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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

              Thursday, March 16, 2023, Vol. 27, No. 74

                            Headlines

1960 FAMILY PRACTICE: Trustee's Motion to Reconsider Granted
303 CONSTRUCTION: Taps Kutner Brinen Dickey Riley as Legal Counsel
772 & 720 HOLDING: Seeks to Hire Leitner Berman as Appraiser
ACERUS PHARMA: April 28 Binding Offer Submission Deadline Set
ADHERA THERAPEUTICS: Grosses $150K From Securities Offering

AEARO TECHNOLOGIES: Judge Calls Hearing-Loss Evaluation Problematic
ALASKA AIR: Fitch Alters Outlook on 'BB+' IDR to Positive
ALDRICH PUMP: Asbestos Claimants' Panel Taps Data Administrator
ALTA MESA: HPS' and ARM Defendants' Move to Dismiss Case Granted
ALUDYNE INC: Negotiates With Lenders as Loan Maturity Nears

AMERICANAS SA: Court Blocks Small Creditors' Payments
ANSIRA PARTNERS: Goldman Sachs Marks $338,000 Loan at 42% Off
ANSIRA PARTNERS: Goldman Sachs Marks $5.4M Loan at 42% Off
BELLA HOLDING: S&P Downgrades ICR to 'B-', Outlook Stable
BELLAIRE IN SPRING: Taps Baker & Associates as Bankruptcy Counsel

BIOPLAN USA: S&P Downgrades ICR to 'D' on Restructuring
BIOSTAGE INC: Board Member to Replace David Green as Chairman, CEO
BLOCKFI INC: Has $227M Unprotected Funds at Silicon Valley Bank
BVM THE BRIDGES: PCO Says Patient Care Remains Acceptable
C&L AUTOMOTIVE: Taps William G. Haeberle, CPA as Accountant

CELSIUS NETWORK: Equity Wins First Round vs. Creditors in Court
CELSIUS NETWORK: No Contract Claims Against Affiliates, Rules Judge
CFG PERU: Brandt's Bid to Compel Compliance With Fee Order Granted
CHESTNUT 20: Hilton Garden Inn - Denver Set for April 17 Auction
CHRIS PETTIT: Trustee Taps Davis & Santos as Special Counsel

CINEWORLD GROUP: Minority Lenders Tap Glenn Agre as Legal Counsel
CLEVELAND-CLIFF INC: S&P Hikes ICR to 'BB-' on Reduced Debt Levels
COREPOWER YOGA: Goldman Sachs Marks $26M Loan at 18% Off
CROCKET COGENERATION: S&P Withdraws 'B-' Rating on Secured Notes
CUSHMAN & WAKEFIELD: S&P Alters Outlook to Neg., Affirms 'BB' ICR

DAKTRONICS INC: Posts $3.7 Million Net Income in Third Quarter
DARLING INGREDIENTS: Fitch Affirms BB+ LongTerm IDR, Outlook Stable
DEKALB-JACKSON WATER: S&P Affirms 'BB' Rating on Revenue Debt
DIAMOND SPORTS: Case Summary & 30 Largest Unsecured Creditors
DIOCESE OF SANTA ROSA: Files for Chapter 11 Due to Abuse Claims

DR. R'KIONE: No Change in Patient Care, 3rd PCO Report Says
FAIRPORT BAPTIST: PCO Files Fifth Report
FIRST TO THE FINISH: Wins Cash Collateral Access Thru April 20
FTX GROUP: CEO Ray Wants to Pay $4M in Employee Bonuses
FTX GROUP: Judge Mulls Tossing O'Neal, Osaka from Investors' Suit

G&P CONSULTING: Taps Brown Law Firm as Bankruptcy Counsel
GIRARDI & KEESE: Influence Kept California Bar at Bay, Probe Finds
GOLDEN Z LLC: Gets OK to Hire James E. Dickmeyer as Legal Counsel
GRAND CANYON DESTINATIONS: Has Deal on Cash Collateral Access
GREELY LAND: Deal on Cash Collateral Access Thru March 31 OK'd

GREEN ROADS: Seeks Chapter 11 Bankruptcy Protection
GUARDION HEALTH: Hires Financial Advisor to Explore Alternatives
GULF COAST TRANSPORTATION: Starts Subchapter V Case
HEATHER HILLS: Appellants' Motion for Reconsideration Denied
HIGHLAND CAPITAL: Dondero's Renewed Recusal Motion Denied

HILLMAN SOLUTIONS: S&P Upgrades ICR to 'BB-' on Lower Leverage
HOLLY ENERGY: Fitch Affirms LongTerm IDR at 'BB+', Outlook Stable
INNOVATE CORP: Completes Sale of Remaining Equity Stake in HMN
IRIDIUM COMMUNICATIONS: S&P Ups ICR to 'BB-' on Improved Leverage
J.A.R. CONCRETE: Case Summary & 20 Largest Unsecured Creditors

JAX SERVICE: Court OKs Cash Collateral Access Thru March 30
KAWA SOLAR: Goldman Sachs Marks $3.9M Loan at 67% Off
KIMBALL HILL: 7th Cir. Affirms $9.5 Million Sanctions Against F&D
KLX ENERGY: Completes Acquisition of Greene's Energy Group
KLX ENERGY: Incurs $3.1 Million Net Loss in 2022

KOSSOFF PLLC: Trustee Wants to Claw Back $1.4M Paid for Burton Rent
KRISHNA HOTELS: Taps Law Office of Timothy C. Culbertson as Counsel
KTS SOLUTIONS: Unsecureds Will Get 16.5% of Claims in Plan
LAS UVAS VALLEY: Trustee's Motion for Reconsideration Denied
LATAM AIRLINES: Posts $2.54-Billion Profit After Chapter 11 Exit

LATEX FOAM: Order Granting EGC's Default Interest Affirmed
LIFEHOPE EQUIPMENT: Case Summary & Seven Unsecured Creditors
LOS ARMANDOS MEXICAN: Taps Goodman Law Practice as Counsel
MOUROX FAMILY: Court OKs Interim Cash Collateral Access
MRVANDY INC: Taps Rafool & Bourne as Bankruptcy Counsel

MYOMO INC: Incurs $10.7 Million Net Loss in 2022
NEOVASC INC: Shareholders Approve Acquisition by Shockwave Medical
NINE ENERGY: Swings to $14.4 Million Net Income in 2022
OCEAN POWER: Incurs $6.1 Million Net Loss in Third Quarter
OMNIQ CORP: Deploying Parking and Security Solution to 4 Airports

OUTPUT SERVICES: Goldman Sachs Marks $3.8M Loan at 33% Off
PHASE ONE SERVICES: Seeks to Hire Lane Law Firm as Counsel
PLOURDE SAND: Court OKs Cash Collateral Access Thru May 31
PPT MANAGEMENT: Goldman Sachs Marks 6.3M Loan at 29% Off
RYZE RENEWABLES II: Hits Chapter 11 With $16 Million Debt

RYZE RENEWABLES II: March 20 Deadline Set for Panel Questionnaires
SILVER STATE: Court Okays Appointment of Chapter 11 Trustee
STIMWAVE TECHNOLOGIES: Pays $10M to Avoid Suit; Ex-CEO Charged
TD HOLDINGS: Swings to $4.5 Million Net Income in 2022
THREE ARROWS: 3AC, CoinFLEX Founders Launch OPNX

TOP LINE GRANITE: Court OKs Cash Collateral Access Thru April 4
TOTAL URBAN: Unsecureds Will Get 1.45% of Claims in 60 Months
UGI INTERNATIONAL: Fitch Affirms LongTerm IDR at 'BB+', Outlook
UNIVAR SOLUTIONS: S&P Places 'BB+' ICR on CreditWatch Negative
VALLEY PROPERTY: Case Summary & One Unsecured Creditor

VERISTAR LLC: Unsecureds to Get Share of Income for 3 Years
VISTAGEN THERAPEUTICS: Has Until Sept 5 to Regain Nasdaq Compliance
VOYAGER DIGITAL: US Govt. Appeals Binance Sale, Plan Approval
[^] Recent Small-Dollar & Individual Chapter 11 Filings

                            *********

1960 FAMILY PRACTICE: Trustee's Motion to Reconsider Granted
------------------------------------------------------------
Chief Bankruptcy Judge Eduardo V. Rodriguez grants the Motion for
Reconsideration filed by Eva S. Engelhart, Chapter 7 Trustee, in
the adversary proceeding captioned as In Re: 1960 Family Practice,
P.A., Chapter 7, Debtor. Eva S. Engelhart, Chapter 7 Trustee,
Plaintiff, v. Huong T. Le Nguyen and Allergy of Texas, PLLC and
Express Speciality Pharmacy, LLC and Physician's Alliance of Red
Oak, LP and Huong Le and Allergy of Texas PLLC and Minh Nguyen and
Woodlands Imaging LP and Viventi Med LLC and Texas Radiology
Associates, Defendants, Case No. 20-35493, Adversary No. 21-3906,
(Bankr. S.D. Tex.).

On Nov. 9, 2020, 1960 Family Practice, P.A. filed for bankruptcy
protection under chapter 7 of the Bankruptcy Code. Eva S.
Engelhart, Chapter 7 Trustee, filed the instant adversary complaint
against Huong Le, Express Specialty Pharmacy, LLC, Allergy Of Texas
PLLC, and Physicians Alliance Of Red Oak, LP.

On Dec. 5, 2022, the Court entered an order granting the Motions To
Dismiss filed by Woodlands Imaging LP, Viventi Med LLC, and Texas
Radiology Associates, P.A.

Now, the Trustee requests that the Court reconsider the dismissal
of her complaint against TRA, Viventi and Woodlands pursuant to
Federal Rule of Civil Procedure 54(b) or in the alternative
pursuant to Federal Rule of Civil Procedure 60(b).

In the Order of Dismissal, the Court granted the Motions to Dismiss
because Trustee failed to file a timely response within the
twenty-one days permitted by S.D. Tex. DLR 7.452 for responding to
opposed motions. Thus, pursuant to the local rules, the Court
treated the Motions to Dismiss as unopposed.

In her Motion to Reconsider, the Trustee acknowledges that her
failure to timely file a response to the Motions to Dismiss was an
oversight borne out of a failure to properly calendar her deadlines
to respond and not out of any extenuating circumstances.
Nonetheless, the Trustee requests that the Court reconsider its
Order of Dismissal and cites several Southern District and Fifth
Circuit cases in support.

Given that the Order of Dismissal was effectively with prejudice,
the Court also considers the merits of Trustee's argument. Each of
the cases cited by the Trustee stand for a similar proposition:
"that violation of a local rule, absent a showing of extreme delay,
is an insufficient basis to dismiss with prejudice under Rule
12(b)(6), and that in the interests of justice lesser sanctions
should be first imposed for a local rule violation. As such, the
Court grants the Trustee's Motion to Reconsider.

However, in conducting a sua sponte review of the Complaint, the
Court has discovered that Trustee has committed numerous shotgun
pleading violations. Throughout the Complaint, the Trustee has
violated Rules 8(a)(2) and 9(b) by committing shotgun pleading
errors.

The Court explains that "Shotgun pleadings are 'pernicious' because
they 'unfairly burden defendants and courts' by shifting onto them
'the burden of identifying plaintiff's genuine claims and
determining which of those claims might have legal support.'
Allowing these types of shotgun pleadings promotes a distinct
advantage for a plaintiff." Therefore, the Court orders  that the
Trustee amend the Complaint to address its numerous shotgun
pleading violations.

A full-text copy of the Memorandum Opinion dated March 7, 2023 is
available at https://tinyurl.com/2p92jmyn from Leagle.com.



303 CONSTRUCTION: Taps Kutner Brinen Dickey Riley as Legal Counsel
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303 Construction Services seeks approval from the U.S. Bankruptcy
Court for the District of Colorado to employ Kutner Brinen Dickey
Riley, PC as its legal counsel.

The Debtor requires legal counsel to:

   a. provide advice with respect to the powers and duties of the
Debtor under the Bankruptcy Code;

   b. assist in the development of a plan of reorganization under
Chapter 11, Subchapter V;

   c. file pleadings, reports and actions that may be required in
the continued administration of the Debtor's property under Chapter
11;

   d. take necessary actions to enjoin and stay until a final
decree the continuation of pending proceedings, and enjoin and stay
until a final decree the commencement of lien foreclosure
proceedings and all matters as may be provided under the Bankruptcy
Code; and

   e. perform other necessary legal services.

The firm will be paid at these rates:

     Jeffrey S. Brinen     $500 per hour
     Jenny Fujii           $410
     Keri L. Riley         $350
     Jonathan M. Dickey    $350
     Paralegal             $100

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

Kutner holds a pre-bankruptcy retainer for payment of post-petition
fees and costs in the amount of $9,157. The firm was also paid
pre-bankruptcy fees and costs by the Debtor in the amount of
$2,843.

Keri Riley, Esq., a partner at Kutner, disclosed in a court filing
that she is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Keri L. Riley, Esq.
     Kutner Brinen Dickey Riley, P.C.
     1660 Lincoln Street, Suite 1720
     Denver, CO 80264
     Telephone: (303) 832-2400
     Email: klr@kutnerlaw.com

              About 303 Construction Services

303 Construction Services filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No.
23-10213) on March 8, 2023, with up to $50,000 in assets and
$100,001 to $500,000 in liabilities. Joli A. Lofstedt has been
appointed as Subchapter V trustee.

Judge Michael E. Romero oversees the case.

Keri L. Riley, Esq., at Kutner Brinen Dickey Riley, P.C. is the
Debtor's legal counsel.


772 & 720 HOLDING: Seeks to Hire Leitner Berman as Appraiser
------------------------------------------------------------
772 & 720 Holding, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to employ Leitner Berman
to conduct an appraisal of its real properties.

The properties include a mixed-use building located at 772 59th
Street York, Brooklyn, N.Y., and nine condominium units located at
720 57th St., Brooklyn, N.Y.

Leitner Berman will be paid a flat fee of $10,000, which includes
all work until final issuance of the appraisal report. In the event
Leitner Berman is called upon to testify, prepare testimony or
otherwise submit documentation after and beyond the appraisal
report, the firm will be paid for such additional services at the
rate of $800 per hour.

As disclosed in court filings, Leitner Berman neither holds nor
represents any interest adverse to the Debtor's estate.

The firm can be reached through:

     Joel Leitner, MAI
     Leitner Berman
     1 Pierrepont Street, 8A
     Brooklyn, NY 11201
     Phone: 917-922-4882
     Email: jleitner@leitnerberman.com

                     About 772 & 720 Holding

772 & 720 Holding, LLC is a single asset real estate (as defined in
11 U.S.C. Sec. 101(51B)). The company is based in Brooklyn, N.Y.

772 & 720 Holding filed a petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-42435) on Sept.
30, 2022. In the petition filed by its managing member, Bao Zhi
Liu, the Debtor reported between $10 million and $50 million in
both assets and liabilities.

Judge Jil Mazer-Marino oversees the case.

The Debtor is represented by Kirby Aisner & Curley, LLP.


ACERUS PHARMA: April 28 Binding Offer Submission Deadline Set
-------------------------------------------------------------
On January 26, 2023, Acerus Pharmaceuticals Corporation and certain
of its subsidiaries were granted protection pursuant to an order
issued under the Companies' Creditors Arrangement Act (the "CCAA
Proceedings") by the Ontario Superior Court of Justice (the
"Canadian Court"). Ernst & Young Inc. was appointed Monitor of
Acerus (in such capacity, the "Monitor"). On February 3, 2023, the
Initial Order was amended and restated (the "Amended and Restated
Initial Order"). On February 27, 2023, pursuant to Chapter 15 of
the U.S. Bankruptcy Code, the U.S. Bankruptcy Court for the
District of Delaware granted an order recognizing the CCAA
Proceedings as the foreign main proceedings and giving full force
and effect to the orders entered in the CCAA Proceedings.

Pursuant to an order granted by the Canadian Court on March 9, 2023
(the "SISP Approval Order"), Acerus has initiated a sale and
investment solicitation process (the "SISP") to be conducted by the
Monitor with the assistance of Acerus.

The SISP is intended to solicit interest in the opportunity for a
sale of or investment in all or part of Acerus' assets (which
includes Noctiva, Natesto, Strendra (avanafil), Lidbree, Tefina,
TriVair and all other products of Acerus) and business operations.

All qualified interested parties will be provided with an
opportunity to participate in the SISP, including receipt of a
process summary describing the opportunity and access to a virtual
data-room on execution of a non-disclosure agreement acceptable to
Acerus and the Monitor.

The deadline to submit a binding offer under the SISP is set for
April 28, 2023, at 5:00 p.m. (Toronto Time).

              About Acerus Pharmaceuticals Corp.

Acerus Pharmaceuticals Corporation is a pharmaceutical company
whose head office is located in Mississauga, Ontario.  Directly and
through its subsidiaries Acerus Biopharma Inc., Acerus Labs Inc.,
and Acerus Pharmaceuticals USA, LLC, APC holds intellectual
property rights over pharmaceutical products and various methods of
treatment and manufacturing, and carries on a business researching,
trialing, and bringing said products to market for distribution.

On Jan, 26, 2023, Acerus Pharmaceuticals Corporation, Acerus
Biopharma Inc., Acerus Labs Inc., and Acerus Pharmaceuticals USA
LLC commenced proceedings under the CCAA to initiate restructuring
proceedings under the supervision of the Canadian Court.  The same
day, the Canadian Court entered an initial order appointing Ernst &
Young, Inc. as monitor.

Acerus Pharmaceuticals Corporation, Acerus Pharmaceuticals USA,
LLC, Acerus Biopharma Inc., and Acerus Labs Inc. sought relief
under Chapter 15 of the U.S. Code (Bankr. D. Del. Lead Case No.
23-10110 to 23-10113) on Jan. 29, 2023, to seek U.S. recognition of
the CCAA proceedings.


ADHERA THERAPEUTICS: Grosses $150K From Securities Offering
-----------------------------------------------------------
Adhera Therapeutics, Inc. entered into a Securities Purchase
Agreement with an accredited investor 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 424,652 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 $15,000.

                           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.


AEARO TECHNOLOGIES: Judge Calls Hearing-Loss Evaluation Problematic
-------------------------------------------------------------------
Carolina Bolado of Law360 reports that the Florida federal judge
overseeing the multidistrict litigation over hearing loss related
to allegedly faulty combat earplugs made by 3M said Friday, March
10, 2023, that the company's approach to evaluating hearing loss is
"problematic."

The case is In re 3M COMBAT ARMS EARPLUG PRODUCTS LIABILITY
LITIGATION, N.D. Fla., Case No. 3:19-md-02885.

                      About Aearo Technologies

Aearo Technologies -- https://earglobal.com/en -- is a 3M company
that designs, manufactures, and sells personal protection
equipment. The Company offers prescription and non-prescription
safety eye wear, face shields, hard hats, and respirators.  Aearo
serves customers worldwide.

To address claims related to the Combat Arms Earplugs Version 2,
Aearo Technologies LLC and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Lead Case
No. 22-02890) on July 26, 2022.  In the petition filed by John R.
Castellano, as authorized signatory, Aearo Technologies estimated
assets and liabilities between $1 billion and $10 billion each.  3M
is not a debtor in the Chapter 11 cases.  3M has committed $1
billion to fund a trust allocated for Combat Arms claims.

Kirkland & Ellis LLP is serving as legal counsel and AlixPartners
LLP is serving as restructuring advisor to Aearo Technologies.  Ice
Miller LLP, is serving as bankruptcy co-counsel to the Debtors.
Kroll is the claims agent.

PJT Partners is serving as financial advisor and White & Case LLP
is serving as legal counsel to 3M.


ALASKA AIR: Fitch Alters Outlook on 'BB+' IDR to Positive
---------------------------------------------------------
Fitch Ratings has affirmed Alaska Air Group, Inc.'s Issuer Default
Rating (IDR) at 'BB+' and revised the Rating Outlook to Positive
from Negative. Fitch has also affirmed the Alaska Air Group 2020-1
class A certificates at 'A-' and class B certificates at 'BBB+'.

The Positive Outlook on Alaska's IDR reflects quickly improving
credit metrics as the company has paid down debt and generated
solid profit margins coming out of the pandemic. Fitch expects
Alaska's total adjusted debt/EBITDAR to remain in the low 2x range
over the forecast period. Alaska has been proactive in repairing
its balance sheet, reducing gross adjusted debt to $3.8 billion at
YE 2022 from a peak of $5.5 billion.

Near-term concerns include Fitch's expectations for FCF to remain
negative through 2024, driven by capital spending as Alaska takes a
significant number of 737 MAX deliveries in coming years. Alaska
also has exposure to business travel driven by the tech sector in
the Pacific Northwest, which may present a near-term headwind.

KEY RATING DRIVERS

Leverage Declining: Alaska's adjusted debt/EBITDAR stood at 2.6x at
YE 2022, near pre-pandemic levels. Fitch expects leverage to remain
in the low 2x range through its forecast period, a level that
viewed to be supportive of a low-investment-grade rating. The
company has reduced its total adjusted debt balance by roughly $1.7
billion since its peak in 2020. Although debt reduction was partly
enabled by Alaska reducing cash balances more quickly than some
competitors, the company's liquidity balance remains healthy given
Fitch's expectations for meaningful operating cash flow generation
and manageable calls on cash in the coming years.

Healthy Demand Outlook for 2023: Solid fourth-quarter results from
Alaska and other carriers along with early reports around booking
trends have provided confidence in an improving operating
environment for this year. Demand resilience likely points to an
increased priority in consumer spending on experiences over goods
coming out of the pandemic, which may hold up despite a weaker
macroeconomic environment.

Growth is likely to be supported by an improvement in business
demand, which was depressed during the first half of 2022, along
with steady demand for leisure travel. Meanwhile, supply growth is
set to remain muted this year due to ongoing pilot shortages and
delivery delays from the aircraft OEM's, which Fitch believes will
support a favorable pricing environment.

Improving financial flexibility: Alaska's financial flexibility is
improving after being negatively affected by the pandemic.
Financeable unencumbered assets, which provide downside protection
in future downturns, are increasing. The company reported holding
73 unencumbered aircraft at YE 2022, still down from the 133 that
it owned outright prior to the pandemic, but well above the 42
unencumbered planes reported at YE 2021. Alaska has not leveraged
its loyalty program, which several other airlines have utilized to
raise sizable amounts of cash.

Upcoming debt maturities are manageable, remaining below $300
million annually through 2026. Although Fitch expects near-term FCF
to be negative, the majority of planned capex consists of highly
financeable aircraft deliveries.

The company announced in December 2022 that it plans to re-start
its share repurchase program. While initial repurchases are
intended to offset dilution, Fitch expects cash allocated to
shareholder returns to increase over time. Alaska has not yet
restarted its dividend, which was suspended during the pandemic,
but Fitch expects that it may do so, assuming a relatively stable
operating environment in 2023. Fitch does not expect shareholder
returns to negatively affect Alaska's credit profile, as the
company has historically prioritized a strong balance sheet.

Alaska Outperformed Peers Through Pandemic: Alaska's margins and
cash flows remained among the best in the industry through the
pandemic recovery period in 2021 and 2022. Aided by its low-cost
structure, domestic network focus and solid market position along
the West Coast, ALK generated an operating margin of 6.7% in 2022
excluding special charges, outperforming its major network peers
and significantly outperforming mid-size carriers like JetBlue and
Spirit. The company's performance allowed it to materially reduce
debt through the year while maintaining a sizable liquidity
balance. Alaska has a strong track record of generating above
industry average operating margins, which is supportive of the
Positive Outlook.

Fleet Transition: Alaska's transition back to operating a single
fleet type provides both a material cost tailwind and revenue
upside by increasing the proportion of premium seats on offer.
Alaska accelerated its regional transition, retiring its last Q400
aircraft in early 2023. It plans to operate an all Boeing
narrowbody fleet by YE 2023. Operating a single fleet type produces
efficiencies in terms of crew training, maintenance and sparing,
while operating new-technology aircraft with a higher average gauge
benefits fuel efficiency. The fleet transition is expected to
provide cost tailwinds in 2023 and 2024, but will come with
elevated capital spending. Fitch expects aircraft deliveries to
drive negative FCF at least through 2024.

ALK 2020-1 EETC: The 'A-' rating for the Class A certificates is
driven by sufficient overcollateralization and LTVs in-line with
similarly rated certificates. The transaction's 'A' level stress
scenario Loan to Value ratio (LTV) weakened modestly, to 97.7% from
90.8% in Fitch's prior review, driven by the B737-900ER and ERJ175
aircraft shifting from Tier 1 to Tier 2 collateral. Going forward,
the LTV is expected to improve, given that the amortization of the
certificates outpaces the expected aircraft depreciation rate.

While the class A certificates pass Fitch's 'A' category stress
test, the agency rates the certificates low in the 'A' category due
to limited headroom within the stress test along with qualitative
factors including the relative age of the 737-800 aircraft in the
pool. Additionally, after shifting the ERJ 175 and the 737-900ER to
tier 2 collateral from tier 1, nearly half of the aircraft in the
pool are now tier 2. The change from tier 1 to tier 2 reflects the
two aircraft types' relatively weaker collateral in comparison with
the 737-800, given the smaller operator base and fleet size. The
pool's 737- 800 collateral is considered to be a higher quality
tier 1 asset, though their age has begun to push their status to
tier 2. Credit positives for the transaction include Alaska's
relatively high IDR and the size of the collateral pool relative to
Alaska's total fleet.

Class B Certificate Ratings: The ratings for the class B
certificates are based on the bottom-up approach detailed in
Fitch's enhanced equipment trust certificates (EETC) criteria,
which calls for the rating to be notched up from Alaska's corporate
rating of 'BB+'. Subordinated tranches receive notching uplift
based on three factors: affirmation factor (0-2 notches for
airlines rated in the 'BB' category; benefit of a liquidity
facility (+1 notch); and recovery prospects in a 'BB' stress
scenario (typically 0-1 notches for class B certificates and 0 or
-1 notch for deeply subordinated class C certificates).

Fitch has affirmed the class B's at 'BBB+', three notches above
ALK's IDR. The notching includes +2 for affirmation and +1 for the
presence of a liquidity facility. The additional notching for high
affirmation is driven by stabilization of aircraft values, large
quantity of aircraft relative to ALK's operational fleet, and
continued emphasis from management that collateral from this pool
are important to their long-term recovery plan. The class B
certificates do hold strong recovery prospects; however, Fitch has
not applied a one notch uplift for superior recovery prospects at
this time, as the class B ratings are capped at 'BBB+' per Fitch's
criteria. Should Fitch upgrade Alaska to 'BBB-', the class B
certificates will likely be affirmed at 'BBB+' as Fitch generally
maintains ratings separation between tranches in EETCs and the
class A certificates are rated at 'A-'.

Stress Scenario: The ratings for the A certificates are primarily
based on collateral coverage in a stress scenario. The analysis
uses a top-down approach assuming a rejection of the entire pool in
a severe global aviation downturn. The analysis incorporates a full
draw on the liquidity facility and an assumed
repossession/remarketing cost of 5% of the total portfolio value.
Fitch then applies haircuts to the collateral value.

In its 'A' level stress analysis Fitch applies a 25% value stress
to the 737-800s in the portfolio, representing the mid-point of
Fitch's 'A' stress range. Throughout the downturn, base values for
the 737-800 have stayed within Fitch's baseline depreciation
assumptions of 6% due to the aircraft's wide userbase, favorable
economics and flexibility with conversion to cargo supporting its
tier 1 status. Values have also benefitted from the slow ramp and
certification of replacement MAX aircraft. The 737-800s in this
transaction were delivered between 2007 and 2009. Per Fitch's
criteria, the aircraft shift from tier 1 to tier 2 when they reach
15 years old, at which point the stress rates increase to 35% over
a period of time.

Fitch is using a 35% stress for the 737-900ERs and ERJ 175, which
is up from 30% in Fitch's prior review. The higher stress rate
reflects the two aircraft types shifting from tier 1 to tier 2
collateral, driven by the limited user base for the 900ER relative
to other narrowbodies, and the E-175's limited user base
concentrated among North American carriers. Its limited user base
is partly offset by its multi class offering, which has been
strategically important to its operators.

DERIVATION SUMMARY

Alaska's 'BB+' rating is in line with Delta Air Lines. Alaska's
financial metrics compare favorably with Delta's, including
Alaska's lower net leverage figures. Alaska also has a history of
outperforming peers in terms of profitability, consistently
generating margins at or near the top of its peer group in the U.S.
These factors are partly offset by Alaska's size, scale and
regional concentration relative to Delta. Alaska is three notches
below Southwest airlines, with the difference driven by scale and
by superior financial flexibility for Southwest.

ALK 2020-1

The class A certificate rating of 'A-' compares well with other
transactions rated in the 'A' category. The affirmation factor and
size of the collateral pool are favorable to certain United
Airlines and Air Canada transactions which feature smaller pools.
Meanwhile, the limited headroom within the 'A' level stress test
limits the ratings to 'A-'.

The notching uplift on the class B certificates is in line with
class B's issued by United Airlines or Spirit Airlines. Fitch notes
that ALK's aircraft collateral pool of 61 aircraft is one of the
largest in terms of absolute size and percentage of an operating
fleet in its EETC rating portfolio.

KEY ASSUMPTIONS

- Alaska experiences traffic growth in the mid-single digits in
2023 and 2024, supported by pent up demand and a continued recovery
in travel trends;

- Yields are roughly flat in 2023 as the effects of a potentially
weaker macro environment on ticket prices are offset by limited
supply;

- Brent crude prices average $85/barrel through the forecast;

- Cost per available seat mile excluding fuel is roughly flat in
2023 and grows in the low single digits annually thereafter;

- Capex is in line with company guidance.

RATING SENSITIVITIES

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

- Adjusted debt/EBITDAR sustained around or below 2.25x;

- FCF margins sustained in the mid-single digits;

- Execution of Alaska's fleet modernization plan while maintaining
or growing unencumbered assets and financial flexibility.

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

- Gross adjusted leverage rising and remaining above 3.5x;

- FFO fixed-charge coverage toward 3x;

- Sustained EBIT margins in the single digits.

ALK 2020-1 EETC

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

- Senior tranche ratings are primarily based on levels of
overcollateralization. The class A certificates could be upgraded
over time as the transaction amortizes, assuming that asset values
do not decline faster than projected in Fitch's models. This is not
expected in the near term, as much of the collateral pool has
shifted from Tier 1 to Tier 2 collateral, and will continue to do
so as the 737-800s age past 15 years;

- Upgrades to the subordinated tranche are unlikely as notching
uplift from Fitch's bottom up approach compresses as the issuer's
ratings increase. In addition, Fitch generally maintains at least
one notch of separation between senior and junior tranches in EETC
transactions;

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

- The class A certificates could be downgraded due to faster than
expected asset value depreciation;

- Class B certificate ratings are tied to the underlying IDR. If
Alaska's corporate rating were downgraded, the class B certificates
would be downgraded in kind.

LIQUIDITY AND DEBT STRUCTURE

Solid Liquidity: Fitch views Alaska's current liquidity balance as
more than adequate to cover upcoming obligations while providing
downside protection against an adverse turn in the operating
environment. Alaska finished the fourth quarter of 2022 with $2.4
billion of unrestricted cash and marketable securities along with
full availability under $400 million in revolving credit
facilities. This compares with the roughly $1.2 billion-$1.6
billion in cash that the company operated with prior to the
pandemic.

Alaska targets a total liquidity balance of 15%-25% of annual
revenues. Debt maturities over the next several years are
manageable, with $280 million in principal due in 2023 and
declining amounts due through 2026.

Alaska's debt structure primarily consists of the EETC that it
issued in 2020 and payroll support program notes received during
the pandemic. 43% of Alaska's total adjusted debt balance consists
of lease liabilities.

ALK 2020-1 EETC

Class A and B certificates feature an 18-month liquidity facility
provided by Credit Agricole (A+/F1/Stable).

ISSUER PROFILE

Alaska Air Group, Inc. (AAG) is the fifth largest air carrier in
the U.S. as measured by revenue after acquiring Virgin America, Inc
(VA) in late 2016. Air Group operates through two primary
subsidiaries, Alaska Airlines, Inc. and Horizon Air Industries,
which is AAG's wholly owned regional subsidiary.

ESG CONSIDERATIONS

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

   Entity/Debt             Rating         Prior
   -----------             ------         -----
Alaska Air Group
Pass Through
Certificate
Series 2020-1

   senior secured   LT     A-   Affirmed     A-

   senior secured   LT     BBB+ Affirmed   BBB+

Alaska Air
Group Inc.          LT IDR BB+  Affirmed    BB+


ALDRICH PUMP: Asbestos Claimants' Panel Taps Data Administrator
---------------------------------------------------------------
The official committee representing asbestos personal injury
claimants of Aldrich Pump, LLC and Murray Boiler, LLC seeks
approval from the U.S. Bankruptcy Court for the Western District of
North Carolina to employ Verus, LLC.

The firm will act as administrator for the personal injury
questionnaire data. Its services include:

   a. downloading personal injury questionnaire data submissions
from the Donlin Portal, and link submission data to the respective
PIQ IDs based upon Donlin Master Service List PIQ IDs decoded and
provided by Legal Analysis Systems, Inc., the committee's asbestos
consultant;

   b. create and maintain a machine-readable inventory of the
documents included for each submission using Legal Analysis Systems
document type codes and perform ongoing 10 percent quality control
on the document type coding;

   c. periodically account for and report on missing cases and
duplicate cases against the master PIQ Service List;

   d. design and enter PIQ data into an online data entry platform
mirroring the PIQ and providing for capture of additional
information from supporting documents as required;

   e. produce periodic data exports during the PIQ data capture
process;

   f. extract from the documents submitted with PIQs the key data
related to disease, include the source document for each data
element extracted (capturing the data in a template similar to the
PIQ data), and perform ongoing 10 to 20 percent quality control on
coding and data entry;

   g. provide Legal Analysis Systems with access to the online PIQ
Data Capture System;

   h. provide regular reports to Legal Analysis Systems on
productivity and schedule regular conference calls to discuss
operations, troubleshoot and document problems and their
resolutions, and answer questions about how to interpret the data;
and

   i. provide such other data processing and analysis tasks as may
be requested by the committee or Legal Analysis Systems.

The firm will be paid at these rates:

     C-Level/V.P. Director   $350 per hour
     Manager                 $250 per hour
     Software Developer      $175 per hour
     Supervisor              $150 per hour
     Staff                   $115 per hour
     Administrative          $75 per hour

Mark Eveland, chief executive officer of Verus, 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:

     Mark Eveland
     Verus LLC
     3967 Princeton
     Pike Princeton, NJ 08540
     Tel: (609) 466-0427
     Email: meveland@verusllc.com

                        About Aldrich Pump

Aldrich Pump LLC and Murray Boiler LLC are U.S. subsidiaries of
Trane Technologies, a publicly traded company. Ireland's Trane
Technologies, formerly as Ingersoll Rand plc, is a global climate
innovator that brings efficient and sustainable climate solutions
to buildings, homes, and transportation. The North American
headquarters of Trane Technologies are located in Davidson, North
Carolina.

Aldrich Pump and Murray Boiler sought Chapter 11 protection (Bankr.
W.D.N.C. Lead Case No. 20-30608) on June 18, 2020. Judge Craig J.
Whitley oversees the cases.

In the petition signed by its chief legal officer, Allan Tananbaum,
Aldrich Pump reported $100 million to $500 million in both
assets and liabilities.

The Debtors tapped Rayburn Cooper & Durham, P.A. and Jones Day as
bankruptcy counsels; Bates White, LLC, Evert Weathersby Houff, and
K&L Gates, LLP as special counsel; AlixPartners, LLP as financial
advisor; and Kurtzman Carson Consultants, LLC as claims and
noticing agent.

The Office of the U.S. Trustee appointed a committee of asbestos
personal injury claimants. The asbestos committee tapped Robinson &
Cole, LLP and Caplin & Drysdale, Chartered as bankruptcy counsels.
The committee also selected FTI as its financial advisor and Legal
Analysis Systems, Inc. as its asbestos consultant.

On Oct. 14, 2020, the court entered the order appointing Joseph W.
Grier, III, as legal representative for future asbestos claimants
(FCR). Mr. Grier tapped Orrick, Herrington & Sutcliffe LLP and
Grier Wright Martinez, PA as bankruptcy counsels; Anderson Kill
P.C. as special insurance counsel; and Ankura Consulting Group, LLC
as asbestos claims consultant and financial advisor.


ALTA MESA: HPS' and ARM Defendants' Move to Dismiss Case Granted
----------------------------------------------------------------
Bankruptcy Judge Marvin Isgur for the Southern District of Texas
dismisses David Dunn's First Amended Complaint filed in the
adversary case entitled In Re: Alta Mesa Resources, Inc., et al.,
Chapter 11, Debtors. David Dunn, Plaintiff, v. HPS Investment
Partners, LLC, et al., Defendants, Case No. 19-35133, Adversary No.
21-3909, (Bankr. S.D. Tex.).

David Dunn, in his capacity as the trustee of the AMH Litigation
Trust, filed this adversary proceeding, bringing claims against HPS
Investment Partners, LLC and the ARM Defendants (ARM Energy
Holdings, LLC; Arm Midstream, LLC; and Asset Risk Management, LLC).
Dunn seeks to recover fraudulent conveyances under 11 U.S.C.
section 548 and the Texas Fraudulent Transfers Act.

Both HPS and the ARM Defendants filed motions to dismiss, arguing
that (i) Dunn's claims are barred by prior litigation; (ii) Dunn's
claims are at least partially barred by the look-back periods in
both TUFTA and section 548; and (iii) Dunn's complaint fails to
meet the pleading standards required of a claim for constructive
fraudulent transfer.

The allegations in Dunn's complaint center around the
organizational structure of the parties involved at the time of an
agreement they entered into in 2015 and amended in 2016 as well as
a transfer of assets and entry into a management services agreement
in conjunction with a business combination. The complaint alleges
that recovery from the Defendants is appropriate for constructive
fraudulent transfers made in the form of payments under the 2015
gathering agreement and 2016 amendments.

Even assuming the factual allegations concerning constructive
fraudulent transfers are correct, the Court finds that the
complaint fails to sufficiently plead that Dunn may recover from
HPS or the ARM Defendants for any of the claims for constructive
fraudulent transfer on the Trustee's theory that the Defendants are
transfer beneficiaries.

The Court finds that the "complaint contains a plethora of
allegations regarding the defendant's exercise of control over Alta
Mesa Holdings, LP and Kingfisher Midstream, LLC. But "control"
alone is not enough to make a defendant a transfer beneficiary."
The Court points out that "while there might be a scenario in
which, through their respective positions of control, the
Defendants might be transfer beneficiaries or subsequent
transferees of payments made under the gathering agreement with
KFM, the complaint has not plead sufficient facts to support that
legal conclusion, particularly in light of the veil-piercing issue.
Counts I and II fail to meet the Rule 8 pleading standard, leaving
only the claims against HPS concerning the MSA and assignment of
the non-STACK assets."

The Court further finds that "the Complaint proposes recovery from
HPS on account of alleged fraudulent transfers under both Section
550 and TUFTA. On the facts plead, HPS was not an initial or
subsequent transferee, as Dunn does not allege it ever inherited
either the MSA or non-STACK assets from High Mesa, Inc." As such,
the Court concludes that Dunn's claims for recovery from HPS based
on the assignment of the non-STACK assets and the MSA fail to
sufficiently plead that HPS is a transfer beneficiary from which
the Litigation Trust may recover.

Accordingly, the Court grants both the ARM Defendants' and HPS'
12(b)(6) motions to dismiss the complaint. The Court, however,
allows Dunn the narrow ability to replead allegations showing how
the shareholder-defendants received a direct benefit from the
alleged constructive fraudulent transfers.

A full-text copy of the Memorandum Opinion dated March 3, 2023 is
available at https://tinyurl.com/vm4txmwp from Leagle.com.

