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

              Thursday, August 3, 2023, Vol. 27, No. 214

                            Headlines

2624 E 63RD: Lender Seeks to Prohibit Cash Collateral Access
303 CONSTRUCTION: Gets OK to Hire Royal Bookkeeping as Accountant
540 WEST 21ST: Case Summary & 17 Unsecured Creditors
7TH WES TECH: Seeks to Hire Eric A. Liepins as Legal Counsel
ACCURIDE CORP: S&P Hikes ICR to 'CCC+' on Extension Of Maturities

ADAMIS PHARMACEUTICALS: To Fund ZIMHI Clinical Study
ADVOCATE HEALTH: Case Summary & Six Unsecured Creditors
AES CORP: Egan-Jones Retains BB Senior Unsecured Ratings
ALASKA LOGISTICS: Court OKs Cash Collateral Access Thru Aug 10
ALDAGI GROUP: A.M. Best Gives B(Fair) Financial Strength Rating

AMERICAN HVAC: Unsecureds Will Get 3% Dividend in Plan
ANTHONY'S 31: Voluntary Chapter 11 Case Summary
ARIS MINING: Fitch Affirms 'B+' LongTerm IDRs, Outlook Stable
AVIENT CORP: Egan-Jones Retains BB- Senior Unsecured Ratings
BENEFYTT: Committee Taps Province LLC as Restructuring Advisor

BLUE STAR: Issues Additional $300K Secured Note to Lind Global
BLUEKEY CONSTRUCTION: Case Summary & Four Unsecured Creditors
BRINKER INTERNATIONAL: Egan-Jones Retains B Sr. Unsecured Ratings
BRITH SHOLOM: Case Summary & 10 Unsecured Creditors
BUCKEYE TECHNOLOGIES: Egan-Jones Retains BB- Sr. Unsecured Ratings

CALAMP CORP: All Five Proposals Passed at Annual Meeting
CARNIVAL CORP: S&P Rates New First-Priority Sr. Sec. Notes 'BB-'
CDK GLOBAL II: Moody's Rates New $755MM First Lien Notes B2
CDK GLOBAL II: S&P Assigns 'B+' Rating on $755MM Sr. Secured Notes
CENTER FOR AUTISM: $48.5 Million Sale, Chapter 11 Plan Okayed

CHARLES LAU: Court OKs Cash Collateral Access
CHEMOURS COMPANY: Moody's Rates Upsized Secured Term Loans 'Ba1'
CHOSHEN ISRAEL: Case Summary & Eight Unsecured Creditors
COGENT COMMUNICATIONS: Egan-Jones Retains B- Sr. Unsecured Ratings
COMMUNITY HEALTH: Fitch Affirms 'B-' LongTerm IDR, Outlook Neg.

CTLC LLC: Case Summary & Five Unsecured Creditors
DET MEDICAL: PCO Report Raises Concern Over Lack of Cooperation
DIOCESE OF ROCHESTER: Reaches $51M Deal With Additional Insurer
DIVERSIFIED HEALTHCARE: Has Going Concern Doubt as Merger Pending
DMCC 450: Taps Latham Luna Eden & Beaudine as Legal Counsel

DMCC 7347: Taps Latham Luna Eden & Beaudine as Legal Counsel
DMCC AMERICAS: Taps Latham Luna Eden & Beaudine as Legal Counsel
DMCC MANAGEMENT: Taps Latham Luna Eden & Beaudine as Legal Counsel
DRUNKEN DONKEY: Seeks to Hire Eric A. Liepins as Legal Counsel
DT MIDSTREAM: S&P Affirms 'BB+' ICR, Outlook Stable

EKSO BIONICS: Incurs $4.2 Million Net Loss in Second Quarter
ELEVATE TEXTILES: Moody's Assigns 'Caa1' CFR, Outlook Positive
EQUINIX INC: Egan-Jones Retains BB- Senior Unsecured Ratings
FARMERS COOPERATIVE: Taps Favazza & Associates as Accountant
FINCO I LLC: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable

FOR PAWS BLUE: Seeks to Tap Cowgill & Company as Financial Advisor
FREE SPEECH: Court OKs Continued Cash Collateral Access
FTX TRADING: Alameda CEO Ellison Paid Herself More Than $10B
FULTON MERCER: Voluntary Chapter 11 Case Summary
FUTURE PRESENT: Seeks Cash Collateral Access

GAMESTOP CORP: Chief Financial Officer to Resign Next Week
GLATFELTER CORP: Egan-Jones Retains BB- Senior Unsecured Ratings
GLOBAL FERTILITY: U.S. Trustee Appoints David Crapo as PCO
GREEN HYGIENICS: Seeks to Hire Bisom Law Group as Counsel
GREEN PLAINS: Egan-Jones Retains B- Senior Unsecured Ratings

GREYSTAR REAL ESTATE: S&P Rates New $400MM Secured Term Loan 'BB-'
GRS RESTAURANT: Seeks Cash Collateral Access
HAMMOND ENTERPRISES: Gets OK to Hire Kornfield as Legal Counsel
HICKORY HILLZ: Court OKs Cash Collateral Access on Final Basis
HITSON CABINET: Seeks to Hire Henderson as Accountant

IMPERVA INC: S&P Places 'CCC+' ICR on CreditWatch Positive
J.T. AND SON: Case Summary & 18 Unsecured Creditors
JP INTERMEDIATE: Moody's Withdraws 'Caa3' Corporate Family Rating
LA FAMILIA: Wins Cash Collateral Access Thru Aug 24
LAS VEGAS SANDS: Fitch Affirms 'BB+' LongTerm IDR

LEGACY CARES: UST's Trustee/Dismissal Bid Opposed
LEXARIA BIOSCIENCE: Incorporates New Subsidiary Under "LEXX Nutra"
LIFSIZE INC: $20 Million Chapter 11 Financing Gets Final Nod
LITTLE K'S LANDSCAPING: Taps Saas Kirwan Associates as Accountant
LORDSTOWN MOTORS: Suit Says Execs Hid Foxconn Issues from Public

MACEDON CONSULTING: August 29 Plan & Disclosure Hearing Set
MEGNA REAL ESTATE: Taps Donahoe Young & Williams as Legal Counsel
MEGNA TEMECULA COUNTRY: Taps Donahoe Young & Williams as Counsel
MEGNA TEMECULA HACIENDA: Taps Donahoe Young & Williams as Counsel
MGM RESORTS: Egan-Jones Retains B Senior Unsecured Ratings

MODA HEALTH: A.M. Best Cuts Financial Strength Rating to B(Fair)
MR. COOPER: S&P Assigns 'B' Rating on $500MM of 5% Senior Notes
NEW BLUE FLOWERS: Voluntary Chapter 11 Case Summary
NEXERA MEDICAL: Unsecured Creditors to Split $150K over 3 Years
NORTH VILLAGE: Seeks Cash Collateral Access

OCEAN POWER: Posts $26.3 Million Net Loss in FY Ended April 30
OHANA GROUP: Case Summary & 16 Unsecured Creditors
P&L DEVELOPMENT: Fitch Cuts IDR to 'CCC' & Secured Notes to 'CCC-'
PACWEST BANCORP: Fitch Puts 'BB+' IDR on Rating Watch Evolving
PARTY CITY: Urged by SEC to Save Documents in Probe

PENNSYLVANIA ECONOMIC: Moody's Affirms 'Ba2' on 2013 Parking Bonds
PETROLIA ENERGY: Posts $810K Net Loss in Second Quarter
PGX HOLDINGS: Committee Taps ArentFox Schiff as Bankruptcy Counsel
PGX HOLDINGS: Committee Taps FTI Consulting as Financial Advisor
PGX HOLDINGS: Committee Taps Morris James as Delaware Counsel

PHILLIPS SEABROOK: Continued Operations to Fund Plan
PHYSICIAN PARTNERS: S&P Upgrades ICR to 'B+', Outlook Stable
PITNEY BOWES: S&P Lowers Senior Unsecured Notes Rating to 'B+'
PUERTO RICO: Borrowers Lose Appeal on $384M Loan Sale
RANGER OIL: Fitch Raises IDR to 'B+' & Then Withdraws All Ratings

REGIONAL HOUSING: No Decline in Patient Care at Columbus Facility
REGIONAL HOUSING: No Decline in Patient Care at Gainesville
REGIONAL HOUSING: No Decline in Patient Care at Gardens of Rome
REGIONAL HOUSING: No Decline in Patient Care at Landings of Douglas
REGIONAL HOUSING: No Decline in Patient Care at Savannah

REGIONAL HOUSING: No Decline in Patient Care at Social Circle
REGIONAL WEST HEALTH: Fitch Lowers IDR to BB-, On Rating Watch Neg.
SBA COMMUNICATIONS: Egan-Jones Retains B+ Senior Unsecured Ratings
SCHARN INDUSTRIES: Wins Cash Collateral Access Thru Sept 13
SEAWORLD PARKS: Moody's Rates New $665MM Secured Term Loan 'Ba2'

SEAWORLD PARKS: S&P Alters Outlook to Positive, Affirms 'BB-' ICR
SECURED COMMUNICATIONS: Case Summary & 20 Top Unsecured Creditors
SEMRAD LAW: Continued Operations to Fund Plan
SHARP SERVICES: S&P Affirms 'B-' ICR, Outlook Stable
SHERMAN/GRAYSON: U.S. Trustee Appoints Daniel McMurray as PCO

SHO HOLDING I: Moody's Cuts CFR to Ca & Alters Outlook to Negative
SILGAN HOLDINGS: Egan-Jones Retains BB Senior Unsecured Ratings
SIRIUS XM: Egan-Jones Retains BB+ Senior Unsecured Ratings
SONIC AUTOMOTIVE: Egan-Jones Retains BB+ Senior Unsecured Ratings
SORRENTO THERAPEUTICS: $20MM DIP Loan from Scilex Wins Final OK

SOUTHSWEST AIRLINES: Egan-Jones Retains BB Sr. Unsecured Ratings
SPARK NETWORKS: Has Forbearance Deal Until Friday
STRATHCONA RESOURCES: S&P Alters Outlook to Neg., Affirms 'B+' ICR
SVB FINANCIAL: Asks Court Okay for Up to $12.6Mil. Exec. Bonuses
TONY'S COURTYARD: Voluntary Chapter 11 Case Summary

TRINET GROUP: S&P Rates New $500MM Senior Unsecured Notes 'BB'
TRINITY INDUSTRIES: Egan-Jones Retains BB Senior Unsecured Ratings
TROIKA MEDIA: Faces Lawsuit Over Breach of Agreement
TROIKA MEDIA: Inks Third Amended A&R Limited Waiver With Blue Torch
TWILIGHT HAVEN: Wins Cash Collateral Access Thru Sept 27

UNIVERSITY HOSPITAL: Fitch Affirms 'BB-' IDR, Outlook Stable
VANTAGE TRAVEL: Court OKs $560,000 DIP Loan from United Travel
VIRGIN ORBIT: Latham & Watkins Served as Adviser in Chapter 11
VOYAGER AVIATION: Seeks Cash Collateral Access
WAVERLY MANSION: Case Summary & 10 Unsecured Creditors

YELLOW CORP: S&P Cuts ICR to 'CC' on High Likelihood of Default
[^] Recent Small-Dollar & Individual Chapter 11 Filings

                            *********

2624 E 63RD: Lender Seeks to Prohibit Cash Collateral Access
------------------------------------------------------------
HSBC Bank USA, National Association, as trustee for Structured
Asset Securities Corporation Mortgage Pass-Through Certificates,
Series 2003-22A, through its loan servicer, Nationstar Mortgage
LLC, a secured creditor of 2624 E 63rd St. LLC, asks the U.S.
Bankruptcy Court for the Eastern District of New York, Brooklyn
Division, to require the Debtor to turnover cash collateral,
commence adequate protection payment, and provide an accounting of
rental income pursuant to 11 U.S.C. Section 363.

The rental income is from the Debtor's real property located at
2624 E 63Rd St, Brooklyn, New York City.

On April 14, 2003, Shachar Bayaz executed and delivered or are
otherwise obligated with respect to the promissory note in the
original principal amount of $458,400.

Pursuant to the Mortgage, all obligations of the Borrower under and
with respect to the Note and Mortgage are secured by the Property.
The Mortgage contains an Assignment of Rents provision.

The Borrower defaulted under the terms of the Loan Documents and
the Creditor commenced a Foreclosure proceeding. On April 3, 2017,
the Creditor obtained a Final Foreclosure Judgment for $593,945.

On February 18, 2009, an unauthorized Bargain and Sale Deed was
recorded with the County Recorder's Office wherein the Borrower,
Shachar Bayaz, purported to transfer interest in the Property to
Daoud Biton for little to no consideration.

On July 3, 2023, three days before the scheduled foreclosure sale,
an unauthorized Bargain and Sale Deed was recorded with the County
Recorder's Office wherein Biton, purported to transfer interest in
the Property to the 2624 E 63rd St. LLC for little to no
consideration.

On July 5, 2023, one day before the scheduled foreclosure sale, the
Debtor filed the instant Chapter 11 Case in the Eastern of New York
and was assigned case number 1-23-42370-ess. Notably, the Debtor is
not the Borrower under the Note. The Borrower is not a party to the
Bankruptcy Case. The Petition is  signed by Sarit Shaharabany, as
President of the Debtor. Sarit Shaharabany is unknown person to the
Creditor.

To date, the Debtor has yet to file a Motion to Use Cash Collateral
to use the rental income generated by the Property (if any). The
Creditor asserts the unauthorized use of cash collateral alone
constitutes cause to dismiss or convert a Chapter 11 Case. 11
U.S.C. section 1112(b)(4)(D). The creditor holds a security
interest not only in the real property, but also in the rental
income derived from the property.

Creditor is being harmed by the Debtor's use of cash collateral as
the Subject Loan remains in default while the Creditor maintain
taxes and insurance for the Property. The Creditor requests an
immediate accounting and turnover of all income generated by the
Property from the petition date to present. At a minimum, Creditor
asserts it is entitled to adequate protection payments equal to the
gross income less expenses.

A hearing on the matter is set for August 25, 2023 at 10:30 a.m.

A copy of the motion is available at https://urlcurt.com/u?l=bZ7U5X
from PacerMonitor.com.

                     About 2624 E 63rd St. LLC

2624 E 63rd St. LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E. D. N.Y. Case No. 1-23-42370-ess) on July
5, 2023. In the petition signed by Sarit Shaharabany, president,
the Debtor disclosed up to $50,000 in both assets and liabilities.


Narissa A. Joseph, Esq., at Law Office of Narissa A. Joseph,
represents the Debtor as legal counsel.


303 CONSTRUCTION: Gets OK to Hire Royal Bookkeeping as Accountant
-----------------------------------------------------------------
303 Construction Services received approval from the U.S.
Bankruptcy Court for the District of Colorado to employ Royal
Bookkeeping and Accounting Services.

The Debtor requires an accountant to review and amend its books and
records; prepare tax returns and updated financial statements; and
assist with financial reporting.

The firm will bill for its services at a rate of $200 to $400 per
financial report.

As disclosed in court filings, Royal Bookkeeping is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     Dale Kingsley
     Royal Bookkeeping and Accounting Services
     8821 E. Hampden Ave, Suite 120
     Denver, CO 80231
     Office: 303-757-0307
     Text: 720-330-3683

                  About 303 Construction Services

303 Construction Services filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No.
23-10848) on March 8, 2023, with as much as $50,000 in assets and
$100,001 to $500,000 in liabilities. Joli A. Lofstedt has been
appointed as Subchapter V trustee.

Judge Michael E. Romero oversees the case.

The Debtor tapped Keri L. Riley, Esq., at Kutner Brinen Dickey
Riley, P.C. as legal counsel and Royal Bookkeeping and Accounting
Services as accountant.


540 WEST 21ST: Case Summary & 17 Unsecured Creditors
----------------------------------------------------
Debtor: 540 West 21st Street Holdings LLC
        540 West 21st Street
        New York, NY 10011

Business Description: The Debtor is headquartered in New York, NY
                      and is a real estate holding company
                      formed specifically to facilitate the
                      financing and construction of a mixed-use
                      development at the Property.

Chapter 11 Petition Date: August 2, 2023

Court: United States Bankruptcy Court
       District of Delaware

Case No.: 23-11053

Judge: Hon. Mary F. Walrath

Debtor's
Lead
Counsel:          BRYAN CAVE LEIGHTON PAISNER LLP

Debtor's
Delaware
Counsel:          William E. Chipman, Jr., Esq.     
                  CHIPMAN BROWN CICERO & COLE, LLP
                  Hercules Plaza
                  1313 N. Market Street, Suite 5400
                  Wilmington, DE 19801
                  Tel: (302) 295-0191
                  Email: chipman@chipmanbrown.com

Debtor's
Chief
Restructuring
Officer:          TOMER JACOB

Debtor's
Claims Agent:     BANKRUPTCY MANAGEMENT SOLUTIONS, INC.
                  d/b/a STRETTO

Total Assets: $95,842,716

Total Liabilities: $256,664,374

The petition was signed by Noam Teltch as authorized signatory.

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

https://www.pacermonitor.com/view/FGUTNGY/540_West_21st_Street_Holdings__debke-23-11053__0001.0.pdf?mcid=tGE4TAMA

List of Debtor's 17 Unsecured Creditors:

   Entity                           Nature of Claim   Claim Amount

1. Core Scaffold Systems, Inc.        Trade Debt            $5,988
Attn: Eddie Gazheil
250 Skillman Street
Suite 501
Brooklyn, NY 11206
Phone: (718) 864-2672
Email: eddie@corescaffold.com

2. Cosentini Associates               Trade Debt           $90,000
Attn: Marvin A. Mass
498 Seventh Avenue
New York, NY 10018
Phone: (212) 615-3600
Email: mmass@cosentini.com

3. DeSimone Consulting Engineers      Trade Debt           $13,125
Attn: Stephen V. DeSimone
140 Broadway
25th Floor
New York, NY 10005
Phone: (212) 532-2211
Email: Stephen.DeSimone@de-simone.com

4. Domani Consulting Inc.             Trade Debt              $500
Attn: Robert Tymecki
68 Whitehall Street
Lynbrook, NY 11563
Email: rtymecki@domaniconsultinginc.com
Phone: (516) 256-0317

5. DZ 21st Street LLC                 Trade Debt       $28,750,050
Attn: David Zwirner
525 West 19th Street
New York, NY 10011
Nesa R. Amamoo
Phone: (212) 735-2993
Email: nesa.amamoo@skadden.com

6. Holland & Knight                   Trade Debt            $2,954
Attn: Amy S. Leder
31 West 52nd Street
12th Floor
New York, NY 10019
Amy S. Leder
Phone: (212) 513-3200
Email: amy.leder@hklaw.com

7. Jones Lang LaSalle                 Real Estate         $958,000
Attn: Peter Riguardi                   Brokerage
330 Madison Avenue                     Contract
4th Floor
New York, NY 10017
Phone: (212) 812-5700
Email: Peter.Riguardi@jll.com

8. Jose Alavrez                       Trade Debt              $595
551 West 21st Street
New York, NY 10011
Phone: (212) 645-1302
Email: Jose.alvarez@551w21.com

9. Longman Lindsey                    Trade Debt            $3,000
Attn: John Longman
200 West 41st Street
Suite 1100
New York, NY 10036
Phone: (212) 315-640
Email: JohnL@longmanlindsey.com

10. Marcus and Pollack LLP             Trade Debt           $8,500
Attn: Joel R. Marcus
633 Third Avenue
9th Floor
New York, NY 10017
Phone: (212) 490-2900
Email: jmarcus@marcuspollack.com

11. Obumex                             Trade Debt          $60,000
Attn: Thomas Ostyn
145 West 28th Street
New York, NY 10001
Phone: 32 51 70 50 71
Email: thomas.ostyn@obumex.be

12. Prager Metis                       Trade Debt           $6,668
Attn: Blanca Cruz
401 Hackensack Avenue
4th Floor
Hackensack, NJ
07601
Phone: (201) 342-7753
Email: bcruz@pragermetis.com

13. Renzo Piano Building Workshop      Trade Debt         $300,000
Attn: Elisabetta Trezzani
Via P. Paolo Rubens 29
16158 Genova, Italy
Phone: (39) 010.61711
Email: etrezzani@rpbw.com

14. Rivkin Radler LLP                  Trade Debt          $43,198
Attn: David Gise
926 RXR Plaza
Uniondale, NY
11556-0926
Phone: (516) 357-3000
Email: David.Gise@rivkin.com

15. Servonn, LLC                       Trade Debt          $2,125
Attn: Jason DaSilva
347 5th Avenue
Suite 1402
New York, NY 10016
Phone: (917) 310-3396
Email: jason@servonn.com

16. Smith, Gambrell & Russell LLP      Trade Debt           $3,000
Attn: Jeffrey L. Bash
1105 West
Peachtree Street
Suite 1000
Atlanta, GA 30309
Phone: (404) 815-3500
Email: jbash@sgrlaw.com

17. Willis Towers                      Pollution           $37,350
Watson Northeast Inc.                  Insurance
Attn: Boris Pisman                     Extension
Brookfield Place
200 Liberty Street
New York, NY 10281
Phone: (212) 915-7896
Email: boris.pisman@wtwco.com


7TH WES TECH: Seeks to Hire Eric A. Liepins as Legal Counsel
------------------------------------------------------------
7th Wes Tech, LLC seeks approval from the U.S. Bankruptcy Court for
the Northern District of Texas to hire Eric A. Liepins, PC as its
bankruptcy counsel.

The Debtor requires legal assistance to liquidate its assets,
reorganize the claims of the estate, and determine the validity of
claims asserted against the estate.

The firm will be paid at these rates:

     Eric A. Liepins                   $275 per hour
     Paralegals and Legal Assistants   $30 to $50 per hour

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

The firm received a retainer of $5,000, plus the filing fee.

Mr. Liepins, the sole shareholder of the firm, disclosed in a court
filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

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

                        About 7th Wes Tech

7th Wes Tech, LLC sought protection for relief under Chapter 11 of
the Bankruptcy Code (Bankr. N.D. Texas Case No. 23-42026) on July
14, 2023, with as much as $1 million in both assets and
liabilities.

Eric A Liepins, Esq. at Eric A. Liepins, P.C. represents the Debtor
as counsel.


ACCURIDE CORP: S&P Hikes ICR to 'CCC+' on Extension Of Maturities
-----------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating to 'CCC+' from
'CCC' on Accuride Corp. At the same time, S&P raised its
issue-level rating to 'CCC+' from 'CCC' on Accuride's senior
secured term loan and revised its recovery rating to '3' from '4'.

The positive outlook reflects S&P's expectation that the company
could further improve its liquidity position if commercial vehicle
demand remains robust and it can sustain positive free cash flow
generation in a deteriorating macroenvironment.

The maturity extension on Accuride's credit facilities and the sale
lease-back has improved S&P's view of the company's liquidity
position. Accuride extended the $168.3 million ABL facility that
was due to mature in August 2023 and $365 million first-lien term
loan maturing November 2023 by 2.5 years to February 2026 and May
2026, respectively. The company also entered into a sale lease-back
transaction for facilities in Henderson, Ky., Erie, Pa., and
Rockford, Ill., for about $70 million and used proceeds to repay
$40 million on the term loan and added $20 million in cash to the
balance sheet. These transactions enhanced the company's liquidity
position and absolved the risk of a potential near-term distressed
exchange or conventional default.

S&P said, "We now estimate Accuride will generate an adjusted debt
to EBITDA of about 5x in 2023 and 2024, which is well below our
previous estimates (and improved from about 7x at the end of 2022).
The company has gradually improved revenues and EBITDA margin
following the pandemic (which resulted in negative S&P Global
Ratings-adjusted EBITDA in 2020) due in part to higher margins from
contract repricing. Accuride has continued to demonstrate it can
pass through higher prices to its customers and recovered volumes
across North America, Europe, and Asia. As such, we forecast
revenue growth of 6.5% in 2023 and 2% in 2024. We also forecast S&P
Global Ratings-adjusted EBITDA margin expanding to 8%-9% in 2023
and 2024 from 6.9% in 2022.

"Our rating incorporates Accuride's limited FOCF and potential
sensitivity to weaker-than-expected macroeconomic trends. We
estimate Accuride will generate limited FOCF over the next two
years, which it has not sustainably produced in the past. Over the
last few years, Accuride's FOCF has been notably hurt by the timing
of contract repricing and raw material price inflation that
impaired earnings and working capital. Specifically, because of the
steep and rapid increase in aluminum and steel input costs in 2021,
Accuride was unable to reprice contracts quickly enough to offset
increased raw material expenses, which pressured margins and
resulted in higher working capital spend to replenish inventories.
More recently, the rising interest rate environment and elevated
capital expenditure (capex) to support facility enhancements and
new business wins have weighed on Accuride's ability to organically
improve its FOCF. Accordingly, we believe its liquidity remains
constrained but is better than in recent years. If operating
results are weaker than expected or interest rate pressure sustains
(given that the bulk of its debt is variable rather than fixed
rate), this could hinder liquidity. We consider the ongoing freight
recession, expectation for North American class 8 vehicle
production to decline in 2024, and softness in the overall U.S.
economy as key sources of potential risk.

"Notwithstanding the improvement in prospective leverage, we
require greater visibility on its earnings and cash generation,
particularly considering interest rate pressure, before we can view
its capital structure as sustainable over the long term.

"The positive outlook reflects our view that we could raise the
rating within the next 12 months if Accuride improves its liquidity
position further by generating meaningfully positive FOCF while
maintaining leverage at sustainable levels amid macroeconomic
headwinds."

S&P could lower the rating or revise the outlook to stable over the
next 12 months if:

-- Commercial vehicle build rates worsen beyond current
expectations due to a weaker economy, leading to reduced demand
despite robust backlog;

-- Accuride cannot maintain recent re-pricing efforts due to a
persistently high inflationary environment, and debt to EBITDA
approaches 7x; or

-- S&P expects FOCF to debt will be negative for a sustained
period of time.

S&P could raise its rating on Accuride over the next 12 months if:

-- Accuride maintains leverage below 6x as demand for commercial
vehicles following COVID-19 remains robust despite S&P's
expectation of slower U.S. GDP growth; and

-- The company exhibits sustained positive FOCF.

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 Accuride. We view
the controlling ownership by its founders as demonstrating
corporate decision-making that prioritizes the interests of the
controlling owners over other shareholders."



ADAMIS PHARMACEUTICALS: To Fund ZIMHI Clinical Study
----------------------------------------------------
Adamis Pharmaceuticals Corporation announced the Company has
committed to fund an unrestricted research grant to the Leiden
University Medical Center (LUMC) Anesthesia and Pain Research Unit.
The funding will support the work of Albert Dahan, MD, PhD, a world
expert on opioid-induced respiratory depression (opioid overdose)
and professor of anesthesiology at the University.  Dr. Dahan has
been working with the FDA since 2020 to understand better methods
of reversing fentanyl overdoses.

"Data presented from our recent study conducted in collaboration
with the U.S. Food and Drug Administration (FDA) indicated that
faster and higher blood concentrations of naloxone are most
effective in reversing overdoses from higher strength opioids, such
as fentanyl," said Dr. Dahan.  "The objective of this collaboration
with Adamis will be to assess the efficacy of 5mg intramuscular
ZIMHI versus 4mg of intranasal naloxone, which is comparable to
NARCAN and the respective number of doses required to reverse
fentanyl-induced respiratory depression."

The prior study data referenced above by Dr. Dahan was presented in
a summary report released by the Reagan-Udall Foundation of the FDA
in March, which states that, "The most recent rise in overdose
deaths is primarily driven by fentanyl and fentanyl analogs."  The
summary goes on to highlight that "higher naloxone doses (than the
current standard of care) may be required for an initial reversal
of respiratory depression due to fentanyl.

Eboo Versi, MD, PhD, CEO of Adamis, said, "These data from the FDA
are supported by what we are hearing from first responders having
to deal with fentanyl overdoses and poisoning, and this has
resulted in tragic consequences."

"Narcan is the standard of care to reverse an opioid overdose, but
with fentanyl we are needing to use about three doses to achieve
recovery," said David B. Rausch, Director of the Tennessee Bureau
of Investigation.

Samuel P. Chapman, Director of Parents for Safer Children, stated,
"Prescription strength ZIMHI is the best remedy available for
opioid overdose.  If we had had some in the house when our son
Sammy died, he would still be with us."

"We believe that if ZIMHI demonstrates superiority in reversing
fentanyl-induced respiratory depression in patients in the LUMC
clinical study, national health organizations will update their
emergency protocols to include the use of ZIMHI," stated Dr. Versi.
"Given the increased incidence of fentanyl poisoning, especially
when combined with xylazine, there is now a need for a treatment
that quickly results in high blood levels of naloxone as effected
by ZIMHI.  I believe that all first responders and harm reduction
groups should have ZIMHI in their toolbox."

                     About Adamis Pharmaceuticals

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

Adamis reported a net loss applicable to common stock of $26.48
million for the year ended Dec. 31, 2022, compared to a net loss
applicable to common stock of $45.83 million for the year ended
Dec. 31, 2021.

San Diego, California-based BDO USA, LLP, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated March 16, 2023, 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.


ADVOCATE HEALTH: Case Summary & Six Unsecured Creditors
-------------------------------------------------------
Debtor: Advocate Health Partners, LLC
        35095 US Highway 19 N, STE 102
        Palm Harbor, FL 34684-1968

Chapter 11 Petition Date: August 1, 2023

Court: United States Bankruptcy Court
       Middle District of Florida

Case No.: 23-03307

Debtor's Counsel: Jake C. Blanchard, Esq.
                  BLANCHARD LAW, P.A.
                  8221 49th Street N.
                  Pinellas Park, FL 33781
                  Tel: 727-531-7068
                  Fax: 727-535-2068
                  Email: jake@jakeblanchardlaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Christopher J. Gleis as owner.

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

https://www.pacermonitor.com/view/JZJEKQY/Advocate_Health_Partners_LLC__flmbke-23-03307__0001.0.pdf?mcid=tGE4TAMA


AES CORP: Egan-Jones Retains BB Senior Unsecured Ratings
--------------------------------------------------------
Egan-Jones Ratings Company on July 21, 2023, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by AES Corporation. EJR also withdraws rating on
commercial paper issued by the Company.

Headquartered in Arlington County, Virginia, AES Corporation is an
electric power distribution company.



ALASKA LOGISTICS: Court OKs Cash Collateral Access Thru Aug 10
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Washington
authorized Alaska Logistics, LLC to continue using cash collateral
on an interim basis in accordance with its agreement with Banner
Bank through August 10, 2023.

The parties agreed that the Debtor may use cash collateral in
accordance with the budget. The budget for the continued use of
cash collateral will (i) match the dates and period shown on the
budget attached to the Interim Cash Collateral Order, specifically
through and including August 10, 2023 and (ii) includes a salary
payment to the Debtor's principal Allyn Long on July 31, 2023.

The final hearing on the matter is set for August 10 at 9:30 a.m.

A copy of the stipulation is available at
https://urlcurt.com/u?l=v9VMwq from PacerMonitor.com.

A copy of the order is available at https://urlcurt.com/u?l=DcbDZl
from PacerMonitor.com.

                    About Alaska Logistics LLC

Alaska Logistics LLC transports materials and equipment of all
sizes, shapes and types from Seattle to Western Alaska.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Wash. Case No. 23-11250) on July 7,
2023.

In the petition signed by Allyn Long, general manager/president,
the Debtor disclosed up to $50 million in both assets and
liabilities.

Judge Christopher M. Alston oversees the case.

Faye C. Rasch, Esq., at Wenokur Riordan PLLC, represents the Debtor
as legal counsel.


ALDAGI GROUP: A.M. Best Gives B(Fair) Financial Strength Rating
---------------------------------------------------------------
AM Best has assigned a Financial Strength Rating of B (Fair) and a
Long-Term Issuer Credit Rating of "bb+" (Fair) to JSC Insurance
Company Aldagi Group (Aldagi) (Georgia). The outlook assigned to
these Credit Ratings (ratings) is stable.

The ratings reflect Aldagi's balance sheet strength, which AM Best
assesses as strong, as well as its strong operating performance,
limited business profile and marginal enterprise risk management.

Aldagi's balance sheet strength is underpinned by risk-adjusted
capitalization at the strongest level, as measured by Best's
Capital Adequacy Ratio (BCAR). The assessment also considers
Aldagi's liquid investment portfolio and moderate dependence on
reinsurance, with its reinsurance panel consisting of international
companies of high financial strength. Offsetting factors include
the company's limited internal capital generation, given its high
dividend policy, as well as Aldagi's exposure to the moderate
political and high economic and financial system risks in Georgia.

Aldagi has a track record of strong operating performance, as
demonstrated by a five-year (2018-2022) weighted average non-life
combined ratio below 85% and return on equity of approximately 25%
(as calculated by AM Best). Historically, underwriting results have
benefitted from Aldagi's prudent approach to risk selection and
focus on profitability over top-line growth. In 2022, the company
reported technical profits of GEL 19.6 million (approximately USD
7.4 million) (2021: GEL 17.1 million or USD 5.6 million). Aldagi's
net investment returns contribute positively to its operating
profitability but have been volatile over the recent years owing to
the high interest rate environment in Georgia and internationally,
as well as movements in the fair value of invested assets.

Aldagi is the largest insurance company in Georgia, with a market
share of approximately 27%, based on 2022 combined non-life and
life market premiums. The company benefits from its strong brand
and multichannel distribution network. Nevertheless, Aldagi's
business profile is constrained by geographical concentration and
the small size of its portfolio by international standards. In
2022, the company reported gross written premium of GEL 139.1
million (approximately USD 52.3 million). Aldagi's top line is
expected to grow in the medium term as the company plans to
participate in the compulsory motor third-party liability insurance
pool in Georgia, as well as accept risks on reinsurance basis
domestically and from regional foreign markets. AM Best will
continue to monitor the progress of the company's growth strategy.





AMERICAN HVAC: Unsecureds Will Get 3% Dividend in Plan
------------------------------------------------------
American HVAC & Plumbing, Inc., filed with the U.S. Bankruptcy
Court for the Northern District of California a Plan of
Reorganization for Small Business.

The Debtor is in the business of providing HVAC services to
residential and commercial customers.

The Debtor's business suffered a decline initially from Covid-19,
then from supply chain problems and more recently from a softening
economy. To meet the challenges of declining sales, Debtor cut 50%
of its workforce and surrendered 10 of its vehicles from its fleet.
Burdened by business loans, vendor debt and lawsuits Debtor sought
bankruptcy relief.

The Plan Proponent's financial projections show that the Debtor
will have projected disposable income of $246,229.72. Hence the
final payment is projected to be on or about October 2026.

In liquidation, unsecured creditors would receive $0.00. The
proposed plan pays $65,169.36 to general unsecured creditors (or an
approximate dividend of 3%).

This Plan of Reorganization proposes to pay creditors solely from
the revenue generated by the business.

Non-priority unsecured creditors holding allowed claims will
receive a pro-rata distribution of $65,169 which the proponent of
this Plan has valued at approximately 3.0 cents on the dollar. This
Plan also provides for the payment of administrative and priority
claims.

Class 5 consists of General Unsecured Creditors. The allowed claims
of general unsecured creditors shall be paid a fund totaling
$65,169 payable as follows:

     * A pro-rata disbursement of $9,686.10 quarterly (equivalent
to $3,228.70/mo.) commencing on the 15th month after the Effective
Date (Quarter 5) and continuing on the last day of each successive
quarter for a total of 8 quarterly payments.

Pro-rata means the entire amount of the claim divided by the entire
amount owed to creditors with allowed claims in this class.  For
any general unsecured claimant whose distribution is less than
$50.00, the Debtor may accrue the distribution and disburse once
the accrual reaches $50.00 or prepay the entire 24-month
distribution.

Cuinn Hamm shall retain his equity interest in the Debtor.

Debtor anticipates that it will continue operations. The plan uses
the mean profits for the period May 2023 and June 2023. The revenue
is expected to seasonally fluctuate. May posted a loss but this is
in part because of the low spring season and in part because
cost‐cutting measures had just been implemented. The mean
disposable monthly income before tax was $7,855.65. This includes
monthly adequate protect on payments of $1,269.86 for using
Comerica's cash collateral which will cease on confirmation (and be
replaced by the higher amortization payments). Revenue is expected
to gradually increase subject to seasonal fluctuations. On the
other hand, Debtor will need to relocate its space resulting in a
projected increase of $1,000‐$2,000/month in rent.

Debtor contends that the Plan has Effective Date feasibility.  As
of June 30, 2023, the available cash was $57,758. Though much of
this is needed to sustain operations, on the Effective Date Debtor
will require $1,600 for priority tax claims and administrative rent
in the estimate amount of $1,000.

A full-text copy of the Plan of Reorganization dated July 25, 2023
is available at https://urlcurt.com/u?l=oJyKoU from
PacerMonitor.com at no charge.

Attorney for Debtor:

     Lars T. Fuller, Esq.
     The Fuller Law Firm, P.C.
     60 North Keeble Avenue
     San Jose, CA, 95126
     Tel: (408) 295-5595
     Fax: (408) 295-9852

                  About American HVAC & Plumbing

American HVAC and Plumbing, Inc., is an HVAC contractor in
Campbell, Calif.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Calif. Case No. 23-50461) on April 28,
2023, with $115,224 in assets and $2,221,984 in liabilities.  Cuinn
F. Hamm, president of American HVAC and Plumbing, signed the
petition.

Judge Stephen L. Johnson oversees the case.

The Debtor tapped Lars Fuller, Esq., at the Fuller Law Firm, PC, as
legal counsel and James Hannigan, CPA as accountant.


ANTHONY'S 31: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Anthony's 31 Courtyard, LLC
        8332 Case Street
        La Mesa, CA 91942

Business Description: The Debtor is a Single Asset Real Estate
                      as defined in 11 U.S.C. Section 101(51B).

Chapter 11 Petition Date: August 2, 2023

Court: United States Bankruptcy Court
       Southern District of California

Case No.: 23-02292

Debtor's Counsel: Quintin Shammam, Esq.
                  LAW OFFICES OF QUINTIN G. SHAMMAM
                  2221 Camino Del Rio South, Ste. 207
                  San Diego, CA 92108
                  Tel: (619) 444-0001
                  Email: quintin@shammamlaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Manuel Gamboa as manager.

The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.

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

https://www.pacermonitor.com/view/YXMNUJA/Anthonys_31_Courtyard_LLC__casbke-23-02292__0001.0.pdf?mcid=tGE4TAMA


ARIS MINING: Fitch Affirms 'B+' LongTerm IDRs, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Aris Mining Corporation's (formerly GCM
Mining) Long-Term Foreign and Local Currency Issuer Default Ratings
(IDRs) at 'B+'. In addition, Fitch has affirmed Aris' senior
unsecured notes at 'B+'/'RR4'. The Rating Outlook is Stable.

Aris Mining's ratings reflect its low leverage and sound
profitability in the midst of its growth and diversification
strategy. Aris has the challenge to overcome the constraints of
small scale of operations, deteriorating costs in the face of
expected lower grades, and dependence on its Segovia mine for cash
flows, which limit the ratings. Fitch current forecast only
incorporates Aris' brownfield expansion of Marmato in Colombia.
Gross leverage is estimated around 2.3x and EBITDA interest
coverage around 5.9x over the rated horizon.

Aris has others potential project expansions, which are still under
study: Toroparu (Guyana) and Soto Norte (Colombia). Fitch will be
monitoring capex size and funding/financing alternatives, which
will be key to assess any rating impact in the medium term.

KEY RATING DRIVERS

Reigning in Diversification Execution Risk: Fitch considers that
the execution risk has diminished in Aris' diversification
strategy. It is focused on building Marmato Lower after
reincorporating the asset in the 2022 merger. In the meanwhile,
Aris reassesses the Toroparu project in Guyana and studies Soto
Norte in Colombia. Fitch acknowledges a base production increase
towards more than 400,000 Au oz/year by 2026 stemming from Segovia
(225,000 oz) and Marmato (185,000 oz).

Improving Mine Life: The diversification strategy of Aris has also
improved its life of mine. The combined company reserves' life grew
to 18 years from four years by integrating the 3.2 million oz of
gold from Marmato to the 756,000 ounces of Segovia. Marmato's
reserves increased by 57% in the updated pre-feasibility study of
November 2022 while Segovia's reserves were replenished. The life
of mine would still be about seven years by 2026, when Marmato is
fully built, if no more reserves were added.

Pressured Cost Structure: Aris is placed in the third quartile of
the gold production cost curve, according to metals consultancy CRU
Group. It posted an all-in sustaining cost (AISC) of production of
USD1,128/oz Au in 2022 and a cash cost per ounce of production of
USD797, which compares well with direct peers. More exploration and
mine development efforts continued to increase as head grades at
Segovia declined. During 1Q23, Aris' Segovia operations had an
average head grade of 10.11 grams/tonne (g/t) down from 12.07 g/t a
year before. This compares with average reserve grades of 9.9 g/t
at Segovia, which decreased from last year's 10.1 g/t.

Moderate Leverage: Aris is expected to maintain a manageable
leverage profile while it builds Marmato Lower. The average gross
and net leverage ratios are expected to be 2.3x and 1.3x between
2023 and 2025, from 2.3x and 0.5x in 2022 with gross debt of
approximately USD420 million. Fitch treats the Wheaton financing
for Marmato Lower as debt and assumes that the 2026 bond will be
refinanced when due. Aris has stated a policy of maximum gross
leverage of 3.0x.

Expansion Driving Negative FCF: Fitch projects that Aris will
generate about USD175 million of EBITDA and more than USD110
million of cash flow from operations (CFO) in 2023. Capex is
expected to be USD165 million in 2023, up from USD115 million in
2022. This includes the development of the Marmato Lower mine
(USD280 million, USD40 million in 2023, USD122 million in remaining
Wheaton financing expected in 2024). Aris suspended dividends and
share repurchases. Aris' FCF profile will be negative till the
completion of its investment phase in 2025.

Further Growth Under Study: The company studies the development of
Toroparu in Guyana, Soto Norte in Colombia, and holds its Juby
project in Ontario, Canada. Pending board approval and final
studies, Fitch is not considering the development of Toroparu and
Soto Norte in its projections but only includes exploration
expenses of about USD6 million per year. Aris plans to stop or
taper future financing in junior miners Western Atlas and Denarius
Metals.

DERIVATION SUMMARY

Aris Mining's production of 230,000 oz from two mining operations
in Colombia is lower than IAMGOLD's (B-/Stable) at 480,000 oz from
two mines in Burkina Faso and Canada, lower than Eldorado Gold's
(B+/Stable) 470,000 oz sourced from a number of mines in Canada,
Greece and Turkey, and lower than Compania de Minas Buenaventura's
(BB-/Stable) at 600,000 oz in gold ounces equivalent from a series
of mines in Peru.

Aris Mining's mine life of 18 years in reserves (four at its
largest mine) is higher than those of Eldorado Gold at 16 years, or
IAMGOLD's five years. Buenaventura's main gold mines have a mine
life of three years. However, Buenaventura has more silver and base
metals contribution and significant stakes in a world class
long-lived asset, such as Cerro Verde.

The third quartile position in the cost curve of Aris Mining is
better than Buenaventura's and IAMGOLD's at the fourth quartile,
but less competitive than that of Eldorado Gold at the second
quartile of costs.

Aris Mining's leverage profile of three years expected average
gross and net leverage of 2.3x and 1.3x is lower than IAMGOLD's
2.9x and 1.8x, lower than Eldorado Gold's 2.8x and 2.1x, and lower
than Buenaventura's 3.9x and 2.6x.

KEY ASSUMPTIONS

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

-- Gold prices of USD1,800/oz in 2023, USD1,600/oz in 2024 and
USD1,600/oz in 2025;

-- Gold sales grow to 230,000 oz in 2023, to 260,000oz in 2024 and
to 300,000oz in 2025;

-- Capex is USD165 million in 2023, USD260 million in 2024 and
USD155 million in 2025. Figures include expenses in Toroparu and
Soto Norte. The Marmato expansion counts with USD122 million of
streaming financing;

-- Dividends and stock buybacks remain suspended.

RATING SENSITIVITIES

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

-- Increasing size and diversification over the medium term;

-- A successful reduction of the company's dependence on Segovia;

-- An increase in the reserve life of Segovia.

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

-- Deterioration in liquidity position;

-- Prolonged strikes or mine closures that would halt or
significantly lower gold production;

-- Large debt-funded acquisitions;

-- Negative FCF on a sustained basis;

-- Gross leverage at 3x or higher on a sustained basis.

LIQUIDITY AND DEBT STRUCTURE

Medium term refinancing risks: Aris' ongoing capex plan and
negative FCF generation will likely be partially funded by a mix of
cash on hand and resources from streaming transactions. Fitch
considers that Aris' financial flexibility will continue to be
tested as the company will likely have to refinance its 2026
unsecured bonds (USD300 million).

As of March 31, 2023, Aris reported Fitch-adjusted cash and
equivalents of USD229 million and gross debt of USD378 million.
Debt is comprised of USD300 million of senior unsecured notes due
in 2026, CAD18 million (approximately USD13 million) of convertible
debentures due in 2024 and USD65 million gold linked notes with
yearly payments that end in 2027 (USD14 million in 2023 and USD24
million in 2024). The debentures can be exercised into shares at
CAD4.75 per share. Hence, the principal may not require cash to be
settled.

Future advance deposits of USD122 million from streaming contracts
with Wheaton upon construction completion milestones will help to
fund the USD280 million Marmato Lower mine project. The Toroparu
project will be partially financed with future advance deposits of
USD138 million by streaming contracts with Wheaton.

ISSUER PROFILE

Aris Mining is a Canadian-based precious metals miner. It is the
largest gold and silver producer in Colombia with two underground
operations. Aris is building a brownfield expansion and studying
greenfield projects in Guyana and in Colombia.

ESG CONSIDERATIONS

Aris Mining Corp. has an ESG Relevance Score of '4' for Labor
Relations & Practices due to the company's partial reliance on
third-party artisanal miners for its gold production, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

Aris Mining Corp. has an ESG Relevance Score of '4' for Human
Rights, Community Relations, Access & Affordability due to the
company's exposure to local unrest in the communities surrounding
its Marmato and Segovia mining operations, which has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.


AVIENT CORP: Egan-Jones Retains BB- Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company on July 18, 2023, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Avient Corporation. EJR also withdraws rating on
commercial paper issued by the Company.

Headquartered in Avon Lake, Ohio, Avient Corporation is an
international polymer services company with operations in North
America, Europe, Asia, Australia, and South America.



BENEFYTT: Committee Taps Province LLC as Restructuring Advisor
--------------------------------------------------------------
The official committee of unsecured creditors of Benefytt
Technologies, Inc. and its affiliates seeks approval from the U.S.
Bankruptcy Court for the Southern District of Texas to employ
Province, LLC.

The committee requires a restructuring advisor to:

     (a) work alongside the Debtor's restructuring advisor and
investment banker to ensure a comprehensive sale process is held;

     (b) work to supplement interested party lists for the sale
process, where applicable;

     (c) work to keep the committee informed of developments in the
sale process;

     (d) work to assist the Debtor's professionals in general
marketing efforts associated with the sale process;

     (e) work to assist the Debtor's professionals in maximizing
value to the estate through the sale process, where possible; and

     (f) work alongside the Debtor's and committee's professionals
to assess the value of the Debtor.

The firm will be paid at these rates:

     (a) A monthly fee of $100,000.

     (b) A restructuring transaction fee due and payable upon the
consummation by the Debtors of any "transaction." To the extent
that said transaction constitutes an "alternative restructuring
proposal," then the fee shall be equal to $750,000. If the
transaction is not an alternative restructuring proposal, then the
fee shall be equal to $375,000.

As disclosed in court filings, Province is a "disinterested person"
pursuant to Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Adam Rosen
     Province, LLC
     2360 Corporate Circle, Suite 340
     Henderson, NV 89074
     Phone: (702) 685-5555
     Email: arosen@provincefirm.com

                    About Benefytt Technologies

Benefytt Technologies, Inc. is a technology-driven distributor of
insurance products covering Medicare-related insurance plans as
well as other types of health insurance and supplemental products.
It operates in 44 states including Texas, New York, California, and
Florida.

On May 23, 2023, Benefytt Technologies and 17 affiliated debtors,
including American Service Insurance Agency LLC, filed voluntary
petitions for relief under Chapter 11 of the United States
Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 23-90566).

Benefytt Technologies disclosed assets of $1 billion to $10 billion
and liabilities of $500 million to $1 billion as of the bankruptcy
filing.

Judge Christopher M. Lopez oversees the cases.

The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as bankruptcy counsels; Jackson Walker, LLP as
local and conflicts counsel; Ankura Consulting Group, LLC as
financial advisor; and Jefferies Group, LLC as investment banker.
Stretto, Inc. is the claims, noticing and solicitation agent.

The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors 'Chapter 11 cases. The
committee tapped McDermott Will & Emery, LLP and Lowenstein
Sandler, LLP as bankruptcy counsels; AlixPartners, LLP as financial
advisor; and Province, LLC as restructuring advisor.


BLUE STAR: Issues Additional $300K Secured Note to Lind Global
--------------------------------------------------------------
Blue Star Foods Corp. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that it entered into a First
Amendment to Securities Purchase Agreement with Lind Global Fund II
LP, a Delaware limited partnership, pursuant to which the Company
amended the Securities Purchase Agreement, entered into by and
between the Investor and the Company as of May 30, 2023, in order
to permit the issuance of further senior convertible promissory
notes in the aggregate principal amount of up to $1,800,000 and
common stock purchase warrants in such aggregate amount as the
Company and Investor shall mutually agree pursuant to the Purchase
Agreement.

Pursuant to the Purchase Agreement Amendment, the Company issued to
the Investor a secured, two-year, interest free convertible
promissory note in the principal amount of $300,000 and a common
stock purchase warrant to acquire 175,234 shares of common stock of
the Company, for the aggregate funding amount of $250,000.  In
connection with the issuance of the Note and the Warrant, the
Company paid a $12,500 commitment fee to the Investor.  The
proceeds from the sale of the Note and Warrant are for general
working capital.

Previously, on Jan. 24, 2022, the Company issued to the Investor a
secured, two-year, interest free convertible promissory note in the
principal amount of $5,750,000.  In connection with the issuance of
the 2022 Note, the Company granted the Investor a first priority
security interest and lien upon all of its assets, including a
pledge on its shares in John Keeler & Co. Inc., pursuant to the
Security Agreement dated as of Jan. 24, 2022 by and between the
Company and the Investor.  On May 30, 2023, the Company issued to
the Investor a secured, two-year, interest free convertible
promissory note in the principal amount of $1,200,000 and in
connection with the issuance of the May 2023 Note, the Company and
the Investor amended the 2022 Security Agreement to include the May
2023 Note, pursuant to the Amended and Restated Security Agreement
dated as of May 30, 2023 by and between the Company and the
Investor.  In connection with the issuance of the Note, on July 27,
2023, the Company and the Investor entered into the First Amendment
to Security Agreement to include the Note thereunder.

The Company agreed to file a registration statement with the
Securities and Exchange Commission covering the resale of all of
the shares of common stock issuable to the Investor pursuant to the
Note and Warrant.

The Note is convertible into common stock of the Company at any
time after the earlier of 90 days from issuance or the date the
registration statement is effective, provided that no such
conversion may be made that would result in beneficial ownership by
the Investor and its affiliates of more than 4.99% of the Company's
outstanding shares of common stock.  The conversion price of the
Note is equal to the lesser of: (i) US$1.34; or (ii) 90% of the
lowest single VWAP during the 20 trading day period ending on the
last trading day immediately preceding the applicable conversion
date, subject to customary adjustments.  The maximum number of
shares of common stock to be issued in connection with the
conversion of the Note and the exercise of the Warrant, in the
aggregate, will not, without the prior approval of the shareholders
of the Company, exceed a number of shares equal to 19.9% of the
outstanding shares of common stock of the Company immediately prior
to the date of the Note, per Nasdaq rules and guidance.

The Note contains certain negative covenants, including restricting
the Company from certain distributions, stock repurchases,
borrowing, sale of assets, loans and exchange offers.

Upon the occurrence of an event of default as described in the
Note, the Note will become immediately due and payable at a default
interest rate of 120% of the then outstanding principal amount of
the Note.  Events of default include a change of control, a default
in any indebtedness in excess of $100,000, the failure of the
Company to instruct its transfer agent to issue unlegended
certificates, the shares no longer publicly being traded, if after
the applicable time the shares are not available for immediate
resale under Rule 144 and the Company's market capitalization is
below $2.5 million for 10 days.

The Warrant entitles the Investor to purchase up to 175,234 shares
of common stock of the Company during the exercise period
commencing on the date that is six months after the issue date and
ending on the date that is 60 months from the Exercise Period
Commencement at an exercise price of $1.34 per share, subject to
customary adjustments.  The Warrant includes cashless exercise and
full ratchet anti-dilution provisions.

                         About Blue Star Foods

Based in Miami, Florida, Blue Star Foods Corp.
--https://bluestarfoods.com -- is a seafood company with a focus
on
Recirculatory Aquaculture Systems (RAS) that processes, packages
and sells high-value seafood products.  The Company believes it
utilizes best-in-class technology, in both resource sustainability
management and traceability, and ecological packaging.  The Company
also owns and operates the oldest continuously operating
Recirculating Aquaculture System (RAS) full grow-out salmon farm in
North America.

Blue Star reported a net loss of $13.19 million for the year ended
Dec. 31, 2022, compared to a net loss of $2.61 million for the year
ended Dec. 31, 2021.  As of Dec. 31, 2022, the Company had $8.68
million in total assets, $9.92 million in total liabilities, and a
total stockholders' deficit of $1.24 million.

Houston, Texas-based MaloneBailey, LLP, the Company's auditor since
2014, issued a "going concern" qualification in its report dated
April 17, 2023, citing that the Company has suffered recurring
losses from operations and has a net capital deficiency that raises
substantial doubt about its ability to continue as a going concern.


BLUEKEY CONSTRUCTION: Case Summary & Four Unsecured Creditors
-------------------------------------------------------------
Debtor: BlueKey Construction & Claims, LLC
        4128 Charleston Trail
        Smyrna, GA 30080

Business Description: BlueKey is a full service insurance claims &
                      restoration Company.  It helps clients
                      navigate through the complex insurance claim
                      and restoration process using technically
                      advanced thermal drone inspections and
                      infrared (IR) mapping.

Chapter 11 Petition Date: August 2, 2023

Court: United States Bankruptcy Court
       Northern District of Georgia

Case No.: 23-57389

Judge: Hon. Lisa Ritchey Craig

Debtor's Counsel: G. Frank Nason, IV, Esq.
                  LAMBERTH, CIFELLI, ELLIS & NASON, P.A.
                  6000 Lake Forrest Drive, NW Ste. 435
                  Atlanta, GA 30328
                  Tel: 404-262-7373
                  Email: fnason@lcenlaw.com

Total Assets: $2,033,030

Total Liabilities: $2,012,503

The petition was signed by David Lewgood as member.

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

https://www.pacermonitor.com/view/UL5K3PQ/BlueKey_Construction__Claims__ganbke-23-57389__0001.0.pdf?mcid=tGE4TAMA


BRINKER INTERNATIONAL: Egan-Jones Retains B Sr. Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company on July 17, 2023, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Brinker International, Inc.  EJR also withdraws
rating on commercial paper issued by the Company.

Headquartered in Dallas, Texas, Brinker International, Inc.
operates as a casual dining restaurant company.



BRITH SHOLOM: Case Summary & 10 Unsecured Creditors
---------------------------------------------------
Debtor: Brith Sholom Winit, LP
        3939 Conshohocken Avenue
        Philadelphia, PA 19131

Business Description: The Debtor is a Single Asset Real Estate (as

                      defined in 11 U.S.C. Section 101(51B)).

Chapter 11 Petition Date: August 1, 2023

Court: United States Bankruptcy Court
       Eastern District of Pennsylvania

Case No.: 23-12309

Judge: Hon. Ashely M. Chan

Debtor's Counsel: Harry J. Giacometti, Esq.
                  FLASTER/GREENBERG, P.C.
                  1717 Arch Street
                  Suite 3300
                  Philadelphia, PA 19103
                  Tel: (215) 279-9393
                  Email: harry.giacometti@flastergreenberg.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $10 million to $50 million

The petition was signed by Ephraim Diamond as chief restructuring
officer.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 10 unsecured creditors is available for free
at PacerMonitor.com at:

https://www.pacermonitor.com/view/3BYZOCI/Brith_Sholom_Winit_LP__paebke-23-12309__0001.0.pdf?mcid=tGE4TAMA


BUCKEYE TECHNOLOGIES: Egan-Jones Retains BB- Sr. Unsecured Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company on July 20, 2023, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Buckeye Technologies Inc. EJR also withdraws rating
on commercial paper issued by the Company.

Headquartered in Memphis, Tennessee, Buckeye Technologies Inc.
manufactures and markets specialty cellulose and absorbent
products.



CALAMP CORP: All Five Proposals Passed at Annual Meeting
--------------------------------------------------------
At CalAmp Corp.'s Annual Meeting, the Company's stockholders:

   (1) elected Scott Arnold, Jason Cohenour, Wesley Cummins,
Jeffery Gardner, Henry Maier, Roxanne Oulman, Jorge Titinger, and
Kirsten Wolberg as directors to a one-year term expiring at the
2023 Annual Meeting;

   (2) ratified the appointment of Deloitte & Touche, LLP as the
Company's independent auditors for the fiscal year ending Feb. 29,
2024;

   (3) approved, on an advisory basis, the executive compensation
described in the proxy statement;

   (4) approved the amendment to the Amended and Restated 2004
Incentive Stock Plan to (1) increase the number of shares of common
stock available, and thereby increase the number of shares that can
be granted as incentive stock options under the Amended Plan, by
1,748,000 shares to a total of 14,598,000 shares, (2) increase the
number of shares that may be granted to any employee during any
fiscal year by 200,000 shares to 500,000 shares, and (3) extends
the right to grant awards under the plan through June 1, 2033; and

   (5) approved the amendment to the Company's Certificate of
Incorporation to increase the number of authorized shares of common
stock by 100,000,000 shares to 180,000,000 shares.

                             About CalAmp

CalAmp Corp. is a connected intelligence company that leverages a
data-driven solutions ecosystem to help people and organizations
improve operational performance. The Company solves complex
problems for customers within the market verticals of
transportation and logistics, commercial and government fleets,
industrial equipment, K12 fleets, and consumer vehicles by
providing solutions that track, monitor, and protect their vital
assets.

CalAmp Corp. reported a net loss of $32.49 million for the year
ended Feb. 28, 2023, a net loss of $27.99 million for the year
ended Feb. 28, 2022, a net loss of $56.31 million for the year
ended Feb. 28, 2021, and a net loss of $79.30 million for the year
ended Feb. 29, 2020.


CARNIVAL CORP: S&P Rates New First-Priority Sr. Sec. Notes 'BB-'
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating and '1'
recovery rating to Carnival Corp.'s proposed $500 million
first-priority secured notes due in 2029. The '1' recovery rating
indicates its expectation for very high (90%-100%; rounded
estimate: 95%) recovery for lenders in the event of a default.

Carnival plans to use the proceeds along with a previously
announced $1 billion term loan to repay a portion of its $1.8
billion term loan due in 2025. The company also plans to use cash
from its balance sheet to redeem $1.2 billion of second-lien notes
due in 2026. Despite the expected $1.2 billion of debt reduction,
the proposed transaction does not materially affect our forecast
credit measures because we net Carnival's excess cash that S&P
believes is available for debt repayment. However, the planned
refinancing and debt repayment will extend its maturities and
reduce its cash interest expense.

Additionally, the debt repayment will modestly improve recovery
prospects for unsecured lenders, though the reduction is not
significant enough to warrant revised recovery ratings. That said,
we revised our rounded recovery estimate for the unsecured debt
with subsidiary guarantees to 45% (from 40% prior to the planned
redemption) and our rounded estimate for the debt with parent
guarantees to 25% (from 20%). These revisions reflect that the
reduced second-lien debt will provide approximately $1.2 billion of
incremental residual value after satisfying the first- and
second-lien secured debt claims to cover unsecured claims.

ISSUE RATINGS – RECOVERY ANALYSIS

Key analytical factors

-- S&P assigned its 'BB-' issue-level rating and '1' recovery
rating to Carnival's proposed $500 million first-priority secured
notes due in 2029. The '1' recovery rating indicates its
expectation for very high (90%-100%; rounded estimate: 95%)
recovery.

-- S&P's 'BB-' issue-level rating and '1' recovery rating on
Carnival's other first- and second-lien secured debt are
unchanged.

-- S&P said, "Our issue-level rating on Carnival's priority senior
notes is 'B+'. The '2' recovery rating indicates our expectation
for substantial (70%-90%; rounded estimate: 85%) recovery. While
our estimated recovery would indicate a recovery rating of '1'
(90%-100% recovery), we cap our recovery ratings on the unsecured
debt issued by companies we rate in the 'B' category at '2'. This
cap addresses that these creditors' recovery prospects are at
greater risk of being impaired by the issuance of additional
priority or pari passu debt prior to default."

-- S&P's issue-level rating on Carnival's unsecured debt with
subsidiary guarantees is 'B'. The recovery rating remains '4',
indicating its expectation for average (30%-50%; rounded estimate:
45%) recovery.

-- S&P's issue-level rating on Carnival's unsecured debt without
subsidiary guarantees is 'B-'. The recovery rating remains '5',
indicating our expectation for modest (10%-30%; rounded estimate:
25%) recovery.

Simulated default assumptions

-- S&P's simulated default scenario considers a default by 2026
due to a significant decline in the company's cash flow from
permanently impaired demand for cruises following the negative
publicity and travel advisories during the COVID-19 pandemic, a
prolonged economic downturn, or increased competitive pressures.

-- S&P's estimate of the unsecured claims that benefit from
subsidiary guarantees includes new ship debt that it expects
Carnival will incur before the year of default.

-- S&P estimates a gross enterprise value (EV) at emergence of
about $24 billion by applying a 7x multiple to our estimate of the
company's EBITDA at emergence. It uses a multiple at the high end
of its range for leisure companies to reflect Carnival's good
position in the cruise industry, a small but underpenetrated
segment of the overall travel and vacation industry.

-- S&P allocate its estimate of gross EV at emergence among
secured and unsecured claims based on its understanding of the
contributions, by asset value, of the parent (Carnival Corp. and
PLC), Carnival Holdings, Carnival Holdings (Bermuda) II Ltd. (the
new revolver borrower), and the subsidiary guarantors.

-- S&P assumes that about 57% of its estimated gross EV at
emergence is available to cover the first- and second-priority
secured claims, about 22% is available to cover the unsecured
claims at Carnival Holdings (a subsidiary that owns 12 vessels
backing priority senior notes), about 13% is at remaining
unencumbered vessels and available to cover the unsecured claims
that benefit from subsidiary guarantees, and about 8% is available
to cover revolver claims at Carnival Holdings II.

S&P said, "Under our analysis, about $12.7 billion of net EV would
be available to cover its secured claims. After satisfying the
first- and second-priority secured claims, the remaining value we
estimate at about $4.3 billion would be allocated among the claims
that benefit from subsidiary guarantees and those that only benefit
from parent guarantees. This is because we understand a significant
portion of the collateral sits at the subsidiary guarantors. Under
our analysis, about $4.9 billion of net EV would be available to
cover priority senior notes claims of Carnival Holdings. The
residual value of about $2.7 billion would flow to parent Carnival
Corp. and be available to cover other unsecured claims guaranteed
by the parent.

"We estimate that about $5.5 billion of the EV at default will be
directly available to unsecured debt benefiting from subsidiary
guarantees. This includes $2.6 billion of residual collateral
value, after satisfying various secured claims, and an additional
$2.9 billion that is our estimated value of the remaining
unencumbered vessels after carving out the vessels contributed to
Carnival Holdings and being contributed to Carnival Holdings II.
The $5.5 billion of total value only partially covers our estimate
of the unsecured debt with subsidiary guarantees at default. We
assume these deficiency claims are pari passu with the unsecured
debt that only benefit from parent guarantees.

"We estimate there is about $4.4 billion of residual EV at default
after satisfying other debt claims that will be available to the
unsecured debt that has only parent guarantees. This includes $1.7
billion of residual collateral value, after satisfying various
secured claims, and an additional $2.7 billion, which reflects the
residual value at Carnival Holdings after fully repaying the new
priority notes. The total value of $4.4 billion only partially
covers our estimate of those unsecured claims and pari passu
deficiency claims at default.

"A new $2.1 billion revolving credit facility issued by Carnival
Holdings II will replace Carnival's existing $2.9 billion revolving
credit facility upon its maturity in August 2024. We assume
Carnival is able to increase the commitments under the accordion
feature in the new revolver to $2.9 billion, that the facility is
85% drawn at default and that its maturity is extended to the year
of default.

"Under our analysis, the value that we attribute to Carnival
Holdings II is not sufficient to cover our estimate of revolving
credit facility claims at default. We assume this deficiency claim
ranks pari passu with the company's unsecured debt with subsidiary
guarantees."

Simplified waterfall

-- Emergence EBITDA: $3.4 billion

-- EBITDA multiple: 7x

-- Gross EV: $24 billion

-- Net EV (after 7% administrative expenses): $22 billion

-- Value attributable to secured/priority unsecured
claims/unsecured claims/unsecured revolver claims: $12.7
billion/$4.9 billion/$2.9 billion/$1.7 billion

-- Value available to first-lien secured claims: $12.7 billion

-- Estimated first-lien secured claims at default: $7.5 billion

    --Recovery expectations: 90%-100% (rounded estimate: 95%)

-- Value available to second-lien secured claims: $5.2 billion

-- Estimated second-lien secured claims at default: $0.9 billion

    --Recovery expectations: 90%-100% (rounded estimate: 95%)

-- Residual value available from collateral after satisfying
first- and second-lien secured claims: $4.3 billion

-- Residual value available from collateral for unsecured claims
that benefit from subsidiary guarantees (export credit facilities,
the 2026, 2027, 2029, and 2023 notes, the 2023 and 2024 convertible
notes, bilateral bank facilities, and the new revolver deficiency
claims): $2.6 billion

-- Residual value available from collateral for unsecured debt
that benefits from parent guarantees: $1.7 billion

-- Value available to the Carnival Holdings priority senior notes
claims: $4.9 billion

-- Estimated priority senior notes claims at default: $2.1
billion

    --Recovery expectations: Capped at 70%-90% (rounded estimate:
85%)

-- Residual value from Carnival Holdings available for unsecured
claims that benefit from parent guarantees: $2.7 billion

-- Value available to unsecured claims that benefit from
subsidiary guarantees: $5.5 billion

-- Pro rata share of parent value: $4.2 billion

-- Total value available to unsecured claims that benefit from
subsidiary guarantees: $9.7 billion

-- Estimated unsecured claims that benefit from subsidiary
guarantees at default: $21.5 billion

    --Recovery expectations: 30%-50% (rounded estimate: 45%)

-- Value available to unsecured debt with only parent guarantees:
About $220 million

-- Unsecured claims with only parent guarantees at default: $830
million

    --Recovery expectations: 10%-30% (rounded estimate: 25%)

All debt amounts include six months of prepetition interest.



CDK GLOBAL II: Moody's Rates New $755MM First Lien Notes B2
-----------------------------------------------------------
Moody's Investors Service assigned a B2 rating to CDK Global II
LLC's planned $755 million first lien senior secured notes due
2029. Moody's also downgraded the ratings on CDK's existing senior
secured notes, first lien revolving credit facility, and first lien
senior secured term loan to B2 from B1. Finally, Moody's affirmed
the B2 corporate family rating, B2-PD probability of default rating
and the Caa1 rating on the remaining senior unsecured notes. The
outlook remains stable.

Proceeds from the new $755 million bond issuance will be used to
repay CDK's existing second lien term loan due 2030. The ratings on
the second lien term loans are unchanged and Moody's will withdraw
the rating on these instruments once they are repaid upon the close
of the transaction.

Downgrades:

Issuer: CDK Global II LLC

Senior Secured Bank Credit Facility, Downgraded to B2 from B1

Senior Secured Regular Bond/Debenture, Downgraded to B2 from B1

Assignments:

Issuer: CDK Global II LLC

Senior Secured Regular Bond/Debenture, Assigned B2

Affirmations:

Issuer: CDK Global II LLC

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Senior Unsecured Regular Bond/Debenture, Affirmed Caa1

Outlook Actions:

Issuer: CDK Global II LLC

Outlook, Remains Stable

RATINGS RATIONALE

The rating reflects CDK's high leverage. Pro forma debt-to LTM
EBITDA at March 31, 2023 is 6.5 times. However, Moody's expects
debt to EBITDA to improve to around 6 times over the next 12 – 18
months driven by EBITDA growth. Moody's also expects CDK to remain
acquisitive in search of future value-added layered application
offerings for its flagship CDK Drive Dealer Management System
("DMS").

CDK's ratings also reflect the company's solid market position as a
provider of subscription-based technology and services to
automotive retail dealers via its DMS and complementary layered
software applications. Although concentrated in the mature North
American auto dealership market, CDK's revenue base is broad,
representing more than 10,000 dealer locations. Moody's expects
CDK's revenue growth will be supported by annual price escalators
contained in subscription-based multi-year DMS contracts as well as
increased sales of layered applications. Moody's also expects CDK's
EBITDA margin to expand from various initiatives implemented by new
ownership following several years of increased investment in the
business that suppressed profitability but benefitted CDK
operationally.

Moody's expects CDK to have good liquidity, supported by positive
free cash flow and access to a $650 million 5-year revolving credit
facility that will be undrawn at the close of the transaction.

The stable outlook reflects Moody's expectation that CDK's topline
and profitability will grow such that debt-to-EBITDA improves to
6.0 times by the end of 2024.

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

The ratings could be upgraded if CDK continues to grow its size and
scale, is able to sustain debt-to-EBITDA below 5.5 times and
EBITA-to-interest above 3.0 times. CDK would also be expected to
maintain good liquidity for an upgrade.

The ratings could be downgraded if there is a decline in CDK's
dealership subscriber base, debt-to-EBITDA increases above 7.5
times, EBITA-to-interest falls below 1.5 times, or if liquidity
weakens.

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

CDK Global II LLC (CDK) headquartered in Austin, Texas, is a
leading provider of integrated data and technology solutions to the
automotive and heavy truck industries. The company provides
software solutions to original equipment manufacturers and over
2,700 customers representing more than 10,000 dealer locations in
North America. CDK's flagship dealer management system software
solutions provides enterprise resource planning tools that help
facilitate the sale of new and used vehicles, consumer financing,
repair and maintenance services, and vehicle and parts inventory
management. CDK is owned and controlled by private equity firm
Brookfield Business Partners.


CDK GLOBAL II: S&P Assigns 'B+' Rating on $755MM Sr. Secured Notes
------------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue-level rating and '3'
recovery rating to Illinois-based software and technology solutions
provider CDK Global II LLC's proposed $755 million senior secured
notes. The recovery rating indicates S&P's expectation for
meaningful (50%-70%; rounded estimate: 55%) recovery in the event
of a payment default. CDK plans to use the proceeds from these
notes to fully pay down the outstanding $755 million balance on its
second-lien term loan due 2030.

S&P said, "While our 'B+' issue-level and '3' recovery ratings on
CDK's existing first-lien debt facilities and $750 million senior
secured notes are unchanged, we revised our rounded recovery
estimate to 55% from 65% to reflect the increase in first-lien debt
that would impair recovery prospects for secured creditors.

"We view the transaction as leverage neutral and believe it
improves the company's liquidity and cash flows by reducing its
interest expense since it is effectively converting its higher-rate
floating debt to lower-cost fixed debt."

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- S&P's simulated default scenario would occur from an economic
recession and disruptive technologies leading to further dealership
consolidation and intense competition in the dealer management
software market.

-- S&P values CDK as a going concern because it believes that
following a payment default, it is likely to reorganize rather than
liquidate given its recurring revenue base and its valuable
technology platform and expertise.

-- S&P applied a 7x multiple to an estimated distressed emergence
EBITDA. The multiple is at the high end of the range that it uses
for the technology software and services industry. It reflects the
company's global presence, strong market position, and recurring
revenue base.

Simulated default assumptions

-- Simulated year of default: 2027

-- EBITDA at emergence: $487 million

-- EBITDA multiple: 7x

-- Revolving facility utilization at default: 85%

Simplified waterfall

-- Net enterprise value (after 5% administrative costs):
approximately $3.2 billion

-- Secured first-lien debt claims: $5.7 billion

    --Recovery expectations: 50%-70% (rounded estimate: 55%)

-- Total unsecured debt claims (includes deficiency claims):
approximately $2.5 billion

    --Recovery expectations: 0%-10% (rounded estimate: 0%)

Note: Outstanding debt balances include S&P's assumption for six
months of prepetition interest.



CENTER FOR AUTISM: $48.5 Million Sale, Chapter 11 Plan Okayed
-------------------------------------------------------------
Rick Archer of Law360 reports that a Texas bankruptcy judge
Wednesday, July 26, 2023, approved The Center for Autism and
Related Disorders' $48. 5 million Chapter 11 sale and plan after
being told that the center had managed to nearly double its asking
price at an auction last week.

       About Center for Autism and Related Disorders

Center for Autism and Related Disorders, LLC provides treatment for
individuals diagnosed with autism spectrum disorder (ASD). CARD
primarily provides treatments through "center-based services,"
which are one-to-one ABA sessions for children, teens, and adults
that take place at a CARD treatment center rather than at a
patient's home.

Center for Autism and its debtor-affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case
No. 23-90709) on June 11, 2023. At the time of the filing, the
Debtors disclosed $50 million to $100 million in assets and $100
million to $500 million in liabilities.

Judge David R. Jones oversees the cases.

The Debtors tapped Kirkland and Ellis LLP and Kirkland and Ellis
International LLP as bankruptcy counse, Jackson Walker LLP as local
bankruptcy counsel, Triple P RTS, LLC as restructuring advisor,
Livingstone Partners LLC as financial advisor and investment
banker, and Stretto, Inc. as claims agent.

James Ktsanes, Esq., at Latham & Watkins LLP, and Timothy A. (Tad)
Davidson II, Esq., at Hunton Andrews Kurth LLP, serve as counsel to
the DIP Lender, Ares Capital Corp.


CHARLES LAU: Court OKs Cash Collateral Access
---------------------------------------------
The U.S. Bankruptcy Court for the Western District of Wisconsin
authorized Charles Lau DDS MSD LLC to use cash collateral on an
interim basis in accordance with the budget.

As previously reported by the Troubled Company Reporter, the Debtor
requires the use of cash collateral to operate its business during
the reorganization and meet its ordinary business expenses.

Wells Fargo Practice Finance is the holder of a Master Loan and
Security Agreement dated October 2, 2018. The balance due on the
Loan Documents is approximately $428,000 as of the Petition Date.
The loans made by Wells Fargo to the Debtors are secured by all
assets of the Debtor.

As security for the Debtor's obligations to Wells Fargo, the Debtor
pledged all of its accounts, chattel paper, other rights to
payment, inventory, equipment, general intangibles and contract
rights, together with all substitutions and replacements. Wells
Fargo properly perfected its lien on the Collateral.

As of the Petition Date, the total value of the Collateral, which
Wells Fargo asserts a properly perfected, first-position security
interest in, is $69,929 -- taking into account specific pledges to
other secured creditors and PMSI balances on certain equipment --
consisting of:

     1. Depository Accounts/Cash on Hand: $21,231
     2. Accounts Receivable: $34,613
     3. Inventory: $500
     4. Furniture and Office equipment: $200
     5. Dental Equipment: $13,385

The court ruled that Wells Fargo Bank N.A will be granted a
replacement lien in all post-petition generated cash collateral of
the Debtor, including accounts receivable and any inventory
purchases.

A copy of the court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=EVuTWd from PacerMonitor.com.

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

      $15,939 for June 2023;
      $16,565 for July 2023; and
      $19,110 for August 2023

                   About Charles Lau DDS MSD LLC

Charles Lau DDS MSD LLC's business operations consist of a dental
practice doing business as Wisconsin Dental Wellness, which is the
primary source of its income.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Wis. Case No. 23-10874) on May 25,
2023. In the petition signed by Charles Lau, the owner, the Debtor
disclosed up to $100,000 in assets and up to $1 million in
liabilities.

Judge Thomas M. Lynch oversees the case.

John P. Driscoll, Esq., at Krekeler Law, S.C., represents the
Debtor as legal counsel.


CHEMOURS COMPANY: Moody's Rates Upsized Secured Term Loans 'Ba1'
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 rating to The Chemours
Company's upsized and amended and extended $960 million Senior
Secured Term Loan B3 due 2028 and EUR515 million Senior Secured
Term Loan B3 due 2028. Proceeds from the issuance will be used to
repay Chemours' existing USD and EUR term loans, as well as add
$400 million in cash to the balance sheet for general corporate
purposes that may include funding a portion of the announced
settlement that resolves all PFAS-related drinking water claims
with a class of US water systems. The outlook remains stable. The
ratings on the existing term loan will be withdrawn once the
refinancing is completed and the debt is repaid.

"Moody's believes that the announced June 2023 settlement with US
water systems is a credit positive as it resolves a meaningful
number of claims for less than expected; however, given the number
of remaining claims outstanding in the MDL and the potential for
additional state or federal regulations regarding PFAS, a near-term
upgrade to the rating is unlikely," according to John Rogers,
Senior Vice President and lead analyst for Chemours.

Assignments:

Issuer: The Chemours Company

Senior Secured Term Loan B3, Assigned Ba1

RATINGS RATIONALE

Chemours' credit profile reflects the company's substantial size
and relatively low balance sheet debt and its position as a leading
global producer of TiO2 pigments and fluoroproducts, offset by
substantial potential litigation and environmental remediation
liabilities related to PFAS. The TiO2 business benefits from the
size of its facilities and proprietary technology that provides a
meaningful cost advantage versus smaller competitors. The
fluoroproducts business is divided into two segments, Thermal &
Specialized Solutions ("TSS"), which includes refrigerants and
other high value flouroproducts, and Advanced Performance Materials
("APM"), which includes fluoropolymers like Teflon. The TSS
franchise continues to have a favorable long term secular growth
outlook from Opteon, helped by environmental regulations, which
seeks to phase down or phase out traditional HFC refrigerants.
Chemours is one of only two major producers of HFO refrigerants,
which have a negligible impact on global warming compared to
previous HFC refrigerants. However, black-market imports of older
HFC refrigerants in Europe continue to adversely impact sales.

Pro forma credit metrics for this debt issuance are supportive of
the rating with Debt/EBITDA at roughly 3.7x and Retained Cash
Flow/Debt of 14% on a Moody's adjusted basis at June 30, 2023. Net
Debt metrics are much stronger due to the presence of over $700
million of cash on the balance sheet with Net Debt/EBITDA of 3.1x
and RCF/Net Debt of 17%.

Chemours' solid credit metrics and leading market positions are
offset by substantial litigation risk stemming from the large
number of actions filed by states, environmental regulators,
businesses and private plaintiffs associated with per- and
polyfluoroalkyl substances ("PFAS"), which have been used and sold
by the company and its predecessors for more than 70 years.
However, compared to 3M Company (A2 negative), Chemours and its
predecessors sold PFAS containing products into a much more limited
number of downstream applications over that timeframe.

Chemours' SGL-1 rating indicates excellent liquidity due to over
$700 million of cash and the expectation for roughly $350 million
of free cash flow over the next four quarters, excluding settlement
payments. Secondary liquidity is provided by about $900 million in
revolver availability (excluding roughly $100 million of letter of
credit) at June 30, 2023. The company also has access to an $175
million accounts receivable facility which is fully utilized. The
revolver has a maximum secured Net Debt/EBITDA ratio of 2.0x and
Chemours is expected to be in compliance with this covenant over
the next 12-18 months. The company's next long term debt maturity
is Euro 441 million due in May 2026.  

The stable outlook assumes that there are no additional large
settlements related to PFAS liabilities of more than a $1 billion
over the next 12 months to give the company time to bolster its
cash balances, and that credit metrics will remain supportive of
its ratings.

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

If there is better clarity on the potential scale of PFAS
litigation related liabilities and there is limited potential for
additional laws or regulations that would result in a sizable
negative cash impact on the company, Moody's would consider an
upgrade.

Moody's would consider a downgrade, if (i) litigation and
settlement related costs were expected to be over $4.0 billion in
the next 12-18 months; (ii) there were any concern that DuPont and
Corteva would not continue to support the company with addressing
future PFAS related costs; or (iii) cash balances and liquidity
were to deteriorate significantly and at the same time Debt/EBITDA
was expected to exceed 4.0x on a sustained basis.

ESG CONSIDERATIONS

Chemours' Credit Impact Score of CIS-5 reflects the negative impact
of PFAS related environmental remediation liabilities, litigation
related to past-discharges of PFAS into the environment and the
potential for future regulation or restrictions on PFAS that could
have a negative impact on its credit profile. These risks have a
negative impact on the company's ratings of more than one notch.
The company's environmental risk score is E-5 and its social risk
score is S-4, primarily due to the aforementioned PFAS related
liabilities and litigation. Despite the constraints on the ratings
from PFAS, governance risks are much more limited due to
management's relatively conservative financial policies and strong
liquidity.

The Chemours Company, headquartered in Wilmington, Delaware, is a
leading global producer of performance chemicals through four
segments: Titanium Technologies, Thermal & Specialized Solutions,
Advanced Performance Materials and Chemical Solutions. Revenues for
the last twelve months ended June 30, 2023 were roughly $6
billion.

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


CHOSHEN ISRAEL: Case Summary & Eight Unsecured Creditors
--------------------------------------------------------
Debtor: Choshen Israel LLC
        710 Loch Hurlyville Road
        Loch Sheldrake, NY 12759

Chapter 11 Petition Date: August 2, 2023

Court: United States Bankruptcy Court
       Southern District of New York

Case No.: 23-35636

Debtor's Counsel: Linda Tirelli, Esq.
                  TIRELLI LAW GROUP, LLC
                  50 Main Street
                  Suite 1265
                  White Plains, NY 10606
                  Tel: 914-732-3222
                  Fax: 914-517-2696
                  Email: LTirelli@tirellilawgroup.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Lawrence Katz as member.

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

https://www.pacermonitor.com/view/S4DBA6A/Choshen_Israel_LLC__nysbke-23-35636__0001.0.pdf?mcid=tGE4TAMA


COGENT COMMUNICATIONS: Egan-Jones Retains B- Sr. Unsecured Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company on July 20, 2023, maintained its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by Cogent Communications Holdings, Inc.  EJR also
withdraws rating on commercial paper issued by the Company.

Headquartered in Washington, D.C., Cogent Communications Holdings,
Inc. operates as a next generation optical Internet service
provider focused on delivering ultra-high speed Internet access and
transport services.



COMMUNITY HEALTH: Fitch Affirms 'B-' LongTerm IDR, Outlook Neg.
---------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating
(IDR) of Community Health Systems, Inc. and subsidiary
CHS/Community Health Systems, Inc. (CHS) at 'B-'. Fitch has also
affirmed ratings on the ABL and First-Lien Senior Secured Notes at
'BB-'/'RR1', the Second-Lien Senior Secured Notes at 'CCC'/'RR6',
and the Senior Unsecured Notes at 'CCC-'/'RR6'. The Rating Outlook
Remains Negative.

The Negative Outlook reflects pandemic-driven operating challenges
driving a 30%+ decline in EBITDA in 2022 (ex-pandemic subsidies),
boosting leverage to about 10.0x, well over the 7.0x-8.0x range
appropriate for the 'B-' IDR. Recent increases in medical
specialist fees have further constrained profitability, but the key
pressure point -- temporary nurse staffing costs -- have declined
materially since peaking at outlier levels in 1Q22. In addition,
recovering volumes and staffing availability, disciplined control
of other operating expenses, capacity consolidation, specialist
physician recruiting and targeted outpatient services investments
should facilitate a rebound in EBITDA.

While a potential recession adds risk at a time when deleveraging
is vital to maintaining its 'B-' IDR, Fitch expects reported EBITDA
to improve to over $1.50 billion in 2023 and nearly $1.65 billion
in 2024, with proceeds from ongoing divestitures further supporting
the company's ability to reduce debt and deleverage to the
7.0x-8.0x rating sensitivity range within the next 18 months.

KEY RATING DRIVERS

Profitability in Flux: After years of divestitures, repositioning
its facility portfolio to expand outpatient services and
higher-acuity inpatient care and improving its cost structure, CHS
recaptured mid-teens EBITDA margins in 2021, closer to levels
generated by its higher-rated peers. However, despite holding
non-labor costs flat for much of 2021-2022, EBITDA margin declined
to about 10% in 2022 amid COVID-19 constraining the supply of
nursing labor, depressing higher-margin elective procedure volumes
and placing heavy pressure on labor costs, with staffing shortages
in post-acute settings driving up the company's ALOS and curbing
cash flow.

With the pandemic since subsiding, temporary staffing costs are
normalizing and industry volumes are rebounding, supporting both
Fitch's expectation that EBITDA margins can recapture low
double-digit levels and justifying an affirmation of the 'B-' IDR
with a Negative Outlook reflecting ongoing execution risk.

Strengthened Balance Sheet Cushions Spike in Leverage: CHS in
recent years has prudently extended maturities and cut debt from
higher-risk levels, reducing cash interest via debt tenders and
refinancings, with its issuance of the 5.250% first-lien senior
secured notes due 2030 eliminating all maturing debt until 2026.
Liquidity is also satisfactory at $936 million as of March 31,
2023, including $144 million in cash and $792 million of ABL
revolver availability.

With Fitch-calculated YE 2022 leverage at about 10.0x, the balance
sheet fortunately buys valuable time for margins to recover and
leverage to return to the 7.0x-8.0x range as needed to maintain the
company's 'B-' IDR, consistent with Fitch's forecasted EBITDA
growth and likely obviating its consideration of further debt
exchange offers in the near term. Consistent with this, CHS
indicated on its most recent earnings call that it maintains an
expectation to achieve mid-teens EBITDA margins with positive FCF
and sub-5.5x net leverage within a period of three to five years.

FCF Likely to Improve with EBITDA Growth: Like other acute care
providers, CHS is focusing on expanding healthcare access points to
boost local market share and strengthen its power in rate
negotiations with commercial health insurers, the latter becoming a
point of emphasis amid the industry's challenging recent labor
conditions.

Fitch expects cash from operations to improve over the rating
horizon to levels sufficient to devote 3.5%-4.0% of revenue to
capex, which Fitch in turn believes is adequate to support both
maintenance needs and strategic expansion of its local-market
healthcare networks, with a focus on higher-acuity services and
outpatient development including freestanding ERs, ASCs and urgent
care centers. While rising rates have produced considerable
headwinds to larger borrowers, the company's atypical fully
fixed-rate debt capital structure mitigates this risk over the near
term and should support improved FCF.

Progress on Divestitures Helps Mitigate Refinancing Risk: While a
potential recession adds risk at a time when deleveraging is vital
to maintain access to more challenging debt capital markets, Fitch
expects proceeds from ongoing divestitures to support the company's
ability to strengthen its balance sheet and mitigate refinancing
risk ahead of its nearest debt maturities in 2026, which include
both $2.1 billion of 8.000% first-lien senior secured notes and its
$1.0 billion ABL ($125 million drawn at March 31, 2023).

Sales of two hospitals in challenged West Virginia markets in 1H23
notably netted $177 million in cash and, earlier this week, CHS
reported a definitive agreement to sell three hospitals north of
Tampa, FL for $290 million in cash, which is expected to close in
late 2023. CHS has also entered into a definitive agreement to sell
two North Carolina hospitals for $320 million in cash, albeit a
closing is not likely until 2024 with an FTC review pending.

DERIVATION SUMMARY

The company's 'B-' Long-Term IDR reflects its higher leverage
relative to that of its closest hospital industry peers Tenet
Healthcare Corp. (THC; B+/Stable), Universal Health Services, Inc.
(UHS; BB+/Stable) and HCA Healthcare, Inc. (HCA). While its EBITDA
and FCF margins also lag those of THC, UHS and HCA, Fitch expects
CHS to progress in improving EBITDA and FCF by reducing costs,
divesting lower-margin hospitals and through targeted investments
to expand its outpatient services footprint.

CHS has a weaker operating profile than its higher-rated hospital
industry peers, including THC, UHS and HCA, and in contrast its
operations are primarily located in smaller urban markets, suburban
markets and non-urban markets, which generally have less favorable
organic growth prospects.

The company's 'B-' IDR reflects moderate financial flexibility with
leverage well above that of its closest peers and increased
volatility in FCF generation. Its leverage reflects a legacy
operating profile focused on rural and small suburban hospital
markets facing secular headwinds to organic growth and a recent
setback from volume weakness and sharp increases in labor costs,
albeit with an anticipated recovery underway. Divestitures have
repositioned the company's facility portfolio to decrease its
exposure to lower-growth markets, improving potential for EBITDA
margin expansion to levels closer to its peers, including THC, UHS
and HCA.

The IDRs of CHS/Community Health Systems Inc. and Community Health
Systems Inc. are the same due to strong legal and operational ties
between the entities. In applying its Parent and Rating Subsidiary
Linkage Criteria, Fitch applies the weak parent/strong subsidiary
approach as the only asset of parent Community Health Systems, Inc.
is its 100% ownership of CHS/Community Health Systems Inc., which
is the indirect owner of all CHS operating subsidiaries. Fitch
believes legal ring-fencing, access and control are open and
therefore assesses the issuers on a consolidated basis.

KEY ASSUMPTIONS

-- Revenue growth improving to 4.1%-4.3% in 2023-2025 and 3.2% in
2026 (1%-2% from volume with balance from pricing and mix);

-- EBITDA margin improving by about 150 bps to nearly 12% in 2023,
increasing on average by 30 bps annually thereafter to 13% in
2026;

-- FCF within the range of 1%-2% of revenue in 2023, rising
modestly within that range thereafter (with assumed increases in
CapEx);

-- EBITDA Leverage (after NCI distributions) of 8.5x at YE 2023,
declining to 7.7x by YE 2024, 7.0x by YE 2025 and 6.5x by YE 2026;
and

-- Debt repayment of $250 million annually in 2024-2026 (at par
value), with proceeds from divestitures credited only upon the
closing of such transactions.

-- No equity issuance or repurchases.

RATING SENSITIVITIES

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

-- An expectation of Fitch-defined EBITDA Leverage sustained at
7.0x or below;

-- CFO-CapEx / Debt sustained at or above 2.5%.

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

-- An expectation of Fitch-defined EBITDA Leverage sustained at
8.0x or above;

-- Neutral to negative CFO-CapEx/Debt.

LIQUIDITY AND DEBT STRUCTURE

Solid Liquidity Profile: Liquidity is satisfactory at $936 million
as of March 31, 2023, including $144 million in cash on hand and
$792 million of availability under the $1.0 billion ABL revolver
(reflects $83 million of outstanding letters of credit and $125
million drawn as of March 31, 2023). Availability under the ABL is
subject to a borrowing base calculation and Fitch notes that CHS
would become subject to a fixed charge coverage covenant only if
ABL borrowings reduce availability below the greater of $95 million
or 10% of the borrowing base, beyond which there are no financial
maintenance covenants in the company's debt agreements. There is no
material debt due until 2026, when $2.1 billion of senior secured
notes and the $1.0 billion ABL revolver will mature.

Debt Issue Notching: Fitch's recovery assumptions result in
recovery rates for the company's $1.0 billion super-priority ABL
revolver and $8.2 billion of first-lien secured notes within the
'RR1' range to generate a three-notch uplift from the IDR to their
debt instrument ratings of 'BB-'/'RR1'. The company's $2.6 billion
second-lien secured notes are notched down two levels to
'CCC'/'RR6' to reflect an estimated recovery in the 'RR6' range,
and the $0.8 billion unsecured senior notes are notched down three
levels to 'CCC-'/'RR6 to reflect an estimated recovery in the 'RR6'
range and their structural subordination relative to the
higher-ranking second-lien secured notes. Fitch assumes the $1.0
billion ABL would be fully drawn prior to a bankruptcy scenario and
thus includes that amount within the claims waterfall.

Key Recovery Rating Assumptions: Fitch estimates an enterprise
value (EV) on a going concern (GC) basis of $8.82 billion for CHS,
after a deduction of 10% for administrative claims. The EV
assumption is based on post-reorganization EBITDA after
distributions to noncontrolling interests of $1.40 billion and a
7.0x EV/EBITDA multiple, the latter reflecting a history of
acquisition multiples for large hospital operators with business
profiles similar to CHS of 7.0x-10.0x since 2006 and the average
public trading multiple (EV/EBITDA) of its peer group (HCA, UHS and
THC), which has ranged from 6.5x to 9.5x since 2011.

The GC EBITDA after distributions to noncontrolling interests of
$1.40 billion is just above Fitch's 2023 EBITDA expectation of
$1.37 billion (net of NCI distributions). This reflects Fitch's
view that current EBITDA levels, were they to persist, could
potentially portend a restructuring and that higher levels of
EBITDA should be achievable from its asset base.

This in turn reflects Fitch's view that the spike in temporary
staffing costs and the constraints of staffing shortages on volume
growth that burdened EBITDA in 2022 are unlikely to be durable over
several years. Fitch's GC EBITDA estimate also considers attributes
of the acute care hospital sector including the high share of
revenue generated by government payors (30%-40%) posing risk of
unforeseen regulatory changes, the legal obligation to treat
uninsured patients creating a potentially material unfunded
mandate, and the highly-regulated nature of the hospital industry
generally.

ISSUER PROFILE

CHS/Community Health Services, Inc., a subsidiary of publicly
traded Community Health Services, Inc. (CYH), is the third largest
for-profit operator of general acute care hospitals in the U.S. by
revenue, operating 1,000+ sites of care in 44 distinct markets in
15 states, including 78 affiliated hospitals, with approximately
13,000 beds as of March 31, 2023. CYH offers inpatient and
outpatient medical and surgical services, including general acute
care, emergency care, critical care, general and specialty surgery,
internal medicine, obstetrics, diagnostic services, psychiatric
care and rehabilitation care, with a focus on larger non-urban
markets and selected urban markets.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch treats finance lease interest and amortization expense as an
operating expense in its calculations of EBITDA, and further
adjusts EBITDA to add back stock-based compensation expense and
exclude certain items that are non-recurring, non-cash and/or
unusual in nature, including pandemic relief fund income, certain
charges relating to regulatory or legal matters, employee
termination benefits, restructuring and out-of-period changes in
professional claims liability accruals.

ESG CONSIDERATIONS

CHS has an ESG Relevance Score of '4' for Exposure to Social
Impacts due to societal and regulatory pressures to constrain
growth in healthcare spending in the U.S. This dynamic has a
negative impact on the credit profile, and is relevant to the
rating in conjunction with other factors.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.


CTLC LLC: Case Summary & Five Unsecured Creditors
-------------------------------------------------
Debtor: CTLC, LLC
        15125 Devlin Drive
        Glenelg, MD 21737

Business Description: CTLC, LLC is part of the residential
                      building construction industry.

Chapter 11 Petition Date: August 2, 2023

Court: United States Bankruptcy Court
       District of Maryland

Case No.: 23-15444

Debtor's Counsel: Richard L. Costella, Esq.
                  TYDINGS & ROSENBERG LLP
                  1 E. Pratt Street
                  Suite 901
                  Baltimore, MD 21202
                  Tel: 410-752-9700
                  Email: rcostella@tydings.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Sandra Grier as member.

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

https://www.pacermonitor.com/view/TFM6JSY/CTLC_LLC__mdbke-23-15444__0001.0.pdf?mcid=tGE4TAMA


DET MEDICAL: PCO Report Raises Concern Over Lack of Cooperation
---------------------------------------------------------------
Joseph Tomaino, the court-appointed patient care ombudsman, filed
with the U.S. Bankruptcy Court for the Eastern District of New York
a second report regarding the health care facility operated by DET
Medical PC.

On May 3, the PCO participated in a hearing regarding the lease
agreement. During this hearing, Michelle Gallimore, Esq., DET
Medical's attorney, represented that DET Medical is arranging to
leave the premises and that arrangements have been made for a
storage facility for the records to be relocated to.

The PCO as well as his counsel has made multiple requests to DET
Medical's attorney for a meeting without success.

After the first report of the PCO, a report was made to the New
York State Office of Professional Misconduct (OPM) that DET Medical
has failed to provide evidence of malpractice insurance and
continues to practice. The PCO received a response from OPM that
the situation was investigated.

The PCO noted that based on the observations made and outlined in
the second report, the current risk level for this case is
determined to be high level. Practicing medicine without
malpractice coverage represents a significant risk for patients
particularly when they are unaware of this fact, according to the
PCO.

Moreover, the uncertainty about the continuation of the practice
and the status of the medical records also creates a risk for
continuity of patient care and for security of protected health
information. The lack of cooperation of DET Medical to meet and
discuss the situation creates a situation where the PCO cannot
effectively perform the function.

The PCO will continue to pursue the information requested, with
special attention to DET Medical obtaining malpractice insurance
and conveying to the PCO its plan for moving the practice, medical
records, and noticing of patients. The PCO will report to the court
and participate in any related status conferences.

A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=CidMci from PacerMonitor.com.

The ombudsman may be reached at:

     Joseph J. Tomaino
     Chief Executive Officer
     Grassi Healthcare Advisors, LLC
     50 Jericho Quadrangle, 2nd floor
     Jericho, NY 11753
     Telephone: (212) 223-5020
     Email: jtomaino@grassihealthcareadvisors.com

                         About DET Medical

DET Medical P.C. filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-40497) on Feb. 14,
2023, with $500,000 to $1 million in both assets and liabilities.
Salvatore LaMonica, Esq. has been appointed as Subchapter V
trustee.

Judge Jil Mazer-Marino oversees the case.

The Debtor is represented by Michelle Gallimore, Esq.


DIOCESE OF ROCHESTER: Reaches $51M Deal With Additional Insurer
---------------------------------------------------------------
James Nani of Bloomberg Law reports that the bankrupt Catholic
Diocese of Rochester, New York has struck settlements with two more
of its insurers to pay clergy sex abuse claimants nearly $51
million, bringing the total potential payouts to about $126.4
million.

Interstate Fire & Casualty Co. would pay out $50 million to a
victims trust as part of the deal, the diocese and a committee
representing abuse victims said in a joint status report filed
Friday to the US Bankruptcy Court for the Western District of New
York. The diocese and committee also reached a $750,000 settlement
with First State Insurance Co., according to a press release.

                About The Diocese of Rochester

The Diocese of Rochester in upstate New York provides support to 86
Roman catholic parishes across 12 counties in upstate New York.  It
also operates a middle school, Siena Catholic Academy.  The diocese
has 86 full-time employees and six part-time employees and provides
medical and dental benefits to an additional 68 retired priests and
two former priests.

The diocese generated $21.88 million of gross revenue for the
fiscal year ending June 30, 2019, compared with a gross revenue of
$24.25 million in fiscal year 2018.

The Diocese of Rochester filed for Chapter 11 bankruptcy protection
(Bankr. W.D.N.Y. Case No. 19-20905) on Sept. 12, 2019, amid a wave
of lawsuits over alleged sexual abuse of children.  In the
petition, the diocese was estimated to have $50 million to $100
million in assets and at least $100 million in liabilities.

Bond, Schoenec & King, PLLC and Bonadio & Co. serve as the
diocese's legal counsel and accountant, respectively.  Stretto is
the claims and noticing agent.

The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors in the diocese's Chapter 11 case.  Pachulski
Stang Ziehl & Jones, LLP and Berkeley Research Group, LLC, serve as
the committee's legal counsel and financial advisor, respectively.


DIVERSIFIED HEALTHCARE: Has Going Concern Doubt as Merger Pending
-----------------------------------------------------------------
Diversified Healthcare Trust disclosed in a recent filing with the
Securities and Exchange Commission that there is substantial doubt
about its ability to continue as a going concern, citing reduced
cash balances, additional capital commitments in both its Office
Portfolio and SHOP segments and upcoming debt maturities.

As of June 30, 2023, the Trust had $338,431,000 of cash and cash
equivalents and $700,000,000 of outstanding debt due within one
year from the date of issuance of these financial statements,
August 1, 2023. This included $450,000,000 in outstanding
borrowings under its credit facility, which matures on January 15,
2024.

The Trust's credit facility is secured by 61 properties which had
an appraised value of approximately $1,046,770,000 based on
appraisals completed in June 2023.

In addition to the credit facility maturity in January 2024, the
Trust has $250,000,000 of senior notes that mature on May 1, 2024.

The Trust said, "The senior living industry has been adversely
affected by the continuing impact of the COVID-19 pandemic as well
as the current economic and market conditions. These conditions
continue to have a significant negative impact on our results of
operations, financial position and cash flows. Although there have
been signs of recovery and increased demand when compared to the
low levels during the COVID-19 pandemic, the recovery of our senior
housing operating portfolio, or SHOP, segment has been slower than
previously anticipated, and we cannot be sure when or if the senior
housing business will return to historic pre-pandemic levels."

"To mitigate the effects of the slow recovery coming from the
COVID-19 pandemic and the increased variability in operating cash
flows from our SHOP communities, we continue to work with our
senior living operators to manage costs, especially labor costs,
and to increase rates and occupancy. However, increased operating
costs resulting from difficult labor market conditions and wage and
commodity price inflation, among other things, continue to
negatively impact margins.

"In order to increase the probability of a recovery of our cash
flows, we have continued to invest capital in our SHOP segment,
which has reduced our cash balances since the filing of our Annual
Report on March 1, 2023. Our ratio of consolidated income available
for debt service to debt service was below the 1.5x incurrence
requirement under our credit agreement and our public debt
covenants as of June 30, 2023, and we cannot be certain how long
this ratio will remain below 1.5x. We are unable to refinance
existing or maturing debt or issue new debt until this ratio is at
or above 1.5x on a pro forma basis."

The Trust has entered into an agreement to merge with and into
Office Properties Income Trust, or OPI. The combined company is
expected to be in compliance with its financial covenants following
the closing of the merger, which is expected to provide the
combined company with increased access to debt capital.

"While we believe this transaction will alleviate the substantial
doubt about our ability to continue as a going concern, we cannot
provide assurance that the merger will close on the contemplated
terms or timeline or at all," the Trust said. "If the merger does
not close, we will seek to raise additional capital, but we are
limited in the type of financings we can pursue as we cannot
refinance existing or maturing debt or issue new debt."

"Due to challenging capital market conditions, we do not believe it
is probable as of the date of issuance of these financial
statements, August 1, 2023, that we will raise sufficient capital
to meet our upcoming contractual commitments. As of August 1, 2023,
we cannot demonstrate that our management's plans to alleviate
substantial doubt about our ability to continue as a going concern
will be probable in mitigating the conditions that raise the
substantial doubt because our plan to merge with OPI is subject to
shareholder and other customary approvals and our potential plan to
raise rescue capital is subject to market conditions beyond our
control."

The Merger is expected to close during the third quarter of 2023.

                About Diversified Healthcare Trust

Diversified Healthcare Trust is a real estate investment trust,
which owns senior living communities, medical office and life
science buildings and wellness centers throughout the United
States. DHC is managed by the operating subsidiary of The RMR Group
Inc. (Nasdaq: RMR), an alternative asset management company that is
headquartered in Newton, Mass.

Diversified Healthcare Trust as of June 30, 2023, wholly owned 376
properties located in 36 states and Washington, D.C., including
four properties classified as held for sale and five closed senior
living communities, and owned an equity interest in each of two
unconsolidated joint ventures that own medical office and life
science properties located in five states.

As of June 30, 2023, the Trust had $5.58 billion in total assets
and $3.07 billion in total liabilities.


DMCC 450: Taps Latham Luna Eden & Beaudine as Legal Counsel
-----------------------------------------------------------
DMCC 450 Charles Court, LLC received approval from the U.S.
Bankruptcy Court for the Middle District of Florida to hire Latham,
Luna, Eden & Beaudine, LLP as its bankruptcy counsel.

The firm's services include:

     (a) advising as to the Debtor's rights and duties in this
Chapter 11 case;

     (b) preparing pleadings, including a disclosure statement and
plan of reorganization; and

     (c) taking other necessary actions incident to the proper
preservation and administration of the Debtor's estate.

The firm will charge $270 to $485 per hour for attorney's services
and $105 per hour for paraprofessional services. Justin Luna, Esq.,
the attorney primarily working on this matter, charges $475 per
hour.

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

The firm received from the Debtor an advance fee of $15,750.

Justin Luna, Esq., a partner at Latham, disclosed in a court filing
that his firm is a "disinterested person" pursuant to Section
101(14) of the Bankruptcy Code.

The firm can be reached at:

     Justin M. Luna, Esq
     Latham Luna Eden & Beaudine, LLP
     201 S. Orange Ave., Suite 1400
     Orlando, FL 32801
     Tel: (407) 481-5800
     Fax: (407) 481-5801
     Email: jluna@lathamluna.com

                      About DMCC 450 Charles

DMCC 450 Charles Court, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
23-01977) on May 23, 2023, with $1 million to $10 million in both
assets and liabilities. Aaron Cohen, Esq., a practicing attorney in
Jacksonville, Fla., has been appointed as Subchapter V trustee.

Judge Grace E. Robson oversees the case.

Justin M. Luna, Esq., at Latham Luna Eden & Beaudine, LLP is the
Debtor's legal counsel.


DMCC 7347: Taps Latham Luna Eden & Beaudine as Legal Counsel
------------------------------------------------------------
DMCC 7347 Ridge Road, LLC seeks approval from the U.S. Bankruptcy
Court for the Middle District of Florida to hire Latham, Luna, Eden
& Beaudine, LLP as its bankruptcy counsel.

The firm's services include:

     (a) advising as to the Debtor's rights and duties in this
Chapter 11 case;

     (b) preparing pleadings, including a disclosure statement and
plan of reorganization; and

     (c) taking other necessary actions incident to the proper
preservation and administration of the Debtor's estate.

The firm will charge $270 to $485 per hour for attorney's services
and $105 per hour for paraprofessional services. Justin Luna, Esq.,
the attorney primarily working on this matter, charges $475 per
hour.

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

The firm received from the Debtor an advance fee of $15,750.

Justin Luna, Esq., a partner at Latham, disclosed in a court filing
that his firm is a "disinterested person" pursuant to Section
101(14) of the Bankruptcy Code.

The firm can be reached at:

     Justin M. Luna, Esq
     Latham Luna Eden & Beaudine, LLP
     201 S. Orange Ave., Suite 1400
     Orlando, FL 32801
     Tel: (407) 481-5800
     Fax: (407) 481-5801
     Email: jluna@lathamluna.com

                       About DMCC 7347 Ridge

DMCC 7347 Ridge Road, LLC, a company in Altamonte Springs, Fla.,
filed a petition under Chapter 11, Subchapter V of the Bankruptcy
Code (Bankr. M.D. Fla. Case No. 23-01979) on May 23, 2023, with $1
million to $10 million in both assets and liabilities.  Aaron
Cohen, Esq., a practicing attorney in Jacksonville, Fla., has been
appointed as Subchapter V trustee.

Judge Grace E. Robson oversees the case.

Justin M. Luna, Esq., at Latham Luna Eden & Beaudine, LLP is the
Debtor's legal counsel.


DMCC AMERICAS: Taps Latham Luna Eden & Beaudine as Legal Counsel
----------------------------------------------------------------
DMCC Americas, Inc. received approval from the U.S. Bankruptcy
Court for the Middle District of Florida to hire Latham, Luna, Eden
& Beaudine, LLP as its bankruptcy counsel.

The firm's services include:

     (a) advising as to the Debtor's rights and duties in this
Chapter 11 case;

     (b) preparing pleadings, including a disclosure statement and
plan of reorganization; and

     (c) taking other necessary actions incident to the proper
preservation and administration of the Debtor's estate.

The firm will charge $270 to $485 per hour for attorney's services
and $105 per hour for paraprofessional services. Justin Luna, Esq.,
the attorney primarily working on this matter, charges $475 per
hour.

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

The firm received from the Debtor an advance fee of $15,750.

Justin Luna, Esq., a partner at Latham, disclosed in a court filing
that his firm is a "disinterested person" pursuant to Section
101(14) of the Bankruptcy Code.

The firm can be reached at:

     Justin M. Luna, Esq
     Latham Luna Eden & Beaudine, LLP
     201 S. Orange Ave., Suite 1400
     Orlando, FL 32801
     Tel: (407) 481-5800
     Fax: (407) 481-5801
     Email: jluna@lathamluna.com

                       About DMCC Americas

DMCC Americas, Inc., a company in Altamonte Springs, Fla., filed a
petition under Chapter 11, Subchapter V of the Bankruptcy Code
(Bankr. M.D. Fla. Case No. 23-01978) on May 23, 2023, with $10
million to $50 million in both assets and liabilities. Aaron Cohen,
Esq., a practicing attorney in Jacksonville, Fla., has been
appointed as Subchapter V trustee.

Judge Grace E. Robson oversees the case.

Justin M. Luna, Esq., at Latham Luna Eden & Beaudine, LLP is the
Debtor's legal counsel.


DMCC MANAGEMENT: Taps Latham Luna Eden & Beaudine as Legal Counsel
------------------------------------------------------------------
DMCC Management 1, LLC received approval from the U.S. Bankruptcy
Court for the Middle District of Florida to hire Latham, Luna, Eden
& Beaudine, LLP as its bankruptcy counsel.

The firm's services include:

     (a) advising as to the Debtor's rights and duties in this
Chapter 11 case;

     (b) preparing pleadings, including a disclosure statement and
plan of reorganization; and

     (c) taking other necessary actions incident to the proper
preservation and administration of the Debtor's estate.

The firm will charge $270 to $485 per hour for attorney's services
and $105 per hour for paraprofessional services. Justin Luna, Esq.,
the attorney primarily working on this matter, charges $475 per
hour.

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

The firm received from the Debtor an advance fee of $15,750.

Justin Luna, Esq., a partner at Latham, disclosed in a court filing
that his firm is a "disinterested person" pursuant to Section
101(14) of the Bankruptcy Code.

The firm can be reached at:

     Justin M. Luna, Esq
     Latham Luna Eden & Beaudine, LLP
     201 S. Orange Ave., Suite 1400
     Orlando, FL 32801
     Tel: (407) 481-5800
     Fax: (407) 481-5801
     Email: jluna@lathamluna.com

                       About DMCC Management

DMCC Management 1, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
23-01980) on May 23, 2023, with as much as $50,000 in assets and $1
million to $10 million in liabilities. Aaron Cohen, Esq., a
practicing attorney in Jacksonville, Fla., has been appointed as
Subchapter V trustee.

Judge Grace E. Robson oversees the case.

Justin M. Luna, Esq., at Latham Luna Eden & Beaudine, LLP is the
Debtor's legal counsel.


DRUNKEN DONKEY: Seeks to Hire Eric A. Liepins as Legal Counsel
--------------------------------------------------------------
Drunken Donkey Private Club seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Texas to hire Eric A. Liepins, PC
as its bankruptcy counsel.

The Debtor requires legal assistance to liquidate its assets,
reorganize the claims of the estate, and determine the validity of
claims asserted against the estate.

The firm will be paid at these rates:

     Eric A. Liepins                   $275 per hour
     Paralegals and Legal Assistants   $30 to $50 per hour

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

The firm received a retainer of $1,800.

Mr. Liepins, the sole shareholder of the firm, disclosed in a court
filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

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

                 About Drunken Donkey Private Club

Drunken Donkey Private Club sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Texas Case No.
23-41260) on July 14, 2023, with as much as $1 million in both
assets and liabilities.

Judge Brenda T. Rhoades oversees the case.

Eric A. Liepins, Esq., at Eric A. Liepins, P.C. represents the
Debtor as counsel.


DT MIDSTREAM: S&P Affirms 'BB+' ICR, Outlook Stable
---------------------------------------------------
S&P Global Ratings affirmed its 'BB+' issuer credit rating on DT
Midstream Inc. (DTM), its 'BBB-' rating on DTM's senior secured
debt, and its 'BB+' rating on the senior unsecured debt.

S&P said, "We expect DTM will maintain an adjusted debt leverage
ratio below 4.0x over the long term. We also expect DTM will
maintain its current contract profile, with a high level of
contracted assets and low volumetric risk.

"The '1' recovery rating on the company's senior secured debt is
unchanged, indicating our expectation of very high recovery
(90%-100%; rounded estimate: 95%) in the event a payment default
occurs. The '3' recovery rating on the company's senior unsecured
debt is unchanged and indicates our expectation of meaningful
(50%-70%; rounded estimate: 65%) recovery."

The stable outlook reflects S&P Global Ratings' expectation that
DTM's business fundamentals will continue to benefit from an
improving counterparty profile and increasing operating cash flow.

DTM's financial profile has been consistently improving.

Since its spin-off from DTE Energy Co. in 2020, DTM's EBITDA has
increased 16% to $843 million in 2022, due to supportive market
demand for natural gas and the increased stake in the Millennium
Pipeline in 2022. Production volume has increased consistently
across DTM's Appalachia and Haynesville assets. At the same time,
S&P Global Ratings-adjusted debt to EBITDA has been in the 4.0x
area and DTM is committed to maintaining that leverage level. In
2023, DTM has paid down $375 million of debt from the proceeds of
non-recourse debt raised at NEXUS Gas Transmission Pipeline. S&P
does not proportionately consolidate the debt at NEXUS in its
financial ratios but include distributions from NEXUS in DTM's
EBITDA.

DTM will realize incremental EBITDA from acquisitions and expansion
projects.

In October 2022, DTM closed on the additional ownership interest of
Millennium Pipeline, increasing its ownership to 52.5% from 26.5%,
which will eventually result in higher distributions. DTM's phase 1
Louisiana Energy Access Project (LEAP) expansion is on track for a
fourth-quarter 2023 in-service date and the company has reached the
final investment decision on phases 2 and 3. The LEAP expansion
phases 2 and 3 will increase capacity to 1.9 billion cubic feet per
day and will provide access to liquefied natural gas export
terminals. DTM also placed into service the Stonewall Gas Gathering
expansion. The acquisitive and growth stance of the company will
result in incremental EBITDA and improvement in metrics. S&P views
this as credit supportive.

DTM is exposed to customer concentration risk; however, the
counterparty credit profile is improving.

The largest customer, Southwestern Energy Co. (SWN), represents
about half of DTM's revenues. This risk is somewhat mitigated by
SWN's improving footprint in Haynesville as well as the contractual
credit enhancements put in place. In January 2023, S&P revised the
outlook on SWN to positive due to improving credit metrics. SWN is
expected to generate significant free cash flow to support its
maintenance capital expenditure (capex), debt reduction, and share
purchases.

Although DTM is smaller than some other rated issuers in terms of
operating scale, this factor has become a less of a constraint on
its business risk profile as the company continues to execute on
its organic growth program and seek tuck-in acquisitions.

DTM's high level of contractedness will continue to provide good
cash flow visibility.

DTM generates more than 70% of its revenues through long-term firm
contracts and minimum volumetric commitments (MVCs), which limits
volumetric risk and direct commodity price exposure. At the same
time, DTM can benefit from some upside in terms of volumes going
through the system through its uncontracted capacity, when prices
and drilling economics improve.

The stable outlook reflects S&P Global Ratings' expectation that
DTM's business fundamentals will continue to benefit from an
improving counterparty profile and increasing operating cash flow.
S&P said, "At the same time, we expect the company will maintain an
adjusted debt leverage ratio below 4.0x over the long term. We also
expect DTM will maintain its current contract profile, with a high
level of contracted assets and low volumetric risk."

S&P said, "We would consider a negative rating action if we expect
the S&P Global Ratings-adjusted debt-to-EBITDA ratio will remain
above 4.5x. This could occur if management revised its financial
policies or if cash flow was significantly weaker than expected.

"We would consider raising the rating if DTM increases its scale
and footprint in the Marcellus-Utica and Haynesville regions and
its counterparties' credit quality continues to improve, while
sustaining S&P Global Ratings-adjusted debt-to-EBITDA ratios below
4.0x."

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

S&P said, "Environmental factors are a moderately negative
consideration in our credit rating analysis of DTM. Given the
midstream industry's critical role and place in the broader energy
value chain, GHG emissions, environmental activism, and negative
social sentiment toward hydrocarbon production and usage are a
challenge for the broader industry, and we view these risks as
comparable for DTM with those of the industry."



EKSO BIONICS: Incurs $4.2 Million Net Loss in Second Quarter
------------------------------------------------------------
Ekso Bionics Holdings, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $4.23 million on $4.70 million of revenue for the three months
ended June 30, 2023, compared to a net loss of $2.98 million on
$3.46 million of revenue for the three months ended June 30, 2022.

For the six months ended June 30, 2023, the Company reported a net
loss of $8.62 million on $8.82 million of revenue compared to a net
loss of $7.60 million on $6.03 million of revenue for the six
months ended June 30, 2022.

"Our strong second quarter results reflect solid commercial
execution and continued growth in bookings from our clinical and
personal use device customers," said Scott Davis, chief executive
officer of Ekso Bionics.  "Highlighted by a record number of
EksoHealth device bookings resulting in robust revenue growth of
36% year-over-year, more patients than ever are benefitting from
our innovative portfolio of exoskeleton devices across the
continuum of care.  Looking ahead, we remain focused on securing
more multi-unit orders with large network operators to drive
sustainable, long-term growth."

As of June 30, 2023, the Company had $33.99 million in total
assets, $16.18 million in total liabilities, and $17.81 million in
total stockholders' equity.

Ekso Bionics said, "Our expectation to generate operating losses
and negative operating cash flows in the future and the need for
additional funding to support our planned operations raise
substantial doubt regarding our ability to continue as a going
concern for a period of one year after the date that the financial
statements are issued.  Management intends to raise funds through
one or more financings.  However, due to several factors, including
those outside management's control, there can be no assurance that
the Company will be able to complete such financings on acceptable
terms or in amounts sufficient to continue operating the business
under the operating plan.  If we are unable to complete sufficient
additional financings, management's plans include delaying or
abandoning certain product development projects, cost reduction
efforts for our products, and refocused sales efforts to accelerate
revenue growth above historical results.  We have concluded the
likelihood that our plan to successfully reduce expenses to align
with our available cash, while reasonably possible, is less than
probable.  Accordingly, we have concluded that substantial doubt
exists about our ability to continue as a going concern for a
period of at least 12 months from the date of issuance of these
unaudited financial statements."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1549084/000143774923020898/ekso20230630_10q.htm

                         About Ekso Bionics

Ekso Bionics Holdings, Inc. -- http://www.eksobionics.com-- is a
developer of exoskeleton solutions that amplify human potential by
supporting or enhancing strength, endurance, and mobility across
medical and industrial applications.  Founded in 2005, the Company
continues to build upon its industry-leading expertise to design
some of the most cutting-edge, innovative wearable robots available
on the market.

Ekso Bionics reported a net loss of $15.08 million in 2022, a net
loss of $9.76 million in 2021, a net loss of $15.83 million in
2020, a net loss of $12.13 million in 2019, and a net loss of
$26.99 million in 2018.  As of March 31, 2023, the Company had
$37.10 million in total assets, $15.82 million in total
liabilities, and $21.28 million in total stockholders' equity.


ELEVATE TEXTILES: Moody's Assigns 'Caa1' CFR, Outlook Positive
--------------------------------------------------------------
Moody's Investors Service assigned new ratings to Elevate Textiles,
Inc., including a Caa1 corporate family rating, Caa1-PD probability
of default rating, B3 senior secured first-out term loan rating and
Caa2 last-out term loan rating. The outlook is positive.

The company's new credit facilities were put in place as part of
the company's June 2023 comprehensive debt restructuring. The
transaction reduced outstanding debt to $401 million from $773
million, extended the company's first-lien term loan maturities to
2027 from 2024, and reduced US revolving credit facility borrowings
by $80 million with net proceeds from its $105 million new money
first-out term loan. The capital structure comprises a $125 million
US asset-backed revolver (not rated) with $15 million drawn as of
June 30, 2023, $105 million new money first-out term loan due 2027,
$250 million takeback last-out term loan due 2027, and various
international credit facilities (not rated).

The rating assignment reflects governance considerations, including
the company's ownership by former lenders following its debt
restructuring.

Moody's took the following rating actions for Elevate Textiles,
Inc.:

Corporate Family Rating, Assigned Caa1

Probability of Default Rating, Assigned Caa1-PD

Backed Senior Secured First Lien Term Loan, First Out, Assigned
B3

Backed Senior Secured First Lien Term Loan, Last Out, Assigned
Caa2

Outlook, Assigned Positive

RATINGS RATIONALE

Elevate's Caa1 CFR is constrained by Moody's expectation for
negative free cash flow generation in 2023 and 2024, as the timing
of earnings recovery remains uncertain. Inventory destocking among
apparel and denim companies, which represent over half of Elevate's
end market demand, is likely to weigh on its operating performance
over the next few quarters. Cash flow will also be limited by
returning to appropriate levels of maintenance capex and committed
investment in new factories, as well as continued high interest
costs. Although the transaction almost halved Elevate's debt and
the new term loans have a partial PIK feature, pro-forma cash
interest expense is roughly in line with 2021 levels due to higher
interest rates. Credit metrics are expected to weaken by the end of
2023 before improving in 2024, with Moody's-adjusted debt/EBITDA
increasing to 4.8x in 2023, from 4.4x as of June 30, 2023 based on
preliminary financials. Moody's-adjusted EBITA/interest expense is
projected to decline to under 1x in 2023, from 1.2x. The rating
also reflects governance risks associated with ownership by former
lenders following the restructuring.

At the same time, the rating benefits from the company's adequate
liquidity profile. Moody's expects foreign cash balances and
revolver availability to partly mitigate the company's expected
cash flow deficits. The rating also incorporates Elevate's solid
market position in the fragmented global threads and textile
manufacturing markets. The company also benefits from its diverse
product end markets and geographical footprint, and its established
long-term key customer relationships.

The positive outlook reflects Moody's expectations for earnings
recovery in 2024 and adequate liquidity over the next 12-18
months.

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

The ratings could be downgraded if the company's liquidity
deteriorates for any reason, including reduced revolver capacity
and greater than anticipated cash flow deficits. A lack of material
earnings recovery in 2024 following the projected weak 2023 could
also result in a downgrade.

The ratings could be upgraded with sustained earnings recovery that
would lead to improving liquidity, and a financial strategy that
supports further credit profile improvement. Quantitatively, the
ratings could be upgraded with Moody's-adjusted EBITA/interest
expense sustained above 1.25 times.

Headquartered in Charlotte, North Carolina, Elevate Textiles, Inc.
is a global textiles and threads manufacturer serving diverse end
markets, including apparel, denim, military, fire, auto and
industrials. The company is owned by its former lenders following
the 2023 restructuring. Revenues for the twelve months ended June
30, 2023 were approximately $1.2 billion.

The principal methodology used in these ratings was Manufacturing
published in September 2021.


EQUINIX INC: Egan-Jones Retains BB- Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company on July 20, 2023, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Equinix, Inc. EJR also withdraws rating on
commercial paper issued by the Company.

Headquartered in Redwood City, California, Equinix, Inc. operates
as a real estate investment trust.



FARMERS COOPERATIVE: Taps Favazza & Associates as Accountant
------------------------------------------------------------
Farmers Cooperative Association #301 received approval from the
U.S. Bankruptcy Court for the Eastern District of Missouri to
employ Favazza & Associates, LLC as its accountant.

The Debtor requires the services of an accountant to complete and
file Form 941 returns for the third and fourth quarters of 2022,
Form 940 return for 2022 and Form 1120 for the fiscal year ending
March 31, 2023.

Favazza & Associates will charge $195 per hour for tax services.

The retainer fee is $1,000.

As disclosed in court filings, Favazza & Associates is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     Michael Favazza, CPA
     Favazza & Associates, LLC
     1395 Jungermann Road
     St Peters, MO 63376
     Phone: +1 636-916-1010
     Email: mike@favazzacpa.com

             About Farmers Cooperative Association #301

Farmers Cooperative Association #301 is a local feed cooperative
that offers its customers full lines of feed, minerals, lime, and
fertilizers. It is based in Sullivan, Mo.

Farmers Cooperative Association sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Case No. 22-43908) on
Dec. 16, 2022, with up to $10 million in assets and up to $1
million in liabilities. Bill Manion, president of Farmers
Cooperative Association, signed the petition.

Judge Bonnie L. Clair oversees the case.

The Debtor tapped Spencer Desai, Esq., at the Desai Law Firm as
bankruptcy counsel and Favazza & Associates, LLC as accountant.



FINCO I LLC: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable
--------------------------------------------------------------
Moody's Investors Service has affirmed FinCo I LLC's (d/b/a
Fortress) Ba1 corporate family rating, its Ba1 ratings to the new
term loan and revolver which Moody's rated on July 19th and the
Ba1-PD probability of default rating following its decision to
upsize the new senior secured loan by $50 million to $850 million
and extend the maturity by one year to June 2029. The new $90
million senior secured revolving credit facility is also extended
by one year under the revised terms and will now expire in December
2028. The proceeds will be used to repay the current $700 million
senior secured term loan due June 2025, replace the current $90
million senior secured revolving credit ($0 outstanding as of March
31, 2023) and to fund future strategic investments. Upon completion
of the transaction, Moody's will withdraw the Ba1 ratings on the
current senior secured term loan and the senior secured revolving
credit facility. The outlook remains stable.

RATINGS RATIONALE

While the incremental borrowing is credit negative because it will
add $50 million of additional debt to the company's balance sheet,
the impact on the company's leverage ratio is relatively modest
with the ratio still within Moody's expectations for the Ba1
rating.

Fortress's EBITDA has come under pressure in recent years due to
loss in earnings from several permanent capital vehicles as well as
the turn in the realization market. If EBITDA levels do not recover
over the next several quarters, it would put further pressure on
the company's credit profile.

Fortress' Ba1 rating reflects the company's moderate scale, strong
assets under management (AUM) retention and solid profitability.
The company's credit profile is constrained by high leverage,
significant reliance on more volatile performance fees and elevated
balance sheet risk driven by a high amount of less liquid
on-balance sheet investments. Moody's views the recent maturity
extension transaction to be positive for the company's financial
flexibility because it improves the company's debt maturity
profile.

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

Factors that could lead to an upgrade include the following: (1)
Debt/EBITDA moves sustainably below 3.0x; (2) reduction in balance
sheet risk consistent with an equity to self-managed investments
ratio above 7.0x; (3) increased asset class diversity to help
balance the firm's high exposure to credit strategies.

Factors that could lead to a downgrade include the following: (1)
sustained leverage above 4.0x ; (2) increased earnings volatility;
or (3) AUM declines reflecting lower asset valuations and/or return
of capital without a commensurate increase in fee-earning AUM
through fundraising or capital deployment.

The principal methodology used in these ratings was Asset Managers
Methodology published in November 2019.


FOR PAWS BLUE: Seeks to Tap Cowgill & Company as Financial Advisor
------------------------------------------------------------------
For Paws Blue Cross Animal Hospital, LLC seeks approval from the
U.S. Bankruptcy Court for the Northern District of Ohio to hire
Cowgill & Company, LLC as its accountant and financial advisor.

The firm's services include:

     (a) providing general accounting services as Cowgill provided
before the petition date; and

     (b) providing financial analyses necessary for the Debtor's
plan of reorganization, disclosure statement, sale of any assets,
or other transaction related to the Debtor's reorganization.

Cowgill will charge a monthly fee of $3,450 for its accounting and
financial analysis services, plus $54.32 for the Debtor's
Quickbooks Online subscription.  

Special project services will be billed on an hourly basis.
Cowgill's current hourly rates are as follows:

     Janet Cowgill, Principal   $175
     Bookkeeping                 $75
     Administrative             $65

As disclosed in court filings, Cowgill is a "disinterested person"
pursuant to Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Janet Cowgill
     Cowgill & Company, LLC
     4472 Dressler Rd., N.W.
     Canton, Ohio 44718
     Tel: (330)499-7607
     Fax: (888)499-7208
     Email: info@Cowgillco.com

            About For Paws Blue Cross Animal Hospital

For Paws Blue Cross Animal Hospital, LLC operates an animal
hospital in North Canton, Ohio.

The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. N.D. Ohio Case No. 23-60829) on July 14,
2023, with up to $1 million in assets and up to $10 million in
liabilities. M. Colette Gibbons, Esq., a practicing attorney in
Westlake, Ohio, has been appointed as Subchapter V trustee.

Judge Tiiara NA Patton oversees the case.

Anthony J. DeGirolamo, Esq., represents the Debtor as legal
counsel.


FREE SPEECH: Court OKs Continued Cash Collateral Access
-------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Victoria Division, authorized Free Speech Systems, LLC to use cash
collateral on an interim basis in accordance with the budget, with
a 20% variance.

The Court directed the Debtor to maintain debtor-in-possession
accounts at Axos Bank, which accounts will contain all operating
revenues and any other source of cash constituting cash collateral,
which is (or has been) generated by and is attributable to the
Debtor's business.

Other than as provided for in the Budget, the Debtor will not make
any payment to or for the benefit of any insider of the Debtor,
either directly or indirectly, as that term is defined in 11 U.S.C.
section 101(31). In addition, no payments to any insider during the
Interim Period will exceed $10,000.

The Debtor will reserve $5,000 per week during the Interim Period
for adequate protection to PQPR Holdings Ltd., but will not pay the
reserved amount to PQPR unless authorized by further orders of the
Court. Nothing will constitute an admission that PQPR is or is not
entitled to receive any adequate protection payment on account of
its claims. Moreover, nothing will prejudice the rights of any
party-in-interest, including but not limited to the Debtor, any
creditor, or PQPR to challenge or assert PQPR's entitlement to
receive an adequate protection payment.

A further interim hearing on the matter is set for August 29, 2023
at 11 a.m.

A copy of the Court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=MXuq6C from PacerMonitor.com.

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

     $354,900 for the week ending August 6, 2023;
     $307,770 for the week ending August 13, 2023;
      $60,850 for the week ending August 20, 2023;
     $280,590 for the week ending August 27, 2023; and
      $71,600 for the week ending August 31, 2023.
                   
                  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 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.  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.

Jones, a conspiracy theorist, 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. Tex. 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. 22-60043) 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, Esq., at the 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.

Judge Christopher Lopez oversees the FSS Chapter 11 case.


FTX TRADING: Alameda CEO Ellison Paid Herself More Than $10B
------------------------------------------------------------
Chloe Taylor of Fortune reports that Caroline Ellison paid herself
$22.5 million bonus around the time she estimated a more than $10
billion cash shortfall at FTX, lawsuit alleges.

Caroline Ellison paid herself $22.5 million bonus around the time
she estimated a more than $10 billion cash shortfall at FTX,
lawsuit alleges

Alameda Research CEO Caroline Ellison allegedly paid herself
millions of dollars in a single bonus payment despite knowing about
massive holes in FTX's finances.

Months before FTX filed for bankruptcy, she allegedly moved the
money between various accounts until it landed in her own.

Crypto exchange FTX spectacularly imploded late last year, dragging
Alameda Research, its affiliate trading firm, down with it.

Alameda itself was losing huge amounts of money thanks to high-risk
bets, with FTX accused of secretly redirecting its users' funds to
its sister firm to help plug its losses.  

Legal proceedings launched in the wake of FTX's downfall have
accused its top executives of gross mismanagement, including
founder and CEO Sam Bankman-Fried (widely known as "SBF").

In December, Ellison herself pleaded guilty to seven offenses,
including wire fraud and money laundering.

                  Multimillion-dollar bonus

Shortly after FTX went under, it was reported that she and SBF had
been aware of red flags at the crypto exchange three months before
its collapse.

According to a new legal filing, however, Ellison knew about major
holes in FTX's finances eight months before the firm's cashflow
problems were made public—and instead of acting to fix the
problem, she made a series of convoluted transactions to pay
herself a multimillion-dollar bonus.

FTX's latest lawsuit against SBF and his top associates—filed on
Thursday—alleged that as early as March 2022, Ellison estimated
FTX had a cash deficit of more than $10 billion.

The estimate, which she kept in her private notes, came just weeks
after she transferred $22.5 million from Alameda to her own
personal FTX account via a series of transactions through other
accounts.

On March 29, 2023, she allegedly transferred $10 million of that
so-called "bonus" to her personal bank account, using the funds to
invest in an unnamed A.I. safety and research firm.

In the lawsuit, the money was labeled "misappropriated Debtor
funds."

Lawyers for Ellison were not available for comment when contacted
by Fortune.

It was also alleged that on separate occasions between 2021 and
2022, Ellison had misused company funds to give herself other
multimillion-dollar bonuses.

“No ‘bonus’ could possibly be justified given Ellison’s
extensive misconduct,” the complaint filed on Thursday said.

Eight months after Ellison's major bonus payment, FTX started
voluntary Chapter 11 proceedings in the United States.

The bankruptcy filing came after Ellison's former boyfriend SBF
publicly scrambled—and failed—to raise emergency funds to plug
the gaps in the company's finances.

Until the company's downfall, Bankman-Fried was widely respected,
having cultivated an image as a philanthropist as well as a
business magnate, drawing comparisons to the likes of Warren
Buffett. However, the 48-hour demise of FTX left his reputation in
tatters.

SBF took a massive personal financial hit from the firm's collapse,
with his entire $16 billion fortune wiped out, according to
Bloomberg, marking one of the greatest destructions of wealth in
history.

At the peak of his fortune, the 31-year-old had a net worth of $26
billion.

         Ellison found CEO role 'overwhelming'

Ellison—who was just 28 years old when FTX and Alameda
imploded—also built up a huge fortune during her tenure at the
helm of Alameda.

According to FTX bankruptcy filings, she received $6 million in
payments and loans over the life of the collapsed cryptocurrency
exchange, and was reported to have had a net worth of $15 million
by the time the company collapsed.

However, it emerged on Thursday that Ellison had little faith in
her own ability to run the company.

"Running Alameda doesn't feel like something I'm that comparatively
advantaged at or well suited to do," she said in a diary entry seen
by the New York Times.

"I have been feeling pretty unhappy and overwhelmed with my job,"
she added. "At the end of the day I can't wait to go home and turn
off my phone and have a drink and get away from it all."

In a December hearing, Ellison told a judge that she "knew that
[what she had done] was wrong."

Asked if she knew her actions were illegal, Ellison replied:
"Yes."

Before entering her guilty plea and agreeing to cooperate with
authorities, Ellison was reportedly facing a 110-year prison
sentence for her crimes.

                         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.

































FULTON MERCER: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Fulton Mercer Corporation
          dba Jones Florist
          dba Heritage Funeral Homes
          dba Heritage Flower Shop
          dba Heritage Crematory
          dba Davis Morris Chapel
      300 North Bridge St.
      Brady TX 76825

Business Description: The Debtor provides death care services.

Chapter 11 Petition Date: August 1, 2023

Court: United States Bankruptcy Court
       Western District of Texas

Case No.: 23-10590

Debtor's Counsel: Amy Wilburn, Esq.
                  LINCOLN GOLDFINCH LAW
                  1005 E 40th St
                  Austin TX 78751
                  Tel: 512-599-8500
                  Email: amy@lincolngoldfinch.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Jason Wayne Fulton as president.

The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.

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

https://www.pacermonitor.com/view/USQTC5Q/Fulton_Mercer_Corporation__txwbke-23-10590__0001.0.pdf?mcid=tGE4TAMA


FUTURE PRESENT: Seeks Cash Collateral Access
--------------------------------------------
Future Present Productions, LLC d/b/a GUM Studios asks the U.S.
Bankruptcy Court for the Eastern District of New York for authority
to use the cash collateral of the Small Business Administration,
Grow America Fund, Inc., and Pursuit Lending and provide adequate
protection.

The Debtor requires the use of cash collateral to satisfy the
post-petition costs and expenses of the continued operations of its
business.

The Budget that will be submitted, will show the Debtor's
anticipated receipts and expenses for the period from July 19, 2023
through October 27, 2023. As of the filing date, the Debtor had
approximately $250,000 on hand.

In May 2020, the Debtor obtained a loan from the SBA for $2
million, and to secure repayment, the Debtor granted the SBA a
security interest in basically all of its assets, including, its
Accounts Receivable and their proceeds. A UCC-1 was filed on May
28, 2020.

In May 2020, the Debtor obtained a loan from Pursuit Lending for
$75,000, and to secure repayment, the Debtor granted Pursuit
Lending a security interest in basically all of its assets,
including, its Accounts Receivable and their proceeds. A UCC-1 was
filed on May 19, 2020.

In March 2023, the Debtor obtained a loan from Grow America for
$400,000 (part of which amount was used to pay off a pre-existing
loan) and to secure repayment, the Debtor granted Grow America a
security interest in basically all of its assets, including, its
Accounts Receivable and their proceeds. A UCC-1 was filed on March
30, 2023.

Each of the SBA Loan, the Pursuit Lending Loan, and the Grow
America Loan are outstanding, and the Debtor is current on each of
them.

As of the Petition Date, the total amount owed to the Lenders is
approximately $2.160 million. The Debtor believes that the
aggregate market value of the collateral securing the Secured Loans
is over $5 million. The Debtor's primary source of funds for
operations is the proceeds of its accounts receivable, which
constitutes the cash collateral held by the Secured Lenders.

As adequate protection, the Secured Lenders will receive the
following adequate protection:

     (i) replacement liens pursuant to Bankruptcy Code section
361(2) on all property of Debtor and its estate, whether now owned
or hereafter acquired;
     (ii) to the extent required by the pre-petition loan documents
to the same extent and validity as its pre-petition liens; and
    (iii) adequate protection equal to the monthly payments at the
non-default contract rates that were being made to the Secured
Lenders in the months prior to the Petition Date, namely, $9,832
per month to the SBA; $6,276 per month to Grow America; and $1,389
per month to Pursuit.

The Adequate Protection Liens will be subject to the following:

     (i) the payment of allowed professional fees and disbursements
incurred by the Debtor's professionals retained by an Order of the
Bankruptcy Court, or the Subchapter V Trustee, and in the event of
a default that results in the termination of the Debtor's
authorization to use cash collateral, unpaid Professional Fees and
Disbursements (including any fees or expenses of the Subchapter V
Trustee) incurred prior to delivery of a carve out trigger notice
in accordance with the Budget not to exceed the sum of $75,000;

   (ii) any recoveries in favor of the estate pursuant to Chapter 5
of the Bankruptcy Code; and

  (iii) any amounts allowed by the Court as fees and expenses of a
trustee appointed under 11 U.S.C. section 726(b) of the Bankruptcy
Code in an amount not to exceed $10,000.

The Debtor's authorization to use cash collateral will commence as
of the entry of the Interim Order and terminate upon the earliest
of (i) the date that is 91 days after the Petition Date; (ii) entry
of a Final Order or a further interim order authorizing the
Debtor's use of cash collateral; or (iii) the occurrence of a
Termination Event.

The occurrence of any of these events, will constitute a
Termination Event:

     (i) the Chapter 11 case shall have been dismissed or converted
to a case under Chapter 7 of the Bankruptcy Code, or there will
have been appointed in the Chapter 11 case, a trustee (other than
the Subchapter V Trustee) or examiner with expanded powers beyond
the authority to investigate particular activities of the Debtor;

    (ii) the Interim Order is for any reason not binding on the
Debtor, including by reason of it being modified, vacated, stayed,
reversed;

   (iii) a default by the Debtor in performing, in any material
respect, any of the terms, provisions, conditions, covenants, or
obligations under the Interim Order, or in reporting financial
information as and when required under the Interim Order, which
continues uncured for a 15 day period after notice is given to
Debtor of such default; or

    (iv) a variance, resulting from the Debtor's expenditures that
exceeds the amounts set forth in the Budget by 15% or more, unless
increase is caused by an increase in the Debtor's business.

A copy of the motion is available at https://urlcurt.com/u?l=hCWcJN
from PacerMonitor.com.

              About Future Present Productions, LLC

Future Present Productions, LLC d/b/a GUM Studios is a
multi-location film stage & equipment rental facility with
production capabilities in the New York Metropolitan - Tri State
area.  GUM Studios caters to production companies, advertising
agencies,  video-photographers, designers, and large tv/film
productions.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. N.Y. Case No. 23-42510 on July 18,
2023. In the petition signed by Carrie White, CEO, the Debtor
disclosed $6,065,879 in assets and $5,760,994 in liabilities.

Judge Elizabeth S. Stong oversees the case.

Lewis W. Siegel, Esq. represents the Debtor as legal counsel.


GAMESTOP CORP: Chief Financial Officer to Resign Next Week
----------------------------------------------------------
GameStop Corp. announced that Diana Saadeh-Jajeh, its chief
financial officer, will be resigning from her role on Aug. 11,
2023.

According to the Company, Saadeh-Jajeh's resignation was not
because of any disagreement with the Company on any matter relating
to the Company's operations, policies or practices, including
accounting principles and practices.

On July 27, 2023, in connection with Ms. Saadeh-Jajeh's
resignation, the Board appointed Daniel Moore as the Company's
principal accounting officer and interim principal financial
officer effective Aug. 11, 2023.

Mr. Moore, 40, has served as the Company's vice president,
Corporate Global Controller since September 2022, and as vice
president, Global Tax since July 2021.  Prior to joining the
Company in 2021, Mr. Moore held the position of Vice President, Tax
at Elevate Textiles, and Director of International Tax at Roper
Technologies. Overall, Mr. Moore has over 18 years' experience in
accounting and tax.

                           About GameStop

Grapevine, Texas-based GameStop Corp. is a specialty retailer
offering games and entertainment products through its E-Commerce
platforms and thousands of stores.

GameStop reported a net loss of $313.1 million for the fiscal year
ended Jan. 28, 2023, a net loss of $381.3 million for the fiscal
year ended Jan. 29, 2022, a net loss of $215.3 million in 2020, a
net loss of $470.9 million in 2019, and a net loss of $673 million
in 2018.  As of April 29, 2023, the Company had $3.07 billion in
total assets, $1.79 billion in total liabilities, and $1.27 billion
in total stockholders' equity.


GLATFELTER CORP: Egan-Jones Retains BB- Senior Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company on July 20, 2023, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Glatfelter Corporation. EJR also withdraws rating on
commercial paper issued by the Company.

Headquartered in Charlotte, North Carolina, Glatfelter Corporation
manufactures and supplies papers and engineered materials.



GLOBAL FERTILITY: U.S. Trustee Appoints David Crapo as PCO
----------------------------------------------------------
William Harrington, U.S. Trustee for Region 2, appointed David
Crapo, Esq., at Gibbons P.C. as patient care ombudsman for Global
Fertility & Genetics, New York, LLC.

The appointment was made pursuant to the order from the U.S.
Bankruptcy Court for the Southern District of New York on July 10.

The PCO may seek to retain counsel to assist him in the performance
of his duties and responsibilities except for his reporting
obligations as set forth in Section 333(b)(2) of the Bankruptcy
Code.

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

The ombudsman may be reached at:

     David N. Crapo, Esq.,
     Gibbons P.C.
     One Gateway Center
     Newark, New Jersey 07102-5310
     Phone: 973-596-4523
     Fax: 973-639-6244
     Email: dcrapo@gibbonslaw.com

                       About Global Fertility

Global Fertility & Genetics, New York, LLC is a reproductive
endocrinology and fertility center in New York.

The Debtor filed Chapter 11 petition (Bankr. S.D.N.Y. Case No.
23-10905) on June 6, 2023, with $289,407 in assets and $1,123,740
in liabilities. Jun Jing Liu, also known as Annie Liu, director,
signed the petition.

Judge Philip Bentley oversees the case.

Michael J. Kasen, Esq., at Kasen & Kasen, P.C. is the Debtor's
legal counsel.


GREEN HYGIENICS: Seeks to Hire Bisom Law Group as Counsel
---------------------------------------------------------
Green Hygienics Holdings Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of California to hire
The Bisom Law Group as its bankruptcy counsel.

The Debtor requires legal services in connection with its Chapter
11 case, which include the preparation of Chapter 11 plan,
negotiation with creditors and representation in adversary
actions.

Bisom Law Group will be paid at the rate of $500 per hour.  The
retainer fee is $14,500.

Andrew Bisom, Esq., a principal at Bisom Law Group, disclosed in
court filings that his firm is "disinterested" pursuant to Section
101(14) of the Bankruptcy Code.

The firm can be reached through:

     Andrew S. Bisom, Esq.
     The Bisom Law Group  
     300 Spectrum Center Drive, Ste. 1575
     Irvine, CA 92618
     Tel: 714-643-8900
     Email: abisom@bisomlaw.com

                  About Green Hygienics Holdings

Green Hygienics Holdings, Inc., formerly known as Takedown
Entertainment Inc., focuses on the cultivation and processing of
industrial hemp for extracting cannabidiol. It was founded in 2008
and is based in Poway, Calif.

Green Hygienics Holdings filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Calif. Case
No. 23-01998) on July 11, 2023, with $20,250,600 in assets and
$10,291,084 in liabilities. Todd Mueller, chief executive officer,
signed the petition.

Andrew S. Bisom, Esq., at The Bisom Law Group represents the Debtor
as counsel.


GREEN PLAINS: Egan-Jones Retains B- Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company on July 19, 2023, maintained its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by Green Plains Inc. EJR also withdraws rating on
commercial paper issued by the Company.

Headquartered in Omaha, Nebraska, Green Plains Inc. owns and
operates ethanol plants located in the Midwest U.S.



GREYSTAR REAL ESTATE: S&P Rates New $400MM Secured Term Loan 'BB-'
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating and '3'
recovery rating to Greystar Real Estate Partners LLC's
(BB-/Positive/--) proposed $400 million senior secured term loan
issuance. The company plans to use the proceeds from the term loan,
along with $400 million of other secured debt, to refinance its
existing $580 million senior secured debt, repay borrowings on the
revolving credit facility, and add cash to the balance sheet.

The '3' recovery rating indicates S&P's expectation for meaningful
(50%-70%; rounded estimate: 65%) recovery for lenders in the event
of a payment default.

S&P said, "Our 'BB-' issuer credit rating on Greystar reflects that
the proposed transaction won't affect the company's net leverage,
which we expect to remain in the 2x-3x range. Our positive outlook
on Greystar for the next 12 months incorporates our expectations of
debt to EBITDA staying below 3.0x, EBITDA interest coverage staying
above 6.0x, and the company maintaining its leading market position
in multifamily property management services, despite ongoing
litigation and headwinds from high inflation and interest rates."



GRS RESTAURANT: Seeks Cash Collateral Access
--------------------------------------------
GRS Restaurant Group, Inc. asks the U.S. Bankruptcy Court for the
Northern District of California, San Francisco Division, for entry
of an order approving its stipulation with  secured creditor
Comerica Bank regarding the use of cash collateral.

On December 29, 2014, Comerica filed a UCC Financing Statement with
the California Secretary of State as File No. 15-7443154630
identifying as collateral all personal property of the Debtor
including but not limited to all identified tangibles as well as
general intangibles.

The parties agree that GRS may use cash collateral solely to pay
expenses incurred in the ordinary course of its business in amounts
not to exceed the line item expenses provided in the Budget, with a
20% variance.

Consent to use of the cash collateral arises upon approval of the
Cash Collateral Stipulation by the Court in an order entered on the
docket, for a term ending on the earliest of:

     a. 5pm PST October 31, 2023;
     b. Unless Comerica and GRS extend the expiration date by
written agreement; and
     c. Approval of the Cash Collateral Stipulation by the Court
will constitute authority by the Court that the parties may extend
the Stipulation on similar terms without the necessity or
requirement of further Court approval.

As a grant of adequate protection, GRS grants Comerica valid,
enforceable, and perfected replacement liens on, and security
interests in, any and all of GRS's rights, title, and/or interest
in and to all of its tangible and intangible assets, existing and
acquired on or after the Petition Date. The Replacement Liens will
be deemed to have attached retroactive as of the Petition Date and
will have the same validity, priority, and extent as Comerica's
prepetition security interests in the Prepetition Collateral, but
will be subordinate to the (i) fees and expenses of a Chapter 7
trustee alone for the trustee's compensation and not for any
professionals of the Chapter 7 trustee; and, (ii) fees and expenses
of the Subchapter V Trustee up to the amount of $1,000 per month
that is being budgeted as an Expense Addition.

As further adequate protection, GRS grants Comerica valid,
enforceable, and perfected replacement liens on, and security
interests in, any and all of GRS's rights, title, and/or interest
in and to all of its tangible and intangible assets, existing and
acquired on or after the Petition Date.

The Replacement Liens will be deemed to have attached retroactive
as of the Petition Date and will have the same validity, priority,
and extent as Comerica's prepetition security interests in the
Prepetition Collateral, but will be subordinate to the (i) fees and
expenses of a Chapter 7 trustee alone for the trustee's
compensation and not for any professionals of the Chapter 7
trustee; and, (ii) fees and expenses of the Subchapter V Trustee up
to the amount of $1,000 per month that is being budgeted as an
Expense Addition.

GRS will pay Comerica not less than $4,500 per month, as set forth
in the Budget.

To the extent the Replacement Liens and Payments are insufficient
to compensate Comerica for GRS's use of the cash collateral,
Comerica will have an administrative claim under 11 U.S.C. sections
503(b) and 507(a)(1), with the super priority status set forth in
11 U.S.C. section 507(b).

A copy of the motion is available at https://urlcurt.com/u?l=0tE9e7
from PacerMonitor.com.

                       About GRS Restaurant

GRS Restaurant Group, Inc., doing business as Stacks, operates in
the restaurant industry. It is based in Burlingame, Calif.

The Debtor filed Chapter 11 petition (Bankr. N.D. Calif. Case No.
23-30430) on June 30, 2023, with $100,000 to $500,000 in assets and
$1 million to $10 million in liabilities. Gina Klump, Esq., at the
Law Office of Gina R. Klump, has been appointed as Subchapter V
trustee.

Judge Hannah L. Blumenstiel oversees the case.

Matthew D. Metzger, Esq., at Belvedere Legal, PC represents the
Debtor as counsel.


HAMMOND ENTERPRISES: Gets OK to Hire Kornfield as Legal Counsel
---------------------------------------------------------------
Hammond Enterprises, Inc. received approval from the U.S.
Bankruptcy Court for the Northern District of California to hire
Kornfield, Nyberg, Bendes, Kuhner & Little, P.C. as its bankruptcy
counsel.

The Debtor requires legal counsel to:

     a. give advice with respect to the powers and duties of the
Debtor and the continued operation of its business and management
of its property;

     b. prepare legal papers;

     c. prepare and prosecute a complaint against the Debtor' main
creditor Alan Hammond as trustee and individually related to claims
including, but not limited to, breach of contract, conversion,
damage to property and equitable subordination; and

     d. perform other legal services, which may be necessary in the
Debtor's Chapter 11 case.

The firm will be paid at these rates:

     Eric A. Nyberg, Esq.           $475 per hour
     Chris D. Kuhner, Esq.          $475 per hour
     Sarah L. Little, Esq.          $415 per hour
     Nancy Nyberg, Paralegal        $90 per hour

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

The firm received a pre-bankruptcy retainer in the amount of
$30,000.

Eric Nyberg, Esq., a partner at Kornfield, disclosed in a court
filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Eric A. Nyberg, Esq.
     Kornfield Nyberg Bendes Kuhner & Little, P.C.
     1970 Broadway, Suite 600
     Oakland, CA 94612
     Tel: (510) 763-1000
     Fax: (510) 273-8669
     Email: info@kornfieldlaw.com

                     About Hammond Enterprises

Founded in 1989, Hammond Enterprises, Inc. operates a machine shop
in Pittsburg, Calif.

Hammond Enterprises filed Chapter 11 petition (Bankr. N.D. Calif.
Case No. 23-40776) on June 29, 2023, with as much as $50,000 in
assets and $1 million to $10 million in liabilities. Mark Sharf,
Esq., a practicing attorney in Los Angeles, has been appointed as
Subchapter V trustee.

Judge William J Lafferty oversees the case.

Eric A. Nyberg, Esq., at Kornfield Nyberg Bendes Kuhner & Little,
P.C. represents the Debtor as counsel.


HICKORY HILLZ: Court OKs Cash Collateral Access on Final Basis
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Indiana,
Indianapolis Division, authorized Hickory Hillz BBQ, LLC to use
cash collateral on a final basis in accordance with the budget,
with a 10% variance.

The Debtor requires the use of cash collateral to continue its
operations and to attempt a successful reorganization.

Sysco Indianapolis, LLC, and the U.S. Small Business Administration
extended credit to the Debtor that is secured by a blanket lien on
substantially an of its property. Sysco has priority over the SBA
and appears to be fully secured while the amount of the SBA claim
exceeds the remaining value of its collateral.

The Debtor owe the Secured Creditors in total approximately
$300,000, plus accrued and unpaid interest and other charges. The
Debtor contends the Secured Creditors have valid and enforceable
security interests and liens in all of the Debtor's assets.

As adequate protection, the Secured Creditors will be granted
replacement liens in the cash collateral and in the post-petition
property of Debtor of the same nature and to the same extent and in
the same priority held in the cash collateral on the Petition Date.
The Adequate Protection Liens will be valid and fully perfected
without any further action by any party and without the execution
or the recordation of any control agreements, financing statements,
security agreements, or other documents. The Adequate Protection
Liens will secure obligations to the Secured Creditors to the
extent that Debtor's use of the cash collateral diminishes the
amount of the Collateral held as of the Petition Date.

Unless extended by the Court upon the written agreement of the
Debtor and the Secured Creditors, the Order and the Debtor's
authorization to use the cash collateral will immediately terminate
on the earlier to occur of:

     (a) the date on which any creditor provides, via facsimile,
e-mail or overnight mail, written notice to Debtor or Debtor's
counsel, of the occurrence of an Event of Default, and the
expiration of a five business day cure period; or
     (b) or at a later date as the Court orders.

These events constitute an "Event of Default":

     (i) A trustee or examiner is appointed in the Chapter 11
case;
    (ii) The Debtor's Chapter 11 case is converted to a Chapter 7
case or dismissed;
   (iii) The Debtor fails to comply with any term of the Order,
including but not limited to its payment obligations and compliance
with the Budget;
    (iv) The Debtor makes any payment not set forth in the Budget;
and
     (v) The Debtor fails to comply with any of the adequate
protection or reporting obligations set forth therein.

A copy of the order is available at https://urlcurt.com/u?l=d3nc6a
from PacerMonitor.com.  

                 About Hickory Hillz BBQ, LLC

Hickory Hillz BBQ, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 23-02554) on June
14, 2023. In the petition signed by Chad Smock, president, the
Debtor disclosed up to $100,000 in assets and up to $1 million in
liabilities.

Judge Robyn L. Moberly oversees the case.

KC Cohen, Esq., at KC Cohen, Lawyer, PC, represents the Debtor as
legal counsel.


HITSON CABINET: Seeks to Hire Henderson as Accountant
-----------------------------------------------------
Hitson Cabinet Designs, Inc. seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Tennessee to hire
Henderson, Hutcherson & McCullough, PLLC as its accountant.

The Debtor requires an accountant to prepare reports and tax
returns, analyze financial statements, and review and supervise
accounting records.

The firm will charge these fees:

     Trip Farmer   $425 per hour
     Staff         $285 per hour

As disclosed in court filings, Henderson does not represent any
interest adverse to the Debtor and its estate in the matters upon
which the firm is to be engaged.

The firm can be reached through:

     Trip Farmer, CPA
     Henderson, Hutcherson & McCullough, PLLC
     1200 Market Street
     Chattanooga, TN 37402
     Phone: (423)-702-8148
     Email: tfarmer@hhmcpas.com

                    About Hitson Cabinet Design

Hitson Cabinet Design, Inc. designs and builds custom cabinetry and
interior trim.  

On April 14, 2023, Robert Wood, Allison Honeycutt and Bryan Denton
filed involuntary Chapter 7 petition against Hitson Cabinet Design.
The petitioning creditors are represented by Kimberly Cambron,
Esq., at Chattanooga Legal Group, PC.

On May 15, 2023, the case was converted to one under Chapter 11
(Bankr. E.D. Tenn. Case No. 23-10860). Judge Shelley D. Rucker
oversees the case.

The Debtor tapped Amanda M. Stofan, Esq., at Farinash & Stofanas as
legal counsel and Henderson, Hutcherson & McCullough, PLLC as
accountant.


IMPERVA INC: S&P Places 'CCC+' ICR on CreditWatch Positive
----------------------------------------------------------
S&P Global Ratings placed its 'CCC+' issuer credit rating on
Imperva Inc. on CreditWatch with positive implications. S&P also
placed its 'CCC+' issue-level rating on the company's first-lien
credit facility and 'CCC-' issue-level rating on its second-lien
term loan on CreditWatch with positive implication.

S&P said, "The CreditWatch placement reflects our expectation that
the transaction will give our current ratings on Imperva upside
potential because the company is being acquired by a higher-rated
entity. We intend to resolve the CreditWatch placement upon
transaction close.

"The transaction could result in Imperva's debt being repaid. The
CreditWatch placement follows Imperva's announcement that it is
being acquired by Thales. Thales is a France-based aerospace,
defense, and security company that is currently rated as investment
grade. In May, we downgraded Imperva to 'CCC+' on continued
negative cash flow generation and limited liquidity. Although
Thales has not announced its intent regarding Imperva's outstanding
debt, we expect it will be fully repaid upon transaction close, and
we could withdraw all our ratings on Imperva because the company is
being fully integrated into Thales' structure.

"We will monitor any developments related to the proposed
transaction, including the receipt of required approvals. If
Imperva's debt remained outstanding upon transaction close, though
very unlikely, we could potentially raise our ratings on Imperva by
multiple notches, given Thales's investment-grade status."

CreditWatch

S&P said, "The positive CreditWatch placement reflects our
expectation that the transaction will give our current ratings on
Imperva upside potential because the company is being acquired by a
higher-rated entity. We could withdraw all our ratings on Imperva
at the transaction close if Thales repays all of Imperva's
outstanding debt, and we no longer expect Imperva to be a borrowing
entity within the larger group. We expect to resolve our
CreditWatch listing upon closing of the transaction, which will
likely take place in early 2024.

"Imperva provides application, application programming interfaces
(API), and database security solutions, including supporting
compliance with data protection regulations like the General Data
Protection Regulation. Imperva is focused on traditional channel
partners (resellers, distributors, and valued-added resellers),
public cloud (Amazon Web Services and Microsoft Azure), and managed
service providers. The company acquired Prevoty Inc. in 2018, which
operates in the runtime application self-protection/development and
operations market; Distil Networks in July 2019, a provider of bot
management solutions; jSonar Inc. in October 2020, a provider of
database security and compliance across on-premises and cloud
environments; and Cloud Vector Inc. in May 2021, which develops an
API threat-protection platform to prevent data breaches."



J.T. AND SON: Case Summary & 18 Unsecured Creditors
---------------------------------------------------
Debtor: J.T. and Son Construction, LLC
        64 Halstead Boulevard
        Zelienople, PA 16063

Business Description: J.T. and Son offers roofing, manufacturing,
                      excavation, and remodeling services.

Chapter 11 Petition Date: August 2, 2023

Court: United States Bankruptcy Court
       Western District of Pennsylvania

Case No.: 23-21623

Debtor's Counsel: Brian C. Thompson, Esq.
                  THOMPSON LAW GROUP, P.C.
                  125 Warrendale-Bayne Road
                  Suite 200
                  Warrendale, PA 15086
                  Tel: 724-799-8404
                  Fax: 724-799-8409
                  Email: bthompson@thompsonattorney.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by John Minarik as owner and operator.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 18 unsecured creditors is available for free
at PacerMonitor.com at:

https://www.pacermonitor.com/view/ZMAYK2I/JT_and_Son_Construction_LLC__pawbke-23-21623__0001.0.pdf?mcid=tGE4TAMA


JP INTERMEDIATE: Moody's Withdraws 'Caa3' Corporate Family Rating
-----------------------------------------------------------------
Moody's Investors Service has withdrawn JP Intermediate B, LLC's
(dba The Juice Plus Company, "Juice Plus") ratings consisting of a
Caa3 Corporate Family Rating, Caa3-PD/LD Probability of Default
Rating, and Caa2 senior secured first lien revolving credit
facility and senior secured first lien term loan ratings, following
the company's restructuring. Moody's considers the restructuring
involving an exchange of debt into new loans and equity to be a
distressed exchange default and previously appended a /LD to the
PDR as a result of the default. At the time of the withdrawal the
outlook was negative.  

Withdrawals:

Issuer: JP Intermediate B, LLC

- Corporate Family Rating, Withdrawn, previously rated Caa3

- Probability of Default Rating, Withdrawn, previously rated
Caa3-PD /LD

- Backed Senior Secured 1st Lien Rev Credit Facility, Withdrawn,
previously rated Caa2

- Backed Senior Secured 1st Lien Term Loan B, Withdrawn, previously
rated Caa2

Outlook Actions:

Issuer: JP Intermediate B, LLC

- Outlook Withdrawn

RATINGS RATIONALE

The withdrawal of the ratings follows the restructuring of Juice
Plus's capital structure completed on July 14, 2023 that terminated
the previously rated revolver and term loan instruments.

JP Intermediate B, LLC (dba The Juice Plus Company, "Juice Plus")
headquartered in Collierville, Tennessee, is a direct-seller of
whole-food, plant based nutritional supplements and Tower Garden
products. Products are available in a variety of delivery formats
including capsules, soft chewable (gummies), shakes and bars. The
company operates through a multi-level marketing system in North
America and a number of international markets. Juice Plus was
acquired by private equity firm Altamont Capital Partners in a
November 2018 leveraged buyout.


LA FAMILIA: Wins Cash Collateral Access Thru Aug 24
---------------------------------------------------
The U.S. Bankruptcy Court for the District of Mexico authorized La
Familia Primary Care, P.C. to use cash collateral on an interim
basis in accordance with the budget, through August 24, 2023.

As of the Petition Date, the Debtor may be indebted to Bankers
Healthcare Group, LLC pursuant to certain loan documents.

Pursuant to the BHG Prepetition Loan Documents, the Debtor may have
granted BHG security interests in property of the Debtor that
includes accounts receivable, accounts or other cash collateral.

As of the Petition Date, the Debtor may be indebted to the United
States Small Business Administration pursuant to EIDL loan
documents, including a UCC Financing Statement filed with the NMSOS
on May 15, 2020.

Pursuant to the SBA Prepetition Loan Documents, the Debtor may have
granted the SBA security interests in the Prepetition Collateral,
which is inferior to the security interests of BHG. Pursuant to
sections 363(c) of the Code, Debtor seeks the use of the
Prepetition Collateral constituting cash collateral in the manner
provided for in the Order.

The Debtor is permitted to use cash collateral for the specific
items listed in the budget, or to which additional expenses BHG,
the SBA, and the Debtor mutually agree in their respective sole
discretion.

As adequate protection to BHG and the SBA, the Debtor grants BHG
and the SBA replacement liens in an amount equal to and in the same
priority as they had as of the Petition Date to the extent that
each had a properly perfected security interest in cash collateral
as of the Petition Date.

The Debtor is also authorized to make monthly cash payments to BHG
in the amount of $2,338, and to the SBA in the amount of $175, as
further detailed in the Motion. The Debtor will pay immediately
when due all personal property taxes that accrue post-petition. The
Debtor will maintain general business, liability, and malpractice
coverage and will continue to maintain and protect all Prepetition
Collateral consistent with the BHG and SBA Prepetition Loan
Documents.

A copy of the court's order is available at
https://urlcurt.com/u?l=pGTyNg from PacerMonitor.com.

               About La Familia Primary Care, P.C.

La Familia Primary Care, P.C. sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. N.M. Case No.  23-10566-t11) on
July 19, 2023. In the petition signed by Misbah Zmily, president,
the Debtor disclosed up to $500,000 in assets and up to $10 million
in liabilities.

Judge David T. Thuma oversees the case.

Shay Meagle, Esq., at Business Law Southwest, represents the Debtor
as legal counsel.


LAS VEGAS SANDS: Fitch Affirms 'BB+' LongTerm IDR
-------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDR) for Las Vegas Sands Corp. (LVSC), Sands China, Ltd. (SCL) and
Marina Bay Sands Pte. Ltd. (MBS), collectively Las Vegas Sands
(LVS) at 'BB+'. Fitch has also affirmed the Marina Bay Sands
secured debt at 'BBB-'/'RR2' and the Las Vegas Sands Corp. and
Sands China unsecured debt at 'BB+'/'RR4'. The rating reflects the
strong rebound in the Macao market and outperformance in Singapore
compared with pre-pandemic levels. The pace of recent growth in
Macao bodes well for LVS, which is uniquely positioned for the
return of the mass market, particularly the premium mass market,
given its quantity and quality of gaming positions, hotel rooms,
restaurants, and entertainment facilities.

Assuming trends continue, Fitch believes LVS is positioned to move
back to investment grade ratings. The rating also reflects the
potential for weakness in the China economy and regulatory changes
as well as an increasingly competitive environment in Macao from
new openings and expanded facilities.

The Positive Outlook reflects the increasing visitation to and
spend in Macao and Singapore compared to pre-pandemic levels. Fitch
expects this increase to continue to drive gaming and non-gaming
revenues, which should return LVS to investment grade credit
metrics.

KEY RATING DRIVERS

Recovery Trajectory Driving Outlook: Macao visitation and gaming
trends have rapidly improved during the first half of 2023. Mass
market gaming revenues for 2Q23 were 87% of 2Q19 levels, while
visitation reached 68% of 2Q19 levels. This suggests that
win-per-visitor has significantly improved. Visitation from Hong
Kong is above 2019 levels, while visitors from the Guangdong
Province is at 80% of 2019 levels. The remainder of China is
lagging due to the reduction of airline capacity during the
pandemic at both Macao and Hong Kong International Airports. The
increasing capacity at these airports should drive further
visitation and gaming revenue growth. The second quarter is
typically the seasonal slowest of the year, so the strong
visitation levels during the recent quarter should be a positive
indicator for the remainder of the year.

In Singapore, LVS is realizing mass gaming revenue at record levels
despite overall airport monthly passenger volume and aircraft seat
capacity from China below pre-pandemic levels. The overall
performance at Marina Bay Sands came despite a major room
renovation at the complex that left a significant number of rooms
out of inventory.

Improving Leverage Metrics: First half 2023 performance has greatly
outperformed expectations and Fitch now projects 2023 EBITDA
leverage at 4.0x and net EBITDA leverage at 2.2x with further
declines in gross leverage to the low-3x range over the forecast
horizon. Fitch believes LVS is willing to manage its balance sheet
consistent with investment grade ratings as the pandemic did not
alter long-held conservative financial policies. LVS has a solid
track record of publicly articulating its leverage policy and
adhering to prudent balance sheet management.

The improvement in EBITDA leverage includes assumptions for the
reinstatement of the common dividend at $0.20 quarterly (estimated
approximately $600 million annually) beginning in 3Q 2023 and the
resumption of a Sands China distribution in 2025. There are no
assumptions for stock repurchases, but given the expectation of
strong FCF and high cash balances, Fitch expects a significant
portion could be redirected to shareholder returns.

Meaningful Upcoming Maturities: LVS has a number of maturities that
should be manageable in the context of strong liquidity and Fitch
expectations of a recovery in SCL cash flows. Fitch currently does
not see the need for LVSC to support its Macao operations given the
improvement in that segment. LVSC has open access to MBS' strong
underlying cash flows, subject to a 4.25x MBS leverage test for
unlimited access. MBS has $2.7 billion in borrowing capacity
related to its announced expansion project.

SCL's $1.45 billion unsecured revolver was extended to July 2025,
while $1.8 billion in unsecured notes mature in August 2025. LVSC
has $1.75 billion in unsecured notes maturing in August 2024. Fitch
believes the company's improving credit metrics and anticipated
strong cash position should allow it to refinance and extend these
maturities.

Concession Overhang Removed: All six incumbents have been awarded
new 10-year gaming concessions that were signed on Dec. 16, 2022.
Gaming concession-related risk drove LVS' placement on Rating Watch
Negative, combined with potential for more onerous operating terms
and capital commitments, none of which transpired. Fitch view
completion of the concession process positively for Macao's gaming
regulatory environment, relative to other global gaming
jurisdictions, due to the government's pragmatic approach.

The new gaming law and capex commitments under the new concessions
are reasonable and the concession re-bidding process was executed
efficiently. All U.S.-based operators received new concessions
despite previous investment community concerns of U.S.-Sino
relations and speculation of their potential effects on the
concession process.

Manageable Development Pipeline: LVS previously announced plans to
spend an aggregate $3.32 billion in Singapore including a $1.1
billion one-time payment made in 2Q19 to expand MBS with a new
hotel tower, incremental gaming, meeting, incentive, convention and
exhibition (MICE) space, and a 15,000-seat entertainment venue. The
company has also announced a $1 billion refresh of the existing
hotel tower to introduce an improved suite product., which is
expected to be completed by the end of 2023. The company has
disclosed that project costs are expected to meaningfully exceed
the initial estimate due to inflation, the impact of the COVID-19
pandemic, higher labor and material costs and other factors.

In Macao, the company committed to spending a minimum of MOP30.2
billion, or USD3.75 billion, over the 10-year concession term
through 2033. This will skew primarily toward non-gaming amenities
to further enhance SCL's footprint in Macao, although no additional
hotel rooms were included in SCL's commitments. The magnitude will
be manageable, from a cash flow perspective, as operations
normalize and are reasonable in the context of SCL's historical
capex spending.

LVS is also a bidder for a casino in New York. Given the
uncertainty of receiving a bid and, if successful, the time frame
for developing a casino, the project is not considered a key rating
driver. LVS has a strong track record for developing large casino
and entertainment projects.

Strong Ratings Linkage: Fitch analyzes LVS on a consolidated basis
as the rating linkage between the parent and subsidiaries is
strong. Fitch deem MBS, which is almost fully recovered post
pandemic, to be the stronger subsidiary, and there are few
restrictions inhibiting LVSC's access to MBS' cash. SCL has taken
slightly longer to return to pre-pandemic levels, making LVSC the
stronger parent as it has $4 billion of cash, receives royalty fees
from MBS and SCL, and has access to MBS' cash flows and equity
value. Fitch believes SCL has strong operational and strategic
value to LVSC, which supports equalization of the ratings.

DERIVATION SUMMARY

LVS historically maintained an investment-grade credit profile due
to high-quality assets in attractive regulatory regimes, a strong
financial profile and a commitment to a conservative financial
policy. In the long term, Fitch expect LVS to manage its credit
profile in a consistent manner, as the rapidly improving operating
environment in Macao leads to stronger consolidated financial
metrics.

Positively, the company took prudent steps to manage its balance
sheet during the ongoing operating stresses caused by the pandemic.
This includes halting shareholder returns as operating cash flows
declined and its public commitment not to resume them until cash
flows stabilized at a level commensurate with growth.

LVS' peers include Seminole Tribe of Florida (BBB/Stable), which
maintains lower leverage, enjoys a degree of exclusivity in a deep
Florida market, and is not facing similar operating headwinds in
the U.S., relative to LVS' jurisdictions that rely more on
international visitation. Conversely, Seminole has less
discretionary distributions, which partially fund tribal government
operations, and is less diversified.

Genting Berhad (BBB/Stable) and its subsidiaries have international
diversification, similar to LVS, which includes some degree of
economic exclusivity in Malaysia and Singapore and is subject to
more competition in Las Vegas and New York. Leverage is lower than
LVS and its end markets enjoyed a faster recovery, relative to
Macao.

KEY ASSUMPTIONS

Macao revenues increase 300% in 2023, 11.5% in 2024 and 7% in 2025
compared with 2022 levels. SCL property EBITDA margins are forecast
at 33% throughout the forecast horizon.

In Singapore, revenues approach pre-pandemic levels in 2023. The
faster recovery at Marina Bay Sands is supported by the updated
premium suite products and the continued recovery of international
visitation to Singapore. This assumption does not yet include
material inbound Chinese visitation, which could further increase
MBS' performance. Property margins are expected to be below
pre-pandemic levels of 50% in the near-term but increase through
the forecast horizon.

Base interest rates applicable to the company's outstanding
variable rate debt obligations reflects current SOFR forward
curve.

Annual capex spending of approximately $1.0 billion through 2025,
which includes remaining development capex in Macao and Singapore,
and some of the $3.8 billion committed to be spent in Macao in the
new concession's 10-year term. No share repurchases are assumed.

LVS announced a $0.20/per share dividend that began in 3Q23 and is
expected to remain at this level throughout the forecast. Fitch
assumes a resumption of the SCL dividend in 2025.

LVS maintains a material amount of excess cash, including its Las
Vegas asset sale proceeds, given a conservative financial policy
and the low likelihood of material capex in any new jurisdiction in
the medium term, should LVS pursue any new gaming licenses.

MBS capex is funded through property cash flows, and Fitch does not
expect its delayed draw term loan to be utilized in the near term.

Maturities at SCL and LVSC in 2024-2025 are refinanced, amended and
extended.

RATING SENSITIVITIES

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

The company maintains existing financial policies as EBITDA
leverage approaching below 4.0x and 3.5x on a gross and net basis,
respectively, with some flexibility to go outside these thresholds
temporarily during development cycles or periods of operating
pressure.

Continued improvement of visitation into Macao, coupled with a
commensurate improvement in underlying cash flow generation at SCL
that approaches pre-pandemic levels;

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

Macao operations fail to meet expectations of improvement, leading
to worsening credit metrics and reduced confidence in its ability
to refinance upcoming maturities at SCL and LVSC. This could lead
to SCL's IDR and instrument ratings being downgraded should Fitch
reconsider application of the Parent and Subsidiary Linkage Rating
Criteria.

The company deviates from existing financial policies as leverage
(debt/EBITDA) is sustained above 5.0x and 4.5x on a gross and net
basis, respectively, with some flexibility to go outside these
thresholds temporarily during development cycles or periods of
operating pressure.

LIQUIDITY AND DEBT STRUCTURE

LVS' liquidity is strong with $5.8 billion of excess cash, as of
June 30, 2023. In addition, it has pending liquidity from a $1.20
billion sellers note it received upon the sale of its Las Vegas
properties in 2022. LVS has roughly $3.7 billion of aggregate
revolver availability. The next material maturity is the $1.75
billion LVSC senior unsecured notes due in 2024.

Fitch expects consolidated FCF to turn positive in 2023 and
continue to remain strong, as both the Singapore and Macao markets
revert back to pre-pandemic levels. This could be offset by future
unannounced projects (including New York) and resumption of
dividends out of Sands China.

ISSUER PROFILE

LVS owns and operates six casino resorts, including five in Macao
and one in Singapore. LVS's Macao subsidiary, Sands China, is 70%
owned with the balance being publicly traded on the Hong Kong Stock
Exchange.

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.


LEGACY CARES: UST's Trustee/Dismissal Bid Opposed
-------------------------------------------------
Karen Pierog of The Bond Buyer reports that parties in a bankruptcy
case involving a bond-financed Arizona participant sports venue
objected to a motion to either appoint an independent Chapter 11
trustee or dismiss the case, arguing either move would be
detrimental or premature.

Legacy Cares, the venue's owner, which filed for bankruptcy May 1
in Arizona federal court, along with bond trustee UMB Bank and the
official committee of unsecured creditors raised concerns Thursday,
July 20, 2023, that efforts to sell the 320-acre Legacy Park in
Mesa would be derailed and $9 million of debtor-in-possession (DIP)
financing that is allowing the facility to continue to operate
would be exhausted before a sale could be consummated.

U.S. Trustee Ilene Lashinsky, who is monitoring the case, asked the
court last month to appoint an independent entity to assume control
of Legacy Cares' assets and operations or dismiss the bankruptcy,
citing "dishonesty, incompetence, or gross mismanagement," as well
as the possible misuse of bond proceeds on the part of the
nonprofit owner.

                       About Legacy Cares

Legacy Cares, Inc. is a 501c3 non-profit organization dedicated to
providing athletes and non-athletes of all ages, economic
backgrounds and levels of athletic proficiency the opportunity to
participate in sports and e-sports while fostering the enjoyment
and camaraderie of teamwork and perseverance, key components in
athletic competition and lifetime success. The organization is
based in Mesa, Ariz.

Legacy Cares sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ariz. Case No. 23-02832) on May 1, 2023,
with $242,329,104 in assets and $366,719,676 in liabilities.
Douglas Moss, president of Legacy Cares, signed the petition.

Judge Daniel P. Collins oversees the case.

The Debtor tapped Henk Taylor, Esq., at Warner Angle Hallam Jackson
Formanek, PLC as bankruptcy counsel; Papetti Samuels Weiss
McKirgan, LLP and Slania Law, PLLC as special counsels; and Miller
Buckfire & Co., LLC and its affiliate, Stifel, Nicolaus & Co.,
Inc., as investment banker. Epiq Corporate Restructuring, LLC is
the noticing, claims and balloting agent.

The U.S. Trustee for Region 14 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case.
Pachulski Stang Ziehl & Jones, LLP and AlixPartners, LLP serve as
the committee's legal counsel and financial advisor, respectively.


LEXARIA BIOSCIENCE: Incorporates New Subsidiary Under "LEXX Nutra"
------------------------------------------------------------------
Lexaria Bioscience Corp. announced it has incorporated a new
wholly-owned subsidiary under the name Lexaria Nutraceutical Corp.

The establishment of LEXX Nutra is in keeping with Lexaria's
overall strategy of maximizing the potential for its patented
DehydraTECH Technology in various markets.  Lexaria has issued an
exclusive perpetual license to LEXX Nutra entitling it to utilize
DehydraTECH, or sublicense the use of DehydraTECH, for the purposes
of creating consumer packaged goods and/or intermediate ingredients
composed of any molecule except those associated with nicotine or
cannabis.  LEXX Nutra is prohibited from using its license for the
manufacture of any pharmaceutical product.

In this regard, the license agreement between the Company and its
wholly-owned subsidiary, Lexaria Pharmaceutical Corp., has been
amended so that LEXX Pharma's exclusive licensing rights are now
focused solely on the manufacture of pharmaceutical products, or
sublicensing for the manufacture of pharmaceutical products,
composed of any molecule except nicotine-associated molecules.

                           About Lexaria

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

Lexaria Bioscience reported a net loss and comprehensive loss of
$7.38 million for the year ended Aug. 31, 2022, a net loss and
comprehensive loss of $4.19 million for the year ended Aug. 31,
2021, a net loss and comprehensive loss of $4.08 million for the
year ended Aug. 31, 2020, and a net loss and comprehensive loss of
$4.16 million for the year ended Aug. 31, 2019. As of Feb. 28,
2023, the Company had $4.85 million in total assets, $223,131 in
total liabilities, and $4.63 million in total stockholders'
equity.

Lexaria Bioscience received a letter from the listing
qualifications department staff of The Nasdaq Stock Market on June
22, 2023, 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.


LIFSIZE INC: $20 Million Chapter 11 Financing Gets Final Nod
------------------------------------------------------------
Vince Sullivan of Law360 reports that videoconference technology
company Lifesize Inc. received final approval of its $20 million
debtor-in-possession financing Wednesday, July 26, 2023, from a
Texas judge after no party opposed the substantial changes made to
the loan documents last week.

                       About Lifesize Inc.

Lifesize, Inc., is a cloud communications company in Laredo, Texas,
which offers contact center and video meeting solutions for
businesses.

Lifesize and its affiliates sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 23-50038) on
May 16, 2023.  At the time of the filing, Lifesize reported $10
million to $50 million in assets and $100 million to $500 million
in liabilities.

Judge David R. Jones oversees the cases.

The Debtors tapped Pachulski Stang Ziehl & Jones, LLP as legal
counsel and FTI Consulting, Inc. as financial advisor.  Kurtzman
Carson Consultants, LLC is the claims, noticing and solicitation
agent and administrative advisor.


LITTLE K'S LANDSCAPING: Taps Saas Kirwan Associates as Accountant
-----------------------------------------------------------------
Little K's Landscaping, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Connecticut to employ Saas Kirwan
Associates as its accountant.

The firm's services include:

     a. advising the Debtor regarding its rights under the tax
codes;

     b. advising and assisting the Debtor with respect to financial
agreements, monthly operating reports and monthly, quarterly and
annual tax reporting;

     c. reviewing and advising the Debtor regarding accounting
techniques and processes;

     d. advising the Debtor regarding tax claims;

     e. preparing financial documents and reviewing all financial
reports filed in the Debtor's Chapter 11 case;

     f. other necessary accounting services.

The firm will charge these hourly fees:

     Bill Saas, CPA      $250
     Staff Accountants   $150
     Support Staff       $75

As disclosed in court filings, Saas Kirwan Associates is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     Bill Saas, CPA
     Saas Kirwan Associates
     350 Center Street
     Wallingford, CT 06492
     Phone: (203) 265-3948
     Fax: (203) 269-5799

                    About Little K's Landscaping

Little K's Landscaping, LLC filed a Chapter 11 bankruptcy petition
(Bankr. D. Conn. Case No. 23-30267) on April 20, 2023, with as much
as $1 million in both assets and liabilities. Judge Ann M. Nevins
oversees the case.

The Debtor tapped Joseph J. D'Agostino, Jr., LLC as legal counsel
and Saas Kirwan Associates as accountant.


LORDSTOWN MOTORS: Suit Says Execs Hid Foxconn Issues from Public
----------------------------------------------------------------
Ben Miller of Bloomberg Law reports that a new shareholder suit
claims that the chief executives of Lordstown Motors Corp. misled
investors about a partnership with Foxconn Technology Group,
inflating the price of the company's stock despite issues that
ultimately landed the electric-vehicle maker in bankruptcy.

CEO Edward Hightower and Chief Financial Officer Adam Kroll
misrepresented or omitted facts about Lordstown's collapsed deal
with Foxconn for nearly a year, the proposed class action filed in
the US District Court for the Northern District of Ohio says.

                     About Lordstown Motors

Lordstown Motors Corp. -- http://www.lordstownmotors.com/-- is an
electric vehicle OEM developing innovative light duty commercial
fleet vehicles, with the Endurance all electric pickup truck as its
first vehicle.  It has engineering, research and development
facilities in Farmington Hills, Michigan and Irvine, Calif.

On June 27, 2023, Lordstown Motors Corp. and two affiliated debtors
filed voluntary petitions for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10831). The cases
are pending before the Honorable Mary F. Walrath.

The Debtors tapped White & Case, LLP and Richards, Layton & Finger,
P.A. as legal counsels; Jefferies, LLC as investment banker; and
Silverman Consulting as restructuring advisor. Kurtzman Carson
Consultants, LLC is the Debtors' claims and noticing agent and
administrative advisor.


MACEDON CONSULTING: August 29 Plan & Disclosure Hearing Set
-----------------------------------------------------------
Macedon Consulting, Inc., filed with the U.S. Bankruptcy Court for
the Eastern District of Virginia a motion for entry of an order
conditionally approving the Disclosure Statement for the First
Amended Chapter 11 Plan of Reorganization.

On July 25, 2023, Judge Klinette H. Kindred conditionally approved
the Disclosure Statement and ordered that:

     * Aug. 21, 2023, is fixed as the last day for filing written
acceptances or rejections of the Plan.

     * Aug. 21, 2023, is fixed as the last day for filing and
serving written objections to the Disclosure Statement and
confirmation of the Plan.

     * A summary of ballots shall be filed by the Debtor on or
before August 28, 2023.

     * Aug. 29, 2023, is fixed for the hearing on final approval of
the Disclosure Statement (if a written objection has been timely
filed) and for hearing on confirmation of the Plan.

A copy of the order dated July 25, 2023 is available at
https://urlcurt.com/u?l=42zo28 from PacerMonitor.com at no charge.

Counsel to the Debtor:

     Michael E. Hastings, Esq.
     Timothy J. Lovett, Esq.
     WOODS ROGERS VANDEVENTER BLACK PLC
     10 S. Jefferson Street, Suite 1800
     Roanoke, VA 24011
     Tel: (540) 983-7600
     Fax: (540) 983-7711
     E-mail: michael.hastings@wrvblaw.com
             timothy.lovett@wrvblaw.com

                   About Macedon Consulting

Macedon Consulting, Inc., doing business as Macedon Technologies,
is a computer software company that offers IT services and
solutions. It is based in Reston, Va.

Macedon Consulting filed Chapter 11 petition (Bankr. E.D. Va. Case
No. 23-10300) on Feb. 28, 2023, with $8,367,613 in assets and
$2,838,342 in liabilities. Austin Rosenfeld, chief executive
officer of Macedon Consulting, signed the petition.

Judge Klinette H. Kindred oversees the case.

Woods Rogers Vandeventer Black, PLC, is the Debtor's legal counsel.


MEGNA REAL ESTATE: Taps Donahoe Young & Williams as Legal Counsel
-----------------------------------------------------------------
Megna Real Estate Investments, Inc. seeks approval from the U.S.
Bankruptcy Court for the Central District of California to hire
Donahoe Young & Williams, LLP to serve as legal counsel in its
Chapter 11 case.

The firm's services include:

     a. advising the Debtor regarding matters of bankruptcy law and
other laws relevant to the case;

     b. representing the Debtor in proceedings or hearings before
the court;

     c. assisting in the negotiation, documentation and obtaining
court approval of transactions affecting property of the Debtor's
estate;

     d. advising the Debtor concerning the requirements of
bankruptcy law affecting the administration of the case; and

     e. assisting the Debtor in the negotiation, preparation and
implementation of a Chapter 11 plan.

The hourly rates charged by the firm for its services are as
follows:

     Senior Partners      $600
     Junior Partners      $500
     Associate            $300 - $425
     Law Clerks           $125 - $225
     Paralegals           $80

The firm received a retainer in the amount of $21,738.
     
Mark Young, Esq., a partner at Donahoe, disclosed in court filings
that his firm is a "disinterested person" pursuant to Section
101(14) of the Bankruptcy Code.

The firm can be reached through:
        
     Mark T. Young, Esq.
     Taylor F. Williams, Esq.
     Donahoe Young & Williams LLP
     25152 Springfield Court, Suite 345
     Valencia, CA 91355-1081
     Telephone: (661) 259-9000
     Facsimile: (661) 554-7088
     Email: myoung@dywlaw.com
            twilliams@dywlaw.com

                      About Megna Real Estate

Megna Real Estate Investments, Inc. owns a single-family residence
located at 705 Yarmouth Road, Palos Verdes, Estates, Calif., valued
at $2.5 million.

Megna Real Estate Investments filed a Chapter 11 petition (Bankr.
C.D. Calif. Case No. 23-10809) on June 12, 2023, with $2,509,232 in
assets and $6,625,582 in liabilities. John-Patrick Fritz has been
appointed as Subchapter V trustee.

Judge Martin R. Barash oversees the case.

Donahoe Young & Williams, LLP is the Debtor's legal counsel.


MEGNA TEMECULA COUNTRY: Taps Donahoe Young & Williams as Counsel
----------------------------------------------------------------
Megna Temecula Country Inn, Inc. seeks approval from the U.S.
Bankruptcy Court for the Central District of California to hire
Donahoe Young & Williams, LLP to serve as legal counsel in its
Chapter 11 case.

The firm's services include:

     a. advising the Debtor regarding matters of bankruptcy law and
other laws relevant to the case;

     b. representing the Debtor in proceedings or hearings before
the court;

     c. assisting in the negotiation, documentation and obtaining
court approval of transactions affecting property of the Debtor's
estate;

     d. advising the Debtor concerning the requirements of
bankruptcy law affecting the administration of the case; and

     e. assisting the Debtor in the negotiation, preparation and
implementation of a Chapter 11 plan.

The hourly rates charged by the firm for its services are as
follows:

     Senior Partners      $600
     Junior Partners      $500
     Associate            $300 - $425
     Law Clerks           $125 - $225
     Paralegals           $80

The firm received a retainer in the amount of $21,738.
     
Mark Young, Esq., a partner at Donahoe, disclosed in court filings
that his firm is a "disinterested person" as that term is defined
in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:
        
     Mark T. Young, Esq.
     Taylor F. Williams, Esq.
     Donahoe Young & Williams, LLP
     25152 Springfield Court, Suite 345
     Valencia, CA 91355-1081
     Telephone: (661) 259-9000
     Facsimile: (661) 554-7088
     Email: myoung@dywlaw.com
            twilliams@dywlaw.com

                 About Megna Temecula Country Inn

Megna Temecula Country Inn, Inc. owns a single-family residence
located at 41300 Berkswell Lane, Temecula, Calif., valued at $3.1
million.

Megna Temecula Country Inn filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No.
23-10843) on June 16, 2023, with $3,102,827 in assets and
$6,636,973 in liabilities. John-Patrick Fritz has been appointed
as
Subchapter V trustee.

Judge Victoria S. Kaufman oversees the case.

Donahoe Young & Williams, LLP is the Debtor's legal counsel.


MEGNA TEMECULA HACIENDA: Taps Donahoe Young & Williams as Counsel
-----------------------------------------------------------------
Megna Temecula Hacienda De Endar Inn, Inc. seeks approval from the
U.S. Bankruptcy Court for the Central District of California to
hire Donahoe Young & Williams, LLP to serve as legal counsel in its
Chapter 11 case.

The firm's services include:

     a. advising the Debtor regarding matters of bankruptcy law and
other laws relevant to the case;

     b. representing the Debtor in proceedings or hearings before
the court;

     c. assisting in the negotiation, documentation and obtaining
court approval of transactions affecting property of the Debtor's
estate;

     d. advising the Debtor concerning the requirements of
bankruptcy law affecting the administration of the case; and

     e. assisting the Debtor in the negotiation, preparation and
implementation of a Chapter 11 plan.

The hourly rates charged by the firm for its services are as
follows:

     Senior Partners      $600
     Junior Partners      $500
     Associate            $300 - $425
     Law Clerks           $125 - $225
     Paralegals           $80

The firm received a retainer in the amount of $21,738.
     
Mark Young, Esq., a partner at Donahoe, disclosed in court filings
that his firm is a "disinterested person" pursuant to Section
101(14) of the Bankruptcy Code.

The firm can be reached through:
        
     Mark T. Young, Esq.
     Taylor F. Williams, Esq.
     Donahoe Young & Williams LLP
     25152 Springfield Court, Suite 345
     Valencia, CA 91355-1081
     Telephone: (661) 259-9000
     Facsimile: (661) 554-7088
     Email: myoung@dywlaw.com
            twilliams@dywlaw.com

                   About Megna Temecula Hacienda
                           De Endar Inn

Megna Temecula Hacienda De Endar Inn, Inc. owns a single-family
residence located at 35438 De Portola Road, Temecula, Calif.,
valued at $3.3 million.

The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-10842) on June 16,
2023, with $3,302,843 in assets and $6,617,238 in liabilities.
John-Patrick Fritz has been appointed as Subchapter V trustee.

Judge Martin R. Barash oversees the case.

Donahoe Young & Williams, LLP is the Debtor's legal counsel.


MGM RESORTS: Egan-Jones Retains B Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company on July 20, 2023, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by MGM Resorts International. EJR also withdraws rating
on commercial paper issued by the Company.

Headquartered in Las Vegas, Nevada, MGM Resorts International
operates gaming, hospitality, and entertainment resorts.



MODA HEALTH: A.M. Best Cuts Financial Strength Rating to B(Fair)
----------------------------------------------------------------
AM Best has downgraded the Financial Strength Rating (FSR) to B
(Fair) from B+ (Good) and the Long-Term Issuer Credit Rating
(Long-Term ICR) to "bb+" (Fair) from "bbb-" (Good) of Moda Health
Plan, Inc. (Moda Health). The outlook of the FSR has been revised
to stable from negative, while the outlook of the Long-Term ICR is
negative. Concurrently, AM Best has affirmed the FSR of B+ (Good)
and the Long-Term ICR of "bbb-" (Good) of Oregon Dental Service
(ODS). The outlook of these Credit Ratings (ratings) is negative.
Both companies are domiciled in Portland, OR.

The ratings of ODS reflect its balance sheet strength, which AM
Best assesses as adequate, as well as its adequate operating
performance, limited business profile and appropriate enterprise
risk management (ERM).

The ratings of Moda Health reflect its balance sheet strength,
which AM Best assesses as weak, as well as its marginal operating
performance, limited business profile and appropriate ERM. Moda
Health's ratings also reflect its strategic importance to ODS.

ODS' ratings reflect its adequate risk-adjusted capitalization, as
measured by Best's Capital Adequacy Ratio (BCAR), and overall
adequate balance sheet assessment, as well as favorable operating
earnings for the past three years. The negative outlooks reflect
pressure on the company's BCAR from top line growth and volatility
in capital for ODS and its subsidiary, Moda Health. Financial
leverage for ODS remains moderately high limiting financial
flexibility. The 2021 reacquisition of the ownership of Moda
Partners, Inc., an intermediate holding company, from Delta Dental
of California was financed partially by two secured promissory
notes totaling $91 million. Leverage at year-end 2022 was
approximately 36.6%.

The rating downgrades for Moda Health are a result of its
risk-adjusted capitalization, as measured by BCAR. AM Best assessed
the company's 2022 BCAR as very weak. Absolute capital and premium
revenue have been volatile over the past five years due to the
write off and ultimate receipt of the risk corridor receivable.
Risk-adjusted capital declined in 2022 mainly due to unfavorable
change in non-admitted assets and unrealized losses on its
investment portfolio. AM Best remains concerned that material
capital appreciation is uncertain given modest net earnings in 2022
and a small net loss reported through the first quarter of 2023. In
addition, Moda Health's two external surplus notes totaling $60
million mature in 2024. These notes comprise over one-half of Moda
Health's capital and surplus. AM Best notes that any repayment of
outstanding amounts for these notes requires regulatory approval.
Moda Health receives ratings lift based upon its strategic
importance and implicit capital support from ODS.



MR. COOPER: S&P Assigns 'B' Rating on $500MM of 5% Senior Notes
---------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue rating to Mr. Cooper
Group Inc.'s $500 million of 5% senior notes due 2026, which it
assumed upon acquiring Home Point Capital for a purchase price of
$324 million. At the same time, S&P assigned a '4' recovery rating
to the new notes, which reflects its expectation for an average
recovery (30%-50%; rounded estimate: 45%) in the event of a payment
default.

S&P said, "We believe the additional leverage for Mr. Cooper is
manageable, given steady earnings from Home Point's $84 billion
servicing portfolio will largely offset it. Pro forma for the
transaction, we expect Mr. Cooper's leverage to be mostly unchanged
and debt to adjusted EBITDA to remain 5.5x-6.0x.

"We believe Mr. Cooper's acquisition of Home Point, a single-family
residential mortgage servicing right (MSR) asset manager in the
U.S., is in line with the company's strategic plans to expand its
market position in MSR servicing and generate higher returns.

"The stable outlook on our issuer credit rating on Mr. Cooper
reflects our expectation that, over the next 12 months, tough
operating conditions will continue to hinder the company's
performance such that debt to EBITDA will remain over 5.0x, with
debt to tangible equity around 1.0x."



NEW BLUE FLOWERS: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: New Blue Flowers Gourmet Corp.
        5 East 47th Street
        New York, NY 10017

Chapter 11 Petition Date: August 1, 2023

Court: United States Bankruptcy Court
       Southern District of New York

Case No.: 23-11231

Debtor's Counsel: John J. Keenan, Esq.
                  KEENAN LAW FIRM
                  3123 Cloverbank Road
                  Hamburg, NY 14075
                  Tel: 716-880-6867
                  Email: jkeenan346@gmail.com

Estimated Assets: $50,000 to $100,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Bruce Lim as authorized representative.

The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.

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

https://www.pacermonitor.com/view/PQOYP5A/New_Blue_Flowers_Gourmet_Corp__nysbke-23-11231__0001.0.pdf?mcid=tGE4TAMA


NEXERA MEDICAL: Unsecured Creditors to Split $150K over 3 Years
---------------------------------------------------------------
NEXERA Medical, Inc., filed with the U.S. Bankruptcy Court for the
Southern District of Florida a Plan of Reorganization under
Subchapter V dated July 27, 2023.

The Debtor was founded in 2006 and is in the business of producing
and selling reusable antimicrobial respiratory masks.

The Debtor's principal place of business is in 1515 SE 17th Street,
Fort Lauderdale, Florida 33316. With the location of the principal
assets, consisting of raw materials, in 2 storages located, at 125
North Maple Ave., Alton, Oklahoma 74331 and at 13551 SW 135 Ave.,
Miami, Florida 33186.

As of the Petition Date, the value of Debtor's assets totaled
approximately $153,172.77. $3,650.83 in Debtor's bank account,
$149,319.00 of raw materials in the form of Lin/Yard rolls, and 1
office computer. The raw materials, if turned into marketable masks
and sold, would yield many times more than the liquidation amount.

Debtor estimated its debt in the filed Schedules as an unsecured
amount of $1,902,367.00. Eight proof of claims have been filed by
various creditors, for a total amount of $9,000,622.90, all
unsecured.  

Due to the lack of cash-flow as production of inventory re-starts,
Debtor sought Bankruptcy Court permission to allow shareholder Paul
Sallarulo to provide additional capital in the form of $5,000.00 a
month at zero percent interest to Debtor so as to allow certain
administrative costs to be paid while production of masks begins.

Shareholder Paul Sallarulo has agreed to personally guarantee
payments of $150,000 over 3 years in order to provide unsecured
creditors with a guaranteed payout well in excess of the
Liquidation Analysis. The payments will be made as follows:

     * $25,000.00 15 days after an Order confirming the instant
Plan is entered on the docket.

     * $25,000.00 within 180 days of an Order confirming the
instant Plan.

     * $50,000.00 over the next 15 months paid every 5 months
($16,666.66 quarterly).

     * $50,000.00 over an additional 15 months paid every 5 months
($16,666.66 quarterly).

Shareholder Sallarulo will not make such contributions to the
extent Debtor's sales allow such payments to be made after payment
of all costs of goods manufactured and administrative costs. As
proof of ability to fund the payments, Shareholder Sallarulo will
place $125,000.00 into a segregated CD specifically for purposes of
payments herein and provide counsel for Debtor $25,000.00 to be
held in escrow pending confirmation.

Alternatively, Debtor will contribute 10% of net profits over 3
years or a total of $300,000, whichever comes first.

This Plan under chapter 11 of the Code proposes to pay creditors of
the Debtor from Cash on hand and operating income, unless otherwise
stated.

Non-priority unsecured creditors holding Allowed claims will
receive distributions in quarterly payments. This Plan also
provides for the payment of Administrative and Priority Claims.

Class 1 consists of the Allowed Unsecured Claims. This Class is
impaired. All payments are pro rata based upon the allowed amounts
of such claims.

     * $25,000.00 15 days after an Order confirming the instant,
Plan is entered on the docket.

     * $25,000.00 within 180 days of an Order confirming the
instant Plan.

     * $50,000.00 over the next 15 months paid every 5 months
($16,666.66 quarterly).

     * $50,000.00 over an additional 15 months paid every 5 months
($16,666.66 quarterly).

All payments as provided for in the Plan shall be funded by the
Debtor's Cash on hand and operating income as well as contributions
from Shareholders.

A full-text copy of the Plan of Reorganization dated July 27, 2023
is available at https://urlcurt.com/u?l=h9HgZS from
PacerMonitor.com at no charge.

Attorneys for Debtor:

     Jordan L. Rappaport, Esq.
     RAPPAPORT OSBORNE & RAPPAPORT, PLLC
     1300 North Federal Highway, Suite 203
     Boca Raton, FL 33432
     Tel: (561) 368-2200

                     About NEXERA Medical

NEXERA Medical, Inc., is in the business of producing and selling
reusable antimicrobial respiratory masks.

NEXERA Medical sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-13388) on April 28,
2023.  In the petition signed by James Magruder, director, the
Debtor disclosed $155,521 in assets and $1,902,367 in liabilities.

Judge Scott M. Grossman oversees the case.

Jordan L. Rappaport, Esq., at Rappaport Osborne and Rappaport,
PLLC, is the Debtor's legal counsel.


NORTH VILLAGE: Seeks Cash Collateral Access
-------------------------------------------
North Village Snow Management Corp., d/b/a North Village Group,
asks the U.S. Bankruptcy Court for the Northern District of
Illinois, Eastern Division, for authority to use cash collateral
and provide adequate protection.

The Debtor seeks to use certain cash and cash equivalents that
allegedly serve as collateral for claims asserted against the
Debtor and its property by the U.S. Small Business Administration.

The SBA is asserting liens and security interests on all of the
Debtor's assets to secure the balance due from the Debtor on a
COVID-19 Economic Injury Disaster Loan.

The balance due to the SBA on the EIDL Loan is approximately $2
million.

The general economic conditions facing the residential construction
industry (especially for small contractors) coupled with the
certain judgment to be entered against the Debtor in litigation
involving its status as a guarantor on a real estate lease
unrelated to the Debtor's business were the primary triggering
events for the filing of this Chapter 11 case.

The Debtor requires the use of cash collateral for payment of
insurance, utilities, rent, payroll, payments to subcontractors,
and other miscellaneous items needed in the ordinary course of
business.

The Debtor proposes to use cash collateral and provide adequate
protection to the SBA upon the following terms and conditions:

A) The Debtor will permit the SBA to inspect, upon reasonable
notice, within reasonable hours, the Debtor's books and records;
B) The Debtor will maintain and pay premiums for insurance to cover
all of its assets from fire, theft and water damage;
C) The Debtor will, upon reasonable request, make available to the
SBA evidence of that which purportedly constitutes its collateral
or proceeds;
D) The Debtor will properly maintain its assets in good repair and
properly manage the business; and
E) The SBA will be granted valid, perfected, enforceable security
interests in and to the Debtor's post-petition assets, including
all proceeds and products which are now or hereafter become
property of this estate to the extent and priority of its alleged
pre-petition liens, if valid, but only to the extent of any
diminution in the value of such assets during the period from the
commencement of the Debtor's Chapter 11 case through the next
hearing on the use of cash collateral.

A hearing on the matter was set August 2, 2023.

A copy of the motion is available at https://urlcurt.com/u?l=DrRyZS
from PacerMonitor.com.

             About North Village Snow Management Corp.

North Village Snow Management Corp. offers basement waterproofing
services and snow management services for commercial and
residential customers.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-09789) on July 27,
2023.

Judge Janet S. Baer oversees the case.

David K. Welch, Esq., at Burke, Warren, Mackay & Serritella, P.C.,
represents the Debtor as legal counsel.


OCEAN POWER: Posts $26.3 Million Net Loss in FY Ended April 30
--------------------------------------------------------------
Ocean Power Technologies, Inc. filed with the Securities and
Exchange Commission its Annual Report on Form 10-K disclosing a net
loss of $26.33 million on $2.73 million of revenues for the fiscal
year ended April 30, 2023, compared to a net loss of $18.87 million
on $1.76 million of revenues for the fiscal year ended April 30,
2022.

As of April 30, 2023, the Company had $53.37 million in total
assets, $9.42 million in total liabilities, and $43.95 million in
total shareholders' equity.

Ocean Power said, "Since our inception, the cash flows from
customer revenues have not been sufficient to fund our operations
and provide the capital resources for our business.  For the
two-year period ended April 30, 2023, our aggregate revenues were
$4.5 million, our aggregate net losses were $45.2 million and our
aggregate net cash used in operating activities was $43.0 million.

"We expect to devote substantial resources to continue our
development efforts for our products and to expand our sales,
marketing and manufacturing programs associated with the continued
commercialization of our products."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1378140/000149315223025878/form10-k.htm

                   About Ocean Power Technologies

Headquartered in Monroe Township, New Jersey, Ocean Power
Technologies, Inc. -- http://www.oceanpowertechnologies.com--
provides ocean data collection and reporting, marine power,
offshore communications, and Maritime Domain Awareness ("MDA")
products and consulting services.  The Company offers its products
and services to a wide-range of customers, including those in
government and offshore energy, oil and gas, construction, wind
power and other industries.  The Company is involved in the entire
life cycle of product development, from product design through
manufacturing, testing, deployment, maintenance and upgrades,
working closely with partners across its supply chain.

Ocean Power reported a net loss of $18.87 million for the 12 months
ended April 30, 2022, a net loss of $14.76 million for the 12
months ended April 30, 2021, a net loss of $10.35 million for the
12 months ended April 30, 2020, and a net loss of $12.25 million
for the 12 months ended April 30, 2019.  As of Jan. 31, 2023, the
Company had $59.04 million in total assets, $6.10 million in total
liabilities, and $52.94 million in total shareholders' equity.


OHANA GROUP: Case Summary & 16 Unsecured Creditors
--------------------------------------------------
Debtor: The Ohana Group, LLC
        145 North Avenue, Suite G
        Hartland, WI 53029

Business Description: The Debtor is a Single Asset Real Estate
                      as defined in 11 U.S.C. Section 101(51B).

Chapter 11 Petition Date: August 1, 2023

Court: United States Bankruptcy Court
       Western District of Wisconsin

Case No.: 23-11333

Debtor's Counsel: John P. Driscoll, Esq.
                  KREKELER LAW, S.C.
                  26 Schroeder Court, Suite 300
                  Madison, WI 53711
                  Tel: (608) 258-8555
                  Fax: (608) 258-8299
                  Email: jdriscoll@ks-lawfirm.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Nikol S. Gerou as managing member.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 16 unsecured creditors is available for free
at PacerMonitor.com at:

https://www.pacermonitor.com/view/IG5QLLQ/The_Ohana_Group_LLC_bad_loc_value__wiwbke-23-11333__0001.0.pdf?mcid=tGE4TAMA


P&L DEVELOPMENT: Fitch Cuts IDR to 'CCC' & Secured Notes to 'CCC-'
------------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Issuer Default Ratings
(IDRs) of P&L Development Holdings, LLC (PLD) and P&L Development,
LLC to 'CCC' from 'CCC+'. Fitch has also downgraded P&L
Development, LLC's and PLD Finance Corp.'s secured notes ratings to
'CCC-'/'RR5' from 'CCC'/'RR5'.

While Fitch acknowledges PLD's improving operating profile as
economic headwinds moderate and new contract wins support growth,
the downgrades reflect Fitch's view that the window to address
significant debt maturities in 2025 is closing. Given expectations
of stressed FCF and elevated leverage, the extension of the
maturities will be challenging for the company despite expected
operating improvements.

KEY RATING DRIVERS

Capital Structure Stressed: As PLD's revolver will become current
in June 2024, Fitch expects the company to look to refinance its
capital structure over the next year. This might prove challenging,
given the higher rate environment, projected FCF burn and
expectations for leverage to remain elevated. While the equity
owners could provide some support, Fitch believes the path to a
sustainable capital structure would require significant debt
reduction, which could involve some type of liability management
transaction.

Moderating Headwinds/2025 Debt Maturities: Operating environment
headwinds from inflation, freight and labor are moderating for PLD.
The company is supporting margins through price increases, cost
savings initiatives and a reduction in non-compliance charges.
Challenges from increased freight-related costs have also
moderated. As a result, margins have improved during the past three
quarters. Nevertheless, the company faces $465 million in debt
maturing in 2025, in addition to its ABL revolver. Given the
uncertainty around prevailing interest rates and credit markets'
receptivity, Fitch's concern about the company's ability to execute
a timely refinancing has increased.

Deleveraging Requires Profitable Growth: Fitch assumes that the
company will deleverage and begin improving FCF primarily through
EBITDA growth. The company will need to execute on its legacy
business, as well as successfully build on its relatively new
products, oral electrolyte solutions, nutritional gummies and a
number contract manufacturing wins. In addition, the company
continues to focus on achieving operating efficiencies to improve
margins.

Growth from New Products: In addition to investing in organic
revenue growth, Fitch expects new products and contract wins to
augment growth. PLD will likely launch new contract awards of
mouthwash contract, nutritional gummies, oral electrolyte solution
(OES) and contract manufacturing in 2023. In order to fulfil OES
demand, the company has added manufacturing capacity. Meaningful
contract wins have come from agreements with
Haleon/GlaxoSmithKline, Bayer AG, Rogue Holdings and Abbott Labs.

Dependable Demand: Consumer health care products benefit from
relatively reliable demand. Sales tend to be recession-resistant as
most people prioritize health care needs. These products can be
purchased without a physician's prescription and offer relief for
some non-critical medical issues. In addition, private label brands
offer less costly alternatives to brand-name products, attracting
cost-conscious consumers, while at the same time offering higher
margins to retailers.

Quality Track Record: Product quality and reliability of supply are
also important to PLD's customers. PLD has stated that it has never
lost a customer or had a major quality issue. The company focuses
on the three most important factors for its customers: quality,
reliability of supply and providing a backup to the overwhelmingly
dominant supplier in the market, Perrigo. Pricing in the segment is
important but appears rational, given the scale of the largest
player, Perrigo, and the much smaller second-largest player, PLD.

Small Scale & Concentrated Customers: PLD is significantly smaller
than its largest competitor, Perrigo, which generates more than 10
times the revenue that PLD generates. Scale is important in terms
of cost, distribution capabilities and retail shelf space.
Nevertheless, the company appears to have carved out a significant
niche in the space. However, targeted acquisitions and
collaborations will likely be necessary longer term to generate
profitable growth. PLD also has significant customer revenue
concentration, while its product revenue concentration is
significantly less concerning.

DERIVATION SUMMARY

PLD's rating (CCC) reflects Fitch's view that its capital structure
heading into 2025 maturities could become unsustainable, making the
addressing of its 2025 maturities challenging for the company
despite expected operating improvements. PLD's rating also
recognizes its position in a generally durable healthcare segment,
although it also reflects its significantly smaller scale, margins
and FCF relative to peers. PLD's closest peer is Perrigo Plc
(BB+/Negative), whose higher rating reflects its scale,
diversification and lower leverage.

Fitch also compares PLD to other lower-rated healthcare
pharmaceutical manufacturers such as Mallinckrodt, Endo and Bausch
Health (CCC), which benefit from similar factors as PLD. However,
these two issuers have a material amount of contingent liabilities
in the form of either opioid litigation or price fixing.

Parent-Subsidiary Linkage

The approach taken is a weak parent (P&L Development Holdings,
LLC)/strong subsidiary (P&L Development, LLC). Using Fitch's PSL
criteria, the agency concludes there is open ring fencing and
access & control. As such, Fitch rates the parent and subsidiary at
the consolidated level with no notching between the two.

KEY ASSUMPTIONS

-- Low- to mid-single-digit organic revenue during the forecast
period;

-- Margins gradually and moderately improving due to a favorable
sales mix shift driven new product launches, cost reduction and the
moderation of headwinds from inflation/supply-chain disruptions;

-- FCF stressed during the forecast period;

-- Debt maturities are refinanced;

-- EBITDA Leverage (total debt/EBITDA) stressed with moderate
improvement throughout the forecast period.

RATING SENSITIVITIES

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

-- Continued improved operating performance leading to improving
FCF generation;

-- EBITDA interest coverage trending upwards towards 1.5x;

-- Successfully addressing the 2025 debt maturities.

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

-- EBITDA interest coverage trending towards below 1.0x;

-- A liability management transaction.

LIQUIDITY AND DEBT STRUCTURE

Near-Term FCF Stress: Potentially negative FCF for the next 12-24
months could stress liquidity. However, the company has
opportunities to generate significant sales growth and meaningful
margin improvement in near- to intermediate term with new products,
expanding business with current customers and cost savings. Fitch
will monitor for execution and improvement in the company's FCF
profile.

At March 31, 2023, the company had $1.1 million in cash and cash
equivalents and $65.1 million availability on its $125 million ABL
facility. The two major maturities are the secured notes in 2025
and the ABL revolver in 2025. Extending the maturities may be a
challenge given the rate environment, stressed FCF and high
leverage.

Hybrids Treatment and Notching

The preferred shares include a mandatory repurchase rights
provision that would require the company to repurchase in the event
of a sale/change of control. Fitch therefore assigns 0% equity
credit to the preferred shares.

Recovery Ratings Rationale

In accordance with Fitch's Recovery Rating (RR) methodology, issue
ratings are derived from the IDR and the relevant RR. Fitch's
recovery analysis assumes a going-concern enterprise value for a
reorganized firm of approximately $192 million.

Fitch has assumed a GC EBITDA of $40 million, which reflects
Fitch's view that current EBITDA and FCF levels would eventually
necessitate a restructuring or default and that the current margin
pressures would likely have persisted and been quasi-permanent in
the event of said default/restructuring. The GC EBITDA is higher
than LTM EBITDA levels reflecting Fitch's assumption that the
valuation would consider incremental revenues and EBITDA from
material new business lines and contracts.

An EBITDA multiple of 6.0x is used to calculate the enterprise
value. This is in line with the average corporate multiple of 6x
and at the lower end of the 6.0x-7.0x range for smaller, high-yield
pharmaceutical firms. This may be slightly conservative, given the
relatively less-scrutinized pricing environment and potentially
onerous litigation profile compared to prescription drug
manufacturers. However, PLD is significantly smaller in scale than
its largest peer, Perrigo.

Acquisition multiples in the sector range from mid-single digits to
mid-teens, depending on the attractiveness of the asset in terms of
the exclusivity, diversity and growth potential of the target's
product portfolio. However, PLD acquired the Teva OTC business for
roughly 3x EBITDA. This is likely due to Teva viewing this business
as non-core and focusing on its other segments.

The $465 million of secured notes have below-average recovery
prospects in a reorganization scenario, which maps to a
'CCC-'/'RR5' rating, one notch below the IDR.

The subordinated shareholder notes and preferred equity (PIK) are
considered to have no recovery prospects.

ISSUER PROFILE

PLD manufactures, packages and sells private-label consumer health
products. The portfolio of products includes medicines to treat
pain, allergies, digestive disorders, insomnia, cough/cold and
motion sickness. The company also makes products used for first
aid, electrolyte replacement, diagnostics, nutrient/vitamin
gummies, supplements, creams/lotions, smoking cessation and
nutritional shakes.


PACWEST BANCORP: Fitch Puts 'BB+' IDR on Rating Watch Evolving
--------------------------------------------------------------
Fitch Ratings has revised the Rating Watch on PacWest Bancorp's
(PACW) and its bank subsidiary Pacific Western Bank's 'BB+'
Long-Term Issuer Default Ratings (IDRs) to Evolving from Negative.
Fitch expects to resolve the Rating Watch upon close of the
announced merger with Banc of California (BANC).

These actions follow PACW's announced merger with BANC (not rated
by Fitch), in an all-stock transaction valued at approximately $1
billion, with PACW shareholders receiving roughly 0.66 of a share
of BANC common stock for each share of PACW common stock. According
to the terms of the transaction, BANC will be the legal acquiror,
whose bank subsidiary Banc of California will merge into Pacific
Western Bank, which will then take the Banc of California name. The
deal is expected to close in late 4Q23 or 1Q24. The Rating Watch
Evolving reflects the potential for ratings to be upgraded,
downgraded or affirmed at their current levels, pending the close
or termination of the transaction.

Fitch recognizes the potential positive attributes of the
transaction including an improved funding mix, which along with
operational efficiencies, Fitch projects will improve the bank's
earnings profile and internal capital generation. Therefore, there
could be positive implications for the rating upon expected
completion of the transaction. In assigning the Rating Watch
Evolving, Fitch also recognizes potential down-side implications,
including a potential setback to PACW's plan to restructure its
balance sheet, should the deal fail to close.

KEY RATING DRIVERS

Progress on Asset Dispositions: The market disruption that affected
regional banks in March 2023, led to a 17% run off of PACW's
deposits in 1Q23, requiring PACW to resize its balance sheet in
order to reduce its reliance on wholesale funding. To date, PACW
has executed on this plan. In addition to winding down its Premium
Finance and Multifamily lending groups in 4Q22, PACW announced in
January 2023 that it would also restructure its Civic real estate
lending unit, the sale of which was completed in May 2023.

Other sales in 2Q23 included PACW's lender finance loan portfolio,
as well as $2.6 billion of national real estate construction loans.
These asset sales lowered product and revenue diversification, but
have also simplified operations into a more traditional regional
community bank. Fitch believes the proposed merger with BANC is
largely neutral to PACW's business profile, notwithstanding scale
efficiencies, as their community banking focus and markets of
operation are similar and Fitch does not expect non-interest income
contribution to materially change.

Lower Headline Risk: The proposed merger with BANC will likely
alleviate uncertainty and headline risk around PACW's liquidity and
earnings profiles, and will accelerate execution on its balance
sheet restructuring plan. Risks around integration and cultural fit
are mitigated by incoming CEO, Jared Wolff's familiarity with PACW,
having previously served at Pacific Western Bank. In the interim,
PACW still faces heightened market risk as a result of its balance
sheet, which has become liability sensitive in 2023 and is expected
to remain so at least until close of the merger, when the balance
sheet expected to achieve a more neutral stance.

Asset Quality Remains Stable: Fitch notes that asset quality
measures for BANC have historically been moderately weaker than
those for PACW. PACW's asset quality is a relative rating strength,
reporting an impaired loan ratio of 30 bps as of 1Q23, which was
better than the peer median of 41 bps. Fitch believes strong
historical credit performance is partly offset by relatively high
CRE concentration (regulatory CRE as a share of risk-based capital
was 298% at 1Q23), including exposure to office CRE, although the
sale of $2.6 billion of real estate construction loans in 2Q23 will
help lower the overall concentration.

Fitch anticipates some normalization of credit quality off of
cyclical lows for the combined entity. However, any deterioration
is likely to be within the benchmark of its current assigned asset
quality score of 'bbb', which drove Fitch's revision of the asset
quality score to Stable.

Earnings Profile to Improve With Merger: Due to the large draw-down
in deposits earlier this year, PACW is absorbing higher costs
related to elevated non-core deposits and wholesale funding.
Earnings in 2Q23 were negatively affected by net interest margin
compression and realized losses on loan sales. Following completion
of the merger, a remixing of funding with paydown of additional
borrowings and cost rationalization are likely result in
profitability metrics more in line with historical norms for the
bank, which is reflected in the revision of the outlook of its
earnings and profitability score from Negative to Evolving.

Capital Levels Adequate: Fitch expects the combined bank to
privilege capital accumulation over loan growth or stock
repurchases, consistent with announcement guidance of over 100 bps
of annual CET1 ratio generation. Fitch views an expected CET1 ratio
of approximately 10% post-close as adequate but below the mid-tier
peer median of 10.81% at 1Q23. A modest decline in the CET1 ratio
would be mitigated by a higher tangible common equity ratio and
greater loan diversity and earnings stability, supporting Fitch
stable outlook for capitalization.

Deposits Stabilized: PACW was one of the regional banks most
acutely affected by the liquidity crisis earlier in the year.
During that period, the bank made effective use FHLB and Fed
programs including the Bank Term Funding Program, to maintain
significant liquidity amid the uncertainty. PACW also effectively
used reciprocal deposit facilities to lower the share of uninsured
deposits to 19% at 2Q23 from 52% at 4Q22. The bank successfully
stabilized deposits in 2Q23, with balances only declining 1%.

Liquidity has been enhanced by recent loan sales which enabled the
bank to reduce its use of wholesale funding. Following the merger,
the combined bank will continue to remix its balance sheet, using
the proceeds of asset sales to pay down higher coast wholesale
funding with core deposit funding projected to reach 90% and which
will aid in significantly lowering its cost of funds. These
prospective improvements drove the revision of the outlook on
PACW's funding and liquidity score from Negative to Evolving.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

PACW's rating could be downgraded if the merger with BANC fails to
close, which could signal increased execution risk to PACW's
longer-term balance sheet restructuring, with associated headline
risk. PACW's ratings remain more sensitive to signs of pressure on
the bank's liquidity, and access to wholesale funding and capital
markets.

PACW's rating would also be sensitive to a CET1 ratio managed below
8%, without a credible plan to rebuild the ratio above that
threshold. Given PACW's loan concentrations, ratings could be
negatively impacted by a deterioration in asset quality relative to
peers. Sustained weaker earnings below current benchmark levels or
evidence of diminished expected earnings below current benchmark
levels, could also support negative rating action.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

Positive rating action, including a possible rating upgrade or
revision of the Rating Outlook to Positive could follow successful
completion of the merger, with credible and favorable conditions
for execution against announced transaction targets, driving
measurable improvements to its funding and liquidity profile,
profitability, along with sustained higher levels of capital.

Sustained growth in core deposits with corresponding reduction in
the bank's loan-to-deposit ratio below 90%, along with a reduction
in wholesale funding below 20% and a more normal liquidity
environment could also support positive rating actions.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS
PREFERRED SHARES

PACW's preferred shares are rated four notches below its VR; two
notches for loss severity given the securities' deep subordination
in the capital structure, and two notches for non-performance given
that the securities' coupon is non-cumulative and fully
discretionary. Fitch views the holding company cash coverage as
adequate to support debt service over a one-year period.

SUBORDINATED DEBT

PACW's subordinated debt rating is one notch below its VR,
reflecting one notch for loss severity. In accordance with Fitch's
Bank Rating Criteria, this reflects alternate notching to the base
case of two notches due to Fitch view of U.S. regulators'
resolution alternatives for an entity like PACW as well as early
intervention option available to banking regulators under U.S.
law.

LONG- AND SHORT-TERM DEPOSIT RATINGS

Pacific Western Bank's long-term deposits are rated one notch
higher than the bank's Long-Term IDR, as U.S. uninsured deposits
benefit from depositor preference. U.S. depositor preference gives
deposit liabilities superior recovery prospects in the event of
default.

HOLDING COMPANY

PACW's VR is equalized with that of its bank subsidiary Pacific
Western Bank, reflecting its role as the bank holding company,
which is mandated in the U.S. to act as a source of strength for
its bank subsidiary. The VR is also equalized reflecting the very
close correlation between holding company and subsidiary failure
and default probabilities.

GOVERNMENT SUPPORT RATING

PACW and Pacific Western Bank have a GSR of 'ns'. In Fitch's view,
the probability of support is unlikely. IDRs and VRs do not
incorporate any support.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES
PREFERRED SHARES

PACW's preferred stock rating is sensitive to changes in PACW's VR,
or to a reassessment of loss severity under a resolution scenario.

SUBORDINATED DEBT

Subordinated debt ratings are primarily sensitive to any change in
PACW's VR.

LONG- AND SHORT-TERM DEPOSIT RATINGS

The long- and short-term deposit ratings are sensitive to any
changes to PACW's Long- and Short-Term IDRs.

HOLDING COMPANY

Should PACW begin to exhibit signs of weakness, demonstrate trouble
accessing the capital markets, or have inadequate cash flow
coverage to meet near-term obligations, Fitch could notch down the
holding company IDR and VR from the ratings of the operating
company. The holding company IDR and VR could be similarly affected
by an inability to gain regulatory approval for the payment of
dividends from the bank operating company to the holding company.

GOVERNMENT SUPPORT RATING

PACW's and Pacific Western Bank GSRs are rated 'ns' and there is
limited likelihood that these ratings will change over the
foreseeable future.

VR ADJUSTMENTS

The Viability Rating of 'bb+' has been assigned below the implied
Viability Rating of 'bbb-' due to the following adjustment reason:
Weakest Link - Funding & Liquidity (negative).

The Asset Quality score of 'bbb' has been assigned below the
implied 'aa' category score due to the following adjustment
reasons: Concentrations (negative), Historical and Future Metrics
(negative).

The Earnings & Profitability score of 'bb+' has been assigned below
the implied 'a' category score due to the following adjustment
reason: Revenue Diversification (negative).

The Capitalization & Leverage score of 'bb+' has been assigned
below the implied 'bbb' category score due to the following
adjustment reason: Risk Profile and Business Model (negative).

The Funding & Liquidity score of 'bb+' has been assigned below the
implied 'a' category score due to the following adjustment reasons:
Non-Deposit Funding (negative), Historical and Future Metrics
(negative).

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.


PARTY CITY: Urged by SEC to Save Documents in Probe
---------------------------------------------------
Amelia Pollard and Austin Weinstein of Bloomberg News report that
Party City Holdco Inc. is retaining documents and data in
connection with a Securities and Exchange Commission probe,
according to bankruptcy court papers.

The regulator sent a letter to the bankrupt party supplies retailer
on July 12, 2023 asking it to preserve and retain information
"relevant to an ongoing investigation," Party City said in court
papers filed Friday, July 21, 2023. The letter came a little more
than a month after its longtime auditor, Ernst & Young LLP,
resigned. The disclosure was included in a section on the
accountant's resignation.

                     About Party City Holdco

Party City Holdco Inc. (NYSE: PRTY) is the global leader in the
celebrations industry, with its offerings spanning more than 70
countries around the world. It is also the largest designer,
manufacturer, distributor, and retailer of party goods in North
America. Party City Holdco had 761 company-owned stores as of
September 2022.  It is headquartered in Woodcliff Lake, N.J. with
additional locations throughout the Americas and Asia.

Party City Holdco and its domestic subsidiaries sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas
Lead Case No. 23-90005). As of Sept. 30, 2022, Party City Holdco
had total assets of $2,869,248,000 against total debt of
$3,022,960,000.

Judge David R. Jones oversees the cases.

The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison, LLP as
legal counsel; Moelis & Company, LLC as investment banker;
AlixPartners, LLP as financial advisor; A&G Realty Partners as real
estate advisor; and Kroll as the claims agent.
PricewaterhouseCoopers LLP (PwC) provides accounting and valuation
advisory services, tax-related services, and internal audit
Sarbanes-Oxley Act support services.

Davis Polk & Wardwell, LLP and Lazard serve as legal counsel and
investment banker, respectively, to the ad hoc group of first lien
holders.

The U.S. Trustee for Region 6 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
The committee is represented by Pachulski Stang Ziehl & Jones, LLP.


PENNSYLVANIA ECONOMIC: Moody's Affirms 'Ba2' on 2013 Parking Bonds
------------------------------------------------------------------
Moody's Investors Service has affirmed its Ba2 rating for the
Pennsylvania Economic Development Financing Authority's (PEDFA)
Senior Parking Revenue Bonds (Capitol Region Parking System) Series
A of 2013 - Current Interest Bonds, Series A-1 and Capital
Appreciation Bonds, Series A-2. The outlook has been revised to
stable from negative. Roughly $114 million of outstanding par is
affected.  

RATINGS RATIONALE

The Ba2 rating reflects very narrow liquidity for the project as a
whole, with complete dependence on the commonwealth's monthly lease
payment to support Series A debt service. Should the commonwealth
delay or discontinue payment, Series A debt service payments would
be at risk. While other revenue sources have significantly improved
since the height of the pandemic, the Commonwealth payment is still
more than 50% of total revenue. Though this has always been the
revenue structure for the System, such high dependence on a sole
revenue source is complicated by the fact that the system continues
to breach multiple legal covenants in the bond documents. Moody's
has assigned moderately negative scores for governance under
Moody's ESG framework; while the commonwealth lease provides
revenue stability, this is offset by material concerns regarding
the system's ability to raise revenue. The governance structure
here has served to substantially restrict operating flexibility.  

Debt service will continue to escalate under the current structure,
with annual requirements for the senior plus subordinate bonds
growing by more than 20% over the next four fiscal years. Though
revenue was sufficient to cover total debt service as of fiscal
2022, and is expected to be sufficient for 2023, current revenue
will not be enough to support the bonds in 2024 and beyond as debt
service escalates. Further, the system has yet to fully repay AGM
for draws against its surety policy in 2021 and 2022. A corrective
action plan was developed in 2022, and has now been extended
through May of 2024.    

The Ba2 rating for the Series A bonds reflects the fact that while
revenues have stabilized, there is not adequate cash flow at this
time to repay AGM, nor meet the 1.25x debt service coverage
covenant required in the bond documents. The acceleration of bond
principal is a legal remedy available under the trust indenture and
would affect the Series A bonds despite the bonds' seniority in the
payment waterfall. While the extension of the forbearance agreement
through 2024 is a favorable credit factor, the long-term structural
challenges of the bonds - specifically insufficient revenue to
provide for escalating debt service payments as well as a somewhat
complex legal structure, whereby covenant default as well as
payment default on the subordinate bonds can trigger an
acceleration of the senior bonds - remain uncured and align with
the Ba2 rating.  

RATING OUTLOOK

The stable outlook reflects the fact that parking revenues have
largely stabilized as people have gradually returned to more normal
behaviors in the city of Harrisburg after COVID-related shut downs
were lifted. While concerns remain regarding continued covenant
breaches, which could, in theory, prompt an acceleration of the
bonds, Moody's believe the acceleration risk is more remote at this
point given the ongoing improvement in system revenues, the fact
that debt service on all series of bonds is currently being paid
from regular cash flow, and continued legal forbearance by AGM.    


FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS

- Material, sustained improvement in revenue and debt service
coverage

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS

- Any covenant breach or event of default beyond those currently
considered

- Any event that leads to materially increased risk of bond
acceleration

LEGAL SECURITY

The bonds are secured by a first lien on parking system revenues,
derived from the operation of the Capitol Region Parking System
(Park Harrisburg). There is a 1.25 times rate covenant and 3.0
times additional bonds test. The debt service reserve is funded
with a surety policy from AGM equal to maximum annual debt
service.

PROFILE

The System includes 9 parking garages, 2 parking lots (roughly
7,700 spaces), and approximately 1,200 metered on-street parking
spaces. The System is managed by a 3rd party asset manager, with an
asset management agreement in place through 2023.  

METHODOLOGY

The principal methodology used in these ratings was Publicly
Managed Toll Roads and Parking Facilities published in May 2023.


PETROLIA ENERGY: Posts $810K Net Loss in Second Quarter
-------------------------------------------------------
Petrolia Energy Corporation filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
attributable to common stockholders of $810,483 on $482,916 of
total revenue for the three months ended June 30, 2023, compared to
a net loss attributable to common stockholders of $908,586 on $1.14
million of total revenue for the three months ended June 30, 2022.

For the six months ended June 30, 2023, the Company reported a net
loss attributable to common stockholders of $1.34 million on $1.86
million of total revenue compared to a net loss attributable to
common stockholders of $740,135 on $2.97 million of total revenue
for the six months ended June 30, 2022.

As of June 30, 2023, the Company had $8.23 million in total assets,
$12.38 million in total liabilities, and a total stockholders'
deficit of $4.16 million.

Petrolia said, "The Company has suffered recurring losses from
operations and currently has a working capital deficit.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.  The Company plans to generate profits
by reducing overhead costs and reworking its existing oil or gas
wells, funding permitting.  The Company may need to raise funds
through either the sale of its securities, issuance of corporate
bonds, joint venture agreements and/or bank financing to accomplish
its goals.

"If additional financing is not available when needed, we may need
to cease operations.  The Company may not be successful in raising
the capital needed to drill or rework existing oil wells.  Any
additional wells that the Company may drill may be non-productive.
Since the Company has an oil producing asset, its goal is to
increase the production rate by optimizing its current
infrastructure."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1368637/000149315223025803/form10-q.htm

                         About Petrolia

Petrolia Energy Corporation is engaged in the exploration and
development of oil and gas properties.  Since 2015, the Company has
established a strategy to acquire, enhance and redevelop
high-quality, resource in place assets.  As of 2018, the Company
has included strategic acquisitions in western Canada while
actively pursuing the strategy to execute low-cost operational
solutions, and affordable technology.

Houston, Texas-based M&K CPAS, PLLC, the Company's auditor since
2019, issued a "going concern" qualification in its report dated
May 12, 2023, citing that the company has an accumulated deficit at
Dec. 31, 2022 and 2021 and has a working capital deficit at Dec.
31, 2022, which raises substantial doubt about its ability to
continue as a going concern.


PGX HOLDINGS: Committee Taps ArentFox Schiff as Bankruptcy Counsel
------------------------------------------------------------------
The official committee of unsecured creditors of PGX Holdings, Inc.
and affiliates received approval from the U.S. Bankruptcy Court for
the District of Delaware to hire ArentFox Schiff, LLP as its legal
counsel.

The firm's services include:

     (a) advising the committee of its rights, duties, and powers
in the Debtors' Chapter 11 cases;

     (b) assisting, advising and representing the committee in its
consultation with the Debtors relative to the administration of the
cases;

     (c) assisting, advising and representing the committee in
analyzing the Debtors' assets and liabilities, investigating the
extent and validity of liens, and participating in and reviewing
any proposed asset sales or dispositions;

     (d) attending meetings and negotiating with representatives of
the Debtors, secured creditors and other parties involved in the
bankruptcy cases;

     (e) assisting and advising the committee in its examination,
investigation, and analysis of the conduct of the Debtors'
affairs;

     (f) assisting the committee in the review, analysis, and
negotiation of any plan of reorganization or liquidation that may
be filed;

     (g) assisting the committee in the review, analysis and
negotiation of any financing or funding agreements;

     (h) taking all necessary actions to protect and preserve the
interests of unsecured creditors, including, without limitation,
the prosecution of actions on behalf of the committee, negotiations
concerning all litigation in which the Debtors are involved, and
review and analysis of all claims filed against the Debtors'
estates;

     (i) preparing legal papers;

     (j) appearing, as appropriate, before the bankruptcy court,
the appellate courts, and other courts in which matters may be
heard;

     (k) other necessary legal services.

Andrew Silfen, Esq., Beth Brownstein, Esq., and Justin Kesselman,
Esq., will be primarily responsible for ArentFox's representation
of the committee in these matters.

The firm will charge these hourly fees:

     Partners              $665 - $1,310
     Of Counsel            $635 - $1,220
     Associates            $515 - $795
     Paraprofessionals     $165 - $450

In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases,
ArentFox disclosed that:

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

     -- no ArentFox professional included in the engagement has
varied his rate based on the geographic location of the bankruptcy
cases;

     -- the firm has not represented the committee in the 12 months
prior to the Chapter 11 filing; and

     -- it expects to develop, and the committee intends to review,
a prospective budget and staffing plan to reasonably comply with
the U.S. Trustee's request for information and additional
disclosures as to which they reserve all rights.

As disclosed in court filings, ArentFox is a "disinterested person"
pursuant to Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Andrew I. Silfen, Esq.
     ArentFox Schiff, LLP
     1301 Avenue of the Americas, 42nd Floor
     New York, NY 10019
     Telephone: (212) 484-3900
     Facsimile: (212) 484-3990
     Email: andrew.silfen@afslaw.com

                       About PGX Holdings

PGX Holdings, Inc., and affiliates are credit repair service
providers, helping customers repair their credit and achieve their
credit goals.  PGX Holdings helps consumers access and understand
the information contained in their credit reports, ensure that the
information contained in those reports is fair, accurate, and
complete, and address other factors that may negatively impact
their credit scores.

PGX Holdings, Inc., and its affiliates, including John C. Heath,
Attorney At Law PC, sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10718) on June 4,
2023. In the petition signed by Chad Wallace, chief executive
officer and president, the Debtor disclosed up to $500 million in
assets and up to $10 billion in liabilities.

Judge Craig T. Goldblatt oversees the case.

The Debtors tapped Kirkland & Ellis and Klehr Harrison Harvey
Branzburg, LLP as bankruptcy counsels; Greenhill & Co., LLC as
investment banker; and Alvarez & Marsal North America, LLC as
financial advisor. Holland & Hart, LLP, Williams & Connolly, LLP,
Pachulski Stang Ziehl & Jones, LLP and Landis Rath & Cobb, LLP
serve as the Debtors' special counsels. Kurtzman Carson
Consultants, LLC is the claims, noticing and administrative agent.

The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
ArentFox Schiff, LLP, Morris James, LLP and FTI Consulting, Inc.
serve as bankruptcy counsel, Delaware counsel and financial
advisor, respectively.


PGX HOLDINGS: Committee Taps FTI Consulting as Financial Advisor
----------------------------------------------------------------
The official committee of unsecured creditors of PGX Holdings, Inc.
and affiliates received approval from the U.S. Bankruptcy Court for
the District of Delaware to hire FTI Consulting, Inc. as its
financial advisor.

The firm's services include:

     (a) assistance in the review of financial-related disclosures
required by the court;

     (b) assistance in the preparation of analyses required to
assess any proposed use cash collateral;

     (c) assistance with the assessment and monitoring of the
Debtors' short-term cash flow, liquidity, and operating results;

     (d) assistance with the assessment of the Debtors' cash
management system and evaluation of intercompany transactions;

     (e) assistance in the review of other financial information
prepared by the Debtors;

     (f) assistance in the research and evaluation of industry
trends and impact on the go-forward viability of the Debtors'
business;

     (g) assistance with the review of the Debtors' cost/benefit
analyses with respect to the assumption or rejection of various
executory contracts and unexpired leases;

     (h) assistance with the review of the Debtors' identification
of potential cost right-sizing;

     (i) assist with the review and analysis of the Debtors'
contemplated transition plan and separation from Sinclair Broadcast
Group, Inc. and certain of its affiliates;

     (j) assistance with the identification of unencumbered
assets;

     (k) assistance with analyzing entity-level value waterfalls
and potential recoveries with respect to any proposed plan of
reorganization;

     (l) assistance in the evaluation and analysis of avoidance
actions;

     (m) assistance with the review of any key employee incentive,
management incentive, and any key employee retention and other
employee benefit programs proposed by the Debtors;

     (n) assistance with the review of the Debtors' analysis of
core business assets and the potential disposition or liquidation
of non-core assets;

     (o) assistance with review of any tax issues associated with,
but not limited to, claims/stock trading, preservation of net
operating losses, refunds due to the Debtors, plans of
reorganization, and asset sales;

     (p) assistance in the review of the claims reconciliation and
estimation process;

     (q) attendance at meetings and assistance in discussions with
the Debtors, potential investors, banks, other secured lenders, ad
hoc creditor groups, the committee and any other official
committees organized in these Chapter 11 cases, the U.S. Trustee,
other parties involved in the Debtors' cases interest and their
professionals;

     (r) assistance in the review or preparation of information and
analyses necessary for the confirmation of a Chapter 11 plan and
related disclosure statement and plan documents in these Chapter 11
cases;

     (s) assistance in the prosecution of committee responses or
objections to the Debtors' motions, applications and other
pleadings, as required by the committee; and

     (t) render such other general business consulting services as
the committee or its counsel may deem necessary.

The hourly rates of the firm's professionals are as follows:

  Senior Managing Directors                   $1,045 - $1,495
  Directors/Senior Directors/Managing Directors $785 - $1,055
  Consultants/Senior Consultants                  $435 - $750
  Administrative/Paraprofessionals                $175 - $325

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

Michael Cordasco, a senior managing director at FTI, disclosed in a
court filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Michael Cordasco
     FTI Consulting, Inc.
     1166 Avenue of the Americas, 15th Floor
     New York, NY 10036
     Telephone: (212) 247-1010
     Email: michael.cordasco@fticonsulting.com

                       About PGX Holdings

PGX Holdings, Inc., and affiliates are credit repair service
providers, helping customers repair their credit and achieve their
credit goals.  PGX Holdings helps consumers access and understand
the information contained in their credit reports, ensure that the
information contained in those reports is fair, accurate, and
complete, and address other factors that may negatively impact
their credit scores.

PGX Holdings, Inc., and its affiliates, including John C. Heath,
Attorney At Law PC, sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10718) on June 4,
2023. In the petition signed by Chad Wallace, chief executive
officer and president, the Debtor disclosed up to $500 million in
assets and up to $10 billion in liabilities.

Judge Craig T. Goldblatt oversees the case.

The Debtors tapped Kirkland & Ellis and Klehr Harrison Harvey
Branzburg, LLP as bankruptcy counsels; Greenhill & Co., LLC as
investment banker; and Alvarez & Marsal North America, LLC as
financial advisor. Holland & Hart, LLP, Williams & Connolly, LLP,
Pachulski Stang Ziehl & Jones, LLP and Landis Rath & Cobb, LLP
serve as the Debtors' special counsels. Kurtzman Carson
Consultants, LLC is the claims, noticing and administrative agent.

The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
ArentFox Schiff, LLP, Morris James, LLP and FTI Consulting, Inc.
serve as bankruptcy counsel, Delaware counsel and financial
advisor, respectively.


PGX HOLDINGS: Committee Taps Morris James as Delaware Counsel
-------------------------------------------------------------
The official committee of unsecured creditors of PGX Holdings, Inc.
and affiliates received approval from the U.S. Bankruptcy Court for
the District of Delaware to hire Morris James, LLP as its Delaware
counsel.

The firm's services include:

     a. providing legal advice and assistance to the committee in
its consultations with the Debtor relative to the administration of
the Debtor's reorganization;

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

     c. preparing legal papers;

     d. representing the committee at hearings held before the
court and communicating with the committee regarding the issues
raised as well as the decisions of the court; and

     e. other necessary legal services.

The firm will charge these hourly fees:

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

In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Morris
James disclosed that:

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

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

     -- the committee retained Morris James on June 16, 2023, and
the billing rates for the period prior to the filing of the
Debtor's application to employ the firm are the same as indicated
in the application; and

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

Eric Monzo, Esq., a partner at Morris James, disclosed in a court
filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

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

                       About PGX Holdings

PGX Holdings, Inc., and affiliates are credit repair service
providers, helping customers repair their credit and achieve their
credit goals.  PGX Holdings helps consumers access and understand
the information contained in their credit reports, ensure that the
information contained in those reports is fair, accurate, and
complete, and address other factors that may negatively impact
their credit scores.

PGX Holdings, Inc., and its affiliates, including John C. Heath,
Attorney At Law PC, sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10718) on June 4,
2023. In the petition signed by Chad Wallace, chief executive
officer and president, the Debtor disclosed up to $500 million in
assets and up to $10 billion in liabilities.

Judge Craig T. Goldblatt oversees the case.

The Debtors tapped Kirkland & Ellis and Klehr Harrison Harvey
Branzburg, LLP as bankruptcy counsels; Greenhill & Co., LLC as
investment banker; and Alvarez & Marsal North America, LLC as
financial advisor. Holland & Hart, LLP, Williams & Connolly, LLP,
Pachulski Stang Ziehl & Jones, LLP and Landis Rath & Cobb, LLP
serve as the Debtors' special counsels. Kurtzman Carson
Consultants, LLC is the claims, noticing and administrative agent.

The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
ArentFox Schiff, LLP, Morris James, LLP and FTI Consulting, Inc.
serve as bankruptcy counsel, Delaware counsel and financial
advisor, respectively.


PHILLIPS SEABROOK: Continued Operations to Fund Plan
----------------------------------------------------
Phillips, Seabrook & Wilson, LLC, filed with the U.S. Bankruptcy
Court for the Northern District of Georgia a Plan of Reorganization
dated July 25, 2023.

The Debtor owns, manages, and leases spaces to four medical
professionals/medical practices in three commercial properties in
DeKalb County and Cobb County, Georgia for use as medical offices
(collectively the "Properties").

Through 2022, the primary tenant in the buildings was Decatur
Pediatric Group, P.A. ("DPG"), a pediatric medical practice owned
on December 30, 2022 by Lynette Wilson Phillips, M.D., a member of
PSW. Post-petition, in early 2023, DPG entered into an operating
agreement with MedCura Health, Inc. ("MedCura"). MedCura executed a
commercial lease agreement with PSW effective January 2, 2023 and
terminating on December 31, 2028 for the spaces formerly leased by
DPG.

To understand the circumstances that precipitated the filing of
this case, it is necessary to understand the lawsuit filed by
Melinda A. Willingham, M.D., against PSW, Dr. Wilson-Phillips and
Jonathan Phillips (the "Phillipses") and Socotra REIT I LLC in the
Superior Court of DeKalb County, Georgia, Civil Action File Number
21CV3280-5 (the "DeKalb Case").

Underlying the claims of a fraudulent scheme by the defendants in
the DeKalb Case is Dr. Willingham's contention that her signature
was forged on various documents to facilitate the loan transaction.
According to Dr. Willingham, the Phillipses have attempted to steal
all her significant interest in the medical office building.
Socotra allegedly aided the other defendants with their efforts.
The Phillipses deny the allegations and maintain that Dr.
Willingham significantly benefited from the transaction and
communicated her approval of the transaction.

Debtor is operating on a cash flow positive basis and can project
profits sufficient to make payments on its past debts. Debtor is
now proposing a plan of reorganization that will pay all secured
claims and will enable a distribution to unsecured claims projected
at 100%. With this Plan, Debtor will continue to operate, to
provide an income to its employees and others who maintain the
properties, and to provide medical office buildings for Cobb County
and DeKalb County.

Class 3 consists of Disputed Unsecured Claim of Malinda A.
Willingham. Class 3 Disputed Unsecured Claim of Malinda A.
Willingham shall consist of that claim which is the subject of an
objection timely filed in the Bankruptcy Court and which objection
has not been withdrawn, settled or overruled by a Final Order of
the Bankruptcy Court in the amount of $1,500,000.00. Debtor shall
pay no more than 100%, or $1,500,000.00 (the "Class 3 Disbursement
Amount"), of the Class 3 Disputed Unsecured Claim.

On the 15 day of the month following the month in which the
Effective Date of the Plan occurs, Debtor shall deposit $25,000.00
from its Debtor-in-Possession/Operating account and will begin
monthly payments into a Class 3 Disputed Claim Reserve Account
(that shall be held and maintained by Debtor) in the amount of
$500.00 for the Class 3 Disputed Unsecured Claims. Debtor's budget
projects disposable income of $500.00 monthly, which will result in
total payments to the Class 3 Claim of $30,000.00 over a five-year
period. Class 3 Claim of Melinda A. Willingham is Impaired.

Class 4 General Unsecured Claims of Department of the
Treasury/Internal Revenue Service, Battle Law, and Hayes Michael
Dever, Jr. shall consist of allowed creditor claims which are not
secured by property of the estate. Debtor shall fund unsecured
creditor claims totaling approximately $16,751.70 by payment in
full on the 30th day of the month following the month in which the
Effective Date of the Plan occurs from its
Debtor-in-Possession/Operating account provided, however, that the
no claims entitled to administrative expense priority pursuant to
Section 503 of the Bankruptcy Code are then existing.

Class 5 Claims of Equity shall consist of Debtor's equity holders
Lynette Wilson Phillips (50%) and Jonathan Phillips (50%). Debtor's
equity holders shall maintain ownership of their membership
interests under the plan. Debtor's equity holders work part time
for Debtor and are to be compensated as part of employee payroll.

Debtor's Plan commits all projected disposable income to repayment
of creditors in the 5-year period beginning on the date the first
payment is due under the Plan. Accordingly, Debtor's Plan complies
with section 1191(b) of the Bankruptcy Code and may be confirmed on
that basis without amendment to this Plan.

The source of funds for the payments pursuant to the Plan is the
continued operations of Debtor's real estate business.

A full-text copy of the Plan of Reorganization dated July 25, 2023
is available at https://urlcurt.com/u?l=85bweu from
PacerMonitor.com at no charge.

Debtor's Counsel:

      Howard Rothbloom, Esq.
      THE ROTHBLOOM LAW FIRM
      309 E. Paces Ferry Road, NE Suite 400
      Atlanta, GA 30305
      Tel: 770-792-3636
      E-mail: howard@rothbloom.com

                About Phillips Seabrook & Wilson

Phillips, Seabrook & Wilson, LLC, a company in Lithonia Ga., filed
a petition for relief under Subchapter V of Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-60626) on Dec. 30,
2022, with $1 million to $10 million in both assets and
liabilities. Todd E. Hennings, Esq., at Macey, Wilensky & Hennings,
LLP has been appointed as Subchapter V trustee.

Judge Barbara Ellis-Monro oversees the case.

The Debtor tapped Howard D. Rothbloom, Esq., at The Rothbloom Law
Firm as bankruptcy counsel; Dame Law, P.C. as special counsel; and
Kelly Coughlin, CPA, at EveryDay CPA, Inc. as accountant.


PHYSICIAN PARTNERS: S&P Upgrades ICR to 'B+', Outlook Stable
------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Physician
Partners LLC, a Medicare Advantage-focused primary care service
provider based in Tampa, Fla., to 'B+' from 'B'. S&P also raised
its issue-level rating on the company's $600 million first-lien
term loan and $80 million revolving credit facility to 'B+' from
'B'. The recovery rating remains '3'. The outlook is stable.

S&P said, "The ratings incorporate our favorable views of the
expanding Medicare Advantage market and management's developing
record of steady growth in the highly fragmented market despite
limited scale and significant concentration in Florida.

"The stable outlook reflects our expectation that Physician
Partners will continue to generate low-double-digit to mid-teens
percentage growth via a mix of organic growth, de novo office
openings, and targeted acquisitions. We expect it will maintain
steady margins and cash flow and keep adjusted leverage below under
5x."

Physician Partners benefits from solid growth prospects in the
Medicare Advantage market. The company specializes in providing
primary health care services that emphasizes preventative care,
which are critical in improving quality care while lowering overall
costs. It focuses on Medicare Advantage patients, which make up
about 48% of total Medicare beneficiaries in 2022. That number has
increased steadily (from 39% in 2020) as the market shifts toward
value-based care models that aim to lower overall costs and
maximize quality of care. The increasing number of Medicare
beneficiaries, due to the aging U.S. population, and the
intentional shift of Medicare to managed care-sponsored Medicare
Advantage plans benefit Physician Partners. Physician Partners
derives nearly all its revenues from value-based contracts, in
which it takes on full capitation risk in managing health care for
a monthly per enrollee fee. The company then uses its physician
network and technology platform, consisting of patient health data,
patient monitoring, and statistical models, to manage patients at
costs below the fees.

The company has an expanding track record of performance. Physician
Partners relies on technology-enabled capabilities that emphasize
prevention and proactive care management to improve health outcomes
and reduce health care costs for payers, resulting in such measures
as lower expensive emergency room admissions for its covered
patients. This creates substantial value for payers, resulting in
higher patient retention rates and EBITDA margins, which have been
steady, at the double-digit and low-teens percentage area.
Inflationary costs in the delivery of care and potential rate
negotiations with payers could pressure margins, though S&P expects
the company to successfully manage its cost structure and maintain
stable margins.

S&P said, "We expect adjusted debt to EBITDA to remain below 5x.
The company's steady expansion via de novos and acquisitions has
been quite measured. We assume continued mid-teens percentage
top-line growth. EBITDA margins, which include the impact of
expansion costs, will be in the double-digit, low-teens percentage
area, sustaining adjusted debt to EBITDA below 5x."

Limited scale and diversification limit further upgrade potential.
Physician Partners competes for Medicare Advantage members in a
highly fragmented and competitive market that has low barriers to
entry. Competitors also seek to increase the number of Medicare
Advantage members within their networks, improve services, leverage
operating costs, and build stronger relationships with payers.
While the company has increased rapidly to 247,000 patients from
124,000 in 2020 and expanded to other states such as Alabama,
Georgia, Oklahoma, and Texas, it is relatively small. The bulk of
its revenues is still generated in Florida. Physician Partners also
has significant payer concentration with Anthem Inc., accounting
for about 45% of revenue and making it more vulnerable to
unfavorable changes in contract terms. S&P believes the relative
lack of scale and high revenue concentration limits rating upside.

The stable outlook incorporates Physician Partners' continued
mid-teens percentage growth, modest positive free cash flow, and a
measured pace of mergers and acquisitions that will maintain
adjusted debt to EBITDA below 5x on a sustained basis.

S&P could lower its rating should:

-- Management embark on a more aggressive than expected
acquisition pace; or

-- Its EBITDA margins significantly deteriorate, resulting from
rising medical costs.

This leads to adjusted leverage sustained above 5x.

S&P believes Physician Partners' relative lack of size, scale, and
geographic diversity limits the potential for a higher rating.
However, S&P could raise the rating if the company:

-- Continues to extend its operating track record, generate solid
EBITDA growth and cash flow generation, and successfully replicate
its strategy while diversifying its markets at scale; and

-- Maintain adjusted leverage below 4x on a sustained basis.

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

S&P said, "Governance credit factors have a moderately negative
effect on our credit rating analysis of Physician Partners,
reflecting its family controlled ownership and a board structure
that we expect will include very few (if any) independent members.
In our opinion, this structure is likely to result in corporate
decision-making that prioritizes the interests of its controlling
owners over other stakeholders."



PITNEY BOWES: S&P Lowers Senior Unsecured Notes Rating to 'B+'
--------------------------------------------------------------
S&P Global Ratings lowered its issue-level rating on Pitney Bowes
Inc.'s guaranteed senior unsecured notes due in 2027 and 2029 to
'B+' from 'BB-' and revised its recovery rating on the facilities
to '5' from '4'. This is due to the recent private issuance of $275
million senior secured notes due in March 2028 which are unrated.
The issue-level and recovery ratings on the secured term loan B and
the legacy unguaranteed unsecured notes are affirmed.

Pitney Bowes intends to use most of the proceeds of the new senior
secured notes to fully repay the outstanding unsecured notes of
about $215 million plus accrued interest, due in March 2024. The
remaining proceeds will be used to reduce the secured term loan A
and cover transaction fees. While the issuance is largely leverage
neutral, there would be a greater amount of senior secured debt in
the pro forma capital structure. S&P said, "We believe this leads
to less collateral available in a hypothetical default scenario for
the guaranteed unsecured noteholders and thus a reduced benefit of
the guarantee for these noteholders relative to the legacy
unsecured noteholders. We note that future additional increases in
the amount of senior secured debt in the capital structure could
further pressure secured or unsecured debt ratings."

Although the transaction is leverage neutral, the new secured notes
is being issued at a higher interest rate than the debt it is
replacing, resulting in higher annual net cash interest payments of
up to about $20 million. S&P said, "However, we expect that the
company will still have sufficient liquidity and EBITDA generation
to cover these incremental payments. This transaction also follows
an amendment of the company's credit agreement in June that we
expect to increase the EBITDA decline headroom under its
maintenance financial covenants to at least 20% over the next 12
months."

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- S&P's '1' recovery rating on Pitney Bowes' senior secured term
loan B indicates its expectation for very high (90%-100%; rounded
estimate: 95%) recovery in the event of a payment default.

-- S&P's '5' recovery rating on all the company's unsecured notes
indicates its expectation for modest (10%-30%; rounded estimate:
15%) recovery in the event of a payment default.

-- The lower recovery rating on the unsecured notes with
subsidiary guarantees is due to the considerable amount of
higher-ranking secured debt, which we believe reduces the benefit
of the guarantees in a default scenario.

-- S&P's hypothetical default scenario envisages a default
occurring in 2027 due to a severe economic recession coupled with
an acceleration of the decline in the use of mail meters and
intense competition in the e-commerce delivery solutions market.

-- S&P's recovery valuation contemplates that Pitney Bowes would
be reorganized and remain a going concern because of the company's
diverse and long-standing customer relationships and the
profitability of the SendTech and Presort businesses.

Simulated default assumptions

-- Year of default: 2027

-- Emergence EBITDA after recovery adjustments: about $291
million

-- EBITDA multiple: 5.5x

Simplified waterfall

-- Net enterprise value (after 5% administrative costs): about
$1.52 billion

-- Valuation split (obligors/nonobligors): 85%/15%

-- Collateral value available to senior secured creditors: about
$1.3 billion

-- Senior secured debt claims*: about $1.33 billion

    --Recovery expectations§: 90%-100% (rounded estimate: 95%)

-- Collateral value available to guaranteed unsecured creditors:
about $135 million

-- Guaranteed unsecured debt claims*: about $756 million

    --Recovery expectations§: 10%-30% (rounded estimate: 15%)

-- Collateral value available to legacy unsecured creditors: about
$85 million

-- Senior legacy unsecured debt claims*: about $476 million

    --Recovery expectations§: 10%-30% (rounded estimate: 15%)

*All debt amounts include six months of prepetition interest.
Revolving credit facility assumed 85% drawn at default. §Rounded
down to the nearest 5%.

  Ratings List

  PITNEY BOWES INC.

  PITNEY BOWES INTERNATIONAL HOLDINGS, INC.

  Issuer Credit Rating        BB-/Stable/--      BB-/Stable/--

  RATINGS AFFIRMED  
                                    TO               FROM

  PITNEY BOWES INC.

  Senior Secured                    BB+               BB+

  Recovery Rating                  1(95%)           1(95%)

  Senior Unsecured                  B+                B+

  Recovery Rating                  5(15%)           5(15%)

  RATINGS LOWERED; RECOVERY RATINGS REVISED  

  PITNEY BOWES INC.

  Senior Unsecured                   B+             BB-

  Recovery Rating                   5(15%)         4(35%)



PUERTO RICO: Borrowers Lose Appeal on $384M Loan Sale
-----------------------------------------------------
Yun Park of Bloomberg Law reports that a group of borrowers in
Puerto Rico lost a constitutional challenge alleging that the
federal board overseeing the island's restructuring failed to
review a $384 million loan sale agreement between Puerto Rico's
Economic Development Bank and a private investment company.

The plaintiffs—including R&D Master Enterprises Inc., Pro Pave
Corp., and other businesses owned by a couple on the
island—lacked standing to sue the Financial Oversight and
Management Board (FOMB) for Puerto Rico, the US Court of Appeals
for the First Circuit said Tuesday. The appeals court upheld a
lower court's dismissal of the case.

Puerto Rico's Economic Development Bank sold a portfolio of loans
valued at over $384 million to PR Recovery and Development JV LLC,
an investment company, at a discount in 2018. Soon after the sale,
PR Recovery initiated collection and foreclosure actions in Puerto
Rico courts against hundreds of borrowers, including the
plaintiffs, according to court records.

The plaintiffs sued the federal oversight board, which was created
by the Puerto Rico Oversight, Management, and Economic Stability
Act, or PROMESA. The 2016 law allows the board to squash some
contracts involving government-backed entities on the island before
they're executed.

The borrowers claimed the oversight board's failure to review the
loan sale agreement violated their constitutional and statutory
rights, forcing them to pay up on loans in a "sham transaction." PR
Recovery shouldn't have been able to purchase the loans because
individual contracts restricted the Economic Development Bank from
transferring the loans to any entity that isn't a financial
institution, according to the lawsuit.

The US District Court for the District of Puerto Rico previously
dismissed the case, saying the claims were brought outside of a
one-year statute of limitations. The First Circuit upheld the
dismissal, but on the grounds that the plaintiffs failed to show
standing.

"Appellants' complaint has failed to allege that the FOMB's
inaction caused their claimed injury, but even if it did, a court
order compelling the FOMB to review the loan sale agreement might
do nothing at all to redress Appellants' injury," the panel said.

The plaintiffs aren't planning to appeal the ruling. "We are not
seeking a cert to the Supreme Court of the United States for
strategic or business reasons," Humberto Guzman-Rodriguez, an
attorney for the borrowers, said by phone.

This case is R&D Master Enterprises, Inc., et al v. FOMB, et al,
1st Cir. App., No. 22-01342, 7/25/23.

                        About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States.  The chief of state is the President of the
United States of America.  The head of government is an elected
Governor.  There are two legislative chambers: the House of
Representatives, 51 seats, and the Senate, 27 seats.  The
governor-elect is Ricardo Antonio "Ricky" Rossello Nevares, the son
of former governor Pedro Rossello.

In 2016, the U.S. Congress passed PROMESA, which, among other
things, created the Financial Oversight and Management Board and
imposed an automatic stay on creditor lawsuits against the
government, which expired May 1, 2017.

The members of the oversight board are: (i) Andrew G. Biggs, (ii)
Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J.
Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii)
David A. Skeel Jr.

On May 3, 2017, the Commonwealth of Puerto Rico filed a petition
for relief under Title III of the Puerto Rico Oversight,
Management, and Economic Stability Act ("PROMESA").  The case is
pending in the United States District Court for the District of
Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico's
PROMESA petition is available at
http://bankrupt.com/misc/17-01578-00001.pdf              

On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation
(COFINA) commenced a case under Title III of PROMESA (D.P.R. Case
No. 17-01599).  Joint administration has been sought for the Title
III cases.

On May 21, 2017, two more agencies -- Employees Retirement System
of the Government of the Commonwealth of Puerto Rico and Puerto
Rico Highways and Transportation Authority (Case Nos. 17-01685 and
17-01686) -- commenced Title III cases.

U.S. Chief Justice John Roberts named U.S. District Judge Laura
Taylor Swain to preside over the Title III cases.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq.,
at O'Neill & Borges LLC are onboard as attorneys.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains the case web site
https://cases.primeclerk.com/puertorico

Jones Day is serving as counsel to certain ERS bondholders.

Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General
Obligation Bondholders.


RANGER OIL: Fitch Raises IDR to 'B+' & Then Withdraws All Ratings
-----------------------------------------------------------------
Fitch Ratings has removed Ranger Oil Corporation and Penn Virginia
Holdings, LLC from Rating Watch Positive and upgraded the Long-Term
Issuer Default Rating (IDR) to 'B+' from 'B-'. Fitch also upgraded
the issue-level ratings of Penn Virginia Holdings, LLC's
reserve-based lending credit facility (RBL) to 'BB+'/'RR1' from
'BB-'/'RR1'. The Rating Outlook is Positive.

Fitch has also withdrawn the IDR and issue-level rating of Ranger
and Penn Virginia Holdings, LLC. This follows the close of the
acquisition between Baytex Energy Corporation (IDR: B+/Positive)
and Ranger which occurred on June 20, 2023, with repayment of
Ranger's debt upon closing. The rating is equalized under the PSL
criteria given the stronger parent due to strong strategic and
operational ties.

Fitch has withdrawn the IDR and issue-level rating for Ranger and
Penn Virginia Holdings, LLC following the close of acquisition by
Baytex and repayment of Ranger's debt upon closing.

KEY RATING DRIVERS

N/A as of the withdrawing of Ranger's IDR and issue-level ratings
following the completion of the acquisition by Baytex.

RATING SENSITIVITIES

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

-- N/A - ratings are being withdrawn.

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

--- N/A - ratings are being withdrawn.

ISSUER PROFILE

Ranger Oil Corporation is an independent oil and gas company
engaged in the exploration, development and production of oil, NGLs
and natural gas in the Eagle Ford Shale in South Texas.

ESG CONSIDERATIONS

Ranger Oil Corporation has an ESG Relevance Score of '4' for Energy
Management that reflects the company's cost competitiveness and
financial and operational flexibility due to scale, business mix
and diversification. This factor has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.


REGIONAL HOUSING: No Decline in Patient Care at Columbus Facility
-----------------------------------------------------------------
Melanie McNeil, Esq., the patient care ombudsman, filed with the
U.S. Bankruptcy Court for the Northern District of Georgia her 11th
report regarding the quality of patient care provided at The
Landings of Columbus, which is operated by RHCSC Columbus AL
Holdings LLC, an affiliate of Regional Housing & Community Services
Corp.

Regional Housing & Community Services is the governing body for six
personal care homes, including The Landings of Columbus in
Georgia.

The report was filed after an ombudsman representative for the
Office of the State Long-Term Care Ombudsman visited the facility
on July 10. The ombudsman representative did not receive any
complaints from residents during this visit.

Residents expressed no concerns addressing issues or problems with
facility staff or management. Residents state that staff respond
when called and address their requests and preferences. Residents
appeared comfortable engaging with staff. The Executive Director
was present during the visits and welcomed ombudsman representative
observations and suggestions during the visit.

The ombudsman representative received no concerns about food
supplies and medications. The facility is clean and decorated
seasonally with no odors and that the residents' rooms were tidy
and odorless but with signs that the facility is an older building,
the ombudsman representative observed.

The patient care ombudsman is not aware of any significant change
in facility conditions or decline in resident care for this
personal care home since the last visit.

A copy of the 11th ombudsman report is available for free at
https://urlcurt.com/u?l=S6r6Ig from PacerMonitor.com.

         About Regional Housing & Community Services

Regional Housing & Community Services Corp. and its affiliates
filed a voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 21-41034) on Aug.
26, 2021. At the time of the filing, Regional Housing & Community
Services listed as much as $100,000 in both assets and
liabilities.

Judge Paul W. Bonapfel oversees the cases.

The Debtors tapped Scroggins & Williamson, P.C. as legal counsel;
GGG Partners, LLC as interim management services provider; and SLIB
II, Inc., doing business as Senior Living Investment Brokerage, as
investment banker. Kurtzman Carson Consultants, LLC is the claims,
noticing and balloting agent.

Greenberg Traurig, LLP serves as counsel for indenture trustee, UMB
Bank, N.A.

Melanie S. McNeil, Esq., at Melanie S. McNeil is the patient care
ombudsman appointed in the Debtors' cases.


REGIONAL HOUSING: No Decline in Patient Care at Gainesville
-----------------------------------------------------------
Melanie McNeil, Esq., the patient care ombudsman, filed with the
U.S. Bankruptcy Court for the Northern District of Georgia her 11th
report regarding the quality of patient care provided at The
Landings of Gainesville, which is operated by RHCSC Gainesville AL
Holdings LLC, an affiliate of Regional Housing & Community Services
Corp.

Regional Housing & Community Services is the governing body for six
personal care homes, including The Landings of Gainesville in
Georgia.

In her 11th ombudsman report, Ms. McNeil noted no decline in
resident care at The Landings of Gainesville since the last visit.

The report was filed after an ombudsman representative for the
Office of the State Long-Term Care Ombudsman visited the facility
on June 23. The ombudsman representative visited with four
residents, one family member, the person in charge, dietary,
activities, housekeeping, and direct care staff. Residents seemed
satisfied with the care. The ombudsman representative observed that
the building appearance has improved with each visit since the new
administrator took over.

The ombudsman representative did not receive any complaints. The
quality of care appeared to be good. The staff is consistent. The
facility had adequate food and supplies. Medications were properly
locked up.

A copy of the 11th ombudsman report is available for free at
https://urlcurt.com/u?l=blmFJ5 from PacerMonitor.com.

         About Regional Housing & Community Services

Regional Housing & Community Services Corp. and its affiliates
filed a voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 21-41034) on Aug.
26, 2021. At the time of the filing, Regional Housing & Community
Services listed as much as $100,000 in both assets and
liabilities.

Judge Paul W. Bonapfel oversees the cases.

The Debtors tapped Scroggins & Williamson, P.C. as legal counsel;
GGG Partners, LLC as interim management services provider; and SLIB
II, Inc., doing business as Senior Living Investment Brokerage, as
investment banker. Kurtzman Carson Consultants, LLC is the claims,
noticing and balloting agent.

Greenberg Traurig, LLP serves as counsel for indenture trustee, UMB
Bank, N.A.

Melanie S. McNeil, Esq., at Melanie S. McNeil is the patient care
ombudsman appointed in the Debtors' cases.


REGIONAL HOUSING: No Decline in Patient Care at Gardens of Rome
---------------------------------------------------------------
Melanie McNeil, Esq., the patient care ombudsman, filed with the
U.S. Bankruptcy Court for the Northern District of Georgia her 11th
report regarding the quality of patient care provided at The
Gardens of Rome, which is operated by RHCSC Rome AL Holdings LLC,
an affiliate of Regional Housing & Community Services Corp.

Regional Housing & Community Services is the governing body for six
personal care homes, including The Gardens of Rome in Georgia.

The report was filed after an ombudsman representative for the
Office of the State Long-Term Care Ombudsman visited The Gardens of
Rome facility on July 11. The OR did not receive any complaints on
this visit. The OR said that residents were very pleased with the
care they receive and they appeared happy and content.

Residents reported they can talk freely with any of the staff about
their concerns and the staff handle them appropriately. Residents
were clean and well groomed. The facility appeared to have adequate
food and supplies. Medications were properly locked in a closet.

The patient care ombudsman is not aware of any significant change
in facility conditions or decline in resident care for this
personal care home since the last visit.

A copy of the 11th ombudsman report is available for free at
https://urlcurt.com/u?l=5uVLkO from PacerMonitor.com.

           About Regional Housing & Community Services

Regional Housing & Community Services Corp. and its affiliates
filed a voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 21-41034) on Aug.
26, 2021. At the time of the filing, Regional Housing & Community
Services listed as much as $100,000 in both assets and
liabilities.

Judge Paul W. Bonapfel oversees the cases.

The Debtors tapped Scroggins & Williamson, P.C. as legal counsel;
GGG Partners, LLC as interim management services provider; and SLIB
II, Inc., doing business as Senior Living Investment Brokerage, as
investment banker. Kurtzman Carson Consultants, LLC is the claims,
noticing and balloting agent.

Greenberg Traurig, LLP serves as counsel for indenture trustee, UMB
Bank, N.A.

Melanie S. McNeil, Esq., at Melanie S. McNeil is the patient care
ombudsman appointed in the Debtors' cases.           


REGIONAL HOUSING: No Decline in Patient Care at Landings of Douglas
-------------------------------------------------------------------
Melanie McNeil, Esq., the patient care ombudsman, filed with the
U.S. Bankruptcy Court for the Northern District of Georgia her 11th
report regarding the quality of patient care provided at The
Landings of Douglas, which is operated by RHCSC Douglas AL
Holdings, LLC, an affiliate of Regional Housing & Community
Services Corp.

Regional Housing & Community Services is the governing body for six
personal care homes, including The Landings of Douglas in Georgia.

The report was filed after an ombudsman representative for the
Office of the State Long-Term Care Ombudsman visited The Landings
of Douglas facility on July 13.

The ombudsman representative reported no decline in resident care
since the last visit. The ombudsman representative noted that the
director is very responsive, the staffing appears adequate, and
that the facility seemed to be in good repair.

A copy of the 11th ombudsman report is available for free at
https://urlcurt.com/u?l=cFnUJf from PacerMonitor.com.

         About Regional Housing & Community Services

Regional Housing & Community Services Corp. and its affiliates
filed a voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 21-41034) on Aug.
26, 2021. At the time of the filing, Regional Housing & Community
Services listed as much as $100,000 in both assets and
liabilities.

Judge Paul W. Bonapfel oversees the cases.

The Debtors tapped Scroggins & Williamson, P.C. as legal counsel;
GGG Partners, LLC as interim management services provider; and SLIB
II, Inc., doing business as Senior Living Investment Brokerage, as
investment banker. Kurtzman Carson Consultants, LLC is the claims,
noticing and balloting agent.

Greenberg Traurig, LLP serves as counsel for indenture trustee, UMB
Bank, N.A.

Melanie S. McNeil, Esq., at Melanie S. McNeil is the patient care
ombudsman appointed in the Debtors' cases.


REGIONAL HOUSING: No Decline in Patient Care at Savannah
--------------------------------------------------------
Melanie McNeil, Esq., the patient care ombudsman, filed with the
U.S. Bankruptcy Court for the Northern District of Georgia her 11th
report regarding the quality of patient care provided at The
Gardens of Savannah, which is operated by RHCSC Savannah AL
Holdings LLC, an affiliate of Regional Housing & Community Services
Corp.

Regional Housing & Community Services is the governing body for six
personal care homes, including The Gardens of Savannah in Georgia.

The report was filed after an ombudsman representative for the
Office of the State Long-Term Care Ombudsman visited the Gardens of
Savannah on July 13. Residents were happy with the care and
caregivers; facility appeared clean; and med cart was staffed,
according to the ombudsman representative.

The patient care ombudsman is not aware of any significant change
in facility conditions or decline in resident care for this
personal care home since the last visit.

A copy of the 11th ombudsman report is available for free at
https://urlcurt.com/u?l=KJjLpr from PacerMonitor.com.

The ombudsman may be reached at:

     Melanie S. McNeil, Esq.
     2 Peachtree Street NW, 33rd Floor
     Atlanta, GA 30303
     Telephone: 404-657-5327(O)
     404-416-0211 (Cell)
     Facsimile: 404-463-8384
     Email: Melanie.McNeil@osltco.ga.gov

         About Regional Housing & Community Services

Regional Housing & Community Services Corp. and its affiliates
filed a voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 21-41034) on Aug.
26, 2021. At the time of the filing, Regional Housing & Community
Services listed as much as $100,000 in both assets and
liabilities.

Judge Paul W. Bonapfel oversees the cases.

The Debtors tapped Scroggins & Williamson, P.C. as legal counsel;
GGG Partners, LLC as interim management services provider; and SLIB
II, Inc., doing business as Senior Living Investment Brokerage, as
investment banker. Kurtzman Carson Consultants, LLC is the claims,
noticing and balloting agent.

Greenberg Traurig, LLP serves as counsel for indenture trustee, UMB
Bank, N.A.

Melanie S. McNeil, Esq., at Melanie S. McNeil is the patient care
ombudsman appointed in the Debtors' cases.


REGIONAL HOUSING: No Decline in Patient Care at Social Circle
-------------------------------------------------------------
Melanie McNeil, Esq., the patient care ombudsman, filed with the
U.S. Bankruptcy Court for the Northern District of Georgia her 11th
report regarding the quality of patient care provided at The
Gardens of Social Circle, which is operated by RHCSC Social Circle
AL Holdings LLC, an affiliate of Regional Housing & Community
Services Corp.

Regional Housing & Community Services is the governing body for six
personal care homes, including The Gardens of Social Circle.

The report was filed after an ombudsman representative for the
Office of the State Long-Term Care Ombudsman visited the facility
on June 27. The ombudsman representative did not receive any
complaints.

The ombudsman representative also met with five residents in
Building I. The residents had no concerns. Residents appeared
happy, laughing and talking with each other. The ombudsman
representative observed hallways to be free from clutter and
residents' rooms appeared to be clean and tidy.

The ombudsman representative visited Building III and spoke with
four residents who said that everything was going well and that
staff was good to them. Residents were dressed and groomed. The
ombudsman representative observed staff interacting with residents
in a positive way, laughing and talking to residents as they
assisted them out of the dining room to sit in the living room.

The patient care ombudsman reported no decline in resident care
since the last visit. The residents stated to the ombudsman
representative that they like the staff and the facility, which is
clean and tidy.

A copy of the 11th ombudsman report is available for free at
https://urlcurt.com/u?l=ffoHGu from PacerMonitor.com.

         About Regional Housing & Community Services

Regional Housing & Community Services Corp. and its affiliates
filed a voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 21-41034) on Aug.
26, 2021. At the time of the filing, Regional Housing & Community
Services listed as much as $100,000 in both assets and
liabilities.

Judge Paul W. Bonapfel oversees the cases.

The Debtors tapped Scroggins & Williamson, P.C. as legal counsel;
GGG Partners, LLC as interim management services provider; and SLIB
II, Inc., doing business as Senior Living Investment Brokerage, as
investment banker. Kurtzman Carson Consultants, LLC is the claims,
noticing and balloting agent.

Greenberg Traurig, LLP serves as counsel for indenture trustee, UMB
Bank, N.A.

Melanie S. McNeil, Esq., at Melanie S. McNeil is the patient care
ombudsman appointed in the Debtors' cases.


REGIONAL WEST HEALTH: Fitch Lowers IDR to BB-, On Rating Watch Neg.
-------------------------------------------------------------------
Fitch Ratings has downgraded Regional West Health Services's (RWHS)
Issuer Default Rating (IDR) to 'BB-' from 'BB+'. Fitch has also
downgraded the approximately $64 million of series 2016A bonds
issued through Hospital Authority No. 1 of Scotts Bluff County, NE
on behalf of Regional West Health Services (RWHS).

Fitch has additionally placed RWHS's ratings on Rating Watch
Negative.

ENTITY/DEBT          RATING            PRIOR  
----------                          ------            -----
Regional West Health
Services and Affiliates (NE)    LT IDR  BB-  Downgrade  BB+

Regional West Health
Services and Affiliates  
(NE) /General
Revenues/1 LT                   LT      BB-  Downgrade  BB+

The two-notch downgrade to 'BB-' reflects RWHS's sizeable fiscal
2022 operational losses resulting in negative operating
profitability and dilution of balance sheet metrics. According to
management this was largely a result of continued revenue
disruption related to its Cerner EMR implementation in 2018 and
ongoing cost pressures. A lower rating is precluded at this time
due to management's implementation of turnaround efforts which
include the closure of non-performing assets and the potential sale
of non-core assets which would improve the balance sheet in the
near term.

The Negative Watch reflects RWHS's failure to meet its 1.1x debt
service coverage covenant in fiscal 2022 which triggered an Event
of Default. Failure to reach a formal agreement with the trustee
and the holders of at least 25% of outstanding obligations under
the MTI could result in the acceleration of RWHS's outstanding
debt. As of June 30, 2023, RWHS had $26.2 million of unrestricted
cash and investments compared with $66.7 million of outstanding
long-term debt.

SECURITY

The bonds are secured by a pledge of gross revenues and a mortgage
lien from the obligated group (OG).

KEY RATING DRIVERS

Revenue Defensibility - 'bbb'

Dominant Market Position; Weak Service Area

Fitch assesses RWHS's revenue defensibility at midrange, supported
by its dominant market position and limited competition in a
somewhat weak service area in the Nebraska panhandle. RWHS has a
majority market share in its primary service area. Although the
service area has weak demographic trends, RWHS acts as a regional
referral center in western Nebraska and is the largest provider
within 150 miles. No other hospital has more than 25 licensed beds
in RWHS's primary, secondary or tertiary service areas.

Furthermore, RWHS's payor mix remains solid, as evidenced by
combined Medicaid and self-pay accounting for less than 25% of
gross revenues in recent years, which Fitch views favorably.

Operating Risk - 'b'

Substantial losses in 2022

The decline in operating risk assessment from 'bbb' to 'b' reflects
the sizeable fiscal 2022 operating losses; driven by continued
pressures related to its revenue cycle and labor cost pressures.
Fiscal 2022 results include a negative 12.7% operating EBITDA and
negative 10.5% EBITDA margin. This is a significant decline from
prior year; operating EBITDA and EBITDA were 6.9% and 11.1%
respectively in fiscal 2021.

Prior to fiscal 2020, RWHS had soft operating profitability and
liquidity levels primarily due to issues related to its Cerner EMR
implementation project in 2018. According to management RWHS
continues to face revenue pressure related to its Cerner
implementation. Profitability is expected to remain soft through
the remainder of fiscal 2023 as management works through various
operational improvement plans and non-public developments related
to the closure of unprofitable service lines and potential
monetization of certain assets. Fitch has reviewed RWHS's
preliminary Q2 financial statements and notes that Q2 operating
profitability is much improved compared to Q1. In the event that
operational improvements are sustained Fitch believes that RWHS has
the potential to generate a break-even operating margin over the
outlook period.

Over the past five years capital spending has averaged 76.3% of
depreciation. Going forward, RWHS's capital spending is expected to
be elevated compared to recent years, as it funds various strategic
capital projects to accommodate needs as the regional referral
center in western Nebraska. As of fiscal 2022 RWHS has an elevated
17.6 average age of plant.

Financial Profile - 'bb'

Deterioration in RWHS's liquidity and leverage

RWHS ended fiscal 2022 with cash-to-adjusted debt of approximately
40.1% and a negative 1.4x net-adjusted debt to adjusted EBITDA
(NADAE). Additionally, RWHS had approximately 32 days cash on hand,
compared to approximately 73.1 days cash on hand at FYE 2021. The
yoy cash decline is the result of an approximately negative $40.9
million cash flow from operations during the 2022 fiscal year.

Fitch's forward-looking scenario shows RWHS maintaining key
liquidity and leverage metrics that are overall consistent with a
'bb' assessment, assuming continued soft operations in the near
term as management implements operational improvement plans. Fitch
expects the cash position to stabilize and gradually improve if
RWHS is able to monetize certain assets and support balance sheet
accretion in the near term. Failure to do so may result in pressure
to the financial profile assessment.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

-- Given the minimal financial cushion afforded by its current
liquidity position, any deterioration in unrestricted reserves
could result in a downgrade;

-- Failure to improve and sustain positive operating EBITDA and
EBITDA margins in the next couple of years.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

-- RWHS would need to significantly improve its unrestricted cash
reserves to levels that result in sustained cash to adjusted debt
above 100% and/or improve its operating EBITDA levels consistently
above 6% to be considered for a higher rating level.

PROFILE

RWHS is a non-profit corporation organized as a parent company for
affiliated non-profit health care organizations. The OG consists
solely of Regional West Medical Center (RWMC), an acute care
general hospital in Scottsbluff, NE. RWMC is licensed to operate
188 acute care beds and is a regional referral center. RWHS's other
affiliated entities that are not part of the OG include: Regional
West Physicians Clinic, Regional West Foundation, Regional West
Village, Regional West Garden County and Regional Care. Fitch's
analysis is based on the consolidated entity.

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.


SBA COMMUNICATIONS: Egan-Jones Retains B+ Senior Unsecured Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company on July 20, 2023, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by SBA Communications Corporation. EJR also withdraws
rating on commercial paper issued by the Company.

Headquartered in Boca Raton, Florida, SBA Communications
Corporation owns and operates wireless communications
infrastructure in the United States.



SCHARN INDUSTRIES: Wins Cash Collateral Access Thru Sept 13
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Massachusetts
authorized Scharn Industries, LLC to use cash collateral through
September 13, 2023, on the same terms and conditions as set forth
in the Order dated April 5, 2023.

As previously reported by the Troubled Company Reporter, Diverse
Capital and Cloud Fund, LLC, through its servicing agent Delta
Bridge Funding LLC, assert an interest in the Debtor's cash
collateral.

The Court said the Debtor may only use the cash collateral for the
expenses and purposes set forth in the further budget submitted on
July 21, 2023, excluding any fees and expenses for legal or
professional fees. As provided in the Interim Orders and set forth
at the hearing, the Debtor is limited to the amounts for expenses
set forth in the budget, subject to no more than a 10% variance in
the total expenses in any month.

The Debtor is directed to file by September 8, 2023, (i) a
reconciliation of budget to actual expenses with monthly totals and
cash balances for the period ending August 31, 2023. The budget
should (i) reflect cash receipts and cash expenses, not book income
and expenses (which may include amounts that have not been
collected or paid), (ii) include corrections to the prior
reconciliations for the period through June 30, 2023, to reflect
actual cash receipts and cash expenses, and (iii) include cash
balances each month and accumulated cash ending balance.

A further hearing on the matter is set for September 12 at 10:15
a.m.

A copy of the order is available at https://urlcurt.com/u?l=x2UmtP
from PacerMonitor.com.

                      About Scharn Industries

Scharn Industries, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 23-10298) on Feb.
28, 2023. In the petition signed by Scott Scharn, manager, the
Debtor disclosed up to $100,000 in assets and up to $1 million in
liabilities.

Judge Janet E. Bostwick oversees the case.

The Debtor tapped Gary W. Cruickshank, Esq., at Cruickshank Law as
legal counsel and Robert S. Widell as accountant.


SEAWORLD PARKS: Moody's Rates New $665MM Secured Term Loan 'Ba2'
----------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to SeaWorld Parks &
Entertainment, Inc.'s new $665 million secured term loan B. The net
proceeds from the new term loan together with other new secured
debt is expected to be used to repay the balance of the existing
term loan B due August 2028. The rating on the existing term loan B
is expected to be withdrawn after the transaction closes.

Moody's expects the amount of debt outstanding and the mix of
secured and unsecured debt to be unaffected by this transaction.
Therefore, Moody's believes the transaction will be leverage
neutral so leverage will remain at pro forma 3.3x (including
Moody's standard adjustments) as of Q1 2023. The newly rated term
loan B has the same tenor, guarantor, and covenants as the existing
term loan B, however pricing is expected to be lower. All other
ratings including the existing Ba3 Corporate Family Rating (CFR)
and stable outlook remain unchanged.

Assignments:

Issuer: SeaWorld Parks & Entertainment, Inc.

Senior Secured Term Loan B, Assigned Ba2

RATINGS RATIONALE

The Ba3 CFR reflects improved credit metrics due to the strong
improvement in operating performance with EBITDA well above
pre-pandemic levels, and substantial FCF generation. Despite
inflation headwinds, and slower economic growth in the near term,
Moody's expects SeaWorld will benefit from investments focused on
ROI driving attendance and per capita spending growth. Strong
expense management and additional pricing strategies are also
favorably impacting performance. Moody's anticipates that
management will remain disciplined regarding capital spending and
believe they will seek to license and partner where there is lower
risk and ROI is high. SeaWorld has concentrated exposure to five
different states in the US. Florida is the company's largest market
with five parks, along with Texas, California, Virginia, and
Pennsylvania.

The company also benefits from its portfolio of park brands in key
markets including SeaWorld, Busch Gardens, and Sesame Place as well
as separately branded parks (including water parks) that generate
meaningful annual attendance. Significant expenditures on new rides
and attractions prior to the pandemic and additional spending going
forward will also support performance through for the medium-term
future. There are significant barriers to entry, given the
significant real estate footprint and infrastructure.

SeaWorld's parks in Orlando compete with much larger better
capitalized companies that have significant destination parks there
(The Walt Disney Company A2, and Comcast Corporation A3). However,
the company also draws regional visitors in Florida as well, as
they do in all of the company's other markets. Guest traffic from
international markets represent a relatively small portion of
overall attendance. SeaWorld competes for discretionary consumer
spending from an increasingly wide variety of other leisure and
entertainment activities. Theme parks are primarily exposed to
cyclical discretionary consumer spending. The parks are highly
seasonal and typically very sensitive to weather conditions,
terrorism, public health issues as well as other disruptions
outside of the company's control. SeaWorld is a publicly traded
company listed on the NYSE, but private investment firm, Hill Path
Capital LP, maintains a significant ownership position with the
founder of Hill Path serving as Chairman of the Board.

SeaWorld's SGL-1 rating reflects $55 million of cash on the balance
sheet as of Q1 2023 and an undrawn $390 million revolver due August
2026. Moody's expects SeaWorld will maintain FCF as a percentage of
debt in the mid to high teens in 2023 and 2024, although a portion
may be used on additional share repurchases ($604 million LTM Q1
2023). Moody's anticipate that SeaWorld will spend in excess of
$200 million in capex in 2023 and 2024 which is slightly higher
than pre-pandemic levels ($195 million of capex in 2019). The
expenditures will be used on new technology, infrastructure, rides
and attractions. The large number of new rides and attractions from
capex prior to the pandemic as well as new attractions going
forward will continue to support a recovery in attendance through
2023. The parks are divisible and could be sold individually, but
all of the company's assets are pledged to the credit facility and
asset sales trigger 100% mandatory repayment if proceeds are not
reinvested within 12 months.

The term loan is covenant light, but the revolver is subject to a
springing maximum net first lien secured leverage covenant ratio of
6.25x when greater than 35% is drawn.

The senior secured notes and secured credit facilities (revolver
and Term Loan B) were upgraded to Ba2, one notch above the CFR,
which is impacted by the relatively high percentage of secured debt
in the capital structure.

The stable outlook reflects Moody's expectations that results will
continue to improve going forward driven by attendance growth,
effective pricing and cost management which will be balanced with a
moderate amount of excess cash flow being used for share
repurchases. Moody's anticipate leverage remaining in the low 3x
range, but Moody's currently do not expect improving profits to
accrue to material debt or leverage reduction. SeaWorld will
continue to generate strong operating cash flow which will fund
high levels of capex spend on new rides and attractions, including
the potential development of hotels and additional parks, some
through licensing. These investments will help support rising guest
attendance levels and an increase in average revenue per guest.

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

An upgrade of SeaWorld's ratings could occur if Moody's expects
leverage to be sustained at 2.75x or less (Moody's adjusted) with a
strong commitment from management to maintain such leverage, as
well as a less concentrated ownership profile for the company. A
strong liquidity position would also be required with FCF as a
percentage of debt in the mid to high teens. SeaWorld's ratings
could be downgraded if Moody's expects leverage to be sustained
above 3.75x as a result of non-cyclical operational challenges, a
more aggressive financial policy posture including debt funded
acquisitions or leveraging equity friendly transactions. A weakened
liquidity position could also lead to ratings pressure.

SeaWorld Entertainment, Inc., through its wholly-owned subsidiary,
SeaWorld Parks & Entertainment, Inc. (SeaWorld), own and operate
twelve theme park and water parks located in the US. Properties
include SeaWorld and Aquatica (Orlando, San Diego and San Antonio),
Busch Gardens (Tampa and Williamsburg), Discovery Cove (Orlando)
and Sesame Place (Langhorne, PA and San Diego, CA). The Blackstone
Group Inc. (Blackstone) acquired SeaWorld in 2009 in a leverage
buyout for $2.4 billion (including fees). SeaWorld completed an
initial public offering in 2013 and Blackstone exited its ownership
position in 2017. SeaWorld's revenue was approximately $1.8 billion
as of LTM Q1 2023.

The principal methodology used in this rating was Business and
Consumer Services published in November 2021.


SEAWORLD PARKS: S&P Alters Outlook to Positive, Affirms 'BB-' ICR
-----------------------------------------------------------------
S&P Global Ratings revised its rating outlook on SeaWorld Parks &
Entertainment Inc. to positive from stable, affirmed the 'BB-'
issuer credit rating, and affirmed its issue-level ratings on its
existing debt.

S&P said, "We also assigned our 'BB' issue-level rating and '2'
recovery rating to the proposed $665 million term loan B due 2028,
which reflects our expectation for substantial (70%-90%; rounded
estimate: 85%) recovery for first-lien lenders in the event of a
payment default.

"The positive outlook reflects our expectation that SeaWorld will
sustain leverage below 3.75x over the next 12 months, including the
potential for leveraging acquisitions or shareholder returns.

"SeaWorld continues to outperform our expectations through the
first quarter of 2023, and we expect it will likely sustain
leverage below our 3.75x upgrade threshold over the next 12 months.
SeaWorld's outperformance is driven by sustained high levels of
admissions and in-park per capita spending. Higher per capita
spending has been only modestly offset by a softening of the
company's attendance levels. Attendance in the first quarter
remained above 2019 levels, though it was down slightly from the
first quarter of 2022 due to the unfavorable timing of new ride
openings as well as weather-related impacts in some markets. We
estimate S&P Global Ratings-adjusted net leverage for the 12 months
ended March 31, 2023, was approximately 3x, below our 3.75x upside
threshold for the 'BB-' rating. We expect its operating performance
to remain relatively stable for the remainder of 2023, driven by
continued resilience of in-park per capita spending. However, the
company will likely continue using its excess cash flow for growth
investments and share repurchases. Nonetheless, we expect net
leverage to decline to below 3x by the end of 2023, which could
support a higher rating absent any material leveraging transactions
or a substantial pullback in demand for park visitation.

"We believe the outlook for regional theme parks has modestly
improved and, as such, we currently forecast roughly flat growth in
park visitation and modest in-park per capita spending growth next
year, compared with our previous expectation for a modest pullback.
We believe in-park per capita spending will remain resilient
despite muted visitation growth and SeaWorld will maintain its
elevated admission per capita levels as the company has more
control over pricing. Furthermore, while SeaWorld has identified
about $50 million of cost savings to combat margin degradation
experienced in the first quarter of 2023, we expect margins will
compress by approximately 100 basis points in 2023. Despite the
margin degradation, we expect the company to continue to generate
substantial free cash flow, which will support further leverage
reduction."

SeaWorld's majority ownership by Hill Path Capital L.P. and Scott
Ross's significant influence on the company's operations, strategy,
and capital allocation is a key financial risk given our belief
that it could result in a more aggressive financial policy that
prioritizes shareholder returns. Although SeaWorld remains a public
company, as a result of recent share repurchases, Hill Path
Capital, the company's largest shareholder, has increased its stake
in the company and now holds 42.5% of SeaWorld's outstanding equity
as of July 24, 2023. This includes shares held personally by Hill
Path Capital's founder and managing partner, Scott Ross. The fund
has been invested in SeaWorld since 2017 and between 2019 and 2022
had maintained a stake of 35%-40%. Hill Path Capital, through Scott
Ross as chairman of the board, has been active in the management of
SeaWorld at the operational level. A second Hill Path partner,
James Chambers, holds a second seat on the board (out of 10 total
seats, the remainder of which are independent).

S&P said, "We believe that Hill Path Capital's investment could
result in a more aggressive financial policy than SeaWorld's
publicly traded peers. SeaWorld currently does not commit to a
stated leverage threshold as compared with its peers, which
maintain publicly stated leverage targets. We believe that previous
actions have exemplified a strategy that prioritizes shareholder
returns, including an unsolicited bid to buy Cedar Fair L.P. in
January 2022, which could have required a substantial increase in
the combined entity's debt burden. Furthermore, SeaWorld used
substantially all of its excess cash flow for share repurchases in
2022.

"If, in our view, SeaWorld's financial policy becomes more
aggressive, we would consider designating Hill Path Capital as a
financial sponsor depending on actions taken by management and if
Hill Path Capital's ownership stake and demonstrated influence and
control increase. This would likely be the result of SeaWorld
issuing debt or debt-like securities that we believe it will use to
increase shareholder returns through share repurchases or sizable
debt-funded acquisitions. It is also possible that the company
could issue debt or debt-like securities to fund expansion
projects, including added amenities such as hotels at existing
parks or the opening of new parks at greenfield sites in new
markets that could increase leverage above expected levels.

"The positive outlook reflects our expectation that SeaWorld will
sustain leverage below 3.75x over the next 12 months, including the
potential for leveraging acquisitions or shareholder returns.

"We could raise our rating if the company sustains its improved
operating performance and leverage below 3.75x, incorporating
volatility over the economic cycle. An upgrade would also be
predicated on expectations for a disciplined financial policy
regarding leverage, shareholder returns, and capital spending.

"We could revise our outlook back to stable if we no longer expect
the company will sustain leverage below 3.75x. This could occur if
a prolonged economic downturn causes consumer spending to decline
and operating performance at SeaWorld to deteriorate, or it shifts
toward a more aggressive financial policy, potentially inclusive of
significant leveraging merger and acquisition activity or
debt-funded share repurchases. In this latter scenario, if we were
to designate SeaWorld as financial-sponsor owned, we would also no
longer net cash from leverage, resulting in an increase in our
leverage calculation.'

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

S&P said, "Social factors are a moderately negative consideration
in our credit rating analysis of SeaWorld. SeaWorld is subject to
risks regarding the safety of its parks, including low-probability
events such as ride malfunctions and the risk of injury.
Additionally, while SeaWorld has taken steps to address
reputational risk, it continues to face the risk that unfavorable
publicity related to its care of large marine animals could lead to
depressed attendance or cash flow volatility after an incident that
damages its reputation."



SECURED COMMUNICATIONS: Case Summary & 20 Top Unsecured Creditors
-----------------------------------------------------------------
Debtor: Secured Communications, Inc.
          FKA Secured Communications, LLC
        401 Port Street
        Savannah, GA 31401

Business Description: Secured Communications is a global
                      technology company specializing in
                      safeguarding communications.

Chapter 11 Petition Date: August 1, 2023

Court: United States Bankruptcy Court
       District of Delaware

Case No.: 23-11043

Debtor's Counsel: William E. Chipman, Jr., Esq.
                  CHIPMAN BROWN CICERO & COLE, LLP
                  Hercules Plaza
                  1313 North Market Street, Suite 5400
                  Wilmington, DE 19801
                  Tel: (302) 295-0191
                  Email: chipman@chipmanbrown.com

Total Assets as of April 30, 2023: $819,354

Total Liabilities as of April 30, 2023: $2,794,128

The petition was signed by Damien Fortune as chief financial
officer and chief operating officer.

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

https://www.pacermonitor.com/view/GYQ7ZJY/Secured_Communications_Inc__debke-23-11043__0001.0.pdf?mcid=tGE4TAMA


SEMRAD LAW: Continued Operations to Fund Plan
---------------------------------------------
The Semrad Law Firm, LLC, filed with the U.S. Bankruptcy Court for
the District of Delaware a Subchapter V Plan of Reorganization
dated July 25, 2023.

The firm originally began in 2003 when Robert J. Semrad established
Robert J. Semrad & Associates, LLC ("Semrad & Associates"). In
2014, the Debtor was established by merging Semrad & Associates
into it. Patrick Semrad is the managing partner of the Debtor.

The Debtor did not anticipate the unprecedented impact caused by
the spread of the novel coronavirus disease 2019 ("COVID-19"). Once
COVID19 hit, the Debtor's bankruptcy case filings decreased
dramatically, averaging only 400 per month. This decrease in cases
also caused a significant decrease in revenues earned by the
Debtor.

Starting in Q2 2022, the Debtor finally saw its bankruptcy case
filings increase, resulting in the Debtor breaking even as to its
current cash inflow and expenses. In March 2023, the Debtor saw its
revenue increase to the point where it became cash flow positive.
However, given the impacts of COVID-19, the Debtor remained in
arrears with various creditors, including with respect to: (1) past
due rent; (2) certain tax liabilities; and (3) Old National's
loans.

Under the Plan, the Debtor will devote all of its projected
Disposable Income toward the payment of Creditors. The Plan will be
funded with the funds that are not for the payment of expenditures
necessary for the continuation, preservation, or operation of the
business of the Debtor. The Plan provides for payment of
Administrative Expenses, Priority Tax Claims, and Allowed Secured
Claims in accordance with the Bankruptcy Code, and projects payment
to Allowed General Unsecured Claims. Finally, Holders of Equity
Interests will retain their Equity Interests as they existed on the
Commencement Date.

Class 1 consists of Secured Claims. Payment in full by quarterly
installments over a period of 60 months commencing in Q4 2025 and
equaling $100,000.00 plus amounts totaling 25% of excess Disposable
Income, with consistent interest payments starting Q4 2023.

Class 2 consists of General Unsecured Claims. Except to the extent
that a Holder of an Allowed General Unsecured Claim agrees to a
different treatment, all Allowed General Unsecured Claims shall be
paid pro rata in quarterly installments from Disposable Income
commencing in Q1 2028 and ending on the Last Distribution Date. The
allowed unsecured claims total $1,844,199.03.

Equity Interest Holders shall maintain existing Equity Interest.

The Plan will be funded by the proceeds realized from the
operations of the Debtor. On Confirmation of the Plan, all property
of the Debtor, tangible and intangible, including, without
limitation, will revert, free and clear of all Claims and Equitable
Interests except as provided in the Plan, to the Debtor.

A full-text copy of the Subchapter V Plan dated July 25, 2023 is
available at https://urlcurt.com/u?l=JDTncS from PacerMonitor.com
at no charge.

Counsel to the Debtor:

     Joseph C. Barsalona II, Esq.
     Pashman Stein Walder Hayden, P.C.
     1007 North Orange Street, 4th Floor, Suite 183
     Wilmington, DE 19801-1242
     Telephone: (302) 592-6496
     Email: jbarsalona@pashmanstein.com

                     About Semrad Law Firm

Semrad Law Firm, LLC, is a debt relief agency, a bankruptcy law
firm offering legal relief to families struggling with debt.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 23-10512) on April 26,
2023. In the petition signed by Patrick Semrad, manager, the Debtor
disclosed $8,267,344 in assets and $7,809,414 in liabilities.

Judge John T. Dorsey oversees the case.

Joseph C. Barsalona II, Esq., at Pashman Stein Walder Hayden, PC,
is the Debtor's legal counsel.


SHARP SERVICES: S&P Affirms 'B-' ICR, Outlook Stable
----------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on Sharp
Services LLC and its 'B-' issue-level rating on its existing
first-lien debt. At same time, S&P assigned its 'B-' issue-level
rating and '3' recovery rating to the company's incremental
(non-fungible) first-lien debt. The '3' recovery rating indicates
its expectation for meaningful recovery (50%-70%; rounded estimate:
60%) in the event of a hypothetical default.

The stable outlook reflects S&P's expectation that Sharp will
benefit from strong revenue growth and steadily increasing margins
while generating minimal free operating cash flow (FOCF) over the
next few years.

Sharp Services LLC is exercising its call option to acquire the
remaining 75% stake in Berkshire Sterile Manufacturing (BSM). The
company will fund the $287 million acquisition with an incremental
$211.4 million first-lien term loan and an $80.8 million equity
investment from CD&R and BSM's existing shareholders. It is also
upsizing its revolving credit facility by $40 million to $130
million (undrawn at close).

This follows the strong increase in Sharp's revenue and EBITDA
since it was spun off by UDG Healthcare Ltd. in December 2021.

The acquisition strengthens Sharp's business by providing it with
primary packaging capabilities in the high-growth biologics market.
The company is the second largest outsourced player providing
primary packaging for oral solids and sterile injectables,
secondary packaging, clinical trial services, and cold chain
storage and distribution. BSM is a U.S.-based manufacturer of
sterile drug products used by pharmaceutical and biotech companies
for clinical and commercial use. BSM also provides ancillary
services to their clients, such as analytical method development
and validation, stability studies, and formulation development. BSM
also has expertise in vial, syringe, and cartridge filling, as well
as lyophilization (freeze drying) and terminal sterilization for
small and medium biotech and pharmaceutical companies. Sharp
currently owns 25% of BSM and is exercising its call option to
acquire the remaining 75% stake. BSM's biologics primary packaging
capabilities will broaden Sthe company's services across the
contract development and manufacturing organization (CDMO)
spectrum. Pro forma for the transaction, the combined company will
generate over 60% of its revenues from biologics, which feature a
high degree of complexity but offer higher margins than small
molecule pharmaceuticals.

S&P said, "We predict Sharply will strongly expand its top-line
revenue.In the first half of 2023, the company increased its
revenue by 31% on strong demand from new and existing customers,
price increases (while remaining competitive), and expanded
capacity while also increasing its productivity through the
execution of continuous improvement initiatives. The
contract-driven nature of Sharp's revenue (3-5 year tenor on
average) and its long-term relationships with its sticky customer
base provide it with good revenue stability and visibility.
Therefore, we forecast the company will robustly increase its
revenue by 23% in 2023 and 18% in 2024. We assume the combined
company will benefit from favorable tailwinds in the sterile
fill-finish market, which reflects our expectation the market will
expand by the high-single-digit percent rate over the next few
years on a rising number of new clinical trials and an increasing
share of biologics trials.

"We expect leverage of about 7.6x in 2023, decreasing to 6.0x-6.5x
in 2024, and FOCF to debt of 0.7% in 2023, increasing to 1.4% in
2024.We expect Sharp's leverage will be about 7.6x in 2023 due to
the additional debt it is taking on as part of this transaction, as
well as its receipt of only a partial year of EBITDA contributions
from BSM. We expect the company's leverage will decline to the
6.0x-6.5x range in 2024 as it realizes a full year of EBITDA from
BSM, which generates a substantially higher margin than Sharp. We
expect the company's FOCF to debt will be 0.7% in 2023 before
increasing to 1.4% in 2024, primarily due to strong revenue growth
and margin improvement.

"The stable outlook on Sharp reflects our expectation it will
strongly expand its revenue over the next few years, steadily
increase its margins, and generate minimal FOCF.

"We could lower our rating on Sharp if we view its capital
structure as unsustainable. This could occur if we expect the
company will generate persistent FOCF deficits, potentially due to
a weakening reputation from unanticipated operational disruptions,
increased competition or insourcing, or significant biopharma
industry headwinds that slow the demand for its commercial
packaging and clinical trial services.

"Although unlikely in the next 12 months due to its ownership by a
private-equity sponsor, we could raise our rating on Sharp if we
expect it will sustain S&P Global Ratings-adjusted FOCF to debt of
more than 3% (FOCF of $25 million)."

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

S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis. We view financial
sponsor-owned companies with aggressive or highly leveraged
financial risk profiles as demonstrating corporate decision-making
that prioritizes the interests of their controlling owners, which
typically have finite holding periods and focus on maximizing
shareholder returns."



SHERMAN/GRAYSON: U.S. Trustee Appoints Daniel McMurray as PCO
-------------------------------------------------------------
William Harrington, U.S. Trustee for Region 2, appointed Daniel
McMurray as patient care ombudsman for Sherman/Grayson Hospital,
LLC.

The appointment was made pursuant to the order from the U.S.
Bankruptcy Court for the District of Delaware on July 21.

The PCO may seek to retain counsel to assist him in the performance
of his duties and responsibilities except for his reporting
obligations as set forth in Section 333(b)(2) of the Bankruptcy
Code.

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

                  About Sherman/Grayson Hospital

Sherman/Grayson Hospital, LLC is the operator of Wilson N. Jones
Regional Medical Center, a 207-bed acute care hospital in Sherman,
Texas.

Sherman/Grayson Hospital sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Case No. 23-10810) on June 23,
2023, with $1 million to $10 million in assets and $50 million to
$100 million in liabilities.

Judge J. Kate Stickles oversees the case.

Scott J. Leonhardt, Esq., at The Rosner Law Group, LLC is the
Debtor's bankruptcy counsel.


SHO HOLDING I: Moody's Cuts CFR to Ca & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service downgraded SHO Holding I Corporation's
("SFC") corporate family rating to Ca from Caa2, its probability of
default rating to Ca-PD/LD from Caa2-PD and its senior secured
first lien bank credit facilities to Caa3 from Caa1. At the same
time, Moody's also appended an "/LD" (limited default) designation
to the PDR following the company's recent modifications to its
unrated second lien term loan. The outlook was changed to negative
from stable.

The downgrades reflect governance considerations including the
company's extremely high and unsustainable leverage, weak interest
coverage and impending maturities of the company's senior secured
first lien revolving credit facilities and senior secured first
lien term loan in April 2024.

Moody's believes the challenging refinancing environment for
highly-leveraged companies will likely prevent SFC from receiving
an extension of its loans from lenders under similar economic
terms. The downgrade of the senior secured first lien bank credit
facility to Caa3 from Caa1 also reflects potential impairment risk
on those instruments.

The "/LD" (limited default) designation reflects the recent
modification to the company's unrated second lien term loan which
converted the interest payments on that instrument to be
pay-in-kind through its October 2024 maturity. Moody's will remove
the /LD designation in three business days.

The negative outlook reflects the risk to Moody's recovery
estimates should SFC be unable to improve operating earnings from
current levels.  The negative outlook also reflects the risk that
SFC could file bankruptcy.

Downgrades:

Issuer: SHO Holding I Corporation

Corporate Family Rating, Downgraded to Ca from Caa2

Probability of Default Rating, Downgraded to Ca-PD /LD (LD
appended) from Caa2-PD

Senior Secured 1st Lien Bank Credit Facility, Downgraded to Caa3
from Caa1

Outlook Actions:

Issuer: SHO Holding I Corporation

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

SFC's Ca CFR reflects its unsustainably high leverage stemming from
the 2015 acquisition of a controlling stake of the company by CCMP
Capital Advisors, LLC ("CCMP"), the 2016 debt financed acquisitions
of SureGrip Footwear and Mozo and subsequent weak operating
performance reflected in reduced profitability. SFC's customer base
was significantly impacted by the COVID-19 pandemic which led to
weak operating performance in 2020. While sales have mostly
returned to pre-pandemic levels, profitability has lagged as the
company has faced an inflationary environment and global supply
chain issues. SFC is also contending with the maturity of its first
lien revolvers and first lien term loan in April 2024. The rating
also reflects the company's very small revenue scale versus other
rated apparel companies and its narrow product focus on slip
resistant footwear for work environments, with a focus in the
foodservice, retail supermarkets and industrial industries.
Positive rating consideration is given to the recurring purchase of
technical footwear caused by normal wear and tear and foodservice
employee turnover, the company's long-standing customer
relationships with low concentration and established payroll
deduction programs within its customer base that creates a barrier
to entry because of the embedded technology within customers' human
resource systems.

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

The ratings could be upgraded if the company maintains at least an
adequate liquidity profile which includes a timely and economical
refinancing of the 2024 debt maturities, a sustainable pro forma
capital structure, positive free cash flow generation and ample
covenant cushion.

The ratings could be downgraded if the company defaults on all its
debt or if there are reduced recovery expectations.

Headquartered in Boca Raton, Florida, SHO Holding I Corporation,
which does business as "Shoes for Crews," designs, markets and
manufactures slip resistant footwear and other safety products in
the US and certain European countries. Revenue for the twelve-month
period ended LTM March 31, 2023 was approximately $225 million. The
company has been majority owned by private equity firm CCMP Capital
Advisors, LLC since 2015.

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


SILGAN HOLDINGS: Egan-Jones Retains BB Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company on July 17, 2023, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Silgan Holdings Inc. EJR also withdraws rating on
commercial paper issued by the Company.

Headquartered in Stamford, Connecticut, Silgan Holdings Inc. is a
manufacturer of sustainable rigid packaging solutions for essential
consumer goods products.



SIRIUS XM: Egan-Jones Retains BB+ Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company on July 18, 2023, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Sirius XM Holdings Inc.

Headquartered in New York, Sirius XM Holdings Inc. broadcasts
various channels of audio from its satellites.



SONIC AUTOMOTIVE: Egan-Jones Retains BB+ Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company on July 20, 2023, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Sonic Automotive, Inc. EJR also withdrew its 'A3'
rating on commercial paper issued by the Company.

Headquartered in Charlotte, North Carolina, Sonic Automotive, Inc.
is an automotive retailer.



SORRENTO THERAPEUTICS: $20MM DIP Loan from Scilex Wins Final OK
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, authorized Sorrento Therapeutics, Inc. and its
debtor-affiliates to use cash collateral and obtain postpetition
financing, on a final basis.

The Debtors are permitted to obtain from Scilex Holding Company, a
non-debtor subsidiary of Sorrento, the principal amount of $20
million plus applicable interest, under a Junior DIP Facility.

On March 30, 2023, the Court entered a final order approving the
Debtors' senior secured postpetition financing facility with JMB
Capital Partners Lending, LLC.  The Senior DIP Facility was
scheduled to mature July 31, 2023, however, the Debtors' liquidity
was expected to last only until July 7. The Debtors sought
additional liquidity to continue with their Chapter 11 Cases. The
Debtors' Chief Restructuring Officer determined that the best
source of liquidity for the Debtors under the current circumstances
was a $20 million junior term loan from Scilex.

The Junior DIP Facility bears interest at a per annum rate of
12.00% payable in kind on the first day of each month in arrears
and on the DIP Termination Date (as defined in the Junior DIP Term
Sheet). Upon the occurrence and during the continuance of an event
of default as defined in the Junior DIP Term Sheet, the interest
rate on outstanding DIP Loans (as defined in the Junior DIP Term
Sheet) would increase by 2.00% per annum. The commitment fee and
the funding fee described above shall be payable upon the funding
of the DIP Loans (as defined in the Junior DIP Term Sheet), in each
case as set forth in the Junior DIP Term Sheet. Upon repayment or
satisfaction of the DIP Loans (as defined in the Junior DIP Term
Sheet) in whole or in part, the Debtors shall pay to Scilex in cash
an exit fee equal to 2% of the aggregate principal amount of the
Junior DIP Facility on the date of the Draw.

The Debtors have an immediate and critical need to obtain the DIP
Facility and use cash collateral in order to, among other things,
(i) permit the orderly continuation and operation of their
businesses, (ii) maintain business relationships with customers,
vendors and suppliers, (iii) make payroll, (iv) make capital
expenditures, (v) pay the expenses of the Chapter 11 Cases, (vi)
satisfy working capital and operational needs of the Debtors, and
(v) for general corporate purposes, in each case, in accordance
with and subject to the terms and conditions of the Final Order and
the DIP Loan Documents.

All DIP Obligations will be due and payable in full in cash -- or
such other form of consideration as the DIP Lender and the
Borrowers may mutually agree -- on the earliest of:

     i. September 30, 2023;

    ii. The effective date of any chapter 11 plan of reorganization
with respect to the Borrowers or any other Debtor;

   iii. The consummation of any sale or other disposition of all or
substantially all of the Debtors' assets pursuant to 11 U.S.C.
section 363 of the Bankruptcy Code;

    iv. The date of the acceleration of the DIP Loans and the
termination of the DIP Commitments in accordance with the DIP
Documents;

     v. Dismissal of the Chapter 11 Cases or conversion of the
Chapter 11 Cases into cases under chapter 7 of the Bankruptcy Code;
and

    vi. July 31, 2023, unless the Final Order has been entered by
the Bankruptcy Court on or prior to such date.

The Events of Default include:

     i. The Borrowers will fail to pay when due, any principal;

    ii. The Borrowers will fail to pay any interest or any Fees,
costs due to Lender or any other amount under the Agreement or any
Loan Document when and as the same will become due and payable;
and

   iii. Any Borrower will file or obtain Bankruptcy Court approval
of a disclosure statement for a plan of reorganization that is not
an Acceptable Plan.

Pursuant to the terms of the Subordination Agreement, the Debtors'
obligations to the Junior DIP Lender under the Junior DIP Facility
are subordinated to the obligations of the Debtors to the Senior
DIP Lender on the terms and conditions set forth therein.

A copy of the Court's order is available at
https://urlcurt.com/u?l=QiILbP from Stretto, the claims agent.

                           *     *     *

Sorrento Therapeutics has filed with the Securities and Exchange
Commission a copy of its Business Plan Overview.  The Business Plan
Overview, originally dated July 11, contains select information on
the Company's business and operations and is intended to assist
parties in evaluating a potential sale, debt or equity financing,
or the terms of a potential Chapter 11 plan.  It contains
management's financial forecast for reorganized Sorrento through
2039.

A copy of the Business Plan Overview is available at
https://tinyurl.com/364ejj8t

                    About Sorrento Therapeutics

Sorrento Therapeutics, Inc. -- http://www.sorrentotherapeutics.com/
-- is a clinical and commercial stage biopharmaceutical company
developing new therapies to treat cancer, pain (non-opioid
treatments), autoimmune disease and COVID-19. Sorrento's
multimodal, multipronged approach to fighting cancer is made
possible by its extensive immuno-oncology platforms, including key
assets such as next-generation tyrosine kinase inhibitors ("TKIs"),
fully human antibodies ("G-MAB(TM) library"), immuno-cellular
therapies ("DAR-T(TM)"), antibody-drug conjugates ("ADCs"), and
oncolytic virus ("Seprehvec(TM)"). Sorrento is also developing
potential antiviral therapies and vaccines against coronaviruses,
including STI-1558, COVISHIELD(TM) and COVIDROPS(TM), COVI-MSCTM;
and diagnostic test solutions, including COVIMARK(TM).

Sorrento Therapeutics, Inc., and Scintilla Pharmaceuticals, Inc.,
sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No.
23-90085) on Feb. 13, 2023. Sorrento disclosed assets in excess of
$1 billion and liabilities of about $235 million as of Feb. 10,
2023.

Judge David R. Jones oversees the cases.

The Debtors tapped Latham & Watkins, LLP as bankruptcy counsel;
Jackson Walker, LLP as local counsel; Tran Singh, LLP as conflicts
counsel; and M3 Advisory Partners, LP as financial advisor. Mohsin
Y. Meghji, managing partner at M3, serves as the Debtors' chief
restructuring officer. Stretto Inc. is the claims, noticing and
solicitation agent.

Norton Rose Fulbright US, LLP and Milbank, LLP represent the
official committee of unsecured creditors appointed in the Debtors'
Chapter 11 cases.

On April 10, 2023, the U.S. Trustee for Region 7 appointed an
official committee to represent the Debtors' equity security
holders.

On April 10, 2023, the U.S. Trustee for Region 7 appointed an
official committee to represent the Debtors' equity security
holders. Glenn Agre Bergman & Fuentes, LLP and Greenberg Traurig,
LLP serve as the equity committee's bankruptcy counsels.


SOUTHSWEST AIRLINES: Egan-Jones Retains BB Sr. Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company on July 21, 2023, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Southwest Airlines Co. EJR also withdraws rating on
commercial paper issued by the Company.

Headquartered in Dallas, Texas, Southwest Airlines Co. is a
domestic airline that provides primarily short-haul,
high-frequency, and point-to-point services.



SPARK NETWORKS: Has Forbearance Deal Until Friday
-------------------------------------------------
Spark Networks SE on July 28, 2023, entered into Amendment No. 6 to
Forbearance Agreement, which extends the forbearance period
termination date to August 4.

On March 11, 2022, Spark entered into a Financing Agreement with
Zoosk, Inc. and Spark Networks, Inc., the subsidiary guarantors
party thereto, the lenders party thereto, and MGG Investment Group
LP, as administrative agent and collateral agent, providing for
senior secured term loans in the aggregate principal amount of $100
million. On August 5, 2022, the Company entered into Amendment No.
1 to Financing Agreement, which revised certain financial covenants
related to the testing of the Company's quarterly leverage ratio
and the Company's minimum market spend.

On March 29, 2023, the Company entered into Amendment No. 2 to
Financing Agreement and Forbearance Agreement, which granted
forbearance until May 15, with respect to the Company's receipt of
a going concern opinion on the condition that the Company retain a
financial advisor, and amended the definition of Adjusted EBITDA in
the Financing Agreement.

On May 15, 2023, the Company entered into Amendment No. 1 to
Forbearance Agreement, which extended the forbearance termination
date to May 25, and added to the forbearance the Company's failure
to deliver to the collateral agent a control agreement.

On May 25, 2023, the Company entered into Amendment No. 2 to
Forbearance Agreement, which extended the forbearance period
termination date to June 15 and removed from the forbearance the
Company's failure to deliver to the collateral agent a control
agreement (as moot). No other changes were made to the Financing
Agreement.

On June 15, 2023, the Company entered into Amendment No. 3 to
Forbearance Agreement, which extended the forbearance period
termination date to July 14, conditioned on (i) by June 19, the
delivery to MGG of an engagement letter appointing Adrian Frankum
of Ankura Consulting Group, LLC as special project officer, (ii) by
June 30, the Company causing its financial advisor to deliver to
MGG a bottoms-up, step-by-step operational performance improvement
plan with a fully integrated financial model, including
restructuring options and future capital and liquidity requirements
of the Company, (iii) by July 7, approval by the Company's board of
directors of the Transition Plan, and (iv) by July 7, the Company
engaging an auditor to provide an IDW-S6 opinion.

On July 14, 2023, the Company entered into Amendment No. 4 to
Forbearance Agreement, which extended the forbearance period
termination date to July 21.

On July 21, 2023, the Company entered into Amendment No. 5 to
Forbearance Agreement, which extends the forbearance period
termination date to July 28, and adds to the forbearance the
Company's failure to meet minimum marketing spend requirements over
a 12-month period.

The parties agree that as of July 28, $99 million in principal is
outstanding under the MGG Loan.

A copy of Amendment No. 6 to Forbearance Agreement is available at
https://tinyurl.com/3ccfyhtp

MGG may be reached at:

     Kevin Griffin
     MGG INVESTMENT GROUP LP
     One Penn Plaza, 53rd Floor
     New York, NY 10119
     E-mail: creditagreementnotices@mgginv.com

                     About Spark Networks

Spark Networks SE provides social dating platforms for meaningful
relationships focusing on the 40+ age demographic and faith-based
affiliations, including Zoosk, EliteSingles, SilverSingles,
Christian Mingle, Jdate, and JSwipe, among others. The Company's
brands are tailored to quality dating with real users looking for
love and companionship in a safe and comfortable environment. The
Company is domiciled in Germany with significant corporate
operations, including executive leadership, accounting and finance,
located in the United States.

In its most recent quarterly report filed in May for the
three-month period ended March 31, 2023, Spark reported $163.7
million in total assets and $175.8 million in total liabilities.

Spark said there is substantial doubt about its ability to continue
as a going concern within one year after the March 2023 quarterly
report is issued. Spark said the Company has generated losses from
operations, continues to have declines in revenues, incurred
impairment charges to its Zoosk goodwill and intangible assets, has
cash outflows from operations and has a working capital deficiency.
Based on these conditions and events, the Company said it may not
be able to comply with the covenants under its Financing Agreement
over the next 12 months, specifically related to the maximum
leverage ratio covenant. The Company plans to alleviate these
conditions and events by implementing additional cost reduction
measures to reduce operating expenses and optimize net working
capital and profit.


STRATHCONA RESOURCES: S&P Alters Outlook to Neg., Affirms 'B+' ICR
------------------------------------------------------------------
S&P Global Ratings revised the outlook on Canada-based Strathcona
Resources Ltd. to negative from stable. At the same time, S&P
affirmed its 'B+' issuer credit rating on Strathcona and 'BB-'
issue-level rating on the senior unsecured notes. The '2' recovery
rating is unchanged.

The negative outlook reflects the near-term repayment risk related
to the C$675 million term loan. While S&P believes the company will
likely be able to pay the term loan on time, high-impact, low
probability events could impact repayment.

The impending maturity on the term loan is a key risk. Strathcona's
C$675 million term loan matures on Feb. 29, 2024. The company
expects to repay the term loan in entirety but has so far made only
modest payments. S&P said, "We expect management to repay about
C$150 million in August 2023 based on excess cash flow sweeps, with
the remaining outstanding balance of C$525 million being repaid
from free cash flow generation and drawings under the credit
facility, the latter of which remains highly drawn. However, we do
not believe delaying repayment till maturity demonstrates prudent
risk management because it exposes the company to unanticipated
adverse market or operational events that could pressure its
ability to address the maturity in a timely manner."

S&P said, "We note that management has considerable hedges (about
70% of WTI oil is hedged for the balance of 2023 at a price of $77
per barrel [/bbl]), which limits downside risk to our projected
free cash flow of C$600 million in 2023. However, it only has
approximately 40% of WCS oil differentials hedged for the rest of
the year. While we do not expect differentials to widen to the
extent observed in the first quarter of 2023 ($25/bbl) due to the
transmountain pipeline expansion coming online, there could be
unexpected volatility. We also note the support from the banking
syndicate, as evidenced by expansion of the credit facility to
C$2.3 billion from C$2 billion in conjunction with the Pipestone
acquisition. However, we expect the credit facility will remain
largely drawn at close (75% drawn on the upsized C$2.3 billion),
with C$600 million of projected availability. Although not
expected, management also has the flexibility to cut back on growth
spending if needed.

"While we believe the company has a credible plan to repay the term
loan, the impending maturity and tight liquidity increase downside
risk and are reflected in the outlook revision.

"We view the Pipestone Energy acquisition favorably. Strathcona
announced the acquisition of Pipestone in a stock-based
transaction. We view the transaction favorably, as it expands
Strathcona's operating scale to a pro forma 185,000 barrels of oil
equivalent (boe) per day from existing 150,000 boe per day while
providing a natural hedge to the company's heavy oil production
process. At the same time, we expect the transaction will generate
accretive cash flow while adding only a minimal amount of debt
(about C$100 million). We believe Strathcona will be able to
successfully integrate the Pipestone assets into its portfolio
given their proximity to the company's existing Kakwa operations.
The company also expects to go public as part of this transaction,
providing greater access to capital markets. We expect the
transaction to close in the fourth quarter of this year, subject to
customary approval from Pipestone's shareholders. The company would
also require approval from the competition bureau and TSX."
While operational scale has increased, heavy oil accounts for most
of the product mix, constraining upside to the business risk
assessment. Strathcona's operational scale has been increasing
steadily, primarily fueled by acquisitions, with production
projected to rise to close to 200,000 boe per day in 2024 after
factoring in the Pipestone acquisition. The growth is also
supported by investments in de-bottlenecking and brownfield
expansions using existing infrastructure and facilities. In
addition, the company has a relatively large resource base, with
estimated net proved reserves of 1.15 billion boe (pro forma
Pipestone) and a reserve life index of more than 20 years that
provides good visibility to low-risk, long-term stable production.

However, most of the production is conventional heavy oil and
thermal bitumen (about 60%), resulting in higher volatility than
that of many rated peers focused on light oil production. S&P said,
"In addition, our business risk assessment factors in the
relatively high-cost structure compared with that of peers focused
on light oil and natural gas development. We currently assess the
company's profitability (calculated on a five-year, unit EBIT per
thousand cubic feet basis) in the mid-range of our North American
peer group, but Strathcona would need to demonstrate consistent
operating performance at existing and recent acquired assets to
maintain our profitability assessment."

S&P said, "The negative outlook reflects our view of the near-term
repayment risk related to the C$675 million currently outstanding
on the term loan. While we assume the company will be able to repay
the term loan using a combination of free cash flow and drawings
under the credit facility, high-impact, low-probability events
could pose a liquidity risk. We also do not expect the company to
make any material debt-funded acquisitions over the near term.

"We could lower the rating over the next few months if we believe
there is increasing risk that the term loan will not be repaid. We
believe this could occur if the company fails to make progress on
term loan repayments using excess cash flows and as mandated in the
amortization schedule. In such an event, we believe the rating
could be lowered multiple notches. We could also lower the rating
if the capacity under the credit facility is severely constrained,
weakening our liquidity assessment.

"We could revise the outlook to stable upon repayment of the term
loan, alleviating the short-term refinancing risk. In this
scenario, we would also expect the company to maintain sufficient
liquidity under the credit facility such that our estimate of cash
flow generation relative to fixed charges and planned spending
requirements is at least 1.2x and leverage remains at our forecast
levels."

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

S&P said, "Environmental and social factors are negative
considerations in our credit rating analysis of Strathcona
Resources. With the company's upstream operations largely focused
on heavy oil (close to 60% of projected average daily production),
the environmental risks associated with the greenhouse
gas-intensive operations are a material factor in our rating
analysis. The credit profile is also exposed to the social risks in
the supply chain that contribute to delays in completing new
pipeline projects, which have resulted in heightened heavy oil
price differential volatility relative to global benchmark prices
in the past and stunted the oil sands sector's growth prospects.
Governance is a moderately negative consideration, as is the case
for most rated entities owned by private-equity sponsors. We
believe the company's financial risk profile points to corporate
decision-making that prioritizes the interests of the controlling
owners." This also reflects the generally finite holding periods
and a focus on maximizing shareholder returns.



SVB FINANCIAL: Asks Court Okay for Up to $12.6Mil. Exec. Bonuses
----------------------------------------------------------------
James Nani of Bloomberg Law reports that SVB Financial Group has
asked for bankruptcy court permission to implement a program that
would award up to $12.6 million in bonuses to nine executives
involved with its venture capital and credit investment arm.

Silicon Valley Bank's bankrupt former parent is aiming to implement
a plan that would allow it to pay incentive bonuses to the
executives if they meet various performance metrics, the company
said in a motion filed Tuesday with the US Bankruptcy Court for the
Southern District of New York.

The nine executives became employees of First-Citizens Bank & Trust
Co. when it acquired the subsidiary bank in March.  However, they
are key to managing assets under the SVB Capital business, which
remain property of SVB Financial, according to the motion.

The proposed key employee incentive program is part of a plan to
bring the executives back over to SVB Financial as it works to
eventually sell or reorganize SVB Capital, according to the
filing.

SVB Financial filed for Chapter 11 after its subsidiary bank was
seized by regulators amid a run on withdrawals.

SVB Financial said in court papers that the bonus program is
"necessary in light of the Debtor's inability to compensate the
KEIP participants through other means."

                     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, the
California Department of Financial Protection and Innovation seized
SVB and placed it under the receivership of the Federal Deposit
Insurance Corporation. 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 Debtor had
assets of $19,679,000,000 and liabilities of $3,675,000,000 as of
Dec. 31, 2022.

The Hon. Martin Glenn is the bankruptcy judge.

The Debtor tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Centerview Partners, LLC as investment banker; and Alvarez & Marsal
North America, LLC as restructuring advisor.  William Kosturos, a
partner at Alvarez & Marsal, serves as the Debtor's chief
restructuring officer.  Kroll Restructuring Administration, LLC, is
the claims and noticing agent and administrative advisor.

The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case.  The
committee tapped Akin Gump Strauss Hauer & Feld, LLP as bankruptcy
counsel; Cole Schotz P.C. as conflict counsel; Lazard Freres & Co.,
LLC as investment banker; and Berkeley Research Group, LLC, as
financial advisor.


TONY'S COURTYARD: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: Tony's Courtyard, L.L.C.
        8332 Case Street
        La Mesa, CA 91942

Business Description: The Debtor is a Single Asset Real Estate
                     (as defined in 11 U.S.C. Section 101(51B)).

Chapter 11 Petition Date: August 2, 2023

Court: United States Bankruptcy Court
       District of South California

Case No.: 23-02291

Debtor's Counsel: Quintin Shammam, Esq.
                  LAW OFFICES OF QUINTIN G. SHAMMAM
                  2221 Camino Del Rio South, Ste. 207
                  San Diego, CA 92108
                  Tel: (619) 444-0001
                  Email: quintin@shammamlaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Manuel Gamboa as manager.

The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.

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

https://www.pacermonitor.com/view/72RYGZQ/Tonys_Courtyard_LLC__casbke-23-02291__0001.0.pdf?mcid=tGE4TAMA


TRINET GROUP: S&P Rates New $500MM Senior Unsecured Notes 'BB'
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level rating and '4'
recovery rating to Dublin, Calif.-based human resources outsourcing
provider TriNet Group Inc.'s new $500 million senior unsecured
notes. The company expects to put this new debt fully toward the
recently announced $1 billion share repurchase plan.

TriNet is also proposing to amend and upsize its current $500
million revolving credit facility into a five-year, $700 million
facility. TriNet intends to use $200 million from this revolver to
fund a portion of the share repurchase transaction. S&P expects
TriNet to maintain leverage within its publicly stated threshold of
1.5x-2x, which equates to S&P Global Ratings-adjusted leverage of
2x-2.5x.

The '4' recovery rating on the unsecured debt indicates S&P's
expectation for average (30%-50%; rounded estimate: 45%) recovery
in the event of a payment default. Its '1'recovery rating on the
priority secured debt is unchanged, with a rounded estimate of
95%.

ISSUE RATINGS - RECOVERY ANALYSIS

Key analytical factors

-- TriNet's debt capitalization includes the amended $700 million
secured first-lien revolving credit facility due in 2028 and $1
billion senior unsecured notes due in 2029.

-- S&P's simulated default scenario considers a default in 2028
due to a severe and sustained economic downturn that reduces
employment across the company's installed base, a
reputation-damaging event leading to significant client attrition,
or sharp spikes in larger-than-expected insurance claims that
challenge TriNet's revenue and cash flow such that it cannot meet
its obligations.

-- S&P believes the company would reorganize as a going concern in
the event of a default due to its expertise in payroll processing,
tax administration, employment, and benefit law compliance as well
as its established client relationships.

Simulated default assumptions

-- Simulated year of default: 2028

-- EBITDA at emergence: $198 million

-- Implied enterprise valuation multiple: 6x

-- Gross enterprise value: About $1.2 billion

-- S&P assumes 85% of the company's revolving credit facility
would be drawn at default.

-- All debt amounts include six months of accrued by unpaid
interest at default.

Simplified waterfall

-- Net enterprise value (after 5% administrative costs): About
$1.13 billion

-- Valuation split in % (obligors/nonobligors): 100%/0%

-- Value available to first-lien debt claims
(collateral/noncollateral): About $1.12 billion/$0

-- Estimated first-lien debt claims: $617 million

    --Recovery expectations: 90%-100% (rounded estimate: 95%)

-- Estimated unsecured debt claims: $1 billion

    --Recovery expectations: 30%-50% (rounded estimate: 45%)



TRINITY INDUSTRIES: Egan-Jones Retains BB Senior Unsecured Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company on July 17, 2023, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Trinity Industries Inc. EJR also withdraws rating on
commercial paper issued by the Company.

Headquartered in Dallas, Texas, Trinity Industries Inc.
manufactures transportation, construction, and industrial
products.



TROIKA MEDIA: Faces Lawsuit Over Breach of Agreement
----------------------------------------------------
Michael Carrano, Thomas Marianacci, Maarten Terry, and Sadiq Toama,
in their capacities as the sellers of Converge Direct, LLC and
certain of its affiliates filed a complaint on July 17, 2023, under
the caption Carrano et al. v. Troika Media Group, Inc. and CD
Acquisition Corporation, Case No. 653449/2023 in the Supreme Court
of the State of New York, New York County against the Company and
CD Acquisition Corporation.  The Defendants have not yet been
served with a Summons or the Complaint.

On July 28, 2023, Plaintiff Mr. Toama, who is chief executive
officer of the Company, has informed the Company that he intends to
withdraw from the Action without prejudice.  Mr. Toama has recused
himself from all deliberations by the Company's Board of Directors
concerning the Action.

As disclosed in a Form 8-K filed by the Company with the Securities
and Exchange Commission, the Complaint generally alleges that the
Defendants owe sums to the Plaintiffs under a Membership Interest
Purchase Agreement effective as of March 21, 2022.  The Complaint
seeks, among other things, a judgment that the Defendants breached
the Agreement and damages relating to the purported breach.

                            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.


TROIKA MEDIA: Inks Third Amended A&R Limited Waiver With Blue Torch
-------------------------------------------------------------------
Troika Media Group, Inc. and Blue Torch Finance LLC entered into a
third amendment to the A&R Limited Waiver pursuant to which Blue
Torch agreed to extend the Outside Date from July 28, 2023 to Aug.
28, 2023, subject to potential extension if a definitive written
agreement is delivered on or prior to Aug. 28, 2023 providing for
cash repayment in full of all obligations owed to Blue Torch or
which is otherwise acceptable to Blue Torch.

As previously disclosed, on Feb. 10, 2023, Troika Media and Blue
Torch Finance LLC entered into an Amended and Restated Limited
Waiver of certain events of default under the Financing Agreement
dated March 21, 2022, by and among the Company, the lenders from
time-to-time party thereto, and Blue Torch as collateral agent and
administrative agent for such lenders.  The A&R Limited Waiver
would have expired on the earliest of (x) the occurrence of an
Event of Default under the Financing Agreement that is not a
Specified Event of Default, (y) a failure by the Company to comply
with certain sale and refinancing milestones and (z) June 30, 2023,
subject to potential extension of up to 60 days to obtain
regulatory and/or shareholder approval in the event the Company is
pursuing a sale transaction.

On May 8, 2023, the Company and Blue Torch entered into a first
amendment to the A&R Limited Waiver pursuant to which the Company
affirmed its commitment to work in good faith to consummate a sale
of the Company's business or assets and/or a refinancing
transaction by the Outside Date, and Blue Torch agreed to remove
the aforementioned milestones and to extend the Outside Date from
June 30, 2023 to July 14, 2023, subject to potential extension if a
definitive written agreement was delivered on or prior to July 14,
2023 providing for cash repayment in full of all obligations owed
to Blue Torch or which was otherwise acceptable to Blue Torch.

On July 14, 2023, the Company and Blue Torch entered into a second
amendment to the A&R Limited Waiver pursuant to which Blue Torch
agreed to extend the Outside Date from July 14, 2023 to July 28,
2023, subject to potential extension if a definitive written
agreement is delivered on or prior to July 28, 2023 providing for
cash repayment in full of all obligations owed to Blue Torch or
which is otherwise acceptable to Blue Torch.

                            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.


TWILIGHT HAVEN: Wins Cash Collateral Access Thru Sept 27
--------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of California,
Fresno Division, authorized Twilight Haven, a California nonprofit
corporation, to use cash collateral on an interim basis in
accordance with the budget, through September 27, 2023.

As previously reported by the Troubled Company Reporter, the Debtor
has an immediate and ongoing need to access cash collateral in
which its secured creditor, the Small Business Administration
asserts an interest.

As adequate protection for the Debtor's use of cash collateral the
Secured Creditor will have replacement liens in the Debtor's
pre-and post-petition assets of the same type, validity and
priority as are subject to its valid pre-petition liens and
security interests.

The Secured Creditor's liens upon, and security interest in, the
replacement collateral are perfected without any other act or
filing upon entry of the Order.

A continued hearing on the matter is set for September 28 at 9:30
a.m.

A copy of the order and the Debtor's budget is available at
https://urlcurt.com/u?l=ySwD3V from PacerMonitor.com.

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

       $284,312 for July 2023;
       $283,312 for August 2023; and
       $283,312 for September 2023.

                       About Twilight Haven

Twilight Haven, a California non-profit corporation, operates as a
non-profit corporation offering affordable independent senior
apartments, assisted living apartments as well as skilled nursing
services within its 10-acre campus.

Twilight Haven filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. E.D. Calif. Case No. 23-11332) on June
22, 2023, with $12,592,133 in assets and $3,005,377 in
liabilities.

Kristine Williams, chief executive officer, signed the petition.

Judge Rene Lastreto II oversees the case.

Riley C. Walter, Esq., at Wanger Jones Helsley is the Debtor's
legal counsel.


UNIVERSITY HOSPITAL: Fitch Affirms 'BB-' IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed the 'BB-' Issuer Default Rating (IDR)
for University Hospital (UH) and affirmed the 'BB-' revenue bond
rating on the following New Jersey Health Care Facilities Financing
Authority bonds issued on behalf of UH:

-- $254,975,000 revenue and refunding bonds, University Hospital
Issue series 2015A.

The Rating Outlook is Stable.

ENTITY/DEBT                          RATING           PRIOR  
---------                            ------           -----
University Hospital (NJ)       LT IDR   BB-  Affirmed   BB-

University Hospital (NJ)
/General Revenues/1 LT         LT       BB-  Affirmed   BB-

The 'BB-' rating reflects UH's thin net leverage profile, driven
largely by UH's pension liability, with cash-to-adjusted debt below
20%. Operationally, UH produces negative operating EBITDA margins,
with yearly state appropriations enabling UH to produce positive
EBITDA margins. EBITDA margins have ranged from 2.1% to 15.3% over
the last five years. The negative underlying operating performance
reflects UH's challenging payor mix, with Medicaid and self-pay
combining for approximately 50% of UH's gross payor mix. In the
last two years, UH's EBITDA margins have improved due to an
increase in patient volumes, improved cash collections and
additional supplemental funding. The stronger EBITDA margins
coupled with limited capital spending from cash flow has helped
grow unrestricted liquidity. Days cash on hand was 84.4 days at YE
fiscal 2022, up from 66.7 days at YE fiscal 2021.

The 'BB-' rating also considers language in the 2012 Restructuring
Act that established UH, in which the state recognized the
essentiality of the services UH provides and the need to fund those
services. The Act states that State funding provided to UH shall be
sufficient to maintain the level of community services provided on
July 1, 2013, and to maintain UH as an acute care facility and
trauma center. Although the level of funding is not sufficient to
maintain an investment-grade financial profile, Fitch believes it
supports the entity at a level that adequately mitigates default
risk and UH's current 'b' financial profile assessment. Funding
support includes the state's statutory financial commitment to UH,
including currently funding UH's yearly pension contribution.

UH has plans to move forward on a $1.8 billion master facilities
plan (MFP) that includes a new tower project. The funding sources
for the project have not been determined. UH has received state
funding of about $200 million to move forward on discreet pieces of
the MFP, including $50 million for an emergency room renovation and
expansion. Despite an improved financial profile, positive rating
movement will be limited until there is clarity concerning the
timing and the funding of the MFP.

SECURITY

The bonds are secured by general revenues of UH, a lockbox on
unrestricted state appropriations, and a debt service reserve fund.
There is no mortgage pledge.

KEY RATING DRIVERS

Revenue Defensibility - 'bb'

Essential Provider in Challenged Service Area

UH's payor mix, with a very high combined level of Medicaid and
self-pay (50.5% in FY22), is consistent with a weak revenue
defensibility assessment. The payor mix represents the demographics
of UH's service area, Newark, NJ, which has a low median income and
a high rate of poverty. Offsetting the weaker payor mix is UH's 75%
market share in Newark and the essentiality of the services UH
provides as the safety net hospital for Newark, the Level I trauma
center for Northern New Jersey, and as the teaching hospital for
the Rutgers School of Biomedical and Health Sciences' Newark-based
schools.

Patient volume growth has been good over the last two years. UH has
made a strategically focused effort to work with faculty physicians
and local area federally qualified health centers to grow volumes.
As a result, inpatient admissions were up 4.3%, emergency rooms
visits up 23%, and outpatient/clinic visits were up 8.3% from 2021
to 2022. UH has additional growth plans in such specialties as
oncology and transplants. The transplant program will build on UH's
successful live transplant program, which is the largest in New
Jersey.

UH currently has one of the highest all payor case mix indices in
the state at 1.9, and the high acuity services that it provides, in
addition to the trauma services, include a Level III neonatal
intensive care unit, the liver transplant program and a stroke
center.

Operating Risk - 'b'

Thin but Improving Operating Performance

The weak operating risk assessment reflects UH's reliance on state
appropriations to offset operating loses, with UH historically
producing positive but thin EBITDA margins. Over the last two
fiscal years, UH's EBITDA margin has improved to above 10%. The
improvement has been driven by stronger than budgeted volumes, good
cost management, improved collections, and additional federal
relief and supplemental funding.

As expected UH's annual state of NJ appropriation remained stable.
The performance in FY22 was further helped by the first year of a
New Jersey program that was approved by the Centers for Medicare
and Medicaid Services to enable the state to secure additional
federal disproportionate share funding. That funding was $39
million in FY22, with the program being a five-year pilot.
Additionally, a new GME trauma center subsidy is expected to
provide about another $22 million of funding a year starting in
FY24. These additional funding sources and UH management's focus on
cost control, efficiencies, and growth opportunities should keep
the operating performance stable over the next two to three years.
UH's capital spending continues to benefit from state funds,
grants, and philanthropy, which should help to preserve cash flow.

Financial Profile - 'b'

Limited Financial Flexibility in a Moderate Stress Scenario

At YE fiscal 2022, UH had $188.5 million in unrestricted cash and
investments, an increase from $144.1 million at YE fiscal 2021. The
$188.5 million equated to 18.2% cash to adjusted debt, including a
$764 million pension liability and a debt service reserve fund of
$17.3 million. Fitch's base case shows UH maintaining the improved
EBITDA margins over the next few years as unrestricted cash
continues to grow. The stress case continues to show UH's overall
financial profile as thin, driven by the pension liability. Capital
spending assumptions remain consistent with prior years and does
not include the MFP.

Asymmetric Additional Risk Considerations

No asymmetric risk considerations informed the ratings outcome.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

-- A decline in unrestricted state appropriations or a weakening
in cash flow such that UH's unrestricted liquidity falls below $50
million.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

-- A material and sustained improvement in UH's adjusted leverage
metrics, with cash-to-adjusted debt exceeding 50%, and improvement
to UH's underlying operating performance, such that EBITDA margins
stabilize above 10%.

PROFILE

UH is a component unit and instrumentality of the State of New
Jersey and a body corporate and politic exercising public and
essential government functions necessary for the welfare and health
of the state. UH operates a medical center in downtown Newark on a
63-acre campus that it shares with Rutgers New Jersey Medical
School and the Rutgers School of Dental Medicine. UH has 519
licensed beds, an active medical staff of more than 500 physicians,
and more than 3,400 employees. Net patient service revenues in FY22
totaled approximately $96.4 million excluding state
appropriations.

A new CEO started at UH in early 2023. The CEO is well versed on
the opportunities and the challenges at UH, has a strategic vision
that should build on the improved performance of the last few
years. The CEO came from the University of Florida Health Shands
Hospital and held leadership positions at Memorial Sloan Kettering
Cancer Center and St. Joseph's Healthcare Systemin addition to
working at University Hospital early in his career.

With the 2015 debt issuance, a lockbox structure was put in place
as an additional security feature. All unrestricted state
appropriations flow through the lockbox, with the funds for debt
service payments set aside. Only after the lockbox provisions have
been satisfied are the appropriations released to UH for
operations. Under the lockbox provisions, the debt service payments
accrue over the first three months of each six-month period (with
one-third of the semiannual interest and one-sixth of the yearly
principal held for the first three months). This allows for enough
funds to be set aside for debt service payments and provides needed
cash flow to UH for operations.

A sufficiency certification is issued every six months attesting
that debt payments have been received by the Trustee. Should there
be a payment failure, a draw on the debt service reserve fund, or
yearly coverage by the lockbox falls below 2.0x, 100% of the
unrestricted state appropriations will be intercepted until the
deficiency is remedied. Fitch notes that the lockbox does not
improve UH's financial ability to pay debt service, but does
provide an extra layer of protection for bondholders, especially
given the six-month sufficiency certifications.

In determining the level of NPL to include in UH's financial
profile, Fitch considers GASB 68 treatment of the university's
share of the state cost-sharing multi-employer plan. GASB 68
generally assigns NPL where the funding burden resides. Fitch also
took into account a state law that applies to funding the statewide
multi-employer plan and past state practices to assess whether UH's
burden is likely to be relieved or reduced through direct state
funding.

Sources of Information

In addition to the sources of information identified in Fitch's
applicable criteria, this action was informed by information from
Lumesis.

ESG CONSIDERATIONS

University Hospital (NJ) has an ESG Relevance Score of '4' for
Governance Structure due to the majority of the board being
appointed by the governor, which potentially limits autonomy, and
is relevant to the rating[s] in conjunction with other factors.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.


VANTAGE TRAVEL: Court OKs $560,000 DIP Loan from United Travel
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Massachusetts,
Eastern Division, authorized Vantage Travel Service, Inc. to obtain
secured financing from United Travel Pte. Ltd., on an interim
basis.

The Debtor is also authorized to use the cash collateral of its
prepetition senior secured lenders, the Henry R. Lewis Trust and
Henry R. Lewis, on an interim basis, until August 10, 2023.

United Travel is a Singapore corporation, which has agreed to
acquire the Debtor's business operations and assets.  The parties'
asset purchase agreement is subject to court approval.

The Debtor is authorized to borrow up to $560,000 from the DIP
Lenders, inclusive of the $500,000 of borrowing authorized by the
First Interim Order, on the terms and conditions of the DIP Notes
as modified by the First Interim Order and Second Interim Order.
The Debtor is authorized to borrow from both DIP Lenders.  The
Court held that a prior prohibition against borrowing from the HRL
Trust Lender until entry of a final order on the Financing Motion
is lifted.

Each DIP Lender has consented to the terms of the Order and
confirmed that no Event of Default will occur under the DIP Notes
to the extent the terms of the Order are inconsistent with the DIP
Notes.

The DIP Liens will be subordinated only to (A) properly perfected
purchase money security interests in the Prepetition Collateral (if
any), (B) Third-Party Cash Collateral Liens, and (C) the payment of
the Carve-Out.

The Debtor, Prepetition Lender, and DIP Lenders have acknowledged
the existence of certain deposit accounts as security for the
Debtor's obligations to sureties and issuers of letters of credit.
These accounts include a Wells Fargo account in the name of the
Debtor, United States Surety Company, and American Contractors
Indemnity Company, and a Brookline Bank account in the name of the
Debtor and Brookline Bank. The accounts secure the Debtor's
obligations to the respective parties. The liens and rights to
payment held by the Surety and Brookline Bank in these accounts are
the "Third-Party Cash Collateral Liens."  

Since the DIP Lenders have agreed to subordinate their DIP Liens
and superpriority claims to the Carve-Out, the Debtor is deemed to
have waived (a) the provisions of 11 U.S.C. section 506(c) and (b)
all rights and benefits of 11 U.S.C. section 552(b), including
without limitation any right to assert the "equities of the case"
exception, as to each of the DIP Lenders but solely in such
capacity, and such waivers are approved and made binding on the
Debtor, its estate, and all entities immediately upon entry of the
Order and will not be subject to future challenge by any entity to
the extent of funds actually advanced.

A final hearing on the matter is set for August 9 at 10 a.m.

A copy of the order is available at https://urlcurt.com/u?l=pYuHsV
from PacerMonitor.com.

                About Vantage Travel Service, Inc.

Vantage Travel Service, Inc. is a travel agency providing deluxe
international tours. Its travel offerings include trips on river
and ocean-going vessels owned by affiliated, non-debtor entities,
as well as river, ocean-going and land-based tours booked with
third-party operators.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 23-11060) on June 29,
2023. In the petition signed by Gregory DelGreco, authorized
officer, the Debtor disclosed up to $10 million in assets and up to
$500 in liabilities.

Judge Janet E. Bostwick oversees the case.

Michael J. Goldberg, Esq., at Casner & Edwards, LLP, represents the
Debtor as legal counsel.

An ad hoc committee of customers is represented by:

     Andrew C. Helman, Esq.
     DENTONS BINGHAM GREENEBAUM LLP
     One Beacon Street, Suite 25300
     Boston, MA 02108
     Tel: (207) 619-0919
     E-mail: andrew.helman@dentons.com


VIRGIN ORBIT: Latham & Watkins Served as Adviser in Chapter 11
--------------------------------------------------------------
Cross-practice team led by members of the firm's Restructuring &
Special Situations Practice advised the space launch provider's
Chapter 11.

Virgin Orbit Holdings, Inc. and its US subsidiaries, a responsive
space launch provider, has confirmed its chapter 11 plan in the
United States Bankruptcy Court for the District of Delaware.  The
chapter 11 plan, which was overwhelmingly supported by creditors,
was the result of a global settlement with the Official Committee
of Unsecured Creditors and a putative class of WARN claimants.  The
general unsecured creditors' recovery include US$1,100,000 in cash
and certain non-cash assets, while the WARN plaintiffs' recovery
include a recovery of US$1,455,000.

Latham & Watkins LLP is advising Virgin Orbit as restructuring
counsel with a Restructuring & Special Situations team led by Los
Angeles partner Jeff Bjork and New York partners George Klidonas
and Anupama Yerramalli, with associates Liza Burton, Brian Rosen,
Thomas Fafara, Tianjiao Li, Nikhil A. Gulati, Genevieve Y.
Zimmerman, Natalia Ortiz, and Ryan Maamoun. Advice was also
provided on litigation matters by Orange County partner Michele
Johnson, San Diego partner Colleen Smith, and Los Angeles partner
Amy Quartarolo, with associate Tiffany Ikeda; on public company
representation matters by New York partner Ellen Smiley, with
associate Eliza Murray; on M&A matters by New York partner Justin
Hamill, and Chicago partner Jason Morelli with associates Nima
Movahedi, Shannon Cheng and Tiana Baghdikian; on capital markets
matters by Orange County partner Drew Capurro, with associate Greg
Van Buiten; on finance matters by New York partners Alfred Xue and
Conray Tseng and New York counsel Preeta Paragash, with associate
Ana Nunez; on insurance matters by San Diego partner Drew Gardiner;
on tax matters by Chicago partner Joe Kronsnoble, with associate
Derek Gumm; on employment matters by Los Angeles partner Joe
Farrell, with associate Laura Zabele; and on employee compensation
and benefits matters by Los Angeles partner
Michelle Carpenter, with associate Aaron Tso.

                     About Virgin Orbit

Virgin Orbit Holdings, Inc (Nasdaq: VORB) --
http://www.virginorbit.com/-- operates one of the most flexible
and responsive space launch systems ever built. Founded by Sir
Richard Branson in 2017, the Company began commercial service in
2021, and has already delivered commercial, civil, national
security, and international satellites into orbit. Virgin Orbit's
LauncherOne rockets are designed and manufactured in Long Beach,
California, and are air-launched from a modified 747-400 carrier
aircraft that allows Virgin Orbit Holdings, Inc., to operate from
locations all over the world in order to best serve each customer's
needs.

Virgin Orbit Holdings, Inc., and its affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 23-10405) on April 4, 2023.

In the petition filed by Daniel M. Hart, as chief executive, the
Debtor reported total assets amounting to $242,978,000 and total
debt amounting to $153,491,000 as of Sept. 30, 2022.

The Debtors tapped YOUNG CONAWAY STARGATT & TAYLOR, LLP, and LATHAM
& WATKINS LLP as counsel; DUCERA PARTNERS LLC as investment banker
and financial advisor; and ALVAREZ & MARSAL NORTH AMERICA LLC as
restructuring advisor.  KROLL RESTRUCTURING ADMINISTRATION LLC is
the claims agent.


VOYAGER AVIATION: Seeks Cash Collateral Access
----------------------------------------------
Voyager Aviation Holdings, LLC and affiliates ask the U.S.
Bankruptcy Court for the Southern District of New York for
authority to use cash collateral and provide adequate protection.

The Debtors require the use of cash collateral to operate their
business and meet their working capital needs.

The Debtors commenced the Chapter 11 cases to consummate a sale of
substantially all of the Company's assets to Azorra Explorer
Holdings Limited. The Azorra Transaction is the culmination of
months of strategic planning and negotiations, including evaluating
various alternatives, extensively marketing the Company's assets,
and heavily negotiating transaction terms. The Debtors have entered
into a restructuring support agreement with respect to a
prearranged chapter 11 plan supported by the Company's largest
stakeholder, to implement the Azorra Transaction.

On May 9, 2021, VAH and Voyager Finance co-issued $162.708 million
aggregate principal amount of 8.500% Senior Secured Notes due May
9, 2026 pursuant to an indenture by and among VAH, Voyager Finance,
the Secured Notes Guarantors and Wilmington Trust, National
Association, as trustee and collateral agent. On October 21, 2021,
VAH and Voyager Finance co-issued an additional $250 million of
notes under the Secured Notes Indenture. As of June 30, 2023,
approximately $412 million in aggregate principal amount of Secured
Notes was outstanding.

To support the acquisition and leasing of aircraft, the aircraft
owning the Debtor entities incur debt under individual financing
arrangements.

While specific terms vary, the obligations under the Aircraft
Financing Facilities generally are secured by liens on all of the
aircraft owning entities' assets—including the relevant aircraft,
the related leases, cash, bank accounts, contracts, and certain
receivables with respect to such aircraft—and a pledge of all
equity interests in the borrower thereunder. Certain of the
Aircraft Financing Facilities provide for full or limited recourse
unsecured guarantees by VAH.

As adequate protection for the use of cash collateral, the Debtors
are providing the Prepetition Secured Parties with adequate
protection in the form of, among other things: Adequate Protection
Replacement Liens, Adequate Protection Claims, payment of certain
professional fees, and payment of certