossman.

At the time of the filing, Liberty Power disclosed total assets of
up to $100 million and total liabilities of up to $500 million.

The Debtors tapped Venable, LLP as legal counsel and Berkeley
Research Group, LLC as restructuring advisor. Robert Butler,
managing director at Berkeley, serves as the Debtors' chief
restructuring officer. Stretto is the claims and noticing agent.

Boston Energy Trading and Marketing, LLC, as DIP lender, is
represented by Eversheds Sutherland (US) LLP.


LIQUI-BOX HOLDINGS: Midcap Financial Marks $2.6M Loan at 30% Off
----------------------------------------------------------------
Midcap Financial Investment Corporation has marked its $2,649,000
loan extended to Liqui-Box Holdings, Inc. to market at $1,842,000
or 70% of the outstanding amount, as of December 31, 2022,
according to a disclosure contained in Midcap Financial's Form 10-K
for the transition period from April 1, 2022 to December 31, 2022,
filed with the Securities and Exchange Commission on February 21,
2023.

Midcap Financial is a participant in a First Lien Secured Debt –
Revolver Loan to Liqui-Box Holdings, Inc. The loan accrues interest
at a rate of 1% (L+450) per annum. The loan matures on February 26,
2025.

Midcap Financial Investment Corporation is a Maryland corporation
incorporated on February 2, 2004.  It is a closed-end, externally
managed, non-diversified management investment company that has
elected to be treated as a business development company under the
Investment Company Act of 1940. Apollo Investment Management, L.P.
is the investment adviser and an affiliate of Apollo Global
Management, Inc. and its consolidated subsidiaries (AGM). Apollo
Investment Administration, LLC, an affiliate of AGM, provides,
among other things, administrative services and facilities for the
Company.

Headquartered in Richmond, Virginia, Liqui-Box is a manufacturer of
flexible and rigid packaging.  Liqui-Box is a portfolio company of
Olympus Partners.



LUCIRA HEALTH: Covid Home Testing Kits Maker Enters Chapter 11
--------------------------------------------------------------
Shweta Jain of N Business reports that Lucira Health, the US maker
of Covid-19 home testing kits, has filed for Chapter 11
bankruptcy.

Publicly traded Lucira listed $146 million in assets and about $85
million in liabilities in its bankruptcy petition.

The company will remain operational during the bankruptcy
proceedings as it seeks to find a buyer.

"The company intends to use available cash on hand, which stands at
approximately $4.5 million as of the filing date, to fund
post-petition operations and costs in the ordinary course," a
Securities and Exchange Commission filing said.

"The company continues to operate its business as a
'debtor-in-possession' under the jurisdiction of the bankruptcy
court and in accordance with the applicable provisions of the
Bankruptcy Code and orders of the bankruptcy court."

It added that Lucira Health "cannot be certain that holders of the
company’s common stock will receive any payment or other
distribution on account of those shares following the Chapter 11
case".

Lucira sells Covid home testing kits that provide “lab-quality
results” in 30 minutes, according to its website. A single test
is listed for $35 on the site.

Declining Covid-19 restrictions affected demand for the testing
kits, squeezing Lucira, chief executive Erik Engelson said.

Lucira Health grew rapidly over the past few years as the Covid-19
pandemic spread throughout the world.

However, "the unpredictability of selling into a pandemic made for
a very challenging operating environment”, Mr Engelson said.

“Unfortunately, as restrictions lessened in 2022, we saw lower
demand for Covid-19 tests," he said.

"This, combined with slower than anticipated regulatory approval
for the new combined test kit developed for the 2022-2023 flu
season, led to insufficient revenue and capitalisation to offset
expenditures.

"Despite every effort to reduce capital outlays and restructure our
business, we took this action to protect and maximise the value of
our assets.”

Lucira intends to use available cash on hand to fund post-petition
operations and costs in the ordinary course of business, the
company said.

"We managed to grow significantly, reached positive net income, and
drove continued innovation in our offering," Mr Engelson said.

The company generated net sales of $34.4 million in and $151
million in the quarter and nine-month period, respectively, that
ended September 30, 2022.

Venture capital firm Eclipse Ventures holds a stake of about 10 per
cent in Lucira, making it the company's biggest shareholder, court
papers show.

                       About Lucira Health

Lucira Health is a medical technology company founded in 2013
focused on the development and commercialization of transformative
and innovative infectious disease test kits.

Lucira Health sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Del. Case No. 23-10242) on February 22, 2023. In
the petition filed by Richard Narido, as chief financial officer,
the Debtor reports total assets as of Dec. 31, 2022 amounting to
$145,897,301 and total debts as of Dec. 31, 2022 amounting to
$84,720,814.

Lawyers at Young Conaway Stargatt & Taylor, LLP and Cooley LLP
serve as counsel to the Debtor, Armanino LLP as its financial
advisors, and Donlin, Recano & Company, Inc. as its claims and
noticing agent.





MATCON CONSTRUCTION: Taps Small Business CFO as Accountant
----------------------------------------------------------
Matcon Construction Services, Inc. received approval from the U.S.
Bankruptcy Court for the Middle District of Florida to employ Small
Business CFO as its accountant.

The Debtor requires an accountant to prepare its annual tax
returns; assist with the completion of its monthly operating
reports; and provide general bookkeeping services.

The firm will be paid at the rate of $50 per hour.

Michael Schwartz, a partner of Small Business CFO, 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:

     Michael A. Schwartz
     Small Business CFO
     P.O. Box 271563
     Tampa, FL 33688
     Tel: (813) 205-2691
     Email: michael@smaill-business-cfo.com

                About Matcon Construction Services

Matcon Construction Services, Inc. provides general contracting,
solar solutions and development services. The company is based in
Tampa, Fla.

Matcon Construction Services sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-00215) on
Jan. 20, 2023. In the petition signed by Derek Mateos, president,
the Debtor disclosed up to $10 million in assets and up to $50
million in liabilities.

Judge Roberta A. Colton oversees the case.

Scott Underwood, Esq., at Underwood Murray, P.A. and Small Business
CFO are the Debtor's legal counsel and accountant, respectively.


MENACHEM LAND: Court Denies Disclosure Statement
------------------------------------------------
Judge Vincent P. Zurzolo has entered an order denying the
Disclosure Statement of Menachem Land, LLC.

According to the judge, the disclosure called for by the form
"Disclosure Statement and Plan of Reorganization" is inadequate,
incorrect, or missing with respect to:

   * Section III. Description of Debtor's Past and Future Business
and Events Precipitating Bankruptcy Filing: Past and Future
Business Operations; Factors That Led to Filing This Bankruptcy
Case, Future Financial Outlook and Proposed Management of The
Debtor.

   * Section V. Source of Money to Satisfy Claims and Interests:
Sale of Property, Payments on the Effective Date: Claims and
Expenses to be Paid on the Effective Date, Source of Funds on the
Effective Date, Cash Available After Payments Made on the Effective
Date and Explanation of Risk Factors and Potential Fluctuations
When Implementing the Plan.

   * Section VI. Assets and Liabilities of the Estate.

   * Section VII. Calculation of Estimated Percent Recovery

   * Section VIII. Plan Provisions: Treatment of Claims: Unsecured
Claims that Must Be Treated as Required by s 1129(a)(9)(A) and s
1129(a)(9)(C) Unless a Claimant Consents to a Different Treatment,
Administrative Expense Claims, Tax Claims and Secured Claims.

The hearing on order to show cause will be on April 6, 2023 at
11:00 a.m. in 255 E. Temple St., Ctrm 1368, Los Angeles, CA 90012.


                     About Menachem Land

Menachem Land, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-14634) on Aug. 25,
2022.  In the petition filed by its managing member, Jane Un, the
Debtor reported between $1 million and $10 million in both assets
and liabilities.

Judge Vincent P. Zurzolo oversees the case.

Stephen R. Wade, Esq., at Law Offices of Stephen R. Wade P.C., is
the Debtor's counsel.


MERX AVIATION: Midcap Financial Marks $204M Loan at 27% Off
-----------------------------------------------------------
Midcap Financial Investment Corporation has marked its $204,677,000
loan extended to Merx Aviation Finance, LLC to market at
$150,000,000 or 73% of the outstanding amount, as of December 31,
2022, according to a disclosure contained in Midcap Financial's
Form 10-K for the transition period from April 1, 2022 to December
31, 2022, filed with the Securities and Exchange Commission on
February 21, 2023.

Midcap Financial is a participant in a First Lien Secured Debt –
Revolver Loan to Merx Aviation Finance, LLC. The loan accrues
interest at a rate of 10% per annum. The loan matures on October
31, 2023.

Midcap Financial Investment Corporation is a Maryland corporation
incorporated on February 2, 2004.  It is a closed-end, externally
managed, non-diversified management investment company that has
elected to be treated as a business development company under the
Investment Company Act of 1940. Apollo Investment Management, L.P.
is the investment adviser and an affiliate of Apollo Global
Management, Inc. and its consolidated subsidiaries (AGM). Apollo
Investment Administration, LLC, an affiliate of AGM, provides,
among other things, administrative services and facilities for the
Company.

Merx Aviation Finance is a global aircraft leasing, management &
finance company headquartered in New York, NY with offices in
Dublin, Ireland. 



MISSOURI JACK: Court Denies Bid for Exclusivity Extension
---------------------------------------------------------
Judge Brian C. Walsh of the U.S. Bankruptcy Court for the Eastern
District of Missouri denied as moot Missouri Jack, LLC's motion to
extend the exclusive period to solicit acceptances of their plan of
reorganization.

The debtors had requested to extend the solicitation exclusivity
period by 110 days from February 11, 2022 through and including
June 1, 2022. The requested extension of the Solicitation
Exclusivity Period would have enable the Debtors to pursue
confirmation and implementation of a plan of reorganization without
interruption and eliminate as many impediments as reasonably
possible.


                         About Missouri Jack

Missouri Jack, LLC, and its affiliates Illinois Jack, LLC and
Conquest Foods, LLC, collectively own and operate 70 Jack in the
Box restaurants throughout Missouri and Illinois pursuant to
various franchise related agreements with Jack in the Box Inc., a
Delaware corporation, and its affiliated entities.

The Debtors filed voluntary petitions for relief under Chapter 11
of the Bankruptcy Code on Feb. 16, 2021 (Bankr. E.D. Mo. Case No.
21-40540).  The petitions were signed by Navid Sharafatian,
manager of TNH Partners, LLC, the sole manager of Missouri Jack
and Illinois Jack, and the sole managing member of Conquest.

Missouri Jack disclosed $10 million to $50 million in estimated
assets, and $1 million to $10 million in estimated liabilities.

Judge Barry S. Schermer oversees the cases.

The Debtors tapped Leech Tishman Fischaldo & Lampl, Inc., Summers
Compton Wells, LLC and SL Biggs as bankruptcy counsel, local
counsel and valuation service provider, respectively.

On Dec. 13, 2021, the Debtors filed a joint Chapter 11 plan of
reorganization and disclosure statement.



MULCH AND STONE: Seeks to Tap Frost & Associates as Legal Counsel
-----------------------------------------------------------------
Mulch and Stone, LLC seeks approval from the U.S. Bankruptcy Court
for the District of Maryland to employ Frost & Associates, LLC as
its bankruptcy counsel.

The firm will render these services:

     (a) prepare bankruptcy petitions, schedules, and financial
statements for filing;

     (b) advise the Debtor with respect to its powers and duties
pursuant to the Bankruptcy Code;

     (c) prepare on behalf of the Debtor all necessary legal
papers;

     (d) assist in analyses and representation with respect to
lawsuits to which the Debtor are or may be a party;

     (e) negotiate, prepare, file and seek approval of a plan of
reorganization;

     (f) represent the Debtor at all hearings, meetings of
creditors and other proceedings; and

     (g) perform all other legal services for the Debtor.

The firm received an advance retainer of $5,000 from the Debtor.

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

     Daniel A. Staeven                                  $545
     Rebecca Sheppard                                   $525
     Glen Frost                                         $645
     Paralegal, Legal Assistants and Law Clerks  $100 - $265

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

Daniel Staeven, Esq., a director at Frost & Associates, 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:

     Daniel A. Staeven, Esq.
     Frost & Associates, LLC
     839 Bestgate Road, Suite 400
     Annapolis, MD 21401
     Telephone: (410) 497-5947
     Facsimile: (888) 235-8405
     Email: daniel.staeven@frosttaxlaw.com

                      About Mulch and Stone

Mulch and Stone, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 23-11088)
on Feb. 20, 2023, with as much as $1 million in both assets and
liabilities. Frost & Associates, LLC serves as the Debtor's
counsel.


NAVACORD CORP: S&P Rates New $500MM Senior Secured Notes 'B-'
-------------------------------------------------------------
S&P Global Ratings assigned its 'B-' rating to Navacord Corp.'s
proposed $500 million senior secured notes due 2030 (issued by
financing subsidiary Jones DesLauriers Insurance Management Inc.).
It also assigned a '3' recovery rating, indicating an expectation
of meaningful recovery (50%-70%; rounded estimate: 55%) in the
event of payment default. All existing ratings, including the 'B-'
rating on Navacord Corp. and 'CCC' senior unsecured debt rating,
are unchanged by the new debt issuance.

Navacord is using the proceeds to partially refinance, in
conjunction with $80 million in new common equity from financial
sponsor Madison Dearborn Partners, its existing term loan B (C$507
million paydown to C$440 million), and fund its acquisition
pipeline. The company also plans to upsize its revolver to C$150
million (from C$100 million) and extend the maturity to December
2027.

Following the transaction, S&P Global Ratings' adjusted credit
measures will deteriorate modestly but remain in line with rating
parameters. Pro-forma for the issuance, we estimate leverage in the
low 9x for the year ended October 2022, (including annualized
earnings from deals already closed) and coverage (using current
Canadian dollar offer rates) in the low 1x. These measures remain
weaker than similarly sized 'B' rated peers. S&P expects modest
improvement over 2023, through continued robust organic growth and
as the company deploys balance sheet cash towards acquisitions
(currently under letters of intent, and otherwise). This will be
mitigated by expected modest margin deterioration on cost
inflation, post COVID-19 expense normalization, and investments in
the business.

Issue Ratings--Recovery Analysis

Key analytical factors

-- S&P assigned its 'B-' issue-level rating with a '3' recovery
rating to Navacord's $500 million U.S. senior secured note.

-- The $300 million U.S. unsecured note remains a '6' (while the
Canadian term loan and revolver remain unrated).

-- S&P's simulated default scenario contemplates a default in
2025, stemming from intense competition in the Canadian brokerage
marketplace, leading to significantly lower commissions.

-- S&P believes lenders would have the greatest recovery value
through reorganization rather than liquidation of the business.

Simulated default assumptions

-- Year of default: 2025
-- EBITDA at emergence: C$164 million
-- Implied enterprise value multiple: 5.5x

Simplified waterfall

-- Obligor/nonobligor valuation split: 100%/0%

-- Gross recovery value: C$899 million

-- Net recovery value for waterfall after 5% administrative
expenses: C$854 million

-- Collateral value available for first-lien claims: C$854
million

-- Estimated first-lien claims: C$1,427 million

-- Recovery range: 50%-70% (rounded estimate: 55%) Pari-passu
secured (deficiency) claims: C$572 million

-- Total unsecured claims: C$424 million

-- Value available to unsecured claims: C$0

-- Total unsecured recovery expectation: 0%



NAVARRO PECAN: Taps Bonds Ellis Eppich Schafer Jones as Counsel
---------------------------------------------------------------
Navarro Pecan Company, Inc. seeks approval from the U.S. Bankruptcy
Court for the Northern District of Texas to employ Bonds Ellis
Eppich Schafer Jones LLP as counsel.

The firm will render these services:

     (a) give bankruptcy-related legal advice to the Debtor;

     (b) assist the Debtor in preparing legal papers;

     (c) assist the Debtor in negotiating and formulating sale
and/or plan documents;

     (d) assist the Debtor in preserving and protecting the value
of the Debtor's estates; and

     (e) perform all other legal services for the Debtor that may
be necessary or appropriate in administering this Chapter 11 case.

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

     Joshua N. Eppich, partner        $575
     Kenneth Green, partner           $500
     J. Robertson Clarke, associate   $400
     C. Josh Osborne, associate       $400
     Bryan Prentice, associate        $375
     Bryan C. Assink, associate       $325
     Harrison Pavlasek, associate     $275

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

Prior to the petition date, the firm received $197,000 from the
Debtor for pre-petition services.

Joshua Eppich, Esq., a partner at Bonds Ellis Eppich Schafer Jones,
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:

     Joshua N. Eppich, Esq.
     J. Robertson Clarke, Esq.
     C. Joshua Osborne, Esq.
     Bryan C. Assink, Esq.
     Bonds Ellis Eppich Schafer Jones LLP
     420 Throckmorton Street, Suite 1000
     Fort Worth, TX 76102
     Telephone: (817) 405-6900
     Facsimile: (817) 405-6902
     Email: joshua@bondsellis.com
            robbie.clarke@bondsellis.com
            c.joshosborne@bondsellis.com
            bryan.assink@bondsellis.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. Texas Case No.
23-40266) on Jan. 30, 2023. In the petition filed by Brad Walker as
chief restructuring officer, the Debtor reported between $10
million and $50 million in both assets and liabilities.

Bonds Ellis Eppich Schafer Jones LLP serves as the Debtor's
counsel.


NEW CITY AUTO: Creditors to Get Proceeds From Liquidation
---------------------------------------------------------
New City Auto Group, Inc., filed with the U.S. Bankruptcy Court for
the Northern District of Indiana a Disclosure Statement concerning
Plan of Liquidation dated February 27, 2023.

The Debtor's shareholders incorporated New City Nissan to purchase
a Nissan dealership in Northwest Indiana and offer new and used
automobiles for sale and related services. The Debtor's
shareholders are and at all times were Michael Helmstetter, Benitta
Berke, and Steven Dobrofsky.

In January 2018, the Debtor purchased a Nissan automobile
dealership in Schererville, Indiana, previously known as Napleton
Nissan. Unfortunately, the Debtor's principals did not obtain floor
plan financing, which was critical to its success. As a result,
when Nissan North America, Inc. delivered 50 new motor vehicles to
the Debtor in February and March 2018, the Debtor lacked the means
to pay for them. As a result of the Debtor's failure to pay Nissan,
Nissan delivered notice terminating the dealer agreement that
permitted the Debtor to operate as a Nissan dealership. To
forestall the termination, the Debtor filed this case.

The Plan is intended to maximize distributions payable to Holders
of Allowed Claims and Interests and is designed to allow Holders of
Claims and Interests to receive distributions in excess of those
which would be available if the Debtor was liquidated under Chapter
7 of the Bankruptcy Code. The approval and consummation of the Plan
and other related agreements will enable the Liquidating Trustee to
make distributions to Holders under the Plan.

The Class 1 Claim consists of the Secured Claim against the Debtor
held by Steven Dobrofsky and Adrienne Berke. The Class 1 Claim is
Impaired under the Plan. Under this Plan, Steven Dobrofsky, who is
one of the Debtor's officers, directors, and shareholders, and
Adrienne Berke, whose sister, Benitta Berke, holds the same
shareholder status and offices, assert a security interest in
various of the Debtor's assets. Under the settlement, if approved,
Steven Dobrofsky and Adrienne Berke will jointly receive $250,000
without interest.

Class 2 Claims consist of all Allowed Claims against the Debtor
that are General Unsecured Claims. Class 2 Claims are Impaired
under the Plan. Each Holder of an Allowed Class 2 Claim shall
receive on the Effective Date, or as soon after that as may be
practicable, Cash or its equivalent in an amount equal to the
Holder's pro rata share of the Liquidation Proceeds. Such Holder
shall receive payment of the Allowed amount of its Class 2 Claim
after first reserving and deducting from the Liquidation Proceeds
an amount sufficient to pay fully all accrued and accruing
Administrative Claims, Allowed Priority Tax Claims, and all Allowed
Class 1 Claims. Unless ordered by the Bankruptcy Court, no
distribution will be made on account of any Class 2 Claim for
post-petition interest, attorneys' fees, or costs, or to the extent
any such claim represents punitive or exemplary damages, or a fine,
penalty, or forfeiture of any kind.

Class 3 Claim consist of the Allowed Claim against the Debtor held
by Michael Moody. Michael Moody shall receive payment of the
Allowed amount of his Class 3 Claim after first reserving and
deducting from the Liquidation Proceeds an amount sufficient to pay
fully all accrued and accruing Administrative Claims, Allowed
Priority Tax Claims, and all Allowed Class 1 Claims. Unless ordered
by the Bankruptcy Court, no distribution will be made on account of
the Class 3 Claim for post-petition interest, attorneys' fees, or
costs, or to the extent any such claim represents punitive or
exemplary damages, or a fine, penalty, or forfeiture of any kind.

Class 4 Claim consists of Nissan North America, Inc.'s Allowed
Claims against the Debtor held by Nissan North America Inc. The
Debtor and Nissan engaged in litigation in which Nissan alleged it
had a right to recovery for promissory estoppel, and conversion,
conspiracy, and a right to a constructive trust and declaratory
judgment. The Debtor and Nissan resolved their dispute through a
settlement the Court approved (CM/ECF 289) under which Nissan
received a $1,000,000 payment and the right to a $1,491,474.22
unsecured claim. Nissan shall receive payment of the Allowed amount
of its Class 4 Claim after first reserving and deducting from the
Liquidation Proceeds an amount sufficient to pay fully all accrued
and accruing Administrative Claims, Allowed Priority Tax Claims,
and all Allowed Class 1 Claims.

Class 5 consist of all Equity Interests in the Debtor. Class 5
Equity Interests are impaired under the Plan. Holders of Class 5
Equity Interests shall neither receive nor retain any property
under this Plan on account of such Equity Interests.

Except as otherwise provided in the Plan, on the Effective Date,
the Debtor shall assign all Estate assets to a Liquidating Trust
free and clear of all liens, claims, encumbrances, and Interests
for the benefit of Holders of Allowed Claims and Interests. On the
Effective Date, any executory contracts that (i) the Debtor entered
into before the Petition Date, (ii) are executory as of the
Effective Date, and (iii) have not been assumed or rejected under
§ 365 of the Bankruptcy Code before the Effective Date, shall be
deemed rejected.

The Plan provides for the orderly liquidation of the Debtor's
Estate. The Debtor believes that if the Plan is not consummated, it
is likely that Holders of Claims and Interests will receive less
than what they would receive if the Plan is confirmed because
liquidation through any other means would, at a minimum, require
payment of additional professional fees and expenses and could
result in costly and time-consuming litigation. If this were the
case, distributions to unsecured creditors would be significantly
reduced. Accordingly, the Debtor believes that the Plan provides
the best recoveries possible for the Holders of Claims against and
Interests in the Debtor.

The Debtor will fund the Plan with Cash in its Estate, the proceeds
of Litigation Claims, and the Liquidation Proceeds of the Debtor's
Estate.

A full-text copy of the Disclosure Statement dated February 27,
2023 is available at https://bit.ly/3y2kkHB from PacerMonitor.com
at no charge.

Counsel for the Debtor:

     Gregory J. Jordan, Esq.
     Mark R. Zito, Esq.
     Jordan & Zito LLC
     55 West Monroe St., Suite 3600
     Chicago IL 60603
     Phone: (312) 854-7181
     Email: gjordan@jz-llc.com
            mzito@jz-llc.com

                   About New City Auto Group

New City Auto Group, LLC, based in Schererville, IN, filed a
Chapter 11 petition (Bankr. N.D. Ind. Case No. 18-21890) on July
16, 2018.  In the petition signed by CEO Michael Helmstetter, the
Debtor estimated $1 million to $10 million in assets and
liabilities.  The Hon. James R. Ahler presides over the case.
Gordon E. Gouveia II, Esq., at Fox Rothschild LLP, is Debtor's
bankruptcy counsel.


NORTHEAST TOMATO: Seeks Cash Collateral Access
----------------------------------------------
Northeast Tomato Distributors Inc. asks the U.S. Bankruptcy Court
for the Middle District of Pennsylvania for authority to use cash
collateral and provide adequate protection.

The Debtor requires the use of cash collateral to pay its expenses
and continue its operations.

PNC Bank is believed to hold a first priority security interest in
most of the personal property of the Debtor, including accounts,
accounts receivable and cash. The Debtor is indebted to the Lender
in the approximate amount of $300,000.

The United States Small Business Association may hold a second
priority security interest in some of the personal property of the
Debtor, including accounts, and accounts receivable. The Debtor is
indebted to the SBA for an EIDL loan that may not be secured. The
amount owed on the loan is approximately $500,000.

In order to provide adequate protection to the Lenders, the Debtor
proposes to provide the Lenders with replacement liens in
post-Petition Cash Collateral, and all other assets in which the
Lenders have a pre-Petition security interest and lien, only to the
extent that the Lenders are secured in pre-Petition Cash
Collateral. The replacement lien will only be effective to the
extent there is a diminution in the amount of cash collateral post
petition. To the extent that such replacement liens are
insufficient and the Lenders have a shortfall resulting any
diminution resulting from the Debtor's use of cash collateral and
all other categories of assets upon which the Lenders have
pre-Petition liens, and to the extent the Lenders are secured in
cash collateral, the Lenders will be granted administrative claims
superior in priority to all other administrative claims except for
claims of professionals in this case and fees owed to the Office of
the U.S. Trustee. The replacement liens will be effective without
further recordation and will have the same priority as exists
pre-Petition.

