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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

              Tuesday, March 28, 2023, Vol. 27, No. 86

                            Headlines

1280 MIDDLESEX: Court Approves Disclosure Statement
96 WYTHE: SureTec Objects to Treatment of Receiver's Claim
960 FRANKLIN: Unsecured Claims Are Unimpaired in Plan
ADG LLC: New Mountain Marks $7.4M Loan at 33% Off
AEARO TECHNOLOGIES: Slams Bids to Toss Chapter 11 Case

AFTERSHOCK COMICS: Committees Tap Sklar Kirsh as Legal Counsel
AGAVE AZUL: Hires Las Vegas Sothebys as Real Estate Broker
AGILE THERAPEUTICS: Incurs $3.9 Million Net Loss in Fourth Quarter
AIJOBORY INVESTMENT: Seeks Approval of Disclosure Statement
ALLENA PHARMACEUTICALS: Seeks Approval of Disclosure Statement

ALLENA PHARMACEUTICALS: Unsecureds Owed $8M to Get 10% Under Plan
AMERICAN AIRLINES: S&P Alters Outlook to Pos., Affirms 'B-' ICR
AMERICAN PUBLIC: Moody's Cuts CFR to 'B2', Outlook Stable
AMERICANAS SA: Submits Reorganization Plan to Brazilian Court
ANSIRA HOLDINGS: New Mountain Marks $32.9M Loan at 55% Off

ANSIRA HOLDINGS: New Mountain Marks $8.1M Loan at 55% Off
APOGEE GROUP: June 7 Hearing on Disclosure Statement
ATHLETICO HOLDINGS: Moody's Cuts CFR to Caa1, Outlook Stable
AVAYA INC: Gets OK to Hire Kirkland & Ellis as Counsel
AVAYA INC: Gets OK to Hire PwC as Auditor

AVAYA INC: Investor Objects to Plan Releases
AVAYA INC: Pittsburgh Objects to Third-Party Releases in Plan
AVISON YOUNG: Moody's Rates New $11MM First Lien Loan 'B2'
AZTECA INTERNATIONAL: Creditors Try to Force U.S. Bankruptcy
BURNS ASSET: Plan Lacks Support, Denied Confirmation

CARVANA CO: Has Private Exchange Offer for Existing Unsecured Notes
CHART INDUSTRIES: S&P Affirms 'B+' ICR, Off Watch Positive
CLOVIS ONCOLOGY: Unsecureds to Get Share of Liquidation Interests
COMPASS POINTE: Court Denies Approval of Disclosure Statement
CORE SCIENTIFIC: $20M Equipment Transfer to Energy Negotiator OK'd

DELTA AIR: S&P Alters Outlook to Positive, Affirms 'BB' ICR
EL MONTE NATURE: General Unsecureds Owed $14M Get Full Payment
EMPEREON MARKETING: Call Center Starts Subchapter V Case
ETHEMA HEALTH: Daszkal Bolton to Quit as Auditor
EVERNEST HOLDINGS: 2nd Amended Plan Rejected by Judge

EVOKE PHARMA: Incurs $8.2 Million Net Loss in 2022
FIRST REPUBLIC: Proposes to Convert Deposits to Capital
FREDDIE MAC: Reports $9.3BB Net Income for 2022
FREE SPEECH: Jones Concealed Money to Avoid Sandy Hook Payout
FTX GROUP: Has $4.8 Bil. Scheduled Assets Discovered in Ch.11 Probe

FTX GROUP: LedgerX Derivatives Exchange for April 4 Auction
FTX GROUP: LedgerX Gets Bid from Miami International Holdings
GARDEN VIEW: Court Confirms Consensual Plan
GENESIS GLOBAL: Lists $1.1 Billion in Assets as of Mid-January
INSPIREMD INC: Promotes Andrea Tommasoli to Chief Operating Officer

INVACARE CORP.: Birlasoft Says Plan Disclosures Incomplete
INVACARE CORP: Committee Says Disclosures Inadequate
INVACARE CORP: Unsecureds Owed $55M Get Share of Unsecured Rights
JAB OF ROCKLAND: Plan and Disclosure Statement Due May 15
JAMES AND JAN: Taps Curtis Rosenthal as Appraiser

JOYCARE THERAPY: Enters Management Agreement w/ PHLLC; Amends Plan
KCW GROUP: Creditors to Get Proceeds From Liquidation
KNOW LABS: Forms New Scientific Advisory Board
M RENTAL BROOKLYN: Realya to Take Full Ownership in Plan
MAGNOLIA OFFICE: Reaches Agreement with Children's Forum

MED PARENTCO: New Mountain Marks $20.8M Loan at 25% Off
MERIDIANLINK INC: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
MOBIQUITY TECHNOLOGIES: To Hold Virtual Annual Meeting on May 15
MODERN ART GROUP: Unsecureds to Get 35% Under Plan
MOUNTAIN EXPRESS: Seeks Chapter 11 Bankruptcy Protection

NEUROEM THERAPEUTICS: Seeks to Hire Accounting & Business Solutions
NEW TROJAN: New Mountain Marks $26.7M Loan at 25% Off
NICK'S CREATIVE: Unsecureds Owed $490K Get $300 Per Month
NUZEE INC: Four Proposals Passed at Annual Meeting
ONE CALL: S&P Downgrades ICR to 'CCC+' on Elevated Leverage

OUTFRONT MEDIA: Revenues Rose 21.1% in 2022
OVERLOOK ROAD: To Sell Property by August; Files Amended Plan
PALACE CAFE: Amends Priority Tax Claims Pay Details
PURE BIOSCIENCE: Tom Lee Quits as President, CEO
RESHAPE LIFESCIENCES: Signs Office Lease With Irvine Co

RICE ENTERPRISES: Operator of 8 McDonald's Sites in Chapter 11
RISING TIDE: S&P Raises ICR to 'CCC' Following Distressed Exchange
SHERLOCK STORAGE: Mohorcich Trust Objects to Disclosures Approval
SILICON VALLEY BANK: FDIC Keeps Bridge Bank While Mulling Options
SILICON VALLEY BANK: Orrick to Advise Ex-CEO in Shareholder Suits

SINCLAIR BROADCAST: Posts $2.7BB Net Income in 2022
SORRENTO THERAPEUTICS: Rival NantCell Removed From Committee
SRAX INC: Board Appoints Alan Urban as New Chief Financial Officer
STILL HOPES: Fitch Affirms BB Issuer Default Rating, Outlook Stable
SUNOPTA INC: S&P Upgrades LT ICR to 'B' on Improving Business

SVB FINANCIAL: David Tepper Purchased SVB Financial Bonds
SVB FINANCIAL: Must Wait to Get $2 Billion From FDIC
THRIVIFY LLC: Creditors Want Chapter 11 Bankruptcy
TIOGA INDEPENDENT: S&P Places 'BB-' GO Debt Rating on Watch Neg.
TOPAZ SOLAR: Fitch Hikes Rating on Senior Secured Notes to 'BB+'

TRISEPTEM DEVELOPERS: Taps Robert A. Chambers as Bankruptcy Counsel
TROIKA MEDIA: To Hold Talks With Series E Preferred Stock Buyers
USA ROOFING PARTNERS: Taps Norris & Associates as Accountant
VALLEY PROPERTY: Files for Chapter 11 Bankruptcy
VALVOLINE INC: Moody's Confirms Ba2 CFR & Alters Outlook to Stable

VECTRA CO: New Mountain Marks $10.7M Loan at 35% Off
VENUE CHURCH: Unsecured Creditors to be Paid in Full in Plan
VESTA HOLDINGS: To Seek Plan Confirmation on April 21
VOIP-PAL.COM: Designates 325K Shares as Series A Preferred Stock
VYANT BIO: Receives Noncompliance Notice From Nasdaq

WHOLE EARTH BRANDS: S&P Downgrades ICR to 'B-', Outlook Negative
WYTHE BERRY FEE: Taps Herrick Feinstein as Legal Counsel

                            *********

1280 MIDDLESEX: Court Approves Disclosure Statement
---------------------------------------------------
Judge Elizabeth D. Katz has entered an order approving 1280
Middlesex Street, LLC's Second Amended Disclosure Statement dated
March 14, 2023.

A hearing on confirmation of the Second Amended Plan will be held
on May 9, 2023, at 10:30 a.m. before United States Bankruptcy Judge
Elizabeth D. Katz of the United States Bankruptcy Court for the
District of Massachusetts.  The hearing will be conducted by
Zoom.gov videoconference.

May 4, 2023, at 5:00 p.m. is fixed as the last day for filing
Objections to Confirmation of the Plan.

June 9, 2023, at 5:00 p.m. is fixed as the last day for filing
Applications for Administrative Expenses and Fee Applications for
all professionals.

The Debtor is ordered to file, by 12:00 p.m. on May 8, 2023, an
affidavit in support of confirmation and a proposed confirmation
order.

                    About 1280 Middlesex Street

1280 Middlesex Street LLC is a Massachusetts Limited Liability
Company organized on July 24, 2021.  The LLC has a 100% interest in
the real estate located at 1280 Middlesex Street and 6 Livingston
Ave, Lowell, MA 01851.  The members and managers of the LLC are
Marc Karibian and John Faneros.

1280 Middlesex Street LLC filed a Chapter 11 petition (Bankr. D.
Mass. Case No. 22 40303) on April 25, 2022.  The Debtor is
represented by Richard A. Mestone, Esq. of MESTONE & ASSOCIATES
LLC.


96 WYTHE: SureTec Objects to Treatment of Receiver's Claim
----------------------------------------------------------
SureTec Insurance Company, the surety that issued bond number
3475239 for the Temporary Receiver, Constantino Sagonas, appointed
by the New York County Supreme Court, filed an objection to
confirmation of the Revised First Amended Confirmation Plan of 96
Wythe Acquisition, LLC.

SureTec's first objection is to the misdescription of the Temporary
Receiver's appointment, authority and duties.  The Plan of
Liquidation identifies the Receiver as "for the Debtor".  However,
as set forth in the Receivership Order, the Temporary Receiver was
appointed for "all the rents and profits now due and unpaid or to
become due during the pendency of the Temporary Receiver's
appointment and issuing out of the mortgage premises".  Thus, the
Temporary Receiver was not appointed as a receiver for the Debtor,
96 Wythe Acquisition LLC, or as a general receiver, but only was
appointed by the Receivership Order's terms for the particular,
narrow and limited scope stated in the Receivership Order.  The
Trustee's misstatement of the Temporary Receiver's duties,
conflating them with the duties of the Debtor entity, misrepresents
the terms of the Receiver's duties and authority, which are
explicitly stated in the Receivership Order, and renders the Plan
of Liquidation objectionable.

SureTec's second objection is to the treatment of the Receiver's
claim. The Receiver is a "custodian" as defined in 11 U.S.C.
section 101. Custodian's fees and expenses are considered
administrative expenses pursuant to 11 U.S.C. Sec. 503.  The
Trustee ignores the Bankruptcy Code by treating the Temporary
Receiver's administrative expense claim, including the outstanding
Bond premium for three years totaling $67,500, differently than
other administrative expense claims which the Trustee has stated
will be paid, including among others, fees for the Trustee, his
counsel and the Debtor's counsel, rendering the proposed Plan of
Liquidation objectionable and misleading. The liability for the
Bond premium to the Surety for an existing contract is separate and
distinct from any objection to the Temporary Receiver's final
accounting, or any purported claim the Trustee asserts it may have
under the Bond. Further, at a minimum, the Bond benefitted the
Estate entitling the Bond premium to be paid immediately in the
presently due and owing amount of $67,500.

SureTec points out that the Trustee has designated the Temporary
Receiver's claim as an administrative claim, but the Plan of
Liquidation is structured in such a way that the Estate will never
have funds adequate to satisfy the claim.  Essentially, the Plan of
Liquidation provides for postponement of the determination of the
Temporary Receiver's administrative claim until a time after all of
the Estate's funds have been expended for the payment of the
Trustee, the Trustee's professionals, the Examiner and his
professionals, and the Debtor's professionals. The liability for
the premium for an existing contract is separate and distinct from
the objection or claim made in connection with the Temporary
Receiver and the Bond.

SureTec further points out that the Confirmation hearing is not the
venue to disallow claims. The Surety offered to resolve its
objection if the Trustee would agree to pay the Bond premium
totaling $67,500, or agree to set a reserve for the Temporary
Receiver's expenses, including the Bond premium totaling $67,500.
The Trustee refused to set a reserve for the Temporary Receiver's
administrative expense claim, including for the $67,5000 due in
Bond premium, while the Trustee objects to the discharge of SureTec
and cancellation of the Bond, and asserts it intends to submit a
Bond claim to SureTec, SureTec had no choice but to file this
objection to the Liquidation Plan. The issue is worthy of
objection, particularly, as here, the Trustee intends to exhaust
the Bankruptcy Estate, without a reserve, leaving no funds to pay
the outstanding premium or Temporary Receiver's expenses once the
plan is confirmed, while stating the Trustee intends to seek relief
under the Bond for which the Trustee refuses to pay the premium.

Attorneys for SureTec Insurance Company:

     Kelsey Bilodeau, Esq.
     Richard B. Demas, Esq.
     GOTTESMAN, WOLGEL, FLYNN & WEINBERG, P.C.
     11 Hanover Square, 4th Floor
     New York, NY 10005
     Tel: (212) 495-0100

                    About 96 Wythe Acquisition

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

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

Judge Sean H. Lane oversees the case.

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

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


960 FRANKLIN: Unsecured Claims Are Unimpaired in Plan
-----------------------------------------------------
Upon the joint motion of 960 Franklin LLC and Daryl Hagler and 960
Franklin Owner LLC, Judge Jil Mazer-Marino preliminary approved the
Joint Disclosure Statement of 960 Franklin Owner LLC.

A hearing will be held before the Honorable Jil Mazer-Marino,
United States Bankruptcy Judge, at the United States Bankruptcy
Court for the Eastern District of New York, 271 Cadman Plaza East,
Brooklyn, New York to consider the relief requested in the Combined
Hearing Motion on April 14, 2023 at 10:30 a.m.

Any objections must be filed and served on or before April 10, 2023
at 4:00 p.m.

Any reply to an objection and/or papers in support of confirmation
of the Joint Plan must be filed by April 13, 2023.

                       Reorganization Plan

960 Franklin Owner LLC, Daryl Hagler and 960 Franklin LLC filed a
Joint Plan of Reorganization and a Disclosure Statement.

The Property at issue is collectively the real properties and
improvements and all other assets on the premises designated at
Block 1192, Lots 41 and 46 in Kings County, New York, and premises
designated as Block 1192, Lot 40, in Kings County, New York.

The implementation of the Plan is based on the appointment of a
Plan Administrator who will be empowered to (i) execute a 99-year
ground lease of the Property with Franklin Plaza II LLC
post-confirmation, (ii) encumber or authorize Franklin Plaza II LLC
to encumber the ground lease with the Leasehold Mortgage, (iii)
encumber of the Property with the Property Mortgage, and (iv) the
subsequent transfer of the Property subject to the ground lease.

Upon confirmation of the Joint Plan, the Debtor's beneficial 51%
membership interest in 960 Franklin shall be irrevocably assigned
to the Plan Administrator and held by the Plan Administrator in
escrow for the purposes of either (i) selling the Property at
Hagler's direction, or (ii) assigning the Debtor's beneficial 51%
ownership interest in 960 Franklin to Hagler or his designee. The
Plan Administrator shall release the beneficial 51% membership
interest to either (x) the purchaser of the Property with the sale
proceeds to be paid to Hagler (or his designee) upon the closing of
the sale of the Property or (y) Hagler (or his designee) if the
Property is not sold within one year of the confirmation of the
Joint Plan.

The Hagler Parties shall fund to the Plan Administrator on the
Effective Date the sums necessary to pay the claims of the general
unsecured creditors in accordance with the terms of the Plan.

On July 11, 2022, Hagler formed 960 Franklin LLC as a
single-purpose entity and was the sole owner of 100% of the issued
and outstanding membership interests ("Membership Interests") in
960 Franklin. Subsequently, 960 Franklin entered into two
contracts, as amended, for the purchase of the Property.

On August 10, 2022, Hagler, as assignor ("Assignor")5, and the
Debtor, as assignee ("Assignee"), entered into the Agreement of
Sale of membership Interests ("Agreement") pursuant to which
Assignee was to acquire from Assignor all his right, title and
interest in the Membership Interests in 960 Franklin on the terms
set forth in the Agreement. The parties also entered into an
Assignment and Assumption of Membership Interest Agreement ("51%
Assignment Agreement"), pursuant to which Hagler (as Assignor),
agreed to convey to the Debtor, as Assignee, 51% of the Membership
Interests in 960 Franklin on the Effective Date of the Agreement.
Under Section 3(B) of the Agreement as amended, the 51% Assignment
Agreement was subject Assignee wiring $10,000,000.00 to Escrowee on
or before November 2, 2022 at 11:00 a.m., to be held in escrow and
applied toward the balance of the Purchase Price at Closing.

Hagler contends that he was ready, willing and able to close on
November 2, 2022, at 11:00 a.m., however, the Debtor failed to
tender the $10 million payment and close on the Agreement as
required. The Debtor contends that by Hagler's conduct on November
2, 2022, time was extended. Based on the above, and with the
Debtor's failure to oppose the motion, the Bankruptcy Court granted
Hagler's and 960 Franklin's motion to lift the automatic stay.
Nevertheless, the Debtor and the Hagler Parties have determined to
enter into the Restructuring Support Agreement, which was a global
resolution of the disputes between the parties. The details of the
settlement are set forth in the Means for Implementation section.

In summary, absent the settlement detailed in the Restructuring
Support Agreement and notwithstanding the Court grant of stay
relief, the Debtor has indicated its intention to contest its right
to control the 51% percent interest in 960 Franklin in state court.
In order to avoid potential protracted costly litigation, the
parties determine that it was in their best interests to use the
pendency of the bankruptcy case as a mechanism to resolve their
disputes with finality and provide for the payment of the Debtor's
creditors. They, therefore, negotiated the RSA and the Plan to
implement the terms of the settlement and have it approved under
Bankruptcy rule 9019 as part of the plan process.

Under the Plan, Class 3 General Unsecured Claims are unimpaired.
Each such holder shall receive payment in full with interest at the
federal judgment rate on the Effective Date. The Hagler Parties
shall provide the Plan Administrator with up to $124,000 plus
applicable interest at the Federal Rate five business days before
the Confirmation Hearing to pay the Allowed Class 3 General
Unsecured Claims.

The Debtor, the Hagler Parties along with Franklin Plaza II LLC and
16972 Holdings LLC, the purported beneficial owner of the Debtor,
entered into a Restructuring Support Agreement, which was a global
resolution of the outstanding dispute. Pursuant to section 1123 of
the Bankruptcy Code and Bankruptcy Rule 9019, and in consideration
for the classification, distributions, releases and other benefits
provided under the Plan, including the settlement of the dispute
between the Debtor and the Hagler Parties set forth in the
Restructuring Support Agreement, on the Effective Date, the
provisions of the Plan shall constitute a good faith compromise and
settlement of all Claims and Equity Interests and controversies
resolved pursuant to the Plan, and all Distributions made to
holders of Allowed
Claims in any Class in accordance with the Plan are intended to be,
and shall be final.

Attorneys for Daryl Hagler and 960 Franklin LLC:

     Steven B. Eichel, Esq.
     Fred B. Ringel Esq.
     LEECH TISHMAN ROBINSON BROG, PLLC
     875 Third Avenue, 9th Floor
     New York, NY 10022
     Tel: 212 603 6300

Attorneys for the Debtor:

     Mark Frankel, Esq.
     BACKENROTH FRANKEL AND KRINSKY LLP
     800 Third Avenue, 11th Floor
     New York, NY 10036
     Tel: 212-593-1100

A copy of the Order dated March 17, 2023, is available at
https://bit.ly/3Lvs1Ot from PacerMonitor.com.

A copy of the Disclosure Statement dated March 17, 2023, is
available at https://bit.ly/3JRSx3p from PacerMonitor.com.

                   About 960 Franklin Owner

960 Franklin Owner, LLC, is engaged in activities related to real
estate. The company is based in Brooklyn, N.Y.

960 Franklin Owner filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
22-42760) on Nov. 2, 2022, with up to $50,000 in assets and $10
million to $50 million in liabilities. David Goldwasser, manager,
signed the petition.

Judge Jil Mazer-Marino presides over the case.

Mark Frankel, Esq., at Backenroth Frankel & Krinsky, LLP, is the
Debtor's legal counsel.


ADG LLC: New Mountain Marks $7.4M Loan at 33% Off
-------------------------------------------------
New Mountain Finance Corporation has marked its $7,430,000 loan
extended to ADG, LLC to market at $4,984,000 or 67% of the
outstanding amount, as of December 31, 2022, according to a
disclosure contained in New Mountain's Form 10-K for the fiscal
year ended December 31, 2022, filed with the Securities and
Exchange Commission on February 27, 2023.

New Mountain is a participant in a Second lien Loan to ADG, LLC.
The loan accrues interest at a rate of 14.38% (L(M)*+10%/Payment In
Kind)per annum. The loan matures in March 2024.

New Mountain is a Delaware corporation that was originally
incorporated on June 29, 2010 and completed its initial public
offering on May 19, 2011. New Mountain is a closed-end,
non-diversified management Investment Company that has elected to
be regulated as a business development company under the Investment
Company Act of 1940, as amended. New Mountain Finance Advisers BDC,
L.L.C., its Investment Adviser, is a wholly owned subsidiary of New
Mountain Capital Group, L.P.  New Mountain Capital is a firm with a
track record of investing in the middle market. New Mountain
Capital focuses on investing in defensive growth companies across
its private equity, credit and net lease investment strategies.

ADG, LLC provides textile products. The Company serves customers in
the State of Michigan.



AEARO TECHNOLOGIES: Slams Bids to Toss Chapter 11 Case
------------------------------------------------------
Aearo Technologies, a 3M subsidiary placed into bankruptcy to
address thousands of liability claims over faulty earplugs, is
urging the U.S. Bankruptcy Court for the Southern District of
Indiana not to dismiss its bankruptcy case, saying the earplug
plaintiffs hadn't shown it had acted in bad faith.

On Jan. 30, 2023, the Third Circuit issued a decision reversing the
bankruptcy court and dismissing the chapter 11 case of LTL
Management, LLC, an indirect subsidiary of Johnson & Johnson.

Four days after the LTL Decision, the Official Committee of
Unsecured Creditors for Tort Claimants – Related to Use of Combat
Arms Version 2 Earplugs, and over two hundred thousand CAEv2
claimants represented by various firms (collectively, the CAE
Movants), filed the dismissal motion, relying heavily on the LTL
Decision and asserting the Third Circuit's strict "financial
distress" prerequisite is "consistent with case law from other
Circuits."  The U.S. Trustee followed suit shortly thereafter.  The
Official Committee of Unsecured Creditors for Tort Claimants -
Respirators also requested relief under section 1112(b) of the
Bankruptcy Code but prefers appointment of a chapter 11 trustee to
dismissal of these cases.

"The Seventh Circuit does not require a company to be in financial
distress before filing for chapter 11.  In the leading Seventh
Circuit opinion on "bad faith" dismissal, Judge Posner explained
that "the clearest case of bad faith is where the debtor enters
Chapter 11 knowing that there is no chance to reorganize his
business."  The Seventh Circuit made no mention of a financial
distress requirement in this or any other opinion on the issue.
This is consistent with the text of the Bankruptcy Code, which
conspicuously lacks a financial distress requirement and was
intended to encourage early access to its protections.  It is also
consistent with the law in every circuit outside the First and
Third Circuits, none of which impose a financial distress
requirement on chapter 11 filings.  Accordingly, courts in the
Seventh Circuit faced with "bad faith" dismissal motions focus on
the reasonableness of the debtor's prospects for confirming a plan,
or apply a multifactor test focused on whether the debtor is a real
company with multiple creditors that can benefit from access to the
bankruptcy court.  In all circumstances, the Seventh Circuit has
made clear that "the movant bears the burden of proving by a
preponderance of the evidence that cause exists for dismissal of a
debtor's bankruptcy case," Aearo Technologies, said in court
filings.

"The Movants cannot satisfy that burden in these chapter 11 cases.
Aearo Technologies LLC and its filing affiliates have been
headquartered in Indianapolis for over 40 years.  They employ 330
people who manufacture over $100 million in products each year.
Those products once included Combat Arms earplugs and respirator
masks -- which Aearo designed, manufactured, and began selling
decades before 3M acquired the Debtors in 2008.  These legacy
products gave rise to mass tort litigation, and Aearo filed these
chapter 11 cases to resolve it."

"The tort lawsuits that arose from Aearo's products are textbook
examples of contingent, “cognizable liabilities under the
Bankruptcy Code" that benefit from resolution thereunder.  Aearo
faces multiple mass tort litigations -- the Combat Arms litigation
in the MDL and Minnesota state court, as well as the respirator
litigation.  Mass tort litigations of these types can benefit from
the breathing spell and centralization provided by the automatic
stay, the information gathering and clarity provided by a bar date,
the data analysis and rigor afforded by an estimation process, the
efficiency and fairness facilitated by a claims trust (relative to
traditional tort litigation), and, perhaps most of all, the ability
to achieve a full and final resolution -- 100% of all known and
unknown claimants -- via a settlement agreed to by a supermajority
of plaintiffs through a plan of reorganization."

Aearo Technologies asserts that the Court should decline to dismiss
the chapter 11 cases for three reasons:

   * First, the Movants cannot satisfy the dismissal standard in
the Seventh Circuit, which requires them to demonstrate that it is
unreasonable to believe the Debtors can confirm a chapter 11 plan
of reorganization.  The Debtors have as good or better prospects of
confirming a plan as any mass tort debtor before them.  Dozens of
mass tort debtors have successfully confirmed plans over the
decades since Johns-Manville did the same.

   * Second, even if the Debtors were subject to a "financial
distress" standard like the one articulated in the LTL Decision
(they are not), the Movants would not be able to meet their burden.
The Debtors face two distinct mass tort litigations, and the
Combat Arms litigation alone dwarfs the talc litigation's size,
complexity, and potential magnitude: there are six times as many
Combat Arms Claims against the Debtors (over 235,000) as there were
talc claims against LTL (roughly 38,000).  Yet the Debtors had far
fewer assets than LTL did prepetition: the Debtors had no formal
funding commitment from 3M until they negotiated for one to
facilitate these chapter 11 cases, whereas LTL was born with a
$61.5 billion backstop and never existed without it.  

   * Third, the Motions are untimely.  The Debtors have been in
chapter 11 for nearly eight months.  Two creditors' committees have
been assembled and engaged fourteen advisors, $43 million in
administrative costs have been accrued, six months have been spent
in mediation with three mediators, including a sitting bankruptcy
judge, and over a thousand docket entries have been made.  There
has been no change in applicable facts in the ensuing months: the
only change is a ruling from another court in another case in
another circuit.  Multiple courts have denied motions to dismiss as
untimely under the doctrine of laches.

                           Exclusivity

The Debtors also ask the Bankruptcy Court to approve their motion
for a 45-day extension of its plan exclusivity periods over
objections of the CAE Committee and the CAE Plaintiffs.

"The fact that the CAE Committee and the U.S. Trustee filed motions
to dismiss these chapter 11 cases for a "bad faith" filing changes
none of this.  Those motions, which turn on whether prepetition
facts give rise to cause for dismissal under section 1112(d), will
be heard on April 19.  They are premised almost entirely on an
erroneous proposition of law: that a debtor must be in "financial
distress" before it files for bankruptcy in the Seventh Circuit.
The existence of the motions has no bearing on whether there is
cause for an extension under section 1121(d), which turns on
postpetition facts -- and certainly has no "financial distress"
component," the Debtors said in court filings.

"Nor does the fact that the Debtors filed the estimation motion in
any way indicate a lack of cause for an exclusivity extension.
Much to the contrary: estimation is a widely-used tool to help
resolve mass tort litigations.  Indeed, it has repeatedly been
successful in facilitating settlement where negotiation or
mediation has stalled, and courts have granted an extension of
exclusivity during the pendency of estimation proceedings.  On the
other hand, the Objectors' feigned shock and outrage that the
Debtors would dare dispute their multi-trillion dollar damages
claims is neither credible nor relevant to an exclusivity
extension.  It should come as no surprise to the Objectors or
anyone else that the Debtors dispute the Combat Arms claims on
multiple grounds, including injury, causation, damages, and
affirmative defenses."

                   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.


AFTERSHOCK COMICS: Committees Tap Sklar Kirsh as Legal Counsel
--------------------------------------------------------------
The official committees of unsecured creditors of Aftershock
Comics, LLC and Rive Gauche Television seek approval from the U.S.
Bankruptcy Court for the Central District of California to employ
Sklar Kirsh, LLP as their bankruptcy counsel.

The committees require legal counsel to:

   a. assist, advise and represent the committees in their
consultations with the Debtors and other creditor constituencies or
parties in interest regarding the administration of the Debtors'
Chapter 11 cases;

   b. assist, advise and represent the committees in analyzing the
Debtors' assets and liabilities, investigating the extent and
validity of liens and participating in and reviewing any proposed
asset sales, other asset dispositions, financing arrangements and
cash collateral stipulations or proceedings;

   c. assist, advise and represent the committees in their
participation in the Debtors' reorganization efforts and any
possible liquidation or sale of the Debtors' assets;

   d. assist, advise and represent the committees in any manner
relevant to reviewing and determining the Debtors' rights and
obligations under unexpired leases and executory contracts;

   e. assist, advise, and represent the committees in investigating
the acts, conduct, assets, liabilities, and financial condition of
the Debtors, the operations of the Debtors' business, and any other
matters relevant to the cases or to the formulation of a plan;

   f. assist, advise and represent the committees in participation
in the negotiation, formulation and drafting of a plan of
liquidation or reorganization or the dismissal of the cases;

   g. assist, advise and represent the committees in the evaluation
of claims and any litigation matters;

   h. provide advice to the committees on the issues concerning the
appointment of a trustee or examiner under Section 1104 of the
Bankruptcy Code;

   i. assist, advise and represent the committees in the
performance of all of their duties and powers under the Bankruptcy
Code and the Bankruptcy Rules and in the performance of such other
services as are in the interest of those represented by the
committees; and

   j. provide other necessary legal services.

The firm will be paid at these rates:

     Attorneys                $770 to $925 per hour
     Associates               $470 to $810 per hour
     Paraprofessionals        $275 to $325 per hour

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

Robbin Itkin, Esq., a partner at Sklar Kirsh, disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Robbin L. Itkin, Esq.
     Kelly Frazier, Esq.
     Timothy K. McMahon, Esq.
     Sklar Kirsh, LLP
     1880 Century Park East, Suite 300
     Los Angeles, CA 90067
     Tel: (310) 845-6416
     Fax: (310) 929-4469
     Email: ritkin@sklarkirsh.com
            kfrazier@sklarkirsh.com
            tmcmahon@sklarkirsh.com

                     About AfterShock Comics

AfterShock Comics, LLC -- https://Aftershockcomics.com -- is an
American comic book publisher launched in 2015. The company is
based in Sherman Oaks, Calif.

AfterShock Comics and affiliate Rive Gauche Television filed
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. Lead C.D. Calif. Case No. 22-11456) on Dec. 19, 2022. Judge
Martin R. Barash oversees the cases.

At the time of the filing, AfterShock Comics reported $10 million
to $50 million in both assets and liabilities while Rive Gauche
reported $50 million to $100 million in assets and $10 million to
$50 million in liabilities.

The Debtors are represented by David L. Neale, Esq., at Levene,
Neale, Bender, Yoo & Golubchik L.L.P.

The U.S. Trustee for Region 16 appointed two separate committees to
represent unsecured creditors in the Chapter 11 cases of AfterShock
Comics, LLC and Rive Gauche Television. Sklar Kirsh, LLP represents
both committees.


AGAVE AZUL: Hires Las Vegas Sothebys as Real Estate Broker
----------------------------------------------------------
Agave Azul Acquisition Group Holdings, LLC seeks approval from the
U.S. Bankruptcy Court for the District of Nevada to employ Las
Vegas Sothebys International to market and sell its real property
located at 6755 Agave Azul St., Las Vegas.

The firm will be paid a commission of 5 percent of the gross
selling price of the property.

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

The firm can be reached at:

     Thomas Marsaw
     Las Vegas Sothebys International
     8548 Rozita Lee Ave. Suite 100
     Las Vegas, NV 89113
     Tel: (702) 360-1414

            About Agave Azul Acquisition Group Holdings

Agave Azul Acquisition Group Holdings, LLC, a Las Vegas-based
company, filed its voluntary petition for Chapter 11 protection
(Bankr. D. Nev. Case No. 23-10238) on Jan. 26, 2023, with $1
million to $10 million in both assets and liabilities. Michael
Evers, manager of Agave, signed the petition.

Judge August B. Landis oversees the case.

The Law Offices of Michael J. Harker serves as the Debtor's
bankruptcy counsel.


AGILE THERAPEUTICS: Incurs $3.9 Million Net Loss in Fourth Quarter
------------------------------------------------------------------
Agile Therapeutics, Inc. reported financial results for the three
and twelve months ended Dec. 31, 2022 and provided a corporate
update.

"2022 was a turning point for Agile as we continued to advance
revenue growth for Twirla and transformed and streamlined our
operating model to reduce expenses, which we believe sets Agile up
for a strong year of continued revenue growth in 2023," said Agile
Therapeutics Chairman and Chief Executive Officer Al Altomari.  "We
continue to believe we will reach our goal of 2023 net revenue in
the range of $25-$30 million."

Agile reported a net loss of $3.93 million on $4 million of net
revenues for the three months ended Dec. 31, 2022, compared to a
net loss of $19.53 million on $1.51 million of net revenues for the
three months ended Dec. 31, 2021.

For the year ended Dec. 31, 2022, the Company reported a net loss
of $25.41 million on $10.88 million of net revenues compared to a
net loss of $71.07 million on $4.10 million of net revenues for the
year ended Dec. 31, 2021.

As of Dec. 31, 2022, the Company had $14.24 million in total
assets, $19.78 million in total liabilities, and a total
stockholders' deficit of $5.54 million.

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

https://www.sec.gov/Archives/edgar/data/1261249/000155837023004368/agrx-20230322xex99d1.htm

                   About Agile Therapeutics Inc.

Agile Therapeutics, Inc. is a women's healthcare company dedicated
to fulfilling the unmet health needs of today's women. The
Company's product and product candidates are designed to provide
women with contraceptive options that offer freedom from taking a
daily pill, without committing to a longer-acting method. Its
initial product, Twirla, (levonorgestrel and ethinyl estradiol), a
transdermal system, is a non-daily prescription contraceptive.

Iselin, New Jersey-based Ernst & Young LLP, the Company's auditor
since 2010, issued a "going concern" qualification in its report
dated March 30, 2022, citing that the Company has generated losses
since inception, used substantial cash in operations, anticipates
it will continue to incur net losses for the foreseeable future,
requires additional capital to fund its operating needs and has
stated that substantial doubt exists about the Company's ability to
continue as a going concern.


AIJOBORY INVESTMENT: Seeks Approval of Disclosure Statement
-----------------------------------------------------------
Aijobory Investment, LLC, is requesting approval of its Disclosure
Statement.

A hearing is scheduled April 19, 2023, at 11:30 AM.

Pursuant to 11 U.S.C. s 1125(b), the Debtor respectfully requests
that the Court approve the proposed Disclosure Statement, with
simultaneous approval of the voting procedures, together with the
fixing of the last day for the acceptance or rejection of the Plan
of Re-organization and the filing of objections to said Plan and
fixing a date for a hearing on the confirmation of the proposed
Plan of Re-organization, pursuant to Rule 3017, Rule 3018 and Local
Rule 3016.1.

Since 2016, the Debtor has been in the business of real estate
developing and investing.

Under the Plan, General Unsecured Class 1 Sharpe Income Fund, LP,
is unimpaired.  Creditor is to receive $23,719,21.

Payments and distributions under the Plan will be funded by sales
of debtor's property at 664 Church Lane, Lansdowne, PA 19050, 1038
South Frazier Street, Philadelphia, PA 19143 and 5353 Delancey,
Philadelphia, PA 19143.

Counsel for the Debtor:

     Ronald J. Pressley, Esq.
     1015 Chestnut Street, Suite 907
     Philadelphia, PA 19107
     Tel: (215)629-3800
     E-mail: rjp@rjpressley.com

A copy of the Motion dated March 17, 2023, is available at
https://bit.ly/3mZQGjU from PacerMonitor.com.

A copy of the Disclosure Statement dated March 17, 2023, is
available at https://bit.ly/4005DRw from PacerMonitor.com.

                    About Aijobory Investment

Aijobory Investment, LLC, a company in Lansdowne, Pa., sought
protection under Chapter 11 of the U.S Bankruptcy Code (Bankr. E.D.
Pa. Case No. 22-12008) on Aug. 1, 2022. In the petition filed by
Hatim Mukhef, as operations manager, the Debtor reported assets
between $1 million and $10 million and liabilities between $500,000
and $1 million.

Judge Magdeline D. Coleman oversees the case.

Ronald J. Pressley, Esq., at Ronald J. Pressley Associates, P.C.,
is the Debtor's counsel.


ALLENA PHARMACEUTICALS: Seeks Approval of Disclosure Statement
--------------------------------------------------------------
Allena Pharmaceuticals, Inc., filed a motion for an entry of an
order approving the disclosure statement on an interim basis,
scheduling a combined hearing on final approval of the disclosure
statement and plan confirmation and deadlines related thereto,
approving the solicitation, notice and tabulation procedures and
the forms related thereto; and granting related relief.

The Plan is a liquidating plan within the purview of Local Rule
3017-2. In general, the Plan provides for, among other things, (i)
the vesting of all Available Cash in the Liquidation Trust, for the
purpose of distribution to holders of Claims; (ii) the designation
of a Liquidation Trustee to wind down the Debtor's affairs,
reconcile and pay Claims, and administer the Plan and Liquidation
Trust in an efficacious manner; and (iii) 100 percent recoveries
for holders of Administrative Claims, Priority Tax Claims, Secured
Tax Claims, Other Secured Claims, and Other Priority Claims.

Class 4 (General Unsecured Claims) and Class 5 (Pontifax True-Up
Obligation Claims) are the only holders of Claims or Interests that
are entitled to vote on the Plan (the "Voting Classes"). All other
holders of Claims or Interests are not entitled to vote on the Plan
because each such holder holds a Claim or Interest that is either
(i) unimpaired under the Plan and deemed to accept the Plan or (ii)
impaired and deemed to reject the Plan.

The record date will be on April 11, 2023 at 4:00 p.m. (prevailing
Eastern Time) (or such other date the Interim Approval and
Procedures Order is entered).

The deadline to Serve the Notices and the Solicitation Package will
be on April 13, 2023 (or within 2 business days following entry of
the Interim Approval and Procedures Order).

The deadline to file Claims Objections for Voting Purposes Only
will be on May 4, 2023 at 4:00 p.m. (prevailing Eastern Time).

The deadline to Respond to Claims Objections and to File 3018(a)
Motions will be on May 4, 2023 at 4:00 p.m. (prevailing Eastern
Time).

The deadline to File Plan Supplement will be on May 4, 2023 Voting
Deadline May 11, 2023 at 5:00 p.m. (prevailing Eastern Time).

The deadline to Object to final approval of the Disclosure
Statement and Confirmation of the Plan will be on May 11, 2023 at
4:00 p.m. (prevailing Eastern Time).

The deadline for Debtor to File Voting Report (which shall also
include a list of those who opted out of the third party releases)
will be on May 15, 2023.

The deadline for Debtor to File Confirmation Brief and/or Reply to
any Plan or Disclosure Statement Objections, Supporting
Declarations and the Proposed Form of Order Approving the
Disclosure Statement and Confirming the Plan will be on May 15,
2023.

The deadline for Debtor to Respond to 3018 (a) Motions will be on
May 15, 2023.

The Combined Hearing on Final Approval of the Disclosure Statement
and Confirmation of the Plan, and to Rule on Claims Objections and
3018(a) Motions will be on May 18, 2023 at 1 p.m. (prevailing
Eastern Time).

The Disclosure Statement contains adequate, if not ample,
information to allow the holders of Claims and Interests to make an
informed judgment regarding the Plan.  The Disclosure Statement is
the product of the Debtor's extensive review and analysis of its
business, assets and liabilities, and circumstances leading to the
Chapter 11 Case.

Counsel to the Debtor:

     Adam G. Landis, Esq.
     Matthew B. McGuire, Esq.
     Nicolas E. Jenner, Esq.
     LANDIS RATH & COBB LLP  
     919 Market Street, Suite 1800
     Wilmington, DE 19801
     Telephone: (302) 467-4400
     Facsimile: (302) 467-4450
     E-mail: landis@lrclaw.com
             mcguire@lrclaw.com
             jenner@lrclaw.com

                  About Allena Pharmaceutical

Allena is a pre-commercial clinical biopharmaceutical company
dedicated to discovering, developing and commercializing
first-in-class, oral biological therapeutics to treat patients with
rare and severe metabolic and kidney disorders such as gout and
kidney stones.

Allena Pharmaceuticals, Inc. filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case
No. 22-10842) on Sep. 2, 2022.  The petition was signed by Matthew
Foster as chief restructuring officer.  At the time of filing, the
Debtor estimated $14,368,000 in assets and $3,455,000 in
liabilities.

The Hon. Karen B. Owens presides over the case.

Matthew B. McGuire, Esq., at LANDIS RATH & COBB LLP, represents the
Debtor.


ALLENA PHARMACEUTICALS: Unsecureds Owed $8M to Get 10% Under Plan
-----------------------------------------------------------------
Allena Pharmaceuticals, Inc., filed a Plan of Liquidation and a
Disclosure Statement.

The Debtor proposes to liquidate under chapter 11 of the Bankruptcy
Code. Under Chapter 11, a debtor may reorganize or liquidate its
businesses for the benefit of its stakeholders.  The consummation
of a chapter 11 plan of liquidation is the principal objective of
this Chapter 11 Case.

Generally speaking, the Plan:

   * provides the vesting of all Available Cash and Retained Causes
of Action (including Avoidance Actions) in the Liquidation Trustee,
for the purpose of distribution to holders of Claims;

   * designates a Liquidation Trustee to wind down the Debtor's
affairs, prosecute, continue or settle certain Retained Causes of
Action, pay and reconcile Claims, and administer the Plan and
Liquidation Trust in an efficacious manner; and

   * provides for 100 percent recoveries for holders of
Administrative Claims, Secured Tax Claims, Priority Tax Claims,
Other Priority Claims and Other Secured Claims.

The Debtor believes that confirmation of the Plan will avoid the
lengthy delay and significant cost of liquidation under Chapter 7
of the Bankruptcy Code.

Pursuant to the Plan, the Debtor or the Liquidation Trustee will
pay or provide for payments of Claims as follows:

  * the Debtor or the Liquidation Trustee shall pay Allowed
Administrative Claims, Allowed Priority Tax Claims, Allowed Secured
Tax Claims, Allowed Other Secured Claims and Allowed Other Priority
Claims from the Priority Claim Reserve;

   * the Debtor shall fund the Professional Fee Escrow Account,
which Professional Fee Escrow Account shall be used to pay Allowed
Professional Fee Claims;

   * holders of Allowed Class 4 General Unsecured Claims will
receive Beneficial Trust Interests;

   * upon the occurrence of certain conditions, holders of Allowed
Class 5 Pontifax True-Up Obligation Claims will receive Beneficial
Trust Interests and

   * existing Interests in the Debtor will be cancelled without any
distribution to the holders of such Interests.

As of the Petition Date, substantially all of the Debtor's cash was
held in two accounts: (a) approximately $239,500 in an operating
account (the "Operating Account") held by the Debtor, and (b)
approximately $2,044,925 million in an account (the "Security
Corporation Account") held by APSC. The cash to be used by the
Debtor during the bankruptcy case was sourced from the Operating
Account, with periodic replenishment from the Security Corporation
Account as needed. As further described below, while Pontifax
Medison Finance, G.P., L.P. (together with Pontifax Medison Finance
(Israel) L.P. and Pontifax Medison Finance (Cayman) L.P.
"Pontifax") held a lien in the Operating Account prior to the
Petition Date, that lien was released in connection with a
settlement with Pontifax. Pontifax did not at any time hold a lien
in the Security Corporation Account, and neither Pontifax nor any
other person or entity held a lien in the Operating Account or the
Security Corporation Account, or in any cash in those accounts, as
of the Petition Date.

As of the Petition Date, the Debtor estimated that its unsecured
debt totaled approximately $3.4 million, consisting of contractual
obligations and trade debt.

The Debtor filed the Chapter 11 Case to engage in a process to sell
substantially all of its assets so that it could maximize the value
of its Estate for the benefit of all of its constituents.
Throughout the Chapter 11 Case the Debtor has been involved in five
separate sale processes as part of a concerted effort to maximize
the value of the Debtor's assets:

    a. On December 5, 2022, the Bankruptcy Court entered the Order
(A) Authorizing the Debtor to Enter into an Agreement to Sell One
GEA PFS300- 06-777 Centrifuge and Accessories Pursuant to 11 U.S.C.
s 363 and Rule 6004 of the Federal Rules of Bankruptcy Procedure
and (B) Authorizing the Debtor to Pay a Prepetition Claim (the
"Centrifuge Sale Order") authorizing the Debtor to, among other
things, sell a centrifuge and related accessories to Olon spa.
("Olan") pursuant to an asset purchase agreement (the "Centrifuge
Sale") for the purchase price of $250,000 (the "Centrifuge Sale
Proceeds"). In addition, the Centrifuge Sale Order, authorized the
Debtor to pay a prepetition claim, the outstanding balance of
$88,290.00 for the centrifuge and the accessories, to the
centrifuge manufacturer, GEA Mechanical Equipment US, Inc., from
the Centrifuge Sale Proceeds;

    b. On December 6, 2022, the Bankruptcy Court entered the Order
(I) Approving Bill of Sale and Authorizing the Sale of Certain
Assets of the Debtor Outside the Ordinary Course of Business, (II)
Authorizing the Sale of Assets Free and Clear of all Liens, Claims,
Encumbrances and Interests, and (III) Granting Related Relief  (the
"Equipment Assets Sale Order") authorizing, among other things, the
Debtor to sell certain of its equipment assets located at its
laboratory in Sudbury, Massachusetts to Heritage Global Partners,
Inc. ("Heritage") pursuant to an asset purchase agreement (the
"Equipment Assets Sale") for the purchase price of $330,000;

    c. On January 11, 2023, the Bankruptcy Court entered the Order
(I) Approving Asset Purchase Agreement and Authorizing the Sale of
Certain Assets of the Debtor Outside the Ordinary Course of
Business, (II) Authorizing the Sale of Assets Free and Clear of all
Liens, Claims, Encumbrances and Interests, and (III) Granting
Related Relief  (the "Lumen Sale Order") authorizing, among other
things, the Debtor to sell certain of its non-exclusive data rights
to Lumen Bioscience, Inc. ("Lumen") pursuant to an asset purchase
agreement (the "Lumen Sale") for the purchase price of $50,000;

    d. On February 7, 2023, the Bankruptcy Court entered the Order
(I) Approving Synlogic Asset Purchase Agreement and Authorizing the
Sale of Certain Assets of the Debtor Outside the Ordinary Course of
Business, (II) Authorizing the Sale of Assets Free and Clear of all
Liens, Claims, Encumbrances and Interests, and (III) Granting
Related Relief  (the "Synlogic Sale Order") authorizing, among
other things, the Debtor to sell certain of its non-exclusive data
rights to Synlogic, Inc. ("Synlogic") pursuant to an asset purchase
agreement (the "Synlogic Sale") for the purchase price of $50,000;
and

   e. On March __, 2023, the Bankruptcy Court entered the Order (I)
Approving Glyscend Asset Purchase Agreement and Authorizing the
Sale of Certain Assets of the Debtor Outside the Ordinary Course of
Business, (II) Authorizing the Sale of Assets Free and Clear of all
Liens, Claims, Encumbrances and Interests, and (III) Granting
Related Relief (the "Glyscend Sale Order") authorizing, among other
things, the Debtor to sell certain of its exclusive and
non-exclusive data rights to Glyscend, Inc. ("Glyscend") pursuant
to an asset purchase agreement (the "Glyscend Sale") for the
purchase price of $60,000.

Under the Plan, Class 4 General Unsecured Claims totaling
$8,420,290 will recover 10% of their claims.  Each holder of such
Allowed General Unsecured Claim shall receive its pro rata share of
the Beneficial Trust Interests, which Beneficial Trust Interests
shall entitle the holders thereof to receive their pro rata share
of the Liquidation Trust Assets. Class 4 is impaired.

Distributions under the Plan on account of the Beneficial Trust
Interests will be funded by the Liquidation Trust Assets.  All
other distributions under the Plan, other than distributions on
account of Beneficial Trust Interests, will be funded by the
Liquidation Trust Claims Reserve, or the Professional Fee Claims
Reserve. On the Effective Date, the Debtor shall fund the
Liquidation Trust Claims Reserve, the Liquidation Trust Expense
Reserve, and Professional Fee Claims Reserve, in full in Cash.

The Debtor recommends that all holders of Claims entitled to vote
accept the Plan by returning their ballots (each, a "Ballot") so as
to be actually received by the Claims, Noticing, and Solicitation
Agent (as defined herein) no later than May 11, 2023, at 5:00 p.m.
(prevailing Eastern Time). Assuming the requisite acceptances to
the Plan are obtained, the Debtor will seek the Bankruptcy Court's
approval of the Plan at the Confirmation Hearing.

To confirm the Plan, the Bankruptcy Court must hold a hearing to
determine whether the Plan meets the requirements of Bankruptcy
Code section 1129. The Bankruptcy Court has set May 18, 2023, at
1:00 p.m. (prevailing Eastern Time) for the combined hearing for
final approval of this Disclosure Statement and confirmation of the
Plan (the "Confirmation Hearing").

The Court has set May 11, 2023, at 4:00 p.m. (prevailing Eastern
Time), as the deadline for filing and serving any such objections
to the final approval of the Disclosure Statement and/or to
confirmation of the Plan.

Counsel to the Debtor:

     Adam G. Landis, Esq.
     Matthew B. McGuire, Esq.
     Nicolas E. Jenner, Esq.
     LANDIS RATH & COBB LLP  
     919 Market Street, Suite 1800
     Wilmington, DE 19801
     Telephone: (302) 467-4400
     Facsimile: (302) 467-4450

A copy of the Disclosure Statement dated March 17, 2023, is
available at https://bit.ly/3n4M10b from Stretto, the claims
agent.

                 About Allena Pharmaceuticals

Allena is a pre-commercial clinical biopharmaceutical company
dedicated to discovering, developing and commercializing
first-in-class, oral biological therapeutics to treat patients with
rare and severe metabolic and kidney disorders such as gout and
kidney stones.

Allena Pharmaceuticals, Inc. filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case
No. 22-10842) on Sep. 2, 2022. The petition was signed by Matthew
Foster as chief restructuring officer. At the time of filing, the
Debtor estimated $14,368,000 in assets and $3,455,000 in
liabilities.

The Hon. Karen B. Owens presides over the case.

Matthew B. McGuire, Esq., at LANDIS RATH & COBB LLP, represents the
Debtor.


AMERICAN AIRLINES: S&P Alters Outlook to Pos., Affirms 'B-' ICR
---------------------------------------------------------------
S&P Global Ratings revised the outlook on its issuer credit rating
(ICR) on American Airlines Group Inc. to positive from stable, and
affirmed the 'B-' ICR.

In addition, S&P raised certain issue-level ratings to reflect
recent debt repayment and our updated collateral valuations.

The positive outlook on the ICR reflects the increased potential
for an upgrade later this year, as S&P estimates American's funds
from operations (FFO)-to-debt ratio will increase to about 15% in
2023, which is above its threshold for the rating."

American strengthened its credit profile over the past year, and
further improvement appears likely in 2023. S&P said, "Strong
demand for domestic passenger travel was the catalyst for the much
higher earnings and cash flow the company generated in 2022, and we
assume this will persist in 2023. American generated an FFO-to-debt
ratio of 9% last year, near our upside threshold for the rating of
above 10%. We believe American is poised for further improvement
amid strong demand and industry capacity constraints that should
support high fares and gradual margin improvement. We estimate FFO
to debt at about 15% this year and believe the company will
generate positive free cash flow that it will allocate toward debt
reduction. In our view, year-over-year improvement in American's
operating results could temper the risks associated with its
substantial refinancing requirements over the next couple of
years."

The company's available seat miles (ASMs) were up more than 20%
year over year and are approaching 2019 levels--the pre-pandemic
benchmark. Utilization also improved and contributed to much higher
passenger revenue per available seat mile (PRASM) that mitigated
the impact of historically high jet fuel prices last year. Since
the pandemic, the company has deliberately shifted capacity from
its lower-margin flights (that is, certain long-haul international
routes) to more profitable short-haul/Sunbelt hub flights, and S&P
believes this contributed to higher returns. American generated
almost $49 billion in total revenue in 2022--an increase of almost
$20 billion compared with the previous year--and an adjusted EBITDA
margin of 12.5% that was comparable with that of other U.S.
mainline airlines. The company's domestic operations remain by far
the largest share of revenue at almost 75%, but its Atlantic and
Latin American traffic have also rebounded strongly and we expect
they will improve further this year.

Demand for passenger travel shows no sign of easing in the near
term. S&P said, "In our view, there is material pent-up demand for
passenger travel following the pandemic that has yet to be fully
realized, and we incorporate this into our higher revenue and
earnings estimates for American. Airline industry revenues in the
U.S. increased sharply from 2020 lows but have not kept pace with
economic growth. Although the shortfall (relative to nominal GDP)
has narrowed, we believe this presents material future revenue
upside for the industry and American, the largest U.S. airline as
measured by ASMs." Moreover, hybrid work presents greater potential
flexibility to travel, and S&P Global Economics forecasts real
consumer spending will remain positive in 2023 (albeit well below
2022 levels).

S&P said, "We expect higher capacity will spur growth in the
company's operating results and more than offset cost pressures
mainly from elevated jet fuel prices and rising labor costs. A
shortage of trained pilots and other staff (such as maintenance,
air traffic controllers), as well as delays in narrow-body aircraft
deliveries, will likely persist at least into next year. In our
view, the lack of excess capacity should limit downside to fares
and our estimates for American."

American's debt levels are significant but improving credit
measures should lessen refinancing risk. S&P's ICR on American
reflects the airline's substantial debt and large maturities that
present refinancing risk. The company's S&P Global Ratings-adjusted
debt was relatively stable in 2022 at about $39 billion. American
reduced its gross debt by about $2.7 billion last year, although
mostly from cash on hand (which S&P nets to derive adjusted debt)
and a lower pension and post-retirement liability. The company
plans to further reduce debt, as it faces scheduled debt payments
of $3.0 billion this year, $3.5 billion in 2024, and about $7.5
billion in 2025.

American has a solid cash position of about $9 billion, which
provides some financial flexibility (although it must hold at least
$2 billion of liquidity as a requirement under multiple debt
agreements) to address near-term maturities, if needed. In
addition, the company demonstrated capital markets access in
February 2023, which S&P viewed favorably given its future
refinancing needs. However, yields have since increased (by more
than 10% in the month since American issued secured notes) and S&P
acknowledges the potential for credit market volatility to
persist.

S&P's estimates for American's credit measures remain highly
sensitive to relatively small changes in its assumptions. The
potential risks and uncertainties associated with a softening U.S.
economy, and looming debt maturities limit upside to our ICR on
American for now. The airline industry is highly cyclical and
historically sensitive to changing economic conditions.
Weaker-than-expected demand or fares can have a significant adverse
effect on credit measures--particularly if jet fuel prices remain
high. The company also faces structurally higher labor costs (as do
other U.S. mainline carriers) that increase the importance of
capacity growth to mitigate overall inflationary pressures on
margins.

The S&P Global Ratings energy team assumes a full-year average
price of $85 per barrel (/bbl) for West Texas Intermediate (WTI)
and $90/bbl for Brent crude oil in 2023, which is modestly lower
than the 2022 average. However, the increase in the spread between
refined jet fuel and oil prices was unprecedented last year and
remains elevated from a historical perspective (and likely will
remain highly volatile). S&P considers the potential that softer
demand that could arise from a U.S. recession might limit
American's ability to cover sustainably high jet fuel costs with
fares.

S&P said, "We estimate that, all else being equal, flat
year-over-year PRASM in 2023 (compared with our estimate in the
low-single-digit area) in 2023 leads to an FFO-to-debt ratio below
10% (our upside threshold for the rating). The impact on FFO to
debt is similar if the company realizes an average jet fuel price
that is slightly above (less than 10%) our assumption in 2023. We
acknowledge several potential offsetting factors could mitigate the
effect on American's credit measures; for example, ticket prices
have historically tracked changes in fuel prices. However, it
demonstrates the high sensitivity of American's earnings and cash
flow to relatively small changes in our assumptions.

"The positive outlook reflects our view that American will generate
credit measure that we view as strong for our ICR, including FFO to
debt of about 15% in 2023 and 2024. We expect the company will
generate higher revenue and earnings, led by added capacity amid
continuing favorable industry supply and demand fundamentals that
support strong fares and gradual margin improvement. Higher
earnings and relatively modest capital expenditures (capex) should
lead to free cash flow generation available for debt repayment.

"We could raise our rating within the next 12 months if we gain
further conviction that American will meet our estimates for its
FFO-to-debt ratio to exceed 10% in 2023 and 2024. In our view, this
would most likely follow the seasonally stronger summer months in
the U.S. At that point, we believe we will likely have enhanced
visibility regarding the potential impact of a softer U.S. economy
on the company's operating results, liquidity, and refinancing
risk.

"We could revise the outlook to stable if, over the next 12 months,
we expect American will maintain an FFO-to-debt ratio near 10% in
2023, with low prospects for improvement in 2024. This might occur
if we expect the effects of a weaker-than-expected U.S. economy
will limit growth in its revenues, or the company's consolidated
ASM exceeds our estimates and leads to lower-than-expected margins
and earnings. Future issues regarding the company's ability to
refinance its future debt maturities could also constrain the
rating."

E-3, S-4, G-2

American Airlines, like other airlines, faces long-term risk from
potentially increasing environmental regulation of greenhouse
gases. Its average fleet age of about 12 years is above the global
average but younger than those of close peers Delta and United
Airlines Inc. Following years of heavy capital spending, American's
fleet is in satisfactory shape over the medium term. American's
financial condition remains pressured by the effects of the
pandemic (due to high debt, but the effect is easing). The company
added debt to maintain liquidity, and its earnings, although
improving, are still below pre-pandemic levels (the ICR on American
is three notches below pre-pandemic levels, but the outlook is now
positive).



AMERICAN PUBLIC: Moody's Cuts CFR to 'B2', Outlook Stable
---------------------------------------------------------
Moody's Investors Service downgraded American Public Education,
Inc.'s ("APEI" or "the company") corporate family rating to B2 from
B1 and its probability of default rating to B2-PD from B1-PD.
Concurrently, Moody's downgraded APEI's senior secured first lien
bank credit facility, including revolver and term loan to B2 from
B1 and the company's speculative grade liquidity rating (SGL) to
SGL-2 from SGL-1. The outlook is stable.  

Downgrades:

Issuer: American Public Education, Inc.

Corporate Family Rating, Downgraded to B2 from B1

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

Speculative Grade Liquidity Rating, Downgraded to SGL-2 from
SGL-1

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

Outlook Actions:

Issuer: American Public Education, Inc.

Outlook, Remains Stable

RATINGS RATIONALE

"The downgrades to B2 from B1 reflect Moody's expectation for
continued pressure on APEI's profitability and credit metrics
throughout the next several quarters given the enrollment
challenges at Rasmussen University (RU), specifically in the
pre-licensure nursing programs, " said Moody's AVP-Analyst Oleg
Markin." "Tighter admissions standards and enrollment caps at
certain RU locations, along with higher operating costs and faculty
shortages will drive APEI's debt-to-EBITDA leverage (Moody's
adjusted) from 3.5 times as of December 31, 2022 to around 5.0
times at the end of 2023, " added Markin.

Moody's expects business risks to remain high while APEI continues
to implement its organizational and operational realignment and
backfills vacant senior leadership position at RU. These
operational improvements were put in place in 4Q2022 in an effort
to reduce overall cost, position RU for future growth, and improve
NCLEX pass rates for first-time nursing students. Given the growth
restrictions imposed on APEI following its acquisition of RU, the
company is not permitted to open new RU locations or new programs,
and will have caps on the number of students that participate in
Title IV programs until Department of Education (ED) completes the
review and APEI recertifies. RU segment represented approximately
42% of APEI's total revenue in 2022 but Moody's expects turnaround
efforts at RU will create a meaningful drag on APEI's overall
EBITDA and free cash flow in 2023.

Positively, Moody's recognizes solid operating momentum in APEI's
other education units, including American Public University System,
Inc. (APUS), Hondros College of Nursing (HCN) and GraduateSchoolUSA
(GSUSA), which are expected to contribute to the company's EBITDA
growth and margin expansion over the next 12-18 months. Moody's
views favorably the company's proactive approach in reducing
overall indebtedness, with more than $70 million or 43% of
outstanding term loan debt repaid in 2022. APEI's sources of
liquidity, including more than $100 million of balance sheet cash
at December 31, 2022, and undrawn capacity under its $20 million
revolving credit facility are sufficient for the company to execute
its business realignment initiatives, further providing support of
the B2 rating.

Governance considerations are highly negative due to Moody's
expectation that the company will operate at higher leverage and
support its shareholders over creditors by repurchasing its own
shares to offset dilution. APEI's willingness to make periodic
quarterly cash dividend payments in the midst of business
realignment, enrollment challenges, heightened regulatory
environment and continued need to reinvest in growth opportunities
increases governance risk. In more than 24 months since APEI's
acquisition of RU, the company's management has not met its
earnings forecasts.  

APEI's B2 CFR reflects the company's solid market position in the
for-profit, post-secondary education market, with a primary focus
on providing online and campus-based education and career learning
to active-duty military and veterans, federal and public workforce,
as well as talent to the healthcare sector. APEI's pre-licensure
program in HCN and RU address significant demand shortages of
nurses in the United States. Despite operational missteps, APUS
remains the company's largest and most profitable education unit
with 100% online presence across the United States. Moody's
believes that continued strong operating momentum in this segment
will allow APEI to offset any unforeseen challenges around business
realignment, including making RU and HCN profitable in 2023.
Furthermore, the rating considers the company's modest
debt-to-EBITDA (Moody's adjusted) of around 3.5 times as of
December 31, 2022, which Moody's expects will increase to around
5.0 times at the end of 2023. Following a $65 million voluntary
debt repayment in the fourth quarter of 2022, APEI has less than
$100 million of outstanding debt on its balance sheet at December
31, 2022. The rating is also supported by Moody's expectation that
the company will maintain good liquidity over the next 12-15
months.

APEI is subject to large and expanding regulatory requirements for
operating for-profit higher education businesses, including
depending on Title IV funding, Tuition Assistance (TA) and Veterans
Affairs funding, which are vulnerable to budgetary pressures. If
APEI fails to comply with regulations, it may face fines and
penalties, including loss of financial aid programs and lower
student enrollments. Legal and regulatory challenges, if not
remedied, can present increased risk of operational deterioration
if specific institution accreditation is withdrawn. Several of
APEI's nursing programs, at both HCN and RU campuses, are currently
on probationary status for not meeting the state-established first
time NCLEX pass rates benchmarks for consecutive years. APEI has
invested additional capital, including hiring clinical staff and
introduced enrollment caps to address these issues. The rating also
reflects Moody's concerns around the company's ability to reverse
negative enrollment trends at RU. APEI has a high-fixed cost
structure that disproportionally affects its profitability when
revenue moves up or down. Ongoing transition away from Collegis,
LLC, a third-party vendor for outsourced RU information technology
and marketing services may pose additional operational challenges.

The SGL-2 rating reflects Moody's expectation that APEI will
maintain good liquidity over the next 12-15 months. Sources of
liquidity consist of approximately $129.5 million of balance sheet
cash (including $26.9 million of restricted cash to secure letters
of credit), Moody's expectations annual free cash flow generation
between $5-10 million (before any preferred dividend payment), and
full access to the $20 million revolving credit facility due 2026.
Moody's anticipates that the $24.2 million held in a restricted
certificate of deposit account that secures a letter of credit for
the benefit of ED in connection with RU's 2020 composite score will
be released in 2023. Given the voluntary repayment of debt in 2022,
APEI has satisfied all mandatory quarterly amortization payment
requirements until the maturity.

APEI's credit facility contains a total net leverage ratio covenant
that cannot exceed 2.0x. As of 31 December 2022, the company was in
compliance with all debt covenants. Moody's expects the company to
maintain ample cushion under its financial covenant.

The stable outlook reflects Moody's expectation for lower
profitability and very limited cash flow generation in 2023,
despite modest topline growth. Moody's expects debt-to-EBITDA
(Moody's adjusted) to decline towards 4.0 times in 2024 as APEI
completes realignment and addresses enrollment challenges, while
maintaining good liquidity.

The downgrade of APEI's senior secured first lien credit facility
rating (revolver and term loan) to B2 from B1 reflects both the PDR
of B2-PD and the loss given default assessment of LGD3. As there is
no other meaningful debt in the capital structure, the facility is
rated in line with the B2 CFR.

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

The ratings could be upgraded if APEI returns and maintains strong
student enrollment growth and if debt-to-EBITDA decreases and is
sustained below 3.0 times while the company maintains at least good
liquidity.

The ratings could be downgraded if the company experiences much
weaker than expected enrollments, if APEI is unable to realize
anticipated cost benefits from business realignment, encounters
issues with relocating marketing and information technology
services in-house and a third-party vendor, or if free cash flow
deteriorates. A downgrade could also be warranted if debt-to-EBITDA
(Moody's adjusted) exceeds 5.0 times for a sustained period. The
ratings could also be downgraded if unanticipated regulatory
challenges result in sizeable penalty, ineligibility for Title IV
funding or the removal of accreditation to one of the company's
learning institutions.

Headquartered in Charles Town, West Virginia, American Public
Education, Inc. (NASDAQ: APEI) is a for-profit provider of
post-secondary educational services and operates at 30 campuses
across nine states, and online. Moody's expects the company to
generate annual revenue in excess of $600 million in fiscal 2023.

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


AMERICANAS SA: Submits Reorganization Plan to Brazilian Court
-------------------------------------------------------------
Reuters reports that Brazilian retailer Americanas SA (AMER3.SA)
has presented to a court its post-bankruptcy reorganization plan,
it said late on Monday, marking potential progress to recovery
after disclosing billions of dollars in accounting irregularities.

Americanas, which entered bankruptcy protection after disclosing
accounting "inconsistencies" worth 20 billion reais ($3.78
billion), presented the first draft of a legal recovery plan to a
court in Rio de Janeiro state.

Under the plan, the retailer's 'reference shareholders', the
billionaire trio that founded 3G Capital, would inject 10 billion
reais into the company through a capital increase, a measure
Americanas had confirmed in early March.

Within 60 days of the capital increase, the retailer would hold a
reverse auction to settle debts with unsecured and financial
creditors who "opt to receive full settlement of all or part of
their claims at a discount of not less than 70% of the claim
amount," it said.

The firm also proposed a repurchase of unsecured credits, as well
as the issuance of simple debentures, among other debt
restructuring options.

Americanas will put up for sale assets including Hortifruti/Natural
da Terra, Grupo Uni.co as well as its airplane, aiming to use at
least 2 billion reais from the proceeds to reduce its remaining
debt.

"With this the company intends to reduce its market debt,
post-restructuring, to 4.9 billion reais," it said, far below the
42 billion reais previously acknowledged during the bankruptcy
proceedings.

                      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 HOLDINGS: New Mountain Marks $32.9M Loan at 55% Off
----------------------------------------------------------
New Mountain Finance Corporation has marked its $32,953,000 loan
extended to Ansira Holdings, Inc. to market at $14,829,000 or 45%
of the outstanding amount, as of December 31, 2022, according to a
disclosure contained in New Mountain's Form 10-K for the fiscal
year ended December 31, 2022, filed with the Securities and
Exchange Commission on February 27, 2023.

New Mountain is a participant in a First Lien Loan to Ansira
Holdings, Inc. The loan accrues interest at a rate of 10.91%
(L(Q(42*+6.50%/Payment In Kind)) per annum. The loan matures in
December 2024.

"During the third quarter of 2022, we placed our first lien term
loan and first lien delayed draw term loan positions in Ansira on
non-accrual status. As of December 31, 2022, our first lien
positions in Ansira on non-accrual status had an aggregate cost
basis of $41.4 million, an aggregate fair value of $18.6 million,
total unearned interest income of $2.1 million for the year then
ended," New Mountain said.

New Mountain is a Delaware corporation that was originally
incorporated on June 29, 2010 and completed its initial public
offering on May 19, 2011. New Mountain is a closed-end,
non-diversified management Investment Company that has elected to
be regulated as a business development company under the Investment
Company Act of 1940, as amended. New Mountain Finance Advisers BDC,
L.L.C., its Investment Adviser, is a wholly owned subsidiary of New
Mountain Capital Group, L.P.  New Mountain Capital is a firm with a
track record of investing in the middle market. New Mountain
Capital focuses on investing in defensive growth companies across
its private equity, credit and net lease investment strategies.

Ansira is a Marketing Services and Technology Platforms Company.



ANSIRA HOLDINGS: New Mountain Marks $8.1M Loan at 55% Off
---------------------------------------------------------
New Mountain Finance Corporation has marked its $8,316,000 loan
extended to Ansira Holdings, Inc to market at $3,742 or 45% of the
outstanding amount, as of December 31, 2022, according to a
disclosure contained in New Mountain's Form 10-K for the fiscal
year ended December 31, 2022, filed with the Securities and
Exchange Commission on February 27, 2023.

New Mountain is a participant in a First Lien Loan to Ansira
Holdings, Inc. The loan accrues interest at a rate of 11.15%
(L(Q)(42)*+6.50%,/PIK) per annum. The loan matures in December
2024.

"During the third quarter of 2022, we placed our first lien term
loan and first lien delayed draw term loan positions in Ansira on
non-accrual status. As of December 31, 2022, our first lien
positions in Ansira on non-accrual status had an aggregate cost
basis of $41.4 million, an aggregate fair value of $18.6 million,
total unearned interest income of $2.1 million for the year then
ended," New Mountain said.

New Mountain is a Delaware corporation that was originally
incorporated on June 29, 2010 and completed its initial public
offering on May 19, 2011. New Mountain is a closed-end,
non-diversified management Investment Company that has elected to
be regulated as a business development company under the Investment
Company Act of 1940, as amended. New Mountain Finance Advisers BDC,
L.L.C., its Investment Adviser, is a wholly owned subsidiary of New
Mountain Capital Group, L.P.  New Mountain Capital is a firm with a
track record of investing in the middle market. New Mountain
Capital focuses on investing in defensive growth companies across
its private equity, credit and net lease investment strategies.

Ansira is a Marketing Services and Technology Platforms Company.



APOGEE GROUP: June 7 Hearing on Disclosure Statement
----------------------------------------------------
Judge Mildred Caban Flores will convene a hearing on approval of
Apogee Group, LLC's Disclosure Statement on June 7, 2023 at 9:00
a.m., to consider and rule upon the adequacy of the Disclosure
Statement and the information contained therein, to consider
objections to the Disclosure Statement.

Objections to the form and content of the disclosure statement must
be in writing and filed with the court and served upon parties in
interest at their address of record not less than 14 days prior to
the hearing.

                       About Apogee Group

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

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

Judge Mildred Caban Flores presides over the case.

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


ATHLETICO HOLDINGS: Moody's Cuts CFR to Caa1, Outlook Stable
------------------------------------------------------------
Moody's Investors Service downgraded Athletico Holdings, LLC.'s
ratings, including the Corporate Family Rating to Caa1 from B3, the
Probability of Default Rating to Caa1-PD from B3-PD and existing
Senior Secured First Lien Facilities ratings at the subsidiary
level, to Caa1 from B3. At the same time, Moody's assigned a Caa1
rating to the proposed $75 million incremental term loan. The
outlook changed to stable from negative.

The ratings downgrade follows the company's announced incremental
term loan issuance structured as a PIK toggle. Proceeds will be
partly used to pay down the existing revolver balance and to add
cash on the balance sheet. While the term loan issuance eases
near-term liquidity constraints by increasing revolver
availability, Moody's expects a slower pace of deleveraging and
longer timeline to reach breakeven free cash flows than previously
anticipated. Moody's estimates debt/EBITDA for FY 2022 at
approximately 10x and expects it to remain elevated at above 8.5x
over the next 12-18 months. Additionally, Moody's expects pressure
on cashflows will persist with negative free cash flow in 2023.

Governance risk considerations are material to the ratings action,
reflecting Athletico's aggressive financial policy and weak track
record of deleveraging. The company has an aggressive growth
strategy and has maintained high financial leverage.

Downgrades:

Issuer: Athletico Holdings, LLC.

Corporate Family Rating, Downgraded to Caa1 from B3

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

Issuer: Athletico Management, LLC

Backed Senior Secured 1st Lien Revolving Credit Facility,
Downgraded to Caa1 (LGD3) from B3 (LGD3)

Backed Senior Secured 1st Lien Term Loan B, Downgraded to
Caa1 (LGD3) from B3 (LGD3)

Assignments:

Issuer: Athletico Management, LLC

Backed Senior Secured 1st Lien Term Loan B, Assigned Caa1 (LGD3)

Outlook Actions:

Issuer: Athletico Holdings, LLC.

Outlook, Changed To Stable From Negative

Issuer: Athletico Management, LLC

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

Athletico's Caa1 Corporate Family Rating reflects its very high
financial leverage, weak liquidity, and geographic concentration in
the mid-western region of the US. Moody's estimates that
debt/EBITDA was approximately 10x for the twelve months ended
December 31, 2022 on a Moody's adjusted basis. Moody's forecasts
leverage will remain elevated and above 8.5x over the next 12-18
months given ongoing labor pressures which Moody's expect to
continue to negatively impact earnings and free cash flow over the
near term. The rating also reflects the relatively low barriers to
entry in the physical therapy business and the risk of market
oversaturation given the rapid expansion of Athletico and many of
its competitors. The rating also incorporates risks associated with
the company's rapid expansion strategy as it grows, both
organically and through acquisitions.

The rating is supported by Moody's view that demand for physical
therapy will continue to grow given its relatively low-cost and as
a prevention to more expensive treatments.

Moody's expects Athletico to have weak liquidity in the next 12-18
months. The company had $6 million in cash at December 31, 2022 and
$75 million drawn on its $100 million revolver. Moody's expects the
proceeds from the $75 million incremental term loan will be used to
partly pay down the revolver and add cash to the balance sheet,
freeing up capacity. Moody's expects only a modest buffer to
maximum net leverage covenant on the revolver. Moody's expects free
cash flow will remain negative in 2023, returning to modestly
positive levels in 2024 with both periods benefitting from interest
paid-in-kind on the incremental term loan. However, Moody's expects
the company to rely on the revolver to fund operations in the
projection period.

The Caa1 ratings of the Senior Secured 1st Lien credit facilities
reflect the fact that the first lien credit facilities comprise a
preponderance of debt in the capital structure.

The stable outlook reflects Moody's expectation that Athletico will
see modest leverage improvement over the next 12 to 18 months due
to some normalization of volumes.

ESG CONSIDERATIONS

Athletico's ESG credit impact score is very highly negative (CIS-5,
previously CIS-4), reflecting its very highly negative exposure to
governance risk considerations (G-5, previously G-4) and highly
negative exposure to social risks (S-4). Credit exposure to
governance risk considerations is very highly negative demonstrated
by the company's aggressive growth strategy and very high financial
leverage under private equity ownership. Credit risk exposures to
social considerations is highly negative in providing physical
therapy services amid rising concerns around the access and
affordability of healthcare services. The company is exposed to
both labor pressures and wage inflation given its large workforce
of skilled employees (physical therapists).

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

Ratings could be downgraded if the company's liquidity or operating
performance weakens or if the company fails to effectively manage
its rapid growth or the company pursues more aggressive financial
policies. Ratings could be downgraded if Moody's sees the capital
structure becoming unsustainable which increases the likelihood of
a default.

Ratings could be upgraded if operating performance and liquidity
improves. Quantitatively, adjusted debt/EBITDA sustained below 7.5
times could support an upgrade. In addition, the rating could be
upgraded if Athletico demonstrates stable organic growth at the
same time it effectively executes on its expansion strategy.

Athletico Holdings, LLC., headquartered in Oak Brook, IL, is a
provider of outpatient rehabilitation services - primarily physical
therapy. Through its subsidiaries, it operates about 920 clinics in
24 states, with a strong presence in the mid-western US. Annual
revenues are more than $700 million pro forma the Pivot
acquisition. Athletico Holdings, LLC. is owned by BDT Capital
Partners, LLC.

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


AVAYA INC: Gets OK to Hire Kirkland & Ellis as Counsel
------------------------------------------------------
Avaya Inc. and its affiliates received approval from the U.S.
Bankruptcy Court for the Southern District of Texas to employ
Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP to
handle their Chapter 11 cases.

The firm's services include:

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

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

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

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

   e. preparing pleadings;

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

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

   h. appearing before the bankruptcy court and any appellate
courts;

   i. advising the Debtors regarding tax matters;

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

   k. performing all other necessary legal services for the Debtors
in connection with the prosecution of the cases, including: (i)
analyzing the Debtors' leases and contracts and the assumption and
assignment or rejection thereof; (ii) analyzing the validity of
liens against the Debtors' assets; and (iii) advising the Debtors
on corporate and litigation matters.

The firm will be paid at these rates:

     Partners             $1,195 to $2,245 per hour
     Of Counsel           $820 to $2,125 per hour
     Associates           $685 to $1,395 per hour
     Paraprofessionals    $295 to $575 per hour

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

The firm will be paid a retainer in the amount of $750,000.

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

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

   Response:  No.

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

   Response:  No.

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

   Response:  Kirkland represented the Debtors during the period
from Aug. 1 to Dec. 31, 2022, using these hourly rates: partners,
$1,135 to $1,995; of counsel, $805 to $1,845; associates, $650 to
$1,245; and paraprofessionals, $265 to $495.

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

   Response:  Yes, pursuant to the debtor-in-possession order,
professionals proposed to be retained by the Debtors are required
to provide weekly estimates of fees and expenses incurred in these
Chapter 11 cases.

Aparna Yenamandra, P.C., a partner of the Kirkland & Ellis firms,
disclosed in a court filing that the firms are "disinterested" as
the term is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     AparnaYenamandra, Esq.
     AparnaYenamandra, P.C.
     Kirkland & Ellis, LLP
     601 Lexington Avenue
     New York, NY 10022
     Tel: (212) 446-4800
     Fax: (212) 446-4900
     Email: aparna.yenamandra@kirkland.com

                            About Avaya

Morristown, New Jersey-based Avaya offers digital communications
products, solutions and services for businesses of all sizes.
Avaya delivers its technology predominantly through software and
services, both on-premise and through the cloud in a diverse range
of industries, including financial services, manufacturing, retail,
transportation, energy, media and communications, healthcare,
education, and government.

Avaya, Inc., and 20 affiliated entities, including Avaya Holdings
Corp., filed for Chapter 11 bankruptcy protection (Bankr. S.D.
Texas Lead Case No. 23-90088) on February 14, 2023.  The Hon. David
R. Jones oversees the cases.

Avaya Inc. and 17 affiliates first sought Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 17-10089) on Jan. 19, 2017.  The
2017 debtors emerged from bankruptcy and their second amended joint
Chapter 11 plan of reorganization was declared effective on Dec.
15, 2017. The 2017 Plan provides holders of first-lien debt with
90.5% of stock in the reorganized company and holders of
second-lien notes with a pro rata share of 4% of stock and warrants
for an additional 5.1% of the shares.  Avaya projected to have
$2.925 billion of funded debt and a $300 million senior secured
asset-based lending facility available following emergence.

The 2023 petitions were signed by Eric Koza as chief restructuring
officer.  The Debtors estimated $1 billion to $10 billion in both
assets and liabilities on a consolidated basis.

Avaya Holdings' most recent financial report filed with the
Securities and Exchange Commission was for the three-month period
end March 31, 2022. In its Form 10-Q report, Holdings disclosed
$5.8 billion in total consolidated assets against $5.2 billion in
total consolidated liabilities.

In the 2023 bankruptcy filing, the Debtors have retained Kirkland &
Ellis LLP and Jackson Walker LLP as bankruptcy co-counsel; Evercore
Group LLC as investment banker; AlixPartners LLP as restructuring
advisor; PricewaterhouseCooopers LLP as auditor; and Kurtzman
Carson Consultants LLC as claims and noticing agent. Meanwhile,
Ernst & Young, LLP provides valuation, financial accounting
advisory, investigative, and tax services to the Debtors.

The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors o Jan. 31, 2017. Morrison & Foerster, LLP,
Jefferies, LLC and Alvarez & Marsal North America, LLC serve as the
committee's legal counsel, investment banker and financial advisor,
respectively.


AVAYA INC: Gets OK to Hire PwC as Auditor
-----------------------------------------
Avaya Inc. and its affiliates received approval from the U.S.
Bankruptcy Court for the Southern District of Texas to employ
PricewaterhouseCoopers, LLP as auditor.

The firm's services include:

   a. 2022 Audit Engagement Letter:

     i. PwC will perform an integrated audit of the consolidated
financial statements of Avaya Holdings as of Sept. 30, 2022, and
for the year then ending and of the effectiveness of the Debtors'
internal control over financial reporting as of Sept. 30, 2022. PwC
will provide Avaya Holdings, upon completion of its work, with a
report on the audit work referred to above.

     ii. In conjunction with the annual financial statement audit,
PwC will perform reviews of the Debtors' unaudited consolidated
quarterly financial information for each of the first three
quarters in the year ended Sept. 30, 2022, before the information
is released to shareholders.

   b. 2022 Audit Amendment No. 1: PwC will perform the following
incremental audit services that are necessary for the audit but not
originally anticipated. Such incremental audit services might
include: incremental audit and review procedures related to
adopting ASC 852, Reorganizations as a result of Avaya Holdings'
bankruptcy proceedings, providing general accounting advice around
accounting while in bankruptcy and the adoption of fresh start
accounting, if applicable, incremental evaluation and testing of
control changes as a result of system implementations/upgrades,
incremental procedures related to litigation, investigation
matters, capital markets transactions, liquidity assessments, or
other technical accounting matters involving consultation, and
trigger based impairment assessments.

   c. 2022 Audit Amendment No. 2: PwC will begin to gather
information and perform review procedures in connection with Avaya
Holdings' unaudited consolidated quarterly information before the
engagement letter for the consolidated financial statement audit of
Avaya Holdings at Sept. 30, 2023 and the year then ending is
executed.

The firm will be paid as follows:

   -- 2022 Audit Engagement Letter: The 2022 Audit Engagement
Letter is a fixed fee arrangement whereby PwC agreed to be paid
$9,000,000, exclusive of expenses. Pre-petition, PwC was fully paid
for its services rendered prior to the petition date.

   2022 Audit Amendment No. 1 and 2022 Audit Amendment No. 2 Core
Audit Team

     Partner              $767 to $1,041
     Managing Director    $685 to $817
     Director             $561 to $718
     Senior Manager       $441 to $544
     Manager              $434 to $482
     Senior Associate     $308 to $403
     Associate            $188 to $306

   2022 Audit Amendment No. 1 and 2022 Audit Amendment No. 2
Specialists (CMAAS, Valuation and National Office)

     Partner               $1,105 to $1,443
     Managing Director     $1,045 to $1,257
     Director              $892 to $1,092
     Senior Manager        $835 to $984
     Manager               $684 to $735
     Senior Associate      $608 to $625
     Associate             $512 to $525

2022 Audit Amendment No. 1 and 2022 Audit Amendment No. 2 Tampa
A/C* subset of PwC Professionals

     Partner              n/a
     Managing Director    n/a
     Director             n/a
     Senior Manager       n/a
     Manager              $230
     Senior Associate     $196
     Associate            $169

In the 90 days prior to the petition date, PwC was paid $6,421,830
for pre-bankruptyc services of which $3,434,648 was on account of
pre-bankruptcy retainers and $2,987,182 was for non-retainer
payments on account of pre-bankruptcy services performed for the
Debtors. As of March 9, PwC is holding $1,205,811 in pre-bankruptcy
retainer payments to be applied towards the approved post-petition
fees and expenses.

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

The firm can be reached at:

     Robert T. Klemm
     PricewaterhouseCoopers, LLP
     300 Madison Avenue
     New York, NY 10017-6204
     Tel: (646) 471-3000

                            About Avaya

Morristown, New Jersey-based Avaya offers digital communications
products, solutions and services for businesses of all sizes.
Avaya delivers its technology predominantly through software and
services, both on-premise and through the cloud in a diverse range
of industries, including financial services, manufacturing, retail,
transportation, energy, media and communications, healthcare,
education, and government.

Avaya, Inc., and 20 affiliated entities, including Avaya Holdings
Corp., filed for Chapter 11 bankruptcy protection (Bankr. S.D.
Texas Lead Case No. 23-90088) on February 14, 2023.  The Hon. David
R. Jones oversees the cases.

Avaya Inc. and 17 affiliates first sought Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 17-10089) on Jan. 19, 2017.  The
2017 debtors emerged from bankruptcy and their second amended joint
Chapter 11 plan of reorganization was declared effective on Dec.
15, 2017. The 2017 Plan provides holders of first-lien debt with
90.5% of stock in the reorganized company and holders of
second-lien notes with a pro rata share of 4% of stock and warrants
for an additional 5.1% of the shares.  Avaya projected to have
$2.925 billion of funded debt and a $300 million senior secured
asset-based lending facility available following emergence.

The 2023 petitions were signed by Eric Koza as chief restructuring
officer.  The Debtors estimated $1 billion to $10 billion in both
assets and liabilities on a consolidated basis.

Avaya Holdings' most recent financial report filed with the
Securities and Exchange Commission was for the three-month period
end March 31, 2022. In its Form 10-Q report, Holdings disclosed
$5.8 billion in total consolidated assets against $5.2 billion in
total consolidated liabilities.

In the 2023 bankruptcy filing, the Debtors have retained Kirkland &
Ellis LLP and Jackson Walker LLP as bankruptcy co-counsel; Evercore
Group LLC as investment banker; AlixPartners LLP as restructuring
advisor; PricewaterhouseCooopers LLP as auditor; and Kurtzman
Carson Consultants LLC as claims and noticing agent. Meanwhile,
Ernst & Young, LLP provides valuation, financial accounting
advisory, investigative, and tax services to the Debtors.

The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors o Jan. 31, 2017. Morrison & Foerster, LLP,
Jefferies, LLC and Alvarez & Marsal North America, LLC serve as the
committee's legal counsel, investment banker and financial advisor,
respectively.


AVAYA INC: Investor Objects to Plan Releases
--------------------------------------------
Theodore Walker Cheng-de King filed an objection to the Debtors'
Joint Prepackaged Plan of Reorganization of Avaya Inc. and its
debtor-affiliates.

Mr. King objects to confirmation of the Plan because the releases
and exculpations provided therein purport to release directors and
officers from liability to Mr. King, exceeding the scope permitted
by the Bankruptcy Code and controlling Fifth Circuit precedent. By
filing this Objection, Mr. King opts out of and objects to any and
all provisions of the plan applicable to him, including (without
limitation) the third-party release and exculpation in Articles
VIII.D and VII.F of the Plan.

As of Feb. 14, 2023, Mr. King possessed a beneficial interest in
shares of Avaya common stock. Prior to the Petition Date, Mr. King
held and even expanded his equity position as a result of false
and/or misleading statements made directly to him by one or more of
the Debtors' directors and officers (the "Ds & Os"). Mr. King
suffered a substantial loss as a result of his reliance on these
misrepresentations, false statements, and untruthful communications
to him and confirmed by the Ds & Os to the public. Mr. King's claim
is different from many other public holders of common equity: not
only was he fed public-facing false and misleading information from
the Debtors, he was also privately and directly lied to by one or
more of the Debtors' Ds & Os. The Plan purports to provide no
return to prepetition equity holders. Yet the Plan proposes to
allow certain Ds & Os to collect a windfall in new equity to be
issued by the Debtor accompanied by releases of all liability –
without any consideration. Mr. King files this Objection to the
extent that the Plan purports to release or enjoin any direct
claims that he owns against Ds & Os who caused him direct and
significant financial harm.

Attorneys for Theodore Walker Cheng-De King:

     Deborah Williamson, Esq.
     DYKEMA GOSSETT PLLC, Esq.
     112 E. Pecan Street, Suite 1800
     San Antonio, TX 78205
     Tel: (210) 554-5500
     Fax: (210) 226-8395
     E-mail: Dwilliamson@dykema.com

          - and -

     Nicholas Zugaro, Esq.
     1401 McKinney Street, Suite 1625
     Houston, TX 77010
     Tel: (713) 904-6900
     Fax: (855) 262-3749
     E-mail: Nzugaro@dykema.com

                           About Avaya

Morristown, New Jersey-based Avaya offers digital communications
products, solutions  and services for businesses of all sizes.
Avaya delivers its technology predominantly through software and
services, both on-premise and through the cloud in a diverse range
of industries, including financial services, manufacturing, retail,
transportation, energy, media and communications, healthcare,
education, and government.

Avaya Inc. and 17 affiliates first sought Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 17-10089) on Jan. 19, 2017.  The
2017 debtors emerged from bankruptcy and their second amended joint
Chapter 11 plan of reorganization was declared effective on Dec.
15, 2017. The 2017 Plan provides holders of first-lien debt with
90.5% of stock in the reorganized company and holders of
second-lien notes with a pro rata share of 4% of stock and warrants
for an additional 5.1% of the shares.  Avaya projected to have
$2.925 billion of funded debt and a $300 million senior secured
asset-based lending facility available following emergence.

Avaya, Inc., and 20 affiliated entities, including Avaya Holdings
Corp., filed for Chapter 11 bankruptcy protection (Bankr. S.D. Tex.
Lead Case No. 23-90088) on February 14, 2023.  

The Hon. David R. Jones oversees the cases.

The 2023 petitions were signed by Eric Koza as chief restructuring
officer.  The Debtors estimated $1 billion to $10 billion in both
assets and liabilities on a consolidated basis.

Avaya Holdings' most recent financial report filed with the
Securities and Exchange Commission was for the three-month period
end March 31, 2022. In its Form 10-Q report, Holdings disclosed
$5.8 billion in total consolidated assets against $5.2 billion in
total consolidated liabilities.

In the 2023 bankruptcy filing, the Debtors have retained Kirkland &
Ellis LLP and Jackson Walker LLP as bankruptcy co-counsel; Evercore
Group LLC as investment banker; AlixPartners LLP as restructuring
advisor; PricewaterhouseCooopers LLP as auditor; and Kurtzman
Carson Consultants LLC as claims and noticing agent.

Counsel to Wilmington Savings Fund Society, FSB, as administrative
agent and collateral agent under the DIP Term Loan is Ropes & Gray
LLP.

A group of lenders are represented by Akin Gump Strauss Hauer &
Feld LLP, Centerview Partners LP and Alvarez & Marsal North
America, LLC.  Counsel to the Akin Ad Hoc Group.

A group of lenders are represented by Paul, Weiss, Rifkind, Wharton
& Garrison LLP, Glenn Agre Bergman & Fuentes LLP, and FTI
Consulting, Inc. Counsel to the PW Ad Hoc Group.

Counsel to Goldman Sachs Bank USA, as administrative agent and
collateral agent under the Prepetition Term Loan, is Davis Polk &
Wardwell LLP.


AVAYA INC: Pittsburgh Objects to Third-Party Releases in Plan
-------------------------------------------------------------
City of Pittsburgh Comprehensive Municipal Pension Trust Fund
("Pittsburgh"), proposed lead plaintiff in the federal securities
class action entitled Jiang v. Avaya Holdings Corp., et al., Case
No. 1:23-cv-1258 (the "Securities Litigation"), pending in the
United States District Court for the Southern District of New York
(the "District Court"), on behalf of itself and the class it seeks
to represent in the Securities Litigation ( the "Class"), submits
this objection to (i) approval of the Disclosure Statement Relating
to the Joint Prepackaged Plan of Reorganization of Avaya Inc. and
its Debtor Affiliates and (ii) confirmation of the Joint
Prepackaged Plan of Reorganization of Avaya Inc. and Its Debtor
Affiliates proposed by Avaya Inc. ("Avaya") and its debtor
affiliates (together with Avaya, the "Debtors") in the chapter 11
bankruptcy cases. As and for this Objection, Pittsburgh
respectfully states as follows:

On the Petition Date, February 14, 2023, the Debtors filed the
Disclosure Statement and the Plan, which contains a sweeping and
virtually unlimited third-party release and injunction (the
"Third-Party Release and Injunction") that essentially eviscerates
the claims of Pittsburgh and the Class against the Non-Debtor
Defendants in the Securities Litigation.

Pittsburgh notes that as an initial matter, the record demonstrates
that the Debtors have not even attempted to provide notice and an
opportunity to opt out to members of the Class (which, would impose
an unjustifiable burden on absent Class members in any event), in
violation of the Class members' due process rights. For this reason
alone, unless the claims of Pittsburgh and the Class against the
Non-Debtor Defendants are carved out of the Third-Party Release or
Pittsburgh is given authority to opt out on behalf of the Class,
the Plan cannot be confirmed.

Pittsburgh asserts that even if there were no due process issues,
the Plan's Third-Party Release and Injunction prey on absent Class
members who are deemed to reject and not entitled to vote on or
receive a distribution under the Plan, exceed the boundaries of
this Court's jurisdiction and constitutional adjudicatory
authority, are legally impermissible under FRCP 23(e), and, as a de
facto nonconsensual release, violate Fifth Circuit precedent.
Stated differently, this Court is being asked to infringe upon the
jurisdiction and authority of an Article III court with respect to
non-bankruptcy, non-core claims of non-Debtors against non-Debtors
and, in doing so, to potentially strip disenfranchised, defrauded
investors of their only potential remedy through the Securities
Litigation for no consideration whatsoever.

According to Pittsburgh, the Third-Party Release and Injunction
should be modified as set forth in paragraph 41 below to expressly
exclude the claims of Pittsburgh and the Class against the
Non-Debtor Defendants and any other non-Debtor subsequently named
as a defendant. Absent such a carve-out, the Plan cannot be
confirmed in its current form.

The Plan also contains vague references to document retention that
do not expressly require the Debtors and Reorganized Debtors to
continue to comply with their evidence preservation obligations
under the PSLRA and other applicable law. The Plan should be
modified as set forth in paragraph 46 below to expressly require
preservation of documents and other evidence potentially relevant
to the Securities Litigation and the allegations contained
therein.

Finally, Pittsburgh asserts that the Disclosure Statement lacks
adequate information to advise the Class of the Plan's impact on
their claims against the Non-Debtor Defendants and on the
prosecution of the Securities Litigation. Among other things, the
Disclosure Statement:

   * does not mention, let alone contain a description of, the
Securities Litigation;

   * violates Bankruptcy Rule 3016(c) by failing to disclose the
scope of the Third-Party Release and Injunction;

   * fails to provide any legal or factual basis for the
Third-Party Release and Injunction, particularly as they may relate
to Pittsburgh, the Class, and the Securities Litigation; and

   * does not disclose whether or how the Debtors intend to
preserve evidence potentially relevant to the Securities Litigation
after the Effective Date of the Plan.

Unless the Debtors modify the Disclosure Statement, with
corresponding modifications to the Plan, to address these fatal
defects, the Disclosure Statement should not be approved on a final
basis.

Bankruptcy Counsel for City of Pittsburgh Comprehensive Municipal
Trust Fund:

     Michael S. Etkin, Esq.
     Andrew Behlmann, Esq.  
     Colleen Restel, Esq.
     LOWENSTEIN SANDLER LLP
     One Lowenstein Drive
     Roseland, NJ 07068
     Telephone: (973) 597-2500
     E-mail: metkin@lowenstein.com
             abehlmann@lowenstein.com
             crestel@lowenstein.com

Lead Counsel for City of Pittsburgh Comprehensive Municipal Trust
Fund:

     Samuel H. Rudman, Esq.
     Mary K. Blasy, Esq.
     ROBBINS GELLER RUDMAN & DOWD, LLP
     58 South Service Road, Suite 200
     Melville, NY 11747
     Telephone: (631) 367-7100
     E-mail: srudman@rgrdlaw.com
             mblasy@rgrdlaw.com

                           About Avaya

Morristown, New Jersey-based Avaya offers digital communications
products, solutions  and services for businesses of all sizes.
Avaya delivers its technology predominantly through software and
services, both on-premise and through the cloud in a diverse range
of industries, including financial services, manufacturing, retail,
transportation, energy, media and communications, healthcare,
education, and government.

Avaya Inc. and 17 affiliates first sought Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 17-10089) on Jan. 19, 2017.  The
2017 debtors emerged from bankruptcy and their second amended joint
Chapter 11 plan of reorganization was declared effective on Dec.
15, 2017. The 2017 Plan provides holders of first-lien debt with
90.5% of stock in the reorganized company and holders of
second-lien notes with a pro rata share of 4% of stock and warrants
for an additional 5.1% of the shares.  Avaya projected to have
$2.925 billion of funded debt and a $300 million senior secured
asset-based lending facility available following emergence.

Avaya, Inc., and 20 affiliated entities, including Avaya Holdings
Corp., filed for Chapter 11 bankruptcy protection (Bankr. S.D. Tex.
Lead Case No. 23-90088) on February 14, 2023.  

The Hon. David R. Jones oversees the cases.

The 2023 petitions were signed by Eric Koza as chief restructuring
officer.  The Debtors estimated $1 billion to $10 billion in both
assets and liabilities on a consolidated basis.

Avaya Holdings' most recent financial report filed with the
Securities and Exchange Commission was for the three-month period
end March 31, 2022. In its Form 10-Q report, Holdings disclosed
$5.8 billion in total consolidated assets against $5.2 billion in
total consolidated liabilities.

In the 2023 bankruptcy filing, the Debtors have retained Kirkland &
Ellis LLP and Jackson Walker LLP as bankruptcy co-counsel; Evercore
Group LLC as investment banker; AlixPartners LLP as restructuring
advisor; PricewaterhouseCooopers LLP as auditor; and Kurtzman
Carson Consultants LLC as claims and noticing agent.

Counsel to Wilmington Savings Fund Society, FSB, as administrative
agent and collateral agent under the DIP Term Loan is Ropes & Gray
LLP.

A group of lenders are represented by Akin Gump Strauss Hauer &
Feld LLP, Centerview Partners LP and Alvarez & Marsal North
America, LLC.  Counsel to the Akin Ad Hoc Group.

A group of lenders are represented by Paul, Weiss, Rifkind, Wharton
& Garrison LLP, Glenn Agre Bergman & Fuentes LLP, and FTI
Consulting, Inc. Counsel to the PW Ad Hoc Group.

Counsel to Goldman Sachs Bank USA, as administrative agent and
collateral agent under the Prepetition Term Loan, is Davis Polk &
Wardwell LLP.


AVISON YOUNG: Moody's Rates New $11MM First Lien Loan 'B2'
----------------------------------------------------------
Moody's Investors Service assigned a B2 (LGD4) to Avison Young
(Canada) Inc.'s ("Avison Young", "AY" or "the company") new US$11.0
million (approximately C$15.0 million) senior secured delayed draw
first lien term loan due in January 2026. In the same rating
action, Moody's affirmed all of Avison Young's existing ratings,
including its B2 corporate family rating, B2-PD probability of
default and its B2 (LGD4) senior secured bank credit facility
rating. The assigned ratings assume successful completion of the
planned transactions and are subject to Moody's receipt and review
of final documentation. The rating outlook is revised to negative
from stable.

The negative rating outlook reflects that Avison Young has been
operating with weakened credit metrics, even before the 2020 global
pandemic outbreak, relative to its existing rating category.
Further, the negative outlook also considers the potential for a
delay in full recovery after the company suffered a deep revenue
shortfall in its business during the second half of 2022 due to
macroeconomic headwinds, particularly in its capital markets
business along with macropolitical events in the UK that shut down
public funding. The current macroeconomic uncertainty and
volatility pose downside risk to the recovery of its business
volume.

Assignments:

Issuer: Avison Young (Canada) Inc.

Senior secured delayed draw first lien term loan, Assigned B2
(LGD4)

Affirmations:

Issuer: Avison Young (Canada) Inc.

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Senior Secured Bank Credit Facility, Affirmed B2 (LGD4)

Outlook Actions:

Issuer: Avison Young (Canada) Inc.

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

On March 21, 2023, Avison Young announced to its term loan lenders
its intent to seek an additional liquidity package and temporary
covenant relief to support its existing liquidity position as well
to address the operating challenges that had affected its business
segments in the second half of 2022, specifically its global
capital markets and to a lesser extent its leasing operations. The
proposed liquidity package comprises: 1) an amendment to the
existing term loan agreement that permits the incurrence of second
lien indebtedness as well as update permitted usage of an
incremental loan for general corporate and working capital uses,
beyond growth capital expenditures; 2) incurrence of the US$11.0
million (C$15.0 million) fungible delayed draw first lien term loan
facility due in January 2026; 3) a covenant waiver from the
revolving credit facility related to the quarterly maximum total
leverage during 2023 and an elevated leverage ratio for the first
quarter of 2024. The C$35.0 million second lien, delayed draw
liquidity facility is due in January 2026 and is expected to be
undrawn at closing;.

The affirmation of the B2 corporate family rating incorporates the
company's proven record in expanding its operations and geographic
footprint through a combination of strategic bolt-on acquisitions
and organic growth since 2008. Supported by its banking/lender
group and equity sponsor and assuming the completion of the
forthcoming liquidity package, the company is considered to have
adequate near-term liquidity with no upcoming debt maturities until
October 2025 for the revolving line of credit, followed by the term
loan in January 2026.

The company's main constraints include its weakened credit metrics,
its small scale in terms of revenue relative to its sector peers as
well as the inherent cash flow volatility of its transaction
business because of the high correlation to real estate and broader
economic cycles. In the second half of 2022, the company, as well
as, the broader commercial real estate sector was negatively
affected by interest rate hikes and inflation, which led to a
decline in bank lending to real estate investors. Consequently,
this impacted both capital markets and leasing activity for the
company. More specific to AY, its UK-based brokerage and
consultancy business activities temporarily seized up during a
change in government that affected budgetary funding across all
business lines.

For the 12-month period ended on September 30, 2022, the company's
total debt to EBITDA and EBITA to interest expense were 7.5x and
0.9x, (Moody's adjusted), respectively, compared to 7.0x and 1.0x
for full year 2021. These metrics will further weaken into early
2023 before expected improvement in the second half of the year as
business activities gradually normalizes, especially in the UK.
However, macroeconomic uncertainties, recessionary pressures and
sector headwinds could potentially slow down the velocity of AY's
revenue growth recovery or push it into 2024.

Moody's considers Avison Young's liquidity coverage to be adequate
over the near-term, despite a shortfall in revenue. As of September
30, 2022, the company had approximately US$10.4 million (C$14.3
million) of cash on hand, and US$57.9 million (C$79.3 million; or
72.4% of total commitment) of remaining availability on its US$80.0
million (approximately C$109.6 million) commitment. Management
seeks to bolster its liquidity with a one-year, C$35.0 million,
second lien delayed draw liquidity facility from its equity
sponsor, Caisse de Depot et Placement due Quebec, which is acting
as the lender. The facility, which is to be undrawn at closing, is
to serve primarily as a backstop for any liquidity shortfalls.
Moreover, management has contingency cash preservation measures to
reduce discretionary spending, capital expenditures and other
material G&A expenses.

The negative rating outlook reflects that Avison Young has been
operating with weakened credit metrics, even before the 2020 global
pandemic outbreak, relative to its existing rating category.
Further, the negative outlook also considers the potential for a
delay in full recovery after the company suffered a deep revenue
shortfall in its business during the second half of 2022 due to
macroeconomic headwinds, particularly in its capital markets
business along with macropolitical events in the UK that shut down
public funding. The current macroeconomic uncertainty and
volatility pose downside risk to the recovery of its business
volume.

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

Upward rating movement is unlikely in near-term and would be
predicated upon Avison Young achieving the following on a sustained
basis (including Moody's Global Standard Adjustments): 1) continued
successful diversification and growth of its revenue stream such
that total revenue grew closer to US$1.0 billion in a measured and
leverage-neutral manner; 2) total debt to EBITDA closer to 4.0
times; and 3) EBITA to interest expense above 2.0 times.

Downward ratings pressure would result from the following criteria
on a sustained basis (including Moody's Global Standard
Adjustments): 1) total debt to EBITDA remaining above 5.5 times; 2)
EBITA to interest expense remaining below 1.5 times. Additionally,
any operating challenges that would result in a deterioration in
liquidity would place additional downward pressure on the credit
rating profile.

Avison Young (Canada) Inc. is the largest principal-owned and led
commercial real estate services firm in the world, with
approximately 5,000 real estate professionals in 100+ offices
across 17 countries offering a full range of asset-level,
investment, data and technology services to occupiers, owners,
investors and the public sector in office, retail, industrial,
multi-family, hospitality and other types of commercial real
estate. Headquartered in Toronto, Canada, with 100+ offices
including affiliates in North America, Europe, Asia, the Middle
East and Africa.

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


AZTECA INTERNATIONAL: Creditors Try to Force U.S. Bankruptcy
------------------------------------------------------------
Jill R. Shah of Bloomberg News reports that a cohort of TV Azteca
SAB's creditors filed a petition to force the Mexican broadcaster
into involuntary bankruptcy in the US, the latest twist in
drawn-out debt talks.

Holders of about $63 million of unsecured Azteca bonds filed an
involuntary Chapter 11 petition against the company in New York,
according to court papers late Monday, March 20, 2023.

The move marks the second attempt by bondholders to get traction
for their claims against Azteca after it defaulted on the $400
million of notes in 2021. Negotiations have been thorny between
creditors and the media company, which is controlled by Mexico's
third-richest man.

                        About TV Azteca SAB

TV Azteca SAB is a Mexican multimedia conglomerate owned by Grupo
Salinas.  It is the second-largest mass media company in Mexico.

Azteca International Corporation was subject to an involuntary
chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No. 23-10392)
on March 21, 2023.  The petition was signed by alleged creditors
Plenisfer Investments SICAV - Destination Value Total Return, Cyrus
Opportunities Master Fund II, Ltd., and Sandpiper Limited.

The petitioning creditors are represented by:

           Michael S. Stamer
           Akin Gump Strauss Hauer & Feld LLP
           212-872-1025
           mstamer@akingump.com


BURNS ASSET: Plan Lacks Support, Denied Confirmation
----------------------------------------------------
In the Chapter 11 case of Burns Asset Management, Inc., a hearing
on Plan confirmation and final approval of the Disclosure Statement
was noticed for and held on March 15, 2023, in Greenville, North
Carolina.  J.M. Cook appeared for the Debtor, Joseph Vonnegut for
Shellpoint, and Kirsten Gardner for the BA.  Upon opening, Mr. Cook
announced the Debtor could not proceed with plan confirmation due
to lack of a supporting creditor.

The Court further found, based on the BA's Objection, that due to
changes in the case's current circumstances, the Disclosure
Statement was no longer adequate.  Therefore, its Conditional
Approval was rescinded and withdrawn.

Because an approvable Disclosure Statement is not present and based
on lack of creditor support, Judge Joseph N. Callaway ordered that
confirmation of the Amended Chapter 11 Plan is denied.

                  About Burns Asset Management

Burns Asset Management, which owns certain properties, first filed
a voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. E.D.N.C. Case No. 20-03888) on Dec. 14, 2020. The
court entered an order confirming its Chapter 11 plan in September
2021. The Debtor subsequently missed monthly payments to secured
creditor Deutsche Bank National Trust Company. In July 2022, the
Debtor consented to the U.S. Trustee's motion for dismissal of the
case.

Burns Asset Management sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 22-01721) on Aug. 5,
2022, listing as much as $1 million in both assets and liabilities.
James Burns, president of Burns Asset Management, signed the
petition.

Judge Joseph N. Callaway oversees the case.

J.M. Cook, Esq., at J.M. Cook, P.A., is the Debtor's legal counsel.


CARVANA CO: Has Private Exchange Offer for Existing Unsecured Notes
-------------------------------------------------------------------
Carvana Co. announced it is offering noteholders the option to
exchange their unsecured notes at a premium to current trading
prices and receive new secured notes that would provide exchanging
noteholders with collateral while reducing Carvana's cash interest
expense and maintaining significant flexibility for the Company.

Specifically, Carvana announced that it has commenced exchange
offers to exchange its outstanding existing notes for up to an
aggregate principal amount of $1,000,000,000 (subject to increase
or decrease by the Company) of new 9.0%/12.0% Cash/PIK Toggle
Senior Secured Second Lien Notes due 2028 issued by the Company,
pursuant to the terms and conditions described in an Exchange Offer
Memorandum, dated March 22, 2023, including a condition that a
minimum of $500,000,000 aggregate principal amount of Existing
Notes be validly tendered and not withdrawn in the Exchange
Offers.

The New Secured Notes will be fully and unconditionally guaranteed
on a senior basis, jointly and severally, by Carvana Group, LLC,
Carvana, LLC, Carvana Co. Sub LLC, Carvana Operations HC LLC and
Carvana FAC, LLC.  With the exception of Carvana FAC, LLC, all of
the Guarantors are the same entities that guarantee the Existing
Notes.  FinCo will become a guarantor under the Existing Notes
concurrently with the consummation of the Exchange Offers.

Prior to the commencement of the Exchange Offers, the Company
designated ADESA US Auction, LLC as an unrestricted subsidiary
under the indentures governing the Existing Notes.  As a result,
ADESA US and all of the subsidiaries of ADESA US, which comprise
the Company's ADESA U.S. Auction business were released from their
guarantees of the Existing Notes.  None of the ADESA Subsidiaries
will guarantee the New Secured Notes.  The ADESA Subsidiaries will
no longer be subject to the restrictive covenants in the indentures
governing the Existing Notes, and will not be subject to the
restrictive covenants in the indenture that will govern the New
Secured Notes.  Prior to the completion of the Exchange Offers, the
Company also expects to complete a series of internal corporate
transactions permitted under its existing debt arrangements,
including contributing the assets of the Carvana finance platform,
which consists of certain intellectual property assets, to
consolidate its financing business at FinCo.

The New Secured Notes and the guarantees will be secured by
second-priority liens on certain assets and property owned by
Carvana, LLC to which the Ally Parties were granted a
first-priority perfected security interest (such assets and
property securing the New Secured Notes and guarantees, together
with the assets and property owned by any other person that the
Company elects, in its sole discretion, to become a grantor to
secure the Company's senior secured obligations), which Collateral
consists of any automobile, van, or light duty truck that is not
manufactured for a particular commercial purpose, accounts and
general intangibles together with any and all accessions,
additions, attachments, replacements, substitutions, returns,
profits and proceeds in whatever form or type, subject to certain
additional exclusions and permitted liens as described in the
Exchange Offer Memorandum, including that certain assets that
constitute Ally Collateral will not constitute Collateral for the
New Secured Notes, such as chattel paper, deposit accounts and the
assets and property of FinCo.  The New Secured Notes and guarantees
will be effectively senior to all existing and future unsecured
indebtedness and junior lien indebtedness of Carvana, LLC and any
additional grantors that may provide collateral in the future to
the extent of the value of the Collateral and any future
collateral.  The New Secured Notes and related guarantees will be
effectively subordinated to indebtedness that is secured by assets
that do not secure the New Secured Notes or have priority liens on
the Collateral, including indebtedness under our existing and
future vehicle inventory financing and security agreements with
Ally Bank (Ally Capital in Hawaii, Mississippi, Montana and New
Jersey) and Ally Financial Inc., to the extent of the value of the
liens on such Collateral.  The New Secured Notes and the guarantees
will rank equally in right of payment with all of the Company's and
the Guarantors' existing and future senior indebtedness, including
indebtedness under the Floor Plan Facility, and senior in right of
payment to any future indebtedness that is expressly subordinated
in right of payment to the New Secured Notes; provided, however,
that to the extent a "Default" (as defined in the Floor Plan
Facility) under the Floor Plan Facility has occurred and is
continuing or if a "Default" has occurred and is continuing
immediately before or after the making of any payment on the New
Secured Notes or would be expected to result therefrom and any of
the Ally Parties have provided written notice of such "Default" to
the Collateral Agent, such payments on the New Secured Notes
(including payments of principal, premium, interest and/or fees)
with Ally Collateral (or the proceeds thereof) will be prohibited
(or subject to turnover if the Ally Parties provide notice of a
"Default" after such payment is made); provided, further, that
payments of principal, premium, interest and fees on the New
Secured Notes will be able to be made using cash or other assets
that are not pledged to the Ally Parties as Ally Collateral.

The New Secured Notes will bear cash interest at a rate of 9.0% per
annum payable semi-annually in arrears.  Interest on the New
Secured Notes for the first six interest payment dates may, at the
Company's option, be paid in the form of an increase in the
principal amount of the outstanding New Secured Notes or if, and in
the limited circumstances where, the New Secured Notes are no
longer held in global form, by issuing additional New Secured Notes
(rounded up to the nearest $1.00) at a rate of 12.0% per annum,
and, thereafter, interest shall be payable solely in cash at a rate
of 9.0% per annum.

The following table describes certain terms of the Exchange
Offers:

                                              Early   
  Title of Existing            Exchange     Exchange       Total
         Notes               Consideration   Premium  
Consideration
  -----------------          -------------   --------
-------------
5.625% Senior Notes due 2025   $788.75         $20        $808.75
10.250% Senior Notes due 2030  $773.75         $20        $793.75
5.500% Senior Notes due 2027   $638.75         $20        $658.75  
    
5.875% Senior Notes due 2028   $626.25         $20        $646.25
4.875% Senior Notes due 2029   $612.50         $20        $632.50
   
Each Exchange Offer will expire at 5:00 p.m., New York City time on
April 19, 2023, or any other date and time to which the Company
extends such date and time in its sole discretion (such date and
time for such Exchange Offer, as it may be extended), unless
earlier terminated.

To be eligible to receive the applicable total consideration in the
applicable Exchange Offer, Eligible Holders must validly tender and
not validly withdraw their Existing Notes at or prior to 5:00 p.m.,
New York City time, on April 4, 2023, or any other date and time to
which the Company extends such period for such Exchange Offer in
its sole discretion.  Eligible Holders validly tendering their
Existing Notes after the applicable Early Tender Time and at or
prior to the Expiration Time will only be eligible to receive the
applicable exchange consideration set forth in the table above,
which equals the applicable Total Consideration less the applicable
early exchange premium.  The Company refers to the aggregate amount
of Exchange Consideration and Total Consideration that Eligible
Holders of Existing Notes are entitled to receive, excluding
Accrued Interest, for Existing Notes that are validly tendered and
accepted for exchange by the Company as the "Aggregate Exchange
Consideration".

Validly tendered Existing Notes may be withdrawn, with respect to
an Exchange Offer for any series of Existing Notes at or prior to,
and not thereafter (subject to applicable law), 5:00 p.m., New York
City time, on April 4, 2023, unless extended by the Company in its
sole discretion.

The Maximum Amount of New Secured Notes that may be issued to
Eligible Holders pursuant to the Exchange Offers is $1,000,000,000
(subject to increase or decrease by the Company in its sole
discretion, subject to applicable law).  Accordingly, Existing
Notes accepted for exchange on the Settlement Date will be accepted
based on the order of priority (the "Acceptance Priority Levels")
set forth in the table above (with "1" being the highest Acceptance
Priority Level and "5" being the lowest Acceptance Priority Level).
The Company will only accept for exchange Existing Notes up to an
aggregate principal amount that will not result in the aggregate
principal amount of New Secured Notes issued pursuant to the
Exchange Offers exceeding the Maximum Amount.  The Company
expressly reserves the right, but is under no obligation, to
increase or decrease the Maximum Amount at any time, subject to
applicable law. This could result in the Company purchasing a
greater or lesser aggregate principal amount of Existing Notes in
the Exchange Offers and issuing a greater or lesser aggregate
principal amount of New Secured Notes.  There can be no assurance
that the Company will exercise its right to increase or decrease
the Maximum Amount.
The Company will exchange any Existing Notes that have been validly
tendered at or prior to the Expiration Time and that are accepted
for exchange, subject to all conditions to such Exchange Offer
having been either satisfied or waived by Carvana, within five
business days following the Expiration Time or as promptly as
practicable thereafter (the settlement date of such exchange with
respect to an Exchange Offer), subject to the Maximum Amount, the
Acceptance Priority Level and proration, as described in the
Exchange Offer Memorandum.

Even if the Exchange Offers are fully subscribed such that the
Aggregate Exchange Consideration issuable in respect of Existing
Notes validly tendered equals at least the Maximum Amount as of the
applicable Early Tender Time, Existing Notes validly tendered at or
before the applicable Early Tender Time may be subject to proration
if the Company accepts Existing Notes tendered after the applicable
Early Tender Time but on or prior to the Expiration Time that have
a higher Acceptance Priority Level than such Existing Notes.  In
such a scenario, the Company will (assuming satisfaction or waiver
of the conditions set forth in the Exchange Offer Memorandum with
respect to the Exchange Offers as applicable) accept all validly
tendered Existing Notes on or prior to the Expiration Time on a
prorated basis based on the Acceptance Priority Level such that the
Aggregate Exchange Consideration equals the Maximum Amount (subject
to rounding down to the nearest $1,000).  All Existing Notes not
accepted as a result of proration will be rejected from the
applicable Exchange Offer and will be promptly returned to the
tendering Eligible Holder.  Existing Notes may be tendered and
accepted for exchange only in principal amounts equal to minimum
denominations of $2,000 and integral multiples of $1,000 in excess
thereof; provided that the New Secured Notes will be issued with
minimum denominations of $2,000 and integral multiples of $1,000 in
excess thereof.  Eligible Holders who do not tender all of their
Existing Notes of a series must ensure that (i) they retain a
principal amount of each such series of Existing Notes amounting to
at least the applicable minimum denomination for such series and
(ii) they tender a sufficient principal amount to receive the
applicable minimum denomination for the New Secured Notes.  If
Eligible Holders fail to tender the sufficient amount to receive
the applicable minimum denomination, their exchange will be
rejected. Any fractional portion of New Secured Notes not received
as a result of rounding down will be paid in cash at a rate equal
to the Exchange Consideration, as well as any applicable Early
Exchange Premium.

Each Exchange Offer is a separate offer, and each may be
individually amended, extended, terminated or withdrawn, subject to
certain conditions and applicable law, at any time in the Company's
sole discretion, and without amending, extending, terminating or
withdrawing any other Exchange Offer.  No Exchange Offer is
conditioned upon the consummation of any other Exchange Offer.

Notwithstanding any other provision of the Exchange Offers, the
Company's obligation to accept and exchange any of the Existing
Notes validly tendered pursuant to the Exchange Offers is subject
to the satisfaction or waiver of certain conditions, including (i)
the receipt of the consents from the Ally Parties (and any other
required lender or participants under the Floor Plan Facility) with
respect to the arrangements with the Ally Parties or relating to
the ability of the Company to provide for the imposition of certain
additional second liens on the Collateral, which consent must be
satisfactory in all respects to the Company and (ii) the Minimum
Participation Condition, and the Company expressly reserves the
right to terminate any or all Exchange Offers at any time, subject
to applicable law.

The Exchange Offers are being made, and the New Secured Notes are
being offered, only to holders of the Existing Notes who are either
(a) persons other than "U.S. persons" as defined in Regulation S,
and who agree to purchase the New Secured Notes outside of the
United States, and who are otherwise in compliance with the
requirements of Regulation S; or (b) persons who are reasonably
believed to be "qualified institutional buyers" as defined in Rule
144A under the U.S. Securities Act of 1933, as amended, and to whom
the New Secured Notes are offered in the United States in a
transaction not involving a public offering, pursuant to Section
4(a)(2) of the Securities Act.  A person in, or subject to the
securities laws of any province or territory of Canada, must be a
resident of one of the Provinces of Ontario, Quebec or Alberta and
both an "accredited investor" and a "permitted client", as such
terms are defined under Canadian securities laws in order to be
eligible to participate in the Exchange Offers.  The holders of
Existing Notes who have certified to the Company that they are
eligible to participate in the Exchange Offers pursuant to at least
one of the foregoing conditions are referred to as "Eligible
Holders."  Eligible Holders may go to www.dfking.com/carvana to
confirm their eligibility.

Full details of the terms and conditions of the Exchange Offers are
described in the Exchange Offer Memorandum, the Exchange Offers are
only being made pursuant to, and the information in this press
release is qualified in its entirety by reference to, the Exchange
Offer Memorandum, which is being made available to Eligible Holders
of the Existing Notes.  Eligible Holders of the Existing Notes are
encouraged to read the Exchange Offer Memorandum, as it contains
important information regarding the Exchange Offers.  This press
release is neither an offer to purchase nor a solicitation of an
offer to buy any Existing Notes in the Exchange Offers.

Requests for the Exchange Offer Memorandum and other documents
relating to the Exchange Offers may be directed to D.F. King & Co.,
Inc., the exchange agent and information agent for the Exchange
Offers, toll free at (800) 967-5084 or toll at (212) 269-5550.

None of the Company, any of its subsidiaries or affiliates, or any
of their respective officers, boards of directors, members or
managers, Moelis & Company LLC, as dealer manager, the exchange
agent and information agent or the trustee of the Existing Notes or
the New Secured Notes is making any recommendation as to whether
Eligible Holders should tender any Existing Notes in response to
the Exchange Offers, and no one has been authorized by any of them
to make such a recommendation.

The Exchange Offers are not being made to Eligible Holders of
Existing Notes in any jurisdiction in which the making or
acceptance thereof would not be in compliance with the securities,
blue sky or other laws of such jurisdiction.  In any jurisdiction
in which the Exchange Offers are required to be made by a licensed
broker or dealer, the Exchange Offers will be deemed to be made on
behalf of the Company by the dealer manager, or one or more
registered brokers or dealers that are licensed under the laws of
such jurisdiction.

The New Secured Notes have not been and will not be registered
under the Securities Act, or any state securities laws and may not
be offered or sold in the United States, except pursuant to an
exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and applicable
state securities laws.

                           About Carvana

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

Carvana Co. reported a net loss of $2.89 billion for the year ended
Dec. 31, 2022, compared to a net loss of $287 million for
the year ended Dec. 31, 2021.  As of Dec. 31, 2022, the Company had
$8.70 billion in total assets, $9.75 billion in total liabilities,
and a total stockholders' deficit of $1.05 billion.

                             *   *   *

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

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


CHART INDUSTRIES: S&P Affirms 'B+' ICR, Off Watch Positive
----------------------------------------------------------
S&P Global Ratings affirmed its 'B+' issuer credit rating and
issue-level ratings on Chart Industries Inc. and removed them from
CreditWatch, where S&P placed them with positive implications Dec.
9, 2022.

The stable outlook on Chart reflects S&P's expectation that the
business combination will continue to benefit from secular trends
that will drive growth in its core end markets, leading to positive
free operating cash flow and S&P Global Ratings' pro forma adjusted
leverage in the low-6x area in 2023.

Chart, a global manufacturer of highly engineered equipment
servicing the industrial gas and clean energy industries, completed
its acquisition of Granite US Holdings Corp. (Howden) from KPS
Capital Partners L.P. on March 17, 2023.

Chart funded the $4.4 billion acquisition with borrowings under a
$1 billion revolving credit facility (RCF), $1.53 billion new term
loan b (recently upsized by $100 million), $1.46 billion senior
secured notes, and $510 million senior unsecured notes as
previously announced and completed in December 2022. Subsequent to
the December 2022 debt raise, the company also issued over $1
billion of common equity and mandatorily convertible preferred
shares as well.

The affirmation and removal of the ratings from CreditWatch
reflects a final financing mix that keeps its S&P Global Ratings'
pro forma adjusted debt to EBITDA around 6x in 2023.

S&P said, "In December 2022, Chart issued $712 million of common
equity, as well as $402 million of mandatorily convertible
preferred shares. We viewed the issuance positively because the
company used the proceeds in place of the $1.1 billion preferred
shares it was intending to issue to KPS Capital partners.

"We treat the mandatorily convertible shares as debt in our
calculation of leverage because the conversion takes place beyond
one year from the issuance date (at the 'BB' level, conversion
would have to take place within two years to consider equity
treatment). Nevertheless, the combined entity is highly leveraged
at close, so that stronger credit ratios depend on a boost in
profits from acquisition synergies in 2023 and 2024.

"We forecast Chart will operate with S&P Global Ratings' pro forma
adjusted leverage in the low-6x range in 2023, before reducing its
leverage below 5x in 2024. Factoring in volume growth, the
reduction in certain one-time expenses, and cost synergies, we
believe S&P Global Ratings' pro forma adjusted leverage to be in
the low-6x area in 2023, before improving to below 5x in 2024 as a
combined company. Both Chart and Howden have expanded their
businesses through bolt-on acquisitions; however, we expect limited
acquisition activity until it restores the financial profile
consistent with management's stated financial policies of debt to
EBITDA in the 2x-2.5x area. We believe there are integration and
execution risks associated with the acquisition of Howden, and if
synergies and the integration do not go as planned, it could result
in meaningfully higher S&P Global Ratings-adjusted debt to EBITDA.

"We forecast Chart will continue to generate positive free
operating cash flow (FOCF). While certain one-time costs associated
with the acquisition could limit the ability to generate
significant FOCF, we expect revenue initiatives and synergies from
the combined entity to increase earnings. We anticipate cost
synergies will primarily result from improvements related to
footprint consolidation, resource rationalization, improved
sourcing, and corporate expenses. Therefore, we forecast about $100
million annual capital expenditure (capex) toward additional
capacity and productivity (particularly the expansion of a hydrogen
trailer manufacturing facility) in 2023, resulting in S&P Global
Ratings' adjusted FOCF in the $180 million-$200 million range over
the next 12 months on a pro forma basis.

"The stable outlook on Chart reflects our expectation that the
business combination will continue to benefit from secular trends
that will drive growth in its core end markets, leading to positive
free operating cash flow and S&P Global Ratings' pro forma adjusted
leverage in the low-6x area in 2023."

S&P could lower the rating on Chart if:

-- Its operating performance significantly weakens or integration
and synergies from the acquisition don't go as planned, such that
S&P Global Ratings-adjusted debt to EBITDA remains above 6x over
the next 12 months;

-- It pursues a more aggressive financial policy, including
debt-funded acquisitions and/or shareholder returns; or

-- FOCF turns negative.

S&P could raise the raising on Chart if:

-- Stronger than expected operating performance sustains debt to
EBITDA comfortably below 5x; and

-- Management commits to a financial policy appropriate with such
leverage.

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

S&P said, "ESG factors are a neutral consideration in our credit
rating analysis of Chart, a global manufacturer of highly
engineered equipment servicing multiple applications in the clean
energy and industrial gas markets. In our view, Chart remains
exposed to oil and gas end markets, however, we expect that the
longer-term trend toward more stringent regulations and consumer
safety will continue to benefit Chart, specifically with energy
transition, water, waste, and pollution."



CLOVIS ONCOLOGY: Unsecureds to Get Share of Liquidation Interests
-----------------------------------------------------------------
Clovis Oncology, Inc., et al., submitted a Joint Chapter 11 Plan of
Liquidation and a Disclosure Statement.

The overall purpose of the Plan is to provide for the liquidation
of the Debtors in a manner designed to maximize recovery to
stakeholders.

Generally, the Plan provides the following:

   (a) Holders of Allowed DIP Facility Claims shall receive their
Pro Rata Share of the Upfront FAP Payment and DIP Financing Cash in
accordance with the terms of the Plan on the Effective Date. To the
extent the Upfront FAP Payment and DIP Financing Cash are
insufficient to pay DIP Facility Claims in full, any Remaining DIP
Facility Claims shall be converted on a dollar-for dollar basis
into CVRs in accordance with the Plan and the CVR Agreement, and
shall be entitled to, on a first priority basis, the Net FAP
Proceeds until repaid in full;

   (b) Holders of Allowed Prepetition Financing Claims shall
receive their Pro Rata Share of the Net Rubraca Proceeds and
Rubraca Cash in accordance with the terms of the Plan. Any
remaining deficiency claim arising thereunder will be treated as
Allowed Prepetition Deficiency Claims;

   (c) Holders of Unsecured Note Claims shall receive their Pro
Rata Share of the Liquidation Trust Beneficial Interests;

   (d) Holders of General Unsecured Claims shall receive the Pro
Rata Share of the Liquidation Trust Beneficial Interests they are
entitled to receive under the Liquidation Trust Agreement;

   (e) Payment in full of all Allowed Administrative Expense
Claims, Fee Claims (provided that, the payment of Fee Claims of
Professionals retained by the Committee shall not exceed amounts
provided for such Fee Claims in the DIP Budget), U.S. Trustee Fees,
Other Secured Claims, Priority Tax Claims and Priority Non-Tax
Claims;

   (f) No recovery to the holders of Existing Securities Law
Claims, Interests, Intercompany Claims or Intercompany Interests on
account of their respective Claims and Interests;

   (g) Funding of a Liquidation Trust pursuant to the Wind-Down
Budget to govern the liquidation of the Debtors' estates and
remaining assets following the Effective Date; and

   (h) Distributions under the Plan shall be funded from Cash on
hand and the proceeds of the Sales Transactions that are received
before, on, or after the Effective Date.

Under the Plan, holders of Class 4 Unsecured Note Claim will each
receive its Pro Rata Share of the Liquidation Trust Beneficial
Interests.  Class 4 is impaired.

Class 5 General Unsecured Claims will each receive its Pro Rata
Share of the Liquidation Trust Beneficial Interests.  Class 5 is
impaired.

The Debtors and their professionals worked vigorously prior to the
Petition Date evaluating the Debtors' options and exploring paths
to address the difficulties facing the company.

The Debtors, in consultation with their advisors, conducted a
comprehensive liquidity analysis and considered several potential
restructuring alternatives. The Debtors also explored whether a
targeted marketing process was the best option to provide liquidity
and/or maximize value for all stakeholders. To that end, in or
around January 2022, the Debtors and JPM commenced a process to
sell certain of the Debtors' assets outside the United States, and
the Debtors searched for a strategic partner for FAP to help fund
their development costs in exchange for certain commercialization
rights. This process was expanded in August 2022 to a wider
targeted marketing process, focused on well-funded bidders that
possessed the capability of consummating a transaction on an
accelerated timeline as potential M&A partners for all of the
Debtors' assets and well-funded bidders for which the Debtors'
business represented a strategic opportunity. Perella's retention
further broadened the targeted universe of potential buyers of the
Debtors' assets.

Since its retention in October 2022 prior to the Petition Date,
Perella has marketed all of the Debtors' assets and contacted 76
parties, 34 of whom expressed interest in one or more of the
Debtors' assets and signed confidentiality agreements. Combined
with the parties contacted by JPM prior to Perella's retention, the
prepetition marketing process spanned approximately 10 months,
during which time 108 parties were contacted, 36 parties expressed
interest in one or more of the Debtors' assets and signed
confidentiality agreements, and 23 parties were granted access to a
data room. During this period, the Debtors engaged in extensive
negotiations on a potential sale of the Debtors' rights to
commercialize Rubraca in Europe. However, despite months of
diligence and negotiations, the potential bidder ultimately walked
away prepetition due to concerns about the regulatory uncertainty
around their ability to maintain their existing label and obtain a
more competitive label for Rubraca, Debtors' liquidity position and
ability to continue as a going concern. In addition, the Debtors
also engaged in extensive discussions related to partnering the
Debtors' development and commercialization rights to their pipeline
clinical candidate — FAP2286 as a therapeutic agent (the "FAP
Therapeutic Assets"), for which the Debtors were seeking a
substantial upfront payment and additional payments in the form of
milestones, research and development support.

During this timeframe, it became apparent to the Debtors and their
advisors that potential sale proceeds (upfront payments and near
term milestone payments) would most likely not exceed the Debtors'
debt obligations, which would come due immediately in connection
with the sale of the Debtors or substantially all of their assets,
nor provide an ability to satisfy these obligations in the future,
and discussions began to focus on the need to implement a potential
sale of the Debtors' assets through a chapter 11 bankruptcy
proceeding.

Following an extensive, months-long process, the Debtors' efforts
ultimately culminated with the execution of that certain Purchase
and Assignment Agreement (as may be amended, supplemented or
otherwise modified from time to time, the "FAP Stalking Horse
APA"), by and among Clovis and Novartis Innovative Therapies AG
(the "FAP Stalking Horse Bidder," and such bid, the "FAP Stalking
Horse Bid"). Pursuant to the FAP Stalking Horse APA, the FAP
Stalking Horse Bidder committed to acquire the FAP Therapeutic
Assets in exchange for a $50 million upfront payment plus up to
$630,750,000 in potential future milestone payments. The Debtors
believe that the net present value of the FAP Stalking Horse Bid,
taking into account the likelihood of achievement of the future
milestone payments, is $256,000,000. In an effort to achieve the
highest or otherwise best bid for the FAP Therapeutic Assets, the
Debtors and Perella continued to market the FAP Therapeutic Assets
on a postpetition basis in accordance with the Bidding Procedures
Order and the Bidding Procedures. Ultimately, however, the Debtors
did not receive a bid from any such party for the FAP Therapeutic
Assets prior to the bid deadline on March 7, 2023. Accordingly, the
Debtors, in consultation with their advisors, cancelled the FAP
Therapeutic Assets auction and determined that the bid submitted by
the FAP Stalking Horse Bidder is the highest and best transaction
presently available for the FAP Therapeutic Assets. The Debtors'
major constituencies, including the lenders under the Debtors' DIP
Facility (as defined below) and 3BP (the licensor under Clovis' IP
license agreement governing FAP-2286), support the sale process,
entry into the FAP Stalking Horse APA, and the Debtors' efforts to
achieve the highest offers possible for their assets. The hearing
to approve the sale of the FAP Therapeutic Assets to the FAP
Stalking Horse Bidder is scheduled for March 21, 2023.

The Debtors are also seeking to obtain value by continuing to
market their Rubraca assets (both within and outside the United
States) and certain other assets. Any additional asset sales in
connection therewith—whether in isolation or a combined offer to
acquire all of the Debtors' assets—will maximize recoveries for
Sixth Street, and to the extent there is residual value, the
Debtors' other creditors. The Debtors have received multiple draft
letters of intent during the marketing of the Rubraca assets and
are assessing which option will maximize value to the Debtors'
creditors. An auction for the Rubraca assets will occur on March
30, 2023. As set forth below, the Bankruptcy Court approved bidding
procedures related to the sale of assets covered by the FAP
Stalking Horse APA — as well as the Debtors' Rubraca assets,
which fall outside of the FAP Stalking Horse Bid — to maximize
the value of their assets for the benefit of the Debtors' estates
and their stakeholders.

Distributions under the Plan shall be funded from Cash on hand and
the proceeds of the Sales Transactions that are received before,
on, or after the Effective Date.

The Bankruptcy Court has scheduled a hearing to consider
Confirmation of the Plan and final approval of the Disclosure
Statement for May 9, 2023 at 1:00 p.m. (ET), in the United States
Bankruptcy Court, 824 N. Market St., 5th Floor, Courtroom 6,
Wilmington, DE 19801.

The Bankruptcy Court has directed that objections, if any, to
Confirmation of the Plan and final approval of the Disclosure
Statement be filed and served on or before May 4, 2023, at 4:00
p.m. (ET), in the manner described in the Confirmation Hearing
Notice accompanying this Disclosure Statement.

To be counted, please complete and sign your Ballot, and submit it
to the Voting Agent so as to be received by the Voting Deadline of
4:00 p.m. (Prevailing Eastern Time), on May 2, 2023.

Co-Counsel to the Debtors:

     Rachel C. Strickland, Esq.
     Andrew S. Mordkoff, Esq.
     Erin C. Ryan, Esq.
     WILLKIE FARR & GALLAGHER LLP
     787 Seventh Avenue
     New York, NY 10019-6099
     Telephone: (212) 728-8000
     Facsimile: (212) 728-8111
     E-mail: rstrickland@willkie.com
             amordkoff@willkie.com
             eryan@willkie.com

          - and -

     Robert J. Dehney, Esq.
     Andrew R. Remming, Esq.
     Matthew O. Talmo, Esq.
     MORRIS, NICHOLS, ARSHT & TUNNELL LLP
     1201 North Market Street, 16th Floor, P.O. Box 1347
     Wilmington, DE 19899-1347
     Telephone: (302) 658-9200
     Facsimile: (302) 658-3989
     E-mail: rdehney@morrisnichols.com
             aremming@morrisnichols.com
             mtalmo@morrisnichols.com

A copy of the Disclosure Statement dated March 15, 2023, is
available at https://bit.ly/3JoLLkb from PacerMonitor.com.

                     About Clovis Oncology

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

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

Judge J. Kate Stickles oversees the cases.

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

The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors in the Debtors' cases.  The committee tapped
Morrison & Foerster, LLP as lead bankruptcy counsel; Potter
Anderson & Corroon, LLP as Delaware counsel; Alvarez & Marsal North
America, LLC as financial advisor; and Jefferies, LLC as investment
banker.


COMPASS POINTE: Court Denies Approval of Disclosure Statement
-------------------------------------------------------------
Judge Jennifer E. Niemann has entered an order that the motion to
approve Disclosure Statement of Compass Pointe Off Campus
Partnership B, LLC is denied without prejudice for improper
notice.

Notice by mail of this motion was sent February 28, 2023, with a
hearing date set for March 15, 2023.  However, Federal Rule of
Bankruptcy Procedure 2002(b) requires at least 28 days' notice of
the period to object to a disclosure statement. Because the Notice
of Hearing does not comply with Federal Rule of Bankruptcy
Procedure 2002(b), the motion is denied without prejudice.

As a procedural matter, the certificate of service filed in
connection with this motion does not comply with Local Rule of
Practice 7005-1 and General Order 22-03, which require attorneys
and trustees to use the court's Official Certificate of Service
Form as of November 1, 2022.

The court also notes that no new plan was filed with the new
disclosure statement. A disclosure statement accompanies a plan for
solicitation purposes. 11 U.S.C. s 1125(b). If the debtor intended
for the new disclosure statement to accompany solicitation of the
plan filed on August 30, 2022, the disclosure statement is not
consistent with that plan.  For example, the disclosure statement
includes classes for priority unsecured claims and equity security
holders, but those classes are not included in the plan filed on
August 30, 2022.

                  About Compass Pointe

Compass Pointe Off Campus Partnership B, LLC is a single asset real
estate debtor (as defined in 11 U.S.C. Section 101 (51B)).

Compass Pointe filed its voluntary petition for Chapter 11
protection (Bankr. E.D. Cal. Case No. 22-10778) on May 8, 2022,
disclosing $1 million to $10 million in assets. David Sowels,
manager, signed the petition.  

Judge Jennifer E. Niemann presides over the case.

Noel Knight, Esq., at The Knight Law Group serves as the Debtor's
counsel.


CORE SCIENTIFIC: $20M Equipment Transfer to Energy Negotiator OK'd
------------------------------------------------------------------
Eliza Gkritsi of Coin Desk reports that the judge in Core
Scientific's (CORZ) bankruptcy case approved a settlement with the
bitcoin miner's exclusive energy contract negotiator under which
Core Scientific will transfer more than $20 million worth of
electrical equipment to the supplier.

The dispute relates to two facilities in west Texas that were
supposed to cumulatively bring 1 gigawatt (GW) of power capacity to
Core Scientific's portfolio of assets. Starting in the summer of
2021, Priority Power Management was hired as the miner's "exclusive
energy manager and consultant," with responsibilities including
negotiating power contracts and the build out of the two west Texas
sites, according to a declaration filed with the court from Michael
Bros, the miner's senior vice president of capital markets and
acquisitions.

However, as of May 2022, after "it became clear that the [two west
Texas] facilities would not receive the anticipated power load,"
Core Scientific stopped making various payments to Priority Power
Management, Bros said. Neither firm immediately replied to
CoinDesk's request for comment as to why the power was not
delivered.

The miner also halted debt payments in October 2022 as it was
running low on cash. In December 2022, it filed for Chapter 11
bankruptcy protection.

Due to the work it had performed for Core Scientific up to the
bankruptcy filing, Priority Power Management claimed it was owed
about $30 million in the proceedings.

Technically, the deal will see Priority Power Management "get an
allowed secured claim for $20.8 million, which is going to be
deemed paid in full by the transfer of all the debtors' interest in
the equipment," said federal Judge David Jones of the Southern
District of Texas at a Monday hearing. Secured claims take priority
over other types of claims in a bankruptcy.

Core Scientific had previously said it would sell two facilities
that are currently under development with up to 1 GW of power
capacity as part of the bankruptcy proceedings.

The equipment in question actually cost around $23 million, and
about $17 million of it is already in Priority Power Management's
possession.

Under the deal, the consulting firm will loosen its exclusivity in
procuring power agreements for Core Scientific, but keep $514,000
it earned by power curtailment for the miner. Core Scientific will
also reimburse $85,000 of legal and out-of-pocket expenses to the
consulting firm.

The two facilities appear to be up for sale, and Core Scientific
"will introduce" Priority Power Management to any acquirer so that
they can negotiate a similar deal, according to the Bros
declaration.

A spokesperson for the miner said Monday that "the Priority Power
Management settlement does not affect that [sale] process."

                        About Core Scientific

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

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

Core Scientific and its affiliates filed petitions for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No.
22-90341) on Dec. 21, 2022. As of Sept. 30, 2022, Core Scientific
had total assets of US$1.4 billion and total liabilities of US$1.3
billion.

Judge David R. Jones oversees the cases.

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

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

B. Riley Commercial Capital, LLC, as administrative agent under the
Replacement DIP facility, is represented by Choate, Hall & Stewart,
LLP.

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


DELTA AIR: S&P Alters Outlook to Positive, Affirms 'BB' ICR
-----------------------------------------------------------
S&P Global Ratings revised the outlook on Delta Air Lines Inc. to
positive from stable, and affirmed its 'BB' issuer credit rating on
the company. The issue-level ratings on Delta's debt are
unchanged.

The positive outlook reflects the increased potential for an
upgrade later this year, as S&P estimate Delta will generate funds
from operations (FFO) to debt above 20% in 2023 and 2024.

S&P said, "We expect Delta will generate credit measures
commensurate with a higher rating this year, with further
improvement in 2024.Our positive outlook on Delta primarily
reflects our expectation that the company will generate credit
measures that are strong for the rating, including FFO to debt in
the 20%-25% range and adjusted debt to EBITDA below 4x in 2023. We
also estimate improvement in the company's credit profile will
continue in 2024. Strong passenger demand underpinned significant
growth last year, and enabled Delta to cover historical peak jet
fuel costs with much higher ticket prices, leading to financial
results that exceeded our previous forecasts.

"We have growing conviction that Delta's FFO-to-debt ratio will
remain above our 20% threshold for the rating in 2023 and 2024
(from 17% in 2022, which included a weak first-quarter 2022 due to
the Omicron coronavirus variant). In our view, there remains
material pent-up demand for passenger travel following the COVID-19
pandemic that has yet to be fully realized by the company (and its
U.S. mainline peers). Airline industry revenues have sharply
increased from 2020 lows, but not kept pace with U.S. economic
growth over the past three years (as a share of nominal U.S. GDP).
Moreover, while S&P Global Ratings forecasts much weaker economic
conditions this year, real consumer spending is assumed to remain
positive (although well below 2022 levels).

Delta's profitability is expected with capacity expansion.Delta
derives a large (close to 55%) portion of its operating revenue
from higher-margin premium seats and products (including its
SkyMiles loyalty program), which generate yields that significantly
exceed those from its main cabin. We view this segment of its
business as generally more resilient to weaker macroeconomic
conditions compared with basic economy seats, which account for
less than 5% of Delta's passenger sales. The airline targets
operating revenue growth of 15%-20% this year and margin
improvement that incorporates a slight decline in its cost per
available seat mile (CASM) before fuel and refining operations
(CASM-ex, as defined by the company). Our estimates are generally
in line with Delta's guidance, led by higher available seat miles
(ASMs) and steady passenger revenue per available seat mile
(PRASM). The well-documented industry shortage of trained labor
(such as pilots, flight attendants, and maintenance), airport
infrastructure constraints, and aircraft delivery delays are likely
to persist for some time. Limitations on airline capacity expansion
should support high fares and, in our view, limit downside risk to
margins in the event of unexpected weakening in demand.

"Domestic U.S. travel will continue to account for the bulk of
Delta's revenue (over 70%), but we believe there is further upside
from the company's international business that has lagged the
recovery in U.S. passenger traffic. Our forecasts also incorporate
efficiency gains that should follow network investments by the
company in 2022 and the restoration of its capacity (with fewer
departures) relative to 2019 levels--a pre-pandemic benchmark. The
company expects its higher-margin core hubs (notably Atlanta) will
lead its earnings growth this year relative to its more
competitive/lower-scale coastal hubs. Fuel will remain a
significant share of operating expenses, and labor costs will
meaningfully increase following Delta's recent agreement with its
pilots' union (which included a raise of about 20% this year).
However, we expect these costs, and general inflationary pressures,
to be more than offset by a steep increase in its capacity and
relatively stable (high) fares.

"Higher earnings should lead to positive free cash flow available
for debt reduction. We estimate earnings and cash flow growth will
primarily account for improvement in Delta's credit measures and
lead to positive free cash flow available for debt repayment over
the next two years. Scheduled debt amortization is likely to
account for the bulk of repayments in 2023, and the company repaid
debt in advance of maturities last year. Delta remains intent on
deleveraging to achieve what it views as investment-grade credit
measures.

"Our rating continues to reflect the higher amount of debt held by
Delta relative to pre-pandemic levels. S&P Global Ratings-adjusted
debt totaled about US$30 billion at year-end 2022 compared with
approximately US$23.5 billion at year-end 2019. The increase was
mainly from debt raised during the pandemic to bolster Delta's
liquidity and sustain its operations. The company reduced gross
debt in the past two years, but much of this has come from cash on
hand (hence, effectively leverage neutral). In addition, Delta's
earnings are well below pre-pandemic levels: average adjusted
EBITDA was about $9.7 billion from 2016-2019 compared with $6.9
billion last year. We currently estimate the company's EBITDA to
recover by 2024, but we don't expect its adjusted debt to return to
pre-pandemic levels by then.

"Various risks and uncertainties that have historically
characterized the airline industry limit rating upside for now. We
are taking a patient approach to rating upside for Delta for now,
mainly due to the risks and uncertainties associated with a weaker
U.S. economy this year. The airline industry has been highly
cyclical historically and sensitive to changing economic
conditions. Delta is also facing sustainably higher labor costs and
general inflationary pressure. Slower-than-expected demand,
particularly if jet fuel prices remain elevated, can have a
material impact its earnings.

"Our energy team assumes a full-year average price of $85 per
barrel for West Texas Intermediate (WTI) and $90 per barrel for
Brent crude oil in 2023 that is lower than the 2022 average.
However, we view these prices as higher than normal in a recession,
reflecting disruptions caused by the Russia-Ukraine conflict and
capacity constraints by OPEC and other major producers. In
addition, the increase in the spread between refined jet fuel and
oil prices was unprecedented last year and remains elevated. If
lower fares arise from softer demand and limit Delta's ability to
cover high jet fuel costs, the impact on earnings and credit
measures could be material.

"We estimate that, all else being equal, a single-digit percentage
decline in PRASM (compared with our flat year-over-year estimate)
leads to an FFO-to-debt ratio below our upside rating threshold of
over 20%. Estimated FFO to debt is also below 20% with a negligible
year-over-year increase in average fuel prices this year. Many
competing factors could mitigate the impact on the company's credit
measures and ticket prices tend to track changes in fuel prices.
However, our rating incorporates the high sensitivity of Delta's
credit measures to relatively small changes in our key
assumptions.

"The positive outlook reflects our view that Delta will generate
credit measure that we view as strong for our issuer credit rating,
including FFO to debt in the 20%-25% area in 2023 and higher in
2024. We believe the company will meaningfully increase its
capacity this year amid continuing strong demand for passenger
travel, with margin expansion that leads to higher earnings and
cash flow generation

"We could revise the outlook to stable if, over the next 12 months,
we expect Delta will generate FFO to debt below 20% in 2023 and
2024. This might occur from higher-than-expected costs and the
effects of a much weaker U.S. economy that limit growth in its
capacity, revenues, and margins. In this scenario, we believe Delta
would also generate limited free cash flow available for debt
repayment, which could stall improvement in its financial risk
profile.

"We could raise our rating within the next 12 months if we expect
Delta will generate and maintain FFO to debt above 20% in 2023 and
2024. In this scenario, we would expect the company to meet our
current estimates for earnings and cash flow, and further reduce
debt. Greater visibility regarding the potential impact of a weak
U.S. economy this year on Delta's passenger traffic and margins is
likely required for us to better assess the sustainability of
stronger credit measures."

ESG credit indicators: E-3, S-4, G-1



EL MONTE NATURE: General Unsecureds Owed $14M Get Full Payment
--------------------------------------------------------------
El Monte Nature Preserve, LLC, submitted a Combined Disclosure
Statement and Fourth Amended Plan of Reorganization dated July 11,
2022.

The Plan provides for the reorganization of the Debtor, which will
engage in refinancing and/or Forward Commitments to Purchase and
Sell sand and aggregate products and will thereafter continue its
business. Accordingly, the Debtor will remain in existence even
after the claims of Creditors have been satisfied. Through this
reorganization, (i) all Creditors claims will be paid in full, with
interest, and (ii) the Debtor's members (equity holders) will
retain their interest in the Debtor.

The Debtor's Plan provides for payment in full, with interest, of
all Allowed Claims, over time from Pre-Production Financing and Net
Mining Proceeds.  To achieve this, the Plan contemplates (i) the
Debtor's continued efforts to obtain entitlements and applicable
mining and related permits; (ii) the mining, delivery and sale of
sand and other extractable aggregates from the Debtor's Property;
(iii) the acceptance for a fee of appropriate fill material to the
Property following sand and aggregate extraction; (iv) the
obtaining of initial financing for entitlement processing through
the LKI Financing and subsequent Pre-Production Financing to retire
all secured and unsecured indebtedness; and (v) reclamation and
remediation of the Property following the completion of the
extraction and fill aspects of the Project. The Debtor believes,
based on the pro-forma discussed below, that the overall time
necessary to fully perform the Plan will occur up to 2033, long
after all creditors' claims are extinguished.

The Debtor believes that the LKI Financing, will be sufficient to
enable the Debtor to achieve approval of its environmental
document, an Environmental Impact Report ("EIR"). Once such
approval is obtained, the Debtor believes that it will be able to
arrange for Pre-Production Financing to provide cash to repay
indebtedness owed and payable under the Debtor's Plan. Some
creditors believe that the Debtor does not have sufficient cash to
enable the Debtor to reach certification of its EIR. At the
Confirmation Hearing, the Court will address, among many other
issues, whether the Plan is feasible, i.e, whether confirmation is
likely to be followed by the Debtor's liquidation or the need for
the Debtor's further financial reorganization.

Under the Plan, Secured Creditors claims will be paid in full, with
interest, at the non-default rate specified in their respective
loan documents by the end of 2024 (LFTC's Class 3 claim will be
paid in full by January 31, 2025), and unsecured creditors' claims
will be paid in full, with interest, at 5% from and after the
Effective Date until paid in full.

Royalty Claims within Classes 7A and 7B are unimpaired under the
Plan and Fixed Mining-Contingent Claims (Classes 8A, 8B, 8C and 8D)
and the Unsecured Rejection Damage Claim of HH (Class 9) will be
paid with a fixed dollar per ton of sand sales.

The Debtor's existing equity interests will remain intact.

The Debtor may prepay its Creditors without penalty if its finances
allow.

Under the Plan, Class 6 General Unsecured Non-Royalty Claims total
$14,102,808. Class 6 will be paid in full, with pro-rata quarterly
payments beginning with the 4th quarter of 2025 with interest at 5%
per annum from and after the Effective Date until paid in full.
Class 6 is impaired.

Class 9 Unsecured claim of HH approximately $146,000,000, as filed.
(1) Paid with $1.00 per ton of sand mined and sold as full and
final payment of the Class 9 Creditor's Claim; (2) Reservation of
Debtor's right to fully retire the Class 9 claim at a discount; (3)
turnover and assistance in obtaining all project-related materials;
and, (4) the exchange of mutual releases, each as set forth more
fully in the Plan. Class 9 is impaired.

The Plan provides for the reorganization of the Debtor and the full
payment of all allowed claims principally through its efforts to
obtain entitlement and applicable permits to (i) mine and sell sand
and other aggregate products to buyers for cash; (ii) sell rights
to deposit fill material upon the Property following such mining
activities; (iii) arrange for and obtain secured Pre-Production
Financing to accomplish these obligations; and (iv) arrange for and
complete a sale of the Property to accomplish these obligations.
The Debtor believes that these activities will generate cash
sufficient to pay 100% of all Allowed Claims.

Attorneys for the Debtor:

     Michael D. Breslauer, Esq.
     Matthew Arvizu, Esq.
     SOLOMON WARD SEIDENWURM & SMITH, LLP
     401 B Street, Suite 1200
     San Diego, CA 92101
     Tel: (619) 231-0303
     Fax: (619) 231-4755
     E-mail: mbreslauer@swsslaw.com
             marvizu@swsslaw.com

A copy of the Disclosure Statement and Plan dated March 15, 2023,
is available at https://bit.ly/3JOS6H6 from PacerMonitor.com.

                  About El Monte Nature Preserve

El Monte Nature Preserve, LLC, filed for Chapter 11 protection
(Bankr. S.D. Cal. Case No. 22-00971) on April 12, 2022, listing as
much as $50 million in both assets and liabilities. William B.
Adams, manager, signed the petition.

Judge Christopher B. Latham oversees the case.

Michael D. Breslauer, Esq., at Solomon Ward Seidenwurm & Smith, LLP
and Thorsnes Bartolotta McGuire, LLP serve as the Debtor's
bankruptcy counsel and special counsel, respectively.


EMPEREON MARKETING: Call Center Starts Subchapter V Case
--------------------------------------------------------
Empereon Marketing LLC filed for chapter 11 protection in the
District of Arizona.  The Debtor elected on its voluntary petition
to proceed under Subchapter V of chapter 11 of the Bankruptcy
Code.

The Debtor owns and operates call centers throughout Arizona and
Mexico.

The Debtor's revenues dropped on account of the Covid-19 pandemic.
The Debtor's liabilities increased at the same time from unused
leased space in Houston and Waco, Texas, and Phoenix, Arizona.

Empereon seeks to restructure under Subchapter V due to
unanticipated leasehold liabilities caused by the Covid-19 pandemic
along with concurrent revenue reduction related to same effects on
the economy.

According to court filings, Empereon Marketing has $1,777,954 in
debt owed to 1 to 49 creditors.  The petition states that funds
will be available to unsecured creditors.

A telephonic meeting of creditors under 11 U.S.C. Section 341(a) is
slated for April 18, 2023 at 9:00 a.m.

                   About Empereon Marketing

Empereon Marketing LLC -- https://www.empereon/ -- is a business
process outsourcing company providing end-to-end customer
engagement and customer management solutions through two distinct,
but affiliated, privately held entities.

Empereon Marketing LLC filed a petition for relief under Subchapter
V of Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No.
23-01592) on March 15, 2023.  In the petition filed by Travis
Bowley, as C.E.O., the Debtor reported total assets as of Dec. 31,
2022 amounting to $6,385,218 and total liabilities as of Dec. 31,
2022 of $1,777,954.

The case is overseen by Honorable Bankruptcy Judge Madeleine C
Wanslee.

The Debtor is represented by:

   Gerald L. Shelley, Esq.
   FENNEMORE CRAIG, P.C.
   10400 N. 25th Avenue
   Suite 100
   Phoenix, AZ 85021
   Tel: 602-916-5000
   Email: gshelley@fclaw.com


ETHEMA HEALTH: Daszkal Bolton to Quit as Auditor
------------------------------------------------
Ethema Health Corp. has been advised by Daszkal Bolton, LLP, the
Company's independent registered public accounting firm, that
Daszkal completed a business combination agreement with CohnReznick
LLP.  As a result of this transaction, Daszkal will resign as the
Company's independent registered public accounting firm upon the
Company filing its annual report on Form 10-K for the year ended
Dec. 31, 2022.  The Company's current Daszkal audit team is now
part of CohnReznick and the Company expects it will likely engage
CohnReznick to serve as the Company's independent registered public
accounting firm for the Company's fiscal year ending Dec. 31, 2023
but has not engaged them at this time.

Daszkal's reports on the Company's financial statements for the
past two years did not contain an adverse opinion or a disclaimer
of opinion, and were not qualified or modified as to uncertainty,
audit scope, or accounting principles.  The report had been
prepared assuming that the Company would  continue as a going
concern and included an explanatory paragraph regarding the
Company's ability to continue as a going concern as result of
recurring loses and a deficiency in shareholders' equity.

During the years ended Dec. 31, 2021 and 2020, and the subsequent
interim periods through Nov. 14, 2022, there were (i) no
disagreements (as described in Item 304(a)(1)(iv) of Regulation S-K
and the related instructions) between Ethema and Daszkal on any
matter of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure, which, if not resolved
to Daszkal's satisfaction, would have caused Daszkal to make
reference thereto in its reports on the financial statements for
such years; and (ii) no "reportable events" within the meaning of
Item 304(a)(1)(v) of Regulation S-K, except that Daszkal advised
the Company of material weaknesses in its internal control over
financial reporting as of Dec. 31, 2021 and 2020

                        About Ethema Health

Headquartered in West Palm Beach, Florida, Ethema Health
Corporation -- http://www.ethemahealth.com-- operates in the
behavioral healthcare space specifically in the treatment of
substance use disorders.  Ethema developed a unique style of
treatment over the last eight years and has had much success with
in-patient treatment for adults.

Ethema reported a net loss of $1.57 million for the year ended Dec.
31, 2021, compared to net income of $3.08 million on $338,996 of
revenues for the year ended Dec. 31, 2020.  As of Sept. 30, 2022,
the Company had $6.73 million in total assets, $16.15 million in
total liabilities, $400,000 in preferred stock, and a total
stockholders' deficit of $9.82 million.

Sunrise, Florida-based Daszkal Bolton LLP, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated April 14, 2022, citing that the Company had accumulated
deficit of approximately $44.7 million and negative working
capital
of approximately $13.2 million at Dec. 31, 2021, which raises
substantial doubt about its ability to continue as a going concern.


EVERNEST HOLDINGS: 2nd Amended Plan Rejected by Judge
-----------------------------------------------------
Judge Robert A. Mark has entered an order denying approval to
Evernest Holdings, LLC's Second Amended Plan of Reorganization
under Subchapter V dated March 14, 2023.

If the Debtor seeks to pursue relief in this case with respect to
the debt on the condominium property located at 117 NW 42nd Ave.,
Miami, FL, the Debtor must file a Third Amended Plan by April 6,
2023.

                    About Evernest Holdings

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

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

Judge Robert A. Mark oversees the case.

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


EVOKE PHARMA: Incurs $8.2 Million Net Loss in 2022
--------------------------------------------------
Evoke Pharma, Inc. has filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss of
$8.22 million on $2.51 million of net product sales for the year
ended Dec. 31, 2022, compared to a net loss of $8.54 million on
$1.62 million of net product sales for the year ended Dec. 31,
2021.

"Evoke's fiscal year 2022 was a period of tremendous growth and
progress on several key fronts.  Year-over-year revenues, new
prescribers, prescription fills, and patient enrollments showed
significant improvement in 2022 compared with 2021.  In 2021, our
prime achievement was to call attention to GIMOTI's value
proposition in the marketplace.  In 2022, we continued to increase
patient and physician awareness and to make progress toward our
objective of having GIMOTI become the standard of care for treating
diabetic gastroparesis," said David A. Gonyer, R.Ph., Evoke
Pharma's CEO.

"In the fourth quarter of 2022, our net product sales from
prescriptions decreased slightly to $796,000, from $832,000 in the
third quarter of 2022, resulting from increased prescription sales
to uninsured or under-insured patients.  Prescription fills
increased 8% in the fourth quarter 2022 compared to the third
quarter while full year prescription fills increased 178%.  In
addition, the number of cumulative GIMOTI prescribers increased by
approximately 25%, to 1,017 healthcare providers (HCPs) as of
December 31, 2022, from 812 through September 30, 2022," concluded
Mr. Gonyer.

As of Dec. 31, 2022, the Company had $11.85 million in total
assets, $7.77 million in total liabilities, and $4.08 million in
total stockholders' equity.

As of Dec. 31, 2022, cash and cash equivalents were approximately
$9.8 million.  The Company believes, based on its current operating
plan, that its existing cash and cash equivalents, as well as
future cash flows from net product sales of Gimoti, will be
sufficient to fund its operations into the third quarter of 2023.

San Diego, California-based BDO USA, LLP, the Company's auditor
since 2014, issued a "going concern" qualification in its report
dated March 21, 2023, citing that the Company has suffered
recurring losses and negative cash flows from operations since
inception. These factors raise substantial doubt about the
Company's ability to continue as a going concern.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/0001403708/000095017023008942/evok-20221231.htm

                           About Evoke Pharma

Headquartered in Solana Beach, California, Evoke Pharma, Inc. --
http://www.evokepharma.com-- is a specialty pharmaceutical company
focused primarily on the development of drugs to treat GI disorders
and diseases.  The Company is developing Gimoti, a nasal spray
formulation of metoclopramide, for the relief of symptoms
associated with acute and recurrent diabetic gastroparesis in adult
women.


FIRST REPUBLIC: Proposes to Convert Deposits to Capital
-------------------------------------------------------
Gillian Tan and Ed Hammond of Bloomberg Law reports that First
Republic rescue proposal will convert deposits to capital.

JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon has
hatched a new plan to aid First Republic Bank that would convert
some or all of the $30 billion in deposits that a group US banks
injected into a capital infusion for the struggling California
lender, according to people familiar with the situation.

First Republic is looking for ways to bolster its finances after
depositors were shaken by the failure of Silicon Valley Bank,
according to the people, who asked not to be identified because the
talks are private.

                      About First Republic

First Republic Bank is a commercial bank and provider of wealth
management services headquartered in San Francisco. It caters to
high-net-worth individuals. It operates 93 offices in 11 states
primarily in New York, California, Massachusetts, and Florida.

CBS News reports that the sudden collapse of Silicon Valley Bank
(SVB) on March 10, 2023, along with New York's Signature Bank two
days later, has shaken investor confidence in regional lenders like
$213 billion First Republic.  In particular, concern has focused on
such lenders' uninsured deposits, or account funds exceeding the
Federal Deposit Insurance Corp.'s $250,000 cap.

First Republic Bank on March 16, 2023, received a $30 billion
rescue package from 11 of the biggest U.S. banks in an effort to
prevent its collapse. JPMorgan Chase, Bank of America, Citigroup
and Wells Fargo have agreed to each put $5 billion in uninsured
deposits into First Republic. Meanwhile Morgan Stanley and Goldman
Sachs would deposit $2.5 billion each into the bank. The remaining
$5 billion would consist of $1 billion contributions from BNY
Mellon, State Street, PNC Bank, Truist and US Bank.

The bank's credit rating on March 17, 2023, was downgraded by S&P
Global Ratings, which said the rescue package should ease near-term
liquidity pressures, but "may not solve the substantial business,
liquidity, funding and profitability challenges" that it believes
the San Francisco-based bank is now likely facing.

First Republic has tapped investment bank Lazard Ltd to help it
explore strategic options, the Wall Street Journal reported, citing
people familiar with the matter.


FREDDIE MAC: Reports $9.3BB Net Income for 2022
-----------------------------------------------
Federal Home Loan Mortgage Corporation said net income was $9.327
billion for the fiscal year ended December 31, 2022, down from
$12.109 billion the year before. Net income was $7.326 billion in
2020.

Freddie Mac also reported a slight decline in net revenues for
2022.  Freddie Mac said net revenues were $21.26 billion for the
fiscal year ended December 31, 2022, down from $21.95 billion in
2021.  Net revenues were $16.66 billion in 2020.

Meanwhile, the Company's net income for the fourth quarter of 2022
declined 38%.  Freddie Mac reported net income of $1.8 billion for
the fourth quarter of 2022, a decrease of 36% year-over-year,
primarily driven by lower net revenues and a credit reserve build
in Single-Family.

Fourth Quarter 2022 Financial Results:

   * Net income of $1.5 billion, down 33% year-over-year.

   * Net revenues were $4.2 billion, down 10% year-over year. Net
     interest income was $4.4 billion, down 1% year-over-year, as  
    
     continued mortgage portfolio growth and higher average      
     portfolio guarantee fee rates were offset by lower deferred
     fee income due to slower prepayments as a result of higher   

     mortgage interest rates. Non-interest income was a loss of
     $0.1 billion for the fourth quarter of 2022, compared to
     non-interest income of $0.3 billion for the fourth quarter
     of 2021, primarily driven by interest-rate-related fair
     value losses and lower gains on sales of mortgage loans due
     to lower volume.

   * Provision for credit losses was $0.5 billion for the fourth  

     quarter of 2022, up from $0.2 billion in the fourth quarter
     of 2021, primarily driven by declining observed and
     forecasted house price appreciation, partially offset by
     lower purchase volumes.

Full Year 2022 Financial Results:

   * Reported net income of $9.3 billion for full-year 2022, a
     decrease of 23% year-over-year, primarily driven by a credit
     reserve build in Single-Family.

   * Net revenues were $21.3 billion for full-year 2022, down 3%
     year-over-year, as higher net interest income in Single-
     Family was offset by a decline in non-interest income in
     Multifamily. Net interest income for full-year 2022 was
     $18.0 billion, up 2% year-over-year, as continued mortgage
     portfolio growth and higher average portfolio guarantee fee
     rates were partially offset by lower deferred fee income due
     to slower prepayments as a result of higher mortgage
     interest rates. Non-interest income for full-year 2022 was
     $3.3 billion, down 25% year-over-year, primarily driven by a
     decrease in net investment gains in Multifamily.

   * Provision for credit losses was $1.8 billion for full-year
     2022, compared to a benefit for credit losses of $1.0
     billion for full-year 2021, primarily driven by declining
     observed and forecasted house price appreciation.

   * Non-interest expense for full-year 2022 remained $7.8 billion,

     as higher credit enhancement expense driven by a higher volume

     of outstanding credit risk transfer transactions and higher
     spreads on transactions executed during 2022 was offset by a
     benefit for credit enhancement recoveries due to an increase
     in expected credit losses on covered loans.

As of December 31, 2022, the Company had $3.20 trillion in total
assets, $3.17 trillion in total liabilities and $37.08 billion in
total equity.

A full-text copy of the Form 10-K is available for free at
https://tinyurl.com/5p3r8v5s  

A full-text copy of Freddie Mac's press release is available for
free at https://tinyurl.com/juybtwrp

               About Freddie Mac

McLean, Va.-based Federal Home Loan Mortgage Corporation (FHLMC),
commonly known as Freddie Mac (OTCQB: FMCC) is a GSE chartered by
Congress in 1970.  The Company's public mission is to provide
liquidity, stability, and affordability to the U.S. housing market.
Freddie Mac does this primarily by purchasing residential mortgage
loans originated by lenders.  In most instances, it packages these
loans into guaranteed mortgage-related securities, which are sold
in the global capital markets and transfer interest-rate and
liquidity risks to third-party investors.  In addition, the Company
transfers mortgage credit risk exposure to third-party investors
through its credit risk transfer programs, which include
securities- and insurance-based offerings. The Company also invests
in mortgage loans and mortgage-related securities.  The Company
does not originate loans or lend money directly to mortgage
borrowers.

Since September 2008, Freddie Mac has been operating under
conservatorship with FHFA as Conservator.


FREE SPEECH: Jones Concealed Money to Avoid Sandy Hook Payout
-------------------------------------------------------------
The Guardian reports that rightwing conspiracy theorist Alex Jones
appears to be moving his money to friends and family in an attempt
to avoid paying out nearly $1.5 billion in damages to the families
of the victims of the 2012 Sandy Hook elementary school shooting, a
new report reveals.

Last 2022, Jones was ordered to pay the huge damages following his
years-long claims on his digital platform Infowars that the mass
shooting was a hoax staged by the government to take away guns from
Americans.

According to a recent New York Times investigation into Jones’s
financial and legal documents, the far-right broadcast agitator
transferred assets worth millions of dollars outside the reach of
creditors as lawsuits from Sandy Hook families as well as court
sanctions stacked up against him over the past years.

As part of a series of maneuvers to avoid paying for legal damages,
Infowars' parent company, Free Speech Systems, as well as Jones
himself, declared bankruptcy last 2022.

"I'm officially out of money, personally," Jones said on Infowars
in December. "It's all going to be filed. It's all going to be
public.  And you will see that Alex Jones has almost no cash," the
Associated Press reports Jones saying.

However, the new investigation by the New York Times found that in
addition to Jones spending $80,000 on a private jet, security and a
villa during his time in Connecticut last year to testify at trial,
he also appeared to have been sneaking away his money to various
entities.

The report revealed that in October 2021, Jones made a business
agreement with Auriam Services, a month-old company founded by
lifestyle blogger Anthony Gucciardi, a friend of Jones. According
to the report, Auriam Services was to function as a credit card
processing intermediary.

Then, in February 2022, Jones transferred his $3m estate in Austin,
Texas, to his wife, Erika Wulff Jones. The estate spans over 5,400
sq ft and boasts four bedrooms and five bathrooms, in addition to a
pool and a spa.

The investigation also found that Jones signed a contract last July
2022 with Blue Ascension, a new company founded just a few months
prior by Patrick Riley, Jones's former personal trainer and
assistant. That same month, Free Speech Systems filed for
bankruptcy.

In response, the victims' families filed a lawsuit that claimed
that Jones was fraudulently moving his money away from creditors,
including transferring $11,000 a day to $11,000 a week and "up to
80 percent of his [diet] supplement sales" to PQPR, a company
controlled by Jones and his parents, the New York Times reports.

In January 2023, Jones submitted a personal balance sheet to a
bankruptcy court in Texas which the New York Times reviewed. The
sheet indicated that Jones had approximately only $5.6m in total
assets.

However, a financial statement submitted by Jones's attorneys last
month, which was prefaced by "five pages of disclaimers" saying
that Jones is not fully aware of where he has bank accounts,
indicated that Jones had far more money.

According to the documents reviewed by the New York Times, Jones's
property was revealed to be valued at a total of $10m. It also
indicated that his stated monthly income was $129,000, with
$104,000 coming from undisclosed sources.

Last February 2023, Jones remained adamant about maintaining his
platform and company, saying on his podcast, "If anybody thinks
they're shutting me down, they're mistaken," the New York Times
reported.

Despite being awarded nearly $1.5bn in legal damages, Sandy Hook
families are uncertain whether they will be paid the full amount.

"There's a chance we're going to be forced into a situation where
we're going to be checking to see how Infowars is doing every month
to figure out if our clients are getting paid or not," Mark
Bankston, one of the families’ attorneys, told the outlet.

Earlier this February 2023, Free Speech Systems proposed a
bankruptcy plan that would pay an annual salary of $520,000 to
Jones and leave $7 million to $10 million to annually pay
creditors, including the victims' families.

                    About Free Speech Systems

Free Speech Systems LLC is a broadcast media production and
distribution company that provides broadcasting aural programs by
radio to the public.  Free Speech Systems is a family-run business
founded by Alex Jones.

FSS is presently engaged in the business of producing and
syndicating Jones' radio and video talk shows and selling products
targeted to Jones' loyal fan base via the Internet.  Today, FSS
produces Alex Jones' syndicated news/talk show (The Alex Jones
Show) from Austin, Texas, which airs via the Genesis Communications
Network on over 100 radio stations across the United States and via
the internet through websites including Infowars.com.

Due to the content of Alex Jones' shows, Jones and FSS have faced
an all-out ban of Infowars from mainstream online spaces.  Shunning
from financial institutions and banning Jones and FSS from major
tech companies began in 2018.

Conspiracy theorist Alex Jones has been sued by victims' family
members over Jones' lies that the 2012 Sandy Hook Elementary School
shooting was a hoax.

Jones' InfoW LLC and affiliates, IWHealth, LLC and Prison Planet
TV, LLC, filed petitions under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-60020) on April
18, 2022.

The Debtors agreed to the dismissal of the Chapter 11 cases in June
2022 after the Sandy Hook victim families dismissed the three
bankrupt companies from their lawsuits.

Free Speech Systems filed a voluntary petition for relief under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex.
Case No. 22-60043) on July 29, 2022.  In the petition filed by W.
Marc Schwartz, as chief restructuring officer, the Debtor reported
assets and liabilities between $50 million and $100 million.
Melissa A Haselden has been appointed as Subchapter V trustee.

Alexander E. Jones filed for personal bankruptcy under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 4:22-bk-60043) on
Dec. 2, 2022, listing $1 million to $10 million in assets against
liabilities of $1 billion to $10 billion in liabilities.

Raymond William Battaglia, of Law Offices of Ray Battaglia, PLLC,
is FSS's counsel.  Raymond W. Battaglia and Crowe & Dunlevy, P.C.,
led by Vickie L. Driver, Christina W. Stephenson, Shelby A. Jordan,
and Antonio Ortiz are representing Alex Jones.


FTX GROUP: Has $4.8 Bil. Scheduled Assets Discovered in Ch.11 Probe
-------------------------------------------------------------------
Damilola Lawrence of MSN.com reports that debtors in FTX Group's
bankruptcy case reported that the company had over $4 billion in
scheduled assets as of November 2022 but were still investigating
the firm's crypto holdings.

In a March 17, 2023 filing with the United States Bankruptcy Court
for the District of Delaware, FTX debtors submitted a presentation
to the committee of unsecured creditors on its Statement of
Financial Affairs (SOFAs), which outlined the scheduled assets and
claims of the company. Per the filing, the West Realm Shires silo
– comprising FTX US & Ledger X, FTX.com, Alameda Research, and
FTX Ventures – had approximately $4.8 billion in scheduled assets
and $11.6 billion in scheduled claims.

                         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: LedgerX Derivatives Exchange for April 4 Auction
-----------------------------------------------------------
Mutuma Maxwell of Cryptopolitan reports that cryptocurrency
derivatives exchange FTX is set to auction its LedgerX platform to
bidders on April 4, 2023, following revised dates filed by FTX's
counsel on March 18 in the US Bankruptcy Court for the District of
Delaware. The auction will take place at the offices of law firm
Sullivan & Cromwell, with a sale hearing scheduled for April 12.
Notice of the successful bidder will be given within one business
day of the auction's conclusion.

Previously scheduled for March 7, 2023 and then revised to March
22, 2023, the auction has been pushed back again, with no
explanation provided for the most recent date change.

FTX obtained approval earlier this year to sell off business units
in order to raise funds for creditors, with Embed Financial
Technologies, FTX Japan, and FTX Europe also on the market.
According to a legal filing at the beginning of this year, around
117 parties have shown an interest in purchasing FTX's entities.

The sale of LedgerX comes amid a challenging time for the
cryptocurrency industry, with regulatory scrutiny intensifying in
the US and beyond.  However, FTX's co-founder and CEO, Sam
Bankman-Fried, has remained optimistic about the exchange’s
prospects, stating that the current uncertainty around regulation
may ultimately benefit FTX by weeding out weaker competitors.

FTX has emerged as a major player in the cryptocurrency derivatives
market since its launch in 2019 and has seen significant growth in
recent months. Its platform offers a range of futures, options, and
leveraged tokens for trading and has recently expanded to include
stock and cryptocurrency spot trading. The sale of LedgerX is
likely to generate significant interest among potential bidders
looking to capitalize on FTX's success.

FTX's subsidiary in the United States acquired LedgerX, a
cryptocurrency derivatives exchange, in October 2021. Following the
acquisition, the exchange was rebranded as FTX.US Derivatives.

                          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: LedgerX Gets Bid from Miami International Holdings
-------------------------------------------------------------
Katherine Doherty and Isis Almeida of Bloomberg News report that
FTX has attracted bidders including Miami International Securities
Exchange for its crypto-derivatives platform, LedgerX, one of the
few solvent pieces of Sam Bankman-Fried's former empire.

The exchange, known as MIAX and owned by Miami International
Holdings Inc., made an offer for LedgerX, which is being sold in
FTX's bankruptcy proceedings, according to people with knowledge of
the matter. Other bidders include Kalshi Inc., the people said,
asking not to be identified because the discussions are private.
The size of the bids couldn't immediately be learned.

                        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.


GARDEN VIEW: Court Confirms Consensual Plan
-------------------------------------------
Judge Robert A. Mark has entered an order confirming the Plan of
Reorganization of Garden View Condominium Apartments Association,
Inc.

The Court will conduct a post-confirmation status conference in the
U.S. Bankruptcy Court, Southern District of Florida on June 8, 2023
at 11:00 AM. The hearing will be conducted via Zoom Video
Conference.

Any objection to the Plan and or confirmation has been withdrawn
and to the extent that any Objection is pending it is overruled.

The Court finds that the Plan is consensual and that all creditors
have accepted the terms of the Plan and the proposed treatment of
the Creditor's Claims through individual settlement agreement
executed by the parties. On December 27, 2022, the Court approved
the Settlement Between Creditor Shantrell Whitfield and the Debtor.
A fully executed copy of the Whitfield Settlement Agreement is
filed with the Court and attached to the Motion to Approve
Settlement in. The Debtor has filed Motions to approve the
Settlements between Creditor Wyland Burch and Creditor Renee Miller
[DE 210]. Fully executed copies of the Burch and Miller Settlement
Agreements are attached to the Motions. On March 1, 2023, the Court
approved the Burch and Miller Settlement Agreement by Separate
Orders which included copies of the fully executed agreement
between the parties.

A Motion was not filed to approve the Settlement between Allied,
Limprich and the Debtor; however, counsel for these parties
represented in Court that the parties had agreed to a Final
Settlement under the Terms set forth in the Debtor's Plan.  The
parties further informed the Court that the while an Agreement was
finalized it was not reduced to writing as the Agreement was
pending State Court approval of the terms of the Agreement. State
Court approval was required as the Claim involved a wrongful death
claim in which the beneficiaries were children. The State Court
case in which the matter is pending is in the 11th Judicial Circuit
in and for Miami-Dade County, Florida, Case # 2021-004723-CA-01,
Case Style: Estate of Oscar Limprich, et al v Garden View
Condominium Apartments Association, Inc, et al ("Limprich State
Court Case"). The parties informed the Court that on March 1, 2023
the Honorable Judge Peter Lopez entered an Order Authorizing and
Approving the Settlement (between Debtor, Creditor Allied and
Creditor Limprich). A Copy of the State Court Order was filed by
the Debtor in this Case through a Notice of Filing. Accordingly,
the Court approves the Settlement Agreement between Allied,
Limprich and Debtor as approved by the State Court Judge in the
Limprich State Court Case. The Debtor, Allied and Limprich are
bound by the Plan Treatment of their Claims as reflected in the
Plan and provided for herein and the Agreement of the Parties.

To the extent that the Plan Confirmation Order conflicts with any
term of the Plan, the terms of the Plan shall govern. To the extent
that any term of the Plan, Confirmation Order or the Individual
Settlement Agreements ("Settlement Agreements") conflict with one
another than the terms of the Individual Settlement Agreement shall
govern.

Debtor will be able to meet all its financial obligations under the
Plan due to the new value to be contributed by the Members of the
Association (Condominium Unit Owners) through two Special
Assessments adopted by the Board.  The first Special Assessment is
for the total amount of $75,000 payable in one payment due March 1,
2023 (hereinafter, "Special Assessment #1").  The second Special
Assessment is for the total amount of $1,158,731 payable over the
next 60 months beginning April 1, 2023 and ending March 28, 2028.
The Association consists of 67 Units owned by individual owners.
The Association's President represented to the Court that at least
80% of the Unit Owners were investors who had the financial
resources to pay the Special Assessment and had a vested interest
to make the payments.

                 About Garden View Condominium
                    Apartments Association

Miami-based Garden View Condominium Apartments Association, Inc.,
filed its voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-21650) on Dec. 13,
2021, listing up to $500,000 in assets and up to $10 million in
liabilities. Joseph Varela, president, signed the petition.  

Judge Robert A. Mark oversees the case.

John Paul Arcia, Esq., at John Paul Arcia, P.A. and Boyd, Richards,
Parker & Colonnelli, P.L. serve as the Debtor's bankruptcy counsel
and litigation counsel, respectively.

The Debtor filed its disclosure statement and Chapter 11 plan on
Nov. 10, 2022.


GENESIS GLOBAL: Lists $1.1 Billion in Assets as of Mid-January
--------------------------------------------------------------
Suvashree Ghosh of Bloomberg News reports that bankrupt crypto
lender Genesis held $1.1 billion in cash, cryptocurrencies and
other assets as of mid-January 2023, according to a court filing.

The company, backed by Barry Silbert's Digital Currency Group, held
the assets in the three entities that filed for Chapter 11
bankruptcy in New York on January 19, 2023 -- Genesis Global Holdco
LLC and its two lending subsidiaries, Genesis Global Capital and
Genesis Asia Pacific Pte.

The three companies together owned $176.9 million of cash and $495
million of digital assets including Bitcoin, Ether, stablecoins and
smaller tokens at the time, filings on Tuesday, March 21, 2023,
showed.

                      About Genesis Global

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

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

Genesis Global Holdco, LLC, GGC and GAP each filed a voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-10063) on Jan. 19, 2023. The cases are
pending before the Honorable Sean H. Lane.

At the time of the filing, Genesis Holdco reported $100 million to
$500 million in both assets and liabilities.

Genesis Holdco is a sister company of Genesis Global Trading, Inc.
("GGT") and 100% owned by Digital Currency Group, Inc. ("DCG").
GGT, DCG and certain of the Holdco subsidiaries are not included in
the Chapter 11 filings. The non-debtor subsidiaries include Genesis
UK Holdco Limited, Genesis Global Assets, LLC, Genesis Asia (Hong
Kong) Limited, Genesis Bermuda Holdco Limited, Genesis Custody
Limited ("GCL"), GGC International Limited ("GGCI"), GGA
International Limited, Genesis Global Markets Limited, GSB 2022 II
LLC, GSB 2022 III LLC and GSB 2022 I LLC.

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

The ad hoc group of creditors is represented by Kirkland & Ellis,
LLP and Kirkland & Ellis International, LLP.  The ad hoc group of
Genesis lenders is represented by Proskauer Rose, LLP.


INSPIREMD INC: Promotes Andrea Tommasoli to Chief Operating Officer
-------------------------------------------------------------------
InspireMD, Inc. announced it has promoted Andrea Tommasoli to chief
operating officer.  Mr. Tommasoli formerly served as the Company's
senior vice president of Global Sales & Marketing since joining
InspireMD in November 2020.

"Andrea has been instrumental in expanding the footprint of CGuard
EPS across our approved markets in the EU and, as we advance toward
potential U.S. approval with our ongoing U.S. Investigational
Device Exemption (IDE) clinical trial, and as our business
requirements shift toward operational capacity to support our
commercial growth, we believe his background and skill set make him
an ideal candidate to assume the role of Chief Operating Officer of
the Company at this important time," stated Marvin Slosman, chief
executive officer of InspireMD.  "On behalf of the entire InspireMD
team, I would like to congratulate Andrea on this promotion and
look forward to his continued contributions."

"I joined InspireMD because of the tremendous potential of the
CGuard EPS stent platform in changing the standard of care for
Carotid revascularization through our proprietary MicroNet
technology," stated Mr. Tommasoli.  "As the needs of the business
grow beyond European commercialization, I am pleased to be able to
play a more significant leadership role with broader
responsibilities to drive scalability and operational efficiency to
meet our anticipated growth needs.  I am highly confident in the
Company's ability to meet these ever-expanding drivers of growth
and look forward to serving in this important role."

Mr. Tommasoli joined InspireMD from Integra LifeSciences (Nasdaq:
IART), where he served in several senior commercial leadership
roles, most recently as senior sales director – Indirect Markets,
where he led the commercial expansion and integration of Codman's
acquired portfolio in all OUS indirect countries.  Before that, Mr.
Tommasoli ran Integra's Neurosurgery and Instruments business in
direct sales countries in Europe.  Prior to Integra, Mr. Tommasoli
was the Director of St. Jude Medical's (part of Abbott, NYSE: ABT)
Neuromodulation division in France.  Mr. Tommasoli received his
B.A. in nuclear engineering from Bologna University, Italy and his
M.B.A. from HEC Paris, France.

Mr. Tommasoli is party to an Employment Contract with the Company,
which took effect on Nov. 2, 2020.  Following his promotion, Mr.
Tommasoli will receive an annual base salary of EUR240,000
(approximately $258,000) and is entitled to a yearly gross bonus of
35% of his base salary, which will be based on the Board's
assessment of Mr. Tommasoli's individual performance and the
overall performance of the Company.  Mr. Tommasoli's remuneration
is subject to deduction of the employee's share of social
contributions, and CSG and CRDS.  The Agreement was entered into
for an indefinite period, and it may be terminated at any time by
either the Company or Mr. Tommasoli with a six months' notice
period; however, no notice period applies in case of serious or
gross misconduct.  The Agreement further provides for standard
benefits, such as reimbursement of business expenses, professional
vehicle expenses and participation in the Company's employee
benefit plans and programs.  The Agreement also contains certain
standard confidentiality requirements.

                           About InspireMD

Headquartered in Tel Aviv, Israel, InspireMD, Inc. --
http://www.inspiremd.com-- is a medical device company focusing on
the development and commercialization of its proprietary MicroNet
stent platform technology for the treatment of complex vascular
and coronary disease.  A stent is an expandable "scaffold-like"
device, usually constructed of a metallic material, that is
inserted into an artery to expand the inside passage and improve
blood flow. Its MicroNet, a micron mesh sleeve, is wrapped over a
stent to provide embolic protection in stenting procedures.

For the nine months ended Sept. 30, 2022, InspireMD reported a net
loss of $13.65 million.  InspireMD reported a net loss of $14.92
million for the year ended Dec. 31, 2021, a net loss of $10.54
million for the year ended Dec. 31, 2020, a net loss of $10.04
million for the year ended Dec. 31, 2019, and a net loss of $7.24
million for the year ended Dec. 31, 2018.  As of Sept. 30, 2022,
the Company had $28.06 million in total assets, $6.19 million in
total liabilities, and $21.87 million in total equity.

In its Quarterly Report filed on November 7, 2022, InspireMD, Inc.
reported that it had an accumulated deficit as of September 30,
2022, of $197 million, as well as a net loss of $13,646,000 and
negative operating cash flows for the nine months ended September
30, 2022. The Company expects to continue incurring losses and
negative cash flows from operations until its product, CGuard EPS,
reach commercial profitability. As a result of these expected
losses and negative cash flows from operations, along with its
current cash position, the Company believes it only has sufficient
resources to fund operations through the end of September 2023.
Therefore, there is substantial doubt about the Company's ability
to continue as a going concern.


INVACARE CORP.: Birlasoft Says Plan Disclosures Incomplete
----------------------------------------------------------
Birlasoft Solutions Inc. filed an objection to Invacare
Corporation, et al.'s motion for entry of an Order approving the
adequacy of the disclosure statement, approving the solicitation
and notice procedures with respect to confirmation of the Joint
Chapter 11 Plan of Invacare Corporation and its debtor affiliates.

Birlasoft, a provider of information technology services ("IT
Services") to the Debtors, objects to the approval the Disclosure
Statement Motion to the extent that: (A) because the bar date is
after the objection date, Birlasoft is being asked to vote for the
Plan and sign releases without knowing until much later in the case
whether Debtors (i) are objecting to Birlasoft's claims; or (ii)
will assert claims against Birlasoft; and (B) the Disclosure
Statement lacks the necessary information required to be disclosed
under the Bankruptcy Code.

The disclosure statement and plan propose to, among other things,
release Highbridge, the Backstop Parties, all insiders (including
former officers and directors), Azurite Management LLC (a
significant shareholder), and other non-debtor parties from any and
all claims that may be asserted against them by the Debtors and an
array of third parties, including unsecured creditor, Birlasoft.

Additionally, according to Birlasoft, necessary information with
respect to the Disclosure Statement is incomplete.  Indeed, basic
disclosures that would provide Birlasoft with a complete picture of
plan equity value, liquidation value, and the treatment of its
claims are entirely absent from the Disclosure Statement.  The
informational deficiencies regarding the Disclosure Statement are
substantial and range from basic information mandated by the
Bankruptcy Code (i.e., the Liquidation Analysis) to important
details regarding the equity to be distributed to unsecured
creditors.

In comparison, the Restructuring Support Agreement was many months
in the making, but here the Debtors and their sponsors have
presented to this Court and unsecured creditors a contrived,
fast-tracked timeline that is uncomfirmable as a matter of law.

As a member of the Committee, Birlasoft incorporates by reference
the objection filed by the Official Committee of Unsecured
Creditors (the "Committee") of the debtors to the Disclosure
Statement Motion.

Attorneys for Birlasoft Solutions Inc.:

     John P. Melko, Esq.
     FOLEY & LARDNER LLP
     1000 Louisiana, Suite 2000
     Houston, TX 77002-5011
     Telephone: (713) 276-5500
     Facsimile: (713) 276-5555
     E-mail: jmelko@foley.com

          - and -

     Mark C. Moore, Esq.
     2021 McKinney Avenue, Suite 1600
     Dallas, TX 75201
     Telephone: (214) 999-3000
     Facsimile: (214) 999-4667
     E-mail: mmoore@foley.com

          - and -

     Samantha Ruppenthal, Esq.
     FOLEY & LARDNER LLP
     90 Park Avenue
     New York, NY 10016-1314
     Telephone: (212) 682-7474
     Facsimile: (212) 687-2329
     E-mail: sruppenthal@foley.com

                 About Invacare Corporation

Headquartered in Elyria, Ohio, Invacare Corporation (IVC) is a
leading manufacturer and distributor in its markets for medical
equipment used in non-acute care settings.  The company provides
clinically complex medical device solutions for congenital (e.g.,
cerebral palsy, muscular dystrophy, spina bifida), acquired (e.g.,
stroke, spinal cord injury, traumatic brain injury, post-acute
recovery, pressure ulcers) and degenerative (e.g., ALS, multiple
sclerosis, elderly, bariatric) ailments. Invacare employs
approximately 3,400 associates and markets its products in more
than 100 countries around the world.

Invacare Corp. and 2 U.S. subsidiaries sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case
No. 23-90068) on January 31, 2023. In the petition signed by
Kathleen Leneghan, senior vice president and chief financial
officer, the Debtor disclosed up to $1 billion in both assets and
liabilities.

The Debtors tapped Kirkland and Ellis, LLP and Kirkland and
International LLP as bankruptcy counsel, McDonald Hopkins, LLC as
bankruptcy co-counsel, Huron Consulting Group as restructuring
advisor, Miller Buckfire and Co. as financial advisor and
investment banker, and Epiq Corporate Restructuring, LLC, as
claims, noticing, and solicitation agent and administrative
advisor. Street Advisory Group, LLC is serving as strategic
communications advisor to the company.

Judge Christopher M. Lopez oversees the cases.

The DIP Term Loan Lenders led by Cantor Fitzgerald Securities, as
administrative agent, and GLAS Trust Corporation Limited, as
collateral agent, have retained Davis Polk & Wardwell LLP, Ducera
Partners, Porter Hedges LLP, Baker & McKenzie LLP, McDermott Will &
Emery LLP, Shipman & Goodwin LLP as advisors.

PNC Bank, National Association, and the ABL DIP Lenders, have
retained Blank Rome LLP, and B. Riley Advisory Services as
advisors.

Brown Rudnick LLP is serving as legal counsel and GLC Advisors &
Co., LLC is serving as investment banker to the ad hoc committee of
unsecured notes.

The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee is represented by Kilpatrick Townsend & Stockton, LLP.


INVACARE CORP: Committee Says Disclosures Inadequate
----------------------------------------------------
The Official Committee of Unsecured Creditors filed an objection to
the Invacare Corporation, et al.' motion for entry of an order
approving the adequacy of the disclosure statement, approving the
solicitation and notice procedures with respect to confirmation of
the Joint Chapter 11 Plan of Invacare Corporation and its
debtor-affiliates.

The Debtors seek approval of an inadequate disclosure statement for
an unconfirmable plan that proposes to, among other things: (i)
deliver substantially all the Reorganized Debtors' value (in the
form of debt and equity) to Highbridge Capital Management and the
Backstop Parties in approximately 100 days from the Petition Date;
and (ii) release Highbridge, the Backstop Parties, all insiders
(including former officers and directors), Azurite Management LLC
(a significant shareholder), and other non-debtor parties from any
and all claims that may be asserted against them by the Debtors and
a litany of third parties, including unsecured creditors.

Meanwhile, basic disclosures that would provide unsecured creditors
with a complete picture of Plan Equity Value, liquidation value,
and the treatment of their claims are entirely absent from the
Disclosure Statement. Indeed, the informational deficiencies
regarding the Disclosure Statement are substantial and range from
fundamental information mandated by the Bankruptcy Code (i.e., the
Liquidation Analysis) to important details regarding the New Common
Equity and New Preferred Equity to be distributed to unsecured
creditors.

As a result, the Committee submits that, at a minimum, the
following informational deficiencies must be addressed immediately
(as opposed to being included in the Plan Supplement):

   a) First and foremost, the Disclosure Statement lacks clear and
conspicuous language informing creditors that the Committee (i)
does not support the Plan; (ii) does not believe the Plan is
confirmable; and (iii) recommends that creditors vote against the
Plan.

   b) Second, the Disclosure Statement does not disclose the Plan
Equity Value, which is the lynchpin of the Plan and unsecured
creditor recoveries. Rather, according to the Backstop Commitment
Agreement, the Plan Equity Value will be disclosed as part of the
Plan Supplement, which may be filed up to one week before the
Voting Deadline. If there is one piece of information that must be
prominently disclosed in the Disclosure Statement (not the Plan
Supplement), it is the Plan Equity Value. Without that information,
unsecured creditors do not have the bare minimum—let alone
adequate information—to make an informed decision about the
Plan.

   c) Third, the Disclosure Statement does not provide the
projected recovery for unsecured creditors electing to participate
in the Rights Offering versus the projected recovery for unsecured
creditors not electing to participate in the Rights Offering. In
fact, the projected recovery for every class of creditors is "TBD".
Based upon the Committee's own calculations, unsecured creditors
not electing to participate in the Rights Offering will receive an
approximately 4.6% recovery on a fully diluted basis. This
recovery, however, will be in the form of a minority interest in
unregistered stock, the terms of which are not included in the
Disclosure Statement, and thus its value is likely far less. The
Disclosure Statement also fails to explain what rights (if any)
unsecured creditors will be granted as minority equity holders.

   d) Fourth, the Disclosure Statement does not include adequate
information regarding: (i) the sale of the Debtors' respiratory
assets, which closed one day before the Petition Date, and the
circumstances and reasoning that caused the Debtors to close such a
sale outside the purview of this Court and the Committee; and (ii)
the assets and liabilities of each Debtor entity, which is
especially important given that the "Plan shall apply as a separate
Plan for each of the [three] Debtors." Plan section III.A. The
Disclosure Statement should also inform creditors of the
ramifications of the Backstop Motion and the Committee's lien
review (which has only just begun). However, due to the pace at
which these cases are moving—which is entirely driven by
Highbridge and the Backstop Parties—the Disclosure Statement does
not include that information.

   e) Fifth, the Disclosure Statement provides no factual or legal
justifications for the proposed Plan releases (including
third-party releases) in favor of the Released Parties.
Importantly, the Disclosure Statement is silent with respect to
what consideration (if any) has been provided in exchange for the
releases.4 In addition, the proposed opt-out requirements for the
third-party releases are improper considering the "TBD" recoveries
to unsecured creditors.

   f) Sixth, the Disclosure Statement does not even include the
Liquidation Analysis, which is required to demonstrate, among other
things, whether the proposed Plan complies with the "best interest
of creditors test." The Disclosure Statement also fails to include
(i) any forward-looking financial projections for the Reorganized
Debtors, which are especially critical given that the proposed
recovery for unsecured creditors will be in the form of new equity
interests; and (ii) a valuation analysis, which is necessary to
calculate Plan Equity Value and support the proposed distribution
of value. This basic information must be provided from the get-go,
and if creditors cannot review as part of the original solicitation
package, then it should be deemed as if it were never provided for
purposes of section 1125(a).

Simply put, the Disclosure Statement does not enable a
"hypothetical reasonable investor" to make an informed decision as
to whether to vote for or against the Plan as required by section
1125(a) of the Bankruptcy Code. As a result, the Disclosure
Statement Motion should be denied.

Even if the informational deficiencies discussed in this Objection
could be remedied with appropriate and timely disclosures, the
Disclosure Statement Motion should still be denied because the Plan
is unconfirmable as a matter of law in that it, among other things:
(i) impermissibly provides for the release of all claims of the
Debtors, their estates, and third parties for no material, tangible
consideration; and (ii) contains overly broad exculpation
provisions that violate applicable Fifth Circuit law.

Instead of proceeding with this deficient Disclosure Statement and
fatally flawed Plan, the Committee submits that the Disclosure
Statement Motion should be denied, and the Debtors, Highbridge, and
the Backstop Parties should be required to engage with the
Committee to develop a negotiated plan that is fair to all
stakeholders and can be expeditiously confirmed with a minimum
amount of litigation expense.

Proposed Counsel for the Official Committee of Unsecured
Creditors:

     Daniel F. Shank, Esq.
     KILPATRICK TOWNSEND & STOCKTON LLP
     700 Louisiana Street, Suite 4300
     Houston, TX 77002
     Telephone: (281) 809-4100
     Facsimile: (281) 929-0787
     E-mail: dshank@kilpatricktownsend.com

          - and -

     Todd C. Meyers, Esq.
     Paul M. Rosenblatt, Esq.
     James R. Risener, Esq.
     KILPATRICK TOWNSEND & STOCKTON LLP
     1100 Peachtree Street NE, Suite 2800
     Atlanta, GA 30309-4528
     Telephone: (404) 815-6500
     Facsimile: (404) 815-6555
     E-mail: tmeyers@kilpatricktownsend.com
             prosenblatt@kilpatricktownsend.com
             jrisener@kilpatricktownsend.com

                  About Invacare Corporation

Headquartered in Elyria, Ohio, Invacare Corporation (IVC) is a
leading manufacturer and distributor in its markets for medical
equipment used in non-acute care settings.  The company provides
clinically complex medical device solutions for congenital (e.g.,
cerebral palsy, muscular dystrophy, spina bifida), acquired (e.g.,
stroke, spinal cord injury, traumatic brain injury, post-acute
recovery, pressure ulcers) and degenerative (e.g., ALS, multiple
sclerosis, elderly, bariatric) ailments. Invacare employs
approximately 3,400 associates and markets its products in more
than 100 countries around the world.

Invacare Corp. and 2 U.S. subsidiaries sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case
No. 23-90068) on January 31, 2023. In the petition signed by
Kathleen Leneghan, senior vice president and chief financial
officer, the Debtor disclosed up to $1 billion in both assets and
liabilities.

The Debtors tapped Kirkland and Ellis, LLP and Kirkland and
International LLP as bankruptcy counsel, McDonald Hopkins, LLC as
bankruptcy co-counsel, Huron Consulting Group as restructuring
advisor, Miller Buckfire and Co. as financial advisor and
investment banker, and Epiq Corporate Restructuring, LLC, as
claims, noticing, and solicitation agent and administrative
advisor. Street Advisory Group, LLC is serving as strategic
communications advisor to the company.

Judge Christopher M. Lopez oversees the cases.

The DIP Term Loan Lenders led by Cantor Fitzgerald Securities, as
administrative agent, and GLAS Trust Corporation Limited, as
collateral agent, have retained Davis Polk & Wardwell LLP, Ducera
Partners, Porter Hedges LLP, Baker & McKenzie LLP, McDermott Will &
Emery LLP, Shipman & Goodwin LLP as advisors.

PNC Bank, National Association, and the ABL DIP Lenders, have
retained Blank Rome LLP, and B. Riley Advisory Services as
advisors.

Brown Rudnick LLP is serving as legal counsel and GLC Advisors &
Co., LLC is serving as investment banker to the ad hoc committee of
unsecured notes.

The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee is represented by Kilpatrick Townsend & Stockton, LLP.


INVACARE CORP: Unsecureds Owed $55M Get Share of Unsecured Rights
-----------------------------------------------------------------
Invacare Corporation, et al. submitted a Disclosure Statement for
the Joint Chapter 11 Plan.

Beginning in November 2022, the Company and its advisors began to
engage with certain key prepetition stakeholders on the terms of a
more comprehensive restructuring resolution. Unfortunately, during
the same period, the Company's North American liquidity position
continued to worsen, and the Company determined that exploring an
in-court process would be the most value-maximizing alternative
available.

Accordingly, the Debtors and their advisors continued comprehensive
restructuring negotiations with their major creditor
constituencies, including Highbridge Capital Management, LLC
("Highbridge"), the ABL Lenders (as defined herein), and an ad hoc
group of certain holders of Unsecured Notes (the "Ad Hoc Committee
of Noteholders"). Extensive negotiations and discussions culminated
in the prearranged deal memorialized in the restructuring support
agreement (the "Restructuring Support Agreement") agreed to by
Highbridge, the ABL Lenders, the Ad Hoc Committee of Noteholders
(which consists of holders of over 66.67% in aggregate outstanding
principal amount of the Unsecured Notes), and Azurite Management
LLC (in its capacity as an Unsecured Noteholder). The Restructuring
Support Agreement provides the Debtors with a clear roadmap for the
Chapter 11 Cases, a commitment for $60 million of new capital
through an equity rights offering, and an actionable plan for
deleveraging Invacare's balance sheet by approximately $240
million.

In parallel, the Debtors also explored additional financing options
to fund the Chapter 11 Cases, canvassing the market and engaging in
DIP financing negotiations with the Term Loan Lenders and the ABL
Lenders. The Debtors' prepetition market check ultimately did not
yield any actionable third-party financing proposals. Accordingly,
as part of the Restructuring Support Agreement, the Debtors
negotiated the terms of the consensual use of cash collateral and
two debtor-in-possession financing facilities (the "DIP
Facilities") that provide for a:

    * $70 million debtor-in-possession term loan financing facility
(the "DIP Term Loan Facility"), comprised of new money term loans
in an aggregate principal amount of up to $35 million (the "DIP New
Money Term Loans") and the conversion of up to $35 million in
aggregate principal amount of term loans outstanding under the Term
Loan Facility (as defined herein) (the "DIP Roll-Up Term Loans");
and

    * $17.4 million debtor-in-possession revolving credit facility
(the "DIP ABL Facility"), comprised of $11.6 million in undrawn
commitments and a $5.8 million roll-up and conversion of drawn
revolving commitments under the ABL Facility (as defined herein).

On February 2, 2023, the Bankruptcy Court approved, on an interim
basis, the DIP Facilities. Specifically, the Bankruptcy Court
approved an initial draw of $17.5 million in DIP New Money Term
Loans and $17.5 million of DIP Roll-Up Term Loans as well as access
to $11.6 million in undrawn commitments and the roll-up of $5.8
million of drawn revolving commitments under the DIP ABL Facility.
As of the date hereof, the Debtors are in the process of seeking
entry of an order of the Bankruptcy Court to approve the remaining
amount of the DIP New Money Term Loans and DIP Roll-Up Term Loans
and approval of the DIP Facilities on a final basis. The DIP
Facilities have provided the Debtors with necessary liquidity to
continue operations to fund the costs of the chapter 11 process
while they work to implement the transactions embodied in the
Restructuring Support Agreement. The Debtors' engagement with, and
support from, the Term Loan Lenders and the ABL Lenders with
respect to prepetition liquidity, postpetition financing, and
timing of these cases have been critical to the Debtors' efforts to
preserve value and continue fulfilling customer demand.

Since the Petition Date, the Debtors have developed the
Restructuring Support Agreement into the Plan. The Plan places
Claims and Interests into various Classes and specifies the
treatment of each Class under the Plan:

    * Class 1 (Other Secured Claims): Except to the extent that a
Holder of an Allowed Other Secured Claim agrees in writing to less
favorable treatment, in exchange for the full and final
satisfaction, settlement, release, and discharge of its Allowed
Other Secured Claim, each Holder of an Allowed Other Secured Claim
shall receive, at the option of the applicable Debtor or
Reorganized Debtor and with the reasonable consent of the
Consenting Term Loan Lender and the Consenting Secured Noteholders:
(i) payment in full in Cash in an amount equal to its Allowed Other
Secured Claim, (ii) the collateral securing its Allowed Other
Secured Claim, (iii) Reinstatement of its Allowed Other Secured
Claim, or (iv) such other treatment rendering its Allowed Other
Secured Claim Unimpaired in accordance with section 1124 of the
Bankruptcy Code.

    * Class 2 (Other Priority Claims): Except to the extent that a
Holder of an Allowed Other Priority Claim agrees in writing to less
favorable treatment, in exchange for the full and final
satisfaction, settlement, release, and discharge of its Allowed
Other Priority Claim, each Holder of an Allowed Other Priority
Claim shall receive, at the option of the applicable Debtor or
Reorganized Debtor and with the reasonable consent of the
Consenting Term Loan Lender and the Consenting Secured Noteholders:
(i) payment in full in Cash or (ii) such other treatment rendering
such Claim Unimpaired in accordance with section 1129(a) of the
Bankruptcy Code.

    * Class 3 (Term Loan Claims): On the Effective Date, except to
the extent that a Holder of an Allowed Term Loan Claim agrees in
writing to less favorable treatment, in exchange for the full and
final satisfaction, settlement, release, and discharge of its
Allowed Term Loan Claim, each Holder of an Allowed Term Loan Claim
shall receive on the Effective Date (i) with respect to Allowed
Term Loan Claims representing principal amounts owed, its Pro Rata
share of the Exit Term Loan Facility and (ii) with respect to all
other Allowed Term Loan Claims, payment in full in Cash. For the
avoidance of doubt, this will include the payment in Cash on the
Effective Date of all outstanding fees and expenses of the Term
Loan Agent, including legal fees and expenses, to the extent they
have not otherwise been paid.

    * Class 4 (Secured Notes Claims): On the Effective Date, except
to the extent that a Holder of an Allowed Secured Notes Claim
agrees in writing to less favorable treatment, in exchange for the
full and final satisfaction, settlement, release, and discharge of
its Allowed Secured Notes Claim, each Holder of an Allowed Secured
Notes Claim shall receive (i) with respect to Allowed Secured Notes
Claims representing principal amounts owed, its Pro Rata share of
the Exit Secured Convertible Notes and (ii) with respect to all
other Allowed Secured Notes Claims, payment in full in Cash;
provided that, if applicable pursuant to and in accordance with
Article IV.C.3. of the Plan, such Holder will also receive its Pro
Rata share of the applicable portion of the Excess New Money in
Cash. For the avoidance of doubt, this will include the payment in
Cash on the Effective Date of all outstanding fees and expenses of
the Secured Notes Trustee, including legal fees and expenses, to
the extent they have not otherwise been paid.

    * Class 5 (Unsecured Notes Claims): On the Effective Date,
except to the extent that a Holder of an Allowed Unsecured Notes
Claim agrees in writing to less favorable treatment, each Unsecured
Notes Claim shall be discharged and released, and each Holder of an
Allowed Unsecured Notes Claim shall receive, in full and final
satisfaction, settlement, release and discharge of and in exchange
for each Allowed Unsecured Notes Claim, its Pro Rata share of:

    - the Unsecured Noteholder Rights, in accordance with the
Rights Offering Procedures; and

    - with respect to any Residual Unsecured Notes Claims, its
share (on a Pro Rata basis with other Residual Unsecured Notes
Claims and Residual General Unsecured Claims) of 100% of the New
Common Equity (subject to dilution on account of the Exit Secured
Convertible Notes, the New Preferred Equity, the Backstop Equity
Premium, and the Management Incentive Plan).

    * Class 6 (General Unsecured Claims): On the Effective Date,
except to the extent that a Holder of an Allowed General Unsecured
Claim agrees in writing to less favorable treatment, each General
Unsecured Claim shall be discharged and released, and each Holder
of an Allowed General Unsecured Claim shall receive, in full and
final satisfaction, settlement, release and discharge of and in
exchange for each Allowed General Unsecured Claim, its Pro Rata
share of (x) the General Unsecured Rights, in accordance with the
Rights Offering Procedures and (y) respect to any Residual General
Unsecured Claims, its share (on a Pro Rata basis with Residual
Unsecured Notes Claims and other Residual General Unsecured Claims)
of 100% of the New Common Equity (subject to dilution on account of
the Exit Secured Convertible Notes, the New Preferred Equity, the
Backstop Equity Premium, and the Management Incentive Plan).

    * Class 7 (Intercompany Claims): Subject to the Restructuring
Transactions Memorandum, each Allowed Intercompany Claim shall be
Reinstated, distributed, contributed, set off, settled, cancelled
and released, or otherwise addressed at the election of the
Reorganized Debtors, with the reasonable consent of the Consenting
Term Loan Lender, the Consenting Secured Noteholder and the
Consenting Unsecured Noteholders, without any distribution.

    * Class 8 (Intercompany Interests): Subject to the
Restructuring Transactions Memorandum, each Intercompany Interest
shall be Reinstated, distributed, contributed, set off, settled,
cancelled and released, or otherwise addressed at the election of
the Reorganized Debtors, with the reasonable consent of the
Consenting Term Loan Lender, the Consenting Secured Noteholder and
the Consenting Unsecured Noteholders, without any distribution.

    * Class 9 (Existing Equity Interests): On the Effective Date,
and without the need for any further corporate or limited liability
company action or approval of any board of directors, board of
managers, members, shareholders or officers of any Debtor or
Reorganized Debtor, as applicable, all Existing Equity Interests
shall be discharged, cancelled, released, and extinguished without
any distribution, and will be of no further force or effect, and
each Holder of an Existing Equity Interest shall not receive or
retain any distribution, property, or other value on account of
such Existing Equity Interest.

    * Class 10 (Section 510(b) Claims): On the Effective Date, all
Section 510(b) Claims shall be cancelled, released, discharged, and
extinguished as of the Effective Date and will be of no further
force or effect, and each Holder of a Section 510(b) Claim shall
not receive or retain any distribution, property, or other value on
account of its Section 510(b) Claim.

Under the Plan, Class 5 Unsecured Notes Claims total $222.95
million.
Class 6 General Unsecured Claims total $55 million.

Each Holder of an Allowed General Unsecured Claim will receive its
Pro Rata share of (x) the General Unsecured Rights, in accordance
with the Rights Offering Procedures and (y) respect to any Residual
General Unsecured Claims, its share (on a Pro Rata basis with
Residual Unsecured Notes Claims and other Residual General
Unsecured Claims) of 100% of the New Common Equity (subject to
dilution on account of the Exit Secured Convertible Notes, the New
Preferred Equity, the Backstop Equity Premium, and the Management
Incentive Plan).  Class 6 is impaired.

The Debtors shall fund distributions under the Plan with (a) the
issuance of the New Preferred Equity; (b) the issuance of the New
Common Equity; (c) the proceeds of the Rights Offering; (d) the
issuance of or borrowings under the Exit Facilities; and (e) Cash
on hand. Each distribution and issuance referred to in Article IV
and Article VI of the Plan shall be governed by the terms and
conditions set forth in the Plan applicable to such distribution or
issuance and by the terms and conditions of the instruments or
other documents evidencing or relating to such distribution or
issuance, which terms and conditions shall bind each Entity
receiving such distribution or issuance.

The Voting Deadline is Thursday, April 20, 2023, at 5:00 p.m.,
prevailing Central Time.

Proposed Co-Counsel to the Debtors:

     Matthew D. Cavenaugh, Esq.
     Jennifer F. Wertz, Esq.
     J. Machir Stull, Esq.
     Victoria N. Argeroplos, Esq.
     JACKSON WALKER LLP
     1401 McKinney Street, Suite 1900
     Houston, TX 77010
     Telephone: (713) 752-4200
     Facsimile: (713) 752-4221
     E-mail: mcavenaugh@jw.com
             jwertz@jw.com
             mstull@jw.com
             vargeroplos@jw.com

          - and -

     Shawn M. Riley, Esq.
     David A. Agay, Esq.
     Scott N. Opincar, Esq.
     MCDONALD HOPKINS LLC
     600 Superior Avenue, E., Suite 2100
     Cleveland, OH 44114
     Telephone: (216) 348-5400
     Facsimile: (216) 348-5474
     E-mail: sriley@mcdonaldhopkins.com
             dagay@mcdonaldhopkins.com
             nmiller@mcdonaldhopkins.com
             sopincar@mcdonaldhopkins.com

Proposed Co-Counsel to the Debtors:

     Ryan Blaine Bennett, Esq.
     Yusuf Salloum, Esq.
     KIRKLAND & ELLIS LLP
     KIRKLAND & ELLIS INTERNATIONAL LLP
     300 North LaSalle Street
     Chicago, IL 60654
     Telephone: (312) 862-2000
     Facsimile: (312) 862-2200
     E-mail: ryan.bennett@kirkland.com
             yusuf.salloum@kirkland.com

          - and -

     Erica D. Clark, Esq.
     KIRKLAND & ELLIS LLP
     KIRKLAND & ELLIS INTERNATIONAL LLP
     601 Lexington Avenue
     New York, NY 10022
     Telephone: (212) 446-4800
     Facsimile: (212) 446-4900
     E-mail: erica.clark@kirkland.com

A copy of the Disclosure Statement dated March 15, 2023, is
available at https://bit.ly/3ToRY3V from PacerMonitor.com.

                  About Invacare Corporation

Headquartered in Elyria, Ohio, Invacare Corporation (IVC) is a
leading manufacturer and distributor in its markets for medical
equipment used in non-acute care settings.  The company provides
clinically complex medical device solutions for congenital (e.g.,
cerebral palsy, muscular dystrophy, spina bifida), acquired (e.g.,
stroke, spinal cord injury, traumatic brain injury, post-acute
recovery, pressure ulcers) and degenerative (e.g., ALS, multiple
sclerosis, elderly, bariatric) ailments. Invacare employs
approximately 3,400 associates and markets its products in more
than 100 countries around the world.

Invacare Corp. and 2 U.S. subsidiaries sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case
No. 23-90068) on January 31, 2023. In the petition signed by
Kathleen Leneghan, senior vice president and chief financial
officer, the Debtor disclosed up to $1 billion in both assets and
liabilities.

The Debtors tapped Kirkland and Ellis, LLP and Kirkland and
International LLP as bankruptcy counsel, McDonald Hopkins, LLC as
bankruptcy co-counsel, Huron Consulting Group as restructuring
advisor, Miller Buckfire and Co. as financial advisor and
investment banker, and Epiq Corporate Restructuring, LLC, as
claims, noticing, and solicitation agent and administrative
advisor. Street Advisory Group, LLC is serving as strategic
communications advisor to the company.

Judge Christopher M. Lopez oversees the cases.

The DIP Term Loan Lenders led by Cantor Fitzgerald Securities, as
administrative agent, and GLAS Trust Corporation Limited, as
collateral agent, have retained Davis Polk & Wardwell LLP, Ducera
Partners, Porter Hedges LLP, Baker & McKenzie LLP, McDermott Will &
Emery LLP, Shipman & Goodwin LLP as advisors.

PNC Bank, National Association, and the ABL DIP Lenders, have
retained Blank Rome LLP, and B. Riley Advisory Services as
advisors.

Brown Rudnick LLP is serving as legal counsel and GLC Advisors &
Co., LLC is serving as investment banker to the ad hoc committee of
unsecured notes.

The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee is represented by Kilpatrick Townsend & Stockton, LLP.


JAB OF ROCKLAND: Plan and Disclosure Statement Due May 15
---------------------------------------------------------
Judge Sean H. Lane has entered an order that the time for JAB of
Rockland, Inc., d/b/a David's Bagels to file a Chapter 11 Plan and
Disclosure Statement pursuant to 11 U.S.C. section 1121 (e) (3) is
extended up to and including May 15, 2023.

The time for the Debtor to obtain confirmation of a Chapter 11 Plan
pursuant to 11 U.S.C. Section 1121 (e) (3) be and the same is
extended up to and including July 3, 2023.

                     About JAB of Rockland

JAB of Rockland, Inc., which conducts business under the name
David's Bagels, filed a Chapter 11 bankruptcy petition (Bankr.
S.D.N.Y. Case No. 19-23153) on June 11, 2019, disclosing under $1
million in both assets and liabilities. Judge Robert D. Drain
oversees the case. The Debtor is represented by Elizabeth A. Haas,
Esq., PLLC.


JAMES AND JAN: Taps Curtis Rosenthal as Appraiser
-------------------------------------------------
James and Jan, LLC seeks approval from the U.S. Bankruptcy Court
for the Central District of California to employ Curtis Rosenthal,
Inc. to conduct an appraisal of its real property located at 14820
Mulholland Drive, Los Angeles.

The firm will be paid $2,500 for the preparation of the appraisal
report.

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

The firm can be reached at:

     Randall Blaesi
     Curtis Rosenthal, Inc.
     5901 W. Century Blvd., Suite 1230
     Los Angeles, CA 90045
     Tel: (310) 946-8630
     Email: rblaesi@curtisrosenthal.com

                        About James and Jan

James and Jan, LLC filed a petition for relief under Subchapter V
of Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No.
23-10155) on Jan. 11, 2023, with $1 million to $10 million in both
assets and liabilities. Susan K. Seflin has been appointed as
Subchapter V trustee.

Judge Barry Russell oversees the case.

The Debtor is represented by the Law Offices of Michael Jay Berger.


JOYCARE THERAPY: Enters Management Agreement w/ PHLLC; Amends Plan
------------------------------------------------------------------
Joycare Therapy, LLC, submitted a Third Amended Plan of
Reorganization for Small Business under Subchapter V dated March
23, 2023.

Joycare ceased providing services to children in September of 2022
and therefore did not have any incoming revenue prior to the
Petition Date, other than the collection of prior billed services.


However, post-petition, with this Court's approval, Joycare
retained a management company and has restarted its operations
under a management agreement. The manager under that management
agreement will continue to provide the needed services for the
children in the Houston area.

The Debtor has no ability at this time to re-start operations or
operate without the Management Agreement with PHLLC and without
funds from PHLLC. The liquidation analysis is based on the
projected recoveries and asset values without the Management
Agreement. PHLLC has entered into the Management Agreement which
has been approved by this court.

PHLLC has provided management services and to date has already
funded approximately $150,000 for the operations of the Debtor.
PHLLC will continue to manage, operate and provide funding to
Joycare only if a plan of reorganization is confirmed that is
acceptable in form and substance to PHLLC, and pursuant to which
PHLLC becomes the sole owner of Joycare, free and clear of all
claims and liens of Joycare.

This Plan if confirmed provides the opportunity for Joycare to
continue operations under new ownership, with little to no debt
after confirmation, and to provide very needed and useful services
to children and their parents in the Houston area. While other
companies may be starting similar operations in Houston, the time
within which such companies may start will probably be much longer
into the future. Joycare has the licenses and ability to re-start
operations immediately. Further, this Plan does provide a return to
creditors, including to the general unsecured creditors in Class 5.


Pediatric Holdings, LLC ("PHLLC"), is associated with Spark
Pediatrics, which is a sophisticated operator of 13 PPECC
facilities in Florida. PHLLC has agreed to fund the Debtor's
business during this case pursuant to the Management Agreement and
to acquire the equity of the Debtor pursuant to this Plan. To date,
PHLLC has funded approximately $150,000 for the operations of the
Debtor.

PHLLC has the background, experience, knowledge and funding to be
able to continue the operations of Joycare. PHLLC has already
conducted extensive due diligence of the business of the Debtor and
to date is satisfied with the results of its due diligence. Unless
some significant and currently unknown issues arise during the
course of the case, PHLLC anticipates continuing to operate provide
funding, and assume the equity in the Debtor.

Without the funding from PHLLC and without an infusion of funds
from PHLLC, the Debtor would not be able to operate. Without
funding from PHLLC, the projected disposable income of the Debtor
is zero. There is no projected disposable income of the Debtor
without the funding from PHLLC. PHLLC expects to provide the needed
funding for the operations of the Debtor. PHLLC and its affiliate,
Spark Pediatrics, have provided and are providing funding for other
similar facilities in Florida.

This Plan of Reorganization proposes to pay Debtor's creditors from
new money provided by PHLLC, or from the cash flow generated in the
ordinary course of the Debtor's business after confirmation. To the
extent necessary, PHLLC will provide funds for payments due
pursuant to this Plan, which will not include any payment at all to
current equity holders or their equity.

Like in the prior iteration of the Plan, Joycare will fund an
Unsecured Creditors Payment Pool to the Subpart V Trust in the
amount of $50,000. Within 5 business days of the later of (1) the
bar date, (2) the Effective Date, or (3) the date by which claims
for rejected executory contracts must file a claim, the Subpart V
Trustee will pay all allowed Class 5 claims a pro rata amount of
the Unsecured Creditors Payment Pool, calculated based on the
aggregate amount of all allowed Class 5 claims.

A full-text copy of the Third Amended Plan dated March 23, 2023 is
available at https://bit.ly/3JP2Unb from PacerMonitor.com at no
charge.

Debtor's Counsel:

      Reese W. Baker, Esq.
      BAKER & ASSOCIATES
      950 Echo Ln Ste 300
      Houston, TX 77024-2824
      Email: courtdocs@bakerassociates.net

                       About Joycare Therapy

Joycare Therapy, LLC is a child health care centre in Houston,
Texas.

Joycare Therapy sought Chapter 11 protection (Bankr. S.D. Tex. Case
No. 22-33581) on Dec. 2, 2022.  In the petition signed by Huan Le,
president, the Debtor disclosed $50,000 to $100,000 in assets and
$1 million to $10 million in liabilities.  The Hon. Eduardo V.
Rodriguez oversees the case. Reese W. Baker, Esq. of BAKER &
ASSOCIATES is the Debtor's counsel.


KCW GROUP: Creditors to Get Proceeds From Liquidation
-----------------------------------------------------
KCW Group, LLC, filed with the U.S. Bankruptcy Court for the
Southern District of Texas a Disclosure Statement describing
Chapter 11 Plan dated March 23, 2023.

Paula Schulenburg was the Editor of Weddings in Houston magazine
from 1999 until 2013. While working at Weddings in Houston, she was
contacted by the former owner of The Gallery to assist in
transforming what was then a large, choppy, outdated office complex
into one of the leading wedding and non-wedding event spaces (the
"Venue") in the Greater Houston area.

In August of 2015, Paula and Edward purchased The Gallery and began
the renovations that make it the spectacular facility. Edward
Schulenburg is the current Managing Member and a Director and his
wife, Paula is the other Member and Director.

In 2018, they obtained a loan from Allegiance Bank to finance the
Venue (the "Mortgage"). The Mortgage is secured by a lien on the
Venue and a blanket lien on all of the Debtor's assets.  In May of
2022, the Debtor obtained a loan from AFR Financial in the amount
of $190,000 (the "ARF Loan"). In February of 2023, the Debtor
obtained a loan from On Deck in the amount of $40,000. (the "On
Deck Loan").

In February of 2020, COVID struck. The Venue was allegedly set for
foreclosure on April 4, 2023. In order to stop the foreclosure and
to understand who Texas Capital Loan is and what their position is
with respect to The Gallery and its Venue, The Gallery elected to
file a Voluntary Petition under Chapter 11 of the United States
Code.

The Debtor is proposing a liquidating Chapter 11 Plan. It has
already started negotiations to sell its Venue and book of business
for the benefit of its creditors. Given the value of the Venue, the
Debtor anticipates having funds available for the unsecured
creditors. As the Debtor is proposing to liquidate all of its
assets to pay its creditors in full, it is not required to prepare
a Cash Flow Projection.

The Plan of Liquidation proposes to pay the Debtor's creditors
their pro-rata share from the orderly liquidation of the Debtor's
assets and collection of accounts receivable. The funds from the
sale(s) shall be placed in a separate Debtor-in-Possession Account
(the "Segregated Account"), pending further Order of this Court or
confirmation of the Plan.

Class 6 consists of Unsecured Claims. Class 6 is impaired and
consists of the unsecured claims in this Estate, excluding insider
claims. The claimants in this Class are in the amount of
$97,500.00. Claimants in Class 6 will receive a pro-rata
distribution of the net funds from the sale of the Venue after
payment of all other Classes under the Plan. The approximate
percentage to be paid to this class cannot be calculated at this
time.

Class 7 consists of Equity Security Holders. Class 7 is impaired
and consists of the equity security holders, Edward and Paula
Schulenburg. As this is a liquidating plan, the Schulenburgs will
not retain any equity in the Debtor. However, as a proponent of the
Plan, Mr. Schulenburg shall be deemed to have accepted the Plan.

Implementation of the Plan requires entry of an order by the
Bankruptcy Court confirming the Plan. The Plan is to be
implemented, if accepted and approved by the Bankruptcy Court, in
its entire form as filed on March 22, 2023. The effective date of
the plan shall be 30 days after the date the Plan is confirmed by
this Court.

A full-text copy of the Disclosure Statement dated March 23, 2023
is available at https://bit.ly/40G1zWq from PacerMonitor.com at no
charge.

Debtor's counsel:

      Julie M. Koenig, Esq.
      COOPER & SCULLY, P.C.
      815 Walker St.
      Suite 1040
      Houston, TX 77002
      Tel: (713) 236-6800
      E-mail: julie.koenig@cooperscully.com

                        About KCW Group

KCW Group, LLC, owns and operates a large facility for weddings,
quincineras and other events for residents in Houston and the
surrounding areas.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-30988) on March 22,
2023.  In the petition signed by Edward Schulenburg, Jr., the
Debtor disclosed up to $10 million in both assets and liabilities.

Julie M. Koenig, Esq., at Cooper & Scully, P.C., is the Debtor's
legal counsel.


KNOW LABS: Forms New Scientific Advisory Board
----------------------------------------------
Know Labs, Inc. announced the establishment of a Scientific
Advisory Board (SAB) comprised of distinguished researchers,
innovators and experts in medical technology and human health.  SAB
members will advise the Company and its strategic partners on
advancing the Company's progress in algorithm refinement, device
development, clinical trial design and research publication
strategy.  SAB members will be working alongside Know Labs' current
Medical and Regulatory Advisory Board members who have been
supporting the team since 2020 and will be pivotal in helping Know
Labs accelerate the development and delivery of its Bio-RFIDTM
technology and the world's first non-invasive glucose monitoring
medical devices.

"We're fortunate to be partnering with a team of respected
scientific and technical advisors whose areas of expertise are
directly related to the work we have underway," said Ron Erickson,
CEO and Chairman at Know Labs.  "Their insights will help us build
upon the knowledge and skills of our own team and our strategic
partners to further best practices that meet the highest possible
standards and to propel us toward clear, unequivocal scientific and
public validation of our technology in 2023."

Initial members of the Know Labs SAB are:

Benjamin Smarr, Ph.D., an assistant professor at the Halicioglu
Data Science Institute and the Department of Bioengineering at the
University of California, San Diego.  Dr. Smarr has a demonstrated
history of academic and public-private research excellence focused
on developing personalized, predictive tools for future medicine,
earning him many federal awards from the National Institutes of
Health, National Science Foundation and Department of Defense, as
well as from industry research partners.  Over the last several
years, his research has focused on unlocking the potential of
continuous physiological data generated from wearables and related
technologies for women's health, education outcomes, long-term care
and monitoring in illness of diverse populations.  His
peer-reviewed work has been published broadly across sleep,
circadian, endocrine and engineering journals and his research and
views have been repeatedly covered by global media outlets.

Jessica Zendler, Ph.D., Special Consultant at Rimkus and Adjunct
Research Assistant Professor in the School of Kinesiology at the
University of Michigan.  Dr. Zendler's work is focused on
understanding the role of movement in injury, physical performance,
and health, and the use of wearable technology to monitor athletes.
Dr. Zendler advises sports organizations, national governing bodies
and manufacturers on scientific research, validation and policy
development related to human performance and wearable technology.
She has been published in numerous peer-reviewed journals,
including the American Journal of Sports Medicine, serves as
co-chair of the Sports Tech Research Network's Quality Assessment
of Sports Technologies Group and is a member of the NBA Sport
Science Committee, American Society of Biomechanics and
International Society of Biomechanics.

Carl Johan Sundberg, M.D., Ph.D., a licensed physician and
Professor of Exercise Physiology at Karolinska Institute in Sweden
and Head of the Department of Learning, Informatics, Management and
Ethics (LIME).  Dr. Sundberg's research is focused on human
genetics, genomics and epigenetics in relation to exercise in elite
athletes, in non-athlete populations and in patients
(cardiovascular, diabetes, psychiatry, oncology).  Another main
research area concerns AI/ML-based computerized history taking. Dr.
Sundberg is an elected member of the Swedish Academy of Engineering
Sciences and has served as a member or chairman of numerous
academic and industry boards and for several biotechnology
companies.  For 10 years, he worked as investment director at a 60
million euros life science venture fund.  In 2022, Dr. Sundberg
received H.M. the King of Sweden's medal for "significant
contributions to research and science communication".  He has also
received the European Commission's Descartes Communication Prize
for Excellence in Science Communication.

Mark Aloia, Ph.D., currently the Head of Sleep and Behavioral
Science at Sleep Number (NASDAQ: SNBR), the $1.9 billion maker of
Sleep Number and Comfortaire beds and accessories.  At Sleep
Number, Dr. Aloia oversees sleep science research, partnerships and
collaborations with the world's leading physicians, researchers and
institutions, as well as the development of health-focused
innovations.  In his past industry role, Dr. Aloia oversaw clinical
sleep research for Philips Respironics for 16 years and, later,
served as their Global Lead for Behavior Change.  He has also been
on the faculty at the University of Rochester and at Brown
University as a prominent sleep researcher.  As a researcher with
more than $15 million in funded National Institutes of Health
research grants and over 60 peer-reviewed publications, Dr. Aloia
has a proven track record of using sound scientific methods to
assess efficacy.  He serves as an Associate Professor in the
Section of Sleep Medicine and Department of Medicine at National
Jewish Health.

"Ben, Jessica, CJ and Mark bring expertise, insights and
independent perspectives to our medical diagnostic device
development at Know Labs," Erickson continued.  "We look forward to
their contributions. We plan to bring on additional respected
medical and technical experts to our advisory boards, as we
continue work to deliver our non-invasive diagnostic technology."

In 2023, Know Labs is prioritizing external validation of its
Bio-RFID technology in detecting and measuring glucose and other
analytes in the body non-invasively at high levels of accuracy.
The company will continue working with its strategic partners and
existing advisors and diabetes experts.  This includes work
alongside Know Labs' Medical and Regulatory Advisory Board members,
Dr. James Anderson, Know Labs Chief Medical Officer and former
Senior Medical Director, Diabetes and CardioMetabolic Medicine with
Eli Lilly and Company; Larry Ellingson, Vice President of the
National Diabetes Volunteer Leadership Council; and Donna Ryan, RN,
RD, MPH, CDE, former President of the American Association of
Diabetes Educators.

                       About Know Labs Inc.

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

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

In its recent Quarterly Report, Know Labs, Inc. said the Company
anticipates that it will record losses from operations for the
foreseeable future.  The Company believes that it has enough
available cash to operate until at least Feb. 15, 2024. As of Dec.
31, 2022, the Company's accumulated deficit was $105,220,597.  The
Company has had limited capital resources and intends to seek
additional cash via equity and debt offerings.


M RENTAL BROOKLYN: Realya to Take Full Ownership in Plan
--------------------------------------------------------
M Rental Brooklyn LLC submitted a Chapter 11 Plan and a Disclosure
Statement.

The Debtor's managing member and 99 percent owner is M1 Development
LLC ("M1").  Realya owns the remaining 1 percent membership
interest in the Debtor.  The Debtor's primary goal is to file, with
the consent of Realya Crown Heights LLC ("Realya"), the instant
Plan and Disclosure Statement to permit the 100% transfer of the
Debtor's membership interest from M1 to Realya, including the
Debtor's fee ownership of the multi-family residential real
property located at, and commonly known as 517 Brooklyn Avenue,
Brooklyn, New York, 11225 (the "Property") and provide the
necessary plans and permits for the Property, that are in its
custody or control, to Realya.  In consideration of this transfer,
Realya shall release the Debtor and M1's principal Rafi manor
("Manor") of all claims and take such other actions as are set
forth in the RSA.

Pursuant to the RSA, the Debtor has removed the pending foreclosure
action brought by Stormfield Capital Funding I LLC ("Stormfield")
to the Bankruptcy Court and seek to appoint Blank Rome LLP, or such
other counsel as Realya approves, as special counsel in that
removed matter. The Debtor and Realya will prosecute the removed
foreclosure action and the Debtor shall cooperate as necessary to
assist Realya in any issues concerning documents required for the
completion of the construction of the building, including title
insurance policies, permits, plans and surveys.

The Plan shall be funded through a combination of Realya's
contributions including: (i) a new money senior secured credit
facility in the aggregate amount of up to $3.5 million (the "Exit
Facility"); (ii) an investment of $3.5 million to fund the
completion of the Property; (iii) up to $75,000 for allowed
Administrative Expenses; and (iv) not less than $25,000 commitment
to general unsecured creditors, with those creditors having the
option of an additional distribution of their pro rata share of
$100,000 if gross sales of the sale of all units exceed
$8,500,000.

The Debtor asserts that Realya, the Allowed General Unsecured
Claims, the subordinated Stormfield Deficiency Claim, if any, and
Manor and M1 are the only classes of creditors that are impaired
and, as a result, are the only classes entitled to vote on the
Plan. In the event that the Bankruptcy Court determines that any
other classes are impaired, the provisions on voting on the Plan
are included in this Disclosure Statement and Plan.

Under the Plan, Class 4 General Unsecured Creditors will receive
cash in an amount equal to its pro rata distribution of $25,000, of
such Allowed General Unsecured Claims plus if Class 5 accepts the
plan, their pro rata share of $100,000 if gross sales of the sale
of all units exceed $8,500,000. Although, if holders of the Allowed
General Unsecured Claims against the Debtor vote as a class to
reject the Plan, each holder of such an Allowed General Unsecured
Claim shall receive treatment consistent with section 1129(a)(7) of
the Bankruptcy Code which is estimated to be cash in an amount
equal to its pro rata distribution of $25,000, of such Allowed
General Unsecured Claims. In any event, Class 4 Claimants are
impaired, and are eligible to vote on the Plan.

Proposed Counsel to M Rental Brooklyn LLC:

     Avrum J. Rosen, Esq.
     Nico G. Pizzo, Esq.
     LAW OFFICES OF AVRUM J. ROSEN, PLLC
     38 New Street
     Huntington, NY 11743
     Tel: (631) 423-8527
     E-mail: arosen@ajrlawny.com
             npizzo@ajrlawny.com

A copy of the Disclosure Statement dated March 15, 2023, is
available at https://bit.ly/40d11XV from PacerMonitor.com.

                       About M Rental Brooklyn

M Rental Brooklyn LLC is a Single Asset Real Estate (as defined in
11 U.S.C. Sec. 101(51B)).

M Rental Brooklyn LLC filed a petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-42858) on Nov.
15, 2022.  In the petition filed by Rafi Manor, as Managing Member
of M1 Development LLC, the Debtor reported assets and liabilities
between $1 million and $10 million each.

The Debtor is represented by:

      Avrum J Rosen
      Law Offices of Avrum J. Rosen, PLLC
      744 Lefferts Street
      Apt. 4R
      Brooklyn, NY 11203


MAGNOLIA OFFICE: Reaches Agreement with Children's Forum
--------------------------------------------------------
Magnolia Office Investments, LLC, submitted a Fourth Amended
Disclosure Statement for Plan of Liquidation dated March 23, 2023.

The Debtor believes that confirmation of the Plan provides the best
opportunity for maximizing recoveries for its creditors. Moreover,
the Debtor believes, and will demonstrate to the Court, that
creditors will receive not less than the amount that they would
receive in a liquidation under Chapter 7 of the Bankruptcy Code.

Class 2 consists of the Allowed Secured Claim of HIF V Lenders,
LLC. In full satisfaction of its Allowed Secured Claim, of
$557,594.21 at closing of the Sale, HIF shall receive a lump sum
payment up to the full amount of its Allowed Secured Claim of any
Sale Proceeds remaining after payment in full of all administrative
claims, priority tax claims, real property taxes required to be
paid at closing, and the Allowed Class 1 Claim of PS Funding. The
Holder of the Class 2 Claim shall retain its statutory lien(s) on
the Debtor's property to the same extent, priority, and validity
existing as of the Petition Date until paid at the closing at the
Sale. To the extent the Sale Proceeds are insufficient to pay the
Allowed Class 2 Claim in full, HIF shall have an Allowed Class 8
Claim for any such deficiency, up to the full amount of its Allowed
Claim. The Class 2 Claim is impaired.

Class 5 consists of the Allowed Secured Claim of Children's Forum,
in the amount of $49,980.00. In full satisfaction of its Allowed
Secured Claim, at closing of the Sale, Children's Forum, shall
receive a lump sum payment up to the full amount of its Allowed
Secured Claim of any Sale Proceeds remaining after payment in full
of all administrative claims, priority tax claims, real property
taxes required to be paid at closing, and the Allowed Class 1 Claim
of PS Funding, the Allowed Class 2 Claim of HIF, the Allowed Class
3 Claim of Swift Financial, and the Allowed Class 4 Claim of Johnny
Blue Craig, P.A.

The Holder of the Class 5 Claim shall retain its statutory lien(s)
on the Debtor's property to the same extent, priority, and validity
existing as of the Petition Date until paid at the closing of the
Sale. To the extent the Sale Proceeds are insufficient to pay the
Allowed Class 5 Claim in full, Children's Forum shall have an
Allowed Class 8 Claim for any such deficiency, up to the full
amount of its Allowed Claim. The Class 5 Claim is impaired.

This creditor's Motion for Order Compelling Rejection of Lease has
resulted in an agreement whereby the Creditor will remain a tenant
of the property in accordance with their lease agreement. This
Agreement stabilizes any question of the value of the underlying
real property.

Debtor's position is that the Sale Proceeds will be insufficient to
pay the Class 1 Claim in full; therefore, the Class 5 Claim amount
is most likely to be $0.00. Debtor reserves the right to file a
motion to value the Class 5 Claim. However, until such
determination is made, this Class shall vote as a Class 5 claim.

Like in the prior iteration of the Plan, Holders of Class 8 General
Unsecured Claims shall receive a pro rata share of, and
distribution from, the greater of (i) the remaining Sale Proceeds
after payment in full of the Class 1, 2, 3, 4, 5, 6, and 7 Claims,
respectively, or (ii) the GUC CarveOut.

The Liquidating Debtor shall cause the Liquidating Debtor to be
wound down and dissolved pursuant to applicable Florida law after
all Sale Proceeds have been distributed pursuant to the Plan. The
Liquidating Debtor is authorized to take all actions necessary to
accomplish the winddown and dissolution of the Debtor and the
Liquidating Debtor, including the authority to file a certificate
of dissolution or equivalent document, and any other necessary
corporate documents, to effect the dissolution of the Debtor.

The Debtor has determined in its business judgment that the Sale of
the Property is in the best interest of all stakeholders. Prior to
the Sale, the Debtor or Liquidating Debtor, as applicable, shall
continue to operate its Property and to perform all of its duties
and obligations under all unexpired leases of the Property.

The Property shall be sold via a live auction to be conducted by
Fisher Auction Company. In conjunction with this Second Amended
Plan, the Debtor has filed an Expedited Motion for Entry of An
Order (1) Approving Bidding Procedures for the Sale of the Debtor's
Real Property, (2) Scheduling a Final Sale Hearing, (3) Approving
the Form and Manner of Notices, (4) Approving the Sale of the
Debtor's Property Free and Clear of All Liens, Claims, and
Encumbrances and Interests, (5) Approving Assumption and Assignment
Procedures, and (6) Granting Related Relief (the "Sale Motion").

A full-text copy of the Fourth Amended Disclosure Statement dated
March 23, 2023 is available at https://bit.ly/3Kcw1Cv from
PacerMonitor.com at no charge.

Attorneys for the Debtor:

     David Lloyd Merrill, Esq.
     THE ASSOCIATES
     2401 PGA Boulevard, Suite 280M
     Palm Beach Gardens, FL 33410
     Tel: (561) 877-1111

              About Magnolia Office Investments

Magnolia Office Investments, LLC, is a single asset real estate (as
defined in 11 U.S.C. Sec. 101(51B)).  It owns the commercial office
building located at 1211 Governors Square Blvd., Tallahassee, Fla.,
which is valued at $5.5 million.

Magnolia Office Investments sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-14044) on May 24,
2022. In the petition signed by Anand Patel, as managing member,
Magnolia Office Investments listed as much as $10 million in both
assets and liabilities.

The case is assigned to Judge Erik P. Kimball.

David L. Merrill, Esq., at The Associates, is the Debtor's legal
counsel.


MED PARENTCO: New Mountain Marks $20.8M Loan at 25% Off
-------------------------------------------------------
New Mountain Finance Corporation has marked its $20,857,000 loan
extended to MED Parentco, LP to market at $15,726,000 or 75% of the
outstanding amount, as of December 31, 2022, according to a
disclosure contained in New Mountain's Form 10-K for the fiscal
year ended December 31, 2022, filed with the Securities and
Exchange Commission on February 27, 2023.

New Mountain is a participant in a Second lien Loan to MED
Parentco, LP. The loan accrues interest at a rate of 12.63% (L(M)+
8.25%) per annum. The loan matures in August 2027.

New Mountain is a Delaware corporation that was originally
incorporated on June 29, 2010 and completed its initial public
offering on May 19, 2011. New Mountain is a closed-end,
non-diversified management Investment Company that has elected to
be regulated as a business development company under the Investment
Company Act of 1940, as amended. New Mountain Finance Advisers BDC,
L.L.C., its Investment Adviser, is a wholly owned subsidiary of New
Mountain Capital Group, L.P.  New Mountain Capital is a firm with a
track record of investing in the middle market. New Mountain
Capital focuses on investing in defensive growth companies across
its private equity, credit and net lease investment strategies.

MED ParentCo LP. (MyEyeDr) provides management services to
MyEyeDr.O.D. optometrists and their practices. MyEyeDr practices
offer vision care services, prescription eyeglasses and sunglasses,
and contact lenses. MyEyeDr has been controlled by affiliates of
Goldman Sachs Merchant Banking Division since August 2019. 



MERIDIANLINK INC: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed MeridianLink, Inc. and ML California
Sub, Inc.'s (collectively, "MLNK") Long-Term Issuer Default Ratings
(IDR) at 'BB-'. These entities are co-borrowers on the bank
agreement. Fitch has also affirmed the first lien credit facility
consisting of a term loan B and a $50 million revolving credit
facility at 'BB+'/ 'RR1'. The Rating Outlook remains Stable.

The 'BB-' rating and Stable Outlook are supported by MLNK's high
recurring revenues and high retention rates. In addition, it is
supported by its low leverage, and liquidity position which
benefits from its strong ability to generate FCF.

KEY RATING DRIVERS

Significantly Reduced Leverage: When MLNK was a private company,
its leverage was 5.2x at the end of 2020 and with the July 2021
IPO, the company used equity proceeds to reduce debt. At the end of
2022, the company's leverage was 3.9x and Fitch forecasts gross
leverage to be maintained below 4.0x over the forecast horizon.
Historically, the company communicated its intention to operate the
business with a net leverage target below 3.0x. While M&A could
lead to temporarily increasing leverage, Fitch expects the company
to sustain gross leverage below 4.0x.

Restructuring Plan Implemented: During 1Q23, the company completed
its restructuring plan which included reducing its workforce by 9%.
The restructuring plan will consolidate MLNK's functions,
prioritize customer focused areas of the business and improve
efficiencies. MLNK estimates that charges for the plan will be $2.5
million to $3.5 million for cash related to employee severance
payments and other associated costs.

Resilient Business Model Through Economic Cycles: Fitch believes
MLNK's portfolio of products and services could provide a degree of
resilience through economic cycles. The company's core product
LoansPQ, a SaaS-based origination platform for consumer loans and
deposit applications, saw annual volume increases of approximately
66% during the recessionary period from 2008 to 2010; given the
primarily transactions-based revenue model, Fitch believes this to
have a high degree of correlation to the revenue. During an
expansionary environment, the company is well positioned to
generated sizeable returns from volume-based loan applications.
During a recessionary period, the company's focus on collection
solutions and deposit accounts enables a steady generation of fees
based on volume. Over the last 20 years, there was only one year
where credit union loan activity did not grow (down 1.4% in 2010
according to National Credit Union Administration).

Top Line Growth Expected: Consumer lending solutions (for personal
loans, credit cards and autos) are the company's largest end market
and is expected to show resilience in 2023. Mortgage solutions are
MLNK's second largest end market and in 2022, it accounted for 8%
of lending software solutions revenues (which made up 72% of all
revenues). The mortgage loan market accounted for 64% of data
verification revenues which was 28% of 2022 revenues.

Fitch does expect some volume weakness in expected in 2023 but not
enough to offset the company's overall growth. The company's
multi-year contracts provide the company with some revenue
visibility. Because of MLNK's diversity and the nature of its
offerings, the company has publicly guided to revenues in the range
of $304 million to $310 million in 2023, up from $288 million in
2022. Fitch believes these targets are achievable.

Key Category Leader Across Market Segments: MLNK is a category
leader within each of the market segments that it competes. For
consumer lending, MLNK is the leading incumbent against a handful
of pure-play providers including: Bottomline Technologies, Gro,
CUDL, and Temenos. Management differentiates itself in this
category by best-of-breed technology and referrals from its
existing client base. On the consumer data front, the company
operates as the leading incumbent against Sharper lending in a
highly fragmented and niche marketplace and is one of seven
approved sponsoring credit vendors for Fannie Mae.

Complementary Product Offerings: MLNK's products are highly
complementary allowing for significant cross-sell opportunities.
For example, a bank client who may use LoansPQ to simplify the
account opening and loan approval process for an individual may
also rely on credit data and employment verification provided by
MLNK's MCL solution. Management has developed a strong position in
the data verification market by providing a tri-merged credit
reporting platform with ease of integration into its client's
back-office and systems. As a result, the company's solutions are
highly integrated, complementary, and allow for enhanced revenue
generation opportunity.

Diversified, Stable Customer Base: MNLK's account
opening/management and lending software is deployed across over
2,000 customers including banks, credit unions, verification
service providers and other financial institutions. Further, MLNK
enjoys customer retention rates in excess of 95% reflecting the
stable and attractive client base. In addition, during 2022, the
company estimates that its annual recurring revenues (ARR) were
$258.0 million, up from $240 million in the prior year.

Continued Ownership Concentration: Fitch considers the company's
private equity ownership concentration (50.2% as of March 3, 2023)
an inherent credit risk. Current officers, directors and Thoma
Bravo funds own 68,6% as of Mach 3, 2023. With four of the
company's 10 board seats currently occupied by Thoma Bravo
employees (including the Chair), MLNK is susceptible to aggressive
financial policy shifts. Fitch notes that the bank agreement
prohibits the maximum net first lien leverage ratio (as defined by
the agreement) from exceeding 6.25x and after certain leveraging
acquisitions, MLNK can elect to increase this up to 7.75x.

DERIVATION SUMMARY

MLNK's rating is supported by the company's strong position within
each of its respective markets (Consumer Lending, Mortgage Loans,
and Data Verification) as well as the company's portfolio of
products and services that provide the operating profile with a
degree of resilience through economic cycles. The company's
services enable efficiency within the loan application market and
are well positioned to take advantage of the industry shift to
automated lending. Many of MLNK's services are considered mission
critical by banks, credit unions, and other financial institutions
resulting in relative stable demand.

Given the highly integrated nature of its products into customers'
core banking systems and the mission critical nature of the MLNK
solutions, Fitch views the revenue structure as resilient. While
the product's mission-critical nature and close integration into
customers' core banking systems contribute to strong client
retention characteristics, Fitch views the volume-based revenue
model as potential for revenue volatility although the minimum
volumes component provides some stability.

Fitch believes the private equity ownership of MLNK could limit
deleveraging. While Fitch expects strong FCF generation by the
company, private equity ownership is likely to result in some level
of financial leverage on an ongoing basis to optimize return on
equity.

MLNK is rated one notch below Instructure Holdings (INST;
BB/Stable), which generates greater EBITDA. MLNK also has lower
EBITDA margins and higher leverage than INST. At the end of 2022,
MLNK had leverage of 3.9x and INST had leverage of 2.8x. Both INST
and MLNK are similar since they are both public companies
controlled by Thoma Bravo.

Fitch rates the IDRs for MeridianLink Inc. and its subsidiary, ML
California, on a consolidated basis, using the weak parent/strong
subsidiary approach, and open access and control factors, based on
the entities operating as a single enterprise with strong legal and
operational ties.

RATING SENSITIVITIES

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

- Favorable rating action is not expected in the near term;

- Should EBITDA leverage fall below 3.5x on a sustained basis while
CFO less capex to debt was 10% or better, Fitch may consider
favorable rating action;

- Fitch may also consider favorable rating action if MLNK increased
its market share position evidenced by significant growth of
revenues and EBITDA.

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

- Ongoing EBITDA margins below 30%;

- EBITDA leverage above 4.5x on a sustained basis;

- CFO less capex to debt below 7.5% on a sustained basis;

- Ongoing organic revenue growth near 0%;

- Significant acquisitions largely funded with debt that pressure
credit metrics or other changes in financial policies that weaken
the credit profile.

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Given the strong cash generative profile,
Fitch believes MLNK will have solid liquidity over the rating
horizon. The company had $55.8 million of cash on the balance sheet
as of Dec. 31, 2022, as well as full availability on its $50
million revolver due 2026. The company's FCF generation supports
liquidity as well.

Debt Structure: MLNK's debt structure is comprised of a $50 million
first lien revolving credit facility due 2026 and a $435 million
first lien term loan due 2028.

ISSUER PROFILE

MeridianLink Inc. (MLNK) is a publicly traded company that offers
loan and mortgage software for lenders. Thoma Bravo owned 50.2% of
the company as of March 3, 2023.

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
   -----------             ------         --------   -----
MeridianLink, Inc.   LT IDR BB-  Affirmed              BB-

   senior secured    LT     BB+  Affirmed    RR1       BB+

ML California Sub, Inc.
                     LT IDR BB-  Affirmed              BB-

   senior secured    LT     BB+  Affirmed    RR1       BB+


MOBIQUITY TECHNOLOGIES: To Hold Virtual Annual Meeting on May 15
----------------------------------------------------------------
Mobiquity Technologies, Inc. announced that it plans to have a
virtual annual meeting of shareholders on May 15, 2023 with
shareholders of record on the close of business on April 12, 2023
entitled to vote at the meeting.  

Of the several proposals to be voted upon at the annual meeting,
the Company plans to submit a slate of five directors for election
to the Board of Directors.  The Company has already identified a
candidate to replace independent director Michael A. Wright, who's
resignation was accepted by the Board effective March 16, 2023.
The Board appreciates the contributions made by Mr. Wright and his
leadership through the Company's capital raising activities in late
2021 through early 2023 and listing on Nasdaq.  Mr. Wright cited
personal reasons for his departure.  The Company believes that
including new directors to the board composition will be conducive
to lead the Company through its next phase of development and
growth.

On March 21, 2023, the Board elected Nate Knight as an independent
director to fill the vacancy resulting from Mr. Wright's
resignation and to serve as a member of the Company's Audit
Committee, Nominating Committee and Executive Compensation
Committee.  Nate Knight, age 72, is an accomplished business leader
with over 30 years of experience as a public accountant, served as
an independent director and Chief Financial Officer of United Heath
Products, a publicly traded company, from 2013 to 2020.  During his
tenure, he brought extensive expertise and knowledge to the
company's financial operations.  Additionally, Mr. Knight owned and
operated his own accounting business, further honing his financial
acumen.  Prior to joining United Heath Products, he worked as an
internal auditor at Prime Alliance Bank from 2004 to 2010.  Mr.
Knight has been granted under the Company’s stock option plan
five year vested non-statutory options to purchase 25,000 common
shares at an exercise price of $.22 per share exercisable at any
time after the date of grant.  He will also receive the same cash
consideration per month that is paid to other Board members.

                 About Mobiquity Technologies Inc.

Headquartered in Shoreham, NY, Mobiquity Technologies, Inc. is a
next-generation marketing and advertising technology and data
intelligence company which operates through its proprietary
software platforms in the programmatic advertising space.  The
Company's product solutions are comprised of two proprietary
software platforms: its advertising technology operating system
(or
ATOS) platform; and its data intelligence platform.

Mobiquity reported a net comprehensive loss of $34.95 million for
the year ended Dec. 31, 2021, a net comprehensive loss of $15.03
million for the year ended Dec. 31, 2020, and a net comprehensive
loss of $44.03 million for the year ended Dec. 31, 2019.  As of
Sept. 30, 2022, the Company had $4.02 million in total assets,
$1.83 million in total liabilities, and $2.20 million in total
stockholders' equity.

In its Quarterly Report filed on September 30, 2022, the Company
said that without sufficient revenues from operations, and if the
Company does not obtain additional capital, the Company will be
required to reduce the scope of its business development activities
or cease operations.  These factors create substantial doubt about
the Company's ability to continue as a going concern within the
12-month period subsequent to September 30, 2022.


MODERN ART GROUP: Unsecureds to Get 35% Under Plan
--------------------------------------------------
Modern Art Group Inc. submitted a Small Business Chapter 11
Disclosure Statement.

The Plan offers the General Unsecured Creditors in the case a
pro-rated payment of 35% of the total amount of Unsecured debt to
be paid within 24 months by equal installment payments commencing
on the effective date of the Plan. The creditors would receive a
substantially smaller distribution in a Chapter 7 Liquidation of
the Debtor.

The Plan will be financed by continuing the reorganized business
operations of the Debtor, as well as funds accumulated in the
Debtor in Possession bank account.

Under the Plan, Class III Unsecured Claim shall consist of a
General Unsecured Claim of Dover Properties Associates, LLC, in the
total amount of $10,390.77. The claim will receive 35% dividend in
the amount of $3,636.76 to be paid within 24 months by equal
installment payments of $151.53 commencing on the Effective Date.
Class III is impaired.

Class IV Unsecured Claim shall consist of a General Unsecured Claim
of Tatyana Volman in the total amount of $7,707.  The claim will be
paid in full pursuant to the terms of the settlement agreement.
Class IV is unimpaired.

Attorney for Modern Art Group Inc.:

     Alla Kachan, Esq.
     2799 Coney Island Ave, Suite 202
     Brooklyn, NY 11235
     Tel: (718) 513-3145
     Fax: (347) 342-315
     E-mail: alla@kachanlaw.com

A copy of the Disclosure Statement dated March 15, 2023, is
available at https://bit.ly/3JoD4pY from PacerMonitor.com.

                      About Modern Art Group

Modern Art Group Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.N.J. Case No. 22-15413) on July 5, 2022,
with up to $100,000 in both assets and liabilities. Judge Stacey L.
Meisel oversees the case.

The Law Offices of Alla Kachan P.C. serves as the Debtor's legal
counsel.


MOUNTAIN EXPRESS: Seeks Chapter 11 Bankruptcy Protection
--------------------------------------------------------
CSP Daily News reports that Mountain Express Oil Co. has filed for
voluntary protection under Chapter 11 of the U.S. Bankruptcy Code
in the U.S. Bankruptcy Court for the Southern District of Texas.
The fuel distribution and convenience-store retailer intends to
achieve a comprehensive restructuring, and it expects to continue
to conduct business throughout the process. Mountain Express-owned
or affiliated fuel centers, travel centers, c-stores and retail
operations are maintaining normal operations, it said.

A restructuring "will strengthen the company's fuel distribution
business, dealer network and retail business," it said. Mountain
Express is in discussions with its secured lenders regarding a
commitment of debtor-in-possession financing, which it said will
provide additional liquidity and "assure its ability to meet its
post-petition obligations in the ordinary course of business."

To help fund and protect its operations, Mountain Express intends
to use cash collateral, upon approval from the court, along with
normal operating cash flows, as the company pursues the
"value-maximizing" restructuring and seeks to emerge from
bankruptcy in a timely manner.

"Through this process, Mountain Express will continue to transform
the business for the future while bolstering our financial
position," said Turjo Wadud, CEO of Mountain Express, Alpharetta,
Georgia. "I am confident in the strength of our business and our
team and look forward to achieving a comprehensive resolution that
will best position Mountain Express for long-term success. We
continue to have a robust pipeline and will continue to provide
opportunities for our dealers, partners and employees. During this
process, we intend to maintain the underlying durability of our
business as well as our strong relationships in the industry."

Mountain Express has filed motions with the court to allow the
company to maintain operations in the ordinary course of business
including, but not limited to, paying employees and continuing
existing benefits programs, upholding commitments under its dealer
and retail agreements and fulfilling go-forward obligations
including fuel supplier and other vendor payments.

                  About Mountain Express Oil
  
Mountain Express Oil was founded in 2000 and based in Alpharetta,
Georgia.  One of the largest fuel distributors in the American
South, Mountain Express Oil ahs 828 fueling centers and 27 travel
centers across 27 states.  Mountain Express Oil is No. 75 in CSP's
2022 Top 202 ranking of U.S. convenience-store chains by number of
company-owned and -operated retail outlets.

Mountain Express  has established relationships with major oil
companies including ExxonMobil, BP, Shell, Chevron, Texaco and
Sunoco, among other major suppliers. Mountain Express also has a
dealer joint venture with Pilot Co., Knoxville, Tennessee Since
2013, Mountain Express has distributed more than 1.1 billion
gallons of fuel.

In 2021, Mountain Express completed a $205 million debt financing,
which the company said it will use to refinance its existing credit
facilities and to support its growth objectives. Later in the year,
it acquired Brothers Food Mart, New Orleans, with 50 locations. It
also acquired 24 retail locations and the wholesale fuel assets of
Texon Oil Inc., Medford, New Jersey. And in 2022, Mountain Express
purchased the 26-unit The Store c-store brand from Team Schierl
Cos., Stevens Point, Wisconsin.

Mountain Express Oil sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90147) on March
18, 2023. In the petition filed by Michael Healy, as chief
restructuring officer, the Debtor reports estimated assets and
liabilities between $100 million and $500 million.

Judge David R. Jones oversees the case.

Pachulski Stang Ziehl & Jones LLP, Los Angeles, is serving as
counsel, Raymond James & Associates Inc., St. Petersburg, Florida,
is serving as investment banker and FTI Consulting Inc.,
Washington, is serving as restructuring advisor to Mountain
Express. Michael Healy of FTI Consulting has been appointed chief
restructuring officer.  Kurtzman Carson Consultants LLC is the
claims, noticing, and solicitation agent and administrative
advisor.


NEUROEM THERAPEUTICS: Seeks to Hire Accounting & Business Solutions
-------------------------------------------------------------------
NeuroEM Therapeutics, Inc. seeks approval from the U.S. Bankruptcy
Court for the Middle District of Florida to employ Accounting &
Business Solutions.

The Debtor requires an accountant to:

   a. prepare and file tax returns and conduct tax research,
including contacting the Internal Revenue Service;

   b. perform normal accounting and other accounting services as
required by the Debtor; and

   c. prepare and assist the Debtor in preparing court-ordered
reports, including monthly operating reports, a 12-month actual,
historical income and expense report with a five-year projection
and any documents necessary for the Debtor's disclosure statement.

The firm will be paid at these rates:

     Accountants          $200 per hour
     Accounting Staffs    $110 to $200 per hour

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

Erin Precythe, CPA, a member of Accounting & Business Solutions,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     Erin Precythe, CPA
     Accounting & Business Solutions
     1862 Ivy Rd
     Greenville, NC 27858
     Email: erin@erinprecythecpa.com

                    About NeuroEM Therapeutics

NeuroEM Therapeutics, Inc. is a Phoenix-based medical device
company committed to developing, clinically testing, and marketing
Transcranial Electromagnetic Treatment (TEMT) as treatment for
Alzheimer's disease and other neurodegenerative diseases.

NeuroEM Therapeutics filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
23-00425) on Feb. 3, 2023, with $100,000 to $500,000 in assets and
$1 million to $10 million in liabilities. Judge Catherine Peek
McEwen oversees the case.

The Debtor tapped Buddy D. Ford, Esq., at Buddy D. Ford, P.A. as
legal counsel and Accounting & Business Solutions as accountant.


NEW TROJAN: New Mountain Marks $26.7M Loan at 25% Off
-----------------------------------------------------
New Mountain Finance Corporation has marked its $26,762,000 loan
extended to New Trojan Parent, Inc. to market at $20,101,000 or 75%
of the outstanding amount, as of December 31, 2022, according to a
disclosure contained in New Mountain's Form 10-K for the fiscal
year ended December 31, 2022, filed with the Securities and
Exchange Commission on February 27, 2023.

New Mountain is a participant in a Second Lien Loan to New Trojan
Parent, Inc. The loan accrues interest at a rate of 11.63%
(L(M+7.25%) per annum. The loan matures in January 2029.

New Mountain is a Delaware corporation that was originally
incorporated on June 29, 2010 and completed its initial public
offering on May 19, 2011. New Mountain is a closed-end,
non-diversified management Investment Company that has elected to
be regulated as a business development company under the Investment
Company Act of 1940, as amended. New Mountain Finance Advisers BDC,
L.L.C., its Investment Adviser, is a wholly owned subsidiary of New
Mountain Capital Group, L.P.  New Mountain Capital is a firm with a
track record of investing in the middle market. New Mountain
Capital focuses on investing in defensive growth companies across
its private equity, credit and net lease investment strategies.

New Trojan Parent, Inc. is the acquirer of Strategic Partners
Acquisition Corp., an indirect parent company of branded medical
apparel company Careismatic, Inc.


NICK'S CREATIVE: Unsecureds Owed $490K Get $300 Per Month
---------------------------------------------------------
Nick's Creative Marine, Inc., filed a Chapter 11 Small Business
Plan and a Disclosure Statement.

The Debtor believes that the risk of non-payment of the percentage
distribution to the unsecured creditors is greatly outweighed by
the more substantial risk of non-payment should this Bankruptcy be
converted to a Chapter 7 Liquidation, wherein the unsecured
creditors would receive a distribution of 0%.

Under the Plan, Class Four General Unsecured Claims prior to the
filing of any objections total the amount of $490,213, which will
be paid over the 5-year term of the Plan at the rate of $300 per
month on a pro-rata basis. The payments will commence on the
Effective Date of the Plan. The dividend to this class of creditors
is subject to change upon the determination of objections to
claims.  To the extent that the Debtor is successful or
unsuccessful in any or all of the proposed Objections, then the
dividend and distribution to each individual creditor will be
adjusted accordingly.  Class Four is impaired.

Attorneys for the Debtor:

     Craig I. Kelley, Esq.
     KELLEY, FULTON, KAPLAN & ELLER, P.L.
     1665 Palm Beach Lakes Blvd.
     The Forum - Suite 1000
     West Palm Beach, FL 33401
     Telephone: (561) 491-1200
     Facsimile: (561) 684-3773
     E-mail: bankruptcy@kelleylawoffice.com

A copy of the Disclosure Statement dated March 15, 2023, is
available at https://bit.ly/40bYJbF from PacerMonitor.com.

                 About Nick's Creative Marine

Nick's Creative Marine, Inc., owns a marine supply store in Riviera
Beach, Florida.

Nick's Creative Marine sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-17170) on Sept.
16, 2022.  In the petition signed by Nicholas Scafidi,
vice-president, the Debtor disclosed up to $50,000 in assets and up
to $10 million in liabilities.

Judge Erik P. Kimball oversees the case.

Craig I. Kelley, Esq., at Kelly, Fulton & Kaplan, P.L., is the
Debtor's counsel.


NUZEE INC: Four Proposals Passed at Annual Meeting
--------------------------------------------------
Nuzee, Inc. held its 2023 Annual Meeting of Stockholders at which
the stockholders:

   (1) elected Masateru Higashida, Kevin J. Conner, Tracy Ging, J.
Chris Jones, Nobuki Kurita, and David G. Robson as directors;

   (2) did not approve an amendment to the Company's Articles of
Incorporation to Reincorporate Separated Pages;

   (3) approved the adoption of the 2023 Equity Incentive Plan;

   (4) approved, on an advisory basis, the compensation of Named
Executive Officers; and

   (5) ratified the appointment of Independent Registered Public
Accounting Firm.

Although Proposal 2 did not have sufficient votes to pass, the
Board determined not to move to adjourn the meeting to a later date
to solicit additional votes in favor of this proposal.

On March 15, 2023, the Compensation Committee of the Board of
Directors of NuZee, Inc. approved a grant of 13,970 restricted
shares of the Company's common stock to Masateru Higashida, the
Company's chief executive officer, president, secretary and
treasurer, with an aggregate grant date fair value of $170,573.  On
March 15, 2023, the Compensation Committee also approved a grant of
1,638 restricted shares of the Company's common stock to Shana
Bowman, the Company's interim chief financial officer, with an
aggregate grant date fair value of $20,000.

The Restricted Shares were granted under the Company's 2019 Stock
Incentive Plan.  Pursuant to an award agreement with Mr. Higashida,
(a) 8,190 of the Higashida Restricted Shares will vest, if at all,
in the Company's fiscal year ending Sept. 30, 2023, based on the
Company's achievement of a specified amount of cash on hand, sales
growth, increased gross margin, and reduced operating losses in
Fiscal Year 2023 and (b) 5,780 of the Higashida Restricted Shares
will vest, if at all, in the Company's fiscal year ending Sept. 30,
2024, based on performance metrics to be set by the Board in its
sole and absolute discretion on or before Dec. 31, 2023.  Pursuant
to an award agreement with Ms. Bowman, (a) 50% of the Bowman
Restricted Shares will vest, if at all, in Fiscal Year 2023, based
on the Company's achievement of a specified amount of cash on hand,
sales growth, increased gross margin, and reduced operating losses
in Fiscal Year 2023, and (b) the other 50% of the Bowman Restricted
Shares will vest, if at all, in Fiscal Year 2024, based on
performance metrics to be set by the Board in its sole and absolute
discretion on or before Dec. 31, 2023.

                            About NuZee

NuZee, Inc. (d/b/a Coffee Blenders) is a co-packing company for
single serve coffee formats that partners with companies to help
them develop within the single serve and private label coffee
category.

Nuzee reported a net loss of $11.80 million for the year ended
Sept. 30, 2022, a net loss of $18.55 million for the year ended
Sept. 30, 2021, a net loss of $9.52 million for the year ended
Sept. 30, 2020, and a net loss of $12.21 million for the year ended
Sept. 30, 2019.  As of Dec. 31, 2022, the Company had $10.05
million in total assets, $2.11 million in total liabilities, and
$7.93 million in total stockholders' equity.

Houston, Texas-based MaloneBailey, LLP, the Company's auditor since
2013, issued a "going concern" qualification in its report dated
Dec. 23, 2022, citing that the Company has suffered recurring
losses and negative cash flows from operations that raises
substantial doubt about its ability to continue as a going concern.


ONE CALL: S&P Downgrades ICR to 'CCC+' on Elevated Leverage
-----------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating to 'CCC+' from
'B-'. S&P also lowered its issue-level rating on its first lien
debt to 'CCC+' in concert with the issuer credit rating; the
recovery ratings remain unchanged.

The stable outlook reflects S&P's view that the company's liquidity
position remains adequate and the company will slowly decrease
leverage through various growth and cost initiatives.

U.S.-based workers' compensation medical cost-containment provider
One Call Corp. continued to underperform relative to expectations
in the fourth quarter and S&P believes meaningful leverage
improvement will be more gradual than previously anticipated.

One Call's credit metrics significantly deteriorated in 2022, with
leverage ending the year at levels that S&P considers unsustainable
in the long term.

One Call ended 2022 with S&P-adjusted leverage of 12.8x (excluding
preferred equity treated as debt), relative to 10.9x as of the
prior quarter (the 12 months ended September 2022) and 8.7x at
year-end 2021. The decline was primarily driven by lower revenue
(8% decline for the year) and margins (S&P-adjusted EBITDA margins
of 8.8% for 2022, from 11.6% in 2021). While S&P expected the
company to experience weaker earnings and credit metrics related
primarily to the partial insourcing of a key One Call client, the
deterioration has been greater than anticipated on a combination of
factors including inflationary wage and general cost pressures and
elevated one-time costs related to the company's various
operational initiatives.

S&P expects One Call to return to growth in 2023 but for
improvement to be slow.

One Call is budgeting for a return to revenue and earnings growth
in 2023. S&P said, "We believe its growth plans are achievable
considering a few sizable new business wins, price increases with
its existing client base, cost benefits from various operational
initiatives, and lower nonrecurring add-backs (most of which we
don't give credit for in our adjusted calculations). Nonetheless,
growth will be tempered by the continued secular decline in
worker's compensation (WC) claims (exacerbated by a potential
economic contraction), continued personnel and non-personnel cost
pressures from above-trend inflation, and a couple of other recent
smaller client losses. Given these headwinds and the company's
continued growing debt balance (over $40 million a year through the
second-lien note), we believe it will take time to lower leverage
to more sustainable levels and we now expect the company to end
2023 with leverage slightly north of 10x."

S&P expects cash flow and coverage ratios to further contract but
liquidity to remain adequate.

Similar to the leverage trend, One Call's coverage ratios declined
in 2022. The company's EBITDA coverage excluding preferred equity
was 0.9x for full year 2022, from 1.3x in 2021. Also excluding
interest from the non-cash second-lien payment-in-kind (PIK) debt,
coverage deteriorated to 1.6x for 2022, from 2.0x in 2021. Despite
the anticipated earnings and leverage improvement, S&P expects
coverage metrics and free cash flow to worsen in 2023 given a full
year of rising variable rates (the company has no interest rate
hedges in place). Still, S&P expects One Call to maintain adequate
liquidity over the next 12 months, with positive free cash flow and
full revolver availability. Following its capital restructure in
2021, the company has no upcoming maturities (the earliest is its
accounts receivable facility maturing in 2024) and no covenant
issues (springing covenants only with no amount drawn). While the
rising debt balance will weigh on leverage each year, the PIK
toggle feature on the company's second-lien note aids liquidity and
alleviates the cash debt service burden (cash pay interest is
prohibited when first-lien leverage is above 3.15x; this ratio was
4.87 at year-end 2022).

S&P said, "The stable outlook reflects our view that One Call will
return to modest growth in 2023, resulting in gradually improving
but still unsustainable leverage over the next 12 months. We expect
liquidity to remain adequate, supported by positive free operating
cash flow and revolver availability, and no maturity or covenant
issues.

"We could lower the rating if we anticipate a possible default
scenario over the next 12 months including a near-term liquidity
crisis, violation of financial covenants, or if we believe the
company is likely to consider a distressed exchange offer or
redemption. This could occur if the company's earnings base further
erodes and liquidity weakens materially with negative cash flow
generation and sources relative to uses of less than 1.2x.

"We could consider an upgrade if earnings and cash-flow generation
improve such that we view the capital structure as sustainable and
more commensurate with 'B-' rated peers (leverage comfortably below
10x, with EBITDA coverage above 1x including the PIK debt and mid
1x excluding the PIK debt)."

One Call Corp. is a medical cost-containment company serving the WC
industry through more than 87,000 provider locations across the
U.S. It primarily generates fee-based revenue and does not take any
insurance risk. It bases its business model on providing WC payers
(including insurance companies, third-party administrators, and
self-funded employers) with access to its directly contracted
provider network on a fee-for-service basis for its products and
services.

-- Revenue growth of 3%-5% in 2023 and 2024

-- No acquisition related revenue growth assumed, though we
believe partial-equity-funded acquisitions are a possibility over
the next 12 months

-- S&P-adjusted EBITDA margin improvement to 10%-12% over 2023 and
2024

-- No incremental debt beyond PIK accrual on preferred equity and
second-lien debt instruments

Based on the above assumptions, S&P arrives at the following
adjusted credit metrics for 2023 and 2024:

-- Debt to EBITDA excluding preferred equity improving to
10.5x-11.5x for 2023 and 9.5x-10.5x for 2024 (including preferred,
15x-16x for 2023 and 14x-15x for 2024)

-- EBITDA coverage excluding preferred equity of 0.8x-1.0x in 2023
and 0.8-1.2x in 2024 (including preferred, 0.7x-0.9x for 2023 and
0.7x-1.1x for 2024)

-- EBITDA coverage also excluding second-lien PIK of 1.3x-1.5x in
2023 and 1.4x-1.8x in 2024

-- Free operating cash flow to debt of 0.5%-1.5% for 2023 and
1.5%-2.5% in 2024

S&P assesses One Call's liquidity as adequate, based on its
expectation that sources will exceed uses by at least 1.2x even if
forecast EBITDA declines by 15% in the next 12 months.

One Call has a springing consolidated first-lien net leverage
covenant that comes into effect when total net leverage (as defined
by the credit agreement) exceeds 5.5x on the last day of each
fiscal quarter. Based on the company's calculations, its
consolidated net leverage ratio was 4.87x for the 12 months ended
December 2022. One Call has no significant debt maturities until
April 2026.

Principal liquidity sources

-- Full availability on $59.5 million revolving credit facility
and $75 million accounts receivable facility

-- Cash balance of $12.8 million as of Dec. 31, 2022

-- Positive cash funds from operations of $30 million - $40
million

-- Principal liquidity uses

-- Required mandatory amortization of approximately $7 million
annually with no upcoming maturities

-- Capital expenditure of $25 million-$30 million annually

-- Discretionary acquisitions

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 of One Call. Our highly
leveraged assessment of the company's financial risk profile
reflects corporate decision-making that prioritizes the interests
of its controlling owners, in line with our view of the majority of
rated entities owned by private-equity sponsors. Our assessment
also reflects private-equity owners' generally finite holding
periods and focus on maximizing shareholder returns.

"We have valued One Call on a going-concern basis using a 5x
multiple of our projected emergence EBITDA.
Our simulated default scenario contemplates a default in 2024
stemming from intense competition and leading to client losses,
significantly lower revenue, or higher-than-expected operating
costs.

"We believe lenders would achieve the greatest recovery value
through reorganizing instead of liquidating the business."

-- Year of default: 2024
-- Emergence EBITDA: $114 million
-- Multiple: 5x
-- Gross estimated value at default: $571 million
-- Administrative cost: 5%
-- Net estimated value after administrative cost: $542 million
-- Priority claims: $72 million
-- Value available for first lien claims: $470 million
-- Total first-lien claims: $766 million
    --Recovery expectations: 60%



OUTFRONT MEDIA: Revenues Rose 21.1% in 2022
-------------------------------------------
OUTFRONT Media Inc. recently disclosed financial results for the
fourth quarter and full-year of 2022 ending December 31, 2022.

OUTFRONT Media generated $494.7 million in revenues for the three
months ending December 31, 2022 as compared to $464.5 million in
the same period in 2021.

The Company's board of directors has declared a quarterly cash
dividend on the Company's common stock of $0.30 per share payable
on March 31, 2023, to shareholders of record at the close of
business on March 3, 2023.

Fourth Quarter Financial Results:

     * Reported revenues of $494.7 million increased $30.2
       million, or 6.5%, for the fourth quarter of 2022 as
       compared to the same prior-year period. Organic revenues
       of $490.5 million increased $27.8 million, or 6.0%.

     * Reported billboard revenues of $377.5 million increased
       $23.5 million, or 6.6%, due to higher average revenue
       per display (yield) compared to the same prior-year
       period. Organic billboard revenues of $373.3 million
       increased $20.9 million, or 5.9%.

     * Reported transit and other revenues of $117.2 million
       increased $6.7 million, or 6.1%, due primarily to an
       increase in yield compared to the same prior-year period.
       Organic transit and other revenues of $117.2 million
       increased $6.9 million, or 6.3%.

Full Year 2022 Financial Results:

     * Reported revenues of $1.772 billion increased $308.2
       million, or 21.1%, for the year December 31, 2022 as
       compared to the same prior-year period. Organic revenues
       of $1.761 billion increased $300.6 million, or 20.6%.

     * Reported billboard revenues of $1.384 billion increased
       $202.4 million, or 17.1%, due to higher average revenue
       per display (yield) compared to the same prior-year
       period, as the Company has experienced an increase in
       demand for its services, and due to the impact of
       acquisitions. Organic billboard revenues increased 16.5%.

     * Reported transit and other revenues of $387.4 million
       increased $105.8 million, or 37.6%, due to higher average
       revenue per display (yield) compared to the same prior-
       year period, as the Company has experienced an increase
       in demand for its services, partially offset by the loss
       of a transit franchise contract. Organic transit and
       other revenues increased $106.3 million, or 37.8%.

     * Total operating expenses of $911.4 million increased
       $127.4 million, or 16.3%, due primarily to higher
       billboard and transit revenue and higher guaranteed
       minimum annual payments to the MTA.

     * SG&A expenses of $422.1 million increased $53.9 million,
       or 14.6%, primarily due to higher compensation-related
       costs, including commissions and salaries, driven by both
       business performance improvements during the period and
       the impact of COVID-19 on the prior year, a higher
       provision for doubtful accounts, increased post-pandemic
       travel resulting in higher travel and entertainment
       expenses, and higher professional fees, partially offset
       by the impact of market fluctuations on an unfunded
       equity-linked retirement plan offered by the Company to
       certain employees.

     * Adjusted OIBDA of $472.4 million increased $132.1 million,
       or 38.8%.

As of December 31, 2022, the company has total assets of $5.99
billion against total liabilities of $4.64 billion, and total
stockholder equity of $1.22 billion.

"Our fourth quarter results capped off another great year for
OUTFRONT. In 2022, we grew revenues over 20%, Adjusted OIBDA nearly
40%, and added a record amount of digital inventory." said Jeremy
Male, Chairman and Chief Executive Officer of OUTFRONT Media.
"We're especially proud to have delivered such significant growth
despite some headwinds created by the ongoing macroeconomic
uncertainty. Looking forward, we believe we are in good position to
continue growing revenues, Adjusted OIBDA, and AFFO in 2023."

           About OUTFRONT Media Inc.  

Headquartered in New York, New York, OUTFRONT Media Inc. leases
advertising space on out-of-home advertising structures and sites.

On November 21, 2022, Egan-Jones Ratings Company retained its 'CCC'
foreign currency senior unsecured ratings on debt issued by
Outfront Media Inc.  EJR also retained its 'C' rating on commercial
paper issued by the Company.


OVERLOOK ROAD: To Sell Property by August; Files Amended Plan
-------------------------------------------------------------
The Overlook Road Los Gatos Development, LLC submitted a Proposed
Second Amended Combined Plan of Reorganization and Tentatively
Approved Second Amended Disclosure Statement dated March 23, 2023.

If the Plan is confirmed, the payments promised in the Plan
constitute new contractual obligations that replace the Debtor's
pre-confirmation debts. Creditors may not seize their collateral or
enforce their pre-confirmation debts so long as Debtor performs all
obligations under the Plan.

If Debtor defaults in performing Plan obligations, any creditor can
file a motion to have the case dismissed or converted to a Chapter
7 liquidation or enforce their non-bankruptcy rights. Enforcement
of the Plan, discharge of the Debtor.

Debtor owns a 100% fee interest in the Property. The Property
consists of a single-family residence, a spec home, that is under
construction, but nearing completion. Debtor expects to sell
Property at or near its after built fair market value and pay all
Class 1 claims, in full, from the sale escrow account.

The estimated time for Project construction completion is May 2023.
Debtor will sell the collateral by August 2023, paying secured
creditors from the proceeds of the sale. Debtor will file a motion
for approval of any such sale on 28 days' notice to lien holders.
Unless the court orders otherwise, a lienholder whose lien is not
in bona fide dispute may credit bid the amount of its lien at the
sale. Any deficiency claim is a general unsecured claim treated in
Part 2.

Post-confirmation interest on the Class 1A claim shall accrue
interest at 10% per year from and after the Effective Date of the
Plan. This Claim shall be paid in full as a single payment upon the
sale of the Property. Post-confirmation interest on the Class 1B,
1D and 1E claims shall accrue interest at 0% per year from and
after the Effective Date of the Plan. These Claims shall be paid in
full as a single payment upon the sale of the Property.

Post-confirmation interest on the Class 1C claim shall accrue
interest at 10% per year from and after the Effective Date of the
Plan. This Claim is disputed. Upon the sale of the Property, Debtor
shall place into the Disputed Claim Reserve an amount equal to
satisfy this claim as if it were fully allowable and undisputed.
Once the Court has determined the allowable amount for this claim,
Debtor shall pay such allowable amount, in full, as a single
payment.

Post-confirmation interest on the Class 1F claim shall accrue
interest at 12% per year from and after the Effective Date of the
Plan. This Claim shall be paid in full as a single payment upon the
sale of the Property.

Like in the prior iteration of the Plan, Class 2(a) General
Unsecured Creditors will receive a pro-rata share of a fund
totaling $37,633.92, created by Debtor's payment of a single lump
sum payment from the proceeds of the sale of the Property. Pro rata
means the entire amount of the fund divided by the entire amount
owed to creditors with allowed claims in this class.

Funding to complete the Overlook project will be provided by
McClenahan and/or Eagle Home Loans, Inc. Eagle Home Loans, Inc. has
been operating as a lending company for approximately 30 years. Mr.
McClenahan owns 100% of Eagle Home Loans, Inc., and is a 90% owner
of the Debtor. Although Eagle Home Loan, Inc. provides loans as a
business, no loans are being provided to Debtor. Mr. McClenahan is
merely making a capital contribution through his company which
constitutes a gift to the Debtor.

A total of $352,000 cash was pledge by Eagle Home Loans, Inc. to
finish the construction improvements on the Property. To date,
$165,000 has been provided and spent. The cash contribution needed
to fund the remaining construction of $188,907 will be made as a
capital contribution to the Debtor. Such funds will be used only
for the sole purpose of completing the construction project. This
cash contribution will be considered a gift and will not change the
ownership percentage of the Debtor.

MFA Construction will perform all tasks with the exception of
insulation and sprinklers. MFA has a glass, welding, and mill shop
which will allow for the manufacture of cabinets, vanities,
interior/exterior railings, as well as all glass and mirror
preparation for installation. The craftmanship of MFA will allow
for large savings and assist greatly in costing and scheduling.

Debtor shall sell the Property by August 2023, paying secured
creditors from the proceeds of the sale. All claims will be paid
through the escrow. Any claims not paid through escrow will be
granted relief from the automatic stay.

A full-text copy of the Second Amended Combined Plan and Disclosure
Statement dated March 23, 2023 is available at
https://bit.ly/3Zibl08 from PacerMonitor.com at no charge.

           About The Overlook Road Los Gatos

The Overlook Road Los Gatos Development LLC is a Single Asset Real
Estate (as defined in 11 U.S.C. Sec. 101(51B)).

The Overlook Road Los Gatos Development sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No.
22-50557) on June 29, 2022, listing up to $50,000 in assets and up
to $10 million in liabilities.  Saul Flores, managing member,
signed the petition.

Stanley A. Zlotoff, Esq., at Stanley A. Zlotoff, A Professional
Corporation, is the Debtor's legal counsel.


PALACE CAFE: Amends Priority Tax Claims Pay Details
---------------------------------------------------
Palace Cafe, Inc., submitted a First Amended Small Business
Combined Plan of Reorganization and Disclosure Statement dated
March 23, 2023.

The Debtor intends to sell its real estate properties and use the
proceeds of the sale to pay its creditors. The sales shall be made
free and clear of all liens and encumbrances with all valid and
perfected security interests in the properties sold to attach to
the proceeds of the sale in the order and with the priority as
provided by applicable law and as those interests appear of
record.

The sale of properties will be conducted after the properties have
been noticed for sale in such a way as to expose the sale to market
forces, to allow for competitive bidding and after arms-length
negotiations.

The Debtor has sought permission to employ EXP Realty, LLC as its
Broker for the marketing and sale of the property of the estate.
Once approved, EXP Realty will perform the following services for
the Debtor:

     * Prepare all marketing materials, advertising and publicity
necessary to advertise and promote the sale.

     * Generate leads, to list the property for sale in the
applicable Multiple Listing Services, and to otherwise advertise
the property for sale.

     * Utilize its experience and expertise to sell the property in
a professional manner in an effort to obtain the highest possible
price for the property.

     * Appear in the Bankruptcy Court and testify about the sale or
any related matter upon request.

The sales initial purchase price for 135 West Landry Street will be
$250,000.00, however, the Debtor is optimistic that offers to
purchase this property will be higher.

The Listing Agreement provides that the contact expires on
September 22, 2023. If a Motion to Approve the Sale of the property
located at 135 West Landry Street has not been filed with the Court
on or before September 22, 2023, then, in that event, the automatic
bankruptcy stay shall be lifted to allow any creditor to seek its
lawful remedies in state court.

If the proceeds from the sale of the property located at 135 West
Landry Street is insufficient to satisfy, in full, all Allowed
Claims, then, in that event, the Debtor will market and sell the
property located at 133 West Landry Street.

Class 1 consists of all Allowed Priority Tax Claims. Priority tax
claims are unsecured income, employment, sales and other taxes
described by 11 U.S.C. §507(a)(8) of the Code. Holders of Allowed
Priority Tax Claims shall not be entitled to receive payment of any
penalty as a part of its Priority Tax Claim (but the term "penalty"
shall not include statutory interest on such claim). Any claim or
demand for any such penalty shall be subject to treatment as a
General Unsecured Claim in Class 5.

All Priority Tax Claims shall be paid in accordance with 11 U.S.C.
§1129(a)(9)(C) and at the interest rate required by 11 U.S.C. §
511 which is currently 6.5% per annum. The final payment of any
Priority Tax Claim shall be completed on or before July 25, 2027.
The Internal Revenue Service has filed a priority tax claim in the
sum of $1,651.89. The Louisiana Department of Revenue has filed a
priority tax claim in the sum of $882.73.

The Debtor will pay the Allowed Priority Tax Claims of the Internal
Revenue Service and the Louisiana Department of Revenue from the
proceeds of the sale of 135 West Landry Street and, if necessary,
the sale of 133 West Landry Street. This Class in an impaired
class.

Class 2 consists of the Allowed Secured Claim of Charles R.
Jagneaux. The secured claim of the Charles R. Jagneaux is secured
by a first mortgage on the commercial properties located at 133
West Landry Street and 135 West Landry Street, Opelousas, Louisiana
owned by the Debtor. This is a fully secured claim. As of the date
of filing of this Plan, the secured claim due Charles R. Jagneaux
was $154,748.23 inclusive of accrued interest and attorney fees in
accordance with the proof of claim filed in this proceeding. The
Debtor has requested additional information about this claim. The
Debtor reserves the right to object to this proof of claim. The
sale of the Debtor's property shall be free and clear of all liens
and encumbrances, including this lien. The Allowed Secured Claim of
Charles R. Jagneaux shall attach to proceeds of the sale. The
Allowed Secured Claim of the Charles R. Jagneaux will be paid in
full from the proceeds of the sale of 135 West Landry Street and,
if necessary, the sale of 133 West Landry Street.

Class 3 consists of the Allowed Secured Claim of the Louisiana
Department of Revenue (hereinafter "LDR"). The secured claim of LDR
is derived from a tax lien filed against the Debtor in the Official
Records of St. Landry Parish by LDR on May 1, 2019. This tax lien
acts as a mortgage on all real property owned by the Debtor in St.
Landry Parish. As of the date of filing of this Plan, the secured
claim due LDR was $49,528.31 inclusive of accrued interest and
attorney fees in accordance with the proof of claim filed in this
proceeding. The sale of the Debtor's property shall be free and
clear of all liens and encumbrances, including this lien. The
Allowed Secured Claim of LDR shall attach to proceeds of the sale.
The Allowed Secured Claim of LDR in the sum of $49,528,31 will be
paid in full from the proceeds of the sale of 135 West Landry
Street and, if necessary, the sale of 133 West Landry Street.

Class 4 consists of the Allowed Secured Claim of Solid Brick, LLC.
The secured claim of Solid Brick is derived from a Judgment in
favor of Solid Brick and against the Debtor rendered December 6,
2021 and recorded in the Official Records of St. Landry Parish on
December 13, 2021. As of the date of filing of this Plan, the
secured claim due Solid Brick, LLC was $53,264.70 inclusive of
accrued interest and attorney fees in accordance with the proof of
claim filed in this proceeding. The sale of the Debtor's property
shall be free and clear of all liens and encumbrances, including
this lien. The Allowed Secured Claim of Solid Brick shall attach to
proceeds of the sale. The Allowed Secured Claim Solid Brick, LLC in
the sum of $53,264.70 will be paid in full from the proceeds of the
sale of 135 West Landry Street and, if necessary, the sale of 133
West Landry Street.

Like in the prior iteration of the Plan, Holders of Allowed Class 5
General Unsecured Claims shall receive one or more cash
distributions on a pro rata basis following payments of Allowed
Administrative Claims and Allowed Priority Claims.

The Debtor believes that the sale of the restaurant building
located to 135 West Landry Street, Opelousas, Louisiana will
generate sufficient funds to pay all Allowed Claims 100%. If there
are Allowed Claims remaining unpaid after the sale of 135 West
Landry Street and the disbursement of sales proceeds, then, in that
event, the Debtor will market and sell the commercial building
located at 133 West Landry Street. If there are allowed claims
remaining unpaid after the sale of 133 West Landry Street, then
there will be no further distribution to any creditors under this
Plan.

A full-text copy of the First Amended Small Business Combined Plan
and Disclosure Statement dated March 23, 2023 is available at
https://bit.ly/3K8mxbg from PacerMonitor.com at no charge.

Debtor's Counsel:

     D. Patrick Keating, Esq.
     THE KEATING FIRM, APLC
     P.O. BOX 3426
     Lafayette, LA 70502
     Phone: (337)594-8200
     Email: rickkeating@charter.net

                        About Palace Cafe

Palace Cafe, Inc., sought protection for relief under Chapter 11 of
the Bankruptcy Code (Bankr. W.D. La. Case No. 22-50478) on July 25,
2022, listing $100,001 to $500,000 in both assets and liabilities.
Judge John W. Kolwe oversees the case.

D. Patrick Keating, Esq. at the Keating Firm, APLC, is the Debtor's
counsel.


PURE BIOSCIENCE: Tom Lee Quits as President, CEO
------------------------------------------------
Tom Y. Lee resigned as Pure Bioscience, Inc.'s president and chief
executive officer, effective as of March 15, 2023.  Mr. Lee will
continue to serve as a member of the Company's Board of Directors.

The Board appointed Robert Bartlett, a member of the Board, as the
Company's president and chief executive officer, effective as of
the Effective Date.  In connection with his appointment, Mr.
Bartlett transitioned off the audit committee of the Board and the
compensation committee of the Board, each effective as of the
Effective Date.  Mr. Bartlett will continue to serve as a member of
the Board.  As of the Effective Date, Mr. Bartlett will no longer
receive compensation under the Company's non-employee director
compensation program.

Mr. Bartlett, 78, has served as a member of the Board since
February 2023.  Mr. Bartlett retired in 2006 as Chairman of the
Board of Advanced Marketing Services, a major distributor of books
and media to warehouse clubs worldwide.  Since 1995, he has been
the founder and managing director of Combined Resources
International, a manufacturer and distributor of picture frames,
cork erase boards, and children's furniture to warehouse clubs in
the United States and Canada.  From 1993 to 1995, he served as vice
president, divisional manager at Anderson Chamberlain, Inc., an
in-house general merchandise and food broker for Costco's warehouse
clubs worldwide. From 1990 to 1993, he served as Senior Vice
President, Operations, Merchandising, Traffic and Distribution with
Source Club, Inc., a division of Meijer Stores.  From 1989 to 1990,
he served as Executive Vice President Merchandising, Operations,
Traffic and Distribution with The Wholesale Club, Inc. until it was
sold to Walmart in 1990.  Prior to that, from 1981 to 1989, he was
Executive Vice President, Merchandising, Traffic and Distribution
at The Price Company, Inc., the first membership warehouse club in
the United States, which later merged with Costco.  He served in
the United States Army after being drafted in 1965.  He served as
an artillery surveyor/training non-commissioned officer for an
artillery battalion of the 7th Army in Europe, after which he was
honorably discharged at the rank of Sergeant (E-5) in 1967.  After
discharge, he attended junior college under the GI Bill.

The Company entered into an employment agreement with Mr. Bartlett
in connection with his appointment as president and chief executive
officer.  The Employment Agreement provides that Mr. Bartlett will
receive a base salary of $300,000 per year and a sign-on bonus of
$17,500.  Additionally, pursuant to the terms of the Employment
Agreement, the Compensation Committee will award Mr. Bartlett an
option to purchase 500,000 shares of the Company's common stock.
The Bartlett Option will vest over time based on Mr. Bartlett's
continuous service as follows: 25% of the shares of Common Stock
shall vest on a quarterly basis following the date of grant of the
Bartlett Option such that the Bartlett Option shall fully vest on
the one-year anniversary of grant.  The exercise price per share of
the Bartlett Option will be equal to the fair market value of the
Common Stock on the date of grant.  The Company intends to grant
Mr. Bartlett’s equity awards under the Company's 2017 Equity
Incentive Plan. Mr. Bartlett will be subject to customary
indemnification provisions.

The Company stated there are no family relationships between Mr.
Bartlett and any of the Company's directors or executive officers
and he has no direct or indirect material interest in any
transaction required to be disclosed pursuant to Item 404(a) of
Regulation S-K.

                Chief Operating Officer Transition

Tom Myers, the Company's chief operating officer and member of the
Board, resigned as the Company's chief operating officer in
connection with his transition to the Company's executive vice
president, Technology and Development, each effective as of the
Effective Date.  Mr. Myers will continue to serve as a member of
the Board.

                      Board Member Resignation

On March 19, 2023, Kristin A. Taylor delivered notice to the Board
of her resignation from the Board, effective March 19, 2023.  Ms.
Taylor also resigned her membership on the Audit Committee and the
Compensation Committee.  The resignation is not a result of any
disagreement with the Company on any matter relating to the
Company's operations, policies or practices.

                    About PURE Bioscience Inc.

PURE Bioscience, Inc. -- www.purebio.com -- is focused on
developing and commercializing its proprietary antimicrobial
products primarily in the food safety arena.  The Company provides
solutions to combat the health and environmental challenges of
pathogen and hygienic control. Its technology platform is based on
patented, stabilized ionic silver, and its initial products contain
silver dihydrogen citrate, better known as SDC.  PURE is
headquartered in Rancho Cucamonga, California (San Bernardino
metropolitan area).

PURE Bioscience reported a net loss of $3.49 million for the year
ended July 31, 2022, compared to a net loss of $2.32 million for
the year ended July 31, 2021.  As of Oct. 31, 2022, the Company had
$3.70 million in total assets, $699,000 in total liabilities, and
$3 million in total stockholders' equity.

Los Angeles, California-based Weinberg and Company, P.A., the
Company's auditor since 2019, issued a "going concern"
qualification in its report dated Oct. 28, 2022, citing that the
Company has suffered recurring losses from operations and negative
cash flows from operating activities that raise substantial doubt
about its ability to continue as a going concern.


RESHAPE LIFESCIENCES: Signs Office Lease With Irvine Co
-------------------------------------------------------
ReShape Lifesciences Inc. entered into a lease with The Irvine
Company LLC, a Delaware limited liability company, whereby the
Company agreed to lease approximately 5,038 square feet at 18
Technology Drive, Suite 110, Irvine, California 92618.  The Lease
has a term of 36 months commencing on May 1, 2023.  

The Company intends to relocate its principal executive offices
from its current San Clemente, California location to the Irvine,
California location.  The Company's lease for its current facility
expires on June 30, 2023.  The relocation is expected to result in
approximately $240,000 in annual cost savings related to the
Company's rent payments under its lease.

Under the Lease, the Company has agreed to pay rent, after an
initial two month abatement period, in an initial amount equal to
$9,068 per month, subject to subsequent scheduled increases.  The
Company will also be responsible for its pro rata share of
operating expenses, including property taxes.  The Lease contains
customary representations, warranties, covenants, indemnification
provisions, default provisions, and other provisions.

                      About ReShape Lifesciences

ReShape Lifesciences Inc. (Obalon Therapeurtics, Inc.) is a weight
loss and metabolic health-solutions company, offering an integrated
portfolio of proven products and services that manage and treat
obesity and metabolic disease.

ReShape reported a net loss of $61.93 million for the year ended
Dec. 31, 2021, a net loss of $21.63 million for the year ended Dec.
31, 2020, and a net loss of $23.67 million for the year ended Dec.
21, 2019.  As of Sept. 30, 2022, the Company had $28.46 million in
total assets, $7.51 million in total liabilities, and $20.94
million in total stockholders' equity.

In its Quarterly Report filed on November 14, 2022, Reshape
Lifesciences Inc. said that based on its available cash resources,
it may not have sufficient cash on hand to fund its current
operations for more than 12 months from the date of filing its
Quarterly Report. This condition raises substantial doubt about the
Company's ability to continue as a going concern.


RICE ENTERPRISES: Operator of 8 McDonald's Sites in Chapter 11
--------------------------------------------------------------
Rice Enterprises LLC filed for chapter 11 protection in the Western
District of Pennsylvania.

The Debtor is a Pennsylvania-registered limited liability company,
doing business as "McDonald's" and operates eight McDonald's
restaurants in Allegheny County located at the following addresses:


    * 4214 Brownsville Rd, Brentwood, Pennsylvania, 15227;
    * 549 Clairton Blvd, Pittsburgh, Pennsylvania, 15236;
    * 2090 Lebanon Church Rd, West Mifflin, Pennsylvania, 15122;
    * 82 Fort Couch Road, Pittsburgh, Pennsylvania, 15241;
    * 5261 Library Road, Bethel Park, Pennsylvania, 15102;
    * 2100 Washington Pike, Heidelberg, Pennsylvania, 15106;
    * 801 Allegheny Ave, Pittsburgh, Pennsylvania, 15233; and
    * 630 Brownsville Rd, Mount Oliver, Pennsylvania, 15210.

As of the Petition Date, the Debtor's primary lender is BMO Harris
Bank, N.A., a national banking association.  On Dec. 24, 2019, the
Debtor and Lender entered into a credit agreement ("First
Agreement") wherein Lender agreed to make a term loan to the Debtor
in the principal amount of $1,366,960 and a non-Revolving Line of
Credit in the principal amount of $1,725,000 (the "Line of Credit
I").  On Feb. 1, 2021, the Debtor and Lender entered into a
subsequent credit agreement ("Second Agreement"), which was amended
on Feb. 1, 2022, wherein the Lender agreed to make a second
Non-Revolving Loan to the Debtor in the principal amount of
$1,520,000 (the "Line of Credit II").

As of the Petition Date, the Debtor believes that the balance due
under the Term Loan I is $849,181, the balance due under the Line
of Credit I is $1,313,224, and the balance due under the Line of
Credit II is $1,284,524.

The petition states that funds will be available to unsecured
creditors.

                      About Rice Enterprises

Rice Enterprises, LLC, filed a petition for relief under Subchapter
V of Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No.
2:23-bk-20556) on March 15, 2022.  In the petition filed by
Michelle Rice, as sole member, the Debtor reported assets between
$10 million and $50 million and liabilities between $1 million and
$10 million.

The Debtor is represented by:

    Kirk B. Burkley, Esq.
    Bernstein-Burkley, P.C.
    5415 Clairton Blvd.
    Pittsburgh, PA 15236
    Tel: 412-456-8100
    Email: kburkley@bernsteinlaw.com


RISING TIDE: S&P Raises ICR to 'CCC' Following Distressed Exchange
------------------------------------------------------------------
S&P Global Ratings raised its issuer-credit rating on U.S.-based
marine aftermarket retailer Rising Tide Holdings Inc. (d/b/a West
Marine) to 'CCC' from 'SD' (selective default), yet see significant
operational and management uncertainty, leading it to maintain
S&P's view of the capital structure as unsustainable.

At the same time, S&P rated the 1A first-lien term loan 'CCC' with
a '3' recovery rating. It also rates the other new debt facilities,
including the 1B and 2A term loans, 'CC' with '6' recovery
ratings.

The negative outlook reflects the risk that Rising Tide could face
a conventional default in the coming 12 months absent significant
traction in operating performance amid a slowing economy,
operational uncertainty, and recent high management turnover.

Rising Tide's capital structure remains unsustainable because of
its heavy debt load and operating performance uncertainty amid a
slowing economy. S&P said, "We still see significant risks over the
next 12 months despite the company avoiding a broader restructuring
with its recently completed debt exchange. Rising Tide's ability to
generate significant sales growth and profitability remain
uncertain amid our expectation for an economic contraction and
persistent inflation. This economic volatility could lead to less
consumer spending on boating products and more on essentials. We
hold this view despite projecting a rebound in sales this year
following a more than 6% decline last year. At the same time,
significant management turnover over the last year leads to
uncertainty in the company's strategy and operating performance.
Profitability has been weak over the last two years, with S&P
Global Ratings-adjusted EBITDA margins in the low- to mid-single
digits as percent of sales. The new management team's ability to
sustainably improve profitability may be difficult as the economy
slows. We also project S&P Global Ratings-adjusted EBITDA margins
of about 8% this year, well below the mid-teens percent rate of
years past, and that adjusted leverage will remain elevated at
about 15x at year-end. We also estimate minimal reported free
operating cash flow generation in our base-case projections and
that a shortfall in sales or EBITDA will increase the risk of
further liquidity stress."

Despite incremental liquidity improvement, uncertainty remains as
to whether the debt exchange will provide ample time to turn around
operations. The exchange gives the company about a year to improve
sales, profitability, and cash flow. This includes additional
liquidity that S&P thinks will give Rising Tide about 12 months to
show traction in its strategic direction. For example, the exchange
provided Rising Tide additional liquidity from the $30 million in
borrowings from a first-in, last-out (FILO) term loan. In addition,
liquidity will at least temporarily be in a better position over
the next year because of the PIK interest payments.

Following the restructuring, PIK interest will approach $50
million, compared to total interest expense, including the PIK
interest, of about $80 million. For comparison, Rising Tide was
previously required to pay about $80 million in cash interest
annually. Still, the PIK interest payment period will be subject to
interest coverage tests beginning in 2024. This and S&P's view of
performance uncertainty lead us to view the capital structure as
unsustainable.

Rising Tide concluded the debt exchange on Feb. 28, when it
restructured its $394 million first-lien term loan ($120 million
first-lien term loan held by the sponsor, L Catterton) and $120
million second-lien term loan facility. All debtholders
participated in the exchange, which concluded with the following
capital structure:

-- The first-lien term loan was exchanged into a $394 million 1A
first-lien term loan.

-- L Catterton's $120 million term loan was exchanged into a $60
million 1B first-lien term loan and 2A second-lien term loan.

-- Second-lien term loan lenders received $60 million in the 1B
first-lien term loan and $60 million 2A term loan.

All exchanged debt tranches will receive PIK interest for one year,
and starting in 2024 interest will paid in either cash or PIK
interest depending on interest coverage. S&P had viewed the
exchange as distressed because Rising Tide faced liquidity
constraints and term loan lenders received less than originally
promised. This includes the receipt of PIK interest and meaningful
changes to subordination.

The negative outlook on Rising Tide reflects the risk that
sustainable improvement in operating performance may elude the
company because of economic volatility and management turnover,
which could result in a once again restructured capital structure.

S&P could lower its rating on Rising Tide in the event of increased
default risk in the next six months. This could occur if the
company cannot sustain an improvement in sales and profitability,
likely raising the risk of a conventional default.

S&P could revise its outlook to stable or raise its rating on
Rising Tide if S&P came to view the company's capital structure as
more sustainable, likely resulting from a durable improvement in
business prospects and performance.

Environmental, Social, And Governance

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

S&P revised its governance indicator to G-4 from G-3, reflecting a
negative consideration in its credit rating analysis because of
high management turnover, and our uncertainty concerning the
sustainability of operating performance and capital structure. It
also considers the continued ownership of Rising Tide's private
equity owners.



SHERLOCK STORAGE: Mohorcich Trust Objects to Disclosures Approval
-----------------------------------------------------------------
Creditor Holly M. Mohorcich, Trustee of the Mark Mohorcich
Irrevocable Trust, a secured creditor in this bankruptcy under
Amended Claim 31, objects to final approval of Sherlock Storage,
LLC's Disclosure Statement for its Plan of Liquidation.

The Trust's claim is secured by a first priority deed of trust
against the Debtor's commercial storage units and related Missoula
real property, including leases and rents. The value of the
property is estimated at approximately $5 million and is presently
listed for sale. The Trust is listed in the Debtor's "Plan of
Liquidation Dated January 17, 2023" as a Class
I-Secured-Impaired-Undisputed Claim. The Trust is the single
largest creditor by far.

Typically, this would be a straightforward and relatively simple
liquidation plan in which the property is sold, the Trust is paid
in full (including appropriate interest and reasonable attorney
fees) and the matter concluded. Unfortunately, the single member
and manager of the Debtor, Kenneth "Jay" Flynn, is serial litigant
and apparently intends to continue his baseless and vexatious
claims, including against the Trust and others, as part of this
bankruptcy case.

The Mohorcich Trust objects to approval of the Debtor's Disclosure
Statement because (1) it fails to disclose the history of Mr.
Flynn's vexatious litigation in which many of the same "claims"
which are treated in Debtor's proposed plan have already been
litigated and dismissed or are the subject of pending lawsuits; (2)
because Debtor has inaccurately described the facts of its baseless
"claims" against the Trust, Christian and others and, more
importantly , because the Debtor fails to explain how the Debtor is
the real party in interest to assert said claims and how they
operate as a defense or offset to the Trust's claim; (3) because
Debtor fails to explain where its ‘claims" against the Mohorcich
Trust will be litigated and when they will be considered "resolved"
such to trigger payment; (4) because the Debtor fails to explain
the reason and authority for reducing the interest rate on the
Trust's claim from the contract rate of 8% to 4%; and (5) because
Debtor fails to explain the auction process if the storage real
property is not sold including the reserve, who will hold funds and
under what terms.

Attorneys for Holly M. Mohorcich:

     Martin S. King, Esq.
     WORDEN THANE P.C.
     321 W. Broadway, Ste. 300
     Missoula, MT 59802
     Tel: 406-721-3400
     Fax: 406-721-6985
     E-mail: mking@wordenthane.com

                     About Sherlock Storage

Sherlock Storage, LLC, sought protection for relief under Chapter
11 of the Bankruptcy Code (Bankr. D. Mont. Case No. 22-90150) on
Oct. 4, 2022, with $1 million to $10 million in both assets and
liabilities.  Judge Benjamin P. Hursh oversees the case.

Gary S. Deschenes, Esq., at Deschenes & Associates Law Offices and
Cappis Consulting & Tax, LLC, serve as the Debtor's legal counsel
and accountant, respectively.


SILICON VALLEY BANK: FDIC Keeps Bridge Bank While Mulling Options
-----------------------------------------------------------------
The Federal Deposit Insurance Corporation (FDIC) said March 20,
2023, it has extended the bidding process for Silicon Valley Bridge
Bank, National Association, Santa Clara, California.  There has
been substantial interest from multiple parties, and the FDIC and
the bidders need more time to explore all options in order to
maximize value and achieve an optimal outcome.

To help simplify the bidding process and expand the pool of
potential bidders, the FDIC will allow parties to submit separate
bids for Silicon Valley Bridge Bank, N.A., and its subsidiary
Silicon Valley Private Bank. Qualified, insured banks, and
qualified, insured banks in alliance with nonbank partners, will be
able to submit whole-bank bids or bids on the deposits or assets of
the institutions. Bank and non-bank financial firms will be
permitted to bid on the asset portfolios.

The FDIC sought bids on Silicon Valley Private Bank by 8:00 P.M.
EDT on Wednesday, March 22, 2023, and on Silicon Valley Bridge
Bank, N.A. by 8:00 P.M. EDT on Friday, March 24, 2023.

In the meantime, Silicon Valley Bridge Bank, N.A., continues to
operate as a nationally chartered bank. Depositors will continue to
have full access to all of their money through Silicon Valley
Bridge Bank, N.A., which operates 17 branches in California and
Massachusetts, and through online banking, ATM and debit card, and
by writing checks. Loan customers should continue making loan
payments as usual.

Vendors and counterparties with contracts with the bridge bank are
legally obligated to continue to perform under the contracts.
Silicon Valley Bridge Bank, N.A., has the full ability to make
timely payments to vendors and counterparties and otherwise perform
its obligations under the contract.

The FDIC created Silicon Valley Bridge Bank, N.A., on March 13,
2023, after being appointed receiver of the former Silicon Valley
Bank by the California Department of Financial Protection and
Innovation. All of the deposits -- both insured and uninsured-- and
substantially all assets, and all Qualified Financial Contracts of
Silicon Valley Bank were transferred to the bridge bank.

The purpose of establishing Silicon Valley Bridge Bank, N.A., was
to allow time for the FDIC to stabilize the institution and market
the franchise.

                   About SVB Financial Group

SVB Financial Group is a financial services company focusing on the
innovation economy, offering financial products and services to
clients across the United States and in key international markets.

Prior to March 10, 2023, SVB Financial Group owned and operated
Silicon Valley Bank, a state-chartered bank.  During the week of
March 6, 2023, Silicon Valley Bank, Santa Clara, CA, experienced a
severe "run-on-the-bank."  On the morning of March 10, 2023, the
California Department of Financial Protection and Innovation seized
SVB and placed it under the receivership of the Federal Deposit
Insurance Corporation (FDIC).  SVB was the nation's 16th largest
bank and the biggest to fail since the 2008 financial meltdown.  

On March 17, 2023, SVB Financial Group sought Chapter 11 bankruptcy
protection (Bankr. S.D.N.Y. Case No. 23-10367).  The Hon. Martin
Glenn is the bankruptcy judge.

The Debtor had assets of $19,679,000,000 and liabilities of
$3,675,000,000 as of Dec. 31, 2022.

Centerview Partners LLC is proposed financial advisor, Sullivan &
Cromwell LLP proposed legal counsel and Alvarez & Marsal proposed
restructuring advisor to SVB Financial Group as
debtor-in-possession.  Kroll is the claims agent.


SILICON VALLEY BANK: Orrick to Advise Ex-CEO in Shareholder Suits
-----------------------------------------------------------------
Emilie Ruscoe of Law360 reports that Orrick Herrington & Sutcliffe
LLP attorneys will represent the embattled former CEO of Silicon
Valley Bank in shareholder actions launched on the heels of the
bank's stunning failure.

                   About SVB Financial Group

SVB Financial Group is a financial services company focusing on the
innovation economy, offering financial products and services to
clients across the United States and in key international markets.

Prior to March 10, 2023, SVB Financial Group owned and operated
Silicon Valley Bank, a state-chartered bank.  On the morning of
March 10, 2023, the California Department of Financial Protection
and Innovation seized SVB and placed it under the receivership of
the Federal Deposit Insurance Corporation (FDIC).  SVB was the
nation's 16th largest bank and the biggest to fail since the 2008
financial meltdown.  

On March 17, 2023, SVB Financial Group sought Chapter 11 bankruptcy
protection (Bankr. S.D.N.Y. Case No. 23-10367).  The Hon. Martin
Glenn is the bankruptcy judge.

The Debtor had assets of $19,679,000,000 and liabilities of
$3,675,000,000 as of Dec. 31, 2022.

Centerview Partners LLC is proposed financial advisor, Sullivan &
Cromwell LLP proposed legal counsel and Alvarez & Marsal proposed
restructuring advisor to SVB Financial Group as
debtor-in-possession.  Kroll is the claims agent.


SINCLAIR BROADCAST: Posts $2.7BB Net Income in 2022
---------------------------------------------------
Sinclair Broadcast Group Inc. swung to a net income of $2.7 billion
for the fiscal year ended December 31, 2022, from a net loss of
$326 million in 2021 and a net loss of $2.4 billion the year
before.

Sinclair Broadcast reported that its total revenues decreased 35%
to $960 million versus $1.476 billion compared to 2021.

Fourth Quarter Financial Highlights:

   * Total revenues decreased 35% to $960 million versus $1.476
     billion in the prior year period. Media revenues decreased
     35% to $952 million versus $1.460 billion in the prior year
     period primarily due to the deconsolidation of DSG on March
     1, 2022 (the 'Deconsolidation'). Excluding DSG, total
     revenues increased 18% and media revenues increased 19%
     compared to the prior year period.

   * Total advertising revenues of $503 million increased 31%
     versus $383 million in the prior year period. Excluding DSG,
     total advertising revenues increased 58% from $319 million in

     the prior year period. Core advertising revenues, which
     excludes political revenues, of $331 million were down 9%
     versus $364 million in the prior year period. Excluding DSG,
     core advertising revenues increased 10% from $301 million in
     the prior year period. The prior year period was impacted by
     a cyber incident which reduced revenues by an estimated $63
     million. Excluding the cyber incident and DSG results, core
     advertising revenues for the fourth quarter would have
     decreased 9%.

   * Distribution revenues of $415 million decreased versus
     $1.048 million in the prior year period due to the
     Deconsolidation. Excluding DSG, distribution revenues
     decreased 2% from $425 million in the prior year period.

   * Operating income of $253 million, including non-recurring
     costs for transaction and transition services, COVID, legal,
     and regulatory costs ("Adjustments") of $10 million,
     increased 52% versus operating income of $165 million in
     the prior year period, which included Adjustments of $19
     million. Operating income, when excluding the Adjustments,
     was $263 million compared to an operating income of $184
     million in the prior year period. Excluding DSG, operating
     income, excluding Adjustments, increased 110% from $125
     million in the prior year period.

   * Net income attributable to the Company was $55 million
     versus net loss of $89 million in the prior year period.
     Excluding Adjustments, net income was $63 million. Net
     loss from DSG in the prior year period was $69 million.

   * Adjusted EBITDA increased 32% to $309 million from $234
     million in the prior year period. Adjusted EBITDA from DSG
     in the prior year period was $34 million.

   * Diluted earnings per common share was $0.79 as compared to
     diluted loss per common share of $1.18 in the prior year
     period. On a diluted per-share basis, the impact of
     Adjustments was ($0.11) and the impact of Adjustments in
     the prior year period was ($0.19). Diluted loss per common
     share from DSG in the prior year period was $0.94.

2022 Full Year Financial Highlights:

   * Total revenues decreased 36% to $3.928 billion versus $6.134
     billion in the prior year period. Media revenues decreased
     36% to $3.894 billion versus $6.083 million in the prior
     year period primarily due to the Deconsolidation. Excluding
     DSG, total revenues increased 9% to $3.470 billion from
     $3.187 billion in the prior year period and media revenues
     also increased 10% to $3.436 billion from $3.136 billion in
     the prior year period.

   * Total advertising revenues of $1.614 billion decreased 5%
     versus $1.691 billion in the prior year period primarily due
     to the Deconsolidation. Excluding DSG, total advertising
     revenues increased 22% to $1.570 billion from $1.282 billion
     in the prior year period. Core advertising revenues, which
     excludes political revenues, of $1.283 billion, were down
     22% versus $1.651 billion in the prior year period.
     Excluding DSG, core advertising revenues decreased less
     than 1% to $1.238 billion from $1.243 billion in the prior
     year period.

   * Distribution revenues were $2.143 billion versus $4.288
     billion in the prior year period, decreasing primarily due
     to the Deconsolidation. Excluding DSG, distribution revenues
     increased 3% to $1.711 billion from $1.669 billion in the
     prior year period.

   * Operating income of $3.980 billion, including Adjustments of
     $33 million and a $3.357 billion gain on asset dispositions
     relating to deconsolidating DSG's net liability ("Gain on
     Deconsolidation"), increased versus operating income of $95
     million in the prior year period, which included Adjustments
     of $113 million. Operating income excluding the Adjustments
     and Gain on Deconsolidation was $656 million compared to an
     operating income, excluding Adjustments, of $208 million in
     the prior year period. Excluding DSG, operating income
     excluding Adjustments increased 46% to $663 million from $454

     million in the prior year period.

   * Net income attributable to the Company was $2.652 billion
     versus net loss of $414 million in the prior year period.
     Excluding Adjustments and the Gain on Deconsolidation, the
     Company had a net income of $74 million. Net loss from DSG
     in the first two months of 2022 was $94 million and in the
     prior year twelve month period was $756 million.

   * Adjusted EBITDA decreased 27% to $944 million from $1.300
     billion in the prior year period. Adjusted EBITDA from DSG
     in the first two months of 2022 was $54 million and in the
     prior year twelve month period was $547 million.

   * Diluted earnings per common share was $37.54 as compared to
     diluted loss per common share of $5.51 in the prior year
     period. On a diluted per-share basis, the impact of
     Adjustments and the Gain on Deconsolidation was $36.49 and
     the impact of Adjustments in the prior year period was
     ($1.16). Diluted loss per common share from DSG in the prior
     year period was $10.09.

"Sinclair had a solid finish to 2022, setting records for our
Broadcast and other advertising and distribution revenues. Strong
political revenues were a big factor in the record results,
demonstrating the strong value proposition TV continues to offer in
reaching the masses," said Chris Ripley, Sinclair's President &
Chief Executive Officer. "We entered 2023 financially strong and
are well-positioned to weather whatever economic environment we
face in the year ahead."

Ripley continued, "Our focus remains on raising the bar of the
viewing experience, through providing higher quality programming
and increased functionality and interactivity, engaging the viewer
at a whole new level. We are ramping up our investment in several
areas this year to help drive our business forward, including
investments in technology and in our four growth pillars -
multi-platform content, marketing services, data distribution, and
community & interactivity. We continue to build on our progress in
developing the ATSC 3.0 broadcasting standard which we believe will
offer numerous incremental business use cases for the entire
industry, creating an important diversified revenue stream into the
future. Our leadership position in helping develop the technology
and in validating its market potential position us well to
capitalize on this exciting next chapter of broadcasting."

         About Sinclair Broadcast Group Inc.

Headquartered in Hunt Valley, Cockeysville, Maryland, Sinclair
Broadcast Group, Inc. operates as a television broadcasting
company.

As of December 31, 2022, the Company had $6.7 billion in total
assets against $5.8 billion in total liabilities.

On October 12, 2022, Egan-Jones Ratings Company retained its 'CCC'
foreign currency senior unsecured ratings on debt issued by
Sinclair Broadcast Group Inc.  

EJR also retained its 'C' foreign currency and local currency
ratings on commercial paper issued by the Company.



SORRENTO THERAPEUTICS: Rival NantCell Removed From Committee
------------------------------------------------------------
Vince Sullivan of Law360 reports that a Texas judge removed
NantCell Inc. from the unsecured creditors committee in the Chapter
11 case of drugmaker Sorrento Therapeutics on Monday, March 20,
2023, saying the group's activity is hampered by procedures put in
place to address NantCell's conflicts of interest in the case.

The Debtors had sought an order from the Court to force the removal
of NantCell.  According to the Debtors NantCell is a competitor of
the Debtors and has been locked in litigation, in multiple forums,
for several years.

According to the Debtors, unsecured creditors stand to benefit from
an efficient chapter 11 process that the Debtors hope to effectuate
through a chapter 11 plan that would pay general unsecured claims
in full.  On the other hand, NantCell, the Debtors point out, is a
competitor of the Debtors that will benefit if the Debtors fail to
reorganize or fail to sell the company as a going concern.

NantCell notes that the Creditors Committee's other four members
unanimously voted, outside the presence of NantCell, in favor of
NantCell continuing to serve on the Creditors' Committee.

"NantCell wants its judgment paid, full stop.  How it gets paid,
and whether Sorrento can pay it in full, will of course be the
subject of these Chapter 11 cases.  NantCell also wants Sorrento to
preserve its assets for the benefit of creditors and not waste
resources on poor decisions, as it has done for years in the past,
including very recently. NantCell agreed to the U.S. Trustee's
request that it be on the Unsecured Creditors' Committee because
NantCell wants to maximize the assets available to pay itself and
other creditors in full.  NantCell contributes, and is motivated to
continue to contribute, value to the Unsecured Creditors'
Committee.  But NantCell's interest will remain exactly the same
whether or not NantCell is a Committee member," NantCell said in
court filings.

Judge David Jones, following a hearing, ordered the U.S. Trustee to
reconstitute the Unsecured Creditors' Committee by removing member
NantCell, Inc., from the Committee.  The U.S. Trustee declined to
appoint a replacement member.

The remaining members of the Committee are Synova Pesquisa
Cientifica LTDA., Worldwide Clinical Trials, Inc., TriLink
Biotechnologies, LLC, and
HCP Life Science REIT, Inc.  The four committee members are a
landlord and trade creditors of the Debtors.

                 About Sorrento Therapeutics

Sorrento Therapeutics, Inc. (OTC: SRNEQ --
http://www.sorrentotherapeutics.com/-- is a clinical and
commercial stage biopharmaceutical company developing new therapies
to treat cancer, pain (non-opioid treatments), autoimmune disease
and COVID-19.  Sorrento's multimodal, multipronged approach to
fighting cancer is made possible by its extensive immuno-oncology
platforms, including key assets such as next-generation tyrosine
kinase inhibitors ("TKIs"), fully human antibodies ("G-MAB(TM)
library"), immuno-cellular therapies ("DAR-T(TM)"), antibody-drug
conjugates ("ADCs"), and oncolytic virus ("Seprehvec(TM)").
Sorrento is also developing potential antiviral therapies and
vaccines against coronaviruses, including STI-1558, COVISHIELD(TM)
and COVIDROPS(TM), COVI-MSCTM; and diagnostic test solutions,
including COVIMARK(TM).

Sorrento Therapeutics, Inc., and Scintilla Pharmaceuticals, Inc.,
sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No.
23-90085) on Feb. 13, 2023. Sorrento disclosed assets in excess of
$1 billion and liabilities of about $235 million as of Feb. 10,
2023.

Judge David R. Jones oversees the cases.

Jackson Walker LLP and Latham & Watkins LLP are serving as legal
counsel to Sorrento. M3 Partners is serving as restructuring
advisor.  Stretto Inc. is the claims agent.

On Feb. 28, 2023, the U.S. Trustee for Region 7 appointed an
official committee to represent unsecured creditors in the Debtors'
Chapter 11 cases. The committee is represented by the law firms of
Norton Rose Fulbright US, LLP and Milbank, LLP.


SRAX INC: Board Appoints Alan Urban as New Chief Financial Officer
------------------------------------------------------------------
The board of directors of SRAX, Inc. appointed Alan Urban to
replace Michael Malone as the Company's chief financial officer
pursuant to an employment offer letter, which sets forth the terms
of Mr. Urban's services as chief financial officer and his
compensation arrangement.  The Offer Letter was entered into as of
March 14, 2023.  Mr. Malone remains a non-officer employee of the
Company pursuant to his original employment agreement, dated Dec.
15, 2018.

Mr. Urban, age 54, has over 30 years of experience in corporate
finance and accounting.  Mr. Urban serves on the board of directors
of GT Biopharma (NASDAQ:GTBP), and has previously served in
numerous senior management positions, including: chief financial
officer of Research Solutions (NASDAQ: RSSS) a leader in SaaS
workflow solutions for information driven companies, from 2011
through 2021; chief financial officer of ReachLocal (NASDAQ: RLOC)
an internet marketing company that ranked #1 on Deloitte's Tech
Fast 500 List, from 2007 to 2009; and CFO of Creek Road Miners
(OTCQB:CRKR), a bitcoin mining firm, in 2022.  Mr. Urban has also
held positions as an audit and tax manager in public accounting,
and as an internal auditor.  He holds a B.S. in Business, with a
concentration in Accounting Theory and Practice, from California
State University, Northridge and has been a Certified Public
Accountant (currently inactive) since 1998.

Pursuant to the Offer Letter, Mr. Urban will receive a yearly base
salary of $300,000.  Further, Mr. Urban will be eligible to an
annual bonus (pro-rated for the fiscal year ending Dec. 31, 2023)
of $150,000, subject to the Board's discretion.  Mr. Urban will
also receive a stop option to purchase up to 300,000 shares of the
Company's common stock, in accordance with the Company's equity
compensation plan, with an exercise price equal to $0.44, which
equals the closing price of the Company's common stock as of the
Appointment Date.  The Option Grant is conditioned upon Mr. Urban's
completion of the Company's delinquent reports with the Securities
and Exchange Commission, including the Quarterly Reports on Form
10-Q for the quarters ended June 30, 2022, and Sept. 30, 2022, and
the Annual Report on Form 10-K for the year ended Dec. 31, 2022.
The Option Grant will vest as follows: 40% to vest upon completion
of the Delinquent Reports during the term of Mr. Urban's
employment, and the remaining 60% to vest in equal quarterly
installments during the following two year period, subject to the
completion of the Delinquent Reports.  The Offer Letter also
provides for severance benefits equal to six months of Mr. Urban's
then Base Salary if his employment is terminated for any reason
other than for Cause (as defined in the Offer Letter).

                            About SRAX

SRAX (SRAX) is a financial technology company that provides data
and insights to publicly traded companies through its SaaS platform
Sequire.  With Sequire, companies can track their investors'
behaviors and trends and use those insights to engage current and
potential investors across marketing channels.  For more
information on SRAX, please visit its websites: srax.com and
mysequire.com.

SRAX reported a net loss of $41.23 million for the year ended Dec.
31, 2022, compared to a net loss of $14.71 million for the year
ended Dec. 31, 2021.

New York, NY-based RBSM LLP, the Company's auditor since 2011,
issued a "going concern" qualification in its report dated Oct. 12,
2022, citing that the Company has recurring losses from operations,
limited cash flow, and an accumulated deficit.  These conditions
raise substantial doubt about the Company's ability to continue as
a going concern.


STILL HOPES: Fitch Affirms BB Issuer Default Rating, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed the 'BB' rating assigned to the
following South Carolina Jobs-Economic Development Authority bonds
issued on behalf of South Carolina Episcopal Home at Still Hopes
(Still Hopes):

- $39,130,000 residential care facilities revenue bonds (Still
Hopes)
   series 2017;

- $67,950,000 residential care facilities revenue and revenue
   refunding bonds (Still Hopes) series 2018A.

Fitch has also affirmed Still Hopes' Issuer Default Rating (IDR) at
'BB'.

The Rating Outlook is Stable.

   Entity/Debt              Rating          Prior
   -----------              ------          -----
South Carolina
Episcopal Home at
Still Hopes (SC)      LT IDR BB  Affirmed     BB

   South Carolina
   Episcopal Home
   at Still Hopes
   (SC) /General
   Revenues/1 LT      LT     BB  Affirmed     BB

SECURITY

The bonds are secured by a gross revenue pledge and a mortgage on
the community and a debt service reserve fund.

ANALYTICAL CONCLUSION

The 'BB' rating reflects the expected stability of Still Hopes'
financial profile through Fitch's forward-looking scenario
analysis. Still Hopes is characterized by weaker operating risk due
to several years of increased capex from the WellPointe and
HealthPointe projects, pandemic related disruptions causing
increased labor and supply expenses and softened operating
performance in recent years. However, Fitch expects operations to
stabilize as both projects mature given the sufficient demand as
indicated by Still Hopes' history of solid occupancy and midrange
revenue defensibility.

KEY RATING DRIVERS

Revenue Defensibility: 'bbb'

Solid Demand Across Service Lines

Fitch's midrange revenue defensibility assessment reflects Still
Hopes' history of strong demand as a single-site community in West
Columbia, South Carolina. Over the last four years, independent
living unit (ILU) occupancy has averaged 89%, assisted living unit
(ALU) occupancy has averaged 95%, skilled nursing facility (SNF)
occupancy has averaged 83% and memory care (MCU) has averaged 85%.
The pandemic disrupted marketing and sales and as a result ILU
occupancy has slightly softened in 2021 to 85% at FYE (Sept. 30,
2021). Management reports move-in activity and occupancy have
increased in recent months; as of Dec. 31, 2022 ILU occupancy was
90%, and Fitch expects occupancy to stabilize near pre-pandemic
metrics.

A majority of Still Hopes' residents come from its local primary
market area of West Columbia, South Carolina. Still Hopes' entrance
fees range from about $312,000 to $668,000 depending on unit type
and refund contract selected. While Still Hopes' entrance fees are
higher compared to the typical home price in West Columbia of about
$199,000 according to Zillow, management reports that average
resident net worth is well above its entrance fees. As a result,
entrance fees remain affordable. Still Hopes has regular entrance
fee and monthly service fee increases and a solid waitlist, which
further support the midrange revenue defensibility assessment.

Operating Risk: 'bb'

Adequate Operations Despite Pandemic's Challenges

Still Hopes is a type-C community that owns and operates a
single-site life plan community (LPC). In recent years Still Hopes
incurred increased expenses as a result of the WellPointe and
HealthPointe projects. Additionally, Still Hopes has experienced
increased labor and supply costs as a result of pandemic- related
disruptions. All of these factors have contributed to softening
core operations and weaker profitability in recent years.

Over the four-years from fiscal 2018 to fiscal 2021 the operating
ratio, net operating margin (NOM) and NOM-adjusted have averaged
approximately 105.8%, 0.8% and 11.5%. In fiscal 2022 Still Hopes
benefited from a $7.3 million employee retention credit (ERC),
which aided profitability and capital related metrics for the
fiscal year. At this time management does not expect to qualify for
additional ERC funds. Including the ERC funds, the operating ratio,
net operating margin (NOM) and NOM-adjusted were 96.3%, 14.7% and
36.1% for fiscal 2022. Not including the $7.3 million ERC, the
operating ratio, net operating margin (NOM) and NOM-adjusted were
117.5%, -4.6% and 25.8% for fiscal 2022, which is in line with the
current assessment; however, Fitch believes as the recent projects
mature, margins will likely improve.

Due to the significant capex spend for the HealthPointe and
WellPointe projects, which were financed with 2017 and 2018 bond
proceeds, Still Hopes' capital investment has been very healthy,
with capex to depreciation averaging a high 468% over the last five
years. The HealthPointe project primarily focused on the
community's health center, adding 22 private ALUs, increasing the
SNF bed count to 48 from 40, as well as constructing a skilled
nursing dining venue. Residents moved into the new facility in
March 2019 and it has generated solid demand. The WellPointe
project added a new tower of 80 ILU units. Despite some initial
pandemic related delays, the project was completed ahead of
schedule in February 2021 and has been met with strong demand. As a
result of this significant capex, Still Hopes' average age of plant
has decreased over time and was at a healthy 8.3 years in 2022.

Still Hopes' capital-related metrics remain somewhat mixed, with
revenue-only maximum annual debt service (MADS) coverage of 1.9x in
fiscal 2022 and debt-to-net available averaged 12.4x over the last
five years. Additionally, Still Hopes' MADS to revenue was 13.3% in
fiscal 2022. Not including the $7.3 million ERC in fiscal 2022
revenue-only MADS was 0.8x and MADS to revenue was 15.6%. Fitch
believes these capital-related metrics will continue to moderate as
the projects mature and the related debt is repaid.

Management reports Still Hopes is working on plans to build a new
middle market LPC adjacent to the current property. The new project
will be aimed at a different population of prospective residents,
and as a result, Fitch does not expect cannibalization of the Still
Hopes' current resident base. Fitch expects this startup to be
financed outside the obligated group. Still Hopes has already
purchased the adjacent property and expects to have a project
outline in the next couple of years.

Financial Profile: 'bb'

Rating Stability Through the Cycle

Still Hopes ended FY22 with a soft cash-to-adjusted debt of
approximately 38.8% and MADS coverage of 3.9x. Not including the
$7.3 millon ERC MADS coverage was 2.8x for the fiscal year. Still
Hopes had approximately 312 days cash on hand in FY22 compared with
340 in FY20, which is neutral to the financial profile assessment.

Fitch's forward-looking scenario analysis shows Still Hopes
maintaining key liquidity and leverage metrics that are consistent
with a 'bb' assessment, assuming continued elevated capex through
fiscal 2023 based on the capex budget provided by management.

Asymmetric Additional Risk Considerations

There are no asymmetric risk factors affecting the rating.

RATING SENSITIVITIES

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

- Failure to continue to sustain occupancy levels over
   the next 1-2 years;

- Further decline in core operating metrics that
   deteriorate the balance sheet and cash-to-adjusted debt;

- Any change to the planned adjacent campus that results
   in additional obligated group financing.

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

- ILU occupancy rises to approximately 93%-95% and
   stabilizes at the higher level;

- Operating metrics show stronger cash flow generation and
   sustained increase in core profitability, resulting in
   an operating ratio near 95%, NOM approaching 5%-7% and
   NOMA approaching 20%.

CREDIT PROFILE

Still Hopes is a South Carolina nonprofit LPC organized in 1975
located in West Columbia, SC. The organization also provides home
care services to residents on campus, as well as individuals and
families in Lexington and Richland Counties. Still Hopes is the
only member of the obligated group. At Sept. 30, 2022, Still Hopes
had 273 ILUs, 24 dementia assisted living units (ALUs), 22 ALUs and
70 skilled nursing beds, and generated total operating revenue of
approximately $44.4 million.

Asymmetric Additional Risk Considerations

No asymmetric additional risk considerations were relevant to the
rating determination.

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.


SUNOPTA INC: S&P Upgrades LT ICR to 'B' on Improving Business
-------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
SunOpta Inc. to 'B' from 'B-' and its issue-level ratings on the
company's debt to 'BB-' from 'B+'. The '1' recovery rating on the
debt is unchanged at very high (90%-100%; rounded estimate 95%)
recovery in default.

The stable outlook reflects S&P's expectation for solid growth in
SunOpta's plant-based products, while also seeing margin accretion
as the product mix shifts toward higher-margin value-added
products, resulting in S&P Global Ratings-adjusted leverage in the
low 4.0x area in 2023.

Increased organic growth spurred by product focus and improving
profitability measures has strengthened the business risk profile
on SunOpta. Since 2020, SunOpta has continued its strategy to
improve and expand its value-added offerings, while reducing its
exposure to commodity-based products. S&P said, "We believe this
strategy has better positioned the company's product portfolio for
growth while also improving profitability and reducing earnings
volatility. Therefore, S&P Global Ratings has revised its business
risk profile assessment on SunOpta to weak from vulnerable. After
the sale of SunOpta's sunflower business in fiscal 2022, the
company's remaining commodity-based exposure only resides in its
frozen fruit business. Although we think that this business could
be divested in the future, we believe the management has
demonstrated progress on its plans to de-risk the uncertain supply
chain environment and evolve its product portfolio toward
value-added fruit snacks through diverse product sourcing and
becoming a low-cost operator in the frozen fruit category."

Meanwhile, Sunopta maintains its leading position within the niche
product segment of shelf-stable plant-based milks in the U.S. In
our opinion, SunOpta is well positioned to continue to expand in
value-added offerings driven by continued organic growth in its
plant-based milks and fruit snacks segments, attributing much of
the improvements to favorable mix and volume increases through
strong demand dynamics and new customer wins. S&P also believes
that demand for its products will remain strong given shifts in
consumer demand--almost one-third of the U.S. population is lactose
intolerant and looking for dairy milk alternative options, while a
change in the demographic toward younger, more environmentally and
health-conscious consumers would support customer retention.

S&P said, "Our expectation for positive free operating cash flow
and improving leverage measures leads to an improved financial risk
profile. The revision of the financial risk profile assessment to
aggressive from highly leveraged reflects our expectations of
SunOpta's improving credit metrics. With the completion of its
Texas facility, we expect materially less capital spending in the
2023 forecast (about US$35million - US$45 million compared with
US$115 million in 2022) and that SunOpta will be able to generate
US$25 million-US$30 million in free operating cash flow (FOCF) this
year. Although we do not expect to see the efficiency benefits of
its new Texas facility until 2024, we believe SunOpta will still
achieve incremental improvements in profitability in 2023 as its
higher-margin value-added products grow at a faster rate compared
with its lower-margin noncore commodity-based offerings (frozen
fruit). Given our expectation for strong topline growth, improving
profitability, and positive FOCF, we now forecast SunOpta's
leverage (S&P Global Ratings-adjusted) in the low 4.0x area and
FOCF to debt of 6.0%-8.0% in fiscal 2023.

"SunOpta's relatively small size and exposure to niche product
offering are still key risks. Although we do believe SunOpta's
business has improved, we acknowledge that the company is still
small compared with other well-established mature players in the
U.S. and it does not enjoy the same economies of scale. In our
view, the highly fragmented nature of private-label packaged food
products in the U.S. exacerbates SunOpta's size constraint. In
addition, the company's niche operating segments add some
additional risk to the business, and while we do not envision a
material shift in demand trends in the short-to-medium term, a
demand transition could have a significant impact on the company's
operating performance. Lastly, although SunOpta is strategically
shifting its product offerings away from the commodity-based frozen
fruit category, they still account for about 30% of the company's
total revenue base. We believe the profitability of these products
is generally more volatile and while the company has taken pricing
actions as one of the measures to reduce the overall risks of this
segment, its proportional size is sufficiently large to materially
affect the business.

"We believe SunOpta's capacity expansion projects should provide
significant growth opportunities. SunOpta completed its greenfield
project in Midlothian, Texas, and began commercial production
despite a challenging macroeconomic environment. In our opinion,
the addition of its Texas facility improves SunOpta's product
offering within the plant-based milk segment, while also providing
opportunities to expand the company's total addressable market in
the protein shake category. SunOpta has already taken strides to
use this capability by announcing a production line dedicated to
producing ready-to-drink 330ml protein shakes, for which it is
expected to begin manufacturing in the second quarter of fiscal
2023. In addition, the favorable location of the new facility
should provide the benefit of SunOpta's supply chain being closer
to raw inputs and customers.

"The stable outlook reflects our expectation for solid growth in
SunOpta's plant-based products, while also seeing margin accretion
as the mix shifts toward higher-margin value-added products,
resulting in S&P Global Ratings-adjusted leverage in the low 4.0x
area in 2023. The outlook also incorporates our expectation for
reduced capital spending, which should help drive positive free
cash flow and lead to FOCF to debt in the 6.0%-8.0% range in
2023."

S&P could lower the rating if S&P Global Ratings-adjusted leverage
deteriorates above 5.0x with little prospects for deleveraging or
it expects FOCF to turn negative. In this scenario S&P would
envision:

-- A decline in consumer demand spurred by increased market
competition;

-- Deteriorating profitability caused by increased difficulty in
passing through higher prices to customers;

-- The company engaging in multiyear high investment projects that
pose high levels of execution risk; or

-- Transactions in large debt-financed mergers and acquisitions,
with limited foresight to de-leverage.

S&P said, "We could raise our ratings if the company enhances its
business risk profile by improving its scale and product scope
while also strengthening its EBITDA margins well above 10% on an
S&P Global Ratings-adjusted basis. In this scenario, we would also
expect to see strengthening operating performance above our
expectations, leading to S&P Global Ratings-adjusted leverage
sustained below 4.0x and positive cash flow generation, resulting
in FOCF to debt above 10%."



SVB FINANCIAL: David Tepper Purchased SVB Financial Bonds
---------------------------------------------------------
Natalie Choy of Bloomberg News reports that billionaire David
Tepper has bought bonds of SVB Financial Group in a bet that the
debt value will rise as parts of the group are auctioned off, the
Financial Times reported Friday, March 17, 2023, citing
unidentified people brief on the matter.

Tepper had acquired the bonds along with preferred stock via
Appaloosa, which mostly manages his family's money, FT said.

                   About SVB Financial Group

SVB Financial Group is a financial services company focusing on the
innovation economy, offering financial products and services to
clients across the United States and in key international markets.

Prior to March 10, 2023, SVB Financial Group owned and operated
Silicon Valley Bank, a state-chartered bank.  On the morning of
March 10, 2023, the California Department of Financial Protection
and Innovation seized SVB and placed it under the receivership of
the Federal Deposit Insurance Corporation (FDIC).  SVB was the
nation's 16th largest bank and the biggest to fail since the 2008
financial meltdown.  

On March 17, 2023, SVB Financial Group sought Chapter 11 bankruptcy
protection (Bankr. S.D.N.Y. Case No. 23-10367).  The Hon. Martin
Glenn is the bankruptcy judge.

The Debtor had assets of $19,679,000,000 and liabilities of
$3,675,000,000 as of Dec. 31, 2022.

Centerview Partners LLC is proposed financial advisor, Sullivan &
Cromwell LLP proposed legal counsel and Alvarez & Marsal proposed
restructuring advisor to SVB Financial Group as
debtor-in-possession.  Kroll is the claims agent.


SVB FINANCIAL: Must Wait to Get $2 Billion From FDIC
----------------------------------------------------
Steven Church and Amelia Pollard of Bloomberg News report that the
former owner of Silicon Valley Bank, seized earlier this March 2023
by regulators, will need to wait, possibly for several months, to
know if it can get back about $2 billion in cash it would need to
repay bondholders and other creditors.  SVB Financial Group won
provisional court approval Tuesday, March 21, 2023, to spend only a
fraction of the cash the company claims federal regulators must
return.

                   Dispute With Bridge Bank

To recall, on March 10, 2023, Silicon Valley Bank, Santa Clara, CA
("SVBSC") failed; the California Department of Financial Protection
& Innovation was compelled to appoint the Federal Deposit Insurance
Corporation as receiver of SVBSC (the "FDIC-R"), and the FDIC-R
continues to act in that capacity.

On March 13, 2023 the FDIC-R transferred substantially all of
SVBSC's deposits and operating assets to Silicon Valley Bridge
Bank, N.A. ("Bridge Bank"), a full-service, temporary bank created
by the FDIC-R to continue the operations of SVBSC and provide
uninterrupted services to customers.

In its pleadings and communications with the Bridge Bank, the
Debtor has characterized the Bridge Bank as "non-compliant" because
of the Bridge Bank's refusal to wire funds as directed by the
Debtor, and threatened the Bridge Bank with sanctions for
violations of the automatic stay.

According to the Bridge Bank, it is black letter law that funds on
deposit do not belong to and are not property of the Debtor;
rather, they represent a claim against the bank. See, e.g.,
Citizens Bank of Maryland v. Strumpf, 516 U.S. 16, 21 (1995).

Prior to the Petition Date, the FDIC-R lawfully directed the Bridge
Bank to place a hold on all of the Debtor Accounts pending the
FDIC-R's investigation of, inter alia, potential setoff rights
against the Debtor. In continuing to follow the FDIC-R’s
instructions -- as it is required to do under the Bridge Bank's own
federal regulatory regime -- the Bridge Bank is not violating the
automatic stay.  The Debtor has provided no legal basis for the
Court to compel the Bridge Bank to release this hold and relinquish
rights of setoff (which are expressly protected by Section 553 of
the Bankruptcy Code) in order to process, honor and pay checks,
other fund transfer requests, and withdrawals made by the Debtor,
the Bridge Bank tells the Court.

Counsel to Silicon Valley Bridge Bank, N.A.:

       SIMPSON THACHER & BARTLETT LLP
       Sandeep Qusba
       Michael H. Torkin
       William T. Russell, Jr.
       Nicholas E. Baker
       David R. Zylberberg
       425 Lexington Avenue
       New York, NY 10017
       Tel: (212) 455-2000
       Fax: (212) 455-2502
       E-mail: squsba@stblaw.com
               michael.torkin@stblaw.com
               wrussell@stblaw.com
               nbaker@stblaw.com
               david.zylberberg@stblaw.com

                   About SVB Financial Group

SVB Financial Group is a financial services company focusing on the
innovation economy, offering financial products and services to
clients across the United States and in key international markets.

Prior to March 10, 2023, SVB Financial Group owned and operated
Silicon Valley Bank, a state-chartered bank.  During the week of
March 6, 2023, Silicon Valley Bank, Santa Clara, CA, experienced a
severe "run-on-the-bank."  On the morning of March 10, 2023, the
California Department of Financial Protection and Innovation seized
SVB and placed it under the receivership of the Federal Deposit
Insurance Corporation (FDIC).  SVB was the nation's 16th largest
bank and the biggest to fail since the 2008 financial meltdown.  

On March 17, 2023, SVB Financial Group sought Chapter 11 bankruptcy
protection (Bankr. S.D.N.Y. Case No. 23-10367).  The Hon. Martin
Glenn is the bankruptcy judge.

The Debtor had assets of $19,679,000,000 and liabilities of
$3,675,000,000 as of Dec. 31, 2022.

Centerview Partners LLC is proposed financial advisor, Sullivan &
Cromwell LLP proposed legal counsel and Alvarez & Marsal proposed
restructuring advisor to SVB Financial Group as
debtor-in-possession.  Kroll is the claims agent.


THRIVIFY LLC: Creditors Want Chapter 11 Bankruptcy
--------------------------------------------------
Alleged creditors of Thrivify LLC are seeking to force the company
into Chapter 11 bankruptcy.

A hearing is scheduled for March 28, 2023, at 11:00 AM by
Telephone.

                      About Thrivify LLC

Thrivify LLC -- https://www.thelodgeinsisters.com -- owns and
operates an assisted living facility in Sisters, Oregon that
provides a variety of living options to choose from, including
Independent Living for active seniors, Assisted Living for those in
need of support with the activities of daily life, and short-term
Respite stays.

Sisters, Oregon-based Thrivify LLC was subject to an involuntary
Chapter 11 petition (Bankr. D. Ore. Case No. 23-30538) filed on
March 15, 2023.
The alleged creditors who signed the petition are Clutch
Industries, Inc., Terence C Blackburn, and Sean A Blackburn.


TIOGA INDEPENDENT: S&P Places 'BB-' GO Debt Rating on Watch Neg.
----------------------------------------------------------------
S&P Global Ratings placed its 'BB-' underlying rating on Tioga
Independent School District (ISD), Texas' outstanding general
obligation debt on CreditWatch with negative implications.

"The CreditWatch placement indicates that within 90 days we could
lower the rating by one or more notches following a
larger-than-expected deficit in fiscal 2022 that resulted in
material deterioration of fund balance levels and liquidity, as
well as a going concern audit opinion," said S&P Global Ratings
credit analyst Lauren Levy.



TOPAZ SOLAR: Fitch Hikes Rating on Senior Secured Notes to 'BB+'
----------------------------------------------------------------
Fitch Ratings has upgraded the rating on Topaz Solar Farms, LLC's
(Topaz) $1.100 billion ($735.7 million outstanding) senior secured
notes due September 2039 to 'BB+' from 'BB'. The Rating Outlook is
Stable.

RATING RATIONALE

The rating action is linked to Fitch's upgrade of Pacific Gas and
Electric Company's (PG&E) Long-Term Issuer Default Rating (IDR) to
'BB+' from 'BB'. PG&E's Rating Outlook is Stable. Topaz's Outlook
has also been revised to Stable, reflecting the rating action taken
on PG&E. Topaz's rating continues to be constrained by the credit
quality of PG&E, the project's sole revenue counterparty under a
long-term power purchase agreement (PPA).

The project's credit profile is otherwise strong, supported by its
fully contracted revenue structure, low operating risk, standard
project finance debt structure, and a history of strong financial
performance that Fitch expects to continue. Topaz displays a strong
operational performance and healthy financial metrics, with modest
leverage and strengthening debt service coverage ratios (DSCR).
Metrics are consistent with the 'A' category, but the project
rating is constrained by the off-taker.

KEY RATING DRIVERS

Operation Risk - Midrange

Proven Technology and Experienced Operator: Thin-film photovoltaic
(PV) technology has a long operating history, which mitigates plant
performance risks. The plant operator, NovaSource Power Services,
acquired First Solar's North American O&M business in 2021, and has
a track record of high plant availability. Long-term operating and
maintenance (O&M) agreements support routine and unscheduled
maintenance needs. Fitch's financial analysis incorporates
operating cost increases to mitigate unforeseen events, including
the risk of contractor replacement.

Revenue Risk - Volume - Stronger

Solid Solar Resource: Revenue Risk - Volume has been revised to
'Stronger' from 'Midrange' based on historical performance. Actual
generation has outperformed Fitch Base Case for the each of the
last seven years with an average annual overperformance of 7%.
Fitch has maintained the production haircut at 2% given that this
is a single-site project, in line with peer projects.

Total generation output in Fitch's rating case is based on a
one-year P90 estimate of electric generation to mitigate the
potential for lower-than-expected solar resources. The PPA provides
reimbursement for curtailment directed by the utility. The project
can meet debt obligations under a one-year P99 generation
scenario.

Revenue Risk - Price - Stronger

Stable Contracted Revenues: The fixed-price, 25-year PPA with below
investment grade PG&E extends one month beyond debt maturity. This
structure is consistent with a stronger assessment under Fitch's
current criteria. All PG&E's obligations were confirmed under its
post-filing plan as the utility emerged from bankruptcy.

Debt Structure - Senior - Stronger

Conventional Debt Structure: The senior-ranking, fully amortizing,
fixed-rate debt benefits from a six-month debt service reserve
backed by a letter of credit and strong 1.20x forward and
backward-looking debt service coverage equity distribution test.

Financial Profile

Under Fitch's base case DSCRs average 2.21x with a minimum of 1.92x
for the period 2023-2039. Fitch's rating case includes stresses
that increase O&M expenses and reduce energy output, resulting in
an average DSCR of 1.96x with a minimum of 1.70x. In both
scenarios, annual DSCRs generally increase over time, reflecting a
profile supportive of the rating.

PEER GROUP

Fitch privately rates several renewable project financings that
demonstrate rating case DSCRs consistent with a strong investment
grade profile but are constrained to sub-investment grade by the
credit quality of PG&E as the sole revenue counterparty. Publicly
rated Solar Star Funding, LLC (BBB-/Positive) has an average rating
case DSCR of 1.47x and is rated investment grade due to the
relative strength of its sole revenue counterparty, Southern
California Edison Co. (BBB-/Positive).

RATING SENSITIVITIES

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

- A decline in the credit quality of PPA off-taker, PG&E.

- A Fitch rating case DSCR profile below around 1.15x.

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

- An improvement in the credit quality of PPA off-taker, PG&E.

CREDIT UPDATE

The upgrade and Stable Rating Outlook primarily reflect
significantly lower levels of wildfires involving PG&E equipment,
and associated liabilities during 2019-2022, compared with
2017-2018. The rating action also considers credit supportive
elements of Assembly Bill (AB) 1054 and Senate Bill (S.B.) 901,
management focus on improving safety and operating performance and
expectations for improving credit metrics.

Fitch believes the significant reduction in wildfires linked to
PG&E equipment, the number of structures destroyed by PG&E-linked
wildfires and associated liabilities during 2019-2022 compared with
2017-2018, is a key positive development and the primary catalyst
of the PG&E and PCG upgrades. The rating action also considers
credit supportive elements of anti-wildfire legislation enacted in
California, ongoing management efforts to reduce wildfire risk and
improve overall safety performance and strengthening projected
credit metrics. Fitch notes absent withdrawals from the wildfire
insurance fund created by A.B. 1054 since its creation in July 2019
as a result of lower utility-linked post-2018 wildfire activity.

Other recent, constructive developments from a credit perspective
include resolution of PG&E's 2022 and 2023 cost of capital
proceedings and a wildfire self-insurance agreement reached with
intervenors in PG&E's pending 2023 general rate case (GRC)
proceeding. In addition, PG&E's December 2022 exit from Step One of
the CPUC's Enhanced Oversight and Enforcement Process (EOEP) is a
positive development from a credit perspective.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

PG&E was revised from 'BB+' on 3/20/2023 and is sole off-taker for
Topaz

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
   -----------         ------         -----
Topaz Solar
Farms LLC

   Topaz Solar
   Farms LLC/
   Debt/1 LT        LT BB+  Upgrade     BB


TRISEPTEM DEVELOPERS: Taps Robert A. Chambers as Bankruptcy Counsel
-------------------------------------------------------------------
Triseptem Developers, Inc. received approval from the U.S.
Bankruptcy Court for the Northern District of Georgia to employ the
Law Office of Robert A. Chambers as counsel.

The Debtor requires legal counsel to:

   a. advise and represent the Debtor with respect to all matters
and proceedings in the Chapter 11 case and prepare legal papers;

   b. assist the Debtor in all bankruptcy issues which may arise in
the administration of its affairs, including representation at the
first meeting of creditors, evaluation of assets, negotiations with
creditors, interest groups and any official committee of unsecured
creditors, verification of claims, and asset disposition;

   c. assist the Debtor in the preparation of and confirmation of a
plan of reorganization; and

   d. assist the Debtor in the evaluation and prosecution of claims
and litigation.

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

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

As disclosed in court filings, the Law Office of Robert A. Chambers
is a "disinterested person" within the meaning of Section 101(14)
of the Bankruptcy Code.

The firm can be reached at:

     Robert A. Chambers, Esq.
     Law Office of Robert A. Chambers
     6488 Spring Street Suite 103
     Douglasville, GA 30134
     Tel: (770) 947-3540
     Fax: (404) 581-5484
     Email: rachamberslaw@aol.com

                    About Triseptem Developers

TriSeptem Developers, Inc., a general contractor in Decatur, Ga.,
filed a petition for relief under Chapter 11 of the Bankruptcy Code
(Bankr. N.D. Ga. Case No. 22-59930) on Dec. 6, 2022. In the
petition filed by Mark Allen as manager, the Debtor reported up to
$10 million in assets and up to $1 million in liabilities.

Judge Sage M. Sigler oversees the case.

The Debtor is represented by Robert A. Chambers, Esq., at the Law
Office of Robert A. Chambers.


TROIKA MEDIA: To Hold Talks With Series E Preferred Stock Buyers
----------------------------------------------------------------
Troika Media Group, Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that it intends to engage in
negotiations with the initial purchasers of its Series E Preferred
Stock to waive certain provisions of the Securities Purchase
Agreement for the Series E Preferred Stock and the related
Registration Rights Agreement, and to settle such purchasers'
claims for liquidated damages, if any, under the Registration
Rights Agreement.  There can be no assurance as to whether, when or
on what terms any such agreement may be reached.

                              About Troika

Troika Media Group, Inc. (fka M2 nGage Group, Inc.) -- thetmgrp.com
-- is a professional services company that architects and builds
enterprise value in consumer facing brands to generate scalable
performance driven revenue growth.  The Company delivers three
solutions pillars that: CREATE brands and experiences and CONNECT
consumers through emerging technology products and ecosystems to
deliver PERFORMANCE based measurable business outcomes.

Troika Media reported a net loss of $9.58 million for the six
months ended Dec. 31, 2022.  Troika Media reported a net loss of
$38.69 million for the year ended June 30, 2022, a net loss of $16
million for the year ended June 30, 2021, and a net loss of $14.45
million for the year ended June 30, 2020.


USA ROOFING PARTNERS: Taps Norris & Associates as Accountant
------------------------------------------------------------
USA Roofing Partners, LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of Texas to employ Norris &
Associates as its accountant.

The firm will be paid at these rates:

     Accountants      $200 per hour
     Associates       $75 per hour

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

The firm can be reached at:

     Robert Norris
     Norris & Associates
     1614 Holland Avenue
     Houston, TX 77029
     Tel: (713) 453-3310

                    About USA Roofing Partners

USA Roofing Partners, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 22-33691) on Dec.
9, 2022, with up to $500,000 in assets and up to $10 million in
liabilities. Kevin Jones, a partner at USA Roofing Partners, signed
the petition.

Judge Jeffrey P. Norman oversees the case.

The Debtor tapped Reese W. Baker, Esq., at Baker & Associates, as
legal counsel and Norris & Associates as accountant.


VALLEY PROPERTY: Files for Chapter 11 Bankruptcy
------------------------------------------------
Valley Property Ventures LLC filed for chapter 11 protection in the
Central District of California.

The Debtor owns properties in California, valued at a total of
$7,180,000.  The properties include 63 acres near Indian Canyon and
Dillon Road, Palm Springs, CA 92262, valued at $7,000,000.

According to court filings, Valley Property Ventures estimates
between $1 million to $10 million in debt owed to 1 to 49
creditors.  The petition states that funds will be available to
unsecured creditors.

A telephonic meeting of creditors under 11 U.S.C. Section 341(a) is
slated for April 26, 2023 at 1:30 p.m.

                 About Valley Property Ventures

Valley Property Ventures LLC is engaged in activities related to
real estate.

Valley Property Ventures LLC filed a petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No.
23-10981) on March 15, 2023. In the petition filed by Erik Ivan
Ochoa Gonzalez, as manager, the Debtor reported assets and
liabilities between $1 million and $10 million.

Bankruptcy Judge Scott H. Yun handles the case.

The Debtor is represented by:

    David M Goodrich, Esq.
    Golden Goodrich
    1717 E. Vista Chino, #830
    Palm Springs, CA 92262
    Tel: (714) 966-1000
    Fax: (714) 966-1002
    Email: dgoodrich@go2.law


VALVOLINE INC: Moody's Confirms Ba2 CFR & Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service confirmed Valvoline Inc.'s Ba2 corporate
family rating, Ba2-PD probability of default rating and its Ba3
senior unsecured ratings. Additionally, Moody's assigned an SGL-2
speculative grade liquidity rating ("SGL") reflecting the company's
good liquidity.  These actions follow the completion of the
divestiture of the company Global Products business to Saudi
Arabian Oil Company (A1 positive) for $2.65 billion. The
confirmation reflects governance considerations, particularly
Valvoline's financial strategies which support the return to more
moderate leverage and its decision to eliminate the dividend to
support organic growth.  The confirmation reflects Moody's
expectation that Valvoline will repay its 2030 notes in full,
within the time allowed under the credit facilities, as well as its
highly profitable business model and strong growth expected over
the next five years. The outlook changed to stable from rating
under review. This concludes the review for downgrade that was
initiated on October 13, 2021.

"Valvoline is significantly increasing capital to support the rapid
growth in new locations over the next 5 years with the objective of
doubling its store locations to 3,500," stated John Rogers, Senior
Vice President at Moody's and lead analyst on Valvoline. The
analyst added, "Eliminating the dividend frees up the cash
necessary to support this growth and limits the need for additional
debt."

Assignments:

Issuer: Valvoline Inc.

Speculative Grade Liquidity Rating, Assigned SGL-2

Confirmations:

Issuer: Valvoline Inc.

Corporate Family Rating, Confirmed at Ba2

Probability of Default Rating, Confirmed at Ba2-PD

Senior Unsecured Regular Bond/Debenture, Confirmed at Ba3 (LGD5)

Outlook Actions:

Issuer: Valvoline Inc.

Outlook, Changed To Stable From Rating Under Review

RATINGS RATIONALE

Valvoline's Ba2 rating is supported by its position as the second
largest instant oil change provider in the U.S., a proven business
model that generates elevated revenue growth, high margins, and
good operating cash flow. The rating is also supported by the
announced changes to Valvoline's financial policies to accommodate
its smaller size and cash flow generation, as well as the
acceleration in growth of new retail locations. Management has
stopped paying dividends (savings of over $90 million per year) and
plans to repay its outstanding notes due 2030 to reduce leverage
and improve credit metrics.  Moody's expects Valvoline's adjusted
debt/EBITDA to fall to 3.3x by March 31, 2024.  The rating is
tempered by the company's modest size and narrow business focus, as
well as the longer term threat from the shift to electric vehicles,
which require less maintenance than internal combustion engines.

Valvoline instant oil change business has a demonstrated track
record of increasing same store sales and volumes, as well as the
average customer ticket every year over the past five years, even
during the pandemic. The company is benefiting from the shift to
synthetic and synthetic blends in passenger car motor oils, which
are more expensive. However, the company is also increasing its
non-oil change revenue and increasing the size of its fleet service
business. The fleet servicing business generates higher ticket size
due to the larger engines and the level of non-oil change work done
on each vehicle. The company's information technology software
provides an advantage relative to other chains as it enables
management to monitor the productivity of all locations and focus
on improving the productivity of underperforming ones.

Sales growth has also been supported by a number of bolt on
acquisitions with a yearly cost of $50-$100 million. Given the
number of recent acquisitions, the company's percentage of
franchise locations is just below its target of 55%. The likely
sale of some locations to franchisees will provide an offset to the
amount spent on acquisitions over the next several years. While
franchise locations provide substantially less EBITDA, they have a
much higher return on capital investment. Large acquisitions are
possible, but less likely due to regulatory issues. The top five
competitors in the instant oil change business are also seeking to
increase their store count, but not as aggressively as Valvoline.

The assignment of an SGL-2 speculative grade liquidity rating
reflects good liquidity supported by a very large cash balance of
over $1 billion over the next four quarters as the company follows
through on its $1.6 billion share repurchase, which is expected to
be concluded by September 2024. Additionally, the company has the
ability to delay the repayment of the $600 million 4.25% notes due
2030 for up to one year. The company should also generate over $50
million of free cash flow over the next four quarters ending March
31, 2024, due to the absence of dividends, and despite heavy
capital spending. The company's secondary liquidity is provided by
a $475 million secured revolving credit facility due 2028 with
almost full availability. Maintenance covenants on the revolver
include net leverage (maximum 4.5x) and coverage (minimum 3.0x)
tests with ample cushion expected over the next 12-18 months.

The stable outlook assumes that credit metrics will improve by the
end of the fiscal 2023 with adjusted leverage declining toward 3.0x
(gross debt excludes the $600 million of notes that will be repaid
with cash) and that a large acquisition remains an unlikely event.
The stable outlook also assumes the 2030 notes will be repaid
within the grace period allowed under the credit facility.

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

If adjusted debt/EBITDA remains, or is expected to remain, above
3.5x and EBITA/Interest coverage falls below 3.0x for more than 18
months or the company is likely to undertake a much larger
transaction, while continuing to aggressively grow its store count,
Moody's would consider lowering its rating. An upgrade is unlikely
over the near term due to the company's size and its aggressive
growth plan. However, if the company is able to increase revenues
to over $4 billion, keep adjusted debt/EBITDA below 2.5x, sustain
EBITA/interest coverage above 4.0x and generate at least $250
million of free cash flow on a consistent basis, Moody's would
consider an upgrade.  

ESG CONSIDERATIONS

Environmental, social and governance (ESG) factors are important
considerations in Valvoline's credit quality. Valvoline's ESG
Credit Impact Score is moderately negative (CIS-3) similar to most
other retail companies as governance and environmental risks are
moderately negative.  Social risks are highly negative (S-4) due to
the move away from internal combustion engines and towards battery
electric vehicles over the next two decades. Environmental risks
are slightly higher than most retail companies due to the needs to
recycle or dispose of used lubricants or other items containing
lubricants. Valvoline has moderately negative governance risk (G-3)
mainly driven by its financial policies and track record.
Management's willingness to eliminate the dividend to accelerate
its investment in new store openings reflects a very balanced
financial policy and supports its credibility and track record.

Headquartered in Lexington, Kentucky, Valvoline Inc., is one of the
two largest instant oil change chains in the United States and one
of three largest in Canada. It operates through Valvoline Instant
Oil Change and Great Canadian Oil Change retail locations. The
company has almost 1,750 franchised and company-owned stores. The
company has annual revenues of roughly $1.4 billion.

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


VECTRA CO: New Mountain Marks $10.7M Loan at 35% Off
----------------------------------------------------
New Mountain Finance Corporation has marked its $10,788,000 loan
extended to Vectra Co. to market at $7,004,000 or 65% of the
outstanding amount, as of December 31, 2022, according to a
disclosure contained in New Mountain's Form 10-K for the fiscal
year ended December 31, 2022, filed with the Securities and
Exchange Commission on February 27, 2023.

New Mountain is a participant in a Second Lien Loan to Vectra Co.
The loan accrues interest at a rate of 11.63% (L(M+7.25%) per
annum. The loan matures in March 2026.

New Mountain is a Delaware corporation that was originally
incorporated on June 29, 2010 and completed its initial public
offering on May 19, 2011. New Mountain is a closed-end,
non-diversified management Investment Company that has elected to
be regulated as a business development company under the Investment
Company Act of 1940, as amended. New Mountain Finance Advisers BDC,
L.L.C., its Investment Adviser, is a wholly owned subsidiary of New
Mountain Capital Group, L.P.  New Mountain Capital is a firm with a
track record of investing in the middle market. New Mountain
Capital focuses on investing in defensive growth companies across
its private equity, credit and net lease investment strategies.

Vectra Co. operates as a technology-driven diversified industrial
company serving automotive systems, aerospace, industrial and
renewable energy.  



VENUE CHURCH: Unsecured Creditors to be Paid in Full in Plan
------------------------------------------------------------
The Venue Church, Inc., filed with the U.S. Bankruptcy Court for
the Eastern District of Tennessee a Disclosure Statement for
Chapter 11 Plan dated March 23, 2023.

Venue Church was founded in late 2012 to promote its beliefs, serve
the community, and provide worship services to inspire and
encourage members and attendees. At one point in its recent past,
Venue was the seventh fastest growing church in the United States
and was Chattanooga's largest church.

Undoubtedly, Venue has fallen on difficult financial times, but
many in the area still seek assistance from this ministry and Venue
still tries to meet needs as best it can but must turn many away.
To try and meet this continued need in the community and otherwise
continue this unique ministry, the Lead Pastor, Tavner Smith, and
his remaining staff have acknowledged that changes need to be made,
all of which center on refocusing the ministry and its leaders on
the simple, straightforward, yet demanding example provided in the
New Testament.

The Debtor, through its trustees, will continue to manage the
church. The Debtor, as a non-profit corporation, is managed only by
trustees and has no shareholders.

The Debtors have made certain assumptions and has used
approximations as the basis of this analysis. The Debtors believe
that in liquidation general unsecured creditors will receive
approximately 100% of their approved claims.

Debtor sees little risk to creditors. The largest asset of Debtor
has been liquidated and is awaiting distribution pending Court
Order. The remaining assets, should they need to be liquidated,
consist of church furnishings, business equipment and sound
equipment. All of which should depreciate little if any during the
confirmation process.  

Class III consists of the claim of AmeriCredit Financial Services.
Allowed secured claim of AmeriCredit Financial services for the
2018 Chevrolet Suburban – Vehicle will be surrendered to creditor
upon the Effective Date of the Plan.

Class IV consists of the claim of Ally Bank. The secured claim of
Ally Bank shall be paid in full within 30 days of the Effective
Date of the Plan.

Class V consists of General Unsecured Claims. Allowed general
unsecured claims shall be paid in full by the dispersing agent
immediately upon the Effective Date of the Plan.

Unsecured creditor claims as listed total $414,838.07.

A full-text copy of the Disclosure Statement dated March 23, 2023
is available at https://bit.ly/40ERJV6 from PacerMonitor.com at no
charge.

The Debtor is represented by:

     W. Thomas Bible, Jr., Esq.
     Law Office of W. Thomas Bible, Jr.
     6918 Shallowford Road, Suite 100
     Chattanooga, TN 37421
     Phone: (423) 424-3116
     Fax: (423) 553-0639
     Email: tom@tombiblelaw.com

                     About Venue Church Inc.

Venue Church Inc., a megachurch in Tennessee, sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn.
Case No. 22-11829) on Aug. 23, 2022. In its petition, it listed
assets of less than $5 million and more than $3 million in
mortgage, auto loan, and credit card debt.

The case is overseen by Judge Shelley D. Rucker.

The Debtor is represented by Law Office of W. Thomas Bible, Jr.


VESTA HOLDINGS: To Seek Plan Confirmation on April 21
-----------------------------------------------------
Judge Laurie Selber Silverstein has entered an order approving the
Combined Plan and Disclosure Statement of Vesta Holdings, LLC, et
al.

The procedures set forth in the Motion for the solicitation and
tabulation of votes to accept or reject the Plan provide for a fair
and equitable voting process and are consistent with Section 1126
of the Bankruptcy Code.

The Combined Hearing is scheduled for April 21, 2023, at 10:00 a.m.
(Eastern Time) at the United States Bankruptcy Court for the
District of Delaware, before the Honorable Judge Laurie Selber
Silverstein in the United States Bankruptcy Court for the District
of Delaware, 824 North Market Street, 6th Floor, Courtroom No. 2,
Wilmington, DE 19801.

Any Plan Supplement must be filed with this Court not later than
March 31, 2023 at 4:00 p.m. (Eastern Time).

The ballots must be received on or before April 14, 2023 at 4:00
p.m. (ET) in accordance with the instructions on the Ballot, unless
extended by the Debtors in writing.

If any claimant seeks to have a claim temporarily allowed for
purposes of voting to accept or reject the Combined Plan and
Disclosure Statement, such claimant is required to file a motion
(the "3018 Motion") for such relief by no later than March 27, 2023
at 4:00 p.m. (Eastern Time). The deadline for any party in interest
to object to any 3018 Motion is April 3, 2023 at 4:00 p.m. (Eastern
Time). Any such 3018 Motion may be resolved by agreement between
the Debtors and the movant without the requirement for further
order or approval of the Court.

The objections to the adequacy of the Disclosures or confirmation
of the Combined Plan and Disclosure Statement will be filed and
served on or before April 14, 2023, at 4:00 p.m. (Eastern Time).

Any party supporting the Combined Plan and Disclosure Statement may
file a statement in support or a reply to any objection to
confirmation of the Combined Plan and Disclosure Statement by April
18, 2023 at 4:00 p.m. (Eastern Time).

The Combined Plan and Disclosure Statement voting certification
must be filed by April 18, 2023 at 4:00 p.m. (Eastern Time).

                        Liquidating Plan

Vesta Holdings, LLC, et al. submitted a Third Amended Combined
Joint Chapter 11 Plan of Liquidation and Disclosure Statement.

In December 2022, the Debtors won approval of procedures to sell
the substantially all of their assets.  Pursuant to the Bidding
Procedures, the stalking horse agreement with buyer RA Holdings,
LLC, was subject to higher or better offers.  The Debtors
ultimately did not receive any qualified competing written offers
on or before the deadline.  Accordingly, the bid of RA Holdings was
deemed the successful bid. On January 20, 2023, the Bankruptcy
Court entered an order approving the sale of the Debtors' assets to
the Buyer pursuant to the Purchase Agreement.  The sale to the
Buyer is expected to close before the Confirmation Date.

Under the Plan, Class 5 Unsecured Claims totaling $1,459,776 to
$33,431,369 will recover 0 to 100% of their claims. Each Holder of
an Allowed Unsecured Claim shall receive a beneficial interest in
the Liquidating Trust entitling such Holder to such Holder's Pro
Rata share (calculated based on the total aggregate amount of
Allowed Claims in Class 2, after reducing such amount dollar for
dollar for the amount of any Prepetition Lender Distribution
Proceeds, and Class 5) of the Unsecured Claims Distribution
Proceeds (if any).  Class 5 is impaired.

The Liquidating Trust Assets shall be used to fund the
distributions to Holders of Allowed Claims against the Debtors in
accordance with the treatment of such Claims provided pursuant to
the Plan and subject to the terms provided herein.

"Liquidating Trust Assets" means: (a) all of the Debtors' Cash as
of the Effective Date and, for the avoidance of doubt, after giving
effect to the consummation of the Sale Transaction; (b) all
Retained Causes of Action; (c) the Debtors' rights under the
Purchase Agreement, including all rights of recovery under the
Purchase Agreement and any ancillary agreements among the Debtors
and the Buyer; and (d) all other assets of the Debtors or of the
Estates existing on the Effective Date after giving effect to all
distributions required to be made as of or prior to the Effective
Date, including all books, records, and files of the Debtors and of
the Estates, in all forms, including electronic and hard copy. For
the avoidance of doubt, the Liquidating Trust Assets shall not
include: (1) Cash held in the Professional Fee Escrow Account; or
(2) Causes of Action released pursuant to Article XIII.C hereof or
exculpated pursuant to Article XIII.D hereof.

Counsel for the Debtors:

     Mark R. Somerstein, Esq.
     Lucas W. Brown, Esq.
     Christine Joh, Esq.
     ROPES & GRAY LLP
     1211 Avenue of the Americas
     New York, NY 10036
     Telephone: (212) 596-9000
     Facsimile: (212) 596-9090
     E-mail: mark.somerstein@ropesgray.com
             lucas.brown@ropesgray.com
             christine.joh@ropesgray.com

          - and -

     Jeremy W. Ryan, Esq.
     R. Stephen McNeill, Esq.
     Elizabeth R. Schlecker, Esq.
     POTTER ANDERSON & CORROON LLP
     1313 North Market Street, 6th Floor
     Wilmington, DE 19801
     Telephone: (302) 984-6000
     Facsimile: (302) 658-1192
     E-mail: jryan@potteranderson.com
             rmcneill@potteranderson.com
             eschlecker@potteranderson.com

          - and -

     Ryan Preston Dahl, Esq.
     Benjamin M. Rhode, Esq.
     ROPES & GRAY LLP
     191 North Wacker Drive, 32nd Floor
     Chicago, IL 60606
     Telephone: (312) 845-1200
     Facsimile: (312) 845-5500
     E-mail: ryan.dahl@ropesgray.com
             benjamin.rhode@ropesgray.com

A copy of the Order dated March 15, 2023, is available at
https://bit.ly/3JMqiCU from PacerMonitor.com.

A copy of the Third Amended Combined Joint Chapter 11 Plan of
Liquidation and Disclosure Statement dated March 15, 2023, is
available at https://bit.ly/3ZWYNfD from PacerMonitor.com.

                     About Vesta Holdings

Historically, Vesta Holdings, LLC and each of its affiliates
provided wealth advisory, risk management services, and insurance
brokerage services to individual and corporate clients across the
United States. In recent years, they have focused on growing their
insurance brokerage services business, which is primarily operated
under Summit Risk Advisors, LLC.  Summit primarily concentrates on
property and casualty insurance offerings.

Vesta Holdings and its affiliates sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No.
22-11019) on Oct. 30, 2022. In the petitions signed by their chief
financial officer, Michael Hines, the Debtors disclosed between
$100 million and $500 million in both assets and liabilities.

Judge Laurie Selber Silverstein oversees the cases.

The Debtors tapped Ropes and Grapy, LLP and Potter Anderson &
Corroon, LLP as bankruptcy counsels; Province, LLC as financial
advisor; and Omni Agent Solutions, Inc. as claims, noticing and
administrative agent.

Colbeck Strategic Lending Offshore Mini-Master AIV, L.P., Colbeck
Strategic Lending II Master, L.P., CION Investment Corporation and
34th Street Funding, LLC, as DIP Lenders, are represented by Akin
Gump Strauss Hauer and Feld, LLP and Blank Rome, LLP.


VOIP-PAL.COM: Designates 325K Shares as Series A Preferred Stock
----------------------------------------------------------------
VoIP-Pal.Com Inc. filed an amendment to a Certificate of
Designation dated May 25, 2022 with the Nevada Secretary of State
in order to designate an additional 325,000 shares of the Company's
authorized preferred stock, par value $0.01 per share, as Series A
preferred stock, thereby increasing the total number of shares of
Preferred Stock designated as Series A Stock from 475,000 to
800,000.

The material features of the Series A Stock are as follows:

1. Holders of Series A Stock are entitled to 1,550 votes per share
of Series A Stock on any matter submitted to a vote of the
Company's stockholders, and are generally entitled to vote together
as one class with holders of the Company's common stock;

2. Holders of Series A Stock are not entitled to receive any
dividends or other distributions in respect of any shares of Series
A Stock held by them;

3. Holders of Series A Stock are not entitled to receive any
assets of the Company upon a liquidation, dissolution or winding up
of the Company;

4. Shares of Series A Stock are not redeemable;

5. Shares of Series A Stock are not convertible or exchangeable
into shares of the Company's common stock; and

6. Shares of Series A Stock are not transferrable or assignable
without the prior written consent of the Company.

As of March 9, 2023 (the date of the current report on Form 8-K),
200,000 shares of the Preferred Stock remain authorized and
eligible for designation by the board of directors of the Company
pursuant to the Company's articles of incorporation, as amended.

Promptly following the filing of the amendment, the Company issued
121,611 shares of Series A Stock to Emil Malak, the president,
chief executive officer and a director of the Company, at a price
of $0.10 per Share in exchange for proceeds of approximately
$12,161.

The Shares were offered and sold to Mr. Malak in a private
transaction in reliance upon the exemption from registration
provided by Rule 903 of Regulation S promulgated under the
Securities Act of 1933, as amended.  The Company's reliance on Rule
903 of Regulation S was based on the fact that Mr. Malak is not a
"U.S. person" as that term is defined in Rule 902(k) of Regulation
S, that Mr. Malak acquired the Shares for investment purposes for
his own account and not as nominee or agent, and not with a view to
the resale or distribution thereof, and that Mr. Malak understood
that the Shares may not be sold or otherwise disposed of without
registration under the Securities Act and any applicable state
securities laws, or an applicable exemption or exemptions
therefrom.

On Feb. 20, 2023, the Board approved an increase in the Company's
authorized capital from 3,500,000,000 shares of common stock, par
value $0.001 per share, to 5,000,000,000 shares of common stock,
par value $0.001 per share, which action was subsequently approved
by the holders of a majority of the Company's issued and
outstanding stock on March 6, 2023.  Pursuant to applicable
securities laws, the Company does not plan to effect the Authorized
Capital Increase until at least 20 days after a definitive
information statement on Schedule 14C has been transmitted to the
Company's stockholders who did not previously consent to the
Authorized Capital Increase.

                        About VOIP-PAL.com

Since March 2004, VOIP-PAL.com has developed technology and patents
related to Voice-over-Internet Protocol (VoIP) processes.  All
business activities prior to March 2004 have been abandoned and
written off to deficit.  The Company operates in one reportable
segment being the acquisition and development of VoIP-related
intellectual property including patents and technology.

Vancouver, Canada-based Davidson & Company LLP, the Company's
auditor since 2015, issued a "going concern" qualification in its
report dated Dec. 23, 2022, citing that the Company has suffered
recurring losses from operations and has a net capital deficiency
that raise substantial doubt about its ability to continue as a
going concern.


VYANT BIO: Receives Noncompliance Notice From Nasdaq
----------------------------------------------------
Vyant Bio, Inc. received a written notice from the Listing
Qualifications Department of The Nasdaq Stock Market indicating
that the Company is not in compliance with the $1.00 Minimum Bid
Price requirement set forth in Nasdaq Listing Rule 5550(a)(2) for
continued listing on The Nasdaq Capital Market.  The Notice does
not result in the immediate delisting of the Company's common stock
from The Nasdaq Capital Market.

The Nasdaq Listing Rules require listed securities to maintain a
minimum bid price of $1.00 per share and, based upon the closing
bid price of the Company's common stock for the last 30 consecutive
business days, the Company no longer meets this requirement.  The
Nasdaq rules provide the Company a compliance period of 180
calendar days from the date of the Notice in which to regain
compliance with the Bid Price Requirement.  As a result, the date
by which the Company has to regain compliance with the Bid Price
Requirement is Sept. 18, 2023.  If at any time prior to Sept. 18,
2023 the bid price of the Company's common stock closes at or above
$1.00 per share for a minimum of 10 consecutive business days (or
longer at Nasdaq's discretion), the Nasdaq staff will provide the
Company with a written confirmation of compliance and the matter
will be closed.

Alternatively, if the Company fails to regain compliance with the
Bid Price Requirement prior to the expiration of the initial
period, the Company may be eligible for an additional 180 calendar
day compliance period, provided (i) it meets the continued listing
requirement for market value of publicly held shares and all other
applicable requirements for initial listing on The Nasdaq Capital
Market (except for the Bid Price Requirement) and (ii) it provides
written notice to Nasdaq of its intention to cure this deficiency
during the second compliance period by effecting a reverse stock
split, if necessary.  In the event the Company does not regain
compliance with the Bid Price Requirement prior to the expiration
of the initial period, and if it appears to the Staff that the
Company will not be able to cure the deficiency, or if the Company
is not otherwise eligible, the Staff will provide the Company with
written notification that its securities are subject to delisting
from The Nasdaq Capital Market.  At that time, the Company may
appeal the delisting determination to a hearings panel.

The Company intends to monitor the closing bid price of its common
stock and is considering its options with respect to compliance
with the Bid Price Requirement.  However, there can be no assurance
that the Company will regain compliance with the Bid Price
Requirement during the 180-day compliance period, secure a second
period of 180 days to regain compliance, or maintain compliance
with any other Nasdaq listing requirements.

                           About Vyant Bio

Headquartered in Cherry Hill, New Jersey, Vyant Bio, Inc. (formerly
known as Cancer Genetics, Inc.) is an innovative biotechnology
company reinventing drug discovery for complex neurodevelopmental
and neurodegenerative disorders.  Its central nervous system drug
discovery platform combines human-derived organoid models of brain
disease, scaled biology, and machine learning.

Vyant Bio reported a net loss of $40.86 million for the year ended
Dec. 31, 2021, a net loss of $8.65 million for the year ended Dec.
31, 2020, a net loss of $6.71 million for the year ended Dec. 31,
2019, and a net loss of $20.37 million for the year ended Dec. 31,
2018.  As of Sept. 30, 2022, the Company had $23.04 million in
total assets, $9.20 million in total liabilities, and $13.84
million in total stockholders' equity.


WHOLE EARTH BRANDS: S&P Downgrades ICR to 'B-', Outlook Negative
----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on
Chicago-based Whole Earth Brands Inc. (WEB), a "better-for-you"
branded food and ingredients company, to 'B-' from 'B'. The outlook
is negative.

At the same time, S&P lowered its issue-level rating on the
company's senior secured credit facility to 'B-' from 'B'. The
recovery rating is unchanged at '3', which reflects its expectation
for meaningful (50%-70%; rounded estimate: 60%) recovery in the
event of a payment default.

The negative outlook reflects the potential for a downgrade if
WEB's performance does not improve, either from an unexpected
decline in demand or higher than expected restructuring costs,
either of which could further weaken leverage and interest coverage
and possibly cause a financial covenant breach.

The downgrade reflects WEB's weaker than expected cash flow ratio
and the risk of a covenant breach.

Its S&P Global Ratings-adjusted leverage increased to 7.7x at the
end of 2022. This is higher than the mid-6x area from 2021 and
S&P's previous expectation for leverage closer to 6.5x. In
addition, cushion to the maximum net leverage covenant has also
tightened to the mid-single-digit percentage area. Although S&P
project EBITDA performance to improve in 2023 as restructuring
costs decrease and leverage to improve to below its downgrade
trigger of 6.5x, the negative outlook signals a potential for a
lower rating. This could be because its capital structure becomes
unsustainable either due to deteriorating economic conditions or it
cannot execute its supply chain projects to plan. The risk of
weaker liquidity could also prompt a downgrade in the coming
quarters if a financial covenant breach becomes more likely. WEB is
subject to a maximum debt to EBITDA ratio of 5.5x and had EBITDA
cushion of approximately 5% as of fiscal year-end 2022. This
cushion could tighten to the low-single-digit percent area in the
coming quarters and require an amendment to avoid a technical
default if sales unexpectedly decline or working capital
requirements are higher than expected. Either may require
additional revolver borrowings and pressure the covenant.

Cash flow will remain pressured in 2023, due to higher interest
rates.

It was impaired in 2022 due to lower profitability and higher
working capital investment. S&P said, "Although we forecast cash
flow to improve in 2023 as working capital usage normalizes and
profitability improves, it will remain affected by a one-time
facility closure and restructuring costs. In addition, free cash
flow generation for 2023 will be further constrained by increasing
interest rates because WEB's floating-rate debt is not hedged. As a
result, we forecast minimal free operating cash flow (FOCF) in 2023
and an EBITDA interest coverage ratio decline to the mid-1x area."

WEB's price increases have not significantly weakened volumes, and
we view continuing restructuring costs in its supply chain as
necessary to improve operating execution.

S&P said, "The company raised prices to offset unprecedented cost
inflation in 2022 and recovered approximately 80% of the cost
increases while continuing to increase volume. The underperformance
primarily came from higher cash costs associated with its supply
chain restructuring initiatives. WEB incurred about $23 million in
supply chain reinvention costs in 2022, about $15 million higher
than our previous estimates due to additional operational issues at
its Alabama facility. We expect the company will incur an
additional $10 million-$12 million in 2023 as it continues to
streamline its supply chain with the closure of that plant. WEB
plans to move production volume to third-party strategic partners
to improve its cost structure and operational efficiency. We view
this positively because expanding supply relationships with
strategic partners could be less disruptive than fixing an
underperforming facility. As such, we believe WEB can execute its
operational plans for the year and project leverage to decrease to
about 6x and its covenant cushion to expand to the
high-single-digit percent area by the end of 2023.

Favorable demand trends in the branded consumer packaged goods
business will support long-term organic growth given WEB's
portfolio of natural sweeteners and "free-from" baking products.

The company generates most of its revenues (80% in 2022) from the
segment and increased its annual revenue on a pro forma basis by
3.2% in 2022, mainly driven by price increases and new product
launches. Although volumes declined in the segment, it was mainly
due to WEB's stock-keeping units rationalization by reducing its
private-label exposure. Excluding that, volumes were flat. Also,
WEB generated about $31 million in additional revenues from new
product launches, which accounted for about 7% of revenues from the
branded business. Its flavors and ingredients business, which
offers modest diversification, increased revenue 10.3% in 2022,
driven by above industry volume growth of 8.5% and supplemented by
pricing from continued demand in its licorice extract and
derivative products. S&P said, "Overall, we believe growth
opportunities exist for the sweeteners and adjacencies market in
the U.S., where the consumer shift toward natural premium
sweeteners and away from sugar and artificial sweeteners is well
underway. We believe consumers' increasing prioritization of health
and wellness will drive long-term demand for conventional sugar
alternatives. Specifically, we expect its plant-based sweeteners
and baking products that are "free-from" certain items (such as
gluten, nuts etc.) will benefit from consumers paying more
attention to ingredient labels and broader adoption of specialty
diets. We believe this is indicated by WEB's ability to increase
volume while raising prices in a challenging 2022 while consumer
discretionary spending was squeezed. We expect this trend to
continue into 2023."

The negative outlook reflects the potential for a downgrade if
WEB's FOCF remains negative, further weakening EBITDA interest
coverage, or performance does not improve due to cost overruns for
its supply chain restructuring. Either of these could also result
in the inability to comply with its financial covenants.

S&P could lower its rating on WEB if its operations do not improve,
EBITDA interest coverage weakens toward 1x, or S&P believes it
could breach its covenants. This could occur if:

-- Supply chain streamline initiatives are not executed to plan
and it continues to incur high restructuring costs;

-- Organic growth performance is weak due to lower demand or
increased competition that could result in lower volumes or
inability to execute on price increases; or

-- It cannot execute a covenant amendment to relieve its tight
cushion.

S&P can revise the outlook to stable if WEB generates positive FOCF
and EBITDA interest coverage approaches 2x. This could occur if:

-- Margins benefit from improved distribution efficiency and cost
absorption because of its North American supply chain
consolidation; and

-- One-time cash restructuring costs do not repeat while working
capital requirements remain muted.

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



WYTHE BERRY FEE: Taps Herrick Feinstein as Legal Counsel
--------------------------------------------------------
Wythe Berry Fee Owner LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of New York to employ Herrick,
Feinstein LLP, as legal counsel.

The Debtor requires legal counsel to:

     a. give advice with respect to the powers and duties of the
Debtor in the continued management of its properties and operation
of its businesses;

     b. attend meetings and negotiate with representatives of
creditors and other parties in interest and advise and consult on
the conduct of the case, including all the legal and administrative
requirements of operating in Chapter 11;

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

     d. prepare legal papers;

     e. prepare and negotiate a Chapter 11 plan, disclosure
statement and any related documents, and take any necessary action
to obtain confirmation of the plan;

     f. advise the Debtor in connection with any sale of assets,
auctions or other transactions;

     g. perform other necessary legal services; and

     h. appear before the bankruptcy court, any appellate court,
and the United States Trustee.

The firm will be paid at these rates:

     Partners                       $725 to $1,160 per hour
     Associates                     $505 to $670 per hour
     Paraprofessionals/Specialists  $430 to $510 per hour

The firm was paid $411,073.65 pursuant to the 20% holdback required
by Local Bankruptcy Rule 2016-2. For the period between the
petition date and Jan. 31, 2023, the firm provided services to the
Debtor in connection with the Chapter 11 case in the amount of
$824,824.94, which fees have been voluntarily reduced to
$536,384.44, and have not been paid by the Debtor or its estate to
the firm.

Stephen Selbst, Esq., a member of Herrick Feinstein, 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.

Herrick Feinstein can be reached at:

     Stephen B. Selbst, Esq.
     Avery S. Mehlman, Esq.
     Janice Goldberg, Esq.
     Zachary Denver, Esq.
     Herrick Feinstein LLP
     Two Park Avenue
     New York, NY 10016
     Tel: (212) 592-1400
     Fax: (212) 592-1500
     Email: sselbst@herrick.com
            amehlman@herrick.com
            jgoldberg@herrick.com
            zdenver@herrick.com

                    About Wythe Berry Fee Owner

A group of noteholders, Mishmeret Trust Company Ltd., solely in its
capacity as Trustee for the Series C Notes; Yelin Lapidot Provident
Funds Management Ltd.; The Phoenix Insurance Company Limited; and
Klirmark Opportunity Fund III L.P., filed an involuntary Chapter 11
bankruptcy petition against Wythe Berry Fee Owner LLC (Bankr.
S.D.N.Y. Case No. 22-11340) on Oct. 6, 2022.  The creditors are
represented by Michael Friedman, Esq.,. at Chapman and Cutler LLP.

Bankruptcy Judge Martin Glenn, who presides over the case, entered
an Order for Relief in January 2023, allowing the bankruptcy
proceedings against Wythe Berry Fee Owner LLC to proceed.  Judge
Glenn denied a request by hotel operator Zelig Weiss to dismiss the
involuntary petition.

Wythe Berry Fee Owner LLC is the titular owner of a commercial real
property complex located in Brooklyn, New York, that includes The
William Vale Hotel, one of Brooklyn's few luxury hotels.  Wythe
Berry Fee Owner is co-owned, indirectly, by Zelig Weiss and YGWV
LLC, a wholly owned, direct subsidiary of All Year Holdings
Limited, which is a debtor in a chapter 11 case also pending before
Judge Glenn.

Weiss and YGWV each hold 50% of the membership interests in Member
LLC, which, in turn, is the direct parent, and sole member, of
Wythe Berry Fee Owner. YGWV purports to be the designated managing
member of Member LLC and, thus, purports to control Wythe Berry Fee
Owner.

Wythe Berry Fee Owner LLC is represented by law firm Herrick,
Feinstein LLP.

All Year Holdings Limited filed for Chapter 11 bankruptcy
protection (Bankr. S.D.N.Y. Case No. 21-12051) on Dec. 14, 2021,
and is represented by Matthew Paul Goren, Esq., at Weil, Gotshal &
Manges LLP.

Weiss is represented by lawyers at Paul Hastings LLP.


                            *********

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.
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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.
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Monthly Operating Reports are summarized in every Saturday edition
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The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
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                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
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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.

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