                  About Alta Mesa Resources

Alta Mesa Resources, Inc., is an independent energy company focused
on the development and acquisition of unconventional oil and
natural gas reserves in the Anadarko Basin in Oklahoma, and through
Kingfisher Midstream, LLC, provides best-in-class midstream energy
services, including crude oil and gas gathering, processing and
marketing and produced water disposal to producers in the STACK
play.

Alta Mesa reported $1.4 billion in assets and $864 million in
liabilities as of Dec. 31, 2018.

Alta Mesa and six affiliates sought Chapter 11 protection (Bankr.
S.D. Tex. Case No. 19-35133) on Sept. 11, 2019.

The Hon. Marvin Isgur is the case judge.

The Debtors tapped Porter Hedges LLP and Latham & Watkins LLP as
attorneys; and Perella Weinberg Partners LP and its affiliate Tudor
Pickering Holt & Co Advisors LP as investment banker.  Prime Clerk
LLC is the claims agent.


ALUDYNE INC: Negotiates With Lenders as Loan Maturity Nears
-----------------------------------------------------------
Rachel Butt of Bloomberg News reports that Aludyne, an auto-parts
maker backed by Oaktree Capital Management, has had discussions
with lenders to refinance debt due in November, according to people
with knowledge of the situation.

The company has been working with Houlihan Lokey to explore
options, said the people, who asked not to be identified because
the discussions are private.

A representative at Aludyne didn't respond to requests for comment.
Oaktree and Houlihan declined to comment.

Aludyne had tapped JPMorgan Chase & Co. late last year to help
gauge investor interest in tackling its $225 million first-lien
loan due in November 2023.

                       About Aludyne Inc.

Aludyne US LLC is a light weighting components supplier to the
mobility industry, with its principal office in Michigan.


AMERICANAS SA: Court Blocks Small Creditors' Payments
-----------------------------------------------------
Cristiane Lucchesi of Bloomberg News reports that Americanas SA,
the distressed Brazilian retailer, was blocked from making payments
to smaller debt holders when a Rio de Janeiro court sided with
creditor Banco Safra SA.

In her March 8, 2023 ruling, Judge Leila Santos Lopes cited a risk
of "irreparable damage or of a damage that is difficult to repair"
if the payments were to continue. Americanas had started to pay
around 192 million reais ($37 million) to class I and class IV
creditors -- workers and small suppliers -- on March 1, 2023 using
funds obtained from top shareholders.

                       About Americanas SA

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

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

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




ANSIRA PARTNERS: Goldman Sachs Marks $338,000 Loan at 42% Off
-------------------------------------------------------------
Goldman Sachs BDC, Inc has marked its $ loan extended to Ansira
Partners, Inc. to market at $197,000 or 58% of the outstanding
amount, as of December 31, 2022, according to a disclosure
contained in Goldman Sachs' Form 10-K for the fiscal year ended
December 31, 2022, filed with the Securities and Exchange
Commission on February 23, 2023.

Goldman Sachs BDC, Inc is a participant in a Senior First Lien Debt
to Ansira Partners, Inc. The loan has a reference rate and spread
of L+6.50% Payment In Kind. The loan matures on December 20, 2024.

Goldman Sachs BDC, Inc classified the loan as non-accrual.

Goldman Sachs BDC, Inc. was initially established as Goldman Sachs
Liberty Harbor Capital, LLC, a single member Delaware limited
liability company, on September 26, 2012 and commenced operations
on November 15, 2012 with The Goldman Sachs Group, Inc. as its sole
member. On March 29, 2013, the Company elected to be regulated as a
business development company under the Investment Company Act of
1940, as amended. Effective April 1, 2013, the Company converted
from a SMLLC to a Delaware corporation.

In addition, the Company has elected to be treated as a regulated
investment company under Subchapter M of the Internal Revenue Code
of 1986, as amended, commencing with its taxable year ended
December 31, 2013. Goldman Sachs Asset Management, L.P., a Delaware
limited partnership and an affiliate of Goldman Sachs & Co. LLC, is
the investment adviser of the Company.

Ansira Partners, Inc. provides advertising and marketing services.
The Company offers data, analytics, marketing intelligence,
experiential marketing, direct marketing, trade promotion
management, marketing automation, and digital solutions. Ansira
Partners serves customers throughout the United States. 



ANSIRA PARTNERS: Goldman Sachs Marks $5.4M Loan at 42% Off
----------------------------------------------------------
Goldman Sachs BDC, Inc has marked its $5,467,000 loan extended to
Ansira Partners, Inc. to market at $3,198,000 or 52% of the
outstanding amount, as of December 31, 2022, according to a
disclosure contained in Goldman Sachs' Form 10-K for the fiscal
year ended December 31, 2022, filed with the Securities and
Exchange Commission on February 23, 2023.

Goldman Sachs BDC, Inc is a participant in a First Lien Senior
Secured Loan to Ansira Partners, Inc. The loan has a reference rate
and spread of L+6.50% Payment In Kind. The loan matures on December
20, 2024.

Goldman Sachs BDC, Inc classified the loan as non-accrual.

Goldman Sachs BDC, Inc. was initially established as Goldman Sachs
Liberty Harbor Capital, LLC, a single member Delaware limited
liability company, on September 26, 2012 and commenced operations
on November 15, 2012 with The Goldman Sachs Group, Inc. as its sole
member. On March 29, 2013, the Company elected to be regulated as a
business development company under the Investment Company Act of
1940, as amended. Effective April 1, 2013, the Company converted
from a SMLLC to a Delaware corporation.

In addition, the Company has elected to be treated as a regulated
investment company under Subchapter M of the Internal Revenue Code
of 1986, as amended, commencing with its taxable year ended
December 31, 2013. Goldman Sachs Asset Management, L.P., a Delaware
limited partnership and an affiliate of Goldman Sachs & Co. LLC, is
the investment adviser of the Company.

Ansira Partners, Inc. provides advertising and marketing services.
The Company offers data, analytics, marketing intelligence,
experiential marketing, direct marketing, trade promotion
management, marketing automation, and digital solutions. Ansira
Partners serves customers throughout the United States. 



BELLA HOLDING: S&P Downgrades ICR to 'B-', Outlook Stable
---------------------------------------------------------
S&P Global Ratings lowered the issuer credit rating on Bella
Holding Co. LLC (doing business as MedRisk) to 'B-' from 'B'. At
the same time, S&P lowered its issue-level rating on the company's
senior secured debt to 'B-' from 'B'. S&P maintained its '3'
recovery rating, which indicates its expectation for meaningful
(50%-70%; rounded estimate: 60%) recovery in the event of default.

S&P said, "We also revised the outlook to stable from negative,
reflecting our expectations for moderate top-line growth, stable
EBITDA margins, financial leverage at 7.0x-8.0x, and interest
coverage at 1.0x-2.0x.

"At the same time, we assigned our 'B-' long-term rating to
Delaware-based Longshore Midco LLC, the parent of Bella Holding and
issuer of the group's consolidated financial statements. The
outlook on Longshore Midco is stable.

Bella Holding's performance has been weaker than we expected.
Revenue growth, cash flow generation, and the pace of deleveraging
have lagged our expectations. This is partly attributed to
pandemic-era disruptions leading to constrained growth prospects
and use of services, a drop in client retention, and higher
administrative expenses for initiatives focused on achieving
longer-term scalability and operational efficiencies. We expect the
business environment and opportunities for organic growth to
normalize in 2023 as the impact of the pandemic continues to wane.

"We now expect Bella Holding to have higher leverage and weaker
cash flow than we did previously.  We expect S&P Global
Ratings-adjusted debt-to-EBITDA leverage will be 7.5x-8.0x and
7.0x-7.5x in 2022 and 2023, respectively. This compares to our
previous forecast of adjusted leverage at 7.0x and 6.5x in 2022 and
2023, respectively. We also anticipate weaker cash flow, with funds
from operations (FFO) of $50 million-$55 million in 2023, versus
our previous forecast of $85 million-$90 million. Our analysis
includes a sizable increase in interest expenses for 2023,
including benefits to Bella Holding from hedging a portion of its
variable-rate debt.

"The stable outlook reflects our expectation that we will not
change the ratings in the next 12 months. We anticipate the company
will have mid-to-high single-digit revenue growth, stable EBITDA
margins, and lower FFO compared with the company's recent trend.
Our base case reflects our expectation for adjusted debt to EBITDA
(financial leverage) and EBITDA interest coverage (coverage) to be
7.0x-7.5x and 1.3x–1.8x in 2023, respectively.

"We could lower our rating on the company if Bella Holding's
revenue growth or EBITDA margin fell materially short of our
base-case scenario, possibly resulting in a cash flow decline that
could meaningfully reduce its liquidity. Under that scenario, we
believe the company's capital structure may be unstainable. In our
view, this could happen if there were sizable lost contracts, cuts
reimbursement rates, significantly weaker utilization, or potential
integration or other operational challenges leading to higher
costs. Such a development would drive revenue and margin
compression, likely resulting in financial leverage and coverage
sustainably above 10.0x and below 1.0x, respectively.

"We do not expect to raise our ratings on the company in the near
term but could do so if the company stabilizes its performance
relative to our revised expectations for revenue and cash flow
generation beyond 2023, improving its financial leverage and
coverage metrics to a level sustainably below 7.0x and nearing
2.0x, respectively."

Bella Holding Co. LLC is an outsourcing insurance services provider
that manages costs related to physical therapy (PT) on behalf of
workers' compensation (WC) carriers, employers, and government
entities. It primarily generates fee-based revenue and does not
take any insurance risk. It bases its business model on providing
WC payers with access to its directly contracted provider network
in exchange for a percentage of savings fees. The company has a
national provider network comprising more than 250,000 physical and
occupational therapists, as well as chiropractors.

-- Revenue growth in the mid-to-high single-digit percent area in
2023 and 2024

-- Adjusted EBITDA margins of 18%-20% in 2023 and 2024

-- No significant acquisitions

S&P said, "We view liquidity as adequate based on our expectation
that sources will exceed uses of cash by at least 1.2x in the next
12 months should there be a 15% decline in EBITDA. We expect the
company to sustain qualitative factors as well, including its sound
relationships with banks and generally good standing in the credit
markets."

Principal liquidity sources

-- Revolver capacity of $100 million (undrawn) as of Sept. 30,
2022

-- Cash balance of $64.7 million as of Sept. 30, 2022

-- Cash FFO of $50 million-$55 million in 2023

Principal liquidity uses

-- Required mandatory amortization of $7.5 million annually with
no upcoming maturities

-- Capital expenditure of $10 million annually

-- Tax distributions to shareholders

Environmental, Social, And Governance

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

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

Bella Holding's capital structure consists of a $100 million
revolver due May 2026, a $750 million first-lien term loan due May
2028, and a $300 million second-lien term loan due May 2029.
S&P's simulated default scenario contemplates a default in 2025
arising from multiple large client losses (without offsetting
revenue gains), provider network disruptions (resulting in higher
costs), and unfavorable state reimbursement changes for PT
services.

S&P believes that if the company were to default, it would offer
greater value through reorganization than liquidation.

S&P has valued the company on a going-concern basis using a 5.5x
multiple of its projected emergence EBITDA.

-- Emergence EBITDA: $99.4 million

-- Multiple: 5.5x

-- Gross recovery value: $547.0 million

-- Net recovery value (after 5% administrative expenses): $519.6
million

-- Obligor/non-obligor split: 100%/0%

-- Estimated first-lien claims: $836.5 million

-- Value available for first-lien claims: $519.6 million

    --Recovery: 60%

-- Estimated second-lien claims: $314.3 million

-- Value available to second-lien claims: $0

    --Recovery: 0%

Note: All debt includes six months of prepetition interest.



BELLAIRE IN SPRING: Taps Baker & Associates as Bankruptcy Counsel
-----------------------------------------------------------------
The Bellaire in Spring, LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of Texas to employ Baker &
Associates as its legal counsel.

The firm's services include:

     (a) analyzing the financial situation and rendering advice and
assistance to the Debtor;

     (b) advising the Debtor with respect to its duties;

     (c) preparing and filing schedules of assets and liabilities,
statements of affairs and legal papers;

     (d) representing the Debtor at the first meeting of
creditors;

     (e) representing the Debtor in all proceedings before the
bankruptcy court and in any other judicial or administrative
proceeding where its rights may be litigated or otherwise
affected;

     (f) preparing and filing a disclosure statement, if required,
and Chapter 11 plan of reorganization; and

     (g) assisting the Debtor in any matters relating to or arising
out of its Chapter 11 case.

Baker & Associates will be paid based upon its normal and usual
hourly billing rates and will be reimbursed for its expenses.

The firm received the sum of $3,500 from the Debtor, of which
$1,738 was used to pay the filing fee. The remaining amount was
used to pay the firm's pre-bankruptcy fees and other expenses.

Reese Baker, Esq., an attorney at Baker & Associates, disclosed in
a court filing that his firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Reese W. Baker, Esq.
     Baker & Associates
     950 Echo Lane, Ste. 300
     Houston, TX 770024
     Telephone: (713) 869-9200
     Facsimile: (713) 869-9100
     Email: courtdocs@bakerassociates.net

              About The Bellaire in Spring

The Bellaire in Spring, LLC owns a senior living facility in
Spring, Texas.

Bellaire in Spring filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. S.D. Texas Case No. 23-30431) on
Feb. 7, 2023, with $10 million to $50 million in assets and $1
million to $10 million in liabilities. Melissa A. Haselden has been
appointed as Subchapter V trustee.

Judge Jeffrey P. Norman oversees the case.

The Debtor is represented by Reese Baker, Esq., at Baker &
Associates.


BIOPLAN USA: S&P Downgrades ICR to 'D' on Restructuring
-------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Bioplan USA
Inc. to 'D' from 'CCC'. S&P also lowered the issue-level rating on
its first-lien debt to 'D' from 'CCC' and the rating on its
second-lien debt to 'D' from 'CCC-'.

On March 10, 2023, Bioplan announced that it completed a
recapitalization, extinguishing a substantial amount of debt and
receiving a new capital infusion. S&P views this out-of-court
restructuring as a default on Bioplan's debt obligations and
therefore lowered its ratings to 'D'.



BIOSTAGE INC: Board Member to Replace David Green as Chairman, CEO
------------------------------------------------------------------
Biostage, Inc. announced that effective as of March 1, 2023, Mr.
Jerry He, the Company's existing director since November 2021, was
appointed Chairman of the Board and hired as chief executive
officer.  Mr. He replaces David Green who is transitioning from
such roles and will remain on the Board of Directors.  Mr. Green
will provide support to Mr. He during his transition to the chief
executive officer role.

Mr. He was the executive vice chairman of Bright Scholar Education
Holdings Limited (NYSE listed: BEDU) until February 2023.  Prior to
such promotion in January 2019, Mr. He had served as the CEO of
Bright Scholar since October 2015. Prior to joining Bright Scholar,
Mr. He was a managing director at TStone Corp, and he also served
as CFO, CEO and a director of Noah Education Holdings Ltd., a
former NYSE listed private education services provider in China,
from July 2009 to December 2011.  Mr. He was a portfolio manager at
Morgan Stanley Global Wealth Management from June 2008 to June 2009
and was employed by Bear Stearns from July 2006 to May 2008.  Mr.
He also had extensive experience working with pharmaceutical and
biotech companies when he was a management consultant.  Mr. He
obtained a bachelor's degree in Chemistry from Peking University
and a Master's degree in Chemistry, MBA with Honors from the
University of Chicago. Mr. He is also a CFA charter holder.

Mr. Green commented, "In the last year Biostage has made
significant progress and now is ready to begin the FDA-approved
clinical trial that we expect will bring hope to patients diagnosed
with esophageal cancer.  One patient is diagnosed with esophageal
cancer every minute and 80% of those patients die within five
years.  Jerry is well known to Biostage, and I am confident that
his skills and experience as chief executive in other companies and
in raising capital will enable Biostage to be successful for its
patients and shareholders.  I will continue to support Jerry in the
transition to CEO and will remain on the Board."

Mr. He commented, "On behalf of the board, I thank Mr. Green for
leading Biostage to clinical stage and his support to my transition
to the new role.  I look forward to this exciting opportunity to
work with our partners and employees to bring our regenerative
medicine to the patients with unmet medical needs.  We will execute
with excellence for our plan of clinical trials, capital raising
and up-listing, and deliver superior value our shareholders."

                          About Biostage

Holliston, Massachusetts-based Biostage, Inc. -- www.biostage.com
-- is a clinical-stage biotech company that uses cell therapy to
regenerate organs inside the human body to treat cancer, trauma and
birth defects. The Company's technology is based on its
proprietary cell-therapy platform that uses a patient's own stem
cells to regenerate and restore function to damaged organs.

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

In its Quarterly Report filed on November 14, 2022, Biostage, Inc.
said it has incurred substantial operating losses since its
inception, and as of September 30, 2022 had an accumulated deficit
of approximately $81.5 million and will require additional
financing to fund future operations. The Company expects that its
operating cash on-hand as of September 30, 2022 of approximately
$3.0 million will enable it to fund its operating expenses and
capital expenditure requirements into the second quarter of 2023.
Therefore, these conditions raise substantial doubt about the
Company's ability to continue as a going concern.


BLOCKFI INC: Has $227M Unprotected Funds at Silicon Valley Bank
---------------------------------------------------------------
Becky Yerak of Law360 reports that bankrupt crypto lender BlockFi
Inc. faces risks of having its funds locked up at Silicon Valley
Bank, which collapsed Friday, March 10, 2023, after a run on
deposits doomed the bank's plans to raise fresh capital.

BlockFi, which filed for bankruptcy in November, had roughly $227
million in unprotected funds at the bank, the U.S. Trustee, a unit
at the Justice Department overseeing bankruptcies, said in a court
filing Friday, March 10, 2023.

                      About BlockFi Inc.

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

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

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

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

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

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

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

Judge Michael B. Kaplan oversees the cases.

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



BVM THE BRIDGES: PCO Says Patient Care Remains Acceptable
---------------------------------------------------------
Mary Peebles, the appointed patient care ombudsman for BVM The
Bridges, LLC, filed with the U.S. Bankruptcy Court for the Middle
District of Florida a fourth report, which covers the period from
Dec. 2022 to March 2, 2023, regarding the company's health care
facility.

Continual monitoring through phone communication was maintained
prior to the site visit to the Bridges on March 2, 2023. Seventy
residents were reported at this date. The facility is licensed to
house one hundred and one. A positive occurrence was the admission
of the community liaison's mother with very positive reviews after
her admission.

The PCO reviewed the Resident Roundtable reports for January and
February 2023. There were no negative issues. The Roundtable is a
monthly event with management whereas the resident can be informed
of pending events and the resident has the opportunity to ask
questions.

The PCO reviewed the activity calendars and attended activities on
the Memory Care Unit. Residents were observed interacting and
participating in Storytime and Musical Therapy. The Bridges
activity for the afternoon was a well-attended Bowlarama followed
by a religious service.

The Ombudsman concluded, after a review based on observation and
documentation, that the patient care is at an acceptable level.

A copy of the Ombudsman Report is available for free at
https://bit.ly/3JdkYHi from PacerMonitor.com.

       About BVM The Bridges, LLC

BVM The Bridges, LLC operates an 87-bed/69-unit assisted living
facility known as The Bridges Assisted Living & Memory Care and The
Claridge House at the Bridges located at 11202 Dewhurst Drive in
Riverview, Florida, since 2014. The Debtor's average census is 70
residents.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-00345) on January 28,
2022. In the petition signed by John Bartle, president, the
Debtor disclosed up to $10 million in assets and up to $50 million
in liabilities.

Judge Michael J. Williamson oversees the case.

Alberto F. Gomez, Jr, Esq., at Johnson, Pope, Bokor, Ruppel &
Burns, LLP is the Debtor's counsel.

Mary L. Peebles is the patient care ombudsman appointed in the
Debtor's case.


C&L AUTOMOTIVE: Taps William G. Haeberle, CPA as Accountant
-----------------------------------------------------------
C&L Automotive & Towing, Inc. seeks approval from the U.S.
Bankruptcy Court for the Middle District of Florida to employ
William G. Haeberle, CPA, LLC.

The Debtor requires an accountant to prepare its monthly operating
reports and provide other services.

The firm will be paid $200 per month for the monthly operating
reports and a retainer fee of $1,500.

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

The firm can be reached through:

     William G. Haeberle, CPA
     William G. Haeberle, CPA, LLC
     4446-1A Hendricks Ave. #245
     Jacksonville, FL 32207

                   About C&L Automotive & Towing

C&L Automotive & Towing, Inc. sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-00437) on
March 1, 2023, with up to $500,000 in both assets and liabilities.
Lisa Hood, president, secretary and director of C&L Automotive,
signed the petition.

Judge Jason A. Burgess oversees the case.

The Debtor tapped Bryan K. Mickler, Esq., at the Law Offices of
Mickler & Mickler, LLP as legal counsel and William G. Haeberle,
CPA, LLC as accountant.


CELSIUS NETWORK: Equity Wins First Round vs. Creditors in Court
---------------------------------------------------------------
Steven Church of Bloomberg News reports that a judge ruled that
Celsius Network LLC customers can't file direct claims against the
firm's crypto mining unit, with the judge siding with preferred
shareholders who are trying to improve their chances of collecting
money once the company's bankruptcy case ends.

The ruling means customers, who are considered creditors in
bankruptcy, will have to find some other way of extracting cash
from what could be Celsius' most valuable assets. In his ruling, US
Bankruptcy Judge Martin Glenn said that siding with the preferred
equity holders may reduce how much is available for customers.

                      About Celsius Network

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

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

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

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

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

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

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

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

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

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


CELSIUS NETWORK: No Contract Claims Against Affiliates, Rules Judge
-------------------------------------------------------------------
Rick Archer of Law360 reports that a New York bankruptcy judge
Thursday, March 9, 2023, ruled that, under their terms of use,
Celsius Network customers only have contractual claims against one
of the cryptocurrency platform's entities, although he left the
door open for claims of fraud and other wrongdoing against all
Celsius affiliates.

Do customers have claims against the debtors and all of their
affiliates or only against Celsius Network, LLC ("LLC") under the
terms of use?

On one side, the Debtors (the 11 entities that filed chapter 11
petitions) and the Official Committee of Unsecured Creditors urge
the Court to find that Customers have claims against each of the
Debtors and each of their non-debtor affiliates (together, the
Debtors and their non-debtor affiliates, the "Company").

On the other side, Community First Partners, LLC, Celsius SPV
Investors, LP, Celsius New SPV Investors, LP, and CDP
Investissements Inc. (collectively, the "Series B Preferred
Holders") urge the Court to find that Customers only have claims
against LLC.  The Series B Preferred Holders are not parties to the
terms of use.  However, because they made significant investments
in Celsius Network Limited ("CNL"), the top-level parent company,
and their investment contracts did not prohibit CNL and its
affiliates (other than LLC) from incurring customer liability, the
only way the Series B Preferred Holders can limit their exposure to
customer contract claims is to argue for a construction of the
terms of use (a contract to which they are not a party) that limits
Customers' contract liability claims to LLC.  LLC is hopelessly
insolvent.  The net equity value of CNL, to the extent any exists
in the global enterprise, arises from Debtor and non-Debtor
entities other than LLC whose net equity value will flow up to CNL.
Because unsecured Customers recover ahead of equity holders under
the absolute priority rule, the Series B Preferred Holders have
some chance of recovery if Customers hold claims only against LLC
and not against CNL or other Debtor and non-Debtor affiliates.

Acknowledging that both interpretations have undesirable practical
consequences, Chief U.S. Bankruptcy Judge Martin Glenn ruled,
"[T]he Court concludes based on the record that the contract is
ambiguous.  Considering the extrinsic evidence, the Court finds,
based on a preponderance of the evidence, that the parties to the
terms of use intended that only LLC, and not any other Debtor or
non-Debtor affiliates, are liable to Customers on contract claims
under the terms of use.  Because extrinsic evidence answers the
question of the proper interpretation, the Court need not, and
cannot, invoke the doctrine of contra proferentem."

"Importantly, the Court finds and concludes that the terms of use
do not limit Customers (or the Committee) from asserting
non-contract claims against CNL, or against other Debtor or
non-Debtor affiliates, such as claims for fraud, negligent
misrepresentation, or other statutory or common law claims.

"In short, while the Series B Preferred Holders prevail here, they
may very well end up recovering nothing.  Nevertheless, the Court
appreciates that this decision may deprive Customers of the full
value of the Company.  But the Court's obligation is to interpret
the contract and evidence before it, and the evidence commands the
Court to accept the Series B Preferred Holders' argument that only
LLC is liable to Customers on contract claims."

A copy of the Memorandum Opinion signed on March 9, 2023, Regarding
Which Debtor Entities Have Liability for Customer Claims Under the
Terms of Use, is available at Stretto at
https://cases.stretto.com/public/x191/11749/PLEADINGS/1174903092380000000098.pdf

                    About Celsius Network

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

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

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

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

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

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

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

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

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

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


CFG PERU: Brandt's Bid to Compel Compliance With Fee Order Granted
------------------------------------------------------------------
Bankruptcy Judge James L. Garrity, Jr., for the Southern District
of New York grants the Motion of William A. Brandt, Jr., former
Chapter 11 Trustee, to enforce compliance with Fee Order and
Confirmation Order, or, in the alternative, to compel the posting
of a supersedeas bond to deposit into the Court Registry.

Pursuant to the terms of the Court's Fee Order dated Jan. 27, 2023,
in consideration for his services as Chapter 11 Trustee of CFG Peru
Investments Pte. Ltd., the Court awarded William A. Brandt, Jr. a
commission in the amount of $16.36 million, expenses in the amount
of $326,622, and final approval of $355,052 in previously approved
interim expenses. Under the Fee Order and the Court's Order
confirming CFG Peru's chapter 11 plan, the Payor Parties -- CFG
Peru, CFG Investment S.A.C., and Corporacion Pesquera Inca S.A.C.
and any "Newco" established under the Plan -- are responsible for
paying the Chapter 11 Trustee Fee Claims. The Fee Order directs
them to pay the fees.

In his Motion, Mr. Brandt requests the entry of an order compelling
the Payor Parties to comply with the payment terms in the Fee
Order. The Payor Parties did not respond to the Motion. However,
Burlington Management DAC and Monarch Alternative Capital LP
responded to, and object to the Motion. They have also appealed the
Fee Order but have not sought a stay of the order pending
resolution of the appeal.

Mr. Brandt contends that the Plan requires payment of his
commission and expenses. The Plan calls for CFG Peru to establish a
$30 million Reserve Fund to pay certain professional fees,
including Mr. Brandt's fees once "Allowed." The Plan requires that
the Reserve is never permitted to drop below $25 million until Mr.
Brandt has been paid in full or the Court orders otherwise, and
that the Reserve fund was to be established "for CFG Peru" to make
such payment, under the control of the Plan Administrator. Mr.
Brandt contends that since Nov. 7, 2022, when the Plan became
effective, the $25 million Reserve Funds were transferred piecemeal
into a new CFGI account, and for several weeks dropped more than
$900,000 below the required amount before being replenished. Mr.
Brandt maintains that the security that the Reserve was intended to
provide is no longer the safety net it was meant to be.

The Court finds that "because these Appellants' appeal of the Fee
Order is not yet fully resolved or withdrawn, and because it has
not been dismissed, the Appellants' failure to obtain (or even
request) "a stay pending appeal of such order" renders the Court's
Fee Order a "Final Order" under the Plan despite the pending
appeals."  The Court finds and concludes that Mr. Brandt's personal
circumstances: "the fact that he has not been compensated for his
services for more than six years and the uncertain duration of the
appeal process, and the Payor Parties'/Appellants' refusal to
comply with the Fee Order" is extremely prejudicial to him. As
such, the Court finds that Mr. Brandt has demonstrated grounds for
the Court to issue an order directing the Payor Parties to comply
with the Fee Order.

In the bankruptcy case is In re: Fishery Group Limited, (Cayman),
et al., Chapter 11, Debtors. In re: CFG Peru Investments Pte.
Limited (Singapore), Chapter 11, Debtor, Case Nos. 16-11895 (JLG),
(Jointly Administered), 16-11914 (JLG), (Jointly Administered),
(Bankr. S.D.N.Y.).

A full-text copy of the Memorandum Decision and Order dated March
8, 2023 is available at https://tinyurl.com/auafueda from
Leagle.com.

                   About China Fishery Group

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 16-11895) on June 30, 2016.

In the petition signed by CEO Ng Puay Yee, China Fishery Group was
estimated to have assets at $500 million to $1 billion and debt at
$10 million to $50 million.

The cases are assigned to Judge James L. Garrity Jr. Weil, Gotshal
& Manges LLP has been tapped to serve as lead bankruptcy counsel
for China Fishery and its affiliates other than CFG Peru
Investments Pte. Limited (Singapore).  Weil Gotshal replaces Meyer,
Suozzi, English & Klein, P.C., the law firm initially hired by the
Debtors.  The Debtors have also tapped Klestadt Winters Jureller
Southard & Stevens, LLP, as conflict counsel; Goldin Associates,
LLC, as financial advisor; RSR Consulting LLC as restructuring
consultant; and Epiq Bankruptcy Solutions, LLC, as administrative
agent.  Kwok Yih & Chan serves as special counsel.

On Nov. 10, 2016, William Brandt, Jr., was appointed as Chapter 11
trustee for CFG Peru Investments Pte. Limited (Singapore), one on
the Debtors.  Skadden, Arps, Slate, Meagher & Flom LLP serves as
the trustee's bankruptcy counsel; Hogan Lovells US LLP serves as
special counsel; and Quinn Emanuel Urquhart & Sullivan, LLP, serves
as special litigation counsel.


CHESTNUT 20: Hilton Garden Inn - Denver Set for April 17 Auction
----------------------------------------------------------------
Pretium 1999 Chestnut Mezzanine Lender LLC ("secured lender") will
sell certain collateral to the highest qualified bidder in public
sale on April 17, 2023, at 10:00 a.m. (local time, Denver,
Colorado) in-person at 445 North Broadway, Denver, CO 80203 and
online via Zoom.

The collateral to be sold refers to 100% of the limited liability
company interests in Chestnut 20 Hotel LLC ("pledged entity")
together will all other collateral as such term is defined in the
Pledge and Security Agreement dated Dec. 20, 2021, made by Chestnut
20 Hotel Mezz LLC ("Debtor") for the benefit of the secured party.
The public sale will be conducted by Mannion Auctions LLC by
Matthew D. Mannion.

The collateral secured the Debtor's indebtedness to the secured
party in the current amount of about $28,780,000 plus, without
limitation, unpaid interest, protective advances, repayment
premium, late charges, attorney's fees and other costs, fees and
charges including the costs to sell the equity interests ("Debt").
The secured party's understanding, without making any
representation or warranty as to accuracy or completeness, is that
(a) the principal asset of the pledged entity is real property
located at 1999 Chestnut Place, Denver, Colorado, commonly known as
the Hilton Garden Inn - Denver (Union Station), and (b) such real
property secures the obligations of the pledged entity with respect
to a senior mortgage loan made by certain lenders to the pledged
entity in the original principal amount of $51,000,000.

At the public sale, secured party reserves the right to (i) credit
bid up to the amount of the Debt, (ii) set a minimum reserve price
for the collateral, (iii) reject bids in whole or in part, (iv)
cancel or adjourn the public sale, in whole or in part, and (v)
establish the terms and conditions of the public sale.  The
collateral will be offered for sale at the public auction "as-is,
where-is", and there are no express or implied warranties or
representations of any kind or nature whatsoever, including without
limitation, relating to title, possession, quiet enjoyment,
merchantability, fitness, or the like as to the collateral.

Parties interested in bidding on the collateral must contact the
secured party's broker Newmark, attn: Brock Cannon,
brock.cannon@nmrk.com, 212-372-2066.  Upon execution of a
non-disclosure agreement, the terms of public sale as well as
documentation and information that the secured party has in its
possession will be made available on Newmark's online date site
concerning the collateral, the pledged entity, the debt and the
senior and mezzanine loan documents.  Interested parties who do not
contact Newmark and register before the public sale will not be
permitted to participate in bidding at the public sale.


CHRIS PETTIT: Trustee Taps Davis & Santos as Special Counsel
------------------------------------------------------------
Eric Terry, the trustee appointed in the Chapter 11 cases of Chris
Pettit & Associates, PC and Christopher John Pettit, received
approval from the U.S. Bankruptcy Court for the Western District of
Texas to employ Davis & Santos, PLLC as special counsel.

The trustee needs the firm's legal assistance in connection with a
case (Adversary Case No. 22-05068) filed by National Liability and
Fire Insurance Company seeking a declaratory judgment that it is
entitled to rescind a professional liability insurance policy it
issued to Chris Pettit & Associates.

The firm will charge these hourly fees:

     Caroline Newman Small   $475
     Junior Partner          $400
     Associate Attorney      $325
     Paralegal               $185

Ms. Small, a partner at Davis & Santos, 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:

     Caroline Newman Small
     Davis & Santos, PLLC
     719 S. Flores Street
     San Antonio, TX 78204
     Tel: (210) 446-4712
     Email: csmall@dslawpc.com

                   About Chris Pettit & Associates

Chris Pettit & Associates, PC, a personal injury law firm in Texas,
and principal Christopher John Pettit sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Lead Case
No. 22-50591) on June 1, 2022. In the petition filed by Mr. Pettit,
the Debtors listed up to $50,000 in assets and up to $500,000 in
liabilities.

Judge Craig A. Gargotta oversees the cases.

Michael G. Colvard, Esq., at Martin & Drought, PC is the Debtors'
bankruptcy counsel.

Eric Terry, the trustee appointed in the Chapter 11 cases, is
represented by Dykema Gossett, PLLC. Rogers Towers, PA, Jackson
Walker, LLP and Davis & Santos, PLLC serve as the trustee's special
counsels.


CINEWORLD GROUP: Minority Lenders Tap Glenn Agre as Legal Counsel
-----------------------------------------------------------------
Reshmi Basu and Rachel Butt of Bloomberg News report that a group
of minority lenders to Cineworld Group Plc retained Glenn Agre
Bergman & Fuentes as legal counsel, according to people familiar
with the situation.

They are looking to protect their rights in anticipation of a
potentially dilutive rights offering other key lenders are mulling
in an effort to help the theater chain operator exit Chapter 11
protection, said the people, who asked not to be identified because
the matter is private.

Some of the company's creditors have discussed a share sale that
could raise $800 million -- open only to existing lenders.

                      About Cineworld Group

London-based Cineworld Group PLC was founded in 1995 and is the
world's second-largest cinema chain. Cineworld operates 751 sites
with 9,000 screens in 10 countries, including the Cineworld and
Picturehouse screens in the UK and Ireland, Yes Planet in Israel,
and Regal Cinemas in the United States.

According to The Guardian, the Griedinger family, including Mooky's
brother and deputy chief executive, Israel, have struggled to
maintain control of the ailing business but have been forced to
reduce their stake from 28% in recent years.  Cineworld's top five
investors include the Chinese Jangho Group at 13.8%, Polaris
Capital Management (7.82%), Aberdeen Standard Investments (4.98%)
and Aviva Investors (4.88%).

The London-listed Cineworld, which has run up debt of more than
$4.8 billion after losses soared during the pandemic, is pinning
its hopes on a meatier slate of movies in 2022 to bounce back from
a two-year lull.

Cineworld Group plc and 104 affiliates sought Chapter 11 protection
(Bankr. S.D. Texas Lead Case No. 22-90168) on Sept. 7, 2022,
estimating more than $1 billion in assets and debt. Judge Marvin
Isgur oversees the cases.

The Debtors tapped Kirkland & Ellis, LLP and Jackson Walker, LLP as
bankruptcy counsels; PJT Partners, LP as investment banker;
AlixPartners, LLP as restructuring advisor; and Ernst & Young, LLP
as tax services provider. Kroll Restructuring Administration, LLC
is the claims agent.

The U.S. Trustee for Region 7 appointed an official committee of
unsecured creditors in the Debtors' Chapter 11 cases on Sept. 23,
2022. The committee tapped Weil, Gotshal & Manges, LLP and
Pachulski Stang Ziehl & Jones, LLP as legal counsels; FTI
Consulting, Inc., as financial advisor; and Perella Weinberg
Partners, LP as investment banker.


CLEVELAND-CLIFF INC: S&P Hikes ICR to 'BB-' on Reduced Debt Levels
------------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating (ICR) on
Cleveland-Cliffs Inc. (Cliffs) to 'BB-' from 'B+'.

S&P's stable outlook reflects its expectation that leverage should
remain below 3x over the next year, even as steel prices fall from
historical highs.

S&P also revised its issue-level ratings on the company's senior
unsecured debt to 'BB-' from 'B+', its senior secured debt to 'BB+'
from 'BB', and its subordinated debt to 'B' from 'B-', all in line
with the raised ICR. The recovery ratings remain unchanged on all
debt issues.

Cliffs reduced its debt balances by repaying funded debt and
reducing pension obligations.

Cliffs reduced its reported debt balance by more than $1 billion
since the beginning of 2022 (including its expensive senior secured
notes in spring 2022), continuing its repayment initiatives from
2021, which included repaying legacy AK Steel debt and
transitioning from secured to unsecured debt. The company also
changed its labor agreements with the United Steelworkers, which
triggered a remeasuring of its associated pension and other
postretirement employee benefits (OPEB) plan assets and
obligations. As a result, the company reduced its pro forma pension
and OPEB liabilities, net of assets, by more than $2 billion in
2022. Cliffs' adjusted leverage was around 2x as of year-end 2022
compared with 1.8x in 2021. S&P said, "We expect its leverage to
remain well below 3x for the next year or so as the company
generates solid earnings and cash flows amid potentially volatile
markets. Assuming the company does not announce new capital
projects outside of the $700 million-$800 million annual capital
spending over the next year or additional acquisitions, we expect
it will use most of its free operating cash flow (FOCF) to further
reduce its debt. We also expect Cliffs to continue prioritizing
debt reduction, rather than shareholder returns, in the next 12
months."

Cliffs has achieved significant scale over the past two years by
integrating various assets.

The integration strategy, which included AK Steel, ArcelorMittal
USA, and Ferrous Processing and Trading Co., increased total sales
in 2021 and 2022 to over $20 billion compared with $5.3 billion in
2020. The business combination also increased sales to the more
lucrative direct automotive end market. This market accounted for
approximately 30% of Cliffs' 2022 revenues as the lower-priced
contracts rolled off and auto demand recovered after a chip
shortage. S&P Global Ratings projects Cliffs' 2023 profits will be
weaker than its 2022 profits, but still historically strong for the
rating. Specifically, S&P expects EBITDA of $2 billion-$3 billion
in 2023, compared with about $5 billion in 2021 and $3.1 billion in
2022.

Additionally, Cliffs' raw material platform could play a key role
in costs, throughput, and even product development while
potentially reducing earnings volatility. Cliffs is altering its
blast furnace facilities--including Indiana Harbor, the largest
facility by capacity--to increase the use of pre-reduced hot
briquetted iron (HBI) as feedstock. The company will also use more
prime scrap as a hot metal in steelmaking, therefore increasing the
yield of pig iron.

S&P said, "Our stable outlook on Cliffs reflects our expectation
that its leverage will remain below 3x over the next year, even as
steel prices normalize from historical highs. The outlook also
reflects the company's positive strides to lower its debt balance.
We expect the company will continue to prioritize FOCF for debt
repayment, further solidifying its balance sheet to maintain credit
measures in a highly volatile pricing environment.

"We could lower our rating in the next 12 months if Cliffs
increased its debt levels, either through pension and OPEB or
through funded debt.

"We could also lower ratings if its earnings and cash flow
deteriorate meaningfully amid weaker markets, lower-priced steel
imports increase, or if it encounters operational issues in its
integrated steelmaking business." S&P would look for:

-- FOCF that remains positive but declines materially, eliminating
the flexibility to repay debt;

-- S&P Global Ratings-adjusted leverage approaching 4x; or

-- Operating costs increasing substantially because of
higher-than-expected input costs and inflation.