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

             About Northeast Tomato Distributors, Inc.

Northeast Tomato Distributors, Inc.  is a corporation engaged in
business of produce distribution and trucking services. The Debtor
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. M.D. Pa. Case No. 23-00432) on February 28, 2023. In the
petition signed by Patrick Good, president, the Debtor disclosed up
to $10 million in both assets and liabilities.

Robert E. Chernicoff, Esq., at Cunningham, Chernicoff and
Warshawsky PC, represents the Debtor as legal counsel.



NORTHWEST SENIOR HOUSING: Unsecureds Owed $206M to Get Up to 50%
----------------------------------------------------------------
Northwest Senior Housing Corporation, et al., submitted a Fourth
Amended Chapter 11 Plan of the Plan Sponsors dated Feb. 17, 2023.

This Plan will implement the Sale Transaction, pursuant to which
substantially all the Debtors' assets will be sold to the purchaser
that will continue running the Community as a going concern.  A
purchaser, Bay 9 Holdings LLC, has been selected by the Plan
Sponsors and the parties have agreed to an Asset Purchase Agreement
that was approved by the Bankruptcy Court, subject to higher and
better bids, including through a potential Auction, pursuant to the
Bidding Procedures Order.  The Purchaser has offered to purchase
the Community for $48.5 million, subject to certain adjustments.
The remaining assets of the Estates shall be transferred to a
Litigation Trust to be liquidated for the benefit of holders of
Litigation Trust Interests.

Consultants have concluded that the Community cannot continue to
operate solely as an entrance fee community.  An entrance fee
model, in the opinion of such consultants, is not feasible and will
exacerbate the financial struggles of Edgemere.  Accordingly, the
Asset Purchase Agreement contemplates the conversion of the
Community to a rental model. Pursuant to the APA, all Residency
Agreements will be rejected and, subject to regulatory approvals
and/or requirements, all Current Residents will be offered a new
monthly rental agreement which shall provide similar services to
Current Residents as provided prior to the Closing Date.

This Plan will also establish a Litigation Trust, as noted above.
With the exception of Residents Trust Assets, all assets of the
Debtors not purchased through the Sale Transaction, including the
Landlord Litigation and other Retained Causes of Action, will be
transferred to the Litigation Trust. The Litigation Trustee will
prosecute and liquidate the Litigation Trust Assets, with the
proceeds from such liquidation distributed on a Pro Rata basis to
Holders of Allowed General Unsecured Claims pursuant to the terms
and conditions of this Plan and the Litigation Trust Agreement, a
draft of which has been included in the Plan Supplement.

The Plan includes a settlement of all potential Estate, Trustee,
DIP Lender and Resident claims against Lifespace in exchange for
(i) a $16.5 million payment to the Trustee on the Effective Date
for Distribution to current holders of the Original Bonds, pursuant
to the terms of the Original Bond Documents, and (ii) subject to
certain conditions, annual payments made into a Residents Trust,
pursuant to the schedule, which funds shall be used to pay
Participating Residents for Refund Claims as further described
herein. In exchange for the Lifespace Resident Contributions and
the consensual releases provided under Section 8 of this Plan,
Lifespace will be entitled to a Pro Rata distribution of Litigation
Trust Assets, in accordance with the terms of this Plan and the
Litigation Trust Agreement.

Under the Plan, Class 4 General Unsecured Claims total
$206,313,419, includes (i) an estimated Bond Deficiency Claim of
$60,902,439 based upon the initial Purchaser's offer and the
Lifespace Bond Contribution (after payment of other amounts set
forth in the Plan), (ii) the $143,910,979.78 Lifespace Resident
Claim (subject to opt-out adjustment), and (iii) vendor claims of
approximately $1,500,000.  This Class consists of all General
Unsecured Claims, including Class 5 and 6 Refund Claims of
Residents who OPT OUT of the Lifespace Settlement and the releases
under Section 8 of this Plan, and including vendor claims of
approximately $1,500,000, the Bond Deficiency Claim and the
Lifespace Resident Claim. Allowed General Unsecured Claims shall be
paid a Pro Rata share of the Litigation Trust Proceeds. Holders of
Allowed General Unsecured Claims are estimated to receive
Distributions ranging from 0% to 50% of their Allowed General
Unsecured Claims, depending on the outcome of the Landlord
Litigation and the liquidation of other Litigation Trust Assets.
Class 4 is impaired.

"Litigation Trust Proceeds" means any Cash proceeds to be
distributed to the holders of the Litigation Trust Interests
pursuant to the terms of the Litigation Trust Agreement.

Consistent with the Asset Purchase Agreement, substantially all of
the property in the Estates shall be sold to the Purchaser, free
and clear of all Liens, Claims, charges, or other encumbrances
pursuant to section 1123(a)(5)(D) of the Bankruptcy Code, with all
such Liens, Claims, charges or other encumbrances attaching
automatically to the Net Sale Proceeds in the same manner, extent,
validity and priority as existed on the Closing Date, with the Net
Sale Proceeds to be distributed pursuant to this Plan; provided,
however, that ad valorem personal property tax liens arising and
attaching to the subject property by operation of law on January 1,
2023 shall remain attached to the Assets and ad valorem personal
property taxes for tax year 2023 shall be the responsibility of the
Purchaser, subject to being Pro Rated pursuant to Section 2.6 of
the Asset Purchase Agreement and subject to any defenses available
under applicable Texas Law; the Taxing Authorities shall retain the
right to enforce their liens and take all actions provided by
applicable Texas Law. The Purchaser's initial purchase offer in the
amount of $48.5 million (subject to the adjustments in the Asset
Purchase Agreement) was approved, subject to higher and better
bids. Because no competing qualified bid was received by February
3, 2023 at 4:00 p.m. (prevailing Central Time), an Auction was not
necessary to determine the winning bidder. Upon the Closing of the
Sale Transaction, all Net Sale Proceeds therefrom after payments
required under the Plan to pay any unpaid Allowed Administrative
Claims, Priority Tax Claims, Professional Claims, DIP Facility
Claims, the Dallas County Claim, Diminution Claim and the U.S.
Trustee Fees, shall be paid to the Trustee for Distribution to
holders of Original Bonds, pursuant to the terms of the Original
Bond Documents.

Counsel to the Trustee and DIP Lender:

     J. Frasher Murphy, Esq.
     Thomas J. Zavala, Esq.
     HAYNES AND BOONE, LLP
     2323 Victory Avenue, Suite 700
     Dallas, TX 75219
     Telephone: (214) 651-5000
     E-mail: frasher.murphy@haynesboone.com
             tom.zavala@haynesboone.com

          - and -

     Daniel S. Bleck, Esq.
     Eric Blythe, Esq.
     Kaitlin R. Walsh, Esq.
     MINTZ, LEVIN, COHN, FERRIS, GLOVSKY AND POPEO, PC
     One Financial Center
     Boston, MA 02111
     Telephone: (617) 546-6000
     E-mail: dsbleck@mintz.com
             erblythe@mintz.com
             krwalsh@mintz.com

Counsel to the Debtors and Debtors in Possession:

     Trinitee G. Green, Esq.
     POLSINELLI PC
     2950 N. Harwood, Suite 2100
     Dallas, TX 75201
     Telephone: (214) 397-0030
     Facsimile: (214) 397-0033
     tggreen@polsinelli.com

          - and -

     Jeremy R. Johnson, Esq.
     POLSINELLI PC
     600 3rd Avenue, 42nd Floor
     New York, NY 10016
     Telephone: (212) 684-0199
     Facsimile: (212) 684-0197
     E-mail: jeremy.johnson@polsinelli.com

A copy of the Fourth Amended Chapter 11 Plan dated Feb. 17, 2023,
is available at https://bit.ly/3Z10Xdk from kccllc.net, the claims
agent.

               About Northwest Senior Housing

Northwest Senior Housing Corporation d/b/a Edgemere is a Texas
nonprofit corporation and is exempt from federal income taxation as
a charitable organization described under Section 501(c)(3) of the
Internal Revenue Code of 1986, as amended. Northwest Senior Housing
Corporation was formed for the purpose of developing, owning and
operating a senior living community now known as Edgemere.

Northwest Senior Housing Corporation, et al. sought Chapter 11
bankruptcy protection (Bankr. N.D. Tex. Case No. 22-30659) on April
14, 2022. The petitions were signed by Nick Harshfield, treasurer.
Northwest Senior estimated assets and liabilities between $100
million to $500 million and $100 million to $500 million each.
Polsinelli PC serves as the Debtors' bankruptcy counsel. FTI
Consulting Inc. is the Debtors' business advisor. Kurtzman Carson
Consultants LLC is the Debtors' notice, claims and balloting agent
as well as administrative advisor.


NRG ENERGY: Moody's Rates $650MM Series A Preferred Stock 'Ba3'
---------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to NRG Energy,
Inc's $650 million of Series A Fixed-Rate Reset Cumulative
Redeemable Perpetual Preferred Stock. Proceeds from the first-time
preferred shares issuance will be used to acquire Vivint Smart
Homes, Inc (Vivint, B2 RUR). Moody's expects the acquisition to
close as scheduled in March, even though Vivint disclosed on
February 21, 2023, that a jury in the U.S. District Court issued a
$189.7 million verdict against the company related to its selling
practices. The outlook for NRG is unchanged at stable.

Assignments:

Issuer: NRG Energy, Inc.

Pref. Stock, Assigned Ba3 (LGD6)

RATINGS RATIONALE

NRG's Ba1 CFR and overall credit quality reflect that of a large
integrated power company with a profitable residential business and
moderate leverage that will be temporarily elevated following the
Vivint acquisition, which was announced on December 6, 2022. The
Ba3 rating assigned to the preferred stock is two notches below
NRG's corporate family rating (CFR) of Ba1 with a stable outlook.
The lower rating on the preferred shares reflects the security's
subordinated position relative to $8 billion of existing senior
secured and senior unsecured debt.

NRG's business risk profile is underpinned by its large and diverse
power and energy operations, although this business is
geographically concentrated in Texas, which contributes about 70%
of its EBITDA. NRG is focused on growing its retail business, which
entails selling to home customers, which currently generates about
half of the company's EBITDA. NRG is also active in the wholesale
power business, including generation, trading, and retail sales to
business and wholesale customers. NRG's residential business is
stable and highly profitable, while its sales to business and
wholesale customers are characterized by high volumes and thin
margins, typical of commodity-oriented businesses.

NRG generates robust cash flow, with more than $2 billion of EBITDA
and $1 billion of free cash flow expected in 2023. Even though the
company's cash flow coverage as measured by CFO pre-WC to debt is
expected to decline to 15% from 25% following the acquisition of
Vivint, Moody's expect this metric to recover to 20% by the end of
2024, a level that is supportive of its current Ba1 CFR.

Liquidity

NRG has a Speculative Grade rating of SGL-2, indicating a good
liquidity position.  The company produces strong positive free cash
flow (NRG expects free cash flow before growth to be more than $1.5
billion for 2023). Available liquidity at year-end 2022 was about
$2.7 billion.

At the end of 2022, NRG had a total of $6.4 billion of liquidity
facilities, including its $3.7 billion revolving credit facility,
$800 million receivables securitization facilities, and $874
million of Pre-capitalized Trust Securities (P-Caps). As of
December 31, 2022, NRG had used $1.65 billion of the $3.7 billion
revolving credit facility for letter of credit postings but did not
have any cash draws. The $800 million receivable securitization
facility and the $900 million P-Cap facility were almost fully
utilized for letter of credit postings.

NRG expanded its corporate revolving facility by $600 million on
February 14, 2023, raising the borrowing capacity to $4.3 billion.
However, the amount will be reduced by $500 million if the Vivint
acquisition is not consummated.

The revolving credit facility, which expires in February 2028,
contains a material adverse change clause for new borrowings, a
credit and liquidity negative. NRG has financial covenants in its
revolving credit facilities and term loan that require the company
to maintain a corporate debt-to-EBITDA ratio of 4x or below.
Because these ratios are calculated to only cover the secured debt,
NRG is comfortably in compliance and should not have any problem
continuing to meet these requirements.

NRG does not have any major debt maturities until 2024 when $600
million of senior secured notes are due.

Rating Outlook

NRG's stable outlook reflects its robust free cash flow underpinned
by its strong retail brands and the hedged cash flows of its
wholesale business. Even though Moody's expects NRG's CFO pre-WC to
debt ratio to fall following the Vivint acquisition, the company
has a debt reduction plan in place and will continue to generate
strong free cash flow for the foreseeable future. The stable
outlook also reflects the manageable addition of Vivint's business,
which involves home security and monitoring and has recently been
on an upward trajectory.

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

Factors that Could Lead to an Upgrade

NRG's near-term prospect for an upgrade is more limited than
previously because acquiring Vivint will involve significant
integration risk and acquisition debt. However, assuming that NRG's
business risk does not increase materially and the Vivint
acquisition is successful, NRG will need to achieve a CFO pre-WC to
debt of 25% on a sustained basis to attain an investment grade
corporate family rating.

Factors that Could Lead to a Downgrade

Moody's could take negative rating action on NRG should business
conditions in the retail or wholesale power markets deteriorate,
the Vivint acquisition becomes a material drag on cash flow, or the
planned debt reduction does not occur as anticipated. To maintain
its current ratings, Moody's expects NRG to achieve a CFO pre-WC to
debt metric of 16% by the end of 2023 and at least 18% starting in
2024.

Company Profile

NRG is among the top three unregulated power companies in the US
and is headquartered in Houston, Texas. The company owns 16 GW of
generation capacity and sells power to approximately 5.5 million
home customers as well as commercial, industrial, and wholesale
customers. Vivint will add 1.9 million home customers to NRG's
existing customer base.              

The principal methodology used in this rating was Unregulated
Utilities and Unregulated Power Companies published in May 2017.


NRG ENERGY: S&P Downgrades ICR to 'BB' on Underperformance
----------------------------------------------------------
S&P Global Ratings lowered the issuer credit rating on NRG Energy
Inc. to 'BB' from 'BB+' and removed the rating from CreditWatch,
where placed it with negative implications on Dec. 6, 2022. The
outlook is stable.

The 'BBB-' issue-level rating on NRG's senior secured debt is
unaffected.

S&P said, "We also assigned our 'BBB-' rating to NRG's $740 million
senior secured notes and 'B' rating to its preferred stock
issuance. These issuances will fund the Vivint acquisition. The
recovery on the senior secured notes is '1'.

"The stable outlook reflects our expectation that NRG will initiate
its aggressive deleveraging plan in 2023 and be able to reduce debt
leverage to below 4.0x by year-end."

While NRG has yet to raise funds for the transaction, it will
largely fund the acquisition with debt, which will increase
leverage meaningfully above 4.0x adjusted EBITDA.

A further reduction in cash flow due to operational factors, and
higher market prices, has also adversely affected adjusted debt to
EBITDA. S&P expects the company to take longer to remediate
financials to levels appropriate for a 'BB+' rating, resulting in
the downgrade.

Based on the overcollateralization, there has been no impact on the
'BBB-' issue-level rating on the company's senior secured debt.

S&P said, "The stable outlook factors our expectation that NRG will
initiate its aggressive deleveraging plan in 2023 and be able to
reduce debt leverage to below 4.0x by year-end. However, as EBITDA
is not representative of cash flows when there is significant
growth in a business segment, we will also focus on cash-based
ratios that incorporate capitalized costs. Our outlook is also
premised on S&P Global Ratings-adjusted free operating cash flow to
debt (FOCF) to start trending in the 12.0% and above range. We
expect that this would imply achieving an adjusted EBITDA of $3.2
billion, and deleveraging by about $900 million by year-end 2023.
We will assume that no share repurchases will ensue prior to debt
reduction consistent with the plan."

A downgrade would be based on the company's inability to pay down
debt such that adjusted debt to EBITDA remains at around 4.25 or
higher, and FOCF to debt declines below 10%. This is also
consistent with adjusted operating cash flow to debt trending below
15% on a sustained basis. NRG's load-to-generation matching remains
tight in regions such as ERCOT. Continuation in outages that affect
operations and as well as its load serving obligations could
trigger weakening in the business risk profile. The ability to
maintain significant liquidity during periods of high commodity
volatility remains a key risk that S&P will monitor on a quarterly
basis.

S&P would revise the outlook to positive if adjusted debt to EBITDA
ratios starts trending below 3.75x on a sustainable basis. An
upgrade to 'BB+' would require adjusted debt to EBITDA in the
3.25x-3.5x range and adjusted FOCF to debt consistently above 15%.
An upgrade would also require a track record of successful
execution of the strategy showing improvement in churn ratios and
other key performance measures.

NRG has underperformed in a challenging 2022.

The company's EBITDA was lower than anticipated in 2022, partly due
to revisions in its business strategy (asset sales, closures, etc.)
but also from execution risks related to a tight load-to-generation
match.

NRG's 2022 EBITDA expectations were already lower by the third
quarter compared to expectations at the start of the year because
the outage at its Parish plant coincided with a very hot summer.
Additionally, asset sales and higher ancillary costs in ERCOT,
elevated commodity prices and inventory levels, and coal supply
issues weighed on its performance. In the fourth quarter, weaker
gas-fired power plant utilization affected EBITDA was (because of
milder weather) and penalties/increased energy costs associated
with Winter Storm Elliot.

NRG's management assumes the challenges it faced in 2022 will
dissipate and that Parish outage will be mitigated with only a
modest impact. In the first half of 2023, management expects the
proceeds from its business insurance will meaningfully offset the
effects on its cash flow stemming from the plant shutdown and its
increased equipment costs. S&P said, "We still estimate a $175
million to $200 million impact between 2022 and June 2023 after
insurance recoveries. Importantly, while management has reaffirmed
2023 EBITDA expectations, we think NRG continues to face
operational risks that are exacerbated by its asset-light business
strategy. Unlike some peers that have excess generation, NRG's
asset-light strategy implies that it needs its generation assets to
perform more consistently."

S&P said, "NRG's free operating cash flow (FOCF) was lower compared
to expectations, yet still significant. However, we note that
compared with its own expectation for 2022 (in 2020 when the Direct
Energy transaction closed), the company's adjusted debt to EBITDA
is weaker by about 0.75x.

"In and of itself, we do not expect the Vivint transaction to
affect NRG's business risk profile."

With the Hart-Scott-Rodino approvals received, the Vivint
acquisition remains on track for a mid- to late-March closing.

S&P Said, "The acquisition will result in the proportion of
aggregate EBITDA that NRG derives from its retail power business to
be about 55%-60%, with home services also contributing about
15%-20%. We see the competitive position of the pro forma company
as equally weighted between the unregulated power sector and the
business and consumer services sectors. Over time, we expect the
proportion of NRG's revenue that it derives from the business and
consumer services sector to rise to more than 70% as it continues
to pivot toward home services. Despite these adjustments, we expect
to continue to assess of its business risk profile as satisfactory.
We see the potential benefits of unlocking higher customer lifetime
value (CLV) through cross selling, the bundling of its products
offerings, and the extension of its contract tenors. However, we
also see execution risks amid a potentially recessionary
environment and will continue to monitor the company's ability to
match its load with its generation if the demand from Vivint's
customers increases its retail load and further pressures its load
balancing.

"We see the following factors as important credit drivers in the
Vivint transaction."

The transaction will increase the company's scale and geographic
diversity.

S&P said, "The acquisition will further NRG's announced shift
toward becoming a home solutions provider. Specifically, we see the
move as consistent with its pivot to an asset-light,
customer-facing business model and believe it will accelerate its
strategy of becoming a national provider of essential home
services. Following the transaction, we would assess NRG as an
integrated power and home products provider that offers a portfolio
of bundled smart home solutions to its customers. The transaction
would also add nearly 2 million customers to NRG's existing 6
million home customers and enable it establish a national
footprint. We believe these factors will reinforce the company's
scale, scope, and diversity.

"The expansion of NRG's capital-lite consumer services segment will
potentially increase its home business penetration, though we view
it as entailing tangible execution risks."

The acquisition of Vivint will enable the pro forma company to
leverage a common platform and integrate complimentary services to
enhance its customer value. Specifically, S&P sees the following
benefits:

-- The development of a high-capacity call center, billing, and
customer service platform that could lead to lower-cost operations
for its customers;

-- A complementary smart home product portfolio that it can
provide as a bundled offering; and

-- Combined sales channels would enable cross-selling
opportunities and potentially lead to an increase in the CLV from
its multi-product customers through incremental margin improvements
and extended contract tenors.

S&P said, "While we note execution risks we also see the potential
for NRG benefiting from extending its average customer life and the
average contract tenor of its new customers, as well as lowering
its customer cost of acquisition by bundling its services.

"We have also noted the recent ruling against Vivint in a lawsuit
filed by CPI Security Systems and see that as a potential for cash
leakage. However, our assumption is that the eventual financial
impact will be lower."

The company remains cash flow positive supported by its expected
cash flow conversion rates.

The core retail business appears to be doing well due to its
customer retention and usage. Despite some unexpected setbacks in
its earnings, NRG will generate strong FOCF because the retail
model is less capital intensive and its maintenance capital
expenditure (capex) will be more predictable. Management anticipate
cash flow conversion to recover to over 50% in 2023-2024.

The acquisition is premised on the belief that the pro forma
company will maintain similarly strong cash flow generation.
Management expects that the pro forma entity will have very stable
cash flow because of the extension of its customer tenure
(customers offered bundled products tend to be stickier), lower
attrition rates, and its reduced commodity exposure due to its
increased product diversity.

Vivint has invested heavily in its technology and maintains
superior key performance indicators relative to those of its peers.
Its core customer value--monthly service margin multiplied by
customer life less subscriber acquisition costs--has improved
materially to $3,275, which compares with $2,200 at its competitor
ADT.

While the acquisition appears untimely from a macroeconomic
perspective, Vivint recently generated positive FOCF.

For a home services company, achieving sufficient scale so that its
recurring revenue per user overwhelms its subscriber acquisition
costs (this is no different from retail power) is critical. Vivint
appears to have reached that mark given that it reported marginally
positive FOCF in 2021. Alarm monitoring companies tend to have
significant upfront costs to fund subscriber acquisitions and thus
need capital to finance their expansion. While the business will
likely benefit from the excess cash that NRG's legacy business
generates, it will require investments for ongoing initiatives
(brand awareness and information technology) to support its strong
growth. Management expects Vivint to generate nearly $1.5 billion
of FOCF between 2023-2027 (assuming zero net growth), which will be
important to support NRG's pivot toward home services.

S&P views the transaction's timing as somewhat unfavorable given
that the execution risks in this market environment could be
material.

While NRG could use its excess cash flow to fund its potential
expansion, S&P thinks its attach rates and new customer rates would
decline and its existing customers could look for
rebates/concessions or simply trade down from premium products to
lower-cost packages amid a recessionary environment.

Yet, several factors could mitigate subscriber attrition in a
recession. This includes relatively high FICO scores across the
subscriber base, which suggests the average customer is less
price-sensitive than the typical consumer. High engagement metrics,
including number of devices installed per home and daily
interactions on via the application suggest Vivint's subscribers
view this as an important service that is core to the home.
Historical data shows that Vivint's business model has been more
durable during economic downturns than models that rely on
do-it-yourself or equipment sales.

The manner in which the company is financing the merger is
unfavorable for its lenders, in S&P's view.

Vivint will become a wholly owned, non-guarantor subsidiary of NRG
and maintain its own capital structure. S&P said, "However, we will
consolidate Vivint's financials with those of NRG because Vivint
operates in a core business line, even though its debt will be
nonrecourse to NRG. Essentially, we think that Vivint will be
strategically important and expect NRG would support it if it
experienced financial difficulties."

The transaction, which NRG will largely fund with debt, indicates a
$5.6 billion enterprise value for Vivint (equity value and assumed
debt). NRG believes a business that will likely generate strong
FOCF does not need to be over-equitized. Therefore, the execution
risks amid potential recessionary headwinds will be borne by the
debtholders. S&P thinks such transactional risks should typically
be borne by shareholders.

A reduction in leverage levels below 3.5x is predicated on NRG's
ability to assimilate Vivint and manage operational challenges.

Owing to the underperformance, and the debt proceeds raised for
Vivint, the pro forma company will initiate debt leverage levels
closer to 4.4x EBITDA (adjusted for all debt imputations for
pensions, asset retirement obligations, leases and PPAs). The
company remains committed to improving balance sheet over time with
an expected $900 million deleveraging in 2023. While it has
suspended 2023 share repurchases until visibility on cash flows and
credit measures are apparent, S&P notes that it has not remediated
the EBITDA shortfall by a concomitant allocation of capita towards
debt reduction.

ESG credit indicators:E3, S2, G2

S&P said, "Environmental factors are a moderately negative
consideration in our credit rating analysis of NRG. NRG has pivoted
heavily to retail power and has reduced its emissions by more than
50% since 2014. It aims to reduce scope one, two (purchased
electricity), and three (employee business travel) emissions by 50%
by 2025 and has a net-zero target of 2050. NRG decided to close an
additional 1.6 GW of coal-fired generation units in 2022. It still
has coal-fired units in its Texas fleet. NRG is the first North
American issuer of sustainability-linked bonds in the power sector.
The company continues to face operational challenges, also from
weather events like the recent winter storm in the northeast
(Elliot). To recall, the net impact from the February 2021 ERCOT
winter storm on NRG was significant at about $260 million, exposing
its vulnerability to physical risks."



NUOVO CIAO-DI: Seeks to Hire Urban Compass as Commercial Broker
---------------------------------------------------------------
Nuovo Ciao-Di, LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of New York to employ Urban Compass, Inc.
as commercial real estate broker.

The firm will render these services:

     (a) advise the Debtor and its counsel as to market conditions
and strategies to maximize the value of the properties for sale;

     (b) market and list the properties for sale;

     (c) consult and advise the Debtor and its counsel with regard
to negotiation of price and terms of potential sales;

     (d) provide such other necessary services typically provided
by brokers listing in the geographic area of the properties; and

     (e) provide the appropriate reports and affidavits to the
court relating to the sales process and ultimate purchaser.

The broker's compensation for the professional services to be
rendered is 5 percent of the selling price.

Adelaide Polsinelli, a real estate agent at Urban Compass,
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:

     Adelaide Polsinelli
     Urban Compass, Inc.
     90 Fifth Avenue, 3rd Floor
     New York NY 10011
     Telephone: (212) 913-9058
     Email: apolsinelli@compass.com

                        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, manager, the Debtor
reported between $10 million and $50 million in both assets and
liabilities.

Judge John P. Mastando III oversees the case.

H. Bruce Bronson, Jr., Esq., at Bronson Law Offices, PC serves as
the Debtor's counsel.


ON SEMICONDUCTOR: Moody's Affirms Ba1 CFR, Outlook Remains Stable
-----------------------------------------------------------------
Moody's Investors Service affirmed ON Semiconductor Corp.'s (ON
Semi) Ba1 Corporate Family Rating, Ba1-PD Probability of Default
Rating, and Ba2 rating on the senior unsecured notes.  In addition,
Moody's upgraded ON Semi's senior secured revolving credit facility
rating to Baa2 from Baa3. The SGL-1 Speculative Grade Liquidity
(SGL) rating is unchanged. The outlook is stable.

The refinancing of secured debt with lower coupon unsecured debt is
credit positive given the reduction in cash interest expense. ON
Semi plans to use the net proceeds from the new $1.3 billion of
0.5% Convertible Senior Notes due 2029 (New Convertibles) to repay
the senior secured term loan due September 2026 (Term Loan). The
upgrade to the rating of the senior secured credit facilities is
dependent on repayment of the Term Loan, which Moody's expects will
occur shortly following closing of the New Convertibles. Following
full repayment, Moody's will withdraw the rating on the Term Loan.

Following repayment of the Term Loan (approximately $1.1 billion
outstanding as of December 31, 2022), the remaining debt under the
senior secured credit facilities (the $1.97 billion senior secured
revolver due June 2024) will benefit from a larger cushion of
unsecured debt and liabilities. The senior secured revolver due
2024 had $500 million outstanding as of December 31, 2022.

The New Convertibles (unrated) will also extend the maturity of
$1.1 billion of debt from 2026 to 2029 and will reduce cash
interest expense from a floating rate of over 6% annually to 0.5%,
improving cash flow.

Upgrades:

Issuer: ON Semiconductor Corporation

Senior Secured Revolving Credit Facility, Upgraded to Baa2 (LGD2)
from Baa3 (LGD3)

Affirmations:

Issuer: ON Semiconductor Corporation

Corporate Family Rating, Affirmed Ba1

Probability of Default Rating, Affirmed Ba1-PD

Senior Unsecured Regular Bond/Debenture, Affirmed Ba2 to (LGD4)
from (LGD5)

Outlook Actions:

Issuer: ON Semiconductor Corporation

Outlook, Remains Stable

RATINGS RATIONALE

ON Semi's Ba1 CFR reflects the company's strong market position,
with the second largest market share in the Power Discrete
semiconductor segment behind industry leader, Infineon. Moreover,
Moody's expects that ON Semi's strategy focused on increasing
exposure to, and content in, relatively high growth, high margin
analog end markets (automotive and industrial), and reducing
exposure to lower margin markets, will produce some further
increases in the EBITDA margin over time. The strategy to
consolidate manufacturing, exiting subscale facilities, should
further benefit profit margins over time.

Still, the rapid weakening of end markets outside of automotive and
core industrial, and the culling of non-core, lower margin business
will result in declining revenue over the next 12 to 18 months.
Given the speed of the decline in end markets, which has resulted
in excess inventory accumulation across the Semiconductor industry,
there is elevated uncertainty surrounding the potential term and
severity of the emerging industry downturn. Moody's expects
pressure on profit margins near term due to the negative operating
leverage on lower revenues and the ramping of silicon carbide
capacity. In addition, the increased capital intensity to support
the consolidation of manufacturing and increase silicon carbide
capacity will limit free cash flow (FCF) generation over the next
year or two and present execution risks.

The stable outlook reflects Moody's expectation that ON Semi's
revenues will decline in the upper single digits percent over the
next 12 to 18 months. Moody's anticipate a revenue headwind from
declines in ON Semi's consumer electronics, computing, and
communications end market products and the ongoing exit of noncore
revenues. Moody's expects that demand from the automotive and
non-consumer industrial end markets should only partially offset
these factors. Despite the lower revenues and profitability,
Moody's expects that adjusted debt to EBITDA will remain below the
mid 1x level through 2024.

The Baa2 rating on the senior secured revolver due June 2024
(Revolver) reflects the debt's collateral, which includes a first
priority lien on all assets, and loss absorption cushion of
unsecured debt and liabilities, including the convertible senior
notes. The Ba2 rating on the senior unsecured notes presumes the
repayment of the senior secured term loan. The Ba2 rating also
considers the absence of collateral and the effective subordination
to the Revolver, which benefits from collateral.

ON Semi's ESG Credit Impact Score is moderately negative (CIS-3).
The company has moderately negative environmental and governance
risks with low social risks in line with the semiconductor sector.
ON Semi's governance poses moderately negative risks. The company
maintains an active acquisition program and has displayed a past
willingness to use liberal amounts of debt to finance acquisitions.
Nevertheless, the company adheres to policies and standards of a
listed company and demonstrates a strong management track record of
maintaining profitability and generating free cash flow.

The Speculative Grade Liquidity (SGL) rating of SGL-1 reflects ON
Semi's very good liquidity. Moody's expect that ON Semi will keep
at least $750 million of cash and generate annual FCF of over $750
million over the next year. Liquidity is further supported by the
$1.97 billion senior secured revolver maturing 2024 (Revolver),
which had $500 million drawn as of December 31, 2022.

The Revolver contains one financial maintenance covenant as defined
in the credit agreement: maximum total net debt to EBITDA of 4x.
Moody's anticipate that ON Semi will maintain compliance with the
financial maintenance covenant over the next year.

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

The ratings could be upgraded if:

-- the EBITDA margin (Moody's adjusted) is sustained at least in
the upper twenties percent

-- debt to EBITDA (Moody's adjusted) is sustained below 2x and

-- ON Semi maintains a very good liquidity profile

The ratings could be downgraded if:

-- Moody's believe that ON Semi is losing market share or

-- EBITDA margin is less than 20% (Moody's adjusted) or

-- ON Semi engages in debt funded share repurchases or
distributions, or highly-leveraging acquisitions, such that debt to
EBITDA (Moody's adjusted) is sustained above 3x

ON Semiconductor Corp., based in Phoenix, Arizona, manufactures a
broad array of discrete and integrated circuit analog,
mixed-signal, and logic semiconductors and sensors, serving the
automotive, industrial, mobile telephony, and consumer electronics
markets.

The principal methodology used in this rating was Semiconductors
published in September 2021.


OUTPOST PINES: Seeks Cash Collateral Access
-------------------------------------------
Outpost Pines LLC asks the U.S. Bankruptcy Court for the Eastern
District of New York for authority to use cash collateral and
provide adequate protection.

On March 31, 2015, the Debtor borrowed $8 million from Progressive
Credit Union under an agreement to acquire and renovate its
properties in the Fire Island Pines, an LGBTQ+ resort in the U.S.
The Loan Agreement has a 10-year term, carries a 3% interest rate,
and has a five-year extension option. The Loan was assigned to
Pentagon Federal Credit Union and then to ECapital Loan Fund III
LP.

The Debtor paid the Lender timely until the pandemic-related
government-ordered shutdown of the hospitality industry. The travel
restrictions and quarantine requirements caused the Debtor to delay
its 2020 seasonal opening and dramatically curtail operations when
it did open on May 29, 2020. When the government lifted restaurant
and bar seating and social distancing requirements in June 2021,
the Debtor and its debtor-affiliates resumed reduced operations for
the 2021 season and full operations for the 2022 season. Income
rebounded and exceeded pre-pandemic levels.

Meanwhile, in March 2020, the Debtor reached out to the Lender when
it could not reopen in April 2020. Pentagon Federal Credit Union
had just taken over Progressive Credit Union, the initial Lender,
in an emergency merger. The Debtor promptly provided all
documentation Pentagon requested.  Pentagon agreed to defer debt
service for the months of May 2020 through September 2020, and thus
extended the Loan maturity date from April 1, 2025 to October 1,
2025. The Debtor's counsel conveyed many verbal settlement
proposals to Pentagon's counsel. At the Lender's request, on August
6, 2021, the Debtor made a formal written restructuring proposal,
and then another on April 7, 2022.

By then, Pentagon had accelerated its Loan and demanded payment in
full of all amounts due including principal, interest, default
interest and other charges. On January 19, 2022, the Lender
commenced a foreclosure action in the Supreme Court of Suffolk
County. The case was largely dormant while counsel to the parties
continued to negotiate.

The Debtor repeatedly offered to reinstate the Loan once its
business rebounded and it had access to sufficient cash. Pentagon
repeatedly refused tender unless the Debtor paid five times the
amount of the overdue interest.

Pentagon finally agreed to an in-person meeting on July 26, 2022,
followed by telephonic meetings on October 7, 2022. On October 7, a
loan modification was agreed upon subject only to the Lender's
senior management approval. Then the Lender went silent. The last
communication from Pentagon before it sold the Loan to ECapital
Loan Fund III LP was an October 12, 2022, email from Pentagon
stating that senior management was still reviewing the modification
terms.

According to the Debtor, it now seems obvious Pentagon was delaying
the Debtor while marketing the paper: Accruing a 16% default
interest made the Loan easier to sell. Indeed, Pentagon engaged a
national broker to market the Loan and obtained a real estate
collateral appraisal in January 2022 establishing a $13.5 million
fair market asset value, far more than the amount owed to the
Lender under any analysis.

On November 4, 2022, the Debtor was notified that ECapital Loan
Fund III acquired the Loan. Since November 4, ECapital has repeated
Pentagon's "negotiate, delay and disappear" strategy. For example,
the Debtor was promised an updated settlement proposal on February
3, 2023, and since then ECapital has not communicated with the
Debtor despite multiple emails and voice messages.

The Debtor estimates that $7.35 million of principal is due on the
Loan.

Although ECapital has not provided a current payoff letter, the
Debtor projects that as of February, 2023, ECapital will assert
that the Debtor owes about $2.385 million for 16% default interest,
as compared to about $532,000 for 3% regular interest. Amortization
payments are due as well.

Based on old payoff letters, the Debtor projects ECapital will also
demand escrow replenishments of about $218,000, legal fees of
$25,000 and late charges of $14,764, none of which the Debtor is in
a position to concede absent more detail and analysis. The Debtor
projects the ultimate cure cost to reinstate the Loan will be
between $1.254 million and $3.108 million for interest,
amortization, escrow replenishments, legal fees and late fees.

Aside from mortgage debt, the Debtor's obligations include an
insider loan of about $1.549 million, an SBA disaster assistance
loan of about $161,941 and vendor claims of about $8,200.

As adequate protection for the Debtor's use of cash collateral, the
Debtor will (a) maintain the value of the Properties though payment
of the normal monthly expenditures in general accord with the
Budget, (b) maintain the cash it collects over and above its
expenditures in its debtor-in-possession account pending further
Court order, (c) provide that all liens and security interests of
the Lender, if any, in the cash collateral used and consumed
pursuant to the Order will constitute a claim, secured by a lien in
all of the pre-petition and post-petition assets of the Debtor in
the same order of priority as existed prior to the Petition Date to
the extent of any diminution in the level of cash collateral as it
existed as of the Petition Date, provided however that the Adequate
Protection Lien will at all times be subordinate to (i)
professional fees and reimbursement of expenses that may be awarded
pursuant to 11 U.S.C. sections 330 and 331 to professionals
retained by the Debtor, (ii) any professionals employed by
committees in the case and retained by order of the Court; and
(iii) quarterly fees of the U.S. Trustee.

A hearing on the matter is set for April 5, 2023 at 10 a.m.

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

The Debtor projects total expenses, on a monthly basis, as
follows:

         $143,721 for March 2023;
          $81,839 for April 2023;
       $1,270,486 for May 2023;
          $73,839 for June 2023;
         $176,943 for July 2023; and
          $91,443 for August 2023.

                      About Outpost Pines LLC

Outpost Pines LLC is engaged in activities related to real estate.
Outpost Pines LLC owns in fee simple title properties located in
Sayville, NY, valued at $13.5 million.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr, E.D.N.Y. Case No. 23-70617) on February 23,
2023. In the petition signed by Patrick J. McAteer, authorized
signatory, the Debtor disclosed $13,979,967 in assets and
$11,815,019 in liabilities.

Judge Robert E. Grossman oversees the case.

Mark Frankel, Esq., at Backenroth Frankel and Krinsky, LLP,
oversees the case.


PENTECOSTAL ASSEMBLIES: Unsecureds to Recover 100% in Plan
----------------------------------------------------------
Pentecostal Assemblies, Inc., filed with the U.S. Bankruptcy Court
for the Southern District of Florida a Plan of Reorganization and a
Disclosure Statement dated Feb. 26, 2023.

The Debtor is a religious organization and/or church that is
established as nonprofit corporation in the State of Florida.  The
Debtor was incorporated at a Florida Not for Profit Corporation, on
the 28th day of February 1984.

The Debtor owns the real property located at 1535 NW 15 Avenue,
Fort Lauderdale, FL 33311, (the "Sanctuary") and the real property
located at 1536 NW 15 Ave., Fort Lauderdale, FL 33311, (the
"Investment Property"). The Sanctuary is the place where the church
members gather for worship and weekly religious events.  The
Investment Property is rented to church members in need of a home.

On Dec. 16, 2021, Yieldi, LLC, filed a Verified Complaint of
Mortgage Foreclosure in the Circuit Court of the Seventeenth
Judicial Circuit in and for Broward County, Florida, Case Number
CACE-21-022070. Subsequently, on August 12, 2022, the Court granted
the Final Summary Judgment of Foreclosure in favor of Yieldi, LLC.
and against the Defendants, Pentecostal Assemblies, Inc. et al. in
the amount of $433,225.82.

The Debtor sought refinance to redeem the Church assets out of
foreclosure, although the Debtor was pre-approved for a loan, there
was not sufficient time for the new lender to finalize the loan
before the properties were scheduled for foreclosure sale.

Class 5 claims consist of claims of General Unsecured Creditors,
including claims of litigation professionals.  The Debtor will pay
the Class 5 claims a minimum amount of 100% of the amount of each
claim, on the Effective Date. The allowed unsecured claims total
$146.80.  Class 5 claims are impaired.

The Debtor's income is comprised of tithes and offering from the
Church congregation/membership.

Under the terms of the Plan, the only impaired class of claims is
Class 5, consisting of unsecured creditors.  Because a Chapter 7,
liquidation provides for an amount greater that the total amount
due to the unsecured creditors, therefore the Plan shall provide
for 100% recovery on unsecured claims while bringing all secured
claims current, the Debtor believes that the Plan provides for a
greater return to the bankruptcy estate than a liquidation under
Chapter 7.

The Debtor is a Church, and the Church membership has agreed to
effectuate the reorganization of the Debtor's Estate and properly
fund the instant Chapter 11 Plan.

A full-text copy of the Disclosure Statement dated February 26,
2023 is available at https://bit.ly/3y9FpQ8 from PacerMonitor.com
at no charge.

Attorneys for Debtor:

     Edward M. Shahady, Esq.
     Edward M. Shahady, P.A.
     7900 Peters Road, Ste. B-200
     Fort Lauderdale, FL 33324
     Tel: (954) 442-1000
     Email: ed@shahady-law.com

                    About Pentecostal Assemblies

Pentecostal Assemblies, Inc., is a religious organization and/or
church established as nonprofit corporation in the State of
Florida. The Debtor sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-18288) on Oct. 26,
2022, with up to $50,000 in assets and up to $500,000 in
liabilities. Judge Scott M. Grossman oversees the case.  Edward M.
Shahady, PA, is the Debtor's legal counsel.


PHENOMENON MARKETING: Taps Richardson Kontogouris as Accountant
---------------------------------------------------------------
Phenomenon Marketing & Entertainment, LLC received approval from
the U.S. Bankruptcy Court for the Central District of California to
employ Richardson Kontogouris Emerson, LLP as accountant.

The firm will assist the Debtor with the computation of its federal
and state taxable income for the tax year ended Dec. 31, 2022.

The firm will be paid at hourly rates ranging from $150 to $650 per
hour.

Adam Wallace, a partner at Richardson, 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:

     Adam Wallace
     Richardson Kontogouris Emerson, LLP
     2942 Columbia St
     Torrance, CA 90503
     Tel: (310) 294-5200
     Fax: (310) 527-4549
     Email: adam.wallace@rkellp.com

            About Phenomenon Marketing & Entertainment

Phenomenon Marketing & Entertainment, LLC, a Los Angeles-based
company, filed a petition for Chapter 11 protection (Bankr. C.D.
Calif. Case No. 22-10132) on Jan. 10, 2022, with $359,080 in assets
and $2,289,737 in liabilities. Judge Ernest M. Robles oversees the
case.

The Debtor tapped the Law Office of Michael Jay Berger as
bankruptcy counsel; Morrison & Foerster, LLP as special litigation
counsel; and Richardson Kontogouris Emerson, LLP as accountant.


PIEDMONT DRAGWAY: Taps Stevens Martin Vaughn & Tadych as Counsel
----------------------------------------------------------------
Piedmont Dragway of NC LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of North Carolina to employ Stevens
Martin Vaughn & Tadych, PLLC as its counsel.

The firm will render these services:

     (a) prepare legal papers;

     (b) perform all necessary legal services in connection with
the Debtor's reorganization; and

     (c) perform all other legal services for the Debtor which may
be necessary in this Chapter 11 case.

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

     William P. Janvier        $490
     Kathleen O'Malley         $290
     Law clerks and Paralegals $145

Prior to the petition date, the firm received a retainer of $5,000
from the Debtor.

William Janvier, Esq., an attorney at Stevens Martin Vaughn &
Tadych, 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:

     William P. Janvier, Esq.
     Stevens Martin Vaughn & Tadych, PLLC
     6300 Creedmoor Road Suite 170-370
     Raleigh, NC 27612
     Telephone: (919) 582-2300
     Email: wjanvier@smvt.com

                    About Piedmont Dragway of NC

Piedmont Dragway of NC LLC is a dragway that hosts drag racing and
dirt drag racing competitions and offers concessions. On January
12, 2023, WFO Racing, LLC merged with Piedmont. Piedmont is the
surviving company after the merger.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.C. Case No. 23-00422) on February 15,
2023. In the petition signed by Ron Senecal, member manager, the
Debtor disclosed up to $10 million in both assets and liabilities.

Judge Joseph N. Callaway oversees the case.

William P. Janvier, Esq., at Stevens Martin Vaughn & Tadych, PLLC,
represents the Debtor as legal counsel.


PILGRIM'S PRIDE: Moody's Ups CFR to Ba2 & Unsecured Notes to Ba3
----------------------------------------------------------------
Moody's Investors Service upgraded Pilgrim's Pride Corporation's
Corporate Family Rating to Ba2 from Ba3 and Probability of Default
Rating to Ba2-PD from Ba3-PD. In addition, Moody's upgraded
Pilgrim's existing senior unsecured notes to Ba3 from B1.
Concurrently, Moody's affirmed the Ba1 ratings on Pilgrim's senior
secured revolving credit facility due August 2026 and senior
secured term loan due August 2026. The company's Speculative Grade
Liquidity Rating remains SGL-1 and the outlook remains stable.

The upgrade of Pilgrim's CFR to Ba2 reflects the company's
continued focus on maintaining a conservate financial policy,
growing scale including efforts to increase product and geographic
diversity, and good free cash flow generation. Although it is
likely that the current poultry cycle peaked in 2022 and earnings
will decline in 2023, Moody's believe that Pilgrim's conservative
financial policy and solid free cash flow generation are consistent
with a Ba2 CFR given the company's solid operating profile. The
upgrade reflects Moody's view that Pilgrim's Pride will maintain
its Moody's adjusted debt-to EBITDA (2.1x for the 12 months ended
December 2022) in a low to mid 2x range and that free cash flow
will exceed $175 million annually.

Moody's affirmed the Ba1 ratings on the revolver and term loan
because the existing ratings adequately reflect expected recovery
in the event of a default. The ratings reflect a one notch downward
override to the Baa3 implied outcome based on the loss given
default model.

The following ratings/assessments are affected by the action:

Upgrades:

Issuer: Pilgrim's Pride Corporation

Corporate Family Rating, Upgraded to Ba2 from Ba3

Probability of Default Rating, Upgraded to Ba2-PD from Ba3-PD

Senior Unsecured Regular Bond/Debenture, Upgraded to Ba3 (LGD4)
from B1 (LGD4)

Affirmations:

Issuer: Pilgrim's Pride Corporation

Senior Secured Bank Credit Facility, Affirmed Ba1 (LGD2)

Outlook Actions:

Issuer: Pilgrim's Pride Corporation

Outlook, Remains Stable

RATINGS RATIONALE

Pilgrim's Ba2 CFR is supported by its position among the world's
largest chicken processors, moderate financial leverage, very good
liquidity and, excluding exogenous disruptions, relatively stable
free cash flow. This reflects an operating strategy focused on
maximizing profitability and earnings stability through maintaining
efficient operations, improving product mix and leveraging customer
relationships. These focused efforts allow the company to at least
partially offset sector headwinds caused by external factors such
as biological risks, trade restrictions and government policies
that are largely out of its control. These strengths are balanced
against the company's focus in the cyclical chicken processing
industry, which is characterized by volatile earnings and modest
profit margins. The inherent earnings and cash flow volatility in
the sector requires very good liquidity to manage through weak
earnings periods. At the top of the cycle, Moody's expects
financial leverage to be very modest relative to comparably rated
companies. Conversely, at the bottom of the cycle, the company can
often have financial leverage that is well outside Moody's central
expectations for the rating for a limited period of time. The
financial policy of maintaining abundant access to cash and
external sources of liquidity helps the company manage through the
earnings volatility. Moody's evaluates Pilgrim's credit profile on
a stand-alone basis because the debt is not guaranteed by its
80%-shareholder JBS S.A. (JBS; Baa3 stable). Thus, the ratings are
not directly affected by the credit profile of JBS. However, the
strategic importance of Pilgrim's to JBS, as it provides protein
and geographic diversification, and potentially earnings stability,
is a positive credit factor because Pilgrim's does not pay a
dividend, a least a portion of earnings are being reinvested in
Pilgrim's growth and there is likely incentive for JBS to support
Pilgrim's through temporary cyclical slowdowns if necessary.

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

The stable outlook reflects a fairly wide range of potential
earnings performance that is typical in the cyclical U.S. chicken
processing industry balanced against Pilgrim's very good liquidity.
Moody's nevertheless expects in the stable outlook that Pilgrim's
debt to EBITDA will be sustained in a range of 2.0x to 2.5x during
the next 12 to 18 months and that the company will maintain its
very good liquidity.

Pilgrim's ratings are constrained by the company's concentration in
chicken. However, the ratings could be upgraded if the company
enhances earnings stability through improvements in business and
product mix, debt to EBITDA is sustained below 2.0x, there is
continued improvement in the EBITDA margin, the company generates
consistent and comfortably positive free cash flow, and liquidity
sources (cash plus unused revolver commitment availability) are
maintained consistently above $1 billion.

The ratings could be downgraded if debt/EBITDA is sustained above
2.5x. Other events that could contribute to a downgrade include a
major leveraged acquisition or share buyback, deteriorating
industry conditions that lead to prolonged negative free cash flow,
or deteriorating liquidity such as cash plus unused revolver
commitment below $750 million. The ratings could also be downgraded
if legal, governance or other challenges at related entities,
including JBS S.A., negatively affect the risk profile of
Pilgrim's.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE RISK

Pilgrim's Pride's ESG Credit Impact score is moderately negative
(CIS-3), reflecting its moderately negative governance risk and a
conservative financial policy that helps to partially mitigate its
highly negative exposure to environmental and social risks. The
main environmental risks for Pilgrim's Pride stem from its
significant reliance on water and natural capital in order to
produce chickens. Pilgrim Pride's social risk is driven mainly by
responsible production, as its poultry must adhere to food safety
and quality measures in order to prevent recalls or contamination.
The company's conservative financial policies and very good
liquidity provide financial flexibility to manage the environmental
and social risks.

Pilgrim Pride's credit exposure to environmental risks is highly
negative (E-4). This is driven by the company's highly negative
exposure to water management and natural capital, which stems from
its reliance on chickens that require significant recurring
investment in animal feed, water usage and access. The company must
also responsibly manage animal waste to minimize environmental
pollution, as well as waste from the production process and
packaging. Water use and water quality are priorities in Pilgrim's
Pride's sustainability program. The company has a goal to reduce
water use intensity by 15% by 2030 vs. 2019 baseline.

Pilgrim Pride's credit exposure to social considerations is highly
negative (S-4), driven by responsible production. As a
multi-national food company, Pilgrim's Pride has food safety and
quality measures that it must adhere to in order to prevent recalls
or contamination.

Credit exposure to governance considerations is moderately negative
(G-3). Pilgrim's financial policies are balanced with moderate
leverage, the absence of a dividend, and share repurchases that are
typically funded from free cash flow and allow for good
reinvestment. The company's 2-3x net debt-to-EBITDA leverage target
(based on the company's calculation; 1.7x as of December 2022)
allows for periodic increases in leverage to fund acquisitions or
due to cyclical slowdowns, though Moody's expects the company to
typically operate with debt/EBITDA in a 2.0x to 2.5x range
incorporating Moody's adjustments. The company's 80% voting and
ownership control by JBS is a governance weakness because it
concentrates decision making in a company whose controlling
shareholders were involved in corruption investigations in 2017.

The principal methodology used in these ratings was Protein and
Agriculture published in November 2021.

Headquartered in Greeley, Colorado, Pilgrim's Pride Corporation
(NASDAQ: PPC) is the second largest chicken processor in the world,
with operations in the United States, U.K., European Union, Mexico
and Puerto Rico. The company produces, processes, markets and
distributes fresh, frozen and value-added chicken products to
foodservice customers, distributors and retail operators worldwide.
Pilgrim's also is a leading integrated prepared pork supplier in
Europe.

For the last twelve-month period ended December 25, 2022, Pilgrim's
revenues totaled $17.5 billion. Pilgrim's Pride is controlled by
Sao Paulo, Brazil based JBS S.A. (Baa3 stable), the largest
processor of animal protein in the world. As of December 25, 2022,
JBS S.A. owns in excess of 80% of the outstanding common stock of
Pilgrim's.


PLOURDE SAND: Court OKs Cash Collateral Access Thru March 1
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Hampshire
authorized Plourde Sand & Gravel Co., Inc. to use cash collateral
on a final basis through March 1, 2023.

Separately, the Court entered an order denying a bid by the Office
of the U.S. Trustee to dismiss the case.  The U.S. Trustee said the
case must be dismissed for failure to provide evidence of
insurance.

The Cash Collateral order, entered on March 1, permits the Debtor
to use cash collateral to pay the costs and expenses incurred by
the Debtor in the ordinary course of business to the extent
provided for in the Budget in the amount of $109,800 through the
last day of the Use Period.

As adequate protection against any loss or diminution in the value
of the Lienholder's interest in the Debtor's interest in cash
collateral due to the Debtor's use thereof pursuant to the Order:

     a. Each mortgage, security agreement, lien or other
encumbrance held by GreenLake Real Estate Fund, LLC, the Internal
Revenue Service and the other Potential Cash Collateral Lienholders
named in the Motion will be preserved for the benefit of the
Potential Cash Collateral Lienholder on an interim basis subject to
the further provisions of the Order and orders of thecourt with
respect thereto; and

     b. Each of GreenLake Real Estate Fund, LLC, the Internal
Revenue Service and the other Potential Cash Collateral Lienholders
named in the Motion will be granted replacement liens on any
property of the estate held by such a Lienholder as collateral on
the petition date pursuant to valid, enforceable and perfected
encumbrances, which will have and enjoy the same degree of
perfection, preference and priority as their pre-petition Potential
Cash Collateral Liens enjoyed under applicable state law on the
Petition Date subject to the further terms of the Order.

The Replacement Liens will continue to be and be deemed valid and
perfected notwithstanding any requirements of non-bankruptcy law
with respect to perfection and will  secure any diminution in the
value of the collateral subject to a Lien held on the petition date
resulting from the use of cash collateral.

A copy of the Court's order is available at https://bit.ly/3YdnB1k
from PacerMonitor.com.

              About Plourde Sand & Gravel Co., Inc.

Plourde Sand & Gravel Co., Inc. owns eight properties located in
New Hampshire having an aggregate total value of $5.34 million. In
the petition signed by Daniel O. Plourde, sole shareholder and vice
president, the Debtor disclosed $9,192,623 in assets and
$8,072,411 in liabilities.

Judge Bruce A. Harwood oversees the case.

William S. Gannon PLC, is the Debtor's legal counsel.



PLUS THERAPEUTICS: Widens Net Loss to $20.3 Million in 2022
-----------------------------------------------------------
Plus Therapeutics, Inc. has filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss of
$20.27 million on $224,000 of grant revenue for the year ended Dec.
31, 2022, compared to a net loss of $13.40 million on $0 of grant
revenue for the year ended Dec. 31, 2021.

As of Dec. 31, 2022, the Company had $23.86 million in total
assets, $17.42 million in total liabilities, and $6.44 million in
total stockholders' equity.

"During 2022, we made significant progress in our co-lead
radiotherapeutic programs for recurrent glioblastoma (GBM) and LM.
Furthermore, even during a turbulent time in the U.S. capital
markets, we reached a new level of balance sheet stability to
support our exciting and potentially game-changing targeted
radiotherapeutic drug candidates," said Marc H. Hedrick M.D.,
president and chief executive officer of Plus Therapeutics.  "In
2023, we intend to build on the success of 2022 to simultaneously
advance our active programs in GBM and LM and also broaden and
diversify our drug development pipeline."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/0001095981/000095017023004099/pstv-20221231.htm

                        About Plus Therapeutics

Headquartered in Austin, Texas, Plus Therapeutics, Inc. --
http://www.plustherapeutics.com-- is a clinical-stage
pharmaceutical company focused on the discovery, development, and
manufacturing scale up of complex and innovative treatments for
patients battling cancer and other life-threatening diseases.

Plus Therapeutics reported a net loss of $8.24 million for the year
ended Dec. 31, 2020, a net loss of $10.89 million for the year
ended Dec. 31, 2019, a net loss of $12.63 million for the year
ended Dec. 31, 2018, and a net loss of $22.68 million for the year
ended Dec. 31, 2017.  As of Sept. 30, 2022, the Company had $23.10
million in total assets, $11.70 million in total liabilities, and
$11.40 million in total stockholders' equity.


PRODUCE DEPOT: Court Denies Disclosure Statement
------------------------------------------------
The Office of the U.S. Trustee having filed an objection to the
Disclosure Statement, the Debtor having filed a statement in
support and response to the objections and the Court having
considered the parties' submissions and having heard oral argument
and due notice having been given and for good cause shown and for
the reasons set forth on the record on February 9, 2023, Judge
Vincent F. Papalia has entered an order disapproving the Disclosure
Statement of Produce Depot USA, LLC.

The Debtor shall file and serve a First Modified Disclosure
Statement on or before Feb. 24, 2023 and that parties shall file
and serve any objections on or before March 10, 2023; the Court
will schedule a hearing to approve or to disapprove the First
Modified Disclosure Statement upon its receipt.

                  About Produce Depot USA

Produce Depot, LLC, is a merchant wholesaler of grocery and related
products in Brooklyn, N.Y.

Produce Depot sought Chapter 11 bankruptcy protection (Bankr.
E.D.N.Y. Case No. 22-40412) on March 2, 2022, listing $1,660,488 in
liabilities. On June 9, 2022, the case was transferred to the U.S.
Bankruptcy Court for the District of New Jersey (Bankr. D.N.J. Case
No. 22-14771).

Alla Kachan, Esq., at the Law Offices of Alla Kachan, P.C., is the
Debtor's counsel.


QLIK TECHNOLOGIES: Moody's Rates Amended Secured Loans 'B3'
-----------------------------------------------------------
Moody's Investors Service assigned a B3 rating to Project Alpha
Intermediate Holding, Inc.'s (dba Qlik Technologies Inc. "Qlik")
amended and extended credit facility consisting of a $75 million
senior secured revolving credit facility due October 2025 and a
$1390 million senior secured term loan due April 2027. The B3
Corporate Family Rating and B3-PD Probability of Default Rating
were not impacted by the amendment. The outlook is positive.

While the extension of the credit facility's maturities is credit
positive, Qlik currently has an outstanding announced intent to
acquire another Thoma Bravo - backed company, Talend. The closing
of the transaction could affect ratings, subject to the final
capital and organizational structures, total debt and leverage,
collateral and guarantee provisions, as well as integration and
synergy plans.

Assignments:

Issuer: Project Alpha Intermediate Holding, Inc.

Backed Senior Secured Bank Credit Facility, Assigned B3 (LGD3)

RATINGS RATIONALE

Qlik's credit profile is constrained by the company's moderate
financial leverage, narrow scope of products within the competitive
business intelligence and analytics (BIA) market, and challenges of
converting existing perpetual license users to subscription
licenses. Qlik competes against large and well capitalized firms
with superior distribution and bundling capabilities including
Microsoft, SAP, and Salesforce (Tableau). Moody's believe the
probability of Qlik deploying aggressive financial policies is high
as a private, controlled company.

Qlik benefits from an increasingly recurring revenue profile, good
geographic diversity, and a very good liquidity profile. The
company's solutions are consistently regarded as a leader in the
BIA market and partially mitigate the intense competitive pressures
of the industry. The company's strong liquidity profile is
underpinned by solid free-cash-flow (FCF) generation and around
$275 million of total liquidity (approximately $200 million cash
and $75 million revolver availability) as of September 30, 2022.

The positive outlook reflects a standalone view of Qlik's
increasingly recurring revenue base and Moody's expectation of
continued solid free-cash-flow (FCF) generation. Moody's expect the
US economy will likely contract in a couple of quarters of 2023,
with US interest rates likely to remain elevated until inflation is
reliably under control. This can materialize in delays and
downsizing of deals. Having said that, the company's earnings will
benefit from impacts of pricing actions, cost reductions, and
strong billings. The positive outlook and ratings could be revised
depending on the Talend acquisition, if completed.

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

Qlik's ratings could be upgraded if the company builds a track
record of conservative financial policies, sustains debt/CASH
EBITDA below 6x, and generates FCF/debt in the mid-to-high single
digit range on a more than temporary basis.

Qlik's ratings could be downgraded should the company's operating
performance weaken such that debt/CASH EBITDA remains above 7x or
FCF/debt is sustained in the low single digit range. In addition,
Qlik's ratings would be negatively pressured if its liquidity
profile deteriorates.

Qlik is a provider of business intelligence and data analytics
solutions to over 36,000 unique customers worldwide. The Company's
software products help users integrate and harmonize disparate data
streams to improve analysis across different groups and lines of
business within an organization. The solutions are delivered
on-premise via term licenses or through the cloud as a
Software-as-a-Service (SaaS) solution. Qlik is wholly owned by
private equity firm Thoma Bravo  following the take-private LBO in
August 2016.  Revenue for the twelve months ending September 30,
2022 was over $880 million.

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


QUALITAT DRYWALL: Wins Cash Collateral Access on Final Basis
------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of California
authorized Qualitat Drywall, LLC to use cash collateral in
accordance with its agreement with the U.S. Small Business
Administration.

Pre-petition, on July 15, 2020, the Debtor executed a U.S. Small
Business Administration Note, pursuant to which the Debtor obtained
a loan in the amount of $150,000. The Original Note was
subsequently amended on August 4, 2021, increasing the SBA Loan
amount total to $300,000. The terms of the First Modification of
Note required the Debtor to pay principal and interest payments in
the amount of $1,523 every month beginning 24 months from the date
of the Original Note over the 30-year term of the SBA Loan, with an
original maturity date of July 15, 2052.

The Debtor represented to the SBA that it will make no additional
or unauthorized use of the cash collateral retroactive from the SBA
Loan date until August 31, 2022, or the entry of an Order
Confirming the Debtor's Plan of Reorganization, whichever occurs
earlier, for ordinary and necessary expenses.

As adequate protection, retroactive to the Petition Date, the SBA
will receive a replacement lien on all post-petition revenues of
Debtor, to the same extent, priority and validity that its lien
attached to the cash collateral. The scope of the replacement lien
is limited to the amount (if any) that cash collateral diminishes
post-petition as a result of the Debtor's post-petition use of cash
collateral. The replacement lien is valid, perfected and
enforceable and will not be subject to dispute, avoidance, or
subordination, and this replacement lien need not be subject to
additional recording. The SBA is authorized to file a certified
copy of the cash collateral order and any other necessary and
related documents to further perfect its lien.

The SBA will  be entitled to a super-priority claim over the life
of the Debtor's bankruptcy case, which claim will be limited to any
diminution in the value of the SBA's collateral, pursuant to the
SBA Loan, as a result of the Debtor's use of cash collateral on a
post-petition basis.

A copy of the order is available at https://bit.ly/3J6iWK5 from
PacerMonitor.com.

                     About Qualitat Drywall

Qualitat Drywall LLC -- https://qualitatdrywall.com/ -- is a
drywall contractor in Southern California.

Qualitat Drywall sought protection under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 22-01405) on
May 27, 2022.  In the petition filed by Heriberto Gonzalez, as
managing member, Qualitat Drywall estimated assets between $100,000
and $500,000 and estimated liabilities between $500,000 and $1
million.

Jean Goddard has been appointed as Subchapter V trustee.

Steven E. Cowen, Esq., at S.E. Cowen Law is the Debtor's counsel.



QUANERGY SYSTEMS: Committee Gets OK to Hire Gibbons P.C. as Counsel
-------------------------------------------------------------------
The official committee of unsecured creditors of Quanergy Systems,
Inc. received approval from the U.S. Bankruptcy Court for the
District of Delaware to employ Gibbons P.C. as its legal counsel.

The committee requires legal counsel to:

   (a) provide the committee with legal advice in relation to the
Debtor's Chapter 11 case;

   (b) review financial and operational information furnished by
the Debtor to the committee;

   (c) investigate and determine the value of unencumbered assets;

   (d) analyze and negotiate the budget and the terms of the
Debtor's use of cash collateral;

   (e) assist in the efforts to sell assets or equity of the Debtor
in a manner that maximizes the value for creditors;

   (f) review the proposed sale of the Debtor's assets;

   (g) review and analyze Chapter 11 plan-related issues and pursue
confirmation of a plan as may be appropriate to provide
distributable value to the holders of general unsecured claims;

   (h) review and investigate the liens of any purported secured
parties;

   (i) review and investigate pre-bankruptcy transactions in which
the Debtor and its insiders were involved;

   (j) confer with the Debtor's management, counsel and financial
advisors;

   (k) review the Debtor's schedules and statements of financial
affairs;

   (l) advise the committee as to the ramifications regarding all
of the Debtor's activities and motions before the court;

   (m) file pleadings;

   (n) review and analyze the Debtor's financial professionals'
work product and report to the committee on that analysis;

   (o) attend committee meetings;

   (p) prepare various applications and memoranda of law submitted
to the court for consideration; and

   (q) perform such other legal services for the committee as may
be necessary or proper in this proceeding.

The firm will be paid at these rates:

     Robert K. Malone, Director          $1,000 per hour
     Mark B. Conlan, Director            $690 per hour
     Christopher Viceconte, Director     $680 per hour
     Brett S. Theisen, Director          $650 per hour
     Chantelle D. McClamb, Director      $650 per hour
     Jennifer M. Rutter, Associate       $500 per hour
     Kyle P. McEvilly, Associate         $400 per hour
     Ellen Rosen, Case Manager           $325 per hour
     Neal Mitchell, Paralegal            $245 per hour

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

Robert Malone, Esq., a director at Gibbons, 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:

     Robert K. Malone, Esq.
     Gibbons P.C.
     One Gateway Center
     Newark, NJ 07102-5310
     Tel: (973) 596-4500
     Fax: (973) 596-0545
     Email: rmalone@gibbonslaw.com

                       About Quanergy Systems

Quanergy Systems, Inc., designs, develops and markets Light
Detection and Ranging (LiDAR) sensors and 3D perception software
solutions that enable intelligent, real-time detection, tracking
and classification of objects such as people and vehicles in
mission-critical markets such as security, smart cities and
industrial automation.  The company is based in Sunnyvale, Calif.

Quanergy Systems sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Delaware Case No. 22-11305) on Dec. 13,
2022, with $10 million to $50 million in both assets and
liabilities.  Larry Perkins, chief restructuring officer of
Quanergy Systems, signed the petition.

The Debtor tapped Young Conaway Stargatt & Taylor, LLP and Cooley,
LLP as bankruptcy counsels; Seward & Kissel, LLP as special
counsel; SierraConstellation Partners as restructuring advisor; FTI
Consulting, Inc. as financial Advisor; and Raymond James Financial,
Inc. as investment Banker. Bankruptcy Management Solutions, Inc.,
doing business as Stretto, Inc., is the claims, noticing and
solicitation agent.

The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Debtor's Chapter
11 case. Robert K. Malone, Esq., at Gibbons P.C. and Dundon
Advisers, LLC serve as the committee's legal counsel and financial
advisor, respectively.


QUANERGY SYSTEMS: Committee Hires Dundon as Financial Advisor
-------------------------------------------------------------
The official committee of unsecured creditors of Quanergy Systems,
Inc. received approval from the U.S. Bankruptcy Court for the
District of Delaware to employ Dundon Advisers, LLC as its
financial advisor.

The committee requires a financial advisor to:

   -- assist in the analysis, review, and monitoring of the
Debtor's restructuring and liquidation process, including, but not
limited to, an assessment of the unsecured claims pool and
potential recoveries for unsecured creditors;

   -- develop a complete understanding of the Debtor's businesses
and their valuations;

   -- determine whether there are viable alternative paths for the
disposition of the Debtor's assets from those being currently
proposed by the Debtor;

   -- monitor and, to the extent appropriate, assist the Debtor in
efforts to develop and solicit transactions, which would support
unsecured creditor recovery;

   -- assist the committee in identifying, valuing and pursuing
estate causes of action, including, but not limited to, relating to
pre-bankruptcy transactions, control person liability and lender
liability;

   -- analyze, classify and address claims against the Debtor and
participate effectively in any effort in this Chapter 11 case to
estimate, contingent, unliquidated and disputed claims;

   -- identify, preserve, value and monetize tax assets of the
Debtor, if any;

   -- advise the committee in negotiations with the Debtor, the
Debtor's creditors and third parties;

   -- assist the committee in reviewing the Debtor's financial
reports, including, but not limited to, statements of financial
affairs, schedules of assets and liabilities, cash budgets and
monthly operating reports;

   -- assist the committee in reviewing the Debtor's cost/benefit
analysis with respect to the assumption or rejection of various
executory contracts and leases;

   -- review and provide analysis of the present and any subsequent
proposed debtor-in-possession financing or use of cash collateral;

   -- assist the committee in evaluating and analyzing avoidance
actions, including fraudulent conveyances and preferential
transfers;

   -- review and provide analysis of the present and any subsequent
proposed disclosure statement and Chapter 11 plan and, if
appropriate, assist the committee in developing an alternative
chapter 11 plan;

   -- attend meetings and assist in discussions with the committee,
the Debtor, the secured lenders, the U.S. Trustee and other parties
in interest and professionals;

   -- present at meetings of the committee, as well as meetings
with other key stakeholders and parties;

   -- provide testimony as and when may be deemed appropriate; and

   -- perform such other advisory services for the committee as may
be necessary or proper in these proceedings.

The firm will be paid at these rates:

     Principals                  $850 per hour
     Managing Directors          $760 per hour
     Senior Advisers             $760 per hour
     Senior Directors            $700 per hour
     Directors                   $625 per hour
     Associate Directors         $550 per hour
     Senior Associates           $475 per hour
     Associates                  $370 per hour

Matthew Dundon, a principal at 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 Quanergy Systems

Quanergy Systems, Inc., designs, develops and markets Light
Detection and Ranging (LiDAR) sensors and 3D perception software
solutions that enable intelligent, real-time detection, tracking
and classification of objects such as people and vehicles in
mission-critical markets such as security, smart cities and
industrial automation.  The company is based in Sunnyvale, Calif.

Quanergy Systems sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Delaware Case No. 22-11305) on Dec. 13,
2022, with $10 million to $50 million in both assets and
liabilities.  Larry Perkins, chief restructuring officer of
Quanergy Systems, signed the petition.

The Debtor tapped Young Conaway Stargatt & Taylor, LLP and Cooley,
LLP as bankruptcy counsels; Seward & Kissel, LLP as special
counsel; SierraConstellation Partners as restructuring advisor; FTI
Consulting, Inc. as financial Advisor; and Raymond James Financial,
Inc. as investment Banker. Bankruptcy Management Solutions, Inc.,
doing business as Stretto, Inc., is the claims, noticing and
solicitation agent.

The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Debtor's Chapter
11 case. Robert K. Malone, Esq., at Gibbons P.C. and Dundon
Advisers, LLC serve as the committee's legal counsel and financial
advisor, respectively.


R.P. RUIZ: Unsecureds Owed $7.98M to Get $137K in Plan
------------------------------------------------------
R.P. Ruiz Corporation, Inc., submitted a Chapter 11 Plan and a
Disclosure Statement.

While the Debtor has had financial and business difficulties that
lead to this Chapter 11 filing, it has taken the time to identify
the problems and potential solutions to stabilize its business and
reorganize.  The Debtor's business performance during the chapter
11 case shows that the business has stabilized and has started to
grow.

The Debtor's primary assets are its receivables, machinery and
equipment and vehicles along with work in progress based on
contracts.  During the case, the Debtor's financial performance has
been good. The Debtor has had positive net income during the case.
As of Feb. 10, 2023, the Debtor had signed contracts for work
totaling some $244,025.  Work in progress has remained steady. The
Debtor regularly bids for work and is careful to ensure that its
bids have appropriate margins.

Class 5 General unsecured claims total $6,242,711.  Reconciled
amount scheduled and claims filed is $7,984,317.  Creditors will be
paid $2,500 monthly and the total payout is $137,250. The failure
to pay the stated payout percentage for any reason shall not
constitute a default. The Debtor is paying a stated amount of money
not a specific percentage. Often amended claims assert higher
amounts, secured claims can be rendered unsecured and rejection or
lessor claims may increase the claim amounts of this class. For any
unsecured creditor whose claim includes a claim for attorneys' fees
and costs, the Bankruptcy Court must approve any claim for
attorneys' or costs and/or any other charges other than principal
and interest, incurred through the Effective Date and it must
approve the reasonableness of such fees and/or any other charges
with the motion seeking approval filed no later than 60 days
following entry of an order confirming this Plan.  Failure to seek
such review shall constitute a waiver of all such fees and or other
charges. Class 5 is impaired.

The Plan will be funded by the Debtor's business operation. The
Debtor anticipates having monies of $7,000 on hand at the Plan's
Effective Date from ongoing operations. No assets will be sold to
fund the Plan.

The Disclosure Statement hearing will on April 12, 2023 at 2:00
p.m. in Courtroom 201.

Attorneys for Debtor:

     Steven R. Fox, Esq.
     THE FOX LAW CORPORATION, INC.
     17835 Ventura Blvd., Suite 306
     Encino, CA 91316
     Tel: (818)774-3545
     Fax: (818)774-3707
     E-mail: srfox@foxlaw.com

A copy of the Disclosure Statement dated Feb. 17, 2023, is
available at https://bit.ly/3YJhWRJ from PacerMonitor.com.

                About R.P. Ruiz Corporation

R.P. Ruiz Corporation Inc., a concrete subcontractor, sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
C.D. Cal. Case No. 22-10501) on July 5, 2022. In the petition
signed by Richard Ruiz, Jr., president, the Debtor disclosed up to
$10 million in both assets and liabilities.

Judge Ronald A. Clifford III oversees the case.

Steven R. Fox, Esq., at The Fox Law Corporation, Inc., is the
Debtor's counsel.


RALPH T. CENTANNI: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: Ralph T. Centanni, Trustee of the Frederick A. Centanni
        Jr. Living Trust and not individually
        169 Otis Street
        Cambridge, MA 02141

Type of Debtor: Trust

Chapter 11 Petition Date: March 2, 2023

Court: United States Bankruptcy Court
       District of Massachusetts

Case No.: 23-10317

Judge: Hon. Janet E. Bostwick

Debtor's Counsel: Gary W. Cruickshank, Esq.
                  21 Custom House street
                  Suite 920
                  Boston, MA 02110
                     Tel: 617-330-1960
                     Email: gwc@cruickshank-law.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $500,000 to $1 million

The petition was signed by Ralph T. Centanni as trustee.

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

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

https://www.pacermonitor.com/view/XI5IHZY/Ralph_T_Centanni_Trustee_of_the__mabke-23-10317__0001.0.pdf?mcid=tGE4TAMA


REPLICEL LIFE: Settles Dividend Payment on Preferred Shares
-----------------------------------------------------------
RepliCel Life Sciences Inc. announced that, further to its news
release of Jan. 16, 2023, it has received approval from the TSX
Venture Exchange to the issuance of 508,253 common shares in
settlement of accrued dividends of $53,367.13 outstanding on the
Class A Preferred Shares.  The Shares were issued on Feb. 1, 2023
and are subject to a statutory hold period of four months and one
day after closing of the Settlement.

David Hall, Peter Lewis and Andrew Schutte are among the sixteen
investors who participated in the 2019 private placement of Class A
Preferred Shares all of whom received Shares.  These three are
considered to be a "related party" within the meaning of
Multilateral Instrument 61-101 Protection of Minority Security
Holders in Special Transactions ("MI 61-101") and each issuance is
considered to be a "related party transaction" within the meaning
of MI 61-101 but each issuance will be exempt from the valuation
requirement of MI 61-101 by virtue of the exemption contained in
section 5.5(b) as the Company's shares are not listed on a
specified market and from the minority shareholder approval
requirements of MI 61-101 by virtue of the exemption contained in
section 5.7(a) of MI 61-101 in that the fair market value of the
consideration of the shares to be issued to each related party does
not exceed 25% of the Company's market capitalization.

                          About Replicel

RepliCel Life Sciences Inc. is a regenerative medicine company
focused on developing cell therapies for aesthetic and orthopedic
conditions affecting what the Company believes is approximately one
in three people in industrialized nations, including
aging/sun-damaged skin, pattern baldness, and chronic tendon
degeneration.  These conditions, often associated with aging, are
caused by a deficit of healthy cells required for normal tissue
healing and function.  These cell therapy product candidates are
based on RepliCel's innovative technology, utilizing cell
populations isolated from a patient's healthy hair follicles.

Replicel Life reported a net loss and comprehensive loss of C$4.07
million for the year ended Dec. 31, 2021, compared to a net loss
and comprehensive loss of C$1.58 million for the year ended Dec.
31, 2020. As at Dec. 31, 2021, the Company had C$591,794 in total
assets, C$7.43 million in total liabilities, and a total
shareholders' deficiency of C$6.84 million.

Vancouver, British Columbia-based BDO Canada LLP, the Company's
auditor since 2010, issued a "going concern" qualification in its
report dated June 28, 2022, citing that the Company has accumulated
losses of $42,231,642 since its inception and incurred a loss of
$4,073,315 during the year ended Dec. 31, 2021.  These events or
conditions, along with other matters, indicate that a material
uncertainty exists that may cast substantial doubt about its
ability to continue as a going concern.


RISING TIDE: Moody's Lowers First Lien Term Loan Rating to 'C'
--------------------------------------------------------------
Moody's Investors Service downgraded Rising Tide Holdings, Inc.'s
("West Marine") senior secured first lien term loan to C from Caa3
and its senior secured second lien term loan to C from Ca. At the
same time, Moody's affirmed its corporate family rating at Caa2 and
its probability of default rating at Caa2-PD. The outlook remains
negative.

The downgrades of the term loans reflect governance considerations
particularly West Marine's pending debt exchange as a result of
reaching agreement on a Transaction Support Agreement (TSA) with a
group of existing lenders which will result in the original term
loans being subordinated in priority in terms of payment and
collateral resulting in a lower expected recovery. If the
transaction is consummated as outlined, it will constitute a
distressed exchange, which is an event of default under Moody's
definition. Upon close of the transaction, Moody's will append the
Caa2-PDR with the "/LD" designation. The LD designation will be
removed after three business days.

The TSA contemplates an exchange offer whereby a new $30 million
FILO facility will be put in place and consenting holders of the
existing first lien term will be offered a new first lien term loan
(tranche 1A) that will rank junior in priority payment and security
to the ABL and FILO. The new tranche 1B (junior to tranche 1A) will
consist of: (a) 50% of the existing incremental first lien debt
issued to the company by its sponsor, L Catterton, (b) 50% of
consenting parties of the existing second lien term loan and (c)
non-consenting parties of the existing first lien term loan. The
new tranche 2A (junior to tranche 1B) will consist of: (a) the
remaining 50% of the existing incremental first lien debt issued to
the company by its sponsor, L Catterton and (b) the remaining
consenting parties of the existing second lien term loan.
Non-consenting parties of the existing second lien term loan will
rank junior to tranche 2A. Moody's will withdraw the existing term
loan ratings upon close if 100% consent is achieved.

The affirmation of the Caa2 CFR reflects that despite the cash
savings expected from the reduction of interest and amortization
payments, a turnaround in performance is paramount in order to
improve West Marine's free cash flow.  

It also reflects that West Marine's leverage will remain extremely
high and interest coverage will remain weak.  

Affirmations:

Issuer: Rising Tide Holdings, Inc.

Corporate Family Rating, Affirmed Caa2

Probability of Default Rating, Affirmed Caa2-PD

Downgrades:

Issuer: Rising Tide Holdings, Inc.

Senior Secured 1st Lien Term Loan, Downgraded to C (LGD6) from
Caa3 (LGD4)

Senior Secured 2nd Lien Term Loan, Downgraded to C (LGD6) from Ca
(LGD5)

Outlook Actions:

Issuer: Rising Tide Holdings, Inc.

Outlook, Remains Negative

RATINGS RATIONALE

West Marine's Caa2 CFR is constrained by its very high Moody's
adjusted debt/EBITDA of almost 18x, free cash flow deficits,
limited committed external sources of liquidity and high
seasonality. The company operates in the marine aftermarket
industry which is highly fragmented and very competitive. West
Marine's business shows some cyclicality with the discretionary
nature of boating and marine aftermarket products. However,
performance through downturns has proved to be more resilient than
actual boat sales as these products have shorter replacement lives.
In 2022, West Marine faced significant operational issues that it
needs to quickly address under new management in order to restore
its free cash flow and earnings while continuing to face a
difficult supply chain and inflationary environment. West Marine's
credit profile is supported by its strong brand awareness and large
scale relative to its competitors in the marine aftermarket
industry with over 230 hub and service center locations across the
US and Puerto Rico. West Marine's capital structure is long dated
with its nearest debt maturity not until its asset-based revolver
expires in 2026.

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

The ratings could be upgraded if operating performance improves
leading to free cash flow to approach at least a breakeven level
and credit metrics strengthen such that EBITA/interest approaches
1.0x. An upgrade would also require at least adequate liquidity.

The ratings could be downgraded if liquidity further deteriorates,
operating performance does not improve or if the likelihood of
default increases for any reason.

Rising Tide Holdings, Inc. ("West Marine") is a specialty marine
aftermarket retailer that operates 236 hub and service center
locations in the US and Puerto Rico under the West Marine brand
name as well as two e-commerce websites reaching consumers and
professional customers as of April 2021. West Marine is controlled
by investment funds affiliated with L Catterton. Net revenue for
the LTM period ending October 1, 2022, was approximately $740
million.

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


RITCHIE BROS: Moody's Confirms Ba2 CFR & Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service has confirmed Ritchie Bros. Auctioneers
Incorporated's ("RBA") Ba2 corporate family rating, its Ba2-PD
probability of default rating, and its Ba3 senior unsecured rating
on its existing notes due 2025, which will be withdrawn once
repaid. RBA's senior secured instrument rating on its bank credit
facility has been downgraded to Ba2 from Ba1. RBA's speculative
grade liquidity was changed to SGL-2 from SGL-1. The rating outlook
was changed to stable from rating under review.

These actions conclude the review of RBA's ratings that was
initiated on November 8, 2022, following RBA's announcement of an
agreement to acquire IAA Inc. ("IAA", Ba3 stable) in a stock and
cash transaction valued at $7.3 billion including the assumption of
IAA's debt.

At the same time Moody's has assigned a Ba2 to RBA's new senior
secured Term Loan A.  As well, a Ba2 has been assigned to Ritchie
Bros. Holdings Inc. new $500 million senior secured notes due 2028
and a B1 to Ritchie Bros. Holdings Inc. new $800 million senior
unsecured notes due 2031.  Both notes issued by Ritchie Bros.
Holdings Inc. are guaranteed by RBA. The proceeds of the new debt
instruments will be used to fund the acquisition, and refinance
IAA's existing debt and RBA's senior unsecured notes due 2025.

The confirmation of the Ba2 CFR incorporates RBA's replacement of
the committed bridge financing it had put in place for the IAA
transaction removing near term financing risk, and Moody's
expectation that adjusted debt to EBITDA is expected to peak at
about 3.5x once the IAA acquisition closes and decrease thereafter
in line with RBA's stated commitment to deleveraging following the
transaction.

Confirmations:

Issuer: Ritchie Bros. Auctioneers Incorporated

Corporate Family Rating, Confirmed at Ba2

Probability of Default Rating, Confirmed at Ba2-PD

Senior Unsecured Regular Bond/Debenture, Confirmed at Ba3 (LGD5)

Downgrades:

Issuer: Ritchie Bros. Auctioneers Incorporated

Senior Secured Bank Credit Facility, Downgraded to Ba2 (LGD3) from
Ba1 (LGD3)

Speculative Grade Liquidity Rating, Downgraded to SGL-2 from
SGL-1

Assignments:

Issuer: Ritchie Bros. Auctioneers Incorporated

Senior Secured Bank Credit Facility, Assigned Ba2 (LGD3)

Issuer: Ritchie Bros. Holdings Inc.

Backed Senior Secured Regular Bond/Debenture, Assigned Ba2 (LGD3)

Backed Senior Unsecured Regular Bond/Debenture, Assigned B1
(LGD5)

Outlook Actions:

Issuer: Ritchie Bros. Auctioneers Incorporated

Outlook, Changed To Stable From Rating Under Review

Issuer: Ritchie Bros. Holdings Inc.

Outlook, Assigned Stable

RATINGS RATIONALE

The acquisition of IAA valued at $7.3 billion including the
assumption of IAA's debt, is a cash and stock deal with RBA
intending to fund the cash consideration of the transaction
primarily with new debt. This will increase adjusted debt to EBITDA
to 3.5x in 2023. Both RBA and IAA have consistently generated
positive free cash flow in the past several years and Moody's
expects RBA will use this to reduce debt over the medium term.

Providing an offset, the acquisition of IAA will provide
diversification benefits with entry into the adjacent vehicle
market and is expected to improve RBA's margin profile as the
existing IAA business generates a higher margin than RBA. In
addition, RBA has indicated it expects to achieve about $100
million in annual run-rate cost synergies by the end of 2025,
driven primarily through consolidating back office, finance and
technology, general and administrative, and operations.

RBA's Ba2 CFR benefits from: 1) a strong position in the industrial
equipment auctions segment; 2) a multichannel strategy with strong
online platforms; 3) a consistent history of generating free cash
flow; and 4) exposure to multiple industry sectors and good growth
potential. The rating is constrained by: 1) the expectation the
company will continue to be active in pursuing acquisitions and its
willingness to undertake debt funded transactions; and 2) its
participation in a competitive and fragmented marketplace that has
some cyclical pressures.

RBA has good liquidity (SGL-2) through to the end of 2023, with
sources of liquidity of around $1.2 billion compared to uses of
around $60 million. Sources include a cash balance of about $494
million at the end of 2022 (excluding restricted cash), unused
capacity under its revolving credit facilities of $710 million
(expiring September 2026) and Moody's expectation that RBA will
generate roughly breakeven free cash flow in 2023. Uses of
liquidity include about $60 million of lease payments.  The company
has some seasonality (with Q1 generally having the strongest cash
flow), but historically this has not resulted in the revolver being
drawn for working capital needs. Moody's expects the company will
have ample cushion under the financial covenants of its credit
facilities.

The senior ranking security position of the senior secured
revolver, term loan and notes which account for the preponderance
of the company's capital structure causes them to be rated Ba2, in
line with the company's Ba2 CFR. The unsecured debt, rated B1, rank
behind the secured debt and are therefore rated two notches below
the corporate family rating.

The stable outlook reflects Moody's expectation that RBA will focus
on debt reduction following the closing of the IAA acquisition,
continue to see organic revenue growth and margins will remain
relatively stable.  It also incorporates Moody's expectation that
adjusted debt to EBITDA will remain below 3.5x.

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

The ratings could be upgraded if RBA successfully integrates its
acquisition of IAA and is able to maintain its EBITA margin above
20% and continue to generate positive free cash flow.  It would
also require that leverage is maintained near 2.5x and RCF/debt is
maintained above 20%.

The ratings could be downgraded if business fundamental
deteriorated, evidenced by organic revenue or profitability
declines, or if debt to EBITDA (Moody's adjusted) is sustained
above 3.5x and RCF/debt is maintained around 10%.

Ritchie Bros. Auctioneers Incorporated, headquartered in Vancouver,
Canada, sells industrial equipment and other durable assets through
its unreserved auctions, online marketplaces, listing services and
private brokerage services.

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


RODA LLC: Court OKs Use of $352,245 Cash Collateral
---------------------------------------------------
The U.S. Bankruptcy Court for the District of Oregon authorized
RODA, LLC to use cash collateral not to exceed $352,245 for the
period covering Petition Date through June 30, 2023 in accordance
with the budget, with a 10% variance.

As previously reported by the Troubled Company Reporter, the
entities that may claim a lien in the cash collateral are PC0120N
Joint Venture and Washington County Assessment & Taxation.

As adequate protection, the Secured Creditors are granted a
perfected lien and security interest on all property, whether now
owned or hereafter acquired by Debtor of the same nature and kind
as secured by the claim of the Lien Creditor on the Petition Date.

The interests of the Lien Creditors in the Replacement Collateral
will have the same relative priorities as the liens held by them as
of the Petition Date.

The Replacement Lien will be perfected and enforceable upon entry
of the Order without regard to whether such Replacement Lien is
perfected under applicable nonbankruptcy law.

The Debtor will make adequate protection payments of $35,000 per
month to Precision Capital on March 15, 2023 and April 15, 2023.
The Debtor will further make adequate protection payments of
$56,773 beginning on May 15, 2023 and on the 15th of each
consecutive month during the Budget Period.

The Replacement Lien granted will be a valid, perfected and
enforceable security interest and lien on the property of the
Debtor and the Debtor's estate without further filing or recording
of any document or instrument or any other action, but only to the
extent of the enforceability of Lien Creditors' security interests
in the Prepetition Collateral.

Absent further Court Order, the Debtor's authority to use cash
collateral will terminate at midnight upon June 30, 2023 or the
occurrence of any of the following:

     (a) the violation of the any of the terms of the Order;

     (b) the entry of an Order converting the case to a case under
Chapter 7 of the Bankruptcy Code;

     (c) the termination, lapse, expiration or reduction of
insurance coverage on Lien Creditors' collateral for any reason; or


     (d) the appointment of a trustee in the case.

A copy of the Court's order and the Debtor's budget is available at
https://bit.ly/41Gs7Iw from PacerMonitor.com.

The Debtor projects total expenses, on a monthly basis, as
follows:

     $32,796 for March 2023;
     $31,796 for April 2023;
     $31,796 for May 2023;
     $31,796 for June 2023; and
     $31,796 for July 2023.

                          About Roda, LLC

Roda, LLC is an Oregon limited liability company headquartered in
Washington County, Oregon. It is a holding company of certain real
property and a structure that houses an ice arena open to the
general public and, additionally, offers commercial office space
located at 20407 SW Borchers Dr., Sherwood, Washington County.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ore. Case No. 23-30250) on February 6,
2023. In the petition signed by Roy MacMillan, managing member, the
Debtor disclosed up to $10 million in both assets and liabilities.

Judge Teresa H. Pearson oversees the case.

Douglas R. Ricks, Esq., at Vander Bos and Chapman, LLP, represents
the Debtor as legal counsel.



SABERT CORP: Moody's Alters Outlook on 'B2' CFR to Stable
---------------------------------------------------------
Moody's Investors Service affirmed Sabert Corporation's B2
corporate family rating, its B2-PD probability of default rating, a
B2 senior secured term loan rating. At the same time, Moody's
revised the rating outlook to stable from negative.

"The change in outlook to stable reflects improvement in Sabert's
free cash flow generation during the second half of 2022, and the
company's focus on debt reduction," says Motoki Yanase, VP-Senior
Credit Officer at Moody's.

Affirmations:

Issuer: Sabert Corporation

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

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

Outlook Actions:

Issuer: Sabert Corporation

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

Sabert's free cash flow generation improved between the first
quarter and the third quarter of 2022 while profit continued to
exceed last year's, and the impact from working capital change
returned to positive. Raw material costs led by plastic resin came
down in the second half of 2022, and the company also focused on
working capital management, which expedited this improvement. Free
cash flow returned to positive in the third quarter of 2022 and
Moody's expects it remained positive for the fourth quarter.
Moody's also expects capital spending in 2023 to keep between
$45-50 million, similar to 2022 and 2021, and fall well within cash
flow from operations which helps sustain positive free cash flow
generation. Under the founder's ownership, Sabert has paid limited
dividend historically, which also supported to generate free cash
flow.

Using improved free cash flow, Sabert paid down a part of its debt
in 2022. Together with improved EBITDA, Moody's expects lower debt
helped reduce the company's leverage to around 4x at the end of
2022 from 6.7x in 2021 and much lower than the 5.2x Moody's
expected for 2022 about a year ago. Moody's expects the company to
remain focused on improving its balance sheet, and use future free
cash flow to further pay down debt.  

Sabert's credit quality is supported by its strengths including
diversification to paper packaging in addition to plastic
packaging, expansion to pulp-based packaging to meet the increasing
demand for alternatives to plastic packaging, long-term
relationships with customers, and some geographic diversification
to Europe and Asia. The company can pass through resin costs
through contracts in most of its business, albeit with time lag.

These credit strengths are counterbalanced with the company's
credit weaknesses, including its relatively small scale, high
customer concentration and exposure to raw materials costs, mostly
plastic resin prices. Rising cost of freight and labor could also
restrain profit under the inflationary environment.

Moody's projects the company to have good liquidity for the 12-18
months from September 2022, supported by Moody's expectation of
positive free cash flow generation and sufficient availability
under its $120 million asset-based revolver due in December 2024.

The stable rating outlook reflects Moody's expectation that the
company will maintain positive free cash flow and use it to improve
leverage over the next 12-18 months.

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

Moody's could upgrade the rating if Sabert increases scale and
end-market diversity, demonstrates earnings growth and debt
reduction. Specifically, ratings could be upgraded if debt/EBITDA
declines to below 5.0x on a sustained basis, FCF/debt increases
above 5%, EBITDA/interest expense coverage improves to more than
3.5x, and EBITDA margin approaches 20% on a sustained basis.

Moody's could downgrade the company's rating if EBITDA margin does
not improve or the operating and competitive environment
deteriorates. Specifically, the ratings could be downgraded if
debt/EBITDA remains above 6.0x on a sustained basis,
EBITDA/interest remains below 3.0x or FCF/debt fails to improve to
3.0%.

Headquartered in Sayreville, NJ, Sabert Corporation is a
manufacturer of plastic and fiber-based packaging for food and food
service. Sabert is privately owned by its founder Albert Salama.
The company recorded about $1 billion of sales in for the twelve
months that ended September 2022.

The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass and Plastic Containers published in
December 2021.


SAN LUIS & RIO: Files Amendment to Disclosure Statement
-------------------------------------------------------
William A. Brandt, the chapter 11 trustee (the "Trustee") of the
San Luis & Rio Grande Railroad, Inc, submitted an Amended
Disclosure Statement for Second Plan of Liquidation dated February
27, 2023.

The purpose of the Plan is to distribute the proceeds from a sale
of the Debtor's rail lines in the San Luis Valley along with other
assets of the bankruptcy estate. The Code contains special
provisions for railroad bankruptcy cases which prioritize the
public interest which is defined as the preservation of the
debtor's rail service. The purchaser of the Debtor's rail lines
continues to provide rail freight service in the San Luis Valley.

The Plan provides that personal property, and any other assets of
the Debtor on the Effective Date will be transferred to the
Reorganized Debtor pursuant to and in accordance with the Plan. The
Plan will be implemented by the appointment of a Plan Administrator
of the Reorganized Debtor, who shall be the sole director of the
Reorganized Debtor and the sole officer, serving as the President,
Treasurer, Vice-President, Secretary, and any other officer of the
Reorganized Debtor with delegated authority to carry out the Plan.


The Plan Administrator will distribute the funds derived from the
sale process initiated by the Trustee's filing of the Motion For
Entry Of Order (A) Authorizing And Approving The Sale Of
Substantially All Of The Assets Of The San Luis & Rio Grande
Railroad, Inc. Free And Clear Of All Liens, Claims And
Encumbrances; And (B) Waiving The 14-Day Stay Of Fed. R. Bankr. P.
6004(h) And 6006(d) filed on October 12, 2022 (the "Sale"). Funds
from the Sale and any remaining assets of the Estate will be
distributed to creditors with Allowed Claims.

Throughout the pendency of the Case pursuant to the provisions of
the Code and the Rules, the Trustee has filed interim fee
applications for payment of his fees and the fees and expenses of
the estate's professionals. Specifically, per Court Orders, the
Trustee employed Markus Williams Young & Hunsicker as his
attorneys, Development Specialists, Inc. as his accountants, and
Hall & Evans and Fletcher & Sippel as special counsel. All of the
fees and costs approved by the Court were done so only on an
interim basis and will be subject to final approval with an
opportunity for objection after Plan confirmation.

Class 3 consists of the Secured Claim held by the South Middle
Creek Road Association ("SMCRA"). After satisfaction in full of all
Allowed Administrative Expenses, all Allowed Priority Tax Claims,
and all Allowed Class 1 Claims and the Big Shoulders Distribution,
SMCRA shall be entitled to receive on account of its Allowed
Secured Claim, in full satisfaction, settlement, release and
discharge of and in exchange for such Allowed Secured Claim, cash
from the Reorganized Debtor Estate equal to 18.1% of the remaining
proceeds in the Estate. SMCRA shall have an unsecured Claim to the
extent that its Claim is not paid in full.

Class 4 consists of the Secured Claim held by the San Luis Valley
Development Resources Group ("SLVRA"). SLVRA has contractually
subordinated its rights to payment to the payment of Allowed
Administrative Expenses, Priority Claims and the secured Claims of
Big Shoulders. After satisfaction in full of all Allowed
Administrative Expenses, all Allowed Priority Tax Claims, and all
Allowed Class 1 Claims, the Big Shoulders Distribution and the
payment of 18.1% to SMCRA, SLVRA shall be entitled to receive on
account of its Allowed Secured Claim, in full satisfaction,
settlement, release and discharge of and in exchange for such
Allowed Secured Claim, cash from the Reorganized Debtor Estate in
full satisfaction of its Claim. SLVRA shall have an unsecured Claim
to the extent that its Claim is not paid in full.

Class 5 consists of General Unsecured Claims. Each holder of a
General Unsecured Claim shall be treated as a Class 5 Claim and
shall receive its Pro Rata share of all cash available for
distribution by the Plan Administrator up to the full amount of
each Allowed Class 5 Claim after satisfaction in full of the
Liquidation Expenses, all Allowed Administrative Expenses, all
Allowed Priority Tax Claims, all Allowed Class 1, 3 and 4 Claims
and the Big Shoulders Distribution. Distributions on Allowed
General Unsecured Claims falling within Class 5 shall be made at
such time and in such amounts as the Plan Administrator shall
determine in his sole discretion. Class 5 is Impaired.

The Trustee does not anticipate a distribution being made on
account of unsecured Claims. For a distribution to occur, the
amount of available cash following the closing of the sale would
have to be much greater than the amount the Trustee has
anticipated.

Generally, the Plan provides that the personal property, and all
other assets of the Debtor on the Effective Date will be
transferred to the Reorganized Debtor. The Plan will be implemented
by the appointment of the Plan Administrator, who will be charged
with the orderly liquidation of all assets of the Debtor vested in
the Reorganized Debtor and distributing the proceeds of those
assets to creditors of the Debtor based on the amounts of their
respective Allowed Claims.

After the Effective Date, the Reorganized Debtor, acting through
the Plan Administrator, shall sell or liquidate all remaining
assets, if any, and the Plan Administrator shall have the exclusive
right to sue on, settle, or compromise any and all causes of
action, subject to approval by the Court. The Plan Administrator
shall, in his discretion at a reasonable time and in a commercially
reasonable and expeditious manner, sell or liquidate the assets,
and distribute the proceeds thereof to creditors according to the
priorities established under the Code and applicable non-bankruptcy
law as set forth in the Plan.

A full-text copy of the Amended Disclosure Statement dated February
27, 2023 is available at https://bit.ly/41F73lW from
PacerMonitor.com at no charge.

The Trustee is represented by:

     Jennifer Salisbury, Esq.
     Markus Williams Young & Hunsicker LLC
     1700 Lincoln Street, Suite 4550
     Denver, CO 80203
     Telephone: (303) 830-0800
     Facsimile: (303) 830-0809
     E-mail: jsalisbury@markuswilliams.com

               About San Luis & Rio Grande Railroad

San Luis & Rio Grande Railroad, Inc., operates the San Luis & Rio
Grande Railroad.

On Oct. 16, 2019, an involuntary Chapter 11 petition was filed
against San Luis & Rio Grande Railroad by creditors, Ralco LLC,
South Middle Creek Road Association and The San Luis Central
Railroad Co. (Bankr. D. Colo. Case No. 19-18905).  The petitioning
creditors are represented by Brownstein Hyatt Farber Schrec and
Graves Dougherty Hearon & Moody.

Judge Thomas B. McNamara oversees the case.

Williams A. Brandt Jr. was appointed as Chapter 11 trustee for San
Luis & Rio Grande Railroad.  

The trustee tapped Markus Williams Young & Hunsicker LLC as
bankruptcy counsel, and Fletcher & Sippel LLC and Hall & Evans P.C.
as special counsel. Development Specialists, Inc. and D'Almeida
Consulting, LLC serve as the trustee's accountant and financial
consultant, respectively.


SAN LUIS & RIO: Trustee Files Amended 2nd Plan of Liquidation
-------------------------------------------------------------
William A. Brandt, Jr., the Chapter 11 Trustee (the "Trustee") of
the San Luis & Rio Grande Railroad, Inc., has filed an Amended
Second Plan of Liquidation.

The purpose of the Plan is to distribute the proceeds from a sale
of the Debtor's rail lines in the San Luis Valley along with other
assets of the bankruptcy estate.  The Code contains special
provisions for railroad bankruptcy cases which prioritize the
"public interest" which is defined as the preservation of the
debtor's rail service. The purchaser of the Debtor's rail lines
continues to provide rail freight service in the San Luis Valley.

After he obtained possession and control of the Debtor's
operations, the Trustee began the process of marketing and selling
the Debtor's assets to potential operators of a railroad.   The
first step in the sale process was to conduct deferred maintenance
and complete overdue capital improvements on the rail tracks. The
Trustee authorized ultrasonic rail tests to be conducted over La
Veta Pass to identify the portions of the rail which needed to be
replaced or repaired.  The Estate has expended over $1.7 million in
capital improvements to the Debtor's tracks.  In the Trustee's
business judgment, the condition of the tracks on the Petition Date
and throughout the Receiver's tenure had to be upgraded in order to
attract potential buyers for the Debtor's operations.

After the initial round of capital improvements and repairs to the
track, the Trustee set up a data room and began having negotiations
and discussions with potential bidders in such a sale, and others
as to whether such a sale is possible and the parameters of such a
sale process. In the past two years, the Trustee has entered into
six letters of intent with different third parties interested in
purchasing the Debtor's rail operations and to continue the
provision of rail freight service in the San Luis Valley.

Although none of the prior counter-parties to the letters of intent
ultimately entered into a binding asset purchase agreement with the
Trustee for various reasons, in October of 2022, the Trustee
entered into a stalking horse asset purchase agreement with
OmniTrax SLRG, LLC ("OmniTrax") whereby OmniTrax agreed to purchase
substantially all of the Debtor's assets and to continue freight
service in the San Luis Valley at a purchase price of $5.75
million, constituting $5,750,000.00 in cash less $323,736.00 as a
credit for the value of the Estate's 2022 45G tax credits. The
OmniTrax offer was subject to higher and better bids.

On November 17, 2022, the Trustee conducted an auction in which the
OmniTrax offer was the base line or "stalking horse" bid. After a
spirited auction with sixty-one rounds of bidding, KCVN, LLC
("KCVN") proffered the highest and best bid for the estate's
assets, agreeing to purchase substantially all of the Debtor's
assets and to continue freight service in the San Luis Valley at a
purchase price of $10.4 million, constituting $10,700,00.00 in cash
less $323,736.00 as a credit for the value of the Estate's 2022 45G
tax credits. On November 29, 2022, the Court entered its Order
Authorizing and Approving the Sale of Substantially All of the
Assets of the Debtor Free and Clear of Liens, Claims and
Encumbrances and Waiving the 14 day Stay of Fed.R.Bankr.P. 6004(h)
(Dkt. 903) (the "Sale Order"), approving the sale to KCVN pursuant
to its Asset Purchase Agreement with the Trustee. On February 7,
2023 ("Closing"), the Trustee closed on the Sale of substantially
all of the Debtor's assets to Colorado Pacific Rio Grande Railroad,
LLC, a Delaware limited liability company and successor-in-interest
to KCVN ("Colorado Pacific"). Importantly and critically, Colorado
Pacific assumed the Debtor's "common carrier" status as an
operating railroad. Such common carrier status in conjunction with
authorization by the Surface Transportation Board has permitted
Colorado Pacific to provide continued freight service across the
Debtor's 150 miles of track.

The Trustee anticipates that on the Effective Date, the Reorganized
Debtor will have approximately $2,100,000 to distribute pursuant to
the Plan.

Under the Plan, Class 5 General Unsecured Claims will be treated as
a Class 7 Claim and shall receive its Pro Rata share of all cash
available for distribution by the Plan Administrator up to the full
amount of each Allowed Class 7 Claim after satisfaction in full of
the Liquidation Expenses, all Allowed Administrative Expenses, all
Allowed Priority Tax Claims, all Allowed Class 1, 3 and 4 Claims
and the Big Shoulders Distribution. Distributions on Allowed
General Unsecured Claims falling within Class 5 shall be made at
such time and in such amounts as the Plan Administrator shall
determine in his sole discretion. Class 5 is impaired.

After the Effective Date, the Reorganized Debtor, acting through
the Plan Administrator, shall sell or liquidate all remaining
assets, if any, and the Plan Administrator shall have the exclusive
right to sue on, settle, or compromise any and all causes of
action, subject to approval by the Court. The Plan Administrator
shall, in his discretion at a reasonable time and in a commercially
reasonable and expeditious manner, sell or liquidate the assets,
and distribute the proceeds thereof to creditors according to the
priorities established under the Code and applicable non-bankruptcy
law as set forth in the Plan.

Counsel for the Trustee:

     Jennifer Salisbury, Esq.
     MARKUS WILLIAMS YOUNG & HUNSICKER LLC
     1775 Sherman Street, Suite 1950
     Denver, CO 80203
     Telephone (303) 830-0800
     Facsimile (303) 830-0809
     E-mail: jsalisbury@markuswilliams.com

A copy of the Amended Second Plan of Liquidation dated Feb. 17,
2023, is available at https://bit.ly/3XZLolr from
PacerMonitor.com.

             About San Luis & Rio Grande Railroad

San Luis & Rio Grande Railroad, Inc., operates the San Luis & Rio
Grande Railroad.

On Oct. 16, 2019, an involuntary Chapter 11 petition was filed
against San Luis & Rio Grande Railroad by creditors, Ralco LLC,
South Middle Creek Road Association and The San Luis Central
Railroad Co. (Bankr. D. Colo. Case No. 19-18905). The petitioning
creditors are represented by Brownstein Hyatt Farber Schrec and
Graves Dougherty Hearon & Moody.

Judge Thomas B. McNamara oversees the case.

Williams A. Brandt Jr. was appointed as Chapter 11 trustee for San
Luis & Rio Grande Railroad.  

The Trustee tapped Markus Williams Young & Hunsicker LLC as
bankruptcy counsel, and Fletcher & Sippel LLC and Hall & Evans P.C.
as special counsel. Development Specialists, Inc. and D'Almeida
Consulting, LLC serve as the trustee's accountant and financial
consultant, respectively.


SEINEYARD INC: U.S. Trustee Unable to Appoint Committee
-------------------------------------------------------
The U.S. Trustee for Region 21, until further notice, will not
appoint an official committee of unsecured creditors in the Chapter
11 case of Seineyard, Inc., according to court dockets.
    
                       About Seineyard Inc.

Seineyard, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Fla. Case No. 23-40028) on Jan. 27,
2023, with $500,001 to $1 million in both assets and liabilities.
Judge Karen K. Specie oversees the case.

Bruner Wright, P.A. is the Debtor's bankruptcy counsel.


SENECAL CONSTRUCTION: Taps Stevens Martin Vaughn as Counsel
-----------------------------------------------------------
Senecal Construction Co., Inc. seeks approval from the U.S.
Bankruptcy Court for the Eastern District of North Carolina to
employ Stevens Martin Vaughn & Tadych, PLLC as its counsel.

The firm will render these services:

     (a) prepare legal papers;

     (b) perform all necessary legal services in connection with
the Debtor's reorganization; and

     (c) perform all other legal services for the Debtor which may
be necessary in this Chapter 11 case.

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

     William P. Janvier        $490
     Kathleen O'Malley         $290
     Law clerks and Paralegals $145

Prior to the petition date, the firm received a retainer of $15,000
from the Debtor.

William Janvier, Esq., an attorney at Stevens Martin Vaughn &
Tadych, 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:

     William P. Janvier, Esq.
     Stevens Martin Vaughn & Tadych, PLLC
     6300 Creedmoor Road Suite 170-370
     Raleigh, NC 27612
     Telephone: (919) 582-2300
     Email: wjanvier@smvt.com

                    About Senecal Construction

Senecal Construction Co., Inc. provides complete management
services for New Home Construction, Home Renovations & Additions,
and Commercial Construction Projects.

Senecal Construction sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.C. Case No. 23-00421) on February 15,
2023. In the petition signed by Roland E. Senecal, Jr., president,
the Debtor disclosed up to $10 million in both assets and
liabilities.

Judge Joseph N. Callaway oversees the case.

William P. Janvier, Esq., at Stevens Martin Vaughn and Tadych,
PLLC, represents the Debtor as legal counsel.


SEQUENTIAL BRANDS: Midcap Financial Marks $1.2M Loan at 82% Off
---------------------------------------------------------------
Midcap Financial Investment Corporation has marked its $1,293,000
loan extended to Sequential Brands Group, Inc to market at $239,000
or 18% of the outstanding amount, as of December 31, 2022,
according to a disclosure contained in Midcap Financial's Form 10-K
for the transition period from April 1, 2022 to December 31, 2022,
filed with the Securities and Exchange Commission on February 21,
2023.

Midcap Financial is a participant in a Second Lien Secured Debt
Loan to Sequential Brands Group, Inc. The loan accrues interest at
a rate of 8.75% per annum. The loan matures on February 7, 2024.

Midcap Financial has classified the loan as non-accrual.

Midcap Financial Investment Corporation is a Maryland corporation
incorporated on February 2, 2004.  It is a closed-end, externally
managed, non-diversified management investment company that has
elected to be treated as a business development company under the
Investment Company Act of 1940. Apollo Investment Management, L.P.
is the investment adviser and an affiliate of Apollo Global
Management, Inc. and its consolidated subsidiaries (AGM). Apollo
Investment Administration, LLC, an affiliate of AGM, provides,
among other things, administrative services and facilities for the
Company.

Sequential Brands Group, Inc, together with its subsidiaries, owns
various consumer brands.  The New York-based company licenses its
brands for a range of product categories, including apparel,
footwear, fashion accessories, and home goods.


SERTA SIMMONS: March 23 Hearing on Disclosure Statement
-------------------------------------------------------
Serta Simmons Bedding, LLC, et al., filed a motion for entry of
order approving disclosure statement and form and manner of notice
of disclosure statement hearing, establishing solicitation and
voting procedures, establishing notice and objection procedures for
confirmation of proposed plan, approving notice procedures for the
assumption or rejection of executory contracts and unexpired leases
and granting related relief.

The Disclosure Statement hearing will be on March 23, 2023 at 9:00
a.m. (Central Time).  Objections to approval of the Disclosure
Statement are due March 17, 2023, at 12 noon (Central Time).

The Debtors propose these deadlines in connection with the
solicitation of votes on and confirmation of the Plan:

   * The voting record date will be on March 20, 2023 (Central
Time).

   * The solicitation mailing deadline will be 4 Business Days
after entry of the Order.

   * The deadline for publication of the Confirmation Hearing
Notice will be as soon as reasonably practicable after entry of the
Order (but in no event later than 28 days before the Plan Objection
Deadline).

   * The deadline to file claim objection or request claim
estimation for Voting purposes will be on April 14, 2023 at 4:00
p.m. (Central Time).

   * The Rule 3018(a) Motion Deadline will be on April 21, 2023 at
4:00 p.m. (Central Time).

   * The Plan Supplement filing deadline will be on April 21,
2023.

   * The voting deadline will be on May 1, 2023 at 4:00 p.m.
(Central Time).

   * The Plan objection deadline will be on May 1, 2023 at 4:00
p.m. (Central Time).

   * The voting report deadline will be on May 4, 2023 at 5:00 p.m.
(Central Time).

   * The deadline to file confirmation Brief and reply to Plan
objection(s) will be on May 5, 2023 at 12:00 p.m. (Central Time).

   * The confirmation hearing will be on May 8, 2023 at 9:00 a.m.
(Central Time).

On Jan. 23, 2023, the Debtors entered into a Restructuring Support
Agreement (as amended from time to time and including all exhibits
thereto, the "RSA"), with (a) holders representing approximately
(i) 81% of the aggregate outstanding principal amount of Class 3
(FLFO Claims), and (ii) 77% of the aggregate outstanding principal
amount of Class 4 (FLSO Claims) under the Plan (collectively, the
"Consenting Creditors"), and (b) Dawn Holdings, Inc., as the sole
member, and holder of interests in, Dawn Intermediate, LLC, and
funds managed by Advent International Corporation, as holder of
interests in Dawn Holdings, Inc. (collectively, the "Consenting
Equity Holders" and, together with the Consenting Creditors, the
"Consenting Parties"). Under the RSA, each of the Consenting
Parties have been granted certain consent and consultation rights,
as applicable, and the Consenting Parties have agreed to support
and/or vote in favor of the restructuring of the Debtors, together
with their non-debtor affiliates (collectively, the "Company")
pursuant to the Plan. Among other things, the Plan provides for the
(i) equitization and discharge of approximately $1.59 billion of
total debt, (ii) assumption of significant unsecured trade,
customer and employee liabilities, (iii) recoveries to out of the
money creditors, and (iv) resolution of prepetition litigation
relating to the Company's 2020 recapitalization transaction. Upon
approval of the Plan, the Company will no longer be burdened by its
over-leveraged capital structure and will be in a position to
implement its long term business plan.

The Plan is the result of extensive good-faith negotiations among
the Debtors and a number of their key economic stakeholders,
including the Consenting Creditors and the Consenting Equity
Holders, which have agreed to support the Plan pursuant to the RSA,
and the DIP Lenders. As of the date of filing this Motion, holders
of more than 81% of the outstanding principal amount of the FLFO
Term Loans and 77% of the outstanding principal amount of the FLSO
Term Loans the outstanding indebtedness under the PTL Credit
Agreement are Consenting Creditors.

Subject to the terms and conditions of the RSA, the Consenting
Parties agreed to support the restructuring transactions
contemplated by the Plan (the "Restructuring"), which provides,
among other things, that:

   * The Debtors will enter into a new term loan credit facility
(the "New Term Loan Credit Facility Agreement"), providing for a
new term loan facility (the "New Term Loan") in the aggregate
principal amount of $300 million (plus original issue discount) and
an assetbacked revolving credit facility (the "Exit ABL Facility"),
which will roll up or replace the DIP Facility on the Effective
Date;

   * Holders of an Allowed FLFO Claim shall receive, in full and
final satisfaction of such Claim, such holder's Pro Rata share of
$195 million in aggregate principal amount of New Term Loans;

   * Holders of an Allowed FLSO Claim shall receive, in full and
final satisfaction of such Claim, such holder's Pro Rata share of
(i) one hundred percent (100%) of the New Common Interests issued
on the Effective Date, less any New Common Interests distributed to
holders of Class 5 Non-PTL Claims under the Plan and subject to
dilution by the New Common Interests distributed pursuant to a
post-emergence equity-based management incentive plan as described
in Section 5.12 of the Plan (the "Management Incentive Plan"), and
(ii) $105 million in aggregate principal amount of New Term Loans.
Receipt of such consideration shall be effected as described in the
Restructuring Transactions Exhibit;

   * Holders of Allowed Non-PTL Term Loan Claims shall receive, in
full and final satisfaction of such Claim:

     - If Class 5 votes to accept the Plan: such holder's Pro Rata
share of 4% of New Common Interests issued on the Effective Date,
subject to dilution by the New Common Interests distributed
pursuant to the Management Incentive Plan.

     - If Class 5 votes to reject the Plan: such holder's Pro Rata
share of 1% of New Common Interests issued on the Effective Date,
subject to dilution by any New Common Interests distributed
pursuant to the Management Incentive Plan.

   * If a holder of an Allowed Ongoing General Unsecured Claim
executes a trade agreement providing for the continuation of goods
or services from and after the Effective Date on the same or better
terms as the most favorable terms provided to the Debtors by such
holder in the six (6) months prior to the Petition Date (a "Trade
Agreement"), the form of which is attached to the proposed Order as
Schedule 9, such holder of an Allowed Ongoing General Unsecured
Claim shall receive no more than four (4) Cash installments, which
payments shall result in full payment in the Allowed amount of such
Ongoing General Unsecured Claim on no better terms than payment in
the ordinary course of business. For the avoidance of doubt, any
counterparty to an executory contract or unexpired lease assumed
pursuant to Article VIII of the Plan shall not be required to
execute a Trade Agreement;

   * Holders of an Allowed Other General Unsecured Claim shall
receive, in full and final satisfaction of such Claim, its Pro Rata
Share of the Other General Unsecured Claims Recovery Pool as set
forth in the GUC Recovery Allocation Table; and

   * A settlement among the Debtors, the Consenting Creditors, and
the Consenting Equity Holders resulting in the contribution of
non-Debtor entity Dawn Holdings, Inc. into the restructuring.

Proposed Attorneys for the Debtors:

     Gabriel A. Morgan, Esq.
     Stephanie N. Morrison, Esq.
     WEIL, GOTSHAL & MANGES LLP
     700 Louisiana Street, Suite 1700
     Houston, TX 77002
     Telephone: (713) 546-5000
     Facsimile: (713) 224-9511
     E-mail: Gabriel.Morgan@weil.com
             Stephanie.Morrison@weil.com

          - and -

     Ray C. Schrock, Esq.
     Alexander W. Welch, Esq.
     WEIL, GOTSHAL & MANGES LLP
     767 Fifth Avenue
     New York, NY 10153
     Telephone: (212) 310-8000
     Facsimile: (212) 310-8007
     E-mail: Ray.Schrock@weil.com
             Alexander.Welch@weil.com

                  About Serta Simmons Bedding

Serta Simmons Bedding, together with its non-debtor affiliates, are
manufacturers and marketers of bedding products in North America,
operating various bedding manufacturing facilities across the
United States and Canada.

Serta Simmons Bedding, LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case
No. 23-90020) on Jan. 23, 2023. The petitions were signed by John
Linker, chief financial officer, treasurer and assistant secretary.
At the time of filing, the Debtors estimated $1 billion to $10
billion in both assets and liabilities.

Gabriel Adam Morgan, Esq. at the Weil, Gotshal & Manges represents
the Debtor as counsel. The Debtor also tapped Evercore Group, LLC
as its investment banker; FTI Consulting, Inc. as its Financial
Advisor; Epiq Corporate Restructuring, LLC as its claims and
noticing agent; and Pricewaterhousecoopers LLP as its tax services
advisor.


SIERRA ENTERPRISES: Moody's Affirms Caa3 CFR, Outlook Negative
--------------------------------------------------------------
Moody's Investors Service affirmed Sierra Enterprises LLC's
("Sierra"; owner of Lyons Magnus, LLC) Caa3 Corporate Family
Rating, Caa3-PD/LD Probability of Default Rating, and the Caa2
rating on the company's first lien term loan due November 2024 of
which a small amount of non-extended principal remains outstanding.
In addition, Moody's assigned Caa2 ratings to Sierra's extended
first lien revolving credit facility due February 2027 and the
company's extended first lien term loan due May 2027. Concurrently,
Moody's withdrew the Caa2 rating on Sierra's revolving credit
facility due August 2024 and appended a limited default designation
("/LD") to the PDR. The outlook is negative.

The "/LD" designation follows the change in terms under the
company's recently amended revolving credit facility, first lien
term loan, and second lien term loan (unrated) that extends the
maturities by 2.5 years and now allows for interest payments to be
partially paid-in-kind ("PIK") through July 2024 for the first lien
term loan and fully paid-in-kind for the second lien term loan
through maturity if first net lien net leverage is above 4x. In
addition, Sierra did not make interest payments on its revolver and
term loans beginning with payments originally due at the end of
January 2023. As part of the amendments completed in mid February,
the company has paid all past due interest payments funded through
a significant cash equity investment from the company's private
equity sponsor Paine Schwartz and other shareholders. The /LD
designation reflects Moody's view that the missed interest payments
represent a default because the payments were not made on the
original due dates. In addition, the agreements with lenders to
extend the revolver and term loan maturities and provide an option
to PIK interest in lieu of cash payments are a distressed exchange
and a limited default under Moody's definition. Moody's will remove
the "/LD" designation from the company's PDR in approximately three
business days.

The affirmation of the Caa3 CFR reflects Moody's expectation for
continued weak earnings, negative free cash flow and high leverage
in the next 12 to 18 months, as inflationary headwinds and
potential delays in reopening Lyons Magnus North continue to
represent challenges for the company. Although the extension of the
company's revolving credit facility and term loan maturities to
2027/2028 from 2024/2025 and the equity injection improve Sierra's
liquidity, Moody's believes the company is still facing a potential
liquidity strain because of the sizable projected free cash flow
deficit in part due to higher interest costs. In addition, Sierra's
leverage is still very high with Moody's adjusted debt to EBITDA
leverage of 10.8x as of the LTM period ended September 30, 2022.
Moody's believes meaningful deleveraging is unlikely in the next 12
to 18 months given expectation for negative free cash flow in
fiscal 2023 and the accumulation of debt due to the PIK interest on
the term loans.

Affirmations:

Issuer: Sierra Enterprises LLC

Corporate Family Rating, Affirmed Caa3

Probability of Default Rating, Affirmed Caa3-PD /LD (/LD
appended)

Backed Senior Secured 1st Lien Term Loan B1, Affirmed Caa2 (LGD3)

Assignments:

Issuer: Sierra Enterprises LLC

Backed Senior Secured Revolving Credit Facility, Assigned Caa2
(LGD3)

Backed Senior Secured 1st Lien Term Loan B2, Assigned Caa2 (LGD3)

Withdrawals:

Issuer: Sierra Enterprises LLC

Backed Senior Secured 1st Lien Revolving Credit Facility,
Withdrawn, previously rated Caa2 (LGD3)

Outlook Actions:

Issuer: Sierra Enterprises LLC

Outlook, Remains Negative

RATINGS RATIONALE

The Caa3 Corporate Family Rating reflects Sierra's high financial
leverage, negative projected free cash flow and weak liquidity. The
rating also reflects some execution risk in the reopening of Lyons
Magnus North, which is Sierra's low-acid aseptic packaging
manufacturing facility. Financial policies are aggressive under
private equity ownership. High customer concentration with its
three largest customers accounting for over 50% of revenue creates
risk that volume or pricing declines will weaken revenue and
earnings. The company benefits from its well-established market
position as a foodservice supplier of beverage syrups, nutritional
beverages, and toppings in the U.S. The company also benefits from
its long-standing customer relationships. The rating reflects
Moody's expectation that the company's EBITDA generation will
improve in the fiscal year ended September 2024 through price
increases, cost rationalization, the reopening of Lyons Magnus
North, and a moderation of cost pressures. However, debt-to-EBITDA
is likely to remain high and above 8x in fiscal 2024. In fiscal
2023, inflationary headwinds, rising interest rates, potential
delays in reopening Lyons Magnus North, and potential delays in
regaining contract manufacturing customers are likely to result in
weak EBITDA generation and negative free cash flow.

Sierra Enterprises ESG Credit Impact score is very highly negative
(CIS-5). The CIS score reflects the company's very highly negative
governance risk, as well as its highly negative social risk and
moderately negative environmental risk. The company's very highly
negative governance risk stems from the willingness to miss
interest payments and complete distressed exchange transactions,
which indicates continued high distressed exchange risk going
forward when combined with the company's high leverage. Governance
risk also reflects management's highly negative credibility and
track record (changed to a score of 4 from 3) related to weak
performance relative to budget and execution of the Lyons Magnus
facility upgrades. Sierra Enterprises' highly negative social risk
stems from its highly negative responsible production risk as a
result of microbial contamination at Lyons Magnus North and the
highly negative customer relations risk as a result of the
subsequent recall. Moody's changed the customer relations and
responsible production scores to 4 from 3 and the social IPS to S-4
from S-3 as a result of these issues. The company's moderately
negative environmental risks stems from its natural capital and
waste and pollution risks as the company reliance on raw materials
such as sweeteners and fruits, which are natural resource
intensive.

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

The negative outlook reflects Moody's view that Sierra will be
challenged to stabilize earnings and restore positive free cash
flow over the next 12 to 18 months due to inflationary cost
pressures, delays in reopening Lyons Magnus North, and higher
interest rates. The negative outlook also reflects the potential
that depletion of cash will weaken liquidity given that the
revolver is almost fully drawn.

Sierra's ratings could be upgrade if the company significantly
improves its operating performance, generates meaningfully positive
free cash flow on an annual basis, reduces leverage, and improves
liquidity.

Ratings could be downgraded if liquidity weakens, the likelihood of
a default increases for any reason, or recovery estimates decline.

The principal methodology used in these ratings was Consumer
Packaged Goods published in June 2022.

Headquartered in Fresno, California, Sierra Enterprises LLC is the
owner of Lyons Magnus, LLC. The company produces beverage syrups,
toppings, sauces, food ingredients, frozen desserts, and
nutritional beverages. Sierra's customers are primarily food
manufacturers and food service companies located in the US. The
company also has some branded direct-to-retail products such as
sauces, juices, and nutritional drinks. Sierra is majority owned
and controlled by private equity firm Paine Schwartz Partners since
the 2017 acquisition. The company does not publicly disclose
financial information. Sierra Enterprises generates annual revenues
of approximately $740 million.


SORRENTO THERAPEUTICS: U.S. Trustee Appoints Creditors' Committee
-----------------------------------------------------------------
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of Sorrento
Therapeutics, Inc. and Scintilla Pharmaceuticals, Inc.

The committee members are:

     1. NantCell, Inc.
        9920 Jefferson Blvd.
        Culver City, CA 90232

     2. Synova Pesquisa Cientifica LTDA.
        Avenida Brigadeiro Faria Lima, 1800, Conj 11
        Jardim Paulistano, Sao Paulo
        Sao Paulo, 01451-001 – Brazil

     3. Worldwide Clinical Trials, Inc.
        600 Park Offices Dr., Suite 200
        Research Triangle Park
        Durham, NC 27709

     4. TriLink Biotechnologies, LLC
        10770 Wateridge Cir., Suite 200
        San Diego, CA 92121

     5. HCP Life Science REIT, Inc.
        1920 Main Street, Suite 1200
        Irvine, CA 92614
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                   About 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 cases.

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.


SOUTHERN PRODUCE: Seeks to Hire Country Boys as Auctioneer
----------------------------------------------------------
Southern Produce Distributors, Inc. seeks approval from the U.S.
Bankruptcy Court for the Eastern District of North Carolina to
employ Country Boys Auction & Realty, Inc.

The Debtor requires an auctioneer to market for sale its personal
and real property located at Warren Road and Solomon St., Faison,
Duplin County, N.C.

The firm will be paid as follows:

     Personal Property
       20 percent of first $20,000
       10 percent on next $50,000
       4 percent on the balance

     Real Property
       10 percent of first $25,000
       4 percent on the balance

Michael Gurkins, a partner at Country Boys Auction & Realty,
disclosed in a court filing that his firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The firm can be reached at:

     Michael V. Gurkins
     Country Boys Auction & Realty, Inc.
     1211 W. 5 th Street
     P.O. Box 1903
     Washington, NC 27889
     Tel: (252) 946-6007

                About Southern Produce Distributors

Southern Produce Distributors, Inc. -- http://southern-produce.com/
-- is a provider of sweet potatoes and peppers to markets across
the US, Canada, UK and Europe.  Southern Produce was founded in
1942 and is based in Faison, North Carolina.

Southern Produce Distributors filed for bankruptcy protection
(Bankr. E.D.N.C. Case No. 18-02010) on April 20, 2018.  In the
petition signed by Randy W. Swartz, president and chief executive
officer, the Debtor disclosed total assets of $27.12 million and
total liabilities of $19.96 million.  

Judge David M. Warren oversees the case.

Gregory B. Crampton, Esq., at Nichols & Crampton, P.A. and Janvier
Law Firm, PLLC serve as the Debtor's bankruptcy counsel and special
counsel, respectively.


STARRY GROUP: Hits Chapter 11 Bankruptcy Protection
---------------------------------------------------
Christine Hall of TechCrunch reports that a year after completing
its special purpose acquisition with FirstMark Horizon Acquisition
Corp. to go public, Starry Group Holdings, an internet service
provider, said Tuesday that it filed for bankruptcy in efforts to
reduce its debt while maintaining customer and network operations
in five cities.

Under its pre-packaged Chapter 11 restructuring agreement, the
Boston-based company said it is working with lenders "to move
swiftly through the restructuring process."

In the past year, Starry's share price has gone from nearly $11 per
share down to pennies, with over 6 million shares changing hands on
the news Tuesday, February 21, 2023.

"Over the last several months, we've taken steps to conserve
capital and reduce costs in order to put Starry in the best
position to explore various financing paths for the company," said
Chet Kanojia, Starry's CEO, in a written statement. "Our next step
in this journey is to continue to strengthen our balance sheet
through a Chapter 11 restructuring process."

As part of the bankruptcy motion, lenders have offered the company
$43 million in financing to "provide Starry with the necessary
liquidity to continue its normal business operations and meet its
post-filing obligations to its employees, customers and vendors,"
the company said.

The company has been engaged in cost-cutting measures for some
time. Starry laid off about half of its workforce, about 500
people, last October 2022. At the time, Kanojia, speaking about the
company's cash burn, said that because the company didn't "have the
capital to fund our rapid growth," it was going to focus on its
core business of serving multitenant buildings in bigger urban
markets.

That was followed by an announcement in January that the company
was leaving the Columbus, Ohio, market where it had been since
2021.

                     About Starry Group

Boston-based Starry Group Holdings, Inc. (NYSE: STRY) is a licensed
fixed wireless technology developer and internet service provider.
The Company is an early-stage growth company.

Starry Group Holdings, Inc. and 11 affiliates filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. D. Del. Lead Case No. 23-10219) on February 20, 2023.

As of September 30, 2022, Starry Group had $270.6 million in total
assets against $309.7 million in total liabilities.

The petitions were signed by William J. Lundregan as authorized
officer.

The Hon. Karen B. Owens oversees the cases.

Lawyers at YOUNG CONAWAY STARGATT & TAYLOR, LLP and LATHAM &
WATKINS LLP serve as counsel to the Debtors; PJT PARTNERS LP serves
as their investment banker; FTI CONSULTING, INC. as their financial
advisors; and KURTZMAN CARSON CONSULTANTS LLC as their claims and
noticing agent.


TBC COMPANIES: Gets OK to Hire FRSCPA as Accountant
---------------------------------------------------
TBC Companies, LLC received approval from the U.S. Bankruptcy Court
for the Eastern District of North Carolina to employ FRSCPA, PLLC
as its accountant.

The Debtor requires an accountant to prepare its tax returns and
provide other accounting services.

The firm will be paid $4,000 for tax return preparation and
filings.

Joan Gibbons, a partner at FRSCPA, disclosed in a court filing that
her firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Joan M. Gibbons
     FRSCPA, PLLC
     1301 66th Street N
     St. Petersburg, FL 33710
     Tel: (727) 347-1120
     Fax: (727) 347-2617
     Email: gibbons@frscpa.com

                        About TBC Companies

TBC Companies, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.C. Case No. 22-01737) on Aug. 8,
2022. In the petition signed by Joseph Keller, member, the Debtor
disclosed up to $500,000 in assets and up to $1 million in
liabilities.

Judge Pamela W. McAfee oversees the case.

The Debtor tapped Paul D. Bradford, PLLC as legal counsel; Anna
Haley-Liu of KHL Bookkeeping, LLC as bookkeeper; and FRSCPA, PLLC
as accountant.


THLP CO: Midcap Financial Marks $4.9M Loan at 58% Off
-----------------------------------------------------
Midcap Financial Investment Corporation has marked its $4,494,000
loan extended to THLP Co, LLC to market at $1,874,000 or 42% of the
outstanding amount, as of December 31, 2022, according to a
disclosure contained in Midcap Financial's Form 10-K for the
transition period from April 1, 2022 to December 31, 2022, filed
with the Securities and Exchange Commission on February 21, 2023.

Midcap Financial is a participant in a First Lien Secured Debt -
Revolver Loan to THLP Co, LLC. The loan accrues interest at a rate
of 1% (L+600 Cash plus 2.00% Payment In Kind) per annum. The loan
matures on May 31, 2024.

Midcap Financial Investment Corporation is a Maryland corporation
incorporated on February 2, 2004.  It is a closed-end, externally
managed, non-diversified management investment company that has
elected to be treated as a business development company under the
Investment Company Act of 1940. Apollo Investment Management, L.P.
is the investment adviser and an affiliate of Apollo Global
Management, Inc. and its consolidated subsidiaries (AGM). Apollo
Investment Administration, LLC, an affiliate of AGM, provides,
among other things, administrative services and facilities for the
Company.

THLP Co, LLC's line of business includes the retail sale of a range
of canned foods and dry goods.



TIBCO SOFTWARE: Sixth Street Marks $13M Loan at 26% Off
-------------------------------------------------------
Sixth Street Specialty Lending, Inc has marked its $13,000,000 loan
to TIBCO Software Inc. to market at $10,944,000 or 84% of the
outstanding amount, as of December 31, 2022, according to a
disclosure contained in Sixth Street's Form 10-K for the fiscal
year ended December 31, 2022, filed with the Securities and
Exchange Commission on February 16, 2023.

Sixth Street is a participant in a First-lien note to TIBCO
Software Inc. The loan accrues interest at a rate of 6.5% per
annum. The loan matures in March 2029.

Sixth Street Specialty Lending, Inc is a Delaware corporation
formed on July 21, 2010. The Company was formed primarily to lend
to, and selectively invest in, middle-market companies in the
United States. The Company has elected to be regulated as a
business development company under the 1940 Act. In addition, for
tax purposes, the Company has elected to be treated as a regulated
investment company under Subchapter M of the Internal Revenue Code
of 1986, as amended. The Company is managed by Sixth Street
Specialty Lending Advisers, LLC.

On June 1, 2011, the Company formed a wholly-owned subsidiary, TC
Lending, LLC, a Delaware limited liability company. On March 22,
2012, the Company formed a wholly-owned subsidiary, Sixth Street SL
SPV, LLC, a Delaware limited liability company. On May 19, 2014,
the Company formed a wholly-owned subsidiary, Sixth Street SL
Holding, LLC, a Delaware limited liability company. On December 9,
2020, the Company formed a wholly-owned subsidiary, Sixth Street
Specialty Lending Sub, LLC, a Cayman Islands limited liability
company.

TibCo Software Inc., Picard Parent, Inc., Picard MidCo, Inc.,
Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P
provide server, application and desktop virtualization, networking,
software as a service, and cloud computing technologies.




TRANSOCEAN LTD: Posts $621 Million Net Loss in 2022
---------------------------------------------------
Transocean Ltd. has filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss of
$621 million on $2.57 billion of contract drilling revenues for the
year ended Dec. 31, 2022, compared to a net loss of $591 million on
$2.55 billion of contract drilling revenues for the year ended Dec.
31, 2021.

As of Dec. 31, 2022, the Company had $20.43 billion in total
assets, $1.55 billion in total current liabilities, $8.08 billion
in total long-term liabilities, and $10.79 billion in total
equity.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/0001451505/000145150523000029/rig-20221231x10k.htm

                          About Transocean

Transocean Ltd. is an international provider of offshore contract
drilling services for oil and gas wells.  The Company specializes
in technically demanding sectors of the offshore drilling business
with a particular focus on ultra-deepwater and harsh environment
drilling services.

Transocean reported a net loss of $568 million for the year ended
Dec. 31, 2020 and a net loss of $1.25 billion for the year ended
Dec. 31, 2019.  As of Sept. 30, 2022, the Company had $20.62
billion in total assets, $1.50 billion in total current
liabilities, $7.88 billion in total long-term liabilities, and
$11.23 billion in total equity.

                            *   *   *

As reported by the TCR on Oct. 18, 2022, S&P Global Ratings raised
the issuer credit rating on Switzerland-domiciled offshore drilling
contractor Transocean Ltd. to 'CCC' from 'SD'.  The upgrade
reflects Transocean's enhanced liquidity runway.


TRENCH PLATE: Midcap Financial Marks $1.8M Loan at 75% Off
----------------------------------------------------------
Midcap Financial Investment Corporation has marked its $1,818,000
loan extended to Trench Plate Rental Co to market at $455,000 or
25% of the outstanding amount, as of December 31, 2022, according
to a disclosure contained in Midcap Financial's Form 10-K for the
transition period from April 1, 2022 to December 31, 2022, filed
with the Securities and Exchange Commission on February 21, 2023.

Midcap Financial is a participant in a First Lien Secured Debt -
Revolver Loan to Trench Plate Rental Co. The loan accrues interest
at a rate of 1% (SOFR+550) per annum. The loan matures on December
3, 2026.

Midcap Financial Investment Corporation is a Maryland corporation
incorporated on February 2, 2004.  It is a closed-end, externally
managed, non-diversified management investment company that has
elected to be treated as a business development company under the
Investment Company Act of 1940. Apollo Investment Management, L.P.
is the investment adviser and an affiliate of Apollo Global
Management, Inc. and its consolidated subsidiaries (AGM). Apollo
Investment Administration, LLC, an affiliate of AGM, provides,
among other things, administrative services and facilities for the
Company.

Trench Plate Rental Co. is one of the suppliers of trench safety
equipment rental services. The company also provides traffic
control equipment rental services through its separate TPR-Traffic
Solutions division and manufactures a broad spectrum of trench
safety equipment through its wholly-owned Quik-Shor Manufacturing
subsidiary.



TRICIDA INC: Lead Plaintiff Says Disclosures Inadequate
-------------------------------------------------------
Jeffrey M. Fiore ("Lead Plaintiff"), the court appointed lead
plaintiff in the securities class action captioned as Michael Pardi
v. Tricida, Inc. and Gerritt Klaerner, Case No. 4:21-cv00076-HSG,
pending in the United States District Court for the Northern
District of California, Oakland Division, for himself and on behalf
of the proposed class in the Securities Litigation, filed with the
Bankruptcy Court an objection to approval of the proposed
disclosure statement for the Chapter 11 Plan of Liquidation for
Tricida, Inc. and the procedures that Tricida, Inc. has proposed
for soliciting votes on the Plan.

The Lead Plaintiff points out that the Disclosure Statement
provides absolutely no disclosure as to why it is at all necessary
or critical to the Plan, which provides for the Debtor's
liquidation, to include the Third-Party Release through a mechanism
that engineers "deemed consent" via an opt-out. Indeed, the
Third-Party Release would bind even holders of claims in impaired,
non-voting classes who are receiving nothing in the Chapter 11
Case, such as Lead Plaintiff and the Proposed Class. As a result,
the Plan potentially impacts the direct claims of Lead Plaintiff
and the other members of the Proposed Class against the Non-Debtor
Defendant in the Securities Litigation. Moreover, the Non-Debtor
Defendant – the founder, Chief Executive Officer, and President
of the Debtor and the lead insider who presided over the Debtor's
downfall – is apparently providing nothing whatsoever in exchange
for what appears to be a gratuitous ThirdParty Release. Yet, the
Disclosure Statement does not even attempt to offer any factual or
legal justification for the Third-Party Release. On this basis
alone, neither the Disclosure Statement, nor the Solicitation
Procedures that the Debtor is attempting to use to implement the
Third-Party Release, should be approved.

Lead Plaintiff further points out that the Disclosure Statement
also lacks adequate disclosure in other areas to advise Lead
Plaintiff and creditors generally of the Plan's impact on their
claims against the Debtors and the Non-Debtor Defendant and on the
continued prosecution of the Securities Litigation. Among other
things, the Disclosure Statement:

   * does not mention, let alone contain a description of, the
Securities Litigation;

   * violates Bankruptcy Rule 3016(c) by failing to disclose the
scope of the Third-Party Release and Plan Injunction;

   * fails to provide any legal or factual basis for the
Third-Party Release or the Plan Injunction, particularly as they
may relate to Lead Plaintiff, the Proposed Class, and the
Securities Litigation;

   * does not disclose whether or how the Debtor intends to
preserve evidence potentially relevant to the Securities Litigation
after the Effective Date of the Plan;

   * does not disclose whether or how Lead Plaintiff and the
Proposed Class will be able to pursue their claims against the
Debtor to the extent of available insurance; and

   * does not (nor do the Plan or the Solicitation Procedures)
acknowledge Lead Plaintiff's authority to opt out of the
Third-Party Release on behalf of the Proposed Class to which he
owes a fiduciary duty by virtue of his appointment by an Article
III court.

Unless the Debtor modifies the Disclosure Statement with
corresponding modifications to the Plan to address these fatal
defects, the Disclosure Statement and Solicitation Procedures
should not be approved, the Lead Plaintiff tells the Court.

                        About Tricida Inc.

Tricida Inc. -- https://www.tricida.com/ -- is a pharmaceutical
company working to turn the tide on metabolic acidosis and
progression of chronic kidney disease. The company is based in
South San Francisco, Calif.

Tricida filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Case No. 23-10024) on Jan. 12,
2023, It disclosed $93,879,000 in total assets against $229,977,000
in total debt as of Sept. 30, 2022.

The Debtor tapped Sidley Austin, LLP and Young Conaway Stargatt &
Taylor, LLP, as counsels; SerraConstellation Partners, LLC as
financial advisor; and Stifel, Nicolaus & Company, Inc., and Miller
Buckfire, LLC as investment bankers. Kurtzman Carson Consultants,
LLC is the claims agent and administrative advisor.

The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case.
Womble Bond Dickinson (US) LLP and Rock Creek Advisors, LLC serve
as the committee's legal counsel and financial advisor,
respectively.


TUESDAY MORNING: U.S. Trustee Appoints Creditors' Committee
-----------------------------------------------------------
The U.S. Trustee for Region 6 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of Tuesday
Morning Corporation and its affiliates.

The committee members are:

     1. Basis Global Technologies, Inc.
        c/o Derek Zolner
        General Counsel
        11 E. Madison St., 6th Floor
        Chicago, IL 60602
        Phone: 312-281-5533
        Email: Derek.zolner@basis.net

     2. Enchante Accessories, Inc.
        c/o Adam Cohen,
        VP of Finance
        16 East 34th Street, Floor 16
        New York, NY 10016
        Phone: 212-689-6008, x1178
        Email: Adam.cohen@ench.com

     3. Azure Home, Inc.
        c/o Yosef Arakanchi, President
        141 West 36th Street, 12th Floor
        New York, NY 10018
        Phone: 212-631-0300 x201
        Email: joe@azzurehome.com

     4. Amber Libreros
        c/o Keith A. Custis, Esq.
        1999 Avenue of the Stars, Suite 1100
        Los Angeles, CA 90067
        Phone: 310-341-9085
        Email: kcustis@custislawpc.com

     5. Michel Design Works
        c/o John Stiker, CEO
        Stonewall Kitchen
        2 Stonewall Lane
        York, ME 03909
        Phone: 207-351-2713
        Email: jstiker@stonewallkitchen.com
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                       About 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. Texas 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.


ULTIMATE BAKED: Midcap Financial Marks $3.2M Loan at 77% Off
------------------------------------------------------------
Midcap Financial Investment Corporation has marked its $3,243,000
loan extended to Ultimate Baked Goods Midco LLC to market at
$741,000 or 23% of the outstanding amount, as of December 31, 2022,
according to a disclosure contained in Midcap Financial's Form 10-K
for the transition period from April 1, 2022 to December 31, 2022,
filed with the Securities and Exchange Commission on February 21,
2023.

Midcap Financial is a participant in a First Lien Secured Debt -
Revolver Loan to Ultimate Baked Goods Midco LLC. The loan accrues
interest at a rate of 1% (L+650) per annum. The loan matures on
August 13, 2027.

Midcap Financial Investment Corporation is a Maryland corporation
incorporated on February 2, 2004.  It is a closed-end, externally
managed, non-diversified management investment company that has
elected to be treated as a business development company under the
Investment Company Act of 1940. Apollo Investment Management, L.P.
is the investment adviser and an affiliate of Apollo Global
Management, Inc. and its consolidated subsidiaries (AGM). Apollo
Investment Administration, LLC, an affiliate of AGM, provides,
among other things, administrative services and facilities for the
Company.

Ultimate Baked Goods Midco LLC produces bread and bakery products.



US AUTO FINANCE: Midcap Marks $20M Loan at 79% Off
--------------------------------------------------
Midcap Financial Investment Corporation has marked its $20,000,000
loan extended to U.S. Auto Finance, Inc. to market at $4,258,000 or
21% of the outstanding amount, as of December 31, 2022, according
to a disclosure contained in Midcap Financial's Form 10-K for the
transition period from April 1, 2022 to December 31, 2022, filed
with the Securities and Exchange Commission on February 21, 2023.

Midcap Financial is a participant in a First Lien Secured Debt Loan
to U.S. Auto Finance, Inc.. The loan accrues interest at a rate of
1% (SOFR+525) per annum. The loan matures on April 17, 2024.

Midcap Financial Investment Corporation is a Maryland corporation
incorporated on February 2, 2004.  It is a closed-end, externally
managed, non-diversified management investment company that has
elected to be treated as a business development company under the
Investment Company Act of 1940. Apollo Investment Management, L.P.
is the investment adviser and an affiliate of Apollo Global
Management, Inc. and its consolidated subsidiaries (AGM). Apollo
Investment Administration, LLC, an affiliate of AGM, provides,
among other things, administrative services and facilities for the
Company.

U.S. Auto Finance, Inc provides automobile loans.



US AUTO: Midcap Financial Marks $13.3M Loan at 47% Off
------------------------------------------------------
Midcap Financial Investment Corporation has marked its $13,333,000
loan extended to U.S. Auto Finance, Inc. to market at $7,074,000 or
53% of the outstanding amount, as of December 31, 2022, according
to a disclosure contained in Midcap Financial's Form 10-K for the
transition period from April 1, 2022 to December 31, 2022, filed
with the Securities and Exchange Commission on February 21, 2023.

Midcap Financial is a participant in a First Lien Secured Debt Loan
to U.S. Auto Finance, Inc. The loan accrues interest at a rate of
1% (SOFR+600) per annum. The loan matures on April 17, 2024.

Midcap Financial Investment Corporation is a Maryland corporation
incorporated on February 2, 2004.  It is a closed-end, externally
managed, non-diversified management investment company that has
elected to be treated as a business development company under the
Investment Company Act of 1940. Apollo Investment Management, L.P.
is the investment adviser and an affiliate of Apollo Global
Management, Inc. and its consolidated subsidiaries (AGM). Apollo
Investment Administration, LLC, an affiliate of AGM, provides,
among other things, administrative services and facilities for the
Company.

U.S. Auto Finance, Inc provides automobile loans.



USLS ACQUISITION: Midcap Financial Marks $1.6M Loan at 47% Off
--------------------------------------------------------------
Midcap Financial Investment Corporation has marked its $1,608,000
loan extended to USLS Acquisition, Inc. to market at $856,000 or
53% of the outstanding amount, as of December 31, 2022, according
to a disclosure contained in Midcap Financial's Form 10-K for the
transition period from April 1, 2022 to December 31, 2022, filed
with the Securities and Exchange Commission on February 21, 2023.

Midcap Financial is a participant in a First Lien Secured Debt -
Revolver Loan to USLS Acquisition, Inc.  The loan accrues interest
at a rate of 1% (SOFR+575) per annum. The loan matures on December
2, 2024.

Midcap Financial Investment Corporation is a Maryland corporation
incorporated on February 2, 2004.  It is a closed-end, externally
managed, non-diversified management investment company that has
elected to be treated as a business development company under the
Investment Company Act of 1940. Apollo Investment Management, L.P.
is the investment adviser and an affiliate of Apollo Global
Management, Inc. and its consolidated subsidiaries (AGM). Apollo
Investment Administration, LLC, an affiliate of AGM, provides,
among other things, administrative services and facilities for the
Company.

USLS Acquisition is a company that provides Client relationship and
more. USLS Acquisition is headquartered in United States Texas.
USLS Acquisition was founded in 1996.



VARI-FORM GROUP: Midcap Financial Marks $5.8M Loan at 95% Off
-------------------------------------------------------------
Midcap Financial Investment Corporation has marked its $5,860,000
loan extended to Vari-Form Group, LLC to market at $264,000 or 5%
of the outstanding amount, as of December 31, 2022, according to a
disclosure contained in Midcap Financial's Form 10-K for the
transition period from April 1, 2022 to December 31, 2022, filed
with the Securities and Exchange Commission on February 21, 2023.

Midcap Financial is a participant in a First Lien Secured Debt to
Vari-Form Group, LLC. The loan accrues interest at a rate of 11.00%
(7.00% Cash plus 4.00% Payment In Kind) per annum. The loan was
scheduled to mature on February 2, 2023.

Midcap Financial has classified the loan as non-accrual.

Midcap Financial Investment Corporation is a Maryland corporation
incorporated on February 2, 2004.  It is a closed-end, externally
managed, non-diversified management investment company that has
elected to be treated as a business development company under the
Investment Company Act of 1940. Apollo Investment Management, L.P.
is the investment adviser and an affiliate of Apollo Global
Management, Inc. and its consolidated subsidiaries (AGM). Apollo
Investment Administration, LLC, an affiliate of AGM, provides,
among other things, administrative services and facilities for the
Company.

Founded in 2007, Vari-Form Inc makes automotive stamping
products. 



VARI-FORM INC: Midcap Financial Marks $2M Loan at 95% Off
---------------------------------------------------------
Midcap Financial Investment Corporation has marked its $2,110,000
loan extended to Vari-Form, Inc. to market at $95,000 or 5% of the
outstanding amount, as of December 31, 2022, according to a
disclosure contained in Midcap Financial's Form 10-K for the
transition period from April 1, 2022 to December 31, 2022, filed
with the Securities and Exchange Commission on February 21, 2023.

Midcap Financial is a participant in a First Lien Secured Debt to
Vari-Form Group, LLC. The loan accrues interest at a rate of 11.00%
(7.00% Cash plus 4.00% Payment In Kind) per annum. The loan was
scheduled to mature on February 2, 2023.

Midcap Financial has classified the loan as non-accrual.

Midcap Financial is a Maryland corporation incorporated on February
2, 2004.  It is a closed-end, externally managed, non-diversified
management investment company that has elected to be treated as a
business development company under the Investment Company Act of
1940. Apollo Investment Management, L.P. is the investment adviser
and an affiliate of Apollo Global Management, Inc. and its
consolidated subsidiaries (AGM). Apollo Investment Administration,
LLC, an affiliate of AGM, provides, among other things,
administrative services and facilities for the Company.

Founded in 2007, Vari-Form Inc makes automotive stamping
products. 



VELOCIOUS DELIVERY: Seeks to Hire The Milledge Law Firm as Counsel
------------------------------------------------------------------
Velocious Delivery LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of Texas to employ The Milledge Law
Firm, PLLC as its counsel.

The firm will render these services:

     (a) advise the Debtor concerning its powers and duties in the
continued operation of its business, and management of its
property;

     (b) prepare all pleadings on behalf of the Debtor which may be
necessary herein;

     (c) negotiate and submit a potential plan of arrangement
satisfactory to the Debtor, its estate, and the creditors at large;
and

     (d) perform all other legal services for the Debtor which may
become necessary to these proceedings herein.

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

     Samuel L. Milledge, Sr., Attorney-in-Charge       $400
     Associates                                 $150 - $200
     Law Clerks & Legal Assistants                $60 - $75

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

Samuel Milledge, Sr., Esq., an attorney at The Milledge Law Firm,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     Samuel L. Milledge, Sr.
     The Milledge Law Firm, PLLC
     2500 East T.C. Jester Blvd. Suite 510
     Houston, TX 77092
     Telephone: (713) 812-1409
     Facsimile: (713) 812-1418
     Email: milledge@milledgelawfirm.com

                    About Velocious Delivery

Velocious Delivery LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 22-33690) on
December 9, 2022. In the petition signed by Brandon Toledo,
president, the Debtor disclosed up to $100,000 in assets and up to
$500,000 in liabilities.

Judge Jeffrey P. Norman oversees the case.

Samuel L. Milledge, Sr. Esq., at The Milledge Law Firm, PLLC,
represents the Debtor as counsel.

Jarrod B. Martin has been appointed as Subchapter V Trustee.


VICI REALTY: Involuntary Chapter 11 Case Summary
------------------------------------------------
Alleged Debtor: Vici Realty LLC
                48-56 Union Place
                Hartford CT 06103

Business Description: Vici Realty LLC is a Single Asset Real
                      Estate (as defined in 11 U.S.C. Section
                      101(51B)).

Involuntary Chapter
11 Petition Date: March 2, 2023

Court: United States Bankruptcy Court
       Southern District of Texas

Case No.: 23-30715

Judge: Hon. Christopher M. Lopez

Petitioners' Counsel: Unspecified

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

https://www.pacermonitor.com/view/V5JNDGQ/Vici_Realty_LLC__txsbke-23-30715__0001.0.pdf?mcid=tGE4TAMA

Alleged creditors who signed the petition:

  Petitioner                         Nature of Claim  Claim Amount
  ----------                         ---------------  ------------
1. Craig Seligman                   Services Rendered     $250,000
1302 Waugh Drive                      and Creditor
Suite 853
Houston TX 77019

2. Rff Family Partnership                Creditor         $125,000

3. Main Street Restaurant                Creditor          $20,000
Associates


VIRGIN ISLANDS WPA: Moody's Withdraws Caa2 Rating on Electric Bonds
-------------------------------------------------------------------
Moody's Investors Service has withdrawn the Virgin Islands Water
and Power Authority's Caa2 senior electric system revenue bonds
ratings and the Caa3 electric system subordinated revenue bonds
ratings. Prior to the withdrawal, the outlook was negative.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the ratings.

Virgin Islands Water and Power Authority is an independent
governmental agency of the U.S Virgin Islands and was created in
1964. Its electric system is a monopoly provider of electric
service to close to 50,000 customers on St. Thomas, St. Croix, St.
John, Water Island and Hassel Island. The water and the electric
system are independently financed with separate liens on net
revenues securing the outstanding debt of each system.


VIVOS REAL ESTATE: Seeks Approval to Hire Chesapeake Houseworks
----------------------------------------------------------------
Vivos Real Estate Holdings, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Maryland to employ Chesapeake
Houseworks, a contractor based in Severna Park, Md.

The Debtor requires a commercial contractor to assist in the repair
of its property located at 22 Baltimore Road, Rockville, Md.

Chesapeake Houseworks will be paid $325 per month for its
janitorial services.

Charles Elton, owner of Chesapeake Houseworks, disclosed in a court
filing that the firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Charles Elton
     Chesapeake Houseworks
     84 Manns Road
     Severna Park, MD 21146
     Telephone: (443) 829-5339

                  About Vivos Real Estate Holdings

Vivos Real Estate Holdings, LLC, a company in Rockville, Md.,
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. D. Md. Case No. 22-14207) on Aug. 2, 2022, listing as much
as $50,000 in assets and $1 million to $10 million in liabilities.
Naveen Doki, manager and president, signed the petition.

Judge Maria Ellena Chavez-Ruark oversees the case.

John D. Burns, Esq., at The Burns LawFirm, LLC is the Debtor's
counsel.


WILDCAT BUYERCO: Midcap Financial Marks $725,000 Loan at 82% Off
----------------------------------------------------------------
Midcap Financial Investment Corporation has marked its $725,000
loan extended to Wildcat BuyerCo, Inc to market at $134,000 or 18%
of the outstanding amount, as of December 31, 2022, according to a
disclosure contained in Midcap Financial's Form 10-K for the
transition period from April 1, 2022 to December 31, 2022, filed
with the Securities and Exchange Commission on February 21, 2023.

Midcap Financial is a participant in a First Lien Secured Debt –
Revolver Loan to Wildcat BuyerCo, Inc. The loan accrues interest at
a rate of 1% (SOFR+575) per annum. The loan matures on February 27,
2026.

Midcap Financial Investment Corporation is a Maryland corporation
incorporated on February 2, 2004.  It is a closed-end, externally
managed, non-diversified management investment company that has
elected to be treated as a business development company under the
Investment Company Act of 1940. Apollo Investment Management, L.P.
is the investment adviser and an affiliate of Apollo Global
Management, Inc. and its consolidated subsidiaries (AGM). Apollo
Investment Administration, LLC, an affiliate of AGM, provides,
among other things, administrative services and facilities for the
Company.

Wildcat BuyerCo, Inc. is a provider and supplier of electrical
components for commercial and industrial applications.


WINDOW SELECT: Files for Chapter 11 Bankruptcy Protection
---------------------------------------------------------
Alex Groth of Milwaukee Journal Sentinel reports that more than a
month after announcing it would be filing for bankruptcy, Window
Select entered Chapter 11 bankruptcy Feb. 17 against nearly 1,000
creditors.

North Carolina-based consulting firm Cogent Analytics, which has
assumed management of the company, is still planning to fulfill
contracts to more than 850 customers, according to a statement
released by the company's communication team led by Mueller
Communications.

The decision to enter into Chapter 11 bankruptcy comes after
hundreds of customers claimed they'd been scammed after purchasing
windows and doors that were never delivered. Over the past year,
dozens of customers and contractors from across Wisconsin have
filed suits against the company.

Among the customers and vendors who are owed the largest amount of
money are Illinois-based Climate Solutions Windows & Doors, who say
Window Select owes them more than a million dollars for custom
projects, according to the filing.

Media companies iHeartMedia + Entertainment and Scripps Media, Inc.
are both owed around $140,000; Sinclair Broadcast Group is owed
about $12,000, according to the filing.

Cogent team member Andy Parsons became Window Select's interim CEO
in December 2022 and will lead the company through the legal
restructuring process, which is expected to take eight to 12 weeks.
Upon the filing, former owner Justin Kiswardy is no longer
associated with the company, according to the statement.

"While (the Feb. 17, 2023) filing has taken longer than anticipated
due to a number of factors, including a change in legal
representation, the complex legal process, and negotiation of
detailed financial plans, we're committed to ensuring customers are
the first priority throughout this reorganization process," said
Parsons in a statement.

In the filing, Cogent claims that Kiswardy did not maintain
accurate accounting records and Parsons was unable to reconstruct
them using available bank statements and other records. As a
result, Window Select has not prepared a balance sheet, statement
of operations or cash-flow statement and no federal tax return has
been filed.

Cogent hired attorneys Kerkman & Dunn for the filing of the
bankruptcy and agreed to pay the $150,000 for legal services, of
which they've paid $65,000 prior to the filing of the statement on
Feb. 17, according to the filing.

What can I do if I have an outstanding contract with Window
Select?
Filing Chapter 11 bankruptcy means that Window Select's previous
owner will transition ownership to Cogent, allowing Cogent to move
customer orders to a new entity for fulfillment, according to a
statement from the company.

Window Select advised customers with an outstanding contract to
contact them at 262-703-3500 or at info@windowselectbankruptcy.com.
Customers with outstanding contracts who are in contact with the
company will receive an email with options to fulfill their
contract by March 31. 2023.

Since the new leadership took over in December 2022, Window Select
has fulfilled 25 customer contracts, according to the release. The
company said it expects installations to accelerate once the filing
is complete.

After Window Select was evicted from its previous space, Cogent is
using rented temporary storage space in Milwaukee and Green Bay ―
the address is unknown ― for deliveries of windows and doors,
according to a statement. Cogent is currently evaluating long-term
options.

Customers who are owed money post-judgment from the company can
petition the bankruptcy court to seek repayment. For creditors who
haven't received payment after the court made its judgement, the
court system provides resources for next steps here.

                       About Window Select

Window Select, LLC is a window installation service provider in
Menomonee Falls, Wis.

Window Select filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. E.D. Wis. Case No. 23-20646) on
Feb. 17, 2023, with $100,001 to $500,000 in assets and $1,000,001
to $10 million in liabilities. Andrew Parson, chief executive
officer of Window Select, signed the petition.

Judge G. Michael Halfenger oversees the case.

Jerome R. Kerkman, Esq., at Kerkman & Dunn represents the Debtor
as
counsel.


WINESTEAD LLC: Court OKs Deal on Cash Collateral Access
-------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
Riverside Division, authorized Winestead, LLC f/k/a Orange Coast
Winery, LLC  to use cash collateral on an interim basis in
accordance with its agreement with First Bank.

As previously reported by the Troubled Company Reporter, the
Parties agreed to the continued use of cash collateral, pursuant to
the terms of the Cash Collateral Stipulation and the amounts set
forth in the Updated Budget for the period from March 1, 2023
through April 30, 2023.

The principals of the Debtor, Douglas Wiens and Deborah Israel,
have guaranteed the Debtor's obligations to First Bank pursuant to
the Unconditional Guarantees they executed as of September 5, 2017.
The obligations arising under the Unconditional Guarantees are
secured by a Deed of Trust executed as of September 5, 2017 and
recorded as Document No. 2017-0374121 on September 8, 2017 in the
Official Records of Riverside County against the Guarantors' real
property commonly known as 34685 Cameron Drive, Hemet, CA 92544.

The Guarantors are in the process of selling the Property, which
will generate sale proceeds sufficient to pay First Bank's secured
claim under the Unconditional  Guarantees in full. The sale is
anticipated to close by March 10, 2023.

The Parties also agreed that the Debtor's obligation to make the
adequate protection payment in the amount of $2,500 due on or
before March 5 is suspended pending the closing of the sale and the
payment in full of the Debtor's loan obligation and the
Unconditional Guarantee obligation. In the event the sale of the
Guarantor's Property does not close by March 20, the Debtor's
obligations to make adequate protection payments will resume as of
that date with the March 2023 payment due on March 20, and each
subsequent payment to be made in accordance with the terms of the
Cash Collateral Stipulation.

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

                       About Winestead LLC

Winestead LLC -- https://www.orangecoastwinery.com -- d/b/a Wine
Ranch Grill and Cellars, is a restaurant known for offering great
lunch, dinner and brunch.  Winestead LLC filed a petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal.
Case No. 22-14222) on Nov. 8, 2022.  In the petition filed by
Douglas G. Weins, as manager, the Debtor reported assets between
$500,000 and $1 million and liabilities between $1 million and $10
million.

Judge Mark Houle oversees the case.

The Debtor is represented by Robert B Rosenstein, Esq., at
Rosenstein & Associates.



YOUNGBLOOD SKIN: Unsecureds to Get 30 Cents on Dollar
-----------------------------------------------------
Youngblood Skin Care Products, LLC, submitted a Second Amended Plan
of Reorganization for Small Business under Chapter 11, dated Feb.
17, 2023.

The Debtor believes that it has administered and converted to cash
all assets that it owned after the closing of the 363 Sale (other
than the right to receive Deferred Payments, if any) and has paid
all non-professional administrative expenses of the estate. As
specified in its most recent monthly operating reports (ECF No. 130
filed September 21, 2022), it presently has on hand $419,623.25 in
cash. The Debtor anticipates the payment of the following sums and
reserves; but these payments will likely be reduced by, at a
minimum, the financial outcome of the resolution of the Purchaser's
ERT Claim, after taking into account the ruling on the dispute, the
estate's costs of litigating the dispute and, if applicable, the
recovery of any sanctions or malicious prosecution awards should
the estate prevail in the litigation. Because this outcome is
difficult to forecast, the distributions, liquidation analysis and
other projections described in this plan ignore the possible impact
of the resolution of the Purchaser's ERT Claim. With that caveat,
the projected payments under the Plan can be summarized as
follows:

   * Transfer to Purchaser $2,000 in customer deposits.

   * Payment of $2,000 in insurance premiums.

   * Refund of the $88,907 ERT Overpayment.

   * Payment of legal fees to its chapter 11 bankruptcy counsel
(subject to court approval after notice and an opportunity to be
heard).

   * A $20,000 reserve for legal fees to prosecute objections to
claims.

   * Reserve of $5,000 for accountants' fees for the preparation
and filing of tax returns (the closing tax return for the chapter
11 estate in this case as well as post-Effective Date returns
through the winding-up and cancellation of the Debtor).

   * The creation of a reserve ("Windup Expense Reserve") in the
amount of $10,000 to fund the expenses of administering the
Reorganized Debtor's windup of its affairs ("Windup Expenses"),
including without limitation the administrative expenses of making
the distributions required under this Plan and, when the windup is
completed, the expenses incurred to obtain the cancellation of the
Reorganized Debtor's existence as a California limited liability
company. The Debtor believes that the actual expenses to be covered
by the Windup Expense Reserve will actually be only approximately
$2,000; with the $8,000 balance to be held as a cushion
("Cushion"), out of an abundance of caution.

These payments and reserves will leave an estimated $98,065.90 in
cash ("Effective Date Cash") available for distribution to
creditors promptly following the Effective Date of this Plan (but
for the $8,000 Cushion, to be distributed with the final
distribution hereunder).

This Plan of Reorganization (the Plan) under chapter 11 of the
Bankruptcy Code (the Code) proposes to pay creditors of Youngblood
Skin Care Products, LLC (the Debtor) from the Effective Date Cash
and the Deferred Payments, if any.

Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 30 cents on the dollar.

Under the Plan, Class 2 consists of All Non-Priority Unsecured
Claims Allowed under s 502 of the Code. Each holder of an allowed,
Class 2 claim shall receive its Pro Rata share of the following
distributions:

The Effective Date Cash shall be distributed no later than the
thirtieth day after the Claim Objection Deadline specified in
Section 5.01 below or (b) if any objection thereto is filed to a
given Class 2 claim, the date that is 30 days after the Class 2
claim becomes allowed by a final, non-appealable order; plus The
proceeds of the 2023 Deferred Payment, if any, shall be distributed
as soon as practicable after the Reorganized Debtor's receipt
thereof, net of (a) the then current Windup Expenses not covered by
the Windup Expense Reserve, and (b) the sum required to replenish
Windup Expense Reserve, to the extent appropriate as reasonably
determined by the Reorganized Debtor; provided, however, if the
gross amount of the 2023 Deferred Payment is less than $25,000, the
Reorganized Debtor may defer distribution of that sum until after
it learns and receives the amount of the 2024 Deferred Payment, if
any; plus The proceeds of the 2024 Deferred Payment, if any, shall
be distributed as soon as practicable after the Reorganized
Debtor's receipt thereof, net of (a) the then current Windup
Expenses not covered by the Windup Expense Reserve, and (b) the sum
required to replenish Windup Expense Reserve, to the extent
appropriate as reasonably determined by the Reorganized Debtor.

After the Reorganized Debtor makes the distributions described
above, any balance remaining in the Windup Expense Reserve not used
to fund the remaining procedures to effect the cancellation of the
Reorganized Debtor shall be distributed Pro Rata to the holders of
Class 2 Claims as the last act of the Reorganized Debtor before the
Certificate of Cancellation, described below, is filed with the
California Secretary of State. Class 2 is impaired.

The distributions that are required to be made on or after the
Effective Date of this Plan will be funded from (a) the Debtor's
cash balances existing on the Effective Date, (b) the Deferred
Payments, if any, and (c) any other lawful source.

A copy of the Second Amended Plan of Reorganization dated Feb. 17,
2023, is available at https://bit.ly/3ZhIMQV from
PacerMonitor.com.

               About Youngblood Skin Care Products

Youngblood Skin Care Products, LLC, a cosmetics company based in
Simi Valley, Calif., filed a petition for Chapter 11 protection
(Bankr. C.D. Calif. Case No. 21-10808) on Aug. 2, 2021, listing as
much as $10 million in both assets and liabilities.  Jason Toth,
executive vice president, signed the petition.

Judge Deborah J. Saltzman oversees the case.

The Debtor tapped Hahn & Hahn, LLP as legal counsel and Cohen &
Freedman as accountant.


[*] David Spehar Joins Tiger Group as Field Ops Associate Director
------------------------------------------------------------------
David A. Spehar, a 30-year appraisal and disposition veteran whose
work has encompassed over 350 companies and thousands of retail
stores across North America, has joined Tiger Group as Associate
Director of Field Operations.

Mr. Spehar's new role includes overseeing Tiger's data-driven
approach to marketing and selling furniture, fixtures and equipment
(FF&E) during liquidations and strategic store-closings, as well as
conducting field evaluations of retail stores and distribution
centers on behalf of Tiger's valuation practice. He reports to
Tiger Group Executive Managing Director Arnold L. Jacobs.

"The depth of Dave's experience is notable," Mr. Jacobs said. "It
includes managing the operations and financials for liquidations
across the United States and Canada; marketing and selling millions
of dollars' worth of inventory and FF&E; and using his training as
a merchant and engineer to conduct wholesale, retail and industrial
appraisals. We're thrilled to welcome Dave to the Tiger team."

Mr. Spehar joins Tiger after working closely with the company for
the past 12 years as a senior field consultant. His engagements
have included supervisory FF&E or field operations roles on
projects such as Macy's, Modell's Sporting Goods, Big Lots,
RadioShack, Sports Authority and Gander Mountain.

"We have been particularly impressed with Dave's ability to find
unrecognized FF&E value by combining old-fashioned legwork with
cutting-edge approaches to digital marketing and research," said
Tiger Group COO Michael McGrail. "Dave also puts a strong focus on
teamwork and communication, which is right in line with our culture
at Tiger."

The Virginia native achieved the rank of Eagle Scout and went on to
earn a degree in soil and resource management from Virginia Tech.
He spent nine years managing warehouse club stores before his
talents were discovered by a national appraisal and disposition
firm. "They hired me in 1993 after I worked with them on the
closing of my stores," Mr. Spehar said. "I've never looked back."

In the years that followed, Mr. Spehar contributed to many of the
leading firms in asset-based lending. His project list includes
household-name department stores such as Sears Canada, Fortunoff,
Woodward & Lothrop, Montgomery Ward, JCPenney and Eaton's.

The longtime Tiger consultant set up the FF&E program for
Francesca's, served as FF&E co-lead on Circuit City and was
operations lead on Kitchen Collection, RoomStore, Bachrach, HOBO
and XS Cargo, the Canadian discount store chain.

He also led or co-led various special projects that required
temporarily managing companies' inventories, warehouses or overall
operations. These engagements included for-profit education chain
ITT Tech, ModCloth, Burnsville Hosiery, and Fenco Automotive.



[*] Simpson Thacher Adds Distinguished Restructuring Lawyer
-----------------------------------------------------------
Simpson Thacher & Bartlett LLP on March 2, 2023, disclosed that
Sunny Singh will join the Firm's New York office as a Partner in
the Restructuring Practice to lead the Firm's U.S. company-side
restructuring team.

"Sunny is a star of the bankruptcy bar, and we are excited to
welcome him to Simpson Thacher," said Alden Millard, Chair of the
Firm's Executive Committee. "As a debtors' lawyer, Sunny has
substantial experience representing distressed companies and is
known for his commercial approach. He will be a tremendous asset to
our private equity and corporate clients seeking creative,
strategic advice."

Mr. Singh has deep experience advising debtors, boards and other
clients on highly complex domestic and international restructuring
matters across numerous industries. He routinely advises debtors,
boards of directors, sponsors, investors and other interested
parties on some of the world's most significant chapter 11 cases,
pre-packaged bankruptcies and out-of-court restructurings. Sunny
has been recognized as a "Rising Star" by several organizations and
publications, including The American Bankruptcy Institute, Chambers
USA, Law360, International Financial Law Review and others.

"We are thrilled to welcome Sunny to our global Restructuring
Practice," said Sandy Qusba, Head of Simpson Thacher's
Restructuring team. "The addition of Sunny reflects the continued
expansion of our world-class Restructuring team both in the United
States and in Europe, and further enhances our ability and
commitment to provide companies and boards with practical,
results-driven advice with respect to all facets of a company's
capital structure."

With teams based in the United States and Europe, Simpson Thacher's
Restructuring Practice provides clients with constructive,
sustainable solutions and opportunities in connection with
high-profile, complex domestic and cross-border restructuring and
insolvency situations, implemented out-of-court or through judicial
proceedings. The team advises key participants on all aspects of
restructurings, including debtors, boards, independent committees,
creditors, sponsors, debtor-in-possession (DIP) and exit
financiers, as well as other stakeholders.

Simpson Thacher & Bartlett LLP –- http://www.simpsonthacher.com
-- is one of the world's leading international law firms. The Firm
was established in 1884 and has more than 1,000 lawyers.
Headquartered in New York with offices in Beijing, Brussels, Hong
Kong, Houston, London, Los Angeles, Palo Alto, Sao Paulo, Tokyo and
Washington, D.C., the Firm provides coordinated legal advice and
transactional capability to clients around the globe.


[^] BOOK REVIEW: The Luckiest Guy in the World
----------------------------------------------
Author:  Boone Pickens
Publisher: Beard Books
Paperback: US$34.95
Review by Gail Owens Hoelscher
Buy a copy for yourself and one for a colleague on-line at:
http://www.beardbooks.com/beardbooks/the_luckiest_guy_in_the_world.html

"This is the story of a man who turned a $2,500 investment into
America's largest independent oil company in thirty years and along
the way discovered that something is terribly wrong with corporate
America.  Mesa Petroleum is the company, and I'm the man."  Thus
begins the autobiography of Boone Pickens, who prefers to be
referred to without his first initial, "T."

Mr. Pickens' autobiography was originally published in 1987, at the
end of the rollercoaster years when he was one of the most famous
(or infamous, depending on your point of view) and most-feared
corporate raiders during a decade known for corporate raiding.  For
the 2000 Beard Books edition, Pickens wrote an additional five
chapters about the subsequent, equally tumultuous, 13 years, during
which time he suffered corporate raiders of his own, recapitalized,
and retired, only to see his beloved company merge with Pioneer.
One of his few laments is being remembered mainly for the
high-profile years, rather than for the company he built from
virtually nothing.

Of the takeover attempts, he says:

"I saw undervalued assets in the public marketplace.  My game plan
with Gul, Phillips, and Unocal wasn't to take on Big Oil. Hell,
that wasn't my role. My role was to make money for the stockholders
of Mesa.  I just saw that Big Oil's management had done a lousy job
for their stockholders."

He would prefer to be known as a champion of the shareholder rights
movement, which prompted big corporations to become more responsive
to the needs and demands of their stockholders.  He founded the
United Shareholders Association, a group that successfully lobbied
for changes in corporate governance.  In a memorable interview in
the May/June 1986 Harvard Business Review, Pickens said, "Chief
executives, who themselves own few shares of their companies, have
no more feeling for the average stockholder than they do for
baboons in Africa."

Boone Pickens was born in 1928 in Holdenville, Oklahoma.  His
grandfather was Methodist missionary to the Indians there; his
father was a lawyer and small player in the oil business. People in
Holdenville worked hard and used such expressions as "Root hog or
die," meaning "Get in and compete or fail."

The family later moved to Amarillo, Texas, where Pickens went to
Texas A&M for one year, but graduated from Oklahoma State
University in 1951 with a degree in geology.  He worked at Phillips
Petroleum for three years, and then, despite growing family
obligations, struck out on his own.  His wife's uncle told him,
"Boone, you don't have a chance.  You don't know anything."

This book is a wonderful read.  Pickens pulls no punches, and is as
hard on himself as anyone else.  He talks about proxy fights,
Texas-Oklahoma football games, his three marriages, poker, takeover
strategies, and unfair duck hunting practices, all in the same easy
tone.  You feel like he's sitting right there in the room with
you.

Pickens ends the introduction to this story with this:

"How I got from a little town in Eastern Oklahoma to the towers of
Wall Street is an exciting, unlikely, sometimes painful story.
And, if you're young and restless, I'm hoping you'll make a journey
similar to mine."

Root hog or die!

Thomas Boone Pickens Jr. — https://boonepickens.com/ — was an
American business magnate and financier. Among his lengthy
accolades, Time magazine has identified him one of it 100 most
influential people, Financial World named him CEO of the Decade in
1989 and Oil and Gas Investor identified him as one of the "100
Most Influential People of the Petroleum Century."  He was born in
May 1928.  He died September 11, 2019.



                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
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equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
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Each Friday's edition of the TCR includes a review about a book of
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Monthly Operating Reports are summarized in every Saturday edition
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The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
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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.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
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The TCR subscription rate is $975 for 6 months delivered via
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                   *** End of Transmission ***