S&P said, "We view an upgrade in the next 12 months as unlikely
given the combination of a large quantity of debt and potential for
volatility in earnings that results from end market and price risk.
That said, we could raise the ratings if Cliffs continues using
FOCF to substantially pay down debt." Namely, S&P would expect:

-- Sustained debt to EBITDA of about 2x or better amid a strong
pricing environment or less than 3x in a more normal pricing
environment; and

-- Good indications that its competitive position is improving,
reflecting EBITDA margins in the mid-teen percent area and reduced
earnings volatility.

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

S&P said, "Environmental factors are a negative consideration in
our credit rating analysis of Cliffs. Its blast furnace operations
are inherently less flexible and generate higher greenhouse gas
(GHG) emissions than electric arc furnace (EAF) operations. Cliffs
somewhat offsets the high carbon intensity of its integrated steel
production by using higher amounts of pre-reduced HBI and prime
scrap in the steelmaking process. The company also uses natural gas
instead of coke to reduce carbon emissions. The company started
reporting its carbon dioxide emissions and set targets to reduce
GHG emissions 25% by 2030 from 2017 levels. This goal represents
its combined Scope 1 (direct) and Scope 2 (indirect) GHG emission
reductions across all operations."



COREPOWER YOGA: Goldman Sachs Marks $26M Loan at 18% Off
--------------------------------------------------------
Goldman Sachs BDC, Inc. has marked its $26,267,000 loan extended to
CorePower Yoga LLC to market at $21,474,000 or 82% of the
outstanding amount, as of December 31, 2022, according to a
disclosure contained in Goldman Sachs' Form 10-K for the fiscal
year ended December 31, 2022, filed with the Securities and
Exchange Commission on February 23, 2023.

Goldman Sachs BDC, Inc. is a participant in a First Lien Senior
Secured Debt to CorePower Yoga LLC. The loan accrues interest at a
rate of 11.73% (L+7.00%, incl. 5.00% Payment In Kind) per annum.
The loan matures on May 14, 2025.

Goldman Sachs BDC, Inc. was initially established as Goldman Sachs
Liberty Harbor Capital, LLC, a single member Delaware limited
liability company, on September 26, 2012 and commenced operations
on November 15, 2012 with The Goldman Sachs Group, Inc. as its sole
member. On March 29, 2013, the Company elected to be regulated as a
business development company under the Investment Company Act of
1940, as amended. Effective April 1, 2013, the Company converted
from a SMLLC to a Delaware corporation.

In addition, the Company has elected to be treated as a regulated
investment company under Subchapter M of the Internal Revenue Code
of 1986, as amended, commencing with its taxable year ended
December 31, 2013. Goldman Sachs Asset Management, L.P., a Delaware
limited partnership and an affiliate of Goldman Sachs & Co. LLC, is
the investment adviser of the Company.

Based in Denver, Colorado, CorePower Yoga is a yoga studio chain
with over 200 studios.


CROCKET COGENERATION: S&P Withdraws 'B-' Rating on Secured Notes
----------------------------------------------------------------
S&P Global Ratings withdrew its 'B-' issue rating and '3' recovery
rating on Crockett Cogeneration, A California L.P.'s senior secured
notes at the issuer's request. S&P's outlook on the notes was
negative at the time of the withdrawal.



CUSHMAN & WAKEFIELD: S&P Alters Outlook to Neg., Affirms 'BB' ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Cushman & Wakefield to
stable from positive. S&P also affirmed its 'BB' issuer credit
rating on the company.

At the same time, S&P affirmed its 'BB' issue-level rating. S&P's
recovery expectation of '3' remains unchanged.

S&P said, "The outlook revision reflects our expectation that a
slowdown in CRE transaction activity that characterized the latter
half of 2022 will persist throughout most of 2023. We expect
revenues from the company's higher margin capital markets business
to decline meaningfully, with leasing having a relatively flat
2023. During the fourth quarter of 2022, Cushman's capital markets
and leasing revenues declined 52% and 10% year-over-year,
respectively.

"While the company targets to operate with net leverage in the
2.0x-3.0x range over the longer-term, we expect leverage to be
closer to 4x in 2023. In 2022, fee revenues increased 5% from 2021,
lower than the 26% year-over-year growth the company had from 2020
to 2021. The decline was predominantly because of a slowdown in CRE
transactions and a decline in leasing largely caused by slower
office activity. Of the total fee revenue of $7.2 billion, the
company generated about 48% or $3.4 billion from its lower margin,
recurring steady cash flow property, facilities, and project
management business.

"We expect Cushman's strong liquidity position to provide a
sufficient cushion to its rising net leverage. The company had $1.7
billion of liquidity as of Dec. 31, 2022, comprised of $1.1 billion
in unused capacity under its revolving credit facility and cash on
its balance sheet of $644.5 million, which we net against gross
debt. Our net debt calculation consists of $2.6 billion of first
lien loans due 2025 and 2030, $650 million of notes due 2028, $374
million in operating and finance leases, and about $54 million of
deferred business obligations.

"Cushman is one of the three largest global real estate service
providers, along with Jones Lang LaSalle Inc. and CBRE Group Inc.
While the company continues to gain some market share, we still
view Cushman's competitive position as lower than the established
presence of its larger peers, which limits its business risk
profile. However, the company has made headway in diversifying its
business and geographical mix.

"Our stable outlook over the next 12 months reflects our
expectation that the reduced CRE transaction activity will lead to
higher leverage of 3x-4x, with an EBITDA margin at the lower end of
our 10%-15% range. The outlook also factors in the company's market
position, ample liquidity, and prudent financial management.

"We could lower the ratings over the next 12 months if operating
performance materially weakens such that leverage exceeds 4x on a
sustained basis.

"We could raise the ratings over the next 12 months if leverage
declines well below 3x and EBITDA margin exceeds 15% on a sustained
basis. An upgrade would also be predicated on the firm maintaining
its existing market position and stable operating performance."



DAKTRONICS INC: Posts $3.7 Million Net Income in Third Quarter
--------------------------------------------------------------
Daktronics, Inc. has filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing net income
of $3.71 million on $184.97 million of net sales for the three
months ended Jan. 28, 2023, compared to a net loss of $4.35 million
on $139.56 million of net sales for the three months ended Jan. 29,
2022.

For the nine months ended Jan. 28, 2023, the Company reported a net
loss of $14.60 million on $544.33 million of net sales compared to
net income of $1.71 million on $448.77 million of net sales for the
nine months ended Jan. 29, 2022.

As of Jan. 28, 2023, the Company had $453.65 million in total
assets, $212.38 million in total current liabilities, $61.92
million in total long-term liabilities, and $179.34 million in
total shareholders' equity.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/915779/000091577923000020/dakt-20230128.htm

                          About Daktronics

Headquartered in Brookings, SD, Daktronics, Inc. and its
subsidiaries design and manufacture electronic scoreboards,
programmable display systems and large screen video displays for
sporting, commercial and transportation applications.  The Company
serves its customers by providing high quality standard display
products as well as custom-designed and integrated systems.  The
Company offers a complete line of products, from small scoreboards
and electronic displays to large multimillion-dollar video display
systems as well as related control, timing, and sound systems.

Daktronics stated it its Quarterly Report for the period ended Jan.
28, 2023, that, "Although supply chain disruptions have started to
ease and we expect our inventory levels and working capital levels
to decline, we cannot be certain we will not experience future
disruptions or need additional liquidity to fund inventory levels,
operations, and capital expenditures.  Therefore, we plan to obtain
additional liquidity to meet our obligations as they come due in
the 12 months following the date of this Report, and we cannot be
assured that such liquidity will be available or the form of such
liquidity, such as equity raises or debt financing.  These
conditions raise substantial doubt about our ability to continue as
a going concern."


DARLING INGREDIENTS: Fitch Affirms BB+ LongTerm IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Darling Ingredients, Inc.'s and its
subsidiaries ratings, including its Long-Term Issuer Default Rating
(IDR) at 'BB+'. The Rating Outlook is Stable.

Darling's 'BB+' rating reflects the company's leading market
position as a globally diversified ingredient processor that has
benefitted from higher profitability due to increasing demand for
low carbon fuels, which supports higher fat prices. Fitch's
forecast assumes these strong tailwinds will moderate over the
medium term, but remain structurally higher, supported by renewable
diesel demand pull.

Fitch's forecast assumes Darling will manage leverage to around
3.0x or less. Leverage could creep above 3.0x to consummate
transactions and deleveraging largely through a combination of
EBITDA growth, DGD dividend contribution and debt reduction. Upward
ratings momentum considers increased clarity and/or track record
around financial policy, including leverage sustained below 3x, DGD
dividend contribution and progress on acquisition integration.

KEY RATING DRIVERS

Strong Recent Performance: Rising commodity prices (e.g. fat,
protein) and continued favorable market environment resulted in
core EBITDA (Fitch adjusted) of roughly $1.1 billion in 2022, up
from $872 million in 2021 and $528 million in 2020. While the
company's formula-based animal feed contracts pass a significant
portion of the commodity risk to the supplier, the company retains
some commodity exposure such that when commodity prices are low
(e.g. soy oil, soy meal, corn), earnings are muted with material
upside potential when prices normalize through the cycle. With
commodity prices near 10-year lows, Darling's core EBITDA during
2015-2019 averaged roughly $450 million.

Sustainable EBITDA Around $1 Billion: Fitch believes the increased
demand for low carbon fuels underpins structurally higher fat
prices over the cycle, which supports Darling's increased
profitability. The 2022 acquisitions of Valley Proteins, Inc., FASA
Group and Gelnex (2Q23 close expected), along with two smaller
bolt-ons, is expected to add more than $300 million in EBITDA going
forward.

For 2023, given the continued strength in commodity prices, Fitch
projects Darling's core EBITDA could be in the $1.2 billion range.
Over the forecast period, Fitch assumes commodity prices moderate
such that Darling's core sustainable EBITDA could be in the $1
billion vicinity, which includes the Animal Feed segment EBITDA
over $600 million, announced acquisitions (compared to $258 million
in 2019), and Food segment EBITDA over $300 million. This reflects
the increased mix of higher margin specialty collagen and
acquisitions (compared to $170 million in 2019). There could be
additional upside to Fitch's EBITDA forecast should commodity
prices remain higher.

DGD Operations Scaling: Fitch expects DGD will become a significant
contributor to Darling's cash flows following the recent completion
of the Port Arthur plant. The new facility expands the joint
venture's renewable diesel (RD) production capacity to almost 1.2
billion gallons annually from around 750 million gallons.
Increasing demand for lower carbon biofuels support RD supply
expansion driven by state, federal, and international government
mandates for increasingly stringent carbon emission standards to
reduce green-house gas emissions.

Fitch believes DGD has a first mover advantage with superior
logistics and significantly greater operating experience that can
leverage a low-cost competitive position including better access to
lower carbon intensity feedstocks relative to peers. Fitch's
forecast contemplates a material dividend distribution from DGD in
the upper-$300 million range for 2023.

Shifting Capital Allocation Expected: Fitch expects Darling's
capital allocation policy will evolve during the next 12 to 18
months. In 2023, Darling will target capital investments to support
the base business, bolt-on M&A and opportunistic share repurchases.
Fitch's forecast assumes capital spending in the mid-$500 million
range reflecting modest investment for growth related initiatives.
Darling repurchased around $126 million in common shares through
2022.

Darling has pursued additional opportunities to bolster its global
supply chain and increase access to low-carbon-intensity
feedstocks. In May 2022, Darling closed its acquisition of Valley
Protein's U.S.-based rendering and used cooking oil plants for
around $1.2 billion. In August 2022, it closed the purchase of
FASA, the largest independent rendering company in Brazil for
around $560 million. In October 2022, Darling announced a
definitive agreement to acquire Gelnex, a leading global producer
of collagen products for roughly $1.2 billion, with closing,
subject to regulatory approval, expected in 2Q23.

Fitch views the acquisitions as good strategic fits with minimal
geographic overlap that materially increases feedstock capacity for
its US operations, adds a physical presence in Brazil and adds
capacity for its fast-growing collagen business. Given expectations
for meaningful dividends from DGD, Fitch's base case anticipates
that Darling will increase shareholder returns including the
implementation of a dividend commencing in 2024.

Leverage Expectations: Proforma for acquisitions, Fitch projects
pro forma leverage will peak in the first half of 2023 following
the Gelnex closing in the low 3x range with leverage in the upper
2x range by the end of 2023. Fitch's forecast assumes Darling could
remain acquisitive through tuck-ins or geographical expansion
opportunities.

Fitch expects Darling to manage leverage around to 3x or less, with
leverage potentially higher than 3x to consummate the transaction
and deleveraging largely through a combination of EBITDA growth,
including DGD dividend contributions and debt reduction
post-transaction. Darling has demonstrated past commitment toward
debt reduction following acquisitions with more than $500 million
of debt reduction following the 2014 acquisition of VION
Ingredients.

Parent Subsidiary Linkage: Fitch's analysis includes a strong
parent/weak subsidiary approach between the parent, Darling
Ingredients, and its subsidiaries. Fitch assesses the quality of
the overall linkage as high that results in an equalization of IDRs
across the corporate structure.

DERIVATION SUMMARY

Darling's 'BB+'/Stable ratings reflect its unique global market
position as a collector and processor of waste streams from the
food industry, transforming the products into sustainable
ingredients across diverse applications in the food, feed and fuel
sectors. According to the company, Darling processes approximately
15% of the world's animal by-products in a highly fragmented
market. The company benefits from global diversification with more
than 60% of sales in North America, roughly 30% of sale in Europe
and the remainder in rest of world in 2022. The company's
acquisition of Valley Proteins, Inc. increased its exposure to
North America.

The ratings are tempered by exposure to commodity volatility
(offset by a certain extent through the usage of formula-based
contracts), a change in the regulatory environment, and FX.
However, Darling has significant exposure to renewable diesel
through its 50% interest in DGD, the largest producer in NA, which
is complemented by Darling's vertically integrated supply chain.
Fitch expects Darling to maintain long-term EBITDA leverage at
around 3x or less.

Compared to other companies in Fitch's agribusiness coverage,
Darling maintains higher profitability except for Ingredion Inc.
(BBB/Stable). Darling's capital intensity is higher than
agribusiness peers due to the corrosive nature of animal by-product
processing. Similarly rated credits in Fitch's agriculture and
protein portfolio include Primary Products (BB/Stable), Ingredion
(BBB/Stable) and Pilgrim's Pride Corp. (BBB-/Stable Outlook).

Primary Products 'BB' rating reflects the strong market position in
the mature corn-derived products industry for the food and
industrial markets, ample liquidity supported by good FCF
expectations, and moderate Fitch-calculated leverage (total debt to
EBITDA after associates and minorities) in the mid-to-lower 3x over
the forecast period. These factors are offset by narrow product
diversification and limited scale.

Pilgrim's Pride Corporation's (PPC) 'BBB-' ratings reflect the
company's resilient operating performance, low net leverage and
strong liquidity. PPC's business profile is in line with the 'BBB-'
rating category due to its size, profitability, geographical
diversification and leverage. PPC is smaller and less diversified
than other U.S. peers which exposes PPC to higher industry risks.

Ingredion Inc.'s 'BBB' rating benefits from its globally diverse
product portfolio and stable underlying business model focused on
starches and sweeteners, with increasing exposure to higher-value,
higher-margin on-trend specialty ingredients. Ingredion has taken
several actions to address operating pressures over the last few
years related to secular changes in its core businesses combined
with further efficiency and process initiatives that Fitch expects
should support reduced earnings volatility and more predictable
long-term earnings growth.

Fitch expects Ingredion will continue to demonstrate good financial
discipline including consistent capital allocation polices around
growth investments, bolt-on M&A and shareholder return initiatives
that support leverage expectations in the mid-2x range over the
forecast period.

KEY ASSUMPTIONS

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

- Darling core EBITDA in fiscal 2022 was around $1.1 billion
including Animal Feed segment EBITDA in the low $800 million
reflecting higher commodity prices and Food segment EBITDA around
$250 million reflecting growth in collagen markets and higher
edible fat prices. Fitch projects Darling core EBITDA in the $1.2
billion range for 2023 reflecting continued good commodity prices
and recent acquisitions (Valley Proteins, FASA, Gelnex).

- To the extent commodity prices remain elevated during 2023 as
projected by the February 2023 WASDE report, there could be upside
to Fitch's EBITDA forecast as its projections consider a modest
decrease in commodity prices. The WASDE (February 2023) projects
soybean oil prices of $0.68 per pound in the 2022/2023 marketing
year compared to an estimated $0.73 per pound for 2021/2022 and
$0.57 per pound in 2020/2021.

The WASDE projects an increase in the usage of soy oil feedstock
for biofuels to 11.6 billion pounds in 2022/2023 compared to an
estimated 10.3 billion pounds in 2021/2022 and 8.9 billion pounds
in 2020/2021. The WASDE also projects increased soymeal prices at
$450 per short ton for 2022/2023 compared to $440 in 2021/2022 and
$392 in 2020/2021.

- Fitch projects Darling's core longer-term sustainable EBITDA
could be around $1 billion with Animal Feed segment EBITDA over
$600 million reflecting a further moderation in fat prices, Food
segment EBITDA over $200 million and new EBITDA from acquisitions
including Valley Proteins, FASA and Gelnex.

- Capital spending in the $550 million range in 2023 and 2024.

- The forecast assumes phase three of the DGD capacity expansion
ramps up commencing in 1Q23. The forecast assumes DGD EBITDA per
gallon in the low $1 range for 2023 that results in dividend
distributions from DGD in the upper-$300 million range.

- FCF in the in the mid-$500 million range in 2023 and upper-$400
million range in 2024.

- Pro forma for the Gelnex acquisition, Fitch projects EBITDA
leverage will peak in the first half of 2023 in the low 3x range
with leverage in the upper 2x range by the end of 2023. Fitch's
base case assumes tuck-ins or geographical expansion opportunities
over the next couple years. Fitch expects Darling will manage
long-term leverage to 3x or less and deleveraging largely through
EBITDA growth, DGD dividend contributions and debt reduction as
required.

RATING SENSITIVITIES

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

- Publicly articulated financial framework or a demonstrated record
of maintaining a consistent credit profile, yielding increased
confidence in EBITDA leverage sustaining under 3x combined with
operating performance that is in line with Fitch's expectations for
sustained core EBITDA of $700 million and EBITDA after affiliates
dividends (dividend distribution from DGD JV) above $1 billion.

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

- EBITDA leverage sustained above 3.5x as a result of weaker-than
expected core EBITDA or lack of a material dividend distribution
from DGD and/or capital allocation polices outside of Fitch's
expectations, such as large debt-funded M&A and increased
shareholder returns.

LIQUIDITY AND DEBT STRUCTURE

Ample Liquidity: At Dec. 31, 2022, Darling's had ample liquidity
consisting of $127 million in cash and availability of $1.3 billion
under the $1.5 billion secured revolving credit facility, which had
$135 million in outstanding borrowings, $48 million in ancillary
facilities and $4 million of issued letters.

In December 2021, Darling amended and extended the revolving
facility by increasing the amount to $1.5 billion from $1.0 billion
and extending the maturity to December 2026. The revolving credit
facility also features a $400 million delayed draw five-year term
loan A-1 (fully drawn), A-2 $500 million (fully drawn), A-3$300
million (undrawn) and A-4 $500 million (undrawn) all maturing
December 2026.

The remainder of Darling's debt structure includes a $525 million
term loan B ($200 million outstanding) due 2024, EUR515 million
senior notes due 2026, $500 million senior notes due 2027 and $1
billion in senior notes due 2030. A portion of the availability
under the revolving credit facility, together with the Term A-3 and
term A-4 facilities is expected to be used to fund the Gelnex and
Miropasz acquisitions.

Covenants on the revolving facility require total leverage to not
exceed 5.5x and interest coverage of 3.0x or greater for which
Darling has significant cushion. Terms for the revolving facility
include a collateral release mechanism, subject to term loan B
lender consent, upon Darling achieving investment grade credit
ratings.

ISSUER PROFILE

Darling maintains a leading position as a globally diversified
collector and processor of food waste streams, transforming the
products into sustainable ingredients in the food, feed and fuel
sectors. Darling also has a 50% interest in the DGD JV, largest
producer of RD in North America.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fair value of debt adjusted to reflect debt amount payable on
maturity, stock-based compensation and adjusted for associate
dividends.

ESG CONSIDERATIONS

ESG Considerations: Darling has an ESG Relevance Score of '4' [+]
for Exposure to Social Impacts. Darling's base business focuses on
the collection of animal by-products and repurposing into
sustainable ingredients. Fitch expects the company should benefit
from market preferences and healthy lifestyle trends toward
collagen products. The company's biomass-based diesel JV is also
benefiting from social and regulatory changes which are creating
higher demand for renewable products and as a consequence increased
renewable fuel mandates for the JV. This has a positive impact on
the credit profile, and is relevant to the rating in conjunction
with other factors.

Darling has an ESG Relevance Score of '4' [+] for Energy
Management, as the company's is benefitting from its strategic
decision to invest in the biomass-based diesel industry that is
expected to lead to higher stability and visibility of cash flows,
as a result of the legislative mandates and consumer and corporates
preference for the consumption of renewable products that improve
air quality. This has a positive impact on the credit profile, and
is relevant to the rating in conjunction with other factors.

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

   Entity/Debt               Rating          Recovery   Prior
   -----------               ------          --------   -----
Darling Ingredients
International
Holding BV             LT IDR BB+  Affirmed               BB+

   senior secured      LT     BBB- Affirmed     RR1      BBB-

Darling
International NL
Holdings B.V.          LT IDR BB+  Affirmed               BB+

   senior secured      LT     BBB- Affirmed     RR1      BBB-

Darling
International
Canada Inc.            LT IDR BB+  Affirmed               BB+

   senior secured      LT     BBB- Affirmed     RR1      BBB-

Darling Ingredients,
Inc.                   LT IDR BB+  Affirmed               BB+

   senior
   unsecured           LT     BB+  Affirmed     RR4       BB+

   senior secured      LT     BBB- Affirmed     RR1      BBB-

Darling Ingredients
Belgium Holding BV     LT IDR BB+  Affirmed               BB+

   senior secured      LT     BBB- Affirmed     RR1      BBB-

Darling Ingredients
Germany Holding
GmbH                  LT IDR  BB+  Affirmed               BB+

   senior secured     LT      BBB- Affirmed     RR1      BBB-

Darling Global
Finance B.V.

   senior
   unsecured          LT      BB+  Affirmed     RR4       BB+


DEKALB-JACKSON WATER: S&P Affirms 'BB' Rating on Revenue Debt
-------------------------------------------------------------
S&P Global Ratings revised the outlook to positive from stable and
affirmed its 'BB' underlying rating on DeKalb-Jackson Water Supply
District Inc. (DKJWD), Ala.'s utility revenue debt. S&P notes that
the bonds outstanding will be refunded on July 1, 2023, by the
district's series 2020A and 2020B utility revenue bonds. At the
same time, S&P affirmed its 'B+' underlying rating on
DeKalb-Jackson Cooperative District's (DKJCD) revenue debt, which
is a subordinate pledge of water revenues. The cooperative
district's total debt outstanding is approximately $19 million.

"The outlook revision was primarily driven by growth in the natural
gas system revenues," said S&P Global Ratings credit analyst Jaime
Blansit.

S&P said, "We maintained a two-notch differential between our
ratings on DKJWD's senior-lien debt and DKJCD's debt due to the
latter's subordinate pledge of water revenue. Because DKJWD
senior-lien debt accounts for 42% of total debt outstanding, we
think subordinate-lien bondholders are materially disadvantaged.
The rating reflects the application of our "U.S. Municipal Water,
Sewer, And Solid Waste Utilities: Methodology And Assumptions"
criteria (published April 14, 2022). In accordance with the
"Methodology: Rating Approach to Obligations With Multiple Revenue
Streams" (published Nov. 29, 2011), the rating reflects the
strong-link analysis of the multiple revenue streams pledged to the
bonds and included in its rate covenant and additional bonds test
(ABT). Specifically, the rating reflects the strong link of the
water system.

"We consider bond provisions to be weak because, while the DKJCD
ABT states its combined utility revenue pledges must provide at
least 1.2x maximum annual debt service (MADS), the water district
is permitted to issue additional senior-lien water revenue debt if
net revenues of the water district are equal to 1.2x MADS on the
senior-lien debt only, with no requirement of sufficiency for total
debt service. In our view, the combined utility was short of its
rate covenant from fiscal years 2017-2020. The DKJCD rate covenant
states its combined utility revenue pledges must provide 1.2x total
annual debt service starting in fiscal 2020. The district met
coverage requirements in fiscal years 2021 and 2022.

"The positive outlook reflects the recent natural gas system
expansion, which began to generate revenues enough to support
expenses for half of the year, which we view favorably. In
addition, management plans to increase water rates on customers to
better align revenue and operating expenses. If these rate
adjustments and service-area expansion results in steady,
supportive debt service coverage (DSC), there could be positive
rating movement. The rating remains in the 'speculative grade'
category because of historically thin DSC and substantial
operational risk, largely attributable to the need for the water
system to subsidize a gas system that is not fully
self-supporting."



DIAMOND SPORTS: Case Summary & 30 Largest Unsecured Creditors
-------------------------------------------------------------
Lead Debtor: Diamond Sports Group, LLC
             10706 Beaver Dam Road
             Hunt Valley MD 21030

Business Description: Diamond Sports Group LLC, an independently-
                      managed and unconsolidated subsidiary of
                      Sinclair Broadcast Group, Inc., owns the
                      Bally Sports Regional Sports Networks
                      (RSNs), a provider of local sports.  Its 19
                      owned-and-operated RSNs include Bally Sports
                      Arizona, Bally Sports Detroit, Bally Sports
                      Florida, Bally Sports Great Lakes, Bally
                      Sports Indiana, Bally Sports Kansas City,
                      Bally Sports Midwest, Bally Sports New
                      Orleans, Bally Sports North, Bally Sports
                      Ohio, Bally Sports Oklahoma, Bally Sports
                      San Diego, Bally Sports SoCal, Bally Sports
                      South, Bally Sports Southeast, Bally Sports
                      Southwest, Bally Sports Sun, Bally Sports
                      West, and Bally Sports Wisconsin.

Chapter 11 Petition Date: March 14, 2023

Court: United States Bankruptcy Court
       Southern District of Texas

Thirty affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:

    Debtor                                    Case No.
    ------                                    --------
    Diamond Sports Group, LLC (Lead Case)     23-90116
    ARC Holding, Ltd.                         23-90115
    Diamond College Sports, LLC               23-90141
    Diamond Digital Group, LLC                       -
    Diamond Gaming Services, LLC                     -
    Diamond Mobile Holdings, LLC                     -
    Diamond Ohio Holdings, LLC                23-90127
    Diamond Ohio Holdings II, LLC             23-90118
    Diamond San Diego Holdings, LLC           23-90128
    Diamond Southern Holdings, LLC            23-90129
    Diamond Sports Net Arizona Holdings, LLC  23-90130
    Diamond Sports Net Arizona, LLC           23-90117
    Diamond Sports Net Detroit, LLC           23-90123
    Diamond Sports Net Florida, LLC           23-90131
    Diamond Sports Net North, LLC             23-90120
    Diamond Sports Net Ohio, LLC              23-90125
    Diamond Sports Net West 2, LLC            23-90124
    Diamond Sports Net, LLC                   23-90126
    Diamond Sports Sun, LLC                   23-90119
    Diamond St. Louis Holdings, LLC           23-90132
    Diamond West Holdings, LLC                23-90133
    Diamond-BRV Southern Sports Holdings, LLC 23-90134
    Fastball Sports Productions, LLC          23-90135
    FRSM Holdings LLC                         23-90136
    Sports Holding, LLC                       23-90137
    Sports Network, LLC                       23-90138
    Sports Network II, LLC                    23-90122
    SportSouth Network, LLC                   23-90121
    SportSouth Network II, LLC                23-90122
    Sunshine Holdco, LLC                      23-90140

Judge: Hon. Christopher M. Lopez

Debtors'
General
Reorganization &
Bankruptcy
Counsel:          John F. Higgins, Esq.
                  PORTER HEDGES LLP
                  1000 Main St., 36th Floor
                  Houston, TX 77002
                  Tel: (713) 226-6648
                  Email: jhiggins@porterhedges.com

                   - and -

                  PAUL, WEISS, RIFKIND, WHARTON &
                  GARRISON LLP

Debtors'
Special
Corporate &
Conflicts
Litigation
Counsel:          WILMER CUTLER PICKERING HALE AND DORR LLP

Debtors'
Financial
Advisor:          ALIXPARTNERS, LLP

Debtors'
Investment
Bankers:          MOELIS & COMPANY LLC

                    - and -

                  LIONTREE ADVISORS LLC

Debtors'
Claims,
Noticing,
Solicitation and
Administrative
Agent:            KROLL RESTRUCTURING ADMINISTRATION LLC

Estimated Assets
(on a consolidated basis): $1 billion to $10 billion

Estimated Liabilities
(on a consolidated basis): $1 billion to $10 billion

The petitions were signed by David F. DeVoe, Jr., chief financial
officer and chief operating officer.

Full-text copies of three of the Debtors' petitions are available
for free at PacerMonitor.com at:

https://www.pacermonitor.com/view/2R5MWGY/ARC_Holding_Ltd__txsbke-23-90115__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/27ABCZY/Diamond_Sports_Group_LLC__txsbke-23-90116__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/5T23HQQ/SportSouth_Network_LLC__txsbke-23-90121__0001.0.pdf?mcid=tGE4TAMA

Consolidated List of Debtors' 30 Largest Unsecured Claims:

   Entity                           Nature of Claim   Claim Amount

1. U.S. Bank National Association, as     Debt      $1,811,587,381
Trustee for 6.625% Senior Unsecured
Notes Due 2027
Corporate Trust Services, 18th Floor
1021 East Cary Street, Suite 1850
Richmond, Virginia 23219
Melody Scott
Tel: 877-312-1425
Email: melody.scott@us.bank.com

2. CFD Trust No. 8                      Contract       $77,216,368
Dolan Broadcast Properties, Ltd.       Obligation
c/o Thrasher, Dinsmore & Dolan
100 7th Avenue, Suite 150
Chardon, OH 44024-1079
Joseph Znidarsic, Trustee
Tel: 440-285-2242
Email: jznidarsic@tddlaw.com

3. DIRECTV, LLC                         Customer       $40,104,422
Attn: Senior Vice President
Programming Acquisitions
2230 East Imperial Highway
El Segundo, CA 90245
Michael Hartman
Tel: 310-964-5000
Email: media@directv.com

4. AZPB Limited Partnership           Sports Right     $30,871,752
401 East Jefferson Street             Counterparty
Pheonix, AZ 85004
Derrick Hall
Tel: 602-462-6588
Email: dhall@dbacks.com

5. Intelsat S.A.                      Trade Vendor     $15,000,000
7900 Tysons Place, Floor 14
McLean, VA 22102
Michelle Bryan
Tel: 703-559-6800
Email: michelle.bryan@intelsat.com

6. Raycom Sports Network, Inc.         Sports Right     $8,530,186
160 Mine Lake Ct Ste 200               Counterparty
Raleigh, NC 27615-6417
Laura Rhyne
Tel: 704-338-3061
Email: Laura.Rhyne@raycomsports.com

7. Home Team Sports (HTS),               Contract       $5,110,126
a division of                           Obligation
National Advertising Partners, by its
General Partner, PlayFly NAP GP 1, LLC
1175 Peachtree Street Ne
100 Colony Sq Ste 408
Atlanta, Georgia 30361
Michael Schreiber, CEO
Tel: 404-230-0359
Email: Peter.Mosienko@Foxsports.net

8. Harte-Hanks Response                Trade Vendor       $247,904
Management Austin Inc
PO Box 679164
Dallas, TX 7526
Gregorio Alfonso
Tel: 516-849-6713
Email: gregorio.alfonso@hartehanks.com

9. Evergent Technologies, Inc.         Trade Vendor       $170,000
1250 Borregas Ave
Sunnyvale, CA 94089
Richard Johnson
Tel: 877-897-1240
Email: info@evergent.com

10. Mercury Sports LLC                 Trade Vendor       $143,675
214 Overlook Circle, Suite 220
Brentwood, TN 37027
Michael Ligon
Tel: 615-465-4193
Email: mligon@mercuryintermedia.com

11. Minor Vices Inc                    Trade Vendor       $122,500
61 Greenpoint Ave, #635
Brooklyn, NY 11222
Gina Terada
Tel: 646-694-0062
Email: gina@minorvices.com

12. VITAC                              Trade Vendor       $100,930
Dept CH 18079
Palatine, IL 60055
Janet Anaya
Tel: 303-468-4687
Email: janet.anaya@vitac.com

13. Think Systems, Inc.                Trade Vendor        $60,699
PO Box 338
Kingsville, MD 21087
Tony Gruebl
Tel: 410-870-9967
Email: tgruebl@thinksi.com

14. Getty Images US, Inc.              Trade Vendor        $54,516
PO BOX 953604
St. Louis, MO 63195
Kjelti Kellough
Tel: 800-462-4379
Email: kjelti.kellough@gettyimages.com

15. TecVeris LLC                       Trade Vendor        $53,837
3125 Wheatfield Road
Finksburg, MD 21048
Milliei Paniccia
Tel: 443-803-7180
Email: millie.paniccia@tecveris.com

16. IATSE National Benefit Fund        Trade Vendor        $52,662
417 Fifth Ave, 3rd Floor
New York, NY 10016
Lana Nikitenko
Tel: 212-580-9092
Email: lnikitenko@iatsenbf.org

17. CAA Sports, LLC                    Trade Vendor        $50,000
2000 Avenue of the Stars
Los Angeles, CA 90067
Frank Moore
Tel: 424-288-2178
Email: fmoore@caa.com

18. Checkmate Media, Inc.              Trade Vendor        $44,529
207 Harbor Lane
Massapequa Park, NY 11762
Barry Watkins
Tel: 917-841-2200
Email: watkinscheckmate@outlook.com

19. West Agile Labs Inc                Trade Vendor        $30,322
74 Tehama Street
San Francisco, CA 94104
Pramod Dabir
Tel: 415-766-9378
Email: pdabir@westagilelabs.com

20. Hockey Western New York LLC        Trade Vendor        $30,133
One Seymour H Knox III Plaza
Buffalo, NY 14203
Catie Basinski
Tel: 716-855-4774
Email: catie.basinski@psentertainment.com

21. MSGN Holdings LP                   Trade Vendor        $27,081
4 Penn Plaza
New York, NY 10121
James Dolan
Tel: 212-465-6400
Email: MSGScorpcomms@msg.com

22. Ease Live AS                       Trade Vendor        $26,000
C Sundts Gate 37
Bergen 5004 Norway
Kjetil Horneland
Tel: 95-93-85-18
Email: kjetil@easelive.tv

23. Amazon Web Services, Inc.          Trade Vendor        $24,000
PO Box 84023
Seattle, WA 98124-8423
Daniel Greenberg
Tel: 206-266-4064
Email: contracts-legal@amazon.com

24. Sirius Computer                   Trade Vendor         $23,753

Solutions, Inc.
PO BOX 202289
Dallas, TX 75230
Joe Mertens
Tel: 800-460-1237
Email: info@siriuscom.com

25. AT&T                              Trade Vendor         $22,374
208 Akard Street
Dallas, TX 75202
David McAtee
Tel: 210-821-4105
Email: david.mcatee@att.com

26. Worldlink Ventures, Inc.          Trade Vendor         $11,988
6100 Wilshire Blvd, Suite 1400
Los Angeles, CA 90048
Toni Knight
Tel: 323-866-5900
Email: Info@WorldLinkMedia.com

27. Imagn Content Services LLC        Trade Vendor         $10,080
7950 Jones Branch Drive
McLean, VA 22107
Burce Odle
Tel: 646-601-7202
Email: sales@imagn.com

28. Genius Tech                       Trade Vendor          $9,188

International PTY LTD
LG 432 ST Kilda Road
Melbourne VIC 3004 Austrailia
Nathan Rothschild
Tel: 408-527-647
Email: nathan@gtgnetwork.com

29. XLT Management Services Inc       Trade Vendor          $7,241
2050 S Finley Road, Suite 80
Lombard, IL 60148
Thomas Zeller
Tel: 630-869-1871
Email: tzeller@xltms.com

30. Social Booth Experiential LLC     Trade Vendor          $6,000
11138 Treynorth Drive, Suite B
Cornelius, NC 28031
Blair Stopnik
Tel: 704-275-1021
Email: blair.stopnik@sbx.agency


DIOCESE OF SANTA ROSA: Files for Chapter 11 Due to Abuse Claims
---------------------------------------------------------------
Catholic Diocese of Santa Rosa has filed for Chapter 11 bankruptcy
due to sex abuse claims.

Mary Callahan of The Press Democrat reports that facing more than
200 new legal claims over childhood sexual abuse, the Catholic
Diocese of Santa Rosa is filing for Chapter 11 bankruptcy
protection to automatically freeze all lawsuits so they can be
settled through federal bankruptcy court.

The move, telegraphed by Santa Rosa Bishop Robert Vasa last
December 2022, was announced Friday, March 10, 2023, in a news
release from the bishop reaffirming his belief he had no other
choice, given what he called a "staggering" number of claims and
too few financial resources to satisfy them individually.

           About Santa Rosa Roman Catholic Diocese

The Roman Catholic Diocese of Santa Rosa in California is a
diocese, or ecclesiastical territory, of the Roman Catholic Church
in the northern California region of the United States, named in
honor of St. Rose of Lima.

The Roman Catholic Bishop of Santa Rosa filed a Chapter 11 petition
(Bankr. N.D. Cal. Case No. 23-10113) on March 13, 2023.  The Debtor
estimated $10 million to $50 million in assets and liabilities.
The Hon. Charles Novack is the case judge.  FELDERSTEIN FITZGERALD
WILLOUGHBY PASCUZZI & RIOS LLP, led by Paul J. Pascuzzi, is the
Debtor's counsel.  DONLIN, RECANO & COMPANY, INC. is the claims
agent.


DR. R'KIONE: No Change in Patient Care, 3rd PCO Report Says
-----------------------------------------------------------
Tamar Terzian, the court-appointed patient care ombudsman, filed
with the U.S. Bankruptcy Court for the Central District of
California a third interim report regarding the quality of patient
care provided at Dr. R'Kione Britton Chiropractic Corp.'s health
care facility in West Los Angeles.

The report, which covers the period from Oct. 9, 2022 to Feb. 28,
2023, was filed following the PCO's review of medical records and
patient reports of care rendered, direct observation of care, and
visit to the site during which she met with Dr. R'Kione and two
lead staff to discuss the day-to-day operations of the facility.

The PCO surveyed and evaluated the critical systems in place to
assess the company's ability to provide the standard of care during
the bankruptcy process to evaluate the processes of the company.
Elements of care delivery were evaluated against criteria that
reflect professional standards of good quality care.

The PCO reported that there are no changes to report currently in
terms of the quality of care. The PCO noted, among other things,
that the company has sufficient equipment to continue to provide
the quality of care for patients.

A copy of the third interim ombudsman report is available for free
at https://bit.ly/40lidLd from PacerMonitor.com.

The ombudsman may be reached at:

      Tamar Terzian, Esq.
      Epps & Coulson, LLP
      1230 Crenshaw Boulevard, Suite 200
      Torrance, CA 90501
      Telephone: (213) 929-2390
      Facsimile: (213) 929-2394
      Email: tterzian@eppscoulson.com

            About Dr. R'Kione Britton Chiropractic Corp.

Dr. R'Kione Britton Chiropractic Corporation is a Los Angeles based
healthcare company offering chiropractic, spinal and joint care;
neuropathy treatment; spinal decompression; soft tissue
rehabilitation and pain relief; muscle and joint injury
rehabilitation; chronic pain relief care; posture restoration;
laser therapy; peak performance and sports injury treatment; and
scar tissue treatment.

Dr. R'Kione Britton Chiropractic sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 22-13004)
on May 31, 2022. In the petition signed by Dr. R'Kione Britton,
president, the Debtor disclosed $226,317 in assets and $1,308,118
in liabilities.

Judge Deborah J. Saltzman oversees the case.

The Debtor tapped Steven E. Cowen, Esq., at S.E. Cowen Law as legal
counsel; Small Business Tax, Inc. as tax advisor; and Scott
Christansen, a principal at AAdvanced Business Systems, as
bookkeeper.


FAIRPORT BAPTIST: PCO Files Fifth Report
----------------------------------------
Eric Huebscher, the court-appointed patient care ombudsman, filed a
fifth report regarding the quality of patient care provided at the
nursing home operated by Fairport Baptist Homes and its affiliates.


In his report, which covers the period from Jan. 5 to March 6, the
PCO has noted a material change in the level of cooperation with
the companies and their advisors. The companies timely exchanged
financial forecasts, provided insights into their ability to obtain
additional working capital and provided regular updates regarding
the purchaser's sale closing process and related regulatory
approvals. This information allowed the PCO to have independent
access to critical pieces of information regarding the companies'
ability to continue to provide uninterrupted patient care to
residents.

The PCO reported that the companies continued to maintain stable
and uninterrupted health services to their residents. The resident
census has been stable and below the companies' full capacity.

In addition, the companies' working capital needs will come to the
forefront during the sixth reporting period. The PCO will continue
to monitor the situation closely and reserves the option to
supplement this period should circumstances suggest that capital
access has been denied or delayed.

The PCO cited that the regulatory approval process to close the
underlying sale are somewhat out of the control of both the
purchaser and the companies. While both are working together in
order to expedite this process, the PCO is concerned with the
challenges that a protracted period will evoke on the companies.
The PCO will continue to monitor this process closely, with
expectation that the companies will freely and openly share
critical pieces of related information.

A copy of the fifth PCO report is available for free at
https://bit.ly/429fs0V from PacerMonitor.com.

                   About Fairport Baptist Homes

Fairport Baptist Homes and its affiliates, Fairport Baptist Homes
Adult Care Facility, Inc., FBH Community Ministries and FBH
Distinctive Living Communities, Inc., operate skilled nursing care
facilities.

Fairport Baptist Homes owns a New York-licensed 142-bed residential
health care facility at the FBH campus in Fairport, N.Y., and 42
independent living units known as Deland Acres.

On May 6, 2022, Fairport Baptist Homes and its affiliates sought
Chapter 11 bankruptcy protection (Bankr. W.D.N.Y. Lead Case No.
22-20220). In the petition filed by Fairport President Thomas H.
Poelma, Fairport Baptist Homes listed $1 million to $10 million in
assets and $10 million to $50 million in liabilities.

The Debtors tapped John A. Mueller, Esq., at Lippes Mathias, LLP as
bankruptcy counsel and Pullano & Farrow, PLLC as special counsel.
Epiq Corporate Restructuring, LLC is the claims and noticing
agent.

The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors in the Debtors' Chapter 11 cases on June 2,
2022. Dentons US, LLP and ToneyKorf Partners, LLC serve as the
committee's legal counsel and financial advisor, respectively.

Eric M. Huebscher, the patient care ombudsman appointed in the
Debtors' cases, is represented by Kelly C. Griffith, Esq., at
Harris Beach, PLLC.


FIRST TO THE FINISH: Wins Cash Collateral Access Thru April 20
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Illinois
authorized Michael E. Collins, the Chapter 11 Trustee for First to
the Finish Kim and Mike Viano Sports Inc., to use cash collateral
on an interim basis in accordance with the budget, with a 10%
variance.

The Chapter 11 Trustee requires the use of cash collateral to
minimize the disruption of the Debtor's business, operate the
business in an orderly manner, maintain business relationships with
vendors, suppliers, and customers, pay employees, and satisfy other
operational as well as working capital needs.

CNB Bank & Trust, N.A., Nike USA, Inc., and the Bank of Springfield
have asserted a perfected security interest in the Debtor's
bankruptcy estate.

The Trustee may access cash collateral through the termination
date, which is the earlier of:

     (i) April 20, 2023;

    (ii) the entry of an Order, on a "final" basis approving the
Trustee's use of cash collateral;

   (iii) the date of the dismissal of the Debtor's bankruptcy  case
or the conversion of the Debtor's bankruptcy case to a case under
Chapter 7 of the Bankruptcy Code;

    (vi) the date a sale of substantially all of the Estate's
assets is consummated after being approved by the Court; and

     (v) the effective date of any confirmed chapter 11 plan.

As adequate protection, the Secured Lenders will be granted access
to examine the books and records of the Debtor and take an
inventory of assets of the Estate. The parties will use their best
efforts to coordinate on mutually available dates and times to
avoid duplication and disruptions on the operations.

As further adequate protection, and only to the extent of (a) the
diminution of value of a Secured Lender's interest in the
Prepetition Collateral occurring from the Petition Date to the
Termination Date, and (b) the prepetition validity and priority of
each the Secured Lender's respective security interests in the
Prepetition Collateral, the Secured Lenders are granted valid and
perfected, security interests in, and liens including, but not
limited to, replacement liens on all of the right, title, and
interest of the Estate.

As further adequate protection, the Chapter 11 Trustee will take
reasonable steps to preserve any and all rights of the Estate in
FTTF Health Supply, LLC from the sale of personal protective
equipment and related items and will seek documentation regarding
any receivables held by FTTF Health Supply, Inc.

A final telephonic hearing on the matter is set for April 20 at 10
a.m.

A copy of the Court's order and the Debtor's budget is available
for free at https://bit.ly/3ZNtV1d from PacerMonitor.com.

The Debtor projects $250,000 in cash receipts and $257,084 in total
cash disbursements for March 2023.

                   About First to the Finish Kim
                    and Mike Viano Sports Inc.

First to the Finish Kim and Mike Viano Sports Inc. sells sporting
goods, hobbies, and musical instruments.

First to the Finish Kim and Mike Viano Sports filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
S.D. Ill. Case No. 20-30955) on October 7, 2020. The petition was
signed by Mike Viano, president. At the time of filing, the Debtor
estimated $1 million to $10 million in both assets and
liabilities.

Judge Laura K. Grandy oversees the case.

The Debtor is represented by Carmody MacDonald P.C.

The Chapter 11 Trustee, Michael E. Collins, is represented by
Manier & Herod, P.C.

CNB Bank & Trust, N.A., as secured lender, is represented by Silver
Lake Group, Ltd.  Nike USA, Inc., also a secured lender, is
represented by A.M. Saccullo Legal, LLC.



FTX GROUP: CEO Ray Wants to Pay $4M in Employee Bonuses
-------------------------------------------------------
FTX Trading Ltd. is seeking the Bankruptcy Court's approval to pay
about $4 million to incentivize a select pool of key employees to
stay with the company through its Chapter 11 proceedings.

FTX CEO John J. Ray III, who took over as head of the crypto
trading platform following its collapse into bankruptcy, said no
amounts will be paid under the proposed KERP to any "insider" of
the Debtors or to any of Samuel Bankman-Fried, Gary Wang, Nishad
Singh or Caroline Ellison, or any person known by the Debtors to
have a familial relationship with any such individual.

Mr. Ray explained that an employee bonus retention program "is
critical" and would help stabilize FTX as it works through a
complicated and uncertain reorganization process.

Mr. Ray and the newly appointed executives require the knowledge
and intensive support and efforts from the Debtors' ongoing
workforce.  These remaining employees and contractors have
institutional knowledge and, in some cases, unique and specialized
skillsets that would be difficult to replace and that are critical
to the Debtors' objectives in the Chapter 11 cases.

The Debtors request Court authorization to award retention
opportunities with an aggregate value of up to $4,027,204.  Of the
aggregate retention pool, $1,417,833 has been allocated to 10
identified employees (the "Allocated Pool"), and $2,109,371 has
been tentatively allocated to roles that are expected to be
required to serve critical administrative, settlement, business
development, compliance, support, core product and data functions
(the "Role-Based Pool").  The remaining $500,000 has not been
allocated at this time (the "Unallocated Pool"), and is intended to
enable the Debtors to efficiently and effectively address emerging
retention needs as the Chapter 11 cases progress.

Following the turmoil that the Debtors faced beginning in November
2022, the Debtors have experienced significant attrition in roles
that are critical to the Chapter 11 cases.  Although the Debtors
have worked to quickly stabilize their businesses, the Debtors'
workforce continues to face uncertainty as the Debtors progress the
Chapter 11 cases, while taking on the responsibilities of departed
colleagues and the added workload arising from these cases. The
Debtors do not currently have authority to pay any incentive or
severance compensation, and the Debtors' cryptocurrency and
equity-based compensation programs have little or no value and have
ceased since the Petition Date.  In addition, the Debtors have not
yet determined the ultimate reorganization path for the Debtors and
the remaining workforce would be critical to any efforts to
reorganize and potentially restart the exchanges.  For these
reasons, the Debtors believe that a retention program is critical
and in the best interests of the Debtors and their estates to
further stabilize the Debtors' businesses and retain the resources
necessary to the success of the Chapter 11 cases.

The identification of recipients of awards from the Role-Based Pool
and Unallocated Pool will be determined by Mr. Ray, and awards will
be subject to certain consultation and consent rights of the
Official Committee of Unsecured Creditors.  All retention awards
will be subject to forfeiture and recoupment if there is a
subsequent final determination that the recipient of the award
engaged in wrongdoing.

                        About FTX Group

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

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

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

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

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

FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year.  According to Reuters, SBF
shared a document with investors on Nov. 10, 2022, showing FTX had
$13.86 billion in liabilities and $14.6 billion in assets.
However, only $900 million of those assets were liquid, leading to
the cash crunch that ended with the company filing for bankruptcy.

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

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

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

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


FTX GROUP: Judge Mulls Tossing O'Neal, Osaka from Investors' Suit
-----------------------------------------------------------------
Coin Telegraph reports that a federal judge in Florida, United
States, is considering dismissing former NBA superstar Shaquille
O'Neal and tennis athlete Naomi Osaka from the FTX lawsuit,
pointing out that it's unclear whether the two had been served.

In a paperless order, U.S. District Judge Kevin Moore instructed
the plaintiffs to provide cause on why O'Neal and Osaka shouldn't
be dismissed from the suit.  According to Moore, whether the two
sports stars have been served is unclear.  The judge gave the FTX
customers until December to show cause.

The order was one of the several the judge issued on March 9.  In
another order, Moore reprimanded other celebrity defendants for
requesting to push back a scheduled conference without following
the proper steps.

Celebrity defendants, including Tom Brady, Gisele Bündchen, Kevin
O'Leary, David Ortiz and Trevor Lawrence, asked for a time
extension.  However, the judge pointed out that the request should
have come from the plaintiff’s side. Moore said:

    "The court ordered plaintiff, not the defendants, to move for
an extension of time to hold the scheduling conference."

Because of this, the conference will proceed as scheduled, or the
plaintiff may move for an extension of time to hold the conference,
according to Moore.

Meanwhile, as cases against FTX pile up, some plaintiffs requested
the consolidation of lawsuits against the bankrupt exchange.
However, on March 8, a judge denied the consolidation request,
highlighting that the defendants have not yet been allowed to
respond. U.S. District Judge Jacqueline Corley recently denied the
request to consolidate five proposed class-action suits against
FTX.

On the same day, lawyers representing former FTX CEO Sam
Bankman-Fried noted that it might be necessary to push back the
criminal trial scheduled to start in October 2023. While the
lawyers did not formally request a date change, they pointed out
that it may be needed because they are still waiting for evidence
to be turned over, and Bankman-Fried accumulated more charges in
February.

                         About FTX Group

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

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

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

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

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

FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year.  According to Reuters, SBF
shared a document with investors on Nov. 10, 2022, 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.


G&P CONSULTING: Taps Brown Law Firm as Bankruptcy Counsel
---------------------------------------------------------
G&P Consulting, Inc. seeks approval from the U.S. Bankruptcy Court
for the Northern District of Oklahoma to employ Brown Law Firm,
P.C. to serve as legal counsel in its Chapter 11 case.

The firm's services include:

     a. negotiating allowed claims and treatment of creditors;

     b. rendering legal advice and preparing legal documents and
pleadings concerning claims of creditors, post-petition financing,
executing contracts, sale of assets, and insurance;

     c. representing the Debtor at court hearings and other
contested matters;

     d. formulating a disclosure statement and plan of
reorganization; and

     e. all other matters needed for reorganization.

Brown Law Firm will be paid at these rates:

     Ron D. Brown, Esq.    $350 per hour
     Associate             $250 per hour
     Paralegal             $75 per hour

The firm received from the Debtor an advance retainer of $5,960.50,
plus filing fee of $1,738.

Ron Brown, Esq., at Brown Law Firm, disclosed in a court filing
that all members of his firm are "disinterested" within the meaning
of Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Ron D. Brown, Esq.
     R. Gavin Fouts, Esq.
     Brown Law Firm, P.C.
     715 S. Elgin Ave
     Tulsa, OK 74120
     Tel: (918) 585-9500
     Fax: (866) 552-4874
     Email: ron@ronbrownlaw.com
            gavin@ronbrownlaw.com

                       About G&P Consulting

G&P Consulting, Inc. filed a Chapter 11 bankruptcy petition (Bankr.
N.D. Okla. Case No. 23-10213) on March 8, 2023, with $100,001 to
$500,000 in both assets and liabilities. Judge Terrence L. Michael
oversees the case.

Brown Law Firm, P.C. is the Debtor's bankruptcy counsel.


GIRARDI & KEESE: Influence Kept California Bar at Bay, Probe Finds
------------------------------------------------------------------
The State Bar of California Board of Trustees released on March 10,
2023, two redacted reports on its past handling of complaints
against disgraced and disbarred attorney Thomas V. Girardi.  The
Board decided to release the reports in furtherance of the agency's
public protection mission and its commitment to transparency and
accountability.  

In releasing these reports, the State Bar has redacted information
that is protected under the law, including California Business and
Professions Code section 6086.1, and the right to privacy.

The first report was prepared by attorney Alyse Lazar, who in 2021
was retained by the State Bar to review 115 files of past
complaints against Girardi.  Her review, limited to documents in
investigative files, identified numerous instances in which
complaints were closed without complete investigations or despite
the development of facts warranting discipline.  A redacted version
of the report is available at
https://www.calbar.ca.gov/Portals/0/documents/reports/Lazar-Report-and-Attachment-Redacted.pdf

The second report was completed by Halpern May Ybarra Gelberg LLP,
an outside law firm hired by the State Bar to conduct a
wide-ranging investigation that was not limited to file review and
included interviews of 74 witnesses and extensive evidence
gathering.  The May report details instances where Girardi's
efforts to buy relationships and exercise influence at the State
Bar -- at all levels—likely impacted the handling of some
complaints against him, causing those complaints to be closed
improperly. A redacted version of the report is available at
https://www.calbar.ca.gov/Portals/0/documents/reports/May-Report-and-Addendum-Redacted.pdf

Together, the two reports provide a clear and comprehensive review
of how Girardi's unethical and unacceptable behavior went unchecked
for so long and reveal systemic organizational dysfunction that
persisted for many years and through many changes of leadership.
Importantly, none of the individuals whose unethical behavior is
detailed in the May report are still affiliated with or employed by
the State Bar in any capacity.

"To ensure that what happened in the Girardi matter never happens
again, we commissioned unflinching investigations by outside
experts, are making the results public to the extent we can legally
do so, and are addressing the findings comprehensively," said Ruben
Duran, Chair of the State Bar Board of Trustees.  "While none of
the individuals named in the May report are still at the State Bar,
the magnitude and duration of the transgressions reveal persistent
institutional failure and a shocking past culture of unethical and
unacceptable behavior.  In recent years we have put in place many
safeguards that serve both to prevent unethical or corrupt behavior
and -- if it does occur -- to catch and address it quickly.  That
work continues.  Providing this disclosure is a necessary step to
demonstrate our commitment to transparency and accountability and
restore public trust."

                         The Findings

During a 16-month investigation, May and his team reviewed over
950,000 documents, issued 23 subpoenas, and interviewed, either
voluntarily or under compulsion, 74 witnesses.  The May report
indicates that Girardi intentionally cultivated relationships at
many levels in the State Bar to increase his influence in the
agency.  The report outlines several instances of past State Bar
staff exercising poor judgment, ignoring or poorly handling
conflicts of interest, and otherwise behaving unethically. None of
the individuals identified as engaging in unethical conduct remain
affiliated with or employed by the State Bar.  

Examples include:

  * Former State Bar employee Tom Layton, who was terminated in
2015, (and his wife) received gifts and payments estimated at over
$1 million from Girardi, through his firm, while Layton was
employed at the State Bar.  Those payments and gifts were never
properly disclosed.

  * Other State Bar employees and Board members accepted and failed
to report gifts and other items of value from Girardi.

  * Relatives of staff members were employed by Girardi's firm.

  * Staff in the Office of Chief Trial Counsel (OCTC) were
improperly involved in matters assigned to outside conflict
counsel.

  * Eight Girardi cases were closed by individuals who May
determined had conflicts of interest at the time they worked on the
cases.  The report found that their conflicts tainted their
decisions to close the cases.

  * Interim Executive Director Bob Hawley ghostwrote decisions in
matters assigned to outside conflict counsel without disclosing
that fact, including a decision to recommend closure of a complaint
against Girardi.

  * Between 2013 and 2015, both the Executive Director's Office and
Office of General Counsel received reports about Girardi's
influence at the State Bar and connection to Layton and others but
failed to investigate.

  * Former Executive Director Joe Dunn, who was terminated in 2014,
and Hawley made questionable terminations of two OCTC attorneys who
were advocating for disciplinary actions against Girardi.

  * On at least one occasion, Girardi successfully deployed his
connections at the State Bar to discourage people from making
complaints against him.  

The May report found that -- while the State Bar has since done
much to remedy these problems—in the past, conflict policies were
weak, record-keeping on conflicts was incomplete, and awareness of
conflict rules, which should have influenced case assignments and
handling, was low.

The 2021 Lazar report revealed errors made in case closures over
the four decades of Girardi's career.  In particular, the report
identified significant issues regarding the investigation and
evaluation of high-dollar, high-volume trust accounts.  The 2021
Lazar report prompted the Board to undertake the May investigation
and to take several actions by the Board to strengthen the
discipline system.

                     Actions Already Taken

Current Board and staff leadership have already taken many steps to
reform the agency.  Many of the failures outlined in the May report
occurred before 2018, when the State Bar shed its professional
association functions and focused more sharply on its public
protection mission.  Examples of these reforms include:

  * More robust policies and procedures regarding
conflicts-of-interest and gifts that recognize the importance of
avoiding the appearance of impropriety and mandate frequent
reporting.

  * New OCTC policies that limit the ability to close cases when a
complaining party withdraws a complaint.

  * Improvements in how OCTC reviews patterns of complaints.

  * Numerous steps to strengthen the Special Deputy Trial Counsel
(SDTC) Program, which handles cases when internal staff have
conflicts.

  * Elimination of Board elections. All Trustees are now appointed,
and elections for Board officer positions have also been
eliminated.

  * Greater oversight by the Board of the CTC and SDTC.

                          Looking Ahead

Before the May report was submitted, the Board created an Ad Hoc
Committee on Oversight and Accountability Reforms to review the
findings and recommendations from the May report and recommend
additional changes in State Bar governance and operations.
Committee members are Trustees Arnie Sowell, Jr., Hailyn J. Chen,
and Melanie M. Shelby.

After its members fully consider the May report's findings in
conjunction with the Lazar report, the committee will make
recommendations that will be posted for public comment before being
acted on by the Board of Trustees.

"The commissioning and release of the May and Lazar reports
represent important steps in the State Bar's efforts to better
fulfill its public protection mission by fostering a culture
grounded in integrity, accountability, and transparency," Duran
said.  "While much has already been achieved, these investigations
equip us to further strengthen governance, ethical culture,
policies, and procedures."

                     About Girardi & Keese

Girardi and Keese or Girardi & Keese was a Los Angeles-based law
firm founded in 1965 by lawyers Thomas Girardi and Robert Keese.
It served clients in California in a variety of legal areas.  It
was known for representing plaintiffs against major corporations.

An involuntary Chapter 7 petition (Bankr. C.D. Cal. Case No.
20-21022) was filed in December 2020 against GIRARDI KEESE by
alleged creditors Jill O'Callahan, Robert M. Keese, John Abassian,
Erika Saldana, Virginia Antonio, and Kimberly Archie.

The petitioners' attorneys:

         Andrew Goodman
         Goodman Law Offices, Apc
         Tel: 818-802-5044
         E-mail: agoodman@andyglaw.com

Elissa D. Miller, a member of the firm SulmeyerKupetz, has been
appointed as Chapter 7 trustee for GIRARDI KEESE. The Chapter 7
trustee can be reached at:

         Elissa D. Miller
         333 South Grand Ave., Suite 3400
         Los Angeles, California 90071-1406
         Telephone: (213) 626-2311
         Facsimile: (213) 629-4520
         E-mail: emiller@sulmeyerlaw.com

An involuntary Chapter 7 petition was also filed against Thomas
Vincent Girardi (Case No. 20-21020) on Dec. 18, 2020.  The Chapter
7 trustee can be reached at:

         Jason M. Rund
         Email: trustee@srlawyers.com
         840 Apollo Street, Suite 351
         El Segundo, CA  90245
         Telephone: (310) 640-1200


GOLDEN Z LLC: Gets OK to Hire James E. Dickmeyer as Legal Counsel
-----------------------------------------------------------------
Golden Z, LLC received approval from the U.S. Bankruptcy Court for
the Western District of Washington to employ James E. Dickmeyer, PC
as its legal counsel.

The Debtor requires legal counsel to give advice concerning the
administration of its estate; prepare a Chapter 11 reorganization
plan; and assist in the performance of its duties and obligations.

The services will be provided by the firm's attorney, James
Dickmeyer, Esq., who will be paid at the rate of $350 per hour. The
attorney will receive reimbursement for out-of-pocket expenses
incurred.

The firm received the sum of $6,738 for its fees and cost.

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

The firm can be reached at:

     James E. Dickmeyer, Esq.
     James E. Dickmeyer, PC
     520 Kirkland Way Suite 400
     Kirkland, WA 98083-2623
     Tel: (425) 889-2324
     Email: jim@jdlaw.net

              About Golden Z, LLC

Golden Z, LLC is a single asset real estate (as defined in 11
U.S.C. Section 101(51B)).  The company owns a condo or coop located
at 213 4th Ct. S. #9 Kirkland, Wash., valued at $2.4 million.

Golden Z filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Wash. Case No. 23-10300) on Feb. 17,
2023, with $1 million to $10 million in both assets and
liabilities. Zhandos Belbayev, authorized representative of the
Debtor, signed the petition.

Judge Timothy W. Dore oversees the case.

The Debtor is represented by James E. Dickmeyer, PC.


GRAND CANYON DESTINATIONS: Has Deal on Cash Collateral Access
-------------------------------------------------------------
Grand Canyon Destinations, LLC ask the U.S. Bankruptcy Court for
the District of Nevada for authority to use cash collateral in
accordance with its agreement with the U.S. Small Business
Administration.

Pre-petition, on May 31, 2020, the Debtor executed an SBA Note,
pursuant to which the Debtor obtained an Economic Injury Disaster
Loan in the amount of $150,000. The terms of the Note require the
Debtor to pay principal and interest payments of $731 every month
beginning 12 months from the date of the Note over the 30 year term
of the SBA Loan, with a maturity date of June 1, 2050. The SBA Loan
has an annual rate of interest of 3.75% and may be prepaid at any
time without notice of penalty. See SBA proof of claim no. 2, filed
on February 10, 2023.

As evidenced by a Security Agreement executed on or about May 31,
2020, and a validly recorded UCC-1 filing on June 11, 2020 as
Filing Number 2020104278-8, the SBA Loan is secured by all tangible
and intangible personal property.

On February 18, 2022, the Debtor executed a First Modification of
Note, pursuant to which the Debtor increased the SBA Loan to the
amount of $500,000. The Modified Note, in pertinent part, requires
the Debtor to pay principal and interest payments of $2,515 every
month, beginning 24 months from the date of the original Note over
the 30 year term of the SBA Loan.

On March 11, 2022, the Debtor executed a Second Modification of
Note, pursuant to which the Debtor increased the SBA Loan to the
amount of $2 million. The Second Modified Note, in pertinent part,
requires the Debtor to pay principal and interest payments of
$9,669 every month, beginning 24 months from the date of the
original Note over the 30 year term of the SBA Loan.

As of the Petition Date, the Debtor is delinquent in its payments
on the SBA Loan.

Pursuant to the SBA Proof of Claim, the sum of $2.077 million is
the cumulative balance owing on the SBA Loan as of the Petition
Date.

The SBA consents to the Debtor's use of cash collateral and the
Debtor represents to the SBA that it will make no additional or
unauthorized use of the cash collateral retroactive from the
earlier of the SBA Loan date until entry of an Order Confirming the
Debtor's Plan of Reorganization, or April 30, 2023, whichever
occurs earlier, for ordinary and necessary expenses.

The Debtor's use of cash collateral may be renewed upon subsequent
stipulation with SBA or by order of the Court.

As adequate protection, SBA will receive a replacement lien to the
extent that the automatic stay, pursuant to 11 U.S.C. section 362,
as well as the use, sale, lease or grant results in a decrease in
the value of the SBA's interest in the Personal Property Collateral
on a post-petition basis. 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.

These events constitute an Event of Default:

     (a) the failure to maintain property insurance;
     (b) the conversion of the Debtor's Bankruptcy Case to any
other chapter; or
     (c) the dismissal of the Debtor's bankruptcy case.

A copy of the motion and the stipulation is available at
https://bit.ly/42dGN20 from PacerMonitor.com.

                  About Grand Canyon Destinations

Grand Canyon Destinations, LLC is a bus and small tour company
offering well-planned and affordable day trips, primarily from Las
Vegas to the Grand Canyon.

Grand Canyon Destinations filed a petition for relief under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Nev.
Case No. 23-10399) on Feb. 3, 2023, with $1 million to $10 million
in both assets and liabilities. Nathan F. Smith, Esq., has been
appointed as Subchapter V trustee.

Judge Natalie M. Cox oversees the case.

The Debtor is represented by Candace C. Carlyon, Esq., at Carlyon
Cica, Chtd.


GREELY LAND: Deal on Cash Collateral Access Thru March 31 OK'd
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Colorado authorized
Greeley Land, LLC to use cash collateral on an interim basis in
accordance with its agreement with Pathfinder 501, LLC and
Pathfinder Crismon, LLC, through March 31, 2023.

The Debtor is permitted to use cash collateral in accordance with
the budget, with a 15% variance.

As previously reported by the Troubled Company Reporter, Pathfinder
501 asserts a senior security interest in all the Debtor's assets
pursuant to a Deed of Trust, Assignment of Rents, and Security
Agreement.

Crismon also asserts an interest in the cash collateral that is
junior to 501's interest pursuant to a Deed of Trust, Assignment of
Rents, and Security Agreement. The Loan matured on November 1,
2021. On October 20, 2022, Pathfinder filed a Complaint and
Verified Ex Parte Motion for Order Appointing Receiver in the
District Court for Weld County, Case No. 2022CV30788.

On October 24, 2022, the State Court appointed Randel Lewis of
Foundation, Ltd. as Receiver. The Receiver did not take possession
of the Property and instead managed the Debtor's cash, working with
the Debtor's property management team. Specifically, the Receiver
did not replace the Debtor's employees so the Debtor has continued
to use its same property management company.

A copy of the order is available at https://bit.ly/3TdO7Xm from
PacerMonitor.com.

                      About Greeley Land, LLC

Greeley Land, LLC, an apartment building operator, filed its
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. D. Colo. Case No. 22-14864) on Dec. 13, 2022, with $10
million to $50 million in both assets and liabilities.

Judge Michael E. Romero presides over the case.

Michael J. Pankow, Esq., and Amalia Y. Sax-Bolder, Esq., at
Brownstein Hyatt Farber Schreck, LLP, are the Debtor's bankruptcy
attorneys.



GREEN ROADS: Seeks Chapter 11 Bankruptcy Protection
---------------------------------------------------
Ashley Portero of South Florida Business Green reports that CBD
manufacturer Green Roads is bankrupt less than two years after its
acquisition by The Valens Co., a Canadian cannabis manufacturer.

The Deerfield Beach-based company filed for Chapter 11 bankruptcy
reorganization March 6, 2023 in U.S. Bankruptcy Court for the
Southern District of Florida. Founded in 2013, Green Roads
manufactures and sells cannabidiol (CBD), a non-psychoactive
compound found in hemp and cannabis.

The firm has $6.05 million in assets on hand and $5.6 million in
unsecured liabilities to creditors, court documents said. The
liabilities include more than $783,000 owed on its lease at 601
Fairway Drive, where Green Roads' headquarters is located. Other
large creditors include smart retail company Signifi Solutions
($813,800), IHeartMedia ($478,000) and American Express
($371,444).

Increased competition in the CBD industry, higher supply chain
costs and the closure of independent retailers during the Covid-19
pandemic all contributed to Green Roads' financial losses,
according a declaration from CEO Julie Pilch.

"The debtor's financial performance has not lived up to what was
expected at the time of the transaction with Valens," the document
said. "Some of this can be rectified through operational changes,
including reductions in force."

Green Roads has 66 employees on its payroll.

The Valens Co. purchased Green Roads for $40 million in 2021 in a
bid to grow its U.S. marketshare. At the time, former Valens CEO
Tyler Robson said buying the company was a "monumental" step in the
firm's plan to become a global manufacturer of cannabis consumer
packaged goods.

In January 2023, The Valens Co. was acquired by SNDL, a
Canada-based liquor and cannabis retailer. SNDL did not respond to
a request for comment.

Proponents say CBD can be used to treat health conditions such as
anxiety, chronic pain and insomnia. There are no U.S. Food and Drug
Administration-approved drugs containing CBD on the market aside
from Epidiolex, a prescription medicine used to help prevent rare
seizure disorders.

Large CBD companies like Green Roads lost market share in 2022 due
to increased competition and a decline in e-commerce sales,
according to a report from cannabis industry analytics firm
Brightfield Group.

                       About Green Roads

Green Roeads -- https://greenroads.com/ -- manufacturer of CBD
products.

Green Roads sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D. Fla. Case No. 23-11738) on March 6, 2023. In the
petition filed by Julie Pilch, as interim chief executive officer,
the Debtor reports estimated assets and liabilities between $1
million and $10 million each.

The Debtor is represented by:

  Jonathan H Kaskel, Esq.
  1 Alhambra Plaza
  601 Fairway Drive
  Deerfield Beach, FL 33441
  (833) 462 8922




GUARDION HEALTH: Hires Financial Advisor to Explore Alternatives
----------------------------------------------------------------
Guardion Health Sciences, Inc. has retained Alantra, LLC as its
financial advisor to assist with the strategic review and
transaction process.

Robert N. Weingarten, the Chairman of the Board of Directors of
Guardion, stated, "We do not believe that the current market
valuation of the Company accurately reflects the potential value of
the Company and our clinical nutrition platform and brand.  As
fiduciaries on behalf our stockholders, the Guardion Board of
Directors has been aggressively exploring a diverse range of
strategic options over the past several months to enhance
stockholder value.  Our near-term objective is to identify and
analyze strategic transactional opportunities, including a sale of
the Company and/or its Viactiv brand, that would be expected to
deliver enhanced value to stockholders.  In this regard, we have
engaged with Alantra, which has demonstrated a substantial record
of experience and success in achieving significant results for
clients in the Company's industry, and we are looking forward to
working with the Alantra team to achieve our objectives."

Bret Scholtes, Guardion's president and chief executive officer,
commented, "While we are pleased with the progress that we have
made since we acquired the Viactiv brand in June 2021, given
current market conditions and realities, we recognize the need to
consider other strategic measures, transactions or partnerships
that will provide us with the means to better employ and leverage
our existing resources and develop new commercial avenues to
generate improved returns for our stockholders.  We look forward to
partnering with Alantra to help identify and actualize these
possibilities."

The Board of Directors has not set a timetable for the strategic
review process, nor has it made any decisions related to any
further actions or potential strategic alternatives at this time.
There can be no assurances that this process will result in a
transaction, or that if a transaction is completed, that it will
ultimately enhance stockholder value.  The Company does not intend
to provide periodic updates until the Board of Directors determines
that disclosure is appropriate or necessary under the
circumstances.

                  About Guardion Health Sciences

Headquartered in San Diego, California, Guardion Health Sciences,
Inc. -- http://www.guardionhealth.com-- is a specialty health
sciences company that develops clinically supported nutrition,
medical foods and medical devices, with a focus in the ocular
health marketplace.  Located in San Diego, California, the Company
combines targeted nutrition with innovative, evidence-based
diagnostic technology.

Guardion Health reported a net loss of $24.75 million for the year
ended Dec. 31, 2021, a net loss of $8.57 million for the year ended
Dec. 31, 2020, a net loss of $10.88 million for the year ended Dec.
31, 2019, and a net loss of $7.77 million for the year ended Dec.
31, 2018.  As of Sept. 30, 2022, the Company had $28.23 million in
total assets, $1.73 million in total liabilities, and $26.49
million in total stockholders' equity.


GULF COAST TRANSPORTATION: Starts Subchapter V Case
---------------------------------------------------
Henry Queen of Tampa Bay Business Journal reports that Gulf Coast
Transportation files Chapter 11 bankruptcy protection due to
ridesharing competition.

Tampa's Gulf Coast Transportation taxi service filed for Chapter 11
bankruptcy this week in an effort to repay its creditors
"efficiently and effectively."

Also known as United Cab, it owes $500,000 to the federal Small
Business Administration and an additional $885,000 to general
unsecured creditors, according to the March 8 filing in U.S.
bankruptcy court. The company expects about $275,000 of its debt to
be forgiven, as it came through the Covid-era Paycheck Protection
Program.

The taxi company, founded in 1987, is located at 1701 W. Cass St.
in North Hyde Park. According to the filing, it has three
non-insider employees and had a gross 2022 revenue of $1.3
million.

Until late 2022, Gulf Coast ran cabs to and from Tampa
International Airport as part of its business.

"In recent years, the debtor has suffered a decline in business due
to a decrease in demand following increase in competition with
ridesharing services, such as Uber and Lyft. Further, until
recently, the debtor held a contract with the Tampa Airport
Authority for dispatch taxicab services," the bankruptcy filing
said. "TPA unilaterally terminated the contract for alleged
breaches, which are vehemently disputed by the debtor."

According to a TPA spokesperson, the airport authority issued a
potential notice of default in July 2022, a notice of default in
August and ultimately terminated the contract for failure to pay
the default in mid-September. At that point, the company was no
longer allowed to operate there.

Neither Gulf Coast Transportation nor its attorney immediately
responded to requests for comment.

Half of the company is owned by Michael Gaddis, with the other half
by Philip Morgaman. Gaddis is the son of Jesse Gaddis, who the Sun
Sentinel called Broward County’s "taxi king" and died in 2019.
Morgaman is based in Boca Raton and made his fortune in insurance.

In 2020, Gulf Coast was named a defendant in a lawsuit brought by
American Southern Insurance, which sought over $711,000 under a
breach of contract violation. In a counterclaim, Gulf Coast argued,
in part, that American Southern failed to settle claims "for a fair
and reasonable amount."

In September 2021, U.S. District Judge William Jung ruled in favor
of American Southern.

The Gaddis family and Morgaman have also been implicated in
separate allegations as part of another business. The state
previously alleged that Fort Lauderdale-based insurance company
AequiCap was a Ponzi scheme that provided Morgaman with "a form of
self-insurance for his business ventures unaffiliated with AequiCap
as well as to perpetuate his extravagant lifestyle," according to
Florida Bulldog.

As part of that fraud case, the Florida Department of Financial
Services sought damages from other companies owned by Morgaman,
including Gulf Coast. AequiCap was liquidated in 2011, according to
an insolvency report.

          About Gulf Coast Transportation Inc.

Gulf Coast Transportation Inc. is a ridesharing service provider in
Tampa, Florida.

Gulf Coast Transportation sought relief under Subchapter V of the
U.S. Bankruptcy Code (Bankr. M.D> Fla. Case No. 23-00872) on
March 8, 2023. In the petition filed by Justin Morgaman, as vice
president, the Debtor reports estimated assets and liabilities
between $500,000 and $1 million each.

The Debtor is represented by:

   Edward J. Peterson, III, Esq.
   Stichter, Riedel, Blain & Postler, P.A.
   1701 W. Cass St.
   Tampa, FL 33606


HEATHER HILLS: Appellants' Motion for Reconsideration Denied
------------------------------------------------------------
District Judge Charlene Edwards Honeywell denies the motion for
reconsideration filed by the Appellants in the appealed case
entitled David Harper, et al., Appellants, v. Heather Hills
Amenities, LLC and Lakeshore Management, Inc., Appellees, Case No.
8:21-cv-1057-CEH, (M.D. Fla.).

On March 21, 2022, the Court issued an Opinion and Order affirming
the Bankruptcy Court's Orders of Dismissal of the Appellants'
complaint for declaratory relief. Now, the Appellants request the
Court to reconsider the issues on appeal arguing that the
Bankruptcy Court lacked jurisdiction to enter the Orders of
Dismissal and therefore this Court lacked jurisdiction to enter its
Order on appeal.

At issue here is whether the Bankruptcy Court had jurisdiction to
dismiss Appellants' declaratory judgment action questioning the
application of the "New Restrictions" to their lots in the Heather
Hills Estates subdivision where the Appellant lot owners failed to
challenge the Confirmation Order of which they had notice.

As part of the Debtor's reorganization, the Confirmation Plan
revived and applied certain covenants (the New Restrictions) to the
lots in the Heather Hills subdivision after a vote of the lot
owners. In confirming the Plan, the Bankruptcy Court found that the
Plan and the New Restrictions were proposed in good faith and that
the revival of the restrictions was "integral to the success of the
Debtor's reorganization." The Court notes that in dismissing the
Appellants' challenge to the New Restrictions through its
declaratory judgment action, the Bankruptcy Court was enforcing its
Confirmation Order.

The Court finds that "the Appellants'. . . fail to establish that
the Bankruptcy Court or this Court lacked subject-matter
jurisdiction, and otherwise fail to set forth facts or law of a
strongly convincing nature to persuade the Court it should reverse
its decision affirming the Bankruptcy Court's Orders of Dismissal.
. . the Appellants never raised objections at the Confirmation
hearings, nor did they appeal the Confirmation Order or Amended
Confirmation Order. . . The Appellants had a sufficient interest in
the estate to qualify them as parties in interest. Therefore, they
became bound by the court's order confirming the plan even though
they had no allowable claim at the time."

The Court concludes that "the application of the New Restrictions
were, as the Bankruptcy Judge noted, integral to the success of the
Debtor's reorganization. Moreover, it wasn't the fact of the
property being a part of the bankruptcy estate as it was that by
adjudicating the declaratory complaint, the Bankruptcy Judge was
enforcing its own order. . .  the Bankruptcy Court had jurisdiction
over the adversary proceeding and in the Court's Opinion and Order
issued March 21, 2022."

Appellants also argue that "(a) the interpretation and application
of the Marketable Record Title Act is a matter of state law that is
better left for the state court, and (b) other Heather Hills'
property owners successfully challenged the application of the New
Restrictions to their property in the case of Van Loan v. Heather
Hills Property Owners Association, 216 So.3d 18 (Fla. 2d DCA 2016)
-- that case resulted in a settlement which led to the lots of the
Van Loan plaintiffs being excluded from the Confirmation Plan."

The Court rules that "these are issues could have and should have
been raised by the Appellants in the Bankruptcy Court at the
Confirmation hearings and/or on the motion to dismiss, of which the
Appellants had notice. . . the Appellants' efforts to challenge
these issues now is not an attack on the court's jurisdiction, but
rather a collateral attack on the Confirmation Order."

A full-text copy of the Order dated March 3, 2023 is available at
https://tinyurl.com/27ud3yt4 from Leagle.com.

                      About Heather Hills

Heather Hills Estate, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. M.D. Fla. Case No. 16-09521) on Nov. 4, 2016.  No official
unsecured creditors committee has been appointed in the case.
Johnson, Pope, Bokor, Ruppel & Burns, LLP, is the Debtor's
counsel.



HIGHLAND CAPITAL: Dondero's Renewed Recusal Motion Denied
---------------------------------------------------------
Bankruptcy Judge Stacey George for the Northern District of Texas
denies the most recent motion to recuse filed by the Movants in the
main bankruptcy case of Highland Capital Management, L.P.

There have been multiple motions to recuse the Presiding Bankruptcy
Judge in the main bankruptcy case of Highland Capital Management,
L.P. Each one has been filed by the Movants, namely: James Dondero,
Highland Capital Management Fund Advisors, L.P., NexPoint Advisors,
L.P., The Dugaboy Investment Trust, The Get Good Trust, and
NexPoint Real Estate Partners, LLC, f/k/a HCRE Partners, LLC, a
Delaware limited liability company.

The First Motion to Recuse was filed approximately one month after
the Bankruptcy Court confirmed a Chapter 11 plan in this case --
specifically, the court confirmed a plan on Feb. 22, 2021. The
Court denied the First Motion to Recuse. The Movants appealed the
First Order Denying Recusal, and that appeal was dismissed for lack
of jurisdiction. District Judge Kinkeade's Order held that: (a) an
order denying a motion to recuse is an interlocutory order; (b) it
is not subject to the collateral order doctrine; (c) it is not an
appealable interlocutory order under 28 U.S.C. Section 1292(a); (d)
the Movants were not entitled to leave to appeal under 28 U.S.C.
Section 1292(b); (e) the Movants were not entitled to withdrawal of
the reference on the First Motion to Recuse; and (f) the Movants
were not entitled to have their appeal construed as a petition for
writ of mandamus.

Second Motion to Recuse was filed five months after District Judge
Kinkeade's Order. After a status conference, the Court issued an
order denying the Second Motion.

Third Motion to Recuse was filed 10 days after the Fifth Circuit
had issued a denial of a request for a stay in connection with its
ruling on the Plan and Confirmation Order. Since the Court is aware
that there is a petition for writ of certiorari pending at the U.S.
Supreme Court regarding the Plan and Confirmation Order, the Third
Motion to Recuse was placed under advisement.

Meanwhile a fourth motion to recuse the Presiding Judge was filed
on Feb. 27, 2023 in the separate Adversary Proceeding No. 21-3076
by one of the same Movants that is a defendant therein. It appears
that some of the same arguments are made in the Fourth Motion to
Recuse with one significant new argument: "Movant believes that a
character in one of the fiction legal thriller novels written by
the Presiding Judge is based on Mr. James Dondero and, thus, shows
the Presiding Judge has a bias towards him or the hedge fund
industry generally."

Judge George conveys that "not only has this Court shown proper
respect for Mr. Dondero's and each of the Affected Entities'
counsel, but this Court has no disrespect or animus toward Mr.
Dondero on a personal level or any of the Movants. . . This Court
has merely addressed motions, objections, and other pleadings as
they have been presented. It has issued and enforced orders when
requested and warranted. . . This Court has provided Movants with a
full and fair opportunity to present and pursue their objections
and motions. In many situations, the Court has issued very lengthy
findings of fact and conclusions of law, opinions, or reports and
recommendations to the District Court. Sometimes the Movants have
appealed (in fact, more than two dozen times) and many times they
did not. The Court's rulings have mostly been affirmed or otherwise
undisturbed in the appeals that have been resolved so far."

Judge George does not believe "that any of the assertions of the
Movants rise to "the threshold standard of raising a doubt in the
mind of a reasonable observer" as to the judge's impartiality. . .
that she harbors, or has shown, any personal bias or prejudice
against the Movants. . . that she has displayed deep-seated
favoritism or antagonism. . . that any objective person would find
that the Movants are the victims of improper judicial conduct
rising to the extraordinary remedy of recusal."

A full-text copy of the Memorandum Opinion and Order dated March 5,
2023 is available at https://tinyurl.com/4sa43bnm from Leagle.com.

                 About Highland Capital Management

Highland Capital Management, LP was founded by James Dondero and
Mark Okada in Dallas in 1993. Highland Capital is the world's
largest non-bank buyer of leveraged loans in 2007. It also manages
collateralized loan obligations. In March 2007, it raised $1
billion to buy distressed loans. Collateralized loan obligations
are created by bundling together loans and repackaging them into
new securities.

Highland Capital Management sought Chapter 11 protection (Bank. D.
Del. Case No. 19-12239) on Oct. 16, 2019. On Dec. 4, 2019, the case
was transferred to the U.S. Bankruptcy Court for the Northern
District of Texas and was assigned a new case number (Bank. N.D.
Tex. Case No. 19-34054). Judge Stacey G. Jernigan is the case
judge.

At the time of the filing, Highland had between $100 million and
$500 million in both assets and liabilities.  

The Debtor tapped Pachulski Stang Ziehl & Jones LLP as bankruptcy
counsel, Foley & Lardner LLP as special Texas counsel, and Teneo
Capital, LLC as litigation advisor. Kurtzman Carson Consultants,
LLC, is the claims and noticing agent.

The U.S. Trustee for Region 6 appointed a committee of unsecured
creditors on Oct. 29, 2019.  The committee tapped Sidley Austin LLP
and Young Conaway Stargatt & Taylor LLP as bankruptcy counsel, and
FTI Consulting, Inc. as financial advisor.



HILLMAN SOLUTIONS: S&P Upgrades ICR to 'BB-' on Lower Leverage
--------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on U.S.-based
Hillman Solutions Corp. (Hillman) to 'BB-' from 'B'. S&P also
raised its issue-level rating on the company's senior secured debt
to 'BB' from 'B+'; the recovery rating remains '2', reflecting its
expectation of substantial (70%-90%; rounded estimate: 75%)
recovery in the event of default.

The stable outlook reflects S&P's expectation the company will
sustain leverage below 5x for the next 12 months, despite its
expectation for decreased volume during the first half of 2023.

The upgrade of Hillman reflects S&P's expectation for leverage to
be managed below 5x in 2023 despite a weak macroeconomic
environment.

The company reported 3.1% year-over-year revenue growth, excluding
the 53rd week during fiscal 2022. Hillman's Hardware Solutions
business demonstrated resilience with revenue growth of 12% year
over year. The company's Robotics and Digital Solutions business
revenues declined 1% as demand softened for pet tags and car fob
duplication. S&P estimates the company's S&P Global
Ratings-adjusted EBITDA improved to about $225 million in fiscal
2022, compared to about $180 million during fiscal 2021, driven by
the company's price increases, the absence of COVID-19 product
valuation adjustments, improved performance from its Canadian
division, and lower special purpose acquisition company (SPAC)
merger-related costs. As a result, the company's S&P Global
Ratings-adjusted leverage declined to 4.2x for the 12 months ended
Dec. 31, 2022, compared to 5.7x for the same prior-year period.

S&P said, "While we expect lower foot traffic and normalized
inventory stock levels at retailers to result in modest volume
declines in 2023, we believe Hillman will be relatively resilient
during an economic downturn given its exposure to home repair and
maintenance categories. Additionally, we expect easing inflation
and lower freight costs to drive incremental margin improvement and
deleveraging into the 3.5x-3.7x range in fiscal 2023, absent
acquisitions.

"The company's operating cash flow improved considerably in 2022
due to lower working capital requirements and we expect further
improvement in 2023.

Hillman invested heavily in inventory during fiscal 2021 to
maintain customer service levels amid longer lead times and higher
costs for shipments from Asia. Supply chain improvements during
2022, especially shorter lead times, allowed the company to reduce
inventory levels while maintaining high customer service levels. As
a result, the company reported operating cash flow of $119 million
in fiscal 2022, compared to operating cash use of $110 million the
previous fiscal year. The company's inventory levels remained
elevated at the end of fiscal 2022, compared to historical levels
during normal supply chain environments. S&P said, "Given the
improvement in supply lead times, we anticipate the company will
further decrease inventory in 2023 with no adverse impact on
customer service levels, leading to working capital being a source
of cash during the year. We forecast operating cash flow improving
to about $180 million in fiscal 2023."

S&P believes Hillman will maintain leverage below 5x over the long
term, despite being acquisitive.

S&P said, "The company may exceed its long-term leverage target of
below 3x temporarily for acquisitions, to expand into adjacent
categories and accelerate growth. Nevertheless, we believe
management remains committed to deleveraging over subsequent years.
The company's remaining financial sponsor, CCMP Capital Advisors
L.P., has decreased its ownership in the company to about 11% from
26% recently. The ongoing reduction of financial sponsor ownership
in the company also decreases the risk of aggressive releveraging
and shareholder distributions. We believe Hillman will implement a
more conservative financial policy as a publicly owned entity and
expect it to prioritize capital allocation to reinvest in the
business and to reduce debt levels, managing leverage down to its
long-term target.

"Our stable outlook reflects our expectation the company will
maintain steady performance, despite the potential for a near-term
economic downturn and will sustain leverage below 5x over the next
12 months."

S&P could lower the ratings if leverage increases to above 5x. This
could happen if the company:

-- Experienced lower consumer demand due to weak macroeconomic
conditions or increased competition;

-- Were unable to offset commodity, labor, and logistics
inflation; or

-- Engaged in large debt-financed acquisitions, dividends, or
share repurchases.

S&P could raise the ratings if Hillman sustains leverage below 4x,
factoring in its acquisitive growth strategy. S&P believes this
could occur if the company:

-- Sustains leverage closer to its long-term target and does not
significantly increase leverage for acquisitions;

-- Sustains organic top-line growth and market share gains; and

-- Continues to offset inflationary costs through price increases
resulting in stable EBITDA and cash flow generation.



HOLLY ENERGY: Fitch Affirms LongTerm IDR at 'BB+', Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Holly Energy Partners, L.P.'s (HEP)
Long-Term Issuer Default Rating (IDR) at 'BB+' and the company's
senior unsecured rating at 'BB+'/'RR4'. The senior unsecured notes
are co-issued by Holly Energy Finance Corp. The Rating Outlook is
Stable.

HEP's rating is supported by its improving leverage and fairly
stable cash flows underpinned by long-term minimum volume
commitment (MVC) contracts, predominantly with its sponsor and
largest counterparty, HF Sinclair Corporation (HF Sinclair;
BBB-/Stable). Credit concerns include HEP's limited size/scale,
lack of customer diversity and geographic concentration.

KEY RATING DRIVERS

Leverage Reduction Trend: Fitch anticipates HEP to meet its target
leverage of 3.0x-3.5x within the next 12-24 months with HEP's
EBITDA leverage declining from 3.8x at YE 2022 to 3.6x FYE 2023 and
potentially to below 3x by FYE 2025 depending on HEP's decisions on
the level of application of forecast FCF to discretionary debt
repayments. Barring any further acquisitions or increased capital
spending, sustained expected post dividend FCF should position HEP
to balance potential increases in shareholder distributions and
while maintaining its financial position during Fitch's forecast.

Cash Flow Assurances: HEP's revenues are nearly 100% fee-based,
insulating HEP from direct commodity price risk and providing
stability and visibility into cash flows. Approximately 70% of
HEP's revenues in 2022 were from MVC agreements, with the weighted
average remaining contract life of approximately five years.
Inflation escalators are in place on a substantial majority of
HEP's long-term contracts with Federal Energy Regulatory Commission
(FERC) and Producer Price Index (PPI) adjustments affecting 33% and
61%, respectively, of 2022 revenues.

Fitch expects HEP EBITDA to remain below $500 million over the
forecast period and remain a rating constraint despite HEP's EBITDA
leverage trending below Fitch's upgrade sensitivity.

HF Sinclair Relationship: HF Sinclair's refining assets are
substantially supported by HEP's pipeline and terminal assets,
which positions HEP as important counterparty to HF Sinclair
operations. HEP has benefitted from a long relationship with its
sponsor, currently HF Sinclair who owns 47% of HEP, and has
long-term transportation agreements with them that increase
visibility of future cash flows and have staggered maturities
between 2023 to 2037. These minimum annual revenues are subject to
annual rate adjustments on July 1 each year based on the PPI or the
FERC index. HEP distributed $83.5 million to HF Sinclair in 2022 in
regular dividend payments.

High Customer Concentration: HEP operates approximately 4,400 miles
of pipeline with approximately 17.8 million barrels of refined
product and crude oil storage with 19 terminals and seven loading
rack facilities in 13 western and mid-continent states.
Approximately 80% of HEP 2022 revenue is attributable to HF
Sinclair. Fitch typically views midstream service providers such as
HEP with counterparty concentration as having heightened exposure
to event risks, such as operational or financial issues at the
counterparty, which in turn could affect its cash flows.

Linkage Considerations: A parent subsidiary relationship exists
between HEP and its parent, HF Sinclair. Fitch determines HF
Sinclair's standalone credit profile (SCP) based on consolidated
metrics. Fitch considers HF Sinclair to have a stronger SCP than
HEP and, as such, Fitch has followed the strong parent path. Fitch
considers legal, strategic and operational incentives to be weak.
There are no cross defaults or guarantees between HF Sinclair and
HEP's debt. HEP does not offer significant growth opportunities to
HF Sinclair and HEP's dividend is not a large financial
contribution to the consolidated profile. While HEP assets are used
by HF Sinclair operations, HF Sinclair does not recognize
significant cost savings from its ownership and control of HEP.

Lastly, HEP operates a fully self-funding business model with its
own treasury function and there is only a minority two-member
overlap between the board of directors of HEP and HF Sinclair. Due
to the aforementioned linkage considerations, Fitch rates HEP based
on its SCP. Despite a lack of direct rating linkage, changes in HF
Sinclair's rating and Outlook would likely have credit implications
for HEP, given HF Sinclair's status as HEP's largest customer.

DERIVATION SUMMARY

HEP's rating reflects leverage that is strong for the rating
category and its high relative contractedness, with approximately
70% of 2022 revenues from MVC contracts. Furthermore, HEP generates
about 80% of its revenues from its sponsor, HF Sinclair
(BBB-/Stable). HEP's rating considers elevated customer and
geographic concentration, along with a limited size/scale, as
measured by annual EBITDA less than $500 million.

NuStar Energy LP (BB-/Stable) is a crude oil and refined product
transportation, storage and terminalling peer for HEP. NuStar has
leverage forecasted to be around 5.5x over the forecast period,
compared to 3.6x in 2023 at HEP. NuStar benefits from a larger
size, with annual EBITDA well in excess of $500 million, however,
NuStar generates only roughly 1/3 of EBITDA under take-or-pay-type
contracts, considerably less than HEP. The combination of
meaningfully higher leverage and a lower relative contribution from
MVC contracts more than offsets a larger size/scale and accounts
for the two-notch difference between the IDRs of HEP and NuStar.

HEP is also rated two notches above Delek Logistics Partners, LP
(DKL; BB-/Stable). Like HEP, DKL's rating is supported by stable
cash flows from a sponsor that is also its largest counterparty,
Delek US Holdings Inc (DK; BB-/Stable). However, DK is rated three
notches below HEP's sponsor and largest counterparty HF Sinclair.
Fitch expects DKL's YE 2022 leverage to be approximately 5.1x.
DKL's higher leverage, smaller scale and exposure to a weaker
counterparty, is reflected in the two-notch separation between its
and HEP's IDR.

MPLX LP (BBB/Stable) is rated two notches above HEP. MPLX's
significant counterparty exposure is from its sponsor, Marathon
Petroleum Corporation (BBB/Stable). MPLX is also a very large MLP
with substantial asset diversity, geographic diversity and more
customer diversity than HEP. These factors provide MPLX with more
favorable access to capital markets even when capital markets have
proven to be difficult. These factors combined account for the
two-notch difference from HEP's IDR.

KEY ASSUMPTIONS

- Fitch price deck;

- No acquisitions during the forecast period;

- Shareholder dividend increases in 2024 and additionally as
leverage approaches 3x lower leverage target;

- No share buybacks over the forecast period;

- Revolver balance partially reduced with FCF;

- Total annual capex of $40 million in 2024, rising during
remainder of forecast;

- Revolver and secured notes refinanced at maturity during
forecast.

- Base interest rates applicable to the company's outstanding
variable rate debt obligations reflects the Fitch Global Economic
Outlook.

RATING SENSITIVITIES

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

- An upgrade is not viewed as likely in the near term. However,
Fitch may take positive rating action should HEP increase the
size/scale of its operations, including annual EBITDA sustained at
or above $500 million, and have EBITDA leverage sustained below
4.0x.

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

- A negative rating action at HF Sinclair may negatively impact the
rating at HEP, given that HF Sinclair is HEP's largest
counterparty. Should HF Sinclair be downgraded by one notch, it is
less likely to impact HEP's rating, assuming HEP's credit profile
remains consistent with the current profile;

- EBITDA leverage at or above 4.5x on a sustained basis;

- Material change to contractual arrangement or operating practices
with HF Sinclair that negatively impacts HEP's cash flow or
earnings profile;

- An acquisition or acquisitions that meaningfully increases the
business risk or reduces MVC contract coverage of HEP.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: At YE 2022, HEP had approximately $543 million
in available liquidity. Cash on its balance sheet was $11 million,
in addition to $532 million available under the $1.2 billion senior
secured revolver. The revolver includes a $50 million sub-limit for
LOCs, which there were none of outstanding at YE 2022. The revolver
may be increased by an additional $500 million subject to lenders
consent. The revolver is secured by substantially all HEP assets
and is guaranteed by material, wholly owned subsidiaries.

The revolver provides for three financial covenants: total leverage
ratio which cannot exceed 5.25x (or following certain acquisitions,
5.5x for two consecutive quarters), senior secured leverage cannot
exceed 3.75x (or following certain acquisitions, 4.0x) and the
minimum interest coverage ratio is 2.5x. As of Dec. 31, 2022, HEP
was in compliance with its covenants. Fitch expects HEP to remain
covenant compliant through its forecast period.

Debt Maturity Profile: HEP does not have maturities until 2025. The
revolver matures in July 2025. HEP also has $400 million and $500
million senior unsecured notes that mature in 2027 and 2028,
respectively.

ISSUER PROFILE

Holly Energy Partners, L.P. provides petroleum product and crude
oil transportation, terminalling, storage and throughput services.
It predominantly supports HF Sinclair's refining footprint, who
provided approximately 80% HEP of revenue in 2022.

ESG CONSIDERATIONS

Holly Energy Partners, L.P. has an ESG Relevance Score of '4' for
Group Structure due to somewhat complex group structure where the
general partner is owned by HF Sinclair and has significant related
party transactions, which has a negative impact on the credit
profile, and is relevant to the rating in conjunction with other
factors.

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

   Entity/Debt           Rating         Recovery   Prior
   -----------           ------         --------   -----
Holly Energy
Partners, L.P.    LT IDR BB+  Affirmed               BB+

   senior
   unsecured      LT     BB+  Affirmed     RR4       BB+

Holly Energy
Finance Corp.

   senior
   unsecured      LT     BB+  Affirmed     RR4       BB+


INNOVATE CORP: Completes Sale of Remaining Equity Stake in HMN
--------------------------------------------------------------
Innovate Corp. announced it has closed the sale of the remaining
19% interest in HMN International Co. Ltd., formerly known as
Huawei Marine Networks Co., to subsidiaries and an affiliate of
Hengtong Optic-Electric Co Ltd.

The 19% HMN stake was held by Global Marine Holdings, LLC, an
entity in which INNOVATE holds an approximately 73% controlling
interest. The sale was consummated pursuant to the terms of a
supplemental agreement entered into by the parties in June 2022.
After taxes and transaction fees, INNOVATE will receive
approximately $32 million in cash, which will be used for
reinvestment, debt repayment and general working capital.

Wayne Barr, Jr., chief executive officer of INNOVATE, said, "We are
pleased to have completed the monetization of our stake in HMN and
the disposition of this portfolio company.  The proceeds from this
transaction add flexibility to our balance sheet, enabling us to
continue developing our innovative operating businesses, which we
believe are poised to drive sustainable growth and value creation
going forward."

                             About Innovate

New York-based INNOVATE -- www.innovatecorp.com -- is a diversified
holding company that has a portfolio of subsidiaries in a variety
of operating segments.  The Company seeks to grow these businesses
so that they can generate long-term sustainable free cash flow and
attractive returns in order to maximize value for all stakeholders.
As of Dec. 31, 2021, the Company's three operating platforms or
reportable segments, based on management's organization of the
enterprise, are Infrastructure, Life Sciences and Spectrum, plus
its Other segment, which includes businesses that do not meet the
separately reportable segment thresholds.

INNOVATE reported a net loss of $236.2 million in 2021 following a
net loss of $102.1 million in 2020.  As of Sept. 30, 2022, the
Company had $1.16 billion in total assets, $1.19 billion in total
liabilities, $62.9 million in total temporary equity, and a total
stockholders' deficit of $91.5 million.

                              *     *    *

As reported by the TCR on Oct. 31, 2022, Moody's Investors Service
downgraded INNOVATE Corp.'s corporate family rating to Caa1 from
B3.  "The downgrade reflects weakness in INNOVATE's credit metrics
- at the holding company level as well as on a consolidated basis
which Moody's expect will continue for the next 12-18 months,
combined with tight liquidity," said Sandeep Sama, Moody's vice
president, senior analyst and lead analyst for INNOVATE.


IRIDIUM COMMUNICATIONS: S&P Ups ICR to 'BB-' on Improved Leverage
-----------------------------------------------------------------
S&P Global Ratings raised the issuer credit rating on McLean,
Va.-based commercial and government communications services
provider Iridium Communications Inc. to 'BB-' from 'B+'.

At the same time, S&P raised the issue-level rating on Iridium's
senior secured debt to 'BB' from 'BB-'. The '2' recovery rating
indicates its expectation substantial (70%-90%; rounded estimate:
75%) recovery in the event of a payment default.

The stable outlook reflects S&P's expectation for healthy top-line
growth and modest margin expansion based on favorable trends in
internet of things (IoT) and maritime broadband, which supports
increased earnings and strong free operating cash flow (FOCF)
generation although upside is limited by the potential for
debt-financed shareholder returns that could push leverage up to
3.5x over time.

The upgrade reflects Iridium's improved leverage on the back of
higher earnings and healthy FOCF.

Iridium's full-year 2022 revenue and reported EBITDA grew 17% and
12% year over year, driven by higher handset revenue, increased
engineering revenue from a new contract award, and broad-based
growth in its commercial service revenue, including IoT, maritime
broadband, and voice and data. At the same time, the company
generated healthy FOCF of about $270 million, which combined with
its sizable cash balance, enabled it to prepay $100 million of its
debt in the fourth quarter of 2022, despite increased share buyback
activity. As a result, Iridium's S&P Global Ratings-adjusted
leverage improved to 3.5x at year-end 2022 from 4.2x as of Dec. 31,
2021.

S&P expects growth trends to remain favorable over the immediate
term.

Strong IoT and maritime broadband subscriber growth will likely
result in healthy service revenue growth in the 8%-10% range over
the next couple years. IoT subscribers and revenue grew 21% and 13%
in 2022. S&P said, "We expect Iridium to continue its solid growth
trajectory in IoT with new and competitively priced products given
strong demand for consumer personal communications devices driven
by Garmin and Zoleo. Meanwhile, Iridium's broadband service grew
its subscriber count by 14% and its revenue by 19% in 2022 as the
company continued to take market share in maritime with new
lower-cost and higher-speed data offerings. We expect Iridium to
continue to take significant share in the long (L)-band maritime
market, which is often used for very small aperture terminal (VSAT)
backup. Iridium has adopted a more agile approach than Inmarsat
whose organizational focus appears to be on growing its
higher-speed Kurtz-above (Ka)-band service. We believe Iridium
benefits from a clean wholesale strategy that is reseller friendly
with key original equipment manufacturer (OEM) relationships, in
addition to lower prices and a superior lower-latency secure
constellation design." Finally, its voice and data business, which
has historically been viewed as a mature segment with stable
trends, is benefiting from ongoing adoption of higher quality
products such as Iridium's push-to-talk service.

Despite increased earnings and FOCF, S&P expects share repurchases
and dividends will keep net leverage within the company's target
range of 2.5x-3.5x.

Iridium will be on a capital expenditure (capex) holiday until at
least 2030 following the completion of its NEXT satellite
constellation in 2019. S&P said, "Therefore, we expect consistent
top-line growth and margin expansion from increased operating
leverage to result in a long runway of solid FOCF generation of
$300 million-$450 million annually through 2027. However, we
believe the company will engage in share repurchases and dividends
to keep net leverage in the 2.5x-3.5x range. As of Dec. 31, 2022,
the company had $180 million remaining under its $300 million share
repurchase program, which runs through the end of 2023. The company
also initiated a quarterly dividend in late 2022. We expect Iridium
will use a combination of share repurchases and dividends to
maintain net leverage in its target range of 2.5x-3.5x. The
company's net leverage was 3.2x as of Dec. 31, 2022."

Joint venture partner Aireon is benefiting from the recovery in
global air travel, although the timing for when it will be able to
redeem a portion of Iridium's ownership stake is still unclear.

Aireon is required to redeem a portion of Iridium's common
ownership interest for $120 million, if and when funds become
available, which will dilute Iridium's ownership stake to 27% (from
about 40%). Although Aireon is generating positive cash flow as
aviation traffic rebounds from the pandemic, it needs to refinance
its debt due to restrictions under its existing debt facility to
redeem part of Iridium's common ownership in the joint venture,
which is unlikely for several years. Similarly, Iridium expects to
receive the balance of any unpaid hosting fees (about $122 million
as of Dec. 2022) once Aieron refinances. Aireon is expected to pay
its minimum contractual hosting fees of $16 million and data
service and power fees of about $25 million to Iridium in 2023. S&P
said, "Due to the uncertainty around timing of the larger lump sum
payments, we do not incorporate them into our base case. However,
we continue to believe Aireon will be the primary source of growth
for Iridium's aviation business as contractual step-ups increase
data service fees over time."

S&P said, "The stable outlook reflects our expectation for healthy
top-line growth and modest margin expansion based on favorable
trends in IoT and maritime broadband which supports increased
earnings and strong FOCF generation. Although the company will
engage in share repurchases and dividends, leverage will be
supportive of the rating, in the 3x-3.5x range over the next year.

"We could lower our rating on Iridium if we do not believe Iridium
can sustain leverage below 4x. This could happen with significant
revenue compression due to a slowdown in demand for land-based and
maritime mobility services.

"We could raise the rating if Iridium decreased debt to EBITDA to
below 3x on a sustained basis, including share repurchases and
dividends. Under this scenario, an upgrade would be contingent on
the company revising its financial policy to allow it to sustain
gross leverage comfortably below 3x."

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



J.A.R. CONCRETE: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: J.A.R. Concrete, Inc.  
        8000 Escobar Dr.
        El Paso, TX 79907

Chapter 11 Petition Date: March 14, 2023

Court: United States Bankruptcy Court
       Western District of Texas

Case No.: 23-30242

Debtor's Counsel: E.P. Bud Kirk, Esq.
                  E.P. BUD KIRK
                  600 Sunland Park Dr.
                  Building Four, Ste. 400
                  El Paso, TX 79912
                  Tel: 915-584-3773
                  Fax: 915-581-3452
                  Email: budkirk@aol.com              

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Joe A. Rosales, Jr., president and sole
director/sole shareholder.

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/OEBAWBY/JAR_Concrete_Inc__txwbke-23-30242__0001.0.pdf?mcid=tGE4TAMA


JAX SERVICE: Court OKs Cash Collateral Access Thru March 30
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of New York
authorized Jax Service Center, LLC to use cash collateral based on
monthly projections through March 30, 2023 as set out in the
budget.

As previously reported by the Troubled Company Reporter, the
secured creditors that may have liens on the Debtor's cash
collateral are:

     a. Citizens Bank, N.A. UCC filed 9/15/2020. No.
202009157635144.

     b. U.S. Small Business Administration, UCC filed 11/4/2020.
No. 202011047915758. All assets.

     c. First National Bank of Dryden, UCC filed 3/18/2021.
No.202103188123499.

     d. FFE Services LLC, as Representative, UCC filed 7/9/2021.
No. 202107098307183. All assets.

     e. Westlake Flooring Company, LLC, UCC filed 7/16/2021. No.
202107166132832. All assets.

     f. ACV Capital, UCC filed 1/12/2022. No. 202201125057770. All
assets.

     g. NextGear Capital, Inc., UCC filed 5/16/2022. No.
202205165830803.

     h. CT Corporation System, as Representative, UCC filed
5/23/2022. No. 202205235872060.

     i. Copperwood Capital, LLC, UCC filed 6/9/2022. No.
202206095972886.

     j. Corporation Service Company, as Representative, UCC filed
7/22/2022. No. 202207226211277.

     k. Smarter Merchant, (UCC filed by DMKA) filed 9/8/2022. No.
20229086430390.

     l. CHTD Company, UCC filed 10/5/2022. No. 202210056562776.

The Debtor does not know what entities are represented by FFE
Services LLC, CT Corporation System and Corporation Service
Company, holder of UCCs in the fourth, eighth, and tenth position.

As adequate protection, the Debtor said its secured creditors will
have and be permitted valid, binding, enforceable and perfected
continuing replacement, rollover liens and security interests in
all collateral in which such creditors hold security interests
pursuant to their existing loan documents with the Debtor, pursuant
to 11 U.S.C. sections 361 and 363, and in such priority as each
respective Secured Creditor held pre-petition, pending the
conclusion of the interim hearing.

A further telephonic hearing on the matter is set for March 30 at
11:30 a.m.

A copy of the order and the Debtor's budget is available at
https://bit.ly/42oTE1N from PacerMonitor.com.

The Debtor projects, total cash paid out, on a monthly basis, as
follows:

     $41,730 for March 2023;
     $41,730 for April 2023;
     $41,730 for May 2023;
     $41,730 for June 2023;
     $41,730 for July 2023; and
     $41,730 for August 2023.

                  About Jax Service Center, LLC

Jax Service Center, LLC operates an automobile service center,
dealership and transport company. Jax Service was formed as a
limited liability company on February 25, 2014.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D.N.Y. Case No. 22-30821) on December 13,
2022. In the petition signed by Sean Smith, owner, the Debtor
disclosed up to $500,000 in assets and up to $1 million in
liabilities.

Judge Wendy A. Kinsella oversees the case.

Peter A. Orville, Esq., at Orville & McDonald Law, P.C., is the
Debtor's legal counsel.



KAWA SOLAR: Goldman Sachs Marks $3.9M Loan at 67% Off
-----------------------------------------------------
Goldman Sachs BDC, Inc. has marked its $3,917,000 loan extended to
Kawa Solar Holdings Limitedto market at $1,283,000 or33% of the
outstanding amount, as of December 31, 2022, according to a
disclosure contained in Goldman Sachs's Form 10-K for the fiscal
year ended December 31, 2022, filed with the Securities and
Exchange Commission on February 23, 2023.

Goldman Sachs BDC, Inc. is a participant in a First Lien Senior
Secured Debt to Kawa Solar Holdings Limited. The loan matures on
December 31, 2023.

Goldman Sachs BDC, Inc classified the loan as "non-income producing
security."

Goldman Sachs BDC, Inc. was initially established as Goldman Sachs
Liberty Harbor Capital, LLC, a single member Delaware limited
liability company, on September 26, 2012 and commenced operations
on November 15, 2012 with The Goldman Sachs Group, Inc. as its sole
member. On March 29, 2013, the Company elected to be regulated as a
business development company under the Investment Company Act of
1940, as amended. Effective April 1, 2013, the Company converted
from a SMLLC to a Delaware corporation.

In addition, the Company has elected to be treated as a regulated
investment company under Subchapter M of the Internal Revenue Code
of 1986, as amended, commencing with its taxable year ended
December 31, 2013. Goldman Sachs Asset Management, L.P., a Delaware
limited partnership and an affiliate of Goldman Sachs & Co. LLC, is
the investment adviser of the Company.

Kawa Solar Holdings Limited is a solar energy company.



KIMBALL HILL: 7th Cir. Affirms $9.5 Million Sanctions Against F&D
-----------------------------------------------------------------
In the appealed case In re Kimball Hill, Inc., et al., Debtors.
Fidelity and Deposit Company of Maryland, Appellant, v. TRG Venture
Two, LLC, Appellee, Case No. 22-1724, (7th Cir.), the U.S. Court of
Appeals for the Seventh Circuit affirms the district court's
decision upholding the bankruptcy court's findings that Fidelity
and Deposit Company of Maryland is in contempt of its plan
confirmation order and imposing sanctions of $9.5 million.

In the early 2000s, Kimball Hill, Inc., entered land development
agreements with municipalities in Illinois. As part of these
annexation agreements, Kimball Hill contracted separately with
Fidelity and Deposit Company as a surety to issue bonds securing
performance on the underlying development obligations. The
arrangement was straightforward: in the event Kimball Hill failed
to develop the properties, the municipalities could draw on
Fidelity's surety bonds to cover their losses.

On March 12, 2009, the bankruptcy court entered an order confirming
Kimball Hill's plan to liquidate and distribute the estate. In 2010
the Kimball Hill Trust sold its development interests in the
municipalities' land to TRG Venture Two LLC. TRG believed that it
bought the land free and clear of any claims extinguished by the
bankruptcy plan confirmation order.

The municipalities sued Fidelity in the state court to collect on
the surety bonds. In each state court action, Fidelity reacted by
interpleading TRG on the view that it could enforce Kimball Hill's
pre-petition indemnity obligations against TRG as Kimball Hill's
successor. TRG successfully moved to dismiss each of Fidelity's
interpleader claims, but Fidelity filed subsequent appeals that
brought TRG back into the state court litigation.

TRG believed Fidelity's state court actions were pursued both in
bad faith and in violation of Fidelity's agreement to extinguish
certain claims under the Chapter 11 confirmation order. So TRG
turned to the bankruptcy court as a new avenue for relief from
Fidelity's claims that TRG must provide indemnity for the surety
payouts to the municipalities. In July 2016 TRG asked the
bankruptcy court to enforce the Kimball Hill plan confirmation
order and related injunction against Fidelity. TRG asked the court
not only to order Fidelity to dismiss the state court claims, but
also to sanction Fidelity for its knowing and intentional violation
of the confirmation order.

In 2017 the bankruptcy court granted TRG's motion and held Fidelity
in contempt of the plan confirmation order. After discovery and a
bench trial to assess damages, the bankruptcy court awarded $9.5
million to TRG, which included the costs TRG incurred defending
itself against Fidelity's state court claims seeking indemnity.

Fidelity appealed to the district court. The district court
remanded to allow the bankruptcy court to reevaluate sanctions. On
remand the bankruptcy court reinstated its original contempt
findings and reimposed the $9.5 million in sanctions against
Fidelity. Fidelity again appealed, and the district court
affirmed.

The Seventh Circuit finds that "the bankruptcy court undertook a
careful and detailed analysis in finding Fidelity in contempt of
its order and assessing sanctions based on the costs Fidelity's
conduct caused a third party to incur. . . The bankruptcy court
correctly examined TRG's evidence of its costs arising directly
from its efforts to fend off Fidelity's indemnity claims. . . then
calculated actual damages incurred in, related to, or as a direct
result of state court lawsuits; the costs incurred in maintaining
the properties during the state court litigation; and the lost
value due to TRG's delayed ability to sell the properties. The
court made no errors in assessing TRG's costs at $9.5 million."

A full-text copy of the Order dated March 3, 2023 is available at
https://tinyurl.com/yhkrchyt from Leagle.com.

                       About Kimball Hill

Headquartered in Rolling Meadow, Illinois, Kimball Hill Inc. --
http://www.kimballhillhomes.com/-- was one of the largest
privately owned homebuilders and one of the 30 largest homebuilders
in the United States, as measured by home deliveries and revenues,
before filing for bankruptcy in 2008.  The company operated within
12 markets, including, among others, Chicago, Dallas, Fort Worth,
Houston, Las Vegas, Sacramento and Tampa, in five regions: Florida,
the Midwest, Nevada, the Pacific Coast and Texas.

Kimball Hill, Inc., and 29 of its affiliates filed for Chapter 11
protection on April 23, 2008 (Bankr. N.D. Ill. Lead Case No.
08-10095).  Ray C. Schrock, Esq., at Kirkland & Ellis LLP,
represented the Debtors in their restructuring efforts.  The
Debtors' consolidated financial condition as of Dec. 31, 2007,
reflected total assets of $795,473,000 and total debts
$631,867,000.

Kimball Hill filed a Chapter 11 plan of liquidation on Dec. 2,
2008, which provides for the winding down of the Debtors' business
through a liquidation trust.  With the support of the official
committee of unsecured creditors and the company's senior lenders
(estimated to recover 37% to 48% of their claims), the plan was
confirmed on March 12, 2009, and took effect 12 days later.  U.S.
Bank National Association was appointed as trustee for the
Liquidation Trust.



KLX ENERGY: Completes Acquisition of Greene's Energy Group
----------------------------------------------------------
KLX Energy Services Holdings, Inc. announced it has acquired all of
the equity interests of Greene's Energy Group, LLC, including $1.7
million in cash remaining with Greene's, in an all-stock
transaction.  The total consideration for the acquisition consisted
of the issuance of approximately 2.4 million shares of KLX common
stock, par value $0.01 per share, subject to customary post-closing
adjustments, with an implied enterprise value of approximately
$30.3 million based on a 30-day volume weighted average price
("VWAP") as of March 7, 2023 and less acquired cash.  Following the
closing of the transaction, former shareholders of Greene's hold
approximately 14.7% of the fully diluted common stock of the
Company.

Greene's is a provider of wellhead protection, flowback and well
testing services.  The acquisition of Greene's, which is expected
to be accretive to KLX in 2023, augments the KLX frac rental and
flowback offering, providing KLX with a broader presence in the
Permian and Eagle Ford basins.

Commenting on the acquisition, Chris Baker, KLX president and chief
executive officer, stated, "We are pleased to welcome Greene's
exceptional management team and talented employees to KLX.
Greene's has an excellent industry reputation and fits naturally
within KLX’s Southwest segment supporting both Permian and Eagle
Ford operators. Greene's has a strong unlevered balance sheet,
reporting unaudited $68.0 million in revenue, $5.3 million in net
income and $14.7 million in Adjusted EBITDA in 2022. Going forward,
we expect the legacy Greene's platform to generate 2023 revenue and
Adjusted EBITDA of $70.0 million to $75.0 million and $18.0 million
to $20.0 million (inclusive of synergies), respectively.

"Additionally, this transaction is deleveraging for KLX and is
expected to be accretive to KLX on all financial metrics," added
Baker.  "We expect $2.0 million to $3.0 million in annualized cost
synergies within twelve months and believe this further enhances
KLX's ability to effect industry consolidation as we continue to
focus on increasing returns and enhancing shareholder value."

Adam Doyle, president of Greene's, said, "We believe KLX and
Greene's will form a strong partnership based on a common culture
focused on safety, execution, customer service and returns.  We
believe the combined company is better positioned to serve the
Greene's customer base and support the team members with the
addition of KLX's best in-class diversified offerings."

KLX's legal advisor was Vinson & Elkins LLP. Greene's legal advisor
was Sidley Austin LLP.  Simmons Energy, a Division of Piper
Sandler, acted as Greene's financial advisors for the transaction.

Transaction Details

Total consideration for the Greene's Acquisition consisted of the
issuance of approximately 2.4 million shares of KLX common stock,
subject to customary post-closing adjustments, with an implied
enterprise value of approximately $30.3 million based on a 30-day
VWAP as of March 7, 2023 and less acquired cash. Following the
closing of the transaction, former shareholders  of Greene's hold
approximately 14.7% of the fully diluted common stock of the
Company.

In connection with the Greene's Acquisition, the Company entered
into a Registration Rights and Lock-Up Agreement, dated as of March
8, 2023, with Greene's Holding Corporation, the direct parent of
Greene's, pursuant to which the Company must file a shelf
registration statement upon the request of the Seller and certain
of its affiliates to register the shares comprising the Stock
Consideration.  The Seller and certain of its affiliates will also
have the right to demand that the Company undertake an underwritten
offering of shares comprising the Stock Consideration so long as
the minimum market price of the shares to be included in the
offering is $30.0 million, subject to certain other limitations.
In addition, the Seller and certain of its affiliates will have
certain "piggyback" rights if the Company or certain other holders
of the Company's common stock undertake an underwritten offering,
subject to customary cutbacks.

Additionally, the Seller agreed, subject to certain customary
exceptions, not to, directly or indirectly, sell, offer or agree to
sell, or otherwise transfer, or loan or pledge, through swap or
hedging transactions, or grant any option to purchase, make any
short sale or otherwise dispose of 66 2/3% of the shares comprising
the Stock Consideration for specified periods of time ranging from
six to twelve months following the closing of the transaction.

                         About KLX Energy

Headquartered in Wellington, Florida, KLX Energy Services Holdings,
Inc. is a provider of diversified oilfield services to leading
onshore oil and natural gas exploration and production companies
operating in both conventional and unconventional plays in all of
the active major basins throughout the United States.  The Company
delivers mission critical oilfield services focused on drilling,
completion, intervention and production activities for the most
technically demanding wells from over 60 service facilities located
in the United States.  KLXE's complementary suite of proprietary
products and specialized services is supported by technically
skilled personnel and a broad portfolio of innovative in-house
research and development, manufacturing, repair and maintenance
apabilities.

KLX Energy reported a net loss of $93.8 million for the 11-month
transition period ended Dec. 31, 2021, compared to a net loss of
$332.2 million for the fiscal year ended Jan. 31, 2021. As of Sept.
30, 2022, the Company had $440.1 million in total assets,
$156.5 million in total current liabilities, $295.6 million in
long-term debt, $26 million in long-term operating lease
obligations, $17.5 million in long-term finance lease obligations,
$0.4 million in other non-current liabilities, and a total
stockholders' deficit of $55.9 million.

                              *  *  *

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


KLX ENERGY: Incurs $3.1 Million Net Loss in 2022
------------------------------------------------
KLX Energy Services Holdings, Inc. has filed with the Securities
and Exchange Commission its Annual Report on Form 10-K disclosing a
net loss of $3.1 million on $781.6 million of revenues for the year
ended Dec. 31, 2022, compared to a net loss of $93.8 million on
$436.1 million of revenues for the 11-month transition period ended
Dec. 31, 2021.

As of Dec. 31, 2022, the Company had $465.9 million in total
assets, $154.4 million in total current liabilities, $283.4 million
in long-term debt, $22.8 million in long-term operating lease
liabilities, $20.3 million in long-term finance lease liabilities,
$0.8 million in other non-current liabilities, and total
stockholders' equity of ($15.8) million.

KLX Energy stated, "We require capital to fund ongoing operations,
including maintenance expenditures on our existing fleet and
equipment, organic growth initiatives, debt service obligations,
investments and acquisitions. Our primary sources of liquidity to
date have been capital contributions from our equity and note
holders, borrowings under the Company's ABL Facility and cash flows
from operations.  At December 31, 2022, we had $57.4 of cash and
cash equivalents and $44.4 available on the ABL Facility.
We have taken several actions to continue to improve our liquidity
position, including closing our Florida legacy corporate
headquarters and relocating all key functions to Houston,
elimination of redundancies and duplicative functions throughout
our operations following the merger with QES, equity issuances
under our ATM program, debt for equity exchanges that have reduced
interest burden and monetized non-core and obsolete assets.  We
actively manage our capital spending and are focused primarily on
required maintenance spending.  Additionally, increasing oil prices
have resulted in an increase in demand for our services and an
improvement in our operating cash flow, which became positive in
the third and fourth quarters of 2022.  We believe based on our
current forecasts, our cash on hand, the ABL Facility availability,
together with our cash flows, will provide us with the ability to
fund our operations, including planned capital expenditures, for at
least the next twelve months."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1738827/000173882723000014/klxe-20221231.htm

                         About KLX Energy

Headquartered in Wellington, Florida, KLX Energy Services Holdings,
Inc. is a provider of diversified oilfield services to leading
onshore oil and natural gas exploration and production companies
operating in both conventional and unconventional plays in all of
the active major basins throughout the United States.  The Company
delivers mission critical oilfield services focused on drilling,
completion, intervention and production activities for the most
technically demanding wells from over 60 service facilities located
in the United States.  KLXE's complementary suite of proprietary
products and specialized services is supported by technically
skilled personnel and a broad portfolio of innovative in-house
research and development, manufacturing, repair and maintenance
apabilities.

KLX Energy reported a net loss of $93.8 million for the 11-month
transition period ended Dec. 31, 2021, compared to a net loss of
$332.2 million for the fiscal year ended Jan. 31, 2021. As of Sept.
30, 2022, the Company had $440.1 million in total assets,
$156.5 million in total current liabilities, $295.6 million in
long-term debt, $26 million in long-term operating lease
obligations, $17.5 million in long-term finance lease obligations,
$0.4 million in other non-current liabilities, and a total
stockholders' deficit of $55.9 million.

                              *  *  *

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


KOSSOFF PLLC: Trustee Wants to Claw Back $1.4M Paid for Burton Rent
-------------------------------------------------------------------
The Chapter 7 trustee for defunct law firm Kossoff PLLC filed in
New York bankruptcy court documents seeking to recoup $1.4 million
that the since-disbarred and incarcerated Mitchell Kossoff
allegedly siphoned from firm escrow accounts to pay the rent on his
unrelated packaging business.

Albert Togut, as the Chapter 7 Trustee of the estate of Kossoff
PLLC, on March 8, 2023, filed in Bankruptcy Court a complaint
against 52-01 Flushing Avenue Company, LLC and KND Management
Company Inc. (collectively, the "Landlord Defendants"); and Pamela
Kossoff.

Prior to being disbarred and sent to prison on May 6, 2022 for
stealing millions of dollars from the Debtor and dozens of the
Debtor's clients, Kossoff was a prominent real-estate attorney in
New York City and he served as the sole managing member of the
Debtor. Additionally, Kossoff was an officer, director, equity
interest holder and creditor of Burton Packaging Company Inc., a
now-defunct packaging business that was founded by Kossoff's late
father in the 1950's.

The Debtor was never a tenant of the premises that Burton Packaging
leased from the Landlord Defendants.  However, the Debtor's books
and records disclose that for years prior to the Petition Date,
Kossoff improperly used funds in the Debtor's bank accounts to pay
Burton Packaging's rent obligations to the Landlord Defendants.
Those obligations which, at one point, exceeded $83,000 per month,
were those of Burton Packaging and not the Debtor.  Those
obligations were also obligations of Kossoff personally and his
wife, Pamela, in their capacities as guarantors of Burton
Packaging's rent obligations to the Landlord Defendants. The Debtor
never had any contractual or legal obligation to make any payments
to and for the benefit of any of the Defendants to address the
Landlord Defendants' claims. Funds paid were property of the Debtor
and should have been available to the Debtor’s
creditors.

According to Mr. Togut, correspondence between Kossoff and the
Landlord Defendants demonstrates a pattern in which the Landlord
Defendants would demand payments due under the Lease, only to be
met with delay and/or incomplete payments, often made with Debtor
funds.  More than once, Kossoff told the Landlord Defendants that
the Debtor would satisfy Burton Packaging's obligations under the
Lease.  Indeed, on multiple occasions, Kossoff advised the Landlord
Defendants that Burton Packaging would not make rent payments when
due because the Debtor could not cover Burton Packaging's rent
shortfalls in those instances.  The Debtor's payments to and for
the benefit of the Landlord Defendants were fraudulent, and they
should be avoided and recovered by the Trustee.

Moreover, Kossoff and Pamela are "insiders" of the Debtor, as that
term is defined under section 101(31) of the Bankruptcy Code.
Consequently, the transfers by the Debtor to the Landlord
Defendants benefitted Kossoff and Pamela by reducing their
obligations as guarantors of the Lease while the Debtor was
insolvent under any measure of insolvency.  Thus, the Avoidable
Transfers are presumed to have been made with actual intent to
defraud the Debtor's creditors.

The Avoidable Transfers made to and for the benefit of Defendants,
which total not less than $1,412,921, neither conferred a benefit
to the Debtor nor advanced any legitimate business purpose for the
Debtor.

For the benefit of the Debtor's estate, the Trustee commences this
adversary proceeding to avoid and recover the Debtor's transfers to
and for the benefit of Defendants as fraudulent conveyances or, in
the alternative, as preferential transfers.

                       About Kossoff PLLC

Kossoff PLLC is a real estate law firm based in New York City. It
operated as a law firm with offices located at 217 Broadway in New
York City. The firm held itself out as a law firm that provided
full-service real estate legal services specializing in litigation
and transactional matters, including leasing, sale and acquisition
of real property, commercial landlord tenant matters, real estate
litigation, and city, state and federal agency regulatory matters.

Mitchell H. Kossoff, the firm's founder and only known managing
member, is alleged to have failed to and/or refused to return
millions of dollars of client funds when requested by clients.  

Kossoff PLLC is subject to an involuntary petition for Chapter 7
bankruptcy (Bankr. S.D.N.Y. Case No. 21-10699) by creditors on
April 13, 2021. The case is handled by Honorable Judge David S.
Jones.  

Gran Sabana Corp NV, Louis & Jeanmarie Giordano, and other former
clients of the Debtor signed the involuntary petition. Carter
Ledyard & Milburn LLP, led by Aaron R. Cahn, represents the
petitioners.

Veteran restructuring lawyer Albert Togut of Togut, Segal & Segal
LLP, was named as Chapter 7 Trustee. He tapped his own firm as
counsel in the case.


KRISHNA HOTELS: Taps Law Office of Timothy C. Culbertson as Counsel
-------------------------------------------------------------------
Krishna Hotels, Inc. seeks approval from the U.S. Bankruptcy Court
for the Northern District of Illinois to employ The Law Office of
Timothy C. Culbertson.

The Debtor requires legal counsel to represent it in negotiation
with creditors; prepare a Chapter 11 plan and disclosure statement;
examine and resolve claims filed against the estate; prosecute
adversary matters; and represent the Debtor in matters before the
bankruptcy court.

The Law Office of Timothy C. Culbertson agreed to provide the
services at the reduced hourly rate of $275. In addition, the firm
will seek reimbursement for out-of-pocket expenses incurred.

The retainer is $5,000.

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

The firm can be reached through:

     Timothy C. Culbertson, Esq.
     Law Office of Timothy C. Culbertson
     P.O. Box 56020
     Chicago, IL 60656
     Tel: (847) 913-5945
     Email: tcculb@gmail.com

                       About Krishna Hotels

Krishna Hotels, Inc. operates in the traveler accommodation
industry. It is the fee simple owner of real property located at
1750 Fifth St., Lincoln, Ill., with an estimated value of $1.2
million.

Krishna Hotels filed its voluntary petition for Chapter 11
protection (Bankr. N.D. Ill. Case No. 23-00384) on Jan. 12, 2023,
with $1,218,700 in assets and $2,121,166 in liabilities. Jigisha
Bhatt, president of Krishna Hotels, signed the petition.

Judge Timothy A. Barnes oversees the case.

The Law Office of Timothy C. Culbertson serves as the Debtor's
bankruptcy counsel.


KTS SOLUTIONS: Unsecureds Will Get 16.5% of Claims in Plan
----------------------------------------------------------
KTS Solutions, Inc., filed with the U.S. Bankruptcy Court for the
Eastern District of Virginia a Chapter 11 Plan of Reorganization
dated March 9, 2023.

The Debtor is a Virginia "S" corporation, which provides
transportation services for disabled veterans, to and from medical
appointments, under a series of contracts with the United States
Department of Veterans Affairs (the "VA").

As a result of the COVID-19 pandemic, and the expensive financing
needed to get through it, the Debtor found itself with very little
cash prior to filing. Its bank account at Navy Federal Credit
Union, holding less than $20,000.00, was frozen due to pre judgment
attachment, while its account at Wells Fargo Bank, N.A. held less
than $3,000. The Debtor believed it faced imminent seizure of its
vehicles by vehicle lenders/ lessors.

Since the bankruptcy case was filed, the Debtor has received its
first installment of the Employee Retention Tax Credit, valued at
over $1 million. It is no longer paying expensive daily payments to
Merchant Cash Advance Claimants. Further, the Debtor has operated
at a modest profit, and has even signed a new contract with Prince
George's County, Maryland. As of March 1, 2023, the Debtor had
approximately $1.2 million in its bank accounts. The Debtor
believes it is well-positioned to confirm a feasible Chapter 11
plan.

The Debtor has provided total projected financial information sets
forth the Debtor's projected disposable income. The final Plan
payment to unsecured creditors is expected to be paid on the date
that is three years after the Effective Date of the Plan.

The treatment in this Plan is in full and complete satisfaction of
all of the legal, contractual, and equitable rights that each
Holder of an Allowed Claim or Interest may have in or against the
Debtor, the Estate or the Debtor's property. This treatment
supersedes and replaces any agreements or rights those Holders have
in or against the Debtor, the Estate or property of the Debtor or
the Estate. All Distributions under the Plan will be tendered to
the Person holding the Allowed Claim.

Class 13 consists of all General Unsecured Claims. Provided that an
Allowed Class 13 Claim has not been paid prior to the Effective
Date, or pursuant to a cure payment to be paid to assume an
executory contract, and except to the extent that a holder of a
Class 13 Claim agrees to a different and lesser treatment, each
holder of an Allowed Class 13 Claim shall receive from the Debtor,
in full and complete settlement, satisfaction and discharge of its
Allowed Class 13 Claim, a pro rata portion of the Quarterly
Payments and Quarterly Avoidance Action Proceeds (each such pro
rata share to be paid after payment of the commission incurred by
the Trustee, if any). Class 13 is impaired under this Plan and,
therefore, Holders of Class 13 Claims are entitled to vote to
accept or reject this Plan.

Class 13 claims will be discharged upon confirmation if this Plan
is confirmed pursuant to 11 U.S.C. § 1191(a) and upon completion
of the Plan if this Plan is confirmed pursuant to 11 U.S.C. §
1191(b). To the extent any Class 13 Claim is deemed to be a
Non-Dischargeable Claim, it will be paid in full, with interest at
the federal judgment rate in effect on the Confirmation Date, in
equal quarterly payments, over a period not to exceed five years,
beginning on the first day of the quarter immediately after the
last Quarterly Payment is made.

Class 14 consists of the equity interests in the Debtor. The
holders of the equity interest in the Debtor, Kelvin Smith shall
retain his 100% equity interest the Debtor. Holders of equity
interests in the Debtor are unimpaired and not entitled to vote on
the Plan.

All property of the Estate shall revest in the Debtor on the
Effective Date, free and clear of all other liens, claims,
interests and encumbrances, except for the liens specifically
preserved or created by this Plan.

Beginning on the first business day that is in the first full
quarter after the Effective Date, and continuing on the first
business day of each quarter thereafter for a total of 12 quarters,
the Debtor, or, if this Plan is confirmed pursuant to 11 U.S.C. §
1191(b), the Trustee (from payments made to the Trustee by the
Debtor), shall pay Quarterly Payments of $60,000.00 (the "Quarterly
Payments") plus the Quarterly Avoidance Action Proceeds pro rata to
holders of General Unsecured Claims. Should the Court determine
that more Quarterly Payments are necessary to satisfy 11 U.S.C. §
1129, the Debtor shall make such additional subsequent quarterly
payments as are necessary to deem such section satisfied. The
Quarterly Payments shall be reduced by any amounts the Debtor
spends to defend an asserted Non-Dischargeable Claim.

In a Chapter 11 case, the total unsecured claims would be reduced
by cure payments and assumption of commercial leases, leaving at
most $4,963,832.25 in allowed general unsecured chapter 11 claims.

Under the Plan, assuming all claims are allowed, and assuming
$100,000 of Avoidance Action Proceeds, holders of General Unsecured
Claims will receive total payments of $724,780 on at most
$4,963,832.25 in allowed unsecured claims, providing for an
estimated 16.5% return to holders of Allowed Unsecured Claims.
Accordingly, general unsecured creditors would receive more under
the Plan than they would in Chapter 7.

A full-text copy of the Plan of Reorganization dated March 9, 2023
is available at https://bit.ly/3YQ4SZO from PacerMonitor.com at no
charge.

Attorneys for the Debtor:

     Janet M. Nesse, Esq.
     Justin P. Fasano, Esq.
     McNamee Hosea, P.A.
     6411 Ivy Lane, Suite 200
     Greenbelt, MD 20770
     Phone: 301-441-2420
     Email: jnesse@mhlawyers.com
            jfasano@mhlawyers.com

                    About KTS Solutions

KTS Solutions, Inc., is a Virginia corporation that provides
transportation services for disabled veterans to and from medical
appointments under a series of contracts with the United States
Department of Veterans Affairs.

KTS Solutions sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Va. Case No. 22-11694) on Dec. 9,
2022.  In the petition signed by its chief executive officer,
Kelvin Smith, the Debtor disclosed up to $10 million in both assets
and liabilities.

Judge Brian F. Kenney oversees the case.

Justin P. Fasano, at McNamee Hosea, P.A., and Legal Meets
Practical, LLC, serve as the Debtor's bankruptcy counsel and
special counsel, respectively.


LAS UVAS VALLEY: Trustee's Motion for Reconsideration Denied
------------------------------------------------------------
Bankruptcy Judge David T. Thuma for the District of New Mexico
denies the motion for reconsideration filed by the Liquidating
Trustee in the bankruptcy case of Las Uvas Valley Dairies.

On Dec. 2, 2022, the Court denied the Liquidating Trustee's motion
to disqualify Daniel White and Askew & White, LLC from representing
Dona Ana County in its dispute about allowance of the County's pre-
and postpetition tax claims. The Liquidating Trustee now asks the
Court to reconsider its ruling.

In his Motion to Disqualify, the Liquidating Trustee argued that
A&W's prior representation of the Debtor, together with the
assignment of the Debtor's assets and attorney-client privilege,
created a disqualifying conflict of interest under NMRA 16-109. A&W
responded in opposition, acknowledging that the applicable rule of
professional responsibility was NMRA 16-109 but arguing that the
County's claim was not adverse to the Debtor -- just to the
Liquidating Trust.

The Liquidating Trustee argues that allowing A&W to represent the
County will permit "A&W to utilize the Trust's privileged and
confidential information to the detriment of the estate and its
constituents."

The Court previously held, and still holds, that "there is no risk
of A&W using information relating to its representation of the
Debtor to the Debtor's disadvantage, for the simple reason that the
Debtor can no longer be disadvantaged by anything. . . if there is
a disagreement about the amount of the tax (as opposed to the
County's ability to file claims for it), the County would have to
prove up its claim amount with its own records, using nothing from
the Debtor's files that could in any way be deemed privileged or
within the work product doctrine. . . the outcome of the County
claim objection, whatever it might be, could not be materially
adverse to the Debtor, there is no need to decide the
"substantially related" issue."

The Court concludes that "A&W is not disqualified from representing
the County in part because the major issues to be determined on
remand have little or nothing to do with Debtor and its counsel and
very much to do with whether and/or why the County did or did not
take certain actions. Does the County's proof of claim include the
personal property taxes on Debtor's livestock? If not, why didn't
the County include the personal property taxes in its proof of
claim? Do its reasons constitute excusable neglect? With respect to
its administrative claim, did the County make a due process
argument to this Court or was it raised for the first time on
appeal? None of these issues relate to A&W's prior representation
of Debtor."

A full-text copy of the Opinion dated March 3, 2023 is available at
https://tinyurl.com/573eafz3 from Leagle.com.

                 About Las Uvas Valley Dairies

Founded in 1998, Las Uvas Valley Dairies operates a dairy farm at
1261 Hilburn Road, Hatch, NM 87937, Dona Ana County. The company
filed for chapter 11 bankruptcy protection (Bankr D.N.M. Case No.
17-12356) on Sept. 15, 2017, with estimated assets of $100 million
to $500 million and estimated debts of $10 million to $50 million.
The petition was signed by Dean Horton, general partner.

The Unsecured Creditors Committee and the two largest secured
creditors, Production Credit Association of Southern New Mexico and
Metropolitan Life Insurance Company, filed a plan of liquidation
providing for the sale of the Debtor's assets and the distribution
of net proceeds to creditors.  Unsecured creditors were guaranteed
at least $1,000,000 under the Plan. The Court confirmed the plan on
June 14, 2018.

Robert Marcus has been named the successor liquidating trustee. The
Court entered a final decree closing the case on July 27, 2018.



LATAM AIRLINES: Posts $2.54-Billion Profit After Chapter 11 Exit
----------------------------------------------------------------
Mariana Greif of Reuters reports that LATAM Airlines (LTM.SN)
reported a fourth-quarter net profit of $2.538 billion, the company
said on Thursday, March 9, 2023, and said the results reflected all
financial renegotiations stemming from its bankruptcy proceedings.

The quarterly profit of South America's leading airline compares to
a loss of $2.755 billion during the same three-month period a year
earlier.

However the company will propose not to pay out dividends and
instead use its 2022 profits to offset accumulated losses, it said
in a securities filing later on Thursday, March 9, 2023.

"Profits for the year ended December 31, 2022 must be used
primarily to absorb such losses," it said.

The airline, created by the 2012 merger of Chile's LAN with
Brazilian rival TAM, operates units in Chile, Brazil, Colombia and
Peru.

Revenue for Santiago-based LATAM during the quarter rose about 38%
to $2.75 billion from the year-ago period.

Last November 2022, LATAM announced the completion of a years-long
restructuring process after it declared bankruptcy in 2020.

Chief Financial Officer Ramiro Alfonsin told reporters at a news
conference on Thursday that "all renegotiations since we left
Chapter 11" bankruptcy protection are now reflected in the
quarter's income statement as profits.

The company's operating result -- which excludes the restructuring
process -- reached $139 million in the quarter, according to the
airline.

Meanwhile, LATAM'S total costs for the quarter stood at $2.6
billion, almost in line with pre-pandemic levels, despite a nearly
two-thirds increase in fuel costs between 2019 and 2022.

                   About LATAM Airlines Group

LATAM Airlines Group S.A. -- http://www.latam.com/-- is a
pan-Latin American airline holding company involved in the
transportation of passengers and cargo and operates as one unified
business enterprise. It is the largest passenger airline in South
America.

Before the onset of the COVID-19 pandemic, LATAM offered passenger
transport services to 145 different destinations in 26 countries,
including domestic flights in Argentina, Brazil, Chile, Colombia,
Ecuador and Peru, and international services within Latin America
as well as to Europe, the United States, the Caribbean, Oceania,
Asia and Africa.

LATAM and its 28 affiliates sought Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 20-11254) on May 25, 2020. Affiliates in
Chile, Peru, Colombia, Ecuador and the United States are part of
the Chapter 11 filing.

The Debtors disclosed $21,087,806,000 in total assets and
$17,958,629,000 in total liabilities as of Dec. 31, 2019.

The Hon. James L. Garrity, Jr., is the case judge.

The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as
bankruptcy counsel, FTI Consulting as restructuring advisor, Lee
Brock Camargo Advogados as local Brazilian litigation counsel, and
Togut, Segal & Segal LLP and Claro & Cia in Chile as special
counsel. The Boston Consulting Group, Inc. and The Boston
Consulting Group UK LLP serve as the Debtors' strategic advisors.
Prime Clerk LLC is the claims agent.

The official committee of unsecured creditors formed in the case
tapped Dechert LLP as its bankruptcy counsel, Klestadt Winters
Jureller Southard & Stevens, LLP as conflicts counsel, UBS
Securities LLC as investment banker, and Conway MacKenzie, LLC as
financial advisor. Ferro Castro Neves Daltro & Gomide Advogados is
the committee's Brazilian counsel.

The ad hoc group of LATAM bondholders tapped White & Case, LLP as
counsel.

Glenn Agre Bergman & Fuentes, LLP, led by managing partner Andrew
Glenn and partner Shai Schmidt, has been retained as counsel to the
ad hoc committee of shareholders.


LATEX FOAM: Order Granting EGC's Default Interest Affirmed
----------------------------------------------------------
In the appealed case In re Latex Foam International, LLC, et al.,
Debtors. Official Committee of Unsecured Creditors of Latex Foam
International, LLC, et al., Appellant, v. Entrepreneur Growth
Capital, Appellee, Case No. 3:21-cv-01311 (VLB), (D. Conn.),
District Judge Vanessa L. Bryant for the District of Connecticut
affirms the Bankruptcy Court's order granting Entrepreneur Growth
Capital, LLC's motion for default interest, and the Bankruptcy
Court's Articulation of Factual Findings and Legal Principles.

The Official Committee of Unsecured Creditors of Latex Foam
International, LLC brings this appeal, arguing that the Bankruptcy
Court erred in approving and awarding EGC's request for
postpetition interest at the contract default interest rate.

As of the Petition Date, EGC was the Debtors' principal secured
creditor with a claim of $9.34 million. The debt owed to EGC
relates to an amended and restated loan and security agreement
between the Debtors and SummitBridge National Investments IV, LLC
in December 2015. Two clauses of the Loan Agreement are of special
importance to this decision, both of which address matters relating
to default under the agreement. First, in the Loan Agreement, the
parties agreed that an event of default includes the filing of a
voluntary case under the federal Bankruptcy Code. Second, the
parties agreed that, if an event of default occurs, all outstanding
obligations would bear interest at the default rate of 3% in excess
of the rate otherwise applicable to the loan on such date.

During the pendency of the Chapter 11 case, the Debtors secured a
purchaser of substantially all of their assets. Shortly after the
sale was approved by the Bankruptcy Court, EGC moved for payment of
its secured claim in its entirety, including default interest,
attorneys' fees and costs, and appraisal expenses. In addition, EGC
claimed an entitlement to unpaid interest at the default rate of 3%
totaling $237,684, which was calculated as accruing from the
Petition Date through June 15, 2020.

On July 31, 2020, the Bankruptcy Court issued an order summarily
granting EGC's motion and awarding default interest in the amount
of $237,684.19 as of June 15, 2020 with a per diem accrual
thereafter. The Committee appealed the Bankruptcy Court's order
granting EGC's motion for default interest in August 2020. The
Court remanded for articulation.

Following remand, the Bankruptcy Court issued an articulation of
its factual findings and legal principles. The Bankruptcy Court
explained that default interest was awarded to EGC because (a) EGC
was deemed to be an 'oversecured' creditor, (b) as an oversecured
creditor, EGC was entitled to interest on such claim as provided
for under 11 U.S.C. Section 506(b), and (c) events of default
occurred justifying an award of interest and of the amount default
interest provided for under the terms of the Loan Agreement. In
assessing whether default interest should be afforded, the
Bankruptcy Court noted the presumption in favor of applying the
contractual default rate balanced against equitable considerations
that may limit application of that rate.

Accordingly, the Court affirms the Bankruptcy Court's award of
default interest under 506(b).

A full-text copy of the Order and Memorandum of Decision dated
March 8, 2023 is available at https://tinyurl.com/2hbw2m94 from
Leagle.com.

                   About Latex Foam International

Latex Foam International, LLC, which conducts business under the
name Talalay Global, provides textile furnishing products.  It
offers house furnishings such as blankets, bedspreads, sheets,
table clothes, towels, and shower curtains.

Latex Foam International and four affiliates filed voluntary
petitions seeking relief under Chapter 11 of the Bankruptcy Code
(Bankr. D. Conn. Lead Case No. 19-51064) on Aug. 8, 2019.  The
petitions were signed by Marc Navarre, chief executive officer.  At
the time of the filing, the Debtors were estimated to have assets
between $10 million and $50 million and liabilities of the same
range.  Judge Julie A. Manning oversees the case.  James Berman,
Esq., at Zeisler & Zeisler, P.C., is the Debtors' counsel.



LIFEHOPE EQUIPMENT: Case Summary & Seven Unsecured Creditors
------------------------------------------------------------
Debtor: Lifehope Equipment Leasing, LLC
        4150 Deputy Bill Cantrell Memorial Rd
        Suite 250
        Cumming GA 30040

Business Description: The Debtor is in the medical equipment
                      rental and leasing business.

Chapter 11 Petition Date: March 14, 2023

Court: United States Bankruptcy Court
       Northern District of Georgia

Case No.: 23-20313

Judge: Hon. James R. Sacca

Debtor's Counsel: Benjamin Keck, Esq.
                  KECK LEGAL, LLC
                  2566 Shallowford Rd. Suite 104-252
                  Atlanta GA 30345
                  Tel: 678-641-1720
                  Email: bkeck@kecklegal.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Scott Honan as member.

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

https://www.pacermonitor.com/view/B4Y3INQ/Lifehope_Equipment_Leasing_LLC__ganbke-23-20313__0001.0.pdf?mcid=tGE4TAMA


LOS ARMANDOS MEXICAN: Taps Goodman Law Practice as Counsel
----------------------------------------------------------
Los Armandos Mexican Food, Inc. received approval from the U.S.
Bankruptcy Court for the District of Arizona to employ Goodman Law
Practice, PLC to handle its Chapter 11 bankruptcy case.

The hourly rates charged by the firm for its services are as
follows:

     Attorneys          $350 - $395 per hour
     Paralegals         $150 - $200 per hour
     Legal assistants   $125 per hour

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

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

The firm can be reached at:

     Jacob R. Goodman, Esq.
     Goodman Law Practice, PLC
     dba Rock Law Firm
     PO Box 28365
     Tempe, AZ 85285-8365
     Tel: (480) 605-4409
     Fax: (602) 491-2062
     Email: Jacob@rocklawaz.com

                  About Los Armandos Mexican Food

Los Armandos Mexican Food, Inc., a company in Phoenix, Ariz., filed
a petition under Chapter 11, Subchapter V of the Bankruptcy Code
(Bankr. D. Ariz. Case No. 23-01442) on March 7, 2023, with as much
as $1 million in both assets and liabilities. Christopher Simpson
has been appointed as Subchapter V trustee.

Judge Scott H. Gan oversees the case.

Goodman Law Practice PLC, doing business as Rock Law Firm, is the
Debtor's bankruptcy counsel.


MOUROX FAMILY: Court OKs Interim Cash Collateral Access
-------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of California
authorized Mouroux Family Chiropractic, Inc. to use cash collateral
on an interim basis in accordance with the budget, with a 20%
variance.

The United States Small Business Administration is the only
creditor that has filed a UCC-1 lien.

To protect against the deterioration or diminution in the value of
the SBA's interest in the cash collateral, the SBA will be granted
valid, enforceable, fully perfected, and unavoidable replacement
liens in favor of the SBA on all of the Debtor's assets or
interests in assets acquired on or after the petition date of the
same type and priority that the SBA had in such assets as of the
petition date, but excluding claims for relief arising under the
Bankruptcy Code. The Replacement Lien will have the same priority,
validity and extent as its prepetition lien, but will be
subordinate to the (i) compensation expense reimbursement (other
than for professional fees and expenses) allowed to a Chapter 7
trustee; and, (ii) the fees of the Debtor's professionals in the
case.

If the Post–Petition Replacement Liens together with any other
lien granted by the Debtor for the benefit of the SBA are
insufficient to adequately protect the SBA's claims, then the SBA
will also be allowed an administrative priority claim in accordance
with 11 USC section 507 for any deficiency.

A final hearing on the matter is set for March 28, 2023 at 2 p.m.

A copy of the order is available at https://bit.ly/3Ln3DhH from
PacerMonitor.com.

              About Mouroux Family Chiropractic, Inc.

Mouroux Family Chiropractic, Inc. offers "one-stop" chiropractic
and medical services in the greater San Jose, California area.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-50186) on February
24, 2023. In the petition signed by Bradley Mouroux, president, the
Debtor disclosed up to $100,000 in assets and up to $1 million in
liabilities.

Steven E. Cowen, Esq., at S.E. Cowen Law, represents the Debtor as
legal counsel.



MRVANDY INC: Taps Rafool & Bourne as Bankruptcy Counsel
-------------------------------------------------------
MRVandy Inc. seeks approval from the U.S. Bankruptcy Court for the
Central District of Illinois to employ Rafool & Bourne, PC as its
bankruptcy counsel.

The Debtor requires legal counsel to:

     (a) give advice regarding the rights, powers and duties of the
Debtor in connection with the administration of its bankruptcy
estate and the disposition of its property;

     (b) take necessary actions with respect to claims that may be
asserted against the Debtor and property of its estate;

     (c) prepare legal papers;

     (d) represent the Debtor with respect to inquiries and
negotiations concerning creditors of its estate and property;

     (e) initiate, defend or otherwise participate on behalf of the
Debtor in all proceedings before the bankruptcy court or any other
court of competent jurisdiction; and

     (f) perform other necessary legal services.

The firm will be paid at the rate of $300 per hour, plus
reimbursement of expenses incurred.

Prior to the petition date, the firm received a retainer of $15,000
from the Debtor.

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

The firm can be reached through:

     Sumner A. Bourne, Esq.
     Rafool & Bourne, PC
     401 Main Street, Suite 1130
     Peoria, IL 61602
     Telephone: (309) 673-5535
     Email: notices@rafoolbourne.com

                         About MRVandy Inc.

MRVandy, Inc. is a craft winery in Central Illinois making eco
friendly, low sulfite, international wines.

MRVandy sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. C.D. Ill. Case No. 23-80142) on March 3, 2023, with up
to $500,000 in assets and up to $10 million in liabilities. Michael
R. Vandy, president of MRVandy, signed the petition.

Judge Thomas L. Perkins oversees the case.

Sumner A. Bourne, Esq., at Rafool & Bourne, P.C. represents the
Debtor as legal counsel.


MYOMO INC: Incurs $10.7 Million Net Loss in 2022
------------------------------------------------
Myomo, Inc. has filed with the Securities and Exchange Commission
its Annual Report on Form 10-K disclosing a net loss of $10.72
million on $15.56 million of revenue for the year ended Dec. 31,
2022, compared to a net loss of $10.37 million on $13.85 million of
revenue for the year ended Dec. 31, 2021.

As of Dec. 31, 2022, the Company had $10.16 million in total
assets, $3.80 million in total liabilities, and $6.36 million in
total stockholders' equity.

New York, NY-based Marcum LLP, the Company's auditor since 2016,
issued a "going concern" qualification in its report dated March
13, 2023, citing that the Company has incurred significant losses
and needs to raise additional funds to meet its obligations and
sustain its operations.  These conditions raise substantial doubt
about the Company's ability to continue as a going concern.

Management Commentary

"Based on the size of the backlog entering the fourth quarter and
the patient pipeline earlier in 2022, fourth quarter revenue was in
line with our expectations," stated Paul R. Gudonis, Myomo's
chairman and chief executive officer.  "Importantly, we achieved
our key objective of significant pipeline growth, moreover with a
45% reduction in the cost per new candidate entering the patient
pipeline.  To accomplish this, we adjusted our marketing strategies
earlier in the year to educate and attract prospective patients
using TV advertising, and then fine-tuned the timing of our
placements in the fourth quarter to minimize competition from
holiday and election advertising.  As a result, we had improved
patient acquisition economics, much stronger year over year growth
in the patient pipeline and a record number of candidates in the
process to obtain insurance reimbursement for their MyoPro as we
exited 2022.  Entering 2023, we've modified how we determine our
pipeline of candidates to include only those patients with
insurance payers that have a history of reimbursement for the
MyoPro."

Cash Position and Silicon Valley Bank Update

Cash and cash equivalents as of Dec. 31, 2022 were $5.3 million.
Cash used in operating activities was $2.4 million for the fourth
quarter of 2022 and $10.2 million for the full year 2022.  In
January 2023, the Company completed an offering of common stock and
pre-funded warrants that generated net proceeds of approximately
$5.7 million.  The Company plans to reduce its cash burn in 2023
through a combination of revenue growth and the impact of the
aforementioned actions.

On March 10, 2023, Silicon Valley Bank ("SVB") was placed under
receivership with the Federal Deposit Insurance Corporation.  The
Company conducted its commercial banking through SVB.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1369290/000095017023007560/myo-20221231.htm

                            About Myomo

Headquartered in Cambridge, Massachusetts, Myomo, Inc. --
http://www.myomo.com-- is a wearable medical robotics company that
offers expanded mobility for those suffering from
neurologicaldisorders and upper limb paralysis.  Myomo develops and
markets the MyoPro product line.  MyoPro is a powered upper limb
orthosis designed to support the arm and restore function to the
weakened or paralyzed arms of patients suffering from CVA stroke,
brachial plexus injury, traumatic brain or spinal cord injury, ALS
or other neuromuscular disease or injury.


NEOVASC INC: Shareholders Approve Acquisition by Shockwave Medical
------------------------------------------------------------------
Neovasc Inc. announced its shareholders have approved the
previously announced acquisition of all of the outstanding common
shares of the Company by Shockwave Medical, Inc., by way of a
statutory plan of arrangement at the special meeting of
Shareholders held March 6, 2023.

The special resolution approving the Arrangement was approved by:
(i) 97.36% of the votes cast by the shareholders of the Company
present in person or represented by proxy at the Meeting, and (ii)
97.21% of the votes cast by Shareholders, other than those
Shareholders required to be excluded pursuant to Multilateral
Instrument 61-101 - Protection of Minority Security Holders in
Special Transactions, present in person or represented by proxy at
the Meeting.

The Arrangement remains subject to the approval of the Supreme
Court of British Columbia and the satisfaction or waiver of other
customary closing conditions.  Until the closing of the
Arrangement, the parties remain separate independent companies.
Following completion of the Arrangement, the Shares will be
delisted from the Toronto Stock Exchange and the Nasdaq Capital
Market.  An application will also be made for the Company to cease
to be a reporting issuer in the applicable jurisdictions following
completion of the Arrangement.  The Company will also deregister
the Shares under the U.S. Securities Exchange Act of 1934, as
amended.

                        About Neovasc Inc.

Neovasc -- www.neovasc.com -- is a specialty medical device company
that develops, manufactures and markets products for the rapidly
growing cardiovascular marketplace.  The Company develops minimally
invasive transcatheter mitral valve replacement technologies, and
minimally invasive devices for the treatment of refractory angina.
Its products include the Neovasc Reducer, for the treatment of
refractory angina, which is not currently commercially available in
the United States (2 U.S. patients have been treated under
Compassionate Use) and has been commercially available in Europe
since 2015, and Tiara, for the transcatheter treatment of mitral
valve disease, which is currently under clinical investigation in
the United States, Canada, Israel and Europe.

Neovasc reported a net loss of $24.89 million for the year ended
Dec. 31, 2021, following a net loss of $28.70 million for the year
ended Dec. 31, 2020. As of Sept. 30, 2022, the Company had US$44.57
million in total assets, US$16.51 million in total
liabilities, and US$28.06 million in total equity.

Vancouver, Canada-based Grant Thornton LLP, the Company's auditor
since 2002, issued a "going concern" qualification in its report
dated March 9, 2022, citing that the Company incurred a
comprehensive loss of $25.2 million during the year ended Dec. 31,
2021. These conditions, along with other matters, raise substantial
doubt about the Company's ability to continue as a
going concern as at Dec. 31, 2021.


NINE ENERGY: Swings to $14.4 Million Net Income in 2022
-------------------------------------------------------
Nine Energy Service, Inc. has filed with the Securities and
Exchange Commission its Annual Report on Form 10-K disclosing net
income of $14.39 million on $593.38 million of revenues for the
year ended Dec. 31, 2022, compared to a net loss of $64.57 million
on $349.42 million of revenues for the year ended Dec. 31, 2021.

As of Dec. 31, 2022, the Company had $426.83 million in total
assets, $450.34 million in total liabilities, and a total
stockholders' deficit of $23.51 million.

"2022 was a strong year for the oilfield services space, and Nine
was able to capitalize on an improving market," said Ann Fox,
president and chief executive officer, Nine Energy Service.  "Price
increases across our service lines, as well as increased volumes
within completion tools, enabled us to drive strong incremental
margins throughout the year.  Year-over-year, we increased our
revenue by approximately 70%, net income by over 5 times and
adjusted EBITDA by over 17 times.  This is solid growth, especially
when considering the simultaneous navigation of inflationary
pressures, labor constraints and new hire employee turnover."

"I am also very pleased with our team's disciplined approach to
managing liquidity and de-levering throughout the year,
contributing to the successful execution of our refinancing in
January.  The new capital structure allows for more optionality to
unlock equity value and we intend to continue to use any free cash
flowC to de-lever moving forward."

"Our operational team continued to perform very well in 2022,
growing our U.S. market share of percentage of stages completed
from approximately 18% in 2021 to approximately 20% in 2022.  In
cementing, we grew our market share of rigs followed within the
basins we operate from approximately 17% in 2021 to approximately
19% in 2022.  The cementing division increased the total number of
jobs completed by approximately 50% year over year, while also
increasing the average price per job by over 30%.  We remain
extremely happy with the performance of our dissolvable plug,
increasing the total number of Stinger Dissolvable units sold by
approximately 42% year-over-year."

"Nine has made a substantial commitment to ESG through the
development of internal policies, procedures, and data collection,
as well as investment in new technologies that help our customers
reduce their GHG emissions.  We have also made it a priority to
invest in technologies that both drive profitability for Nine and
reduce emissions.  In 2022, we converted 2 hydraulic wireline units
to electric, and have made a commitment to convert 4 more wireline
units in 2023.  I also want to recognize the incredible employees
who have led Nine through so many ups and downs, always keeping the
reputation, service quality and integrity of the Company intact.
Once again, we ended the year with an excellent safety score, with
a Total Recordable Incident Rate of 0.41."

"In 2023 we anticipate total U.S. E&P capex to increase by double
digits over 2022 and that operators will need to drill more wells
to keep production flat.  Oilfield service equipment and labor
availability remain constrained, and similar to the upstream sector
our sector is adopting capital discipline.  This cycle may prove to
be more sustainable due to the changes in both access to capital
and the more disciplined deployment of it."

"Q1 activity levels thus far are down compared to Q4, with the U.S.
rig count declining by 30 rigs since the end of 2022.
Additionally, Nine lost between 1-5 days of operations, depending
on the service line, to inclement weather requiring us to carry the
cost of labor with no matching revenues.  As a result of this, we
expect Q1 revenue to be slightly down sequentially to Q4."

"Nine is well positioned to take advantage of this sustained cycle
with both geographic and service line diversity, as well as more
differentiated service lines with domestic and international
pathways to growth.  Management believes maintaining a strong
balance sheet is critical and generating free cash flow and
de-levering will continue to be one of Nine's top priorities."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1532286/000153228623000005/nine-20221231.htm

                     About Nine Energy Service

Headquartered in Houston, Texas, Nine Energy Service, Inc. is a
completion services provider that targets unconventional oil and
gas resource development across North American basins and abroad.
The Company partners with its exploration and production customers
to design and deploy downhole solutions and technology to prepare
horizontal, multistage wells for production.

Nine Energy reported a net loss of $64.58 million for the year
ended Dec. 31, 2021, compared to a net loss of $378.95 million for
the year ended Dec. 31, 2020.  As of Sept. 30, 2022, the Company
had $407.47 million in total assets, $439.56 million in total
liabilities, and a total stockholders' deficit of $32.08 million.

As reported by the TCR on Feb. 9, 2023, Moody's Investors Service
upgraded Nine Energy Service, Inc.'s Corporate Family Rating to
Caa1 from Caa3 and changed the outlook to stable from rating on
review. The upgrade of Nine Energy's ratings reflects the company's
refinancing, which extends its debt maturity profile, and an
improved oilfield services industry environment. Meanwhile, the
stable outlook reflects Moody's expectation that Nine will maintain
improved leverage and adequate liquidity.

                              *  *  *

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


OCEAN POWER: Incurs $6.1 Million Net Loss in Third Quarter
----------------------------------------------------------
Ocean Power Technologies, Inc. has filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q disclosing a
net loss of $6.10 million on $734,000 of revenues for the three
months ended Jan. 31, 2023, compared to a net loss of $5.47 million
on $484,000 of revenues for the three months ended Jan. 31, 2022.

For the nine months ended Jan. 31, 2023, the Company reported a net
loss of $16.78 million on $1.75 million of revenues compared to a
net loss of $13.72 million on $1 million of revenues for the nine
months ended Jan. 31, 2022.

As of Jan. 31, 2023, the Company had $59.04 million in total
assets, $6.10 million in total liabilities, and $52.94 million in
total shareholders' equity.

Philipp Stratmann, OPT's president and chief executive officer,
commented, "We continue to make meaningful progress towards our
commercial efforts, including increasing our pipeline of
feasibility studies, demonstrations, and platform sales activity.
This development has been largely driven by our autonomous vehicles
and Data-as-a-Service business lines.  We are pleased to be well
ahead of our order and revenue performance as compared to last
year, however, we remain keenly focused on achieving our $9.0
million order target.  Our sales team is working diligently to
convert our growing pipeline into executed orders.  Despite the
challenging current macro environment, and our involvement in
multi-party contracting, we remain encouraged by the fact that our
level of commercial activity is the highest that it has been in our
history."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/0001378140/000149315223007434/form10-q.htm

                     About Ocean Power Technologies

Headquartered in Monroe Township, New Jersey, Ocean Power
Technologies, Inc. -- http://www.oceanpowertechnologies.com--
provides intelligent maritime solutions and services that enable
safer, cleaner, and more productive ocean operations for the
defense and security, oil and gas, science and research, and
offshore wind markets.  Its PowerBuoy platforms provide clean and
reliable electric power and real-time data communications for
remote maritime and subsea applications.  The Company also provides
WAM-V autonomous surface vessels (ASV) and marine robotics services
through its wholly owned subsidiary Marine Advanced Robotics and
strategic consulting services including simulation engineering,
software engineering, concept design and motion analysis through
its wholly owned subsidiary 3Dent.

Ocean Power reported a net loss of $18.87 million for the 12 months
ended April 30, 2022, a net loss of $14.76 million for the 12
months ended April 30, 2021, a net loss of $10.35 million for the
12 months ended April 30, 2020, and a net loss of $12.25 million
for the 12 months ended April 30, 2019.


OMNIQ CORP: Deploying Parking and Security Solution to 4 Airports
-----------------------------------------------------------------
OMNIQ Corp. announced that the Company is deploying its AI-enhanced
parking and security solution to four (4) additional airports
bringing its total deployment to 57 Airports across the country.

omniQ's Machine Vision AI based patented proprietary technology is
based on Neural Network algorithm developed by omniQ's scientists
and selected time after time to serve strategic missions for public
security, increasing automation and improving quality of life in
the most sensitive areas of transportation.

CEO Shai Lustgarten stated "We are honored to be selected once
again to deploy our AI based Machine Vision solution in four (4)
more major Airports in the US, this time in both Texas and
California. One of the Texas deployments will include 100 lanes at
an International Airport with 5 terminals and 161 total gates,
handling over 30 million passengers per year and is the fourth
largest multi-airport system in the US and the ninth busiest
commercial airport in the country.  In addition we are deploying to
another key Airport in Texas as well as two (2) significant
Airports in California.  Secure parking access with high accuracy
and equally high speed through vehicle recognition is an important
component to both public safety, revenue management and the overall
customer experience.  We are happy to have these additional
airports join our growing list of over 50 airports served by our
company and partners including locations like JFK, EWR, PHL, ATL,
MIA, DFW, CMH, KCI and LAX."

                        About omniQ Corp.

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

Omniq reported a net loss of $13.14 million for the year ended Dec.
31, 2021, a net loss of $11.50 million for the year ended Dec. 31,
2020, and a net loss attributable to the company's common
stockholders $5.31 million.  As of Sept. 30, 2022, the Company had
$70.34 million in total assets, $77.91 million in total
liabilities, and a total deficit of $7.56 million.


OUTPUT SERVICES: Goldman Sachs Marks $3.8M Loan at 33% Off
----------------------------------------------------------
Goldman Sachs BDC, Inc has marked its $3,855,000 loan extended to
Output Services Group, Inc. to market at $2,593,000 or 67% of the
outstanding amount, as of December 31, 2022, according to a
disclosure contained in Goldman Sachs' Form 10-K for the fiscal
year ended December 31, 2022, filed with the Securities and
Exchange Commission on February 23, 2023.

Goldman Sachs BDC, Inc. is a participant in a First Lien Senior
Secured Debt to Output Services Group, Inc. The loan accrues
interest at a rate of 9.8% (S+5.25%, Incl. 1.50% Payment In Kind))
per annum. The loan matures on June 29, 2026.

Goldman Sachs BDC, Inc. was initially established as Goldman Sachs
Liberty Harbor Capital, LLC, a single member Delaware limited
liability company, on September 26, 2012 and commenced operations
on November 15, 2012 with The Goldman Sachs Group, Inc. as its sole
member. On March 29, 2013, the Company elected to be regulated as a
business development company under the Investment Company Act of
1940, as amended. Effective April 1, 2013, the Company converted
from a SMLLC to a Delaware corporation.

In addition, the Company has elected to be treated as a regulated
investment company under Subchapter M of the Internal Revenue Code
of 1986, as amended, commencing with its taxable year ended
December 31, 2013. Goldman Sachs Asset Management, L.P., a Delaware
limited partnership and an affiliate of Goldman Sachs & Co. LLC, is
the investment adviser of the Company.

Output Services Group, Inc. offers printing services.   



PHASE ONE SERVICES: Seeks to Hire Lane Law Firm as Counsel
----------------------------------------------------------
Phase One Services, LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of Texas to employ The Lane Law
Firm, PLLC as its bankruptcy counsel.

The Debtor requires legal counsel to:

     (a) give advice regarding the administration of the Debtor's
Chapter 11 case;

     (b) assist the Debtor in analyzing its assets and liabilities,
investigate the extent and validity of lien and claims, and
participate in and review any proposed asset sales or
dispositions;

     (c) attend meetings and negotiate with representatives of
secured creditors;

     (d) assist the Debtor in the preparation, analysis and
negotiation of any plan of reorganization and disclosure
statement;

     (e) take all necessary action to protect and preserve the
interests of the Debtor;

     (f) appear, as appropriate, before the bankruptcy court, the
appellate courts and other courts in which matters may be heard;
and

     (g) perform all other necessary legal services.

The firm will be paid at these rates:

     Robert C. Lane, Partner               $550 per hour
     Joshua Gordon, Partner                $500 per hour
     Associate Attorneys           $350 to $400 per hour
     Paralegals/Legal Assistants   $125 to $175 per hour

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

The firm received a retainer in the amount of $20,000 from the
Debtor.

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

The firm can be reached through:

     Robert C. Lane, Esq.
     Joshua D. Gordon, Esq.
     The Lane Law Firm, PLLC
     6200 Savoy, Suite 1150
     Houston, TX 77036
     Telephone: (713) 595-8200
     Facsimile: (713) 595-8201
     Email: notifications@lanelaw.com
            Joshua.gordon@lanelaw.com

                     About Phase One Services

Phase One Services, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No.
23-30835) on March 8, 2023, with up to $1 million in both assets
and liabilities. Jarrod B. Martin has been appointed as Subchapter
V trustee.

Judge Marvin Isgur oversees the case.

Robert C. Lane, Esq., at The Lane Law Firm represents the Debtor as
bankruptcy counsel.


PLOURDE SAND: Court OKs Cash Collateral Access Thru May 31
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Hampshire
authorized Plourde Sand & Gravel Co., Inc. to use cash collateral
in accordance with the budget through May 31, 2023.

The court said the Debtor may use and expend cash collateral to pay
the costs and expenses incurred by the Debtor in the ordinary
course of business and make adequate protection payments to the
extent provided for in the Budget.

The U.S. Internal Revenue Service and GreenLake Real Estate Fund,
LLC are granted the adequate protection for the value of their
liens in, to or on the Debtor's interest in cash collateral.

Beginning in March 30, 2023, the Debtor will pay to William S.
Gannon PLLC, Debtor's counsel in escrow, the monthly sum of
$26,157.

GreenLake Real Estate Fund, LLC and the IRS are granted continuing,
valid, binding, enforceable and automatically perfected liens on
the Debtor's property acquired post-petition, excluding so-called
Chapter 5 Claims, which liens will be supplemental and in addition
to liens on the Petition Date and will attach to the same types of
property and with the same validity, extent and priority as to
which their respective liens existed prior to the Petition Date.

Each Potential Record Lienholder -- other than IRS and Greenlake
Fund -- are granted a replacement lien in, to and on the Debtor's
post-petition property of the same kinds and types as the
collateral in, to and on which it held valid and enforceable,
perfected liens on the Petition Date as security for any Diminution
in Value of the collateral held by any  Record Lienholder on the
Petition Date which will have and enjoy the same priority as it had
on the Petition Date under applicable state law.

The replacement liens granted will be deemed valid and perfected
notwithstanding any requirements of non-bankruptcy law with respect
to perfection and will be supplemental and in addition to any liens
held on the petition date.

A further hearing on the matter is set for May 25, 2023 at 11 a.m.

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

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

     $124,550 for March 2023;
     $143,550 for April 2023; and
     $153,049 for May 2023.

              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.
Plourde Sand filed for Chapter 11 bankruptcy protection (Bankr.
D.N.H. Case No. 23-10039) on Jan. 30, 2023. 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.


PPT MANAGEMENT: Goldman Sachs Marks 6.3M Loan at 29% Off
--------------------------------------------------------
Goldman Sachs BDC, Inc. has marked its $6,345,000 loan extended to
PPT Management Holdings, LLC.to market at $4,521,000 or71 % of the
outstanding amount, as of December 31, 2022, according to a
disclosure contained in Goldman Sachs' Form 10-K for the fiscal
year ended December 31, 2022, filed with the Securities and
Exchange Commission on February 23, 2023.

Goldman Sachs BDC, Inc. is a participant in a First Lien Senior
Secured Debt to PPT Management Holdings, LLC.. The loan accrues
interest at a rate of L+8.50% (incl. 2.50% Payment In Kind) per
annum. The loan matured last January 20, 2023.

Goldman Sachs BDC, Inc classified the loan as non-accrual.

Goldman Sachs BDC, Inc. was initially established as Goldman Sachs
Liberty Harbor Capital, LLC, a single member Delaware limited
liability company, on September 26, 2012 and commenced operations
on November 15, 2012 with The Goldman Sachs Group, Inc. as its sole
member. On March 29, 2013, the Company elected to be regulated as a
business development company under the Investment Company Act of
1940, as amended. Effective April 1, 2013, the Company converted
from a SMLLC to a Delaware corporation.

In addition, the Company has elected to be treated as a regulated
investment company under Subchapter M of the Internal Revenue Code
of 1986, as amended, commencing with its taxable year ended
December 31, 2013. Goldman Sachs Asset Management, L.P., a Delaware
limited partnership and an affiliate of Goldman Sachs & Co. LLC, is
the investment adviser of the Company.

PPT Management Holdings, LLC is in the Health Care Providers &
Services industry.



RYZE RENEWABLES II: Hits Chapter 11 With $16 Million Debt
---------------------------------------------------------
Alexander Saeedy of The Wall Street Journal reports that a
biodiesel refinery project in Nevada has filed for chapter 11
protection after its plans to repurpose an existing facility went
over-budget.

Las Vegas-based Ryze Renewables II, founded in 2017, defaulted on
taxpayer-backed debt after a technology it adopted to repurpose an
existing biofuels refinery proved to be defective, the company said
in a filing on Thursday with the U.S. Bankruptcy Court in
Delaware.

The company has $186.4 million in debt and it blamed cost overruns
in the construction of its Las Vegas refinery.

                    About Ryze Renewables II

Ryze Renewables II is a Las Vegas-based biodiesel refinery project
founded in 2017.

Ryze Renewables sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 23-10289 on March 9, 2023.
In the petition filed by Klaus Gerber, as chief restructuring
officer, the Debtor listed estimated assets and liabilities between
$100 million and $500 million each.

The Debtor is represented by:

   Elizabeth Soper Justison, Esq.
   Young Conaway
   5233 E. El Campo Grande Ave
   Las Vegas, NV 89115


RYZE RENEWABLES II: March 20 Deadline Set for Panel Questionnaires
------------------------------------------------------------------
The United States Trustee is soliciting members for committee of
unsecured creditors in the bankruptcy case of Ryze Renewables II,
LLC and its affiliates.

If a party wishes to be considered for membership on any official
committee that is appointed, it must complete a questionnaire
available at https://bit.ly/3Tme5rN and return by email it to John
Schanne -- John.Schanne@usdoj.gov -- at the Office of the United
States Trustee so that it is received no later than 4:00 p.m., on
March 20, 2023.

If the U.S. Trustee receives sufficient creditor interest in the
solicitation, it may schedule a meeting or telephone conference for
the purpose of forming a committee.

                About Ryze Renewables

Ryze Renewables II, LLC and Ryze Renewables Las Vegas, LLC were
formed in 2017 in connection with the planned repurposing of an
existing biofuels refinery located in Las Vegas, Nevada that, once
complete, will have the capacity to produce 7,500 barrels of
renewable diesel per day by converting non-edible renewable and
waste feedstocks to premium low-carbon fuels.

Debtors sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Del. Lead Case No. 23-10289) on March 9, 2023.
In the petition signed by Klaus Gerber as chief restructuring
officer, the Debtor disclosed up to $100 million to $500 million in
both assets and liabilities.

Judge Mary F. Walrath oversees the case.

The Debtors tapped Young Conaway Stargatt & Taylor, LLP as legal
counsel; Paul, Weiss, Rifkind, Wharton, & Garrison LLP as
restructuring counsel, Stinson LLP as special construction counsel,
Alvarez & Marsal North America, LLC as CRO provider, Guggenheim
Partners, LLC as investment banker, and Stretto as notice, claims &
balloting agent and administrative advisor.


SILVER STATE: Court Okays Appointment of Chapter 11 Trustee
-----------------------------------------------------------
Judge August Landis of the U.S. Bankruptcy Court for the District
of Nevada approved the appointment of Michael Carmel, Esq., a
practicing attorney in Phoenix, Ariz., as the Chapter 11 trustee
for Silver State Broadcasting, LLC and its affiliates.

The appointment comes upon the application filed by the U.S.
Trustee for Region 17 to appoint a bankruptcy trustee in the
Chapter 11 cases of the companies.

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

                  About Silver State Broadcasting

Las Vegas-based Silver State Broadcasting, LLC and its affiliates
run an independent radio broadcasting company. Three of the radio
stations (KFRH, KREV and KRCK-FM) are the primary assets.

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

Judge August B. Landis oversees the cases.

Stephen R. Harris, Esq., at Harris Law Practice, LLC and Wood &
Maines, P.C. serve as the Debtors' bankruptcy counsel and special
counsel, respectively.

The Debtors filed their disclosure statement and proposed plan to
exit Chapter 11 protection on May 2, 2022.


STIMWAVE TECHNOLOGIES: Pays $10M to Avoid Suit; Ex-CEO Charged
--------------------------------------------------------------
Damian Williams, the United States Attorney for the Southern
District of New York, Michael J. Driscoll, the Assistant Director
in Charge of the New York Field Office of the Federal Bureau of
Investigation ("FBI"), and Fernando P. McMillan, the Special Agent
in Charge of the New York Field Office of the U.S. Food and Drug
Administration – Office of Criminal Investigations ("FDA-OIC"),
announced March 9, 2023, the filing of a two-count Indictment (the
"Indictment") charging Laura PERRYMAN, the former Chief Executive
Officer ("CEO") of STIMWAVE LLC, a Florida-based medical device
company, in connection with a scheme to create and sell a
non-functioning dummy medical device for implantation into patients
suffering from chronic pain, resulting in millions of dollars in
losses to federal healthcare programs.  

PERRYMAN was arrested March 9 in Delray Beach, Florida, and was
presented in the United States District Court for the Southern
District of Florida.  

In addition, Mr. Williams announced the unsealing of a
non-prosecution agreement (the "Agreement") with STIMWAVE LLC
("STIMWAVE"), which filed for bankruptcy on June 15, 2022.  The
Agreement was entered into on October 29, 2022, and was sealed by
the United States Bankruptcy Court for the District of Delaware,
pending the Government's ongoing investigation.  Under the terms of
the Agreement, STIMWAVE has accepted responsibility for its conduct
by, among other things: (i) making admissions and stipulating to
the accuracy of an extensive Statement of Facts; (ii) paying a
$10,000,000 monetary penalty; and (iii) maintaining an adequate
compliance program, to include employing a Chief Compliance Officer
and holding regular compliance committee meetings.  STIMWAVE is
also required to cooperate fully with the Government.  STIMWAVE's
obligations under the Agreement will continue for a period of three
years from the date of execution of the Agreement.   

The U.S. Attorney's Office also unsealed a civil fraud lawsuit
filed against STIMWAVE under the False Claims Act ("FCA"), and the
parties' settlement of that suit (the "FCA Settlement").  The
settlement has been submitted to United States District Judge
George B. Daniels for approval.  In connection with the FCA
Settlement, STIMWAVE admitted and accepted responsibility for
conduct alleged in the Government's civil complaint and agreed to
pay $8,600,000 to the United States.  This payment will be credited
towards the $10,000,000 monetary penalty.  The civil complaint also
brings claims against PERRYMAN under the FCA, which are pending.

U.S. Attorney Damian Williams said: "As alleged, at the direction
of its founder and CEO Laura Perryman, Stimwave created a dummy
medical device component — made entirely of plastic — designed
to be implanted in patients for the sole purpose of causing doctors
to unwittingly bill Medicare and private insurance companies more
than $16,000 for each implantation of the piece of plastic.  The
defendant and Stimwave did this so that they could charge medical
providers many thousands of dollars for purchasing their medical
device.  Our Office will continue to do everything in its power to
bring to justice anyone responsible for perpetuating health care
fraud, which in this case led to patients being used as nothing
more than tools for financial enrichment."

FBI Assistant Director Michael J. Driscoll said: "Ms. Perryman, as
the Chief Executive Officer of Stimwave, allegedly led a scheme to
sell medical devices that contained a non-functioning component
that doctors unwittingly implanted into patients suffering from
chronic pain.  As a result of her illegal actions, not only did
patients undergo unnecessary implanting procedures, but Medicare
was defrauded of millions of dollars.  Today's action demonstrates
the FBI's continuing commitment to protect Medicare and other
government programs from financial fraud and abuse."

FDA-OIC Special Agent in Charge Fernando P. McMillan said:
"Individuals and companies that manufacture and distribute medical
devices with non-functional components put the health of patients
at significant risk.  We will continue to pursue and bring to
justice those who jeopardize the health of their patients and of
the public."

According to the documents unsealed March 9 in Manhattan federal
court and the United States Bankruptcy Court for the District of
Delaware:

   * STIMWAVE was a medical device company that manufactured and
distributed implantable neurostimulation devices designed to treat
intractable, chronic pain.  Founded in 2010 by PERRYMAN and others,
STIMWAVE was headquartered in Pompano Beach, Florida.

   * STIMWAVE was founded on the premise that its products would
provide non-opioid alternatives to chronic pain management.  As the
founder and CEO of STIMWAVE, PERRYMAN oversaw the design of the
StimQ PNS System (the "Device"), a neurostimulator medical device
that treated chronic pain by producing electrical currents to
target peripheral nerves outside the spinal cord.  From at least in
or about 2017 up to and including her termination in or about 2019,
PERRYMAN, as STIMWAVE's CEO, engaged in a multi-year scheme (the
"Scheme") to design, create, manufacture, and market an inert,
non-functioning component of the Device — called the "White
Stylet" -- that served no medical purpose but was included with the
Device through in or about 2020 in order to make the product
financially viable for doctors to purchase.

   * When STIMWAVE originally brought the Device to market in or
about 2017, it contained three primary components: (i) an
implantable electrode array (the "Lead") that stimulated the nerve;
(ii) an externally worn battery that sat outside the body and
wirelessly provided power to the Lead through the patient's skin
(the "Battery"); and (iii) a separate implantable receiver
measuring approximately 23 centimeters in length with a distinctive
pink handle -- called the "Pink Stylet."  The Pink Stylet contained
copper and, unlike the White Stylet, functioned as a receiver to
transmit energy from the Battery to the Lead.

   * STIMWAVE sold the Device to doctors and medical providers for
over approximately $16,000.  Medical insurance providers, including
Medicare, would reimburse medical practitioners for implanting the
Device into patients through two separate reimbursement codes, one
for implantation of the Lead and a second for implantation of the
Pink Stylet.  The billing code for implanting the Lead provided for
reimbursement at a rate of between approximately $4,000 and $6,000,
while the billing code for implanting a receiver, like the Pink
Stylet, provided for reimbursement at a rate of between
approximately $16,000 and $18,000.

   * Soon after the Device was released, physicians informed
STIMWAVE that they were having trouble implanting the Pink Stylet
in certain patients because the Pink Stylet was too long.  STIMWAVE
and PERRYMAN knew that the Pink Stylet could not be cut or trimmed
to shorten it without interfering with the functionality of the
Pink Stylet as a receiver, and without a receiver component for
doctors to implant and seek reimbursement for, doctors would incur
a substantial financial loss with every purchase of the Device,
thereby making it more difficult for STIMWAVE to sell the Device to
doctors and medical providers at the approximately $16,000 price.

   * However, STIMWAVE -- at the direction of PERRYMAN -- did not
lower the price of the Device so that its cost to doctors and
medical providers could be covered by reimbursement for the
implantation of only the Lead, nor did PERRYMAN recommend that
doctors not implant the Device or its receiver component in cases
where the Pink Stylet could not fit comfortably.  Instead, PERRYMAN
directed that STIMWAVE create the White Stylet -- a dummy component
made entirely of plastic that served no medical purpose but which
STIMWAVE misrepresented to doctors as a customizable receiver
alternative to the Pink Stylet.  The White Stylet could be cut to
size by the doctor for use in smaller anatomical spaces and was
created solely so that doctors and medical providers would continue
to purchase the Device for use in those scenarios and continue to
bill for the implantation of a receiver component.  To perpetuate
the lie that the White Stylet was functional, PERRYMAN oversaw
training that suggested to doctors that the White Stylet was a
"receiver," when, in fact, it was made entirely of plastic,
contained no copper, and therefore had no conductivity.  In
addition, PERRYMAN directed other STIMWAVE employees to vouch for
the efficacy of the White Stylet, when she knew that the White
Stylet was actually non-functional.

   * As a result of these misrepresentations regarding the
functionality of the White Stylet, PERRYMAN caused doctors and
medical providers to unwittingly implant the non-functional White
Stylet into patients and submit fraudulent reimbursement claims for
implantation of the White Stylet to Medicare, resulting in millions
of dollars in losses to the federal government.

On June 15, 2022, STIMWAVE filed for bankruptcy in Delaware under
Chapter 11 of the Bankruptcy Code, through which it sold
substantially all of its assets to a third-party through an
auction.

               *                *                *

PERRYMAN, 54, of Delray Beach, Florida, has been charged with one
count of conspiracy to commit wire fraud and health care fraud,
which carries a maximum potential sentence of 20 years in prison,
and one count of health care fraud, which carries a maximum
potential sentence of 10 years in prison.

The maximum potential sentences are prescribed by Congress and are
provided here for informational purposes only, as any sentencing of
the defendant will be determined by the judge.

Mr. Williams praised the investigative work of the FBI and thanked
the FDA for its assistance.

The criminal case is being handled by the Complex Frauds and
Cybercrime Unit of the Office’s Criminal Division.  Assistant
U.S. Attorneys Louis A. Pellegrino, Jacob M. Bergman, and Mónica
P. Folch are in charge of the prosecution.  The civil case against
STIMWAVE and PERRYMAN is being handled by the Civil Frauds Unit of
the Office’s Civil Division.  Assistant U.S. Attorneys Jacob M.
Bergman and Mónica P. Folch are in charge of the civil case.

The charges contained in the Indictment are merely accusations, and
the defendant is presumed innocent unless and until proven guilty.

                 About Stimwave Technologies

Stimwave Technologies Incorporated and Stimwave LLC manufacture,
distribute, and provide ongoing support for implantable, minimally
invasive neurostimulators, which are used as a treatment for
chronic intractable pain.

The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr.  D. Del. LeaD Case No. 22-10541) on June
15, 2022. In the petition signed by Aure Bruneau, as manager, the
Debtors disclosed up to $100 million in assets and up to $50
million in liabilities.

Young Conaway Stargatt and Taylor, LLP and Gibson, Dunn and
Crutcher LLP serve as the Debtors' legal counsel.

The Debtors also tapped Honigman LLP and Jones Day as special
counsel; Riverson RTS, LLC as financial advisor; and GLC Advisors
and Co., LLC and GLCA Securities, LLC as investment bankers.  Kroll
Restructuring Administration is the Debtors' administrative advisor
and notice, claims, solicitation and balloting agent.

On July 6, 2022, the U.S. Trustee for Region 3 appointed an
official committee of unsecured creditors in these cases.  Culhane
Meadows, PLLC and Province, LLC serve as the committee's legal
counsel and financial advisor, respectively.


TD HOLDINGS: Swings to $4.5 Million Net Income in 2022
------------------------------------------------------
TD Holdings, Inc. has filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing net income
attributable to the Company's stockholders of $4.52 million on
$156.83 million of total revenues for the year ended Dec. 31, 2022,
compared to a net loss attributable to the Company's stockholders
of $940,357 on $201.13 million of total revenues for the year ended
Dec. 31, 2021.

As of Dec. 31, 2022, the Company had $363.10 million in total
assets, $65.12 million in total liabilities, and $297.97 million in
total shareholders' equity.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/0001556266/000121390023019239/f10k2022_tdholdingsinc.htm

                      About TD Holdings

Headquartered in Shenzhen, Guangdong, PRC, TD Holdings, Inc. --
visit http://ir.tdglg.com--is a service provider currently
engaging in commodity trading business and supply chain service
business in China.  Its commodities trading business primarily
involves purchasing non-ferrous metal product from upstream metal
and mineral suppliers and then selling to downstream customers.
Its supply chain service business primarily has served as a
one-stop commodity supply chain service and digital intelligence
supply chain platform integrating upstream and downstream
enterprises, warehouses, logistics, information, and futures
trading.

                            *   *   *

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


THREE ARROWS: 3AC, CoinFLEX Founders Launch OPNX
------------------------------------------------
Oliver Knight of Coin Desk reports that Zhu Su and Kyle Davies, the
founders of bankrupt hedge fund Three Arrows Capital, last month
teamed with the co-founders of troubled crypto exchange CoinFLEX to
create Open Exchange, calling it the "world's first public market
place for crypto claims trading and derivatives."

The exchange, abbreviated to OPNX, will feature zero-proof audits
for user balances and a portfolio margin feature that was pioneered
by FTX, OPNX CEO Leslie Lamb said Thursday, March 9, 2023, morning
on a Twitter Spaces discussion. Users will also be able to use
bankruptcy claims as margin as well as selling them on a public
order book, Lamb added.

FLEX, the native token of CoinFLEX, which recently received
approval from the Seychelles court for a restructuring plan, is
currently trading at $1.75 after rising by 0.78% in the past 24
hours.

Su and Davies' journey as a pair of well-regarded crypto fund
managers came to a head during last year's market crash when their
Three Arrows Capital's long-only strategy backfired following the
$60 billion collapse of the Terra ecosystem. The fund was then
liquidated, prompting market contagion that spread to almost all
crypto lenders.

The OPNX platform will allow investors to purchase bankruptcy
claims across the crypto market that may mature over the coming
years. FTX claims, for instance, are currently trading at around 20
cents on the dollar on over-the-counter (OTC) markets.

Open Exchange was launched in February 2023 as a platform for
trading what it says is a $20 billion market for crypto-related
bankruptcy claims.

                    About Three Arrows Capital

Three Arrows Capital Ltd. was an investment firm engaged in
short-term opportunities trading, and is heavily invested in
cryptocurrency, funded through borrowings.  As of April 2022, the
Debtor was reported to have over $3 billion of assets under its
management.

Three Arrows Capital Ltd. was incorporated as a business company
under the laws of the British Virgin Islands.  Its sole shareholder
owning all of its "management shares" is Three Arrows Capital Pte.
Ltd., which previously operated as a regulated fund manager in
Singapore until 2021, when it shifted its domicile to the BVI, as
part of a global corporate plan to relocate operations to Dubai.  

The Debtor borrowed digital and fiat currency from multiple lenders
to fund its cryptocurrency investments. After cryptocurrency lost
99% of its value, and then prices of other cryptocurrencies had
rapid declines, the Debtor reportedly defaulted on its
obligations.

On June 24, 2022, one of the Debtor's many creditors -- DRB Panama
Inc. -- filed an application to appoint joint provisional
liquidators -- and thereafter, full Liquidators -- in the Eastern
Caribbean Supreme Court in the High Court of Justice (Commercial
Division) located in BVI. The application was assigned claim
number
VIHCOM2022/0117.

Subsequently, on June 27, 2022, the Debtor filed its own
application for the appointment of joint liquidators before the BVI
Commercial Court.

On June 29, 2022, the Honorable Mr. Justice Jack of the BVI
Commercial Court appointed Russell Crumpler and Christopher Farmer
of Teneo (BVI) Limited as joint liquidators of Three Arrows Capital
Ltd.


TOP LINE GRANITE: Court OKs Cash Collateral Access Thru April 4
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Massachusetts
authorized Top Line Granite Design Inc. to use cash collateral
under the same terms and conditions provided in prior court orders,
through April 4, 2023.

A hearing on the matter is set for April 4 at 11:30 a.m.

As previously reported by the Troubled Company Reporter, the Debtor
was permitted to use of cash collateral in the ordinary course of
its business to pay all reasonable expenses necessary to maintain
and continue usual business operations.

As adequate protection, lienholders were granted post-petition
replacement liens and security interests in property of the
Debtor's estate, to the extent of valid perfected security
interests as of the Petition Date not subject to avoidance, in an
amount equivalent to the amount of cash collateral expended by the
Debtor, of the same type, in the same nature and to the same extent
as the Lienholders had in the assets pre-petition to the extent the
Lienholders held validly perfected and unavoidable liens and
security interests as of the Petition Date.

The Post-petition Liens will only secure the amount of any
diminution in the value of the Lienholders' prepetition collateral
constituting cash collateral resulting from the Debtor's use
thereof in the operation of the Debtor's business in the
Post-petition Period.

The Post-petition Liens will have the same priority, validity, and
enforceability as the Lienholders' liens on their pre-petition
collateral.

As further adequate protection, to the extent funds are available,
the Debtor was authorized to make monthly adequate protection
payments to the Lienholders.

A copy of the order is available at https://bit.ly/3YGRJ5l from
PacerMonitor.com.

                About Top Line Granite Design Inc.

Top Line Granite Design Inc. is a manufacturer of cut stone and
stone products.  Top Line offers a selections of kitchen granite,
marble and quartz.

Top Line sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Mass. Case No. 22-40216) on March 25, 2022. In the
petition signed by Edmilson Ramos, president, the Debtor disclosed
up to $10 million in assets and up to $50 million in liabilities.

Judge Christopher J. Panos oversees the case.

Alan L. Braunstein, Esq., at Riemer and Braunstein LLP is the
Debtor's counsel.



TOTAL URBAN: Unsecureds Will Get 1.45% of Claims in 60 Months
-------------------------------------------------------------
Total Urban Forestry, LLC, filed with the U.S. Bankruptcy Court for
the Middle District of Florida a Plan of Reorganization under
Subchapter V dated March 9, 2023.

The Debtor is a limited liability company formed under the laws of
the State of Florida. It has one member and the corporate entity
operates a tree removal business in central Florida.

This Plan provides for 6 classes of secured claims and 1 class of
unsecured claims. Unsecured creditors holding allowed claims will
receive distribution under this Plan as determined by Section
1129(a)(15) and pursuant to this Plan. This Plan also provides for
the payment of administrative and priority claims either upon the
effective date of the Plan, as agreed or as allowed under the
Bankruptcy Code.

Class 10 consists of General Unsecured Claims. Specifically, this
Class consists of General Unsecured Claim of the Internal Revenue
Service, Unsecured portion of Clardy Oil Company, and all other
general unsecured creditors. The holders of Class 10 General
Unsecured Claims shall receive 1.45% of the amount owed
pre-petition in 60 months, paid in at a total of $200.00 per month
commencing on the effective date of the Plan.

There shall be no distribution on account of disputed claims until
such objection or dispute is resolved by final Order. The Debtor
shall, however, reserve funds to make the proportionate
distribution to such creditors until such time as all claims
objections have been finally determined. All funds reserved on
account of disallowed claims shall be distributed pro-rata to the
holders of allowed unsecured claims at the conclusion of the claims
objection process.

All members of the Debtor in Class 11 shall retain their full
equity interest in the same amounts, percentages, manner and
structure as existed on the petition date. Class 11 is unimpaired
by the Plan. All holders of Class 11 are not entitled to vote to
accept or reject the plan.

Consensual Plan Treatment:

The liquidation value or amount that unsecured creditors would
receive in a hypothetical chapter 7 case is $0.00. However, the
Debtor is proposing to pay these creditors 1.45%. Payments will be
made in equal monthly installments totaling $12,000.00 over 60
months. Pursuant to Section 1191 of the Bankruptcy Code, the value
to be distributed to unsecured creditors is greater than the
Debtor's projected disposable income to be received in the 3-year
period beginning on the date that the first payment is due under
the Plan.

Nonconsensual Plan Treatment:

The liquidation value or amount that unsecured creditors would
receive in a hypothetical chapter 7 case is $0.00. However, the
Debtor is proposing to pay these creditors at 1.45%. If the Debtor
remains in possession, plan payments shall include the Subchapter V
Trustee's administrative fee which will be billed hourly at the
Subchapter V Trustee's then current allowable blended rate, which
shall not exceed the Disposable Income. The initial estimated
quarterly payment is $1,000.00.

A full-text copy of the Subchapter V Plan dated March 9, 2023 is
available at https://bit.ly/3mJY8zo from PacerMonitor.com at no
charge.  

Counsel for Debtor:
     
     Rehan N. Khawaja, Esq.
     Bankruptcy Law Offices of Rehan N. Khawaja
     817 North Main Street
     Jacksonville, FL 32202
     Telephone: (904) 355-8055
     Facsimile: (904) 355-8058
     Email: Khawaja@Fla-Bankruptcy.com

                 About Total Urban Forestry

Total Urban Forestry, LLC, is a tree removal business based in
Ocala, Fla.

Total Urban Forestry filed a petition for relief under Subchapter V
of Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
22-01807) on Sept. 8, 2022.  In the petition filed by Joshua
Sanders, manager, the Debtor disclosed between $1 million and $10
million in both assets and liabilities.  Jerrett M. McConnell has
been appointed as Subchapter V trustee.

The Bankruptcy Law Offices of Rehan N. Khawaja serves as the
Debtor's counsel.


UGI INTERNATIONAL: Fitch Affirms LongTerm IDR at 'BB+', Outlook
---------------------------------------------------------------
Fitch Ratings has affirmed UGI International, LLC's (UGII)
Long-Term Issuer Default Rating (IDR) and its senior unsecured debt
at 'BB+'. The Outlook is Stable. The Recovery Rating on the senior
unsecured debt is RR4'.

The affirmation reflects UGII's improved liquidity and Fitch's
expectation that negative contribution of its energy marketing
business will decrease as activity is being wound down and earnings
volatility due to commodity prices recedes. This segment, together
with lower liquefied petroleum gas (LPG) sale volumes, contributed
to lower-than-Fitch-expected EBIDTA during the last two quarters.

UGII's ratings reflect its leading market position as an LPG
distributor in Europe, and solid business model with customer and
supplier diversification. Rating constraints are limited organic
growth potential and its smaller scale relative to investment-grade
peers'.

The Stable Outlook reflects its view of stable operating and cash
flow margins leading to a financial risk profile that is
commensurate with the rating, with gross debt/EBITDA estimated to
remain below 3.0x, supported by UGII's stated financial policy.
This is despite its expectation of continued pressure on LPG sale
volumes and increased capex, including into renewable energy
projects.

KEY RATING DRIVERS

Energy Marketing Weighs on Performance: Performance in financial
year to September 2022 was hit by commodity price volatility that
affected the unhedged portion of fixed-price contracts under energy
marketing. Fitch expects that the progressive wind down of energy
marketing activity as well as decreased volatility in energy
markets will help return Fitch-calculated EBITDA towards USD360
million over the forecast horizon of FY23-FY26 after a contraction
to Fitch-calculated EBITDA of USD314 million in FY22.

Reduced Rating Headroom: Fitch forecasts cash from operations in
excess of USD200 million a year, insufficient to cover UGII's
investments in its legacy portfolio and renewable energy projects,
and dividend distributions in FY23 and FY24. This will result in
further debt drawdowns and reduce EBITDA leverage headroom. Fitch
expects leverage to rise through FY24 to 2.5x-2.7x as the company
continues its capex with limited boost to EBITDA over the medium
term. Fitch expects leverage to moderate in the latter forecast
years as UGII flexes its dividend payments in line with decreasing
rating headroom.

Flexible Dividend Approach: UGII does not have a minimum dividend
policy, and has in the recent past chosen to forgo larger dividend
payments to parent UGI Corp, which adds to its financial
flexibility. Dividends depend on its operating needs, deleveraging
ability and market conditions. This should provide UGII with
appropriate financial flexibility to navigate more volatile market
conditions and higher operating liquidity requirements. Fitch
anticipates UGII will pay at least USD75 million a year in
dividends, based on projected EBITDA.

High Commodity Derivatives Fair Value: UGII has hedging agreements
to manage fluctuations in market price risk associated with
fixed-price contracts. Commodity price volatility in FY22 has
resulted in derivatives fair value increasing to USD1,756 million
from USD1,071 million in FY21, increasing UGII's risk to
non-performance by a hedging counterparty. This is, however, in
Fitch's view, mitigated by UGII's policies to manage counterparty
risk. UGII's potential requirements to make cash-collateral
payments depending on commodity-price fluctuations is mitigated by
its upsized EUR500 million revolving credit facility (RCF).

At FYE22, cash and cash equivalents included USD307 million of
cash-collateral deposits received from derivative counterparties,
which Fitch deems restricted as these could be returned depending
on commodity-price evolution. Fitch expects risks associated with
derivative agreements to decrease along with the winding down of
energy marketing activity.

Rating on a Standalone Basis: The IDR reflects UGII's Standalone
Credit Profile (SCP), because Fitch assesses the legal, operational
and strategic incentives for its ultimate majority shareholder, UGI
Corp, to support UGII as 'Weak', in accordance with Fitch's Parent
and Subsidiary Rating Linkage methodology. While UGII is one of the
larger assets of UGI Corp, UGII's senior unsecured bonds and loans
are non-recourse to the parent, with no guarantees or cross-default
provisions. Although UGII raises debt independently, the parent has
supported its funding. UGII also has flexibility on the use of cash
and dividends.

Defensive Pricing Arrangements: Long-term margins have been fairly
stable despite volume and pricing volatility, with higher margins
in retail and tighter mark-ups for bulk customers. The contracts of
most UGII customers have pricing arrangements, whereby prices
fluctuate with changes in propane spot prices. Around 17% of UGII's
LPG volumes are derived from fixed-price contracts, for which sold
volumes are hedged with forward contracts. This structure of the
supply contract portfolio has been stable.

Increased Capex: As a leading distributor of LPG in Europe, UGII
has the advantage of scale and moderate geographic diversification.
Given flat to declining demand for LPG in Europe, Fitch estimates
UGII will continue making strategic investments in its existing LPG
operations and renewable energy projects at an assumed combined
USD130 million a year from FY23 (compared with around USD100
million previously). Fitch expects renewable investments to help
reposition the business in the longer term, but without a
meaningful operating contribution over the medium term.

DERIVATION SUMMARY

UGII is well-positioned relative to its Fitch-rated peers such as
Vivo Energy Ltd. (BBB-/Rating Watch Negative) and Puma Energy
Holdings Pte. Ltd (BB-/Stable). Vivo and Puma have more diversified
businesses than UGII, with integrated downstream and midstream
operations. Puma is more geographically diversified than UGII in
emerging markets. Fitch views the less volatile operating
environment and stronger governance environment in Europe (compared
with emerging markets) for UGII as a mitigating factor for Europe's
weak demand trend.

UGII has a strong cash-generative pre-dividend profile, with
neutral to negative free cash flow (FCF, after dividends, albeit
benefitting from flexible dividends) and higher average EBITDA
margin than most of its peers. This is due to higher margins on
retail propane and LPG sales (for home heating and cooking as well
as industrial use) than Puma and Vivo, which are focused on highly
competitive and low-margin retail motor-fuel sales. UGII has a
stronger financial profile compared with Puma and especially the
highly-leveraged EG Group, while Vivo has lower leverage than UGII.
All three peers are slightly less capital-intensive than UGII.

UGII is also better-positioned than its sister company, AmeriGas
Partners, L.P. (APU, BB-/Stable), which is also a large propane
retailer. APU operates, however, in a highly fragmented US market
with about a 15% market share. APU has much higher Fitch-estimated
leverage, but stronger EBITDA margins. Its margin benefits from its
ability to compete with small retail propane distributors in the US
and to use its large size to lower or eliminate overhead costs
while maintaining sales. Additionally, APU has become adept at
managing EBITDA and gross margins, even in an environment of
contracting sales and volatile propane prices.

KEY ASSUMPTIONS

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

- Eurozone GDP to grow 0.2% in 2023 and 1.8% in 2024, and inflation
at 5.2% in 2023 and 2.4% in 2024 with UGII passing on higher LPG
prices to retail and wholesale customers and maintaining operating
margins

- LPG retail volumes to fall in FY23 due to warmer-than-average
weather, to increase to more normalised levels and remaining flat
in FY24-FY26 assuming normal weather conditions

- Capex of approximately USD130 million a year in FY23-FY26

- No M&A to FY26

- Dividends at USD200 million-USD250 million through FY24 and
at/above USD75 million annually through FY26

- EUR/USD exchange rate at 1 through to 2026

- Oil (Brent crude) price (USD/barrel) at 85 in 2023, 65 in 2024
and 53 in 2025

RATING SENSITIVITIES

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

- Increased scale of business while maintaining solid market shares
within the countries it operates in, and without impairing
profitability

- Gross debt/EBITDA sustainably below 2.0x with EBITDA/interest
paid remaining in double digits

- Positive FCF generation with FCF margin of more than 5%

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

- Weaker-than-Fitch-expected financial performance due to
structurally lower profit margins, aggressive dividend policy or
mostly debt-funded M&A, resulting in gross debt/EBITDA persistently
higher than 3.0x and EBITDA/interest paid weakening towards 7.0x

- Significant increase in liquidity drawdowns from UGII core
business and structurally negative FCF

LIQUIDITY AND DEBT STRUCTURE

Improved Liquidity: UGII's liquidity is supported by internally
generated cash flow, revolver borrowings, and contributions made by
UGI Corp. In March 2023, UGII increased its RCF to EUR500 million
and it is now due in 2028 together with its extended term loan.
This, together with unrestricted cash, is an improvement on
end-2022 when UGII's liquidity was limited to a cash balance of
USD238 million, of which USD102 million was cash collateral
received from hedging counterparties that we view as restricted,
and a fully drawn EUR300 million revolver.

ISSUER PROFILE

UGII is a distributor of LPG throughout Europe.

ESG CONSIDERATIONS

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

   Entity/Debt             Rating          Recovery   Prior
   -----------             ------          --------   -----
UGI International,
LLC                  LT IDR BB+  Affirmed               BB+

   senior
   unsecured         LT     BB+  Affirmed     RR4       BB+


UNIVAR SOLUTIONS: S&P Places 'BB+' ICR on CreditWatch Negative
--------------------------------------------------------------
S&P Global Ratings placed its ratings on chemical and ingredients
distributor Univar Solutions Inc., including its 'BB+' issuer
credit rating, on CreditWatch with negative implications.

Funds managed by affiliates of financial sponsor Apollo Global
Management Inc. (not rated) entered into a definitive agreement to
acquire Univar for roughly $8.1 billion in an all-cash
transaction.

Univar's credit measures may deteriorate significantly following
the close of the transaction.

S&P said, "Although we do not yet have all of the details regarding
the company's capital structure following the close of the
transaction, we regard Apollo as a financial sponsor that is likely
to continue to saddle aggressive debt leverage upon its portfolio
companies during leveraged buyouts. Univar may carry higher debt
following the deal than it had under public ownership. The company
finished 2022 with roughly $2.5 billion of S&P Global
Ratings-adjusted debt, yielding an adjusted debt-to EBITDA-ratio of
2.2x, a significant improvement over the 3.1x leverage ratio it
posted at the end of 2021. Its adjusted EBITDA to interest coverage
ratio was also healthy at 9.5x. We estimate that Univar could see
its leverage ratio rise to the 5.0x area and undertake a heavier
fixed-charge burden if the purchase price and associated fees are
heavily debt-funded. Univar also had roughly $100 million of
debt-like adjustments net of cash, which we include in our leverage
ratio. We note the deal's closure is subject to Univar receiving
regulatory and shareholder approvals and is not subject to a
financing condition.

"We expect to resolve the CreditWatch placement once the capital
structure and financial policies of the new owners become clear,
and when the acquisition closes during the second half of 2023. We
could likely lower our issuer credit rating on Univar by multiple
notches and we would assign ratings to the new debt. We view
financial sponsor-owned companies as more likely to employ
aggressive financial policies and use debt to prioritize the
interests of the controlling owners. If the transaction fails to
close, we would reassess and most likely affirm our ratings."

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

S&P said, "ESG credit factors have no material influence on our
rating analysis on Univar Solutions Inc. As a distributor, Univar
is not materially involved in the production of chemicals.
Therefore, it is less exposed to the type of environmental risks
facing chemical producers that operate large, complex chemical
reactors."



VALLEY PROPERTY: Case Summary & One Unsecured Creditor
------------------------------------------------------
Debtor: Valley Property Ventures, LLC
        1717 E. Vista Chino, #830
        Palm Springs, CA 92262

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

Chapter 11 Petition Date: March 14, 2023

Court: United States Bankruptcy Court
       Central District of California

Case No.: 23-10981

Judge: Hon. Scott H. Yun

Debtor's Counsel: David M. Goodrich, Esq.
                  GOLDEN GOODRICH LLP
                  650 Town Center Drive
                  Suite 600
                  Costa Mesa, CA 92626
                  Tel: (714) 966-1000
                  Fax: (714) 966-1002
                  Email: dgoodrich@go2.law

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Erik Ivan Ochoa Gonzalez as manager.

The Debtor listed Mitchellweiler Law Corporation as its only
unsecured creditor holding a claim of $9,613.

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:

https://www.pacermonitor.com/view/LV56J3I/Valley_Property_Ventures_LLC__cacbke-23-10981__0001.0.pdf?mcid=tGE4TAMA


VERISTAR LLC: Unsecureds to Get Share of Income for 3 Years
-----------------------------------------------------------
Veristar, LLC, and its Debtor Affiliates filed with the U.S.
Bankruptcy Court for the Middle District of Tennessee a First
Amended Joint Plan of Reorganization dated March 9, 2023.

The Company provides comprehensive E-Discovery services to
corporate legal departments and law firms including forensic data
collection, data hosting, document review services, and specialized
legal staffing support.

Although the Company's business model has been successful and its
operations are strong and stable, it has faced litigation related
to the Franklin Data acquisition, threatened litigation related to
the Planet Data acquisition, a client dispute inherited from Planet
Data, and unfounded claims by a former employee. The pending and
threatened lawsuits have created significant financial strain and
distraction. These Subchapter V cases were filed to efficiently
address those issues and position the Company for future success.

This Plan is the Debtors' comprehensive proposal to continue their
business of providing superior service to clients, efficiently
resolve pending disputes, and honor valid obligations.

Under the best-case scenario, a forced liquidation would yield an
11% distribution ($447,366 to be distributed Pro Rata to
$4,056,865). In reality, damages that would flow from a forced
liquidation of the Debtors would greatly exceed the liquidation
value of assets, leaving nothing for creditors.

By comparison, the Plan proposes to distribute a minimum total of
$526,122, or approximately 13%, to creditors over the 3-year
Commitment Period, and possibly significantly more. Excluding
disputed claims, the proposed distribution under the Plan is
greater.

Class 3 consists of the secured claim of Franklin Data Ventures,
Inc. and Nexem-Iconic, LLC (the "Class 3 Claimant"). The Debtors
dispute that the Class 3 Claimant holds any valid claim whatsoever
and also dispute that any purported security interest attaches to
property of the Estate. However, the Class 3 Claim is classified
and treated under the Plan in the event the Court Allows such claim
following the claims objection process.

The Class 3 Claim, if any, shall be Allowed in an amount to be
determined by the Court, not to exceed the value of any collateral
that secures such Claim, and paid quarterly from Debtors'
Disposable Income without interest (unless and to the extent the
Court determines that the value of the collateral exceeds the
amount of the Class 3 Claim, in which case interest shall be paid
at 7% per annum), with the first such payment due on the first day
of the month that is at least 90 days after the Effective Date. Any
Deficiency Claim shall be included in and treated under to Class
4.

Class 4 consists of all Unsecured Claims against any Debtor. Each
Holder of an Allowed Class 4 Claim shall be paid its Pro Rata
portion of Debtors' Disposable Income remaining after payment of
any Allowed Class 3 Claim. Class 4 Claims shall be paid in
quarterly disbursements during the Commitment Period, with the
first such payment due on the first day of the month that is at
least 90 days after the later of the Effective Date or the date on
which the Allowed Class 3 Claim, if any, is fully paid.

Class 5 includes all equity interests in the Debtors. Membership
interests in and ownership of the Debtors shall remain unaltered.

The Debtors shall use proceeds from operations to pay all required
payments on the Effective Date and all payments due under the Plan
on an on-going basis.

Further, the Plan shall be funded by: (a) any portion of funds
designated on the budget attached to this Plan as contingency that
are not actually expended at the end of the Commitment Period; (b)
an amount equal to 25% of any recovery (net of collection costs)
from the Takata MDL Collection Action, whether or not any such
recovery occurs during or after the  Commitment Period; (c) all
recoveries (net of collection costs) from Avoidance Actions; and
(d) $60,000 to be contributed on the Effective Date by Debtors'
CEO, Richard Avers, notwithstanding any defenses he may have under
section 547 of the Bankruptcy Code.

A full-text copy of the First Amended Plan dated March 9, 2023 is
available at https://bit.ly/3LloQsn from PacerMonitor.com at no
charge.

Attorneys for Debtors:

     Robert J. Gonzales, Esq.
     Nancy B. King, Esq.
     EmergeLaw, PLLC
     4235 Hillsboro Pike, Suite 350
     Nashville, TN 37215
     Tel: (615) 815-1535
     Email: robert@emerge.law
            nancy@emerge.law

                      About Veristar LLC

Veristar, LLC provides legal services for a range of practice areas
and industries. It offers discovery, specialized legal staffing and
veralocity services.

Veristar and its affiliates filed their voluntary petitions for
relief under Chapter 11, Subchapter V of the Bankruptcy Code
(Bankr. M.D. Tenn. Lead Case No. 23-00413) on Feb. 5, 2023. Michel
Geoffrey Abelow has been appointed as Subchapter V trustee.

In the petition signed by its chief financial officer, Ben Gardner,
Veristar listed $1,477,959 in total assets and $3,806,865 in total
liabilities.

Judge Marian F. Harrison oversees the cases.

The Debtors tapped EmergeLaw, PLLC as bankruptcy counsel and Sims
Funk, PLC as special counsel.


VISTAGEN THERAPEUTICS: Has Until Sept 5 to Regain Nasdaq Compliance
-------------------------------------------------------------------
Vistagen Therapeutics, Inc. received a letter from the Listing
Qualifications Staff of The Nasdaq Stock Market, LLC notifying the
Company that Nasdaq has granted the Company a 180-day extension,
until Sept. 5, 2023, to regain compliance with the requirement for
the Company's common stock, par value $0.001 per share, to maintain
a minimum bid price of $1.00 per share for continued listing on the
Nasdaq Capital Market, as set forth in Nasdaq Listing Rule
5550(a)(2).

The Extension Notice has no immediate effect on the continued
listing status of the Company's Common Stock on the Nasdaq Capital
Market.  The Company's listing on the Nasdaq Capital Market remains
fully effective.

As previously disclosed in the Company's Current Report on Form
8-K, filed on Sept. 7, 2022, the Company received notice from
Nasdaq that the Company was not in compliance with the Minimum Bid
Price Requirement for a period of 30 consecutive business days.  As
provided in the Initial Notice, the Company had a 180-day period,
until March 6, 2023, to regain compliance with the Minimum Bid
Price Requirement.  As of March 7, 2023, the Company has not yet
regained compliance with the Minimum Bid Price Requirement, and
instead advised Nasdaq of its intent to cure the deficiency within
the Extension Period.

The Company said it will continue to monitor the closing bid price
of its Common Stock and seek to regain compliance with the Minimum
Bid Price Requirement within the Extension Period.  If the Company
does not regain compliance with the Minimum Bid Price Requirement
within the Extension Period, Nasdaq will provide written
notification to the Company that its Common Stock will be subject
to delisting, at which time the Company may appeal Nasdaq's
delisting determination to a Nasdaq Hearing Panel.  There can be no
assurance that, if the Company does need to appeal a Nasdaq
delisting determination to the Panel, that such appeal would be
successful.

                           About VistaGen

Headquartered in San Francisco, California, VistaGen Therapeutics,
Inc. -- http://www.vistagen.com-- is a biopharmaceutical company
committed to developing and commercializing innovative medicines
with the potential to go beyond the current standard of care for
anxiety, depression, and other CNS disorders.

VistaGen reported a net loss and comprehensive loss of $47.76
million for the fiscal year ended March 31, 2022, compared to a
net loss and comprehensive loss of $17.93 million for the fiscal
year ended March 31, 2021.  As of Dec. 31, 2022, the Company had
$29.71 million in total assets, $9.03 million in total liabilities,
and $20.67 million in total stockholders' equity.

In its Quarterly Report filed on February 7, 2023, Vistagen
Therapeutics said it had cash and cash equivalents of
approximately $25.0 million at December 31, 2022, which it believes
will not be sufficient to fund its planned operations for the next
12 months, which raises substantial doubt regarding its ability to
continue as a going concern.


VOYAGER DIGITAL: US Govt. Appeals Binance Sale, Plan Approval
-------------------------------------------------------------
Brian Steele of Law360 reports that the federal government and the
U.S. Trustee's Office swiftly appealed a New York bankruptcy
judge's decision to approve Voyager Digital's Chapter 11 exit plan,
asking a Manhattan federal judge to step in amid a litany of
unanswered questions.

The United States of America on March 14, 2023, filed an expedited
motion seeking (1) a partial stay pending appeal of the Exculpation
Provision of the March 8, 2023, Confirmation Order confirming Third
Amended Joint Chapter 11 Plan, or, if necessary, a stay of the
entire Confirmation Order, and (2) in the alternative, if the Court
denies the stay pending appeal, a two-week stay for the Government
to pursue a stay in the District Court.

"The Government is likely to prevail in its argument that the
Exculpation Provision is impermissible because nothing in the
Bankruptcy Code permits courts to exculpate parties from liability
to the Government for past and future conduct, nor to subvert
statutes of limitation that govern how long after conduct takes
place the Government may investigate and charge wrongdoing.  This
appeal concerns the fundamental ability of the Government to
enforce the law not just for past actions, but for actions in any
number of transactions that have not yet occurred and will take
place only after the Plan's effective date.  One can imagine any
number of illegal acts that could take place in the course of these
transactions, from using stolen funds to carry them out to
negligently failing to report associated taxes," the U.S.
Government said in court filings.

"The Court cites no statutory authority permitting it to cut off
the Government's police and regulatory powers.  Instead, it relied
on 11 U.S.C. Sec. 1142(a), which addresses the implementation of a
plan, for the proposition that "the debtor and any entity organized
or to be organized for the purpose of carrying out the plan shall
carry out the plan and shall comply with any orders of the court."
11 U.S.C. Sec. 1142(a). But this provision says nothing about
prospectively exculpating parties from enforcement under the
Government's police and regulatory powers."

Additionally, the Government requested an interim stay until the
Court decides and determines the Stay Motion, because the stay was
set to expire March 15, 2023.  Thus, absent an interim stay, the
Exculpation Provision will become effective before the Court has
had an opportunity to rule on the Stay Motion.

At the agreement of the parties, the Court on March 15, 2023,
entered an order extending the stay of the Confirmation Order.  The
Court ordered that the date by which the stay of the Confirmation
Order provided by the Bankruptcy Rules shall terminate as set forth
in paragraph 124 of the Confirmation Order is extended to March 20,
2023 at 5:00 p.m. (prevailing Eastern Time), and the Confirmation
Order shall be effective and enforceable immediately thereafter.

                         Plan Approval

As reported in the TCR, U.S. Bankruptcy Judge Michael E. Wiles
entered an order confirming the Third Amended Joint Plan of Voyager
Digital Holdings, Inc. and Its Debtor Affiliates and approving the
explanatory Disclosure Statement.

The Plan provides for a sale of customer accounts to BAM Trading
Services Inc. (which does business as Binance.US), though account
holders can elect not to become customers of Binance.US.  The Plan
also includes a backup option in the event that the proposed deal
with Binance.US does not close.

Judge Wiles on March 11, 2023, entered a 50-page decision
explaining his ruling to allow the deal with Binance.US over
objections from the U.S. Securities and Exchange Commission and
state regulators.

"This bankruptcy case has been pending since July 2022. Customers
and creditors have been denied access to their assets for many
months, and they deserve to have a resolution of the case.
Bankruptcy cases are very expensive, and each and every delay means
that administrative expenses eat away at the recoveries that
creditors may receive.  I have a proposed plan of reorganization
before me, and I have an obligation to make a ruling -- now -- as
to whether it can be confirmed. I cannot simply put the entire case
into an indeterminate and expensive deep freeze while regulators
figure out whether they do or do not think there is any problem
with the transactions that are being proposed," Judge Wiles said.

                About Voyager Digital Holdings

Based in Toronto, Canada, Voyager Digital Holdings Inc. --
https://www.investvoyager.com/ -- runs a cryptocurrency platform.
Voyager claims to offer a secure way to trade over 100 different
crypto assets using its easy-to-use mobile application.  Through
its subsidiary Coinify ApS, Voyager provides crypto payment
solutions for both consumers and merchants around the globe.

Voyager Digital Holdings Inc. and two affiliates sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead
Case No. 22-10943) on July 5, 2022. In the petition filed by
Stephen Ehrlich, chief executive officer, the Debtors estimated
assets and liabilities between $1 billion and $10 billion.

Judge Michael E. Wiles oversees the cases.

The Debtors tapped Kirkland & Ellis, LLP as general bankruptcy
counsel; Berkeley Research Group, LLC as financial advisor; Moelis
& Company as investment banker; Consello Group as strategic
financial advisor; Deloitte Tax, LLP as tax services provider; and
Deloitte & Touche, LLP as accounting advisor. Stretto, Inc. is the
claims agent.

On July 19, 2022, the U.S. Trustee for Region 2 appointed an
official committee of unsecured creditors in these Chapter 11
cases. The committee tapped McDermott Will & Emery, LLP as
bankruptcy counsel; FTI Consulting, Inc. as financial advisor;
Cassels Brock & Blackwell, LLP as Canadian counsel; and Epiq
Corporate Restructuring, LLC as noticing and information agent.

The committee also tapped the services of Harney Westwood &
Riegels, LP in connection with Three Arrows Capital Ltd.'s
liquidation proceedings in British Virgin Islands.

On July 6, 2022, the Debtors filed a joint Chapter 11 plan of
reorganization.

                      *    *    *

Following an auction process, the Debtors in September 2022
selected the bid submitted by FTX US' West Realm Shires Inc. as the
winning bid for the assets.  But after a series of events, FTX
collapsed in November 2022, before the sale could be completed.

After reopening bidding, Voyager Digital selected the offer from
U.S. exchange BAM Trading Services Inc. (doing business as
"Binance.US") as the highest and best bid for its assets. Binance's
bid is valued at $1.022 billion.


[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Linda Ezor Swarzman
   Bankr. C.D. Cal. Case No. 23-10270
      Chapter 11 Petition filed March 6, 2023
         represented by: Susan Seflin, Esq.

In re Mariscos Los Primoz
   Bankr. E.D. Cal. Case No. 23-20712
      Chapter 11 Petition filed March 6, 2023
         represented by: Noel Christopher Knight, Esq.
                         THE KNIGHT LAW GROUP
                         E-mail: lawknight@theknightlawgroup.com

In re North West Team Excavating, LLC
   Bankr. W.D. Wash. Case No. 23-10427
      Chapter 11 Petition filed March 6, 2023
         See
https://www.pacermonitor.com/view/W7Q7K2A/North_West_Team_Excavating_LLC__wawbke-23-10427__0001.0.pdf?mcid=tGE4TAMA
         represented by: Thomas D. Neeleman, Esq.
                         NEELEMAN LAW GROUP, P.C.
                         E-mail: courtmail@expresslaw.com

In re Jae Paul Pak
   Bankr. C.D. Cal. Case No. 23-11291
      Chapter 11 Petition filed March 7, 2023
         represented by: Jeffrey Golden, Esq.

In re Lisa M. Shambro
   Bankr. D. Colo. Case No. 23-10824
      Chapter 11 Petition filed March 7, 2023
         represented by: David Wadsworth, Esq.

In re 4481 Powers Ferry, LLC
   Bankr. N.D. Ga. Case No. 23-52207
      Chapter 11 Petition filed March 7, 2023
         See
https://www.pacermonitor.com/view/ROGITNQ/4481_Powers_Ferry_LLC__ganbke-23-52207__0001.0.pdf?mcid=tGE4TAMA
         Filed Pro Se

In re Carter & Co Holdings, LLC
   Bankr. N.D. Ga. Case No. 23-52209
      Chapter 11 Petition filed March 7, 2023
         See
https://www.pacermonitor.com/view/2P6F22A/Carter__Co_Holdings_LLC__ganbke-23-52209__0001.0.pdf?mcid=tGE4TAMA
         Filed Pro Se

In re Richard Walker
   Bankr. N.D. Ga. Case No. 23-52219
      Chapter 11 Petition filed March 7, 2023

In re Deirdre Aska
   Bankr. S.D.N.Y. Case No. 23-10327
      Chapter 11 Petition filed March 7, 2023
         represented by: Joel Shafferman, Esq.

In re Eairinn Aska
   Bankr. S.D.N.Y. Case No. 23-10328
      Chapter 11 Petition filed March 7, 2023
         represented by: Joel Shafferman, Esq.

In re Horgan, Inc.
   Bankr. S.D.N.Y. Case No. 23-10325
      Chapter 11 Petition filed March 7, 2023
         See
https://www.pacermonitor.com/view/RGTZNSI/Horgan_Inc__nysbke-23-10325__0001.0.pdf?mcid=tGE4TAMA
         represented by: Joel M. Shafferman, Esq.
                         KUCKER MARINO WINIARSKY & BITTENS, LLP
                         E-mail: jshafferman@kuckermarino.com

In re Llanfair Studios, Ltd
   Bankr. W.D. Tenn. Case No. 23-21155
      Chapter 11 Petition filed March 7, 2023
         See
https://www.pacermonitor.com/view/ZBEPOHY/Llanfair_Studios_Ltd__tnwbke-23-21155__0001.0.pdf?mcid=tGE4TAMA
         Filed Pro Se

In re Apex Legacy TX, LLC
   Bankr. E.D. Tex. Case No. 23-40428
      Chapter 11 Petition filed March 7, 2023
         See
https://www.pacermonitor.com/view/6CDKB2Q/Apex_Legacy_TX_LLC__txebke-23-40428__0001.0.pdf?mcid=tGE4TAMA
         represented by: Eric A. Liepins, Esq.
                         ERIC A. LIEPINS
                         E-mail: eric@ealpc.com

In re Harris County Historical Preservation LLC
   Bankr. S.D. Tex. Case No. 23-30804
      Chapter 11 Petition filed March 7, 2023
         See
https://www.pacermonitor.com/view/JTIUU5A/Harris_County_Historical_Preservation__txsbke-23-30804__0001.0.pdf?mcid=tGE4TAMA
         Filed Pro Se

In re Larry Anthony Leary, Sr.
   Bankr. E.D. Va. Case No. 23-70415
      Chapter 11 Petition filed March 7, 2023
         represented by: Linda Hall, Esq.

In re Michael R Totaro
   Bankr. C.D. Cal. Case No. 23-11397
      Chapter 11 Petition filed March 8, 2023

In re Michael R. Totaro
   Bankr. C.D. Cal. Case No. 23-10473
      Chapter 11 Petition filed March 8, 2023
         represented by: Maureen Shanahan, Esq.

In re 303 Construction Services
   Bankr. D. Colo. Case No. 23-10848
      Chapter 11 Petition filed March 8, 2023
         See
https://www.pacermonitor.com/view/4AG5USA/303_Construction_Services__cobke-23-10848__0001.0.pdf?mcid=tGE4TAMA
         represented by: Keri L. Riley, Esq.
                         KUTNER BRINEN DICKEY RILEY, P.C.
                         E-mail: klr@kutnerlaw.com

In re Populuxe, LLC
   Bankr. M.D. Fla. Case No. 23-00842
      Chapter 11 Petition filed March 8, 2023
         See
https://www.pacermonitor.com/view/TD3LNKQ/Populuxe_LLC__flmbke-23-00842__0001.0.pdf?mcid=tGE4TAMA
         represented by: Daniel A. Velasquez, Esq.
                         LATHAM LUNA EDEN & BEAUDINE LLP
                         E-mail: dvelasquez@lathamluna.com

In re Gulf Coast Transportation, Inc.
   Bankr. M.D. Fla. Case No. 23-00872
      Chapter 11 Petition filed March 8, 2023
         See
https://www.pacermonitor.com/view/6BWH5RI/Gulf_Coast_Transportation_Inc__flmbke-23-00872__0001.0.pdf?mcid=tGE4TAMA
         represented by: Edward J. Peterson, Esq.
                         JOHNSON, POPE, BOKOR, RUPPEL & BURNS, LLP

In re Barbara Ann Kelly
   Bankr. D. Md. Case No. 23-11566
      Chapter 11 Petition filed March 8, 2023

In re Interpool Distributing Corp.
   Bankr. N.D.N.Y. Case No. 23-30118
      Chapter 11 Petition filed March 8, 2023
         See
https://www.pacermonitor.com/view/HYRUEQQ/INTERPOOL_DISTRIBUTING_CORP__nynbke-23-30118__0001.0.pdf?mcid=tGE4TAMA
         represented by: Maxsen D. Champion, Esq.
                         MAXSEN D. CHAMPION
                         E-mail: max2040@live.com

In re G&P Consulting, Inc.
   Bankr. N.D. Okla. Case No. 23-10213
      Chapter 11 Petition filed March 8, 2023
         See
https://www.pacermonitor.com/view/U5Q5V5Y/GP_Consulting_Inc__oknbke-23-10213__0001.0.pdf?mcid=tGE4TAMA
         represented by: Ron Brown, Esq.
                         BROWN LAW FIRM PC
                         E-mail: ron@ronbrownlaw.com

In re Srinath Dharmapadam and Purvi Srinath Dharmapadam
   Bankr. M.D. Pa. Case No. 23-00487
      Chapter 11 Petition filed March 8, 2023
         represented by: Gary J. Imblum, Esq.
                         IMBLUM LAW OFFICES
                         E-mail: gary.imblum@imblumlaw.com

In re SWS Services Inc.
   Bankr. M.D. Tenn. Case No. 23-00835
      Chapter 11 Petition filed March 8, 2023
         See
https://www.pacermonitor.com/view/SAW6E3A/SWS_Services_Inc__tnmbke-23-00835__0001.0.pdf?mcid=tGE4TAMA
         represented by: Steven L. Lefkovitz, Esq.
                         LEFKOVITZ & LEFKOVITZ
                         E-mail: slefkovitz@lefkovitz.com

In re Phase One Services LLC
   Bankr. S.D. Tex. Case No. 23-30835
      Chapter 11 Petition filed March 8, 2023
         See
https://www.pacermonitor.com/view/PK23YNQ/Phase_One_Services_LLC__txsbke-23-30835__0001.0.pdf?mcid=tGE4TAMA
         represented by: Robert C. Lane, Esq.
                         THE LANE LAW FIRM
                         E-mail: notifications@lanelaw.com

xxx

In re Christopher Braden Rombokas
   Bankr. M.D. Ala. Case No. 23-80261
      Chapter 11 Petition filed March 9, 2023
         represented by: Harry P. Long, Esq.

In re Hallmark Mfg., Inc.
   Bankr. D. Colo. Case No. 23-10868
      Chapter 11 Petition filed March 9, 2023
         See
https://www.pacermonitor.com/view/P7CW7QA/Hallmark_Mfg_Inc__cobke-23-10868__0001.0.pdf?mcid=tGE4TAMA
         represented by: Steven T. Mulligan, Esq.
                         COAN, PAYTON & PAYNE, LLC
                         E-mail: smulligan@cp2law.com

In re FORTE II, LLC
   Bankr. D. Nev. Case No. 23-10868
      Chapter 11 Petition filed March 9, 2023
         See
https://www.pacermonitor.com/view/RE45FGI/FORTE_II_LLC__nvbke-23-10868__0001.0.pdf?mcid=tGE4TAMA
         represented by: Marjorie A. Guymon, Esq.
                         GOLDSMITH & GUYMON
                         E-mail: bankruptcy@goldguylaw.com

In re 79 Railroad St, Inc.
   Bankr. E.D.N.Y. Case No. 23-70821
      Chapter 11 Petition filed March 9, 2023
         See
https://www.pacermonitor.com/view/7UFQE4I/79_Railroad_St_Inc__nyebke-23-70821__0001.0.pdf?mcid=tGE4TAMA
         Filed Pro Se

In re Amardeep Malhotra
   Bankr. E.D.N.Y. Case No. 23-70817
      Chapter 11 Petition filed March 9, 2023
         represented by: Marc Pergament, Esq.

In re Lonestar Sports Bar & Grill Inc.
   Bankr. E.D.N.Y. Case No. 23-40804
      Chapter 11 Petition filed March 9, 2023
         See
https://www.pacermonitor.com/view/H67NP2Y/Lonestar_Sports_Bar__Grill_Inc__nyebke-23-40804__0001.0.pdf?mcid=tGE4TAMA
         Filed Pro Se

In re BMI Wellness Concepts, PLLC
   Bankr. E.D.N.C. Case No. 23-00666
      Chapter 11 Petition filed March 9, 2023
         See
https://www.pacermonitor.com/view/3GHZSJI/BMI_Wellness_Concepts_PLLC__ncebke-23-00666__0001.0.pdf?mcid=tGE4TAMA
         represented by: Danny Bradford, Esq.
                         PAUL D. BRADFORD, PLLC
                         E-mail: dbradford@bradford-law.com

In re Imagenation of Allen, LLC
   Bankr. E.D. Tex. Case No. 23-40444
      Chapter 11 Petition filed March 9, 2023
         See
https://www.pacermonitor.com/view/LDGDNVI/Imagenation_of_Allen_LLC__txebke-23-40444__0001.0.pdf?mcid=tGE4TAMA
         represented by: Joyce W. Lindauer, Esq.
                         JOYCE W. LINDAUER ATTORNEY, PLLC
                         E-mail: joyce@joycelindauer.com

In re John K. Gutterman
   Bankr. W.D. Ky. Case No. 23-30555
      Chapter 11 Petition filed March 10, 2023
         represented by: William Harbison, Esq.

In re JPDFAB Inc.
   Bankr. S.D.N.Y. Case No. 23-22193
      Chapter 11 Petition filed March 10, 2023
         See
https://www.pacermonitor.com/view/SMMS35Y/JPDFAB_Inc__nysbke-23-22193__0001.0.pdf?mcid=tGE4TAMA
         represented by: Anne Penachio, Esq.
                         PENACHIO MALARA, LLP
                         E-mail: frank@pmlawllp.com

In re Thomas S Baldwin, Jr. and Laurie B Baldwin
   Bankr. E.D.N.C. Case No. 23-00682
      Chapter 11 Petition filed March 10, 2023
         represented by: George M. Oliver, Esq.
                        
In re Gumtree Digital LLC
   Bankr. M.D. Fla. Case No. 23-00908
      Chapter 11 Petition filed March 13, 2023
         See
https://www.pacermonitor.com/view/KPTDC2Y/Gumtree_Digital_LLC__flmbke-23-00908__0001.0.pdf?mcid=tGE4TAMA
         represented by: Daniel A. Velasquez, Esq.
                         LATHAM LUNA EDEN & BEAUDINE LLP
                         E-mail: dvelasquez@lathamluna.com

In re The Dive Place II LLC
   Bankr. M.D. Fla. Case No. 23-00907
      Chapter 11 Petition filed March 13, 2023
         See
https://www.pacermonitor.com/view/KFDC6IY/The_Dive_Place_II_LLC__flmbke-23-00907__0001.0.pdf?mcid=tGE4TAMA
         represented by: Daniel A. Velasquez, Esq.
                         LATHAM LUNA EDEN & BEAUDINE LLP
                         E-mail: dvelasquez@lathamluna.com

In re Integrated Cooling Experts, Inc.
   Bankr. N.D. Fla. Case No. 23-30159
      Chapter 11 Petition filed March 13, 2023
         See
https://www.pacermonitor.com/view/BEGYJQY/Integrated_Cooling_Experts_Inc__flnbke-23-30159__0001.0.pdf?mcid=tGE4TAMA
         represented by: Byron W. Wright III, Esq.
                         BRUNER WRIGHT, P.A.
                         E-mail: twright@brunerwright.com

In re Allied Aerospace, Inc.
   Bankr. S.D. Fla. Case No. 23-11948
      Chapter 11 Petition filed March 13, 2023
         See
https://www.pacermonitor.com/view/L5IMV4A/Allied_Aerospace_Inc__flsbke-23-11948__0001.0.pdf?mcid=tGE4TAMA
         represented by: Richard Siegmeister, Esq.
                         RICHARD SIEGMEISTER, PA
                         E-mail: rspa111@att.net

In re Logan Michael Broussard and Ashlyn Trahan Broussard
   Bankr. W.D. La. Case No. 23-50162
      Chapter 11 Petition filed March 13, 2023
         represented by: Karl Helo, Esq.

In re MIVA Insurance Corp.
   Bankr. D.P.R. Case No. 23-00731
      Chapter 11 Petition filed March 13, 2023
         See
https://www.pacermonitor.com/view/I22EJZA/MIVA_INSURANCE_CORP__prbke-23-00731__0001.0.pdf?mcid=tGE4TAMA
         represented by: Javier Vilarino, Esq.
                         VILARINO & ASSOCIATES
                         E-mail: jvilarino@vilarinolaw.com


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.

Copyright 2023.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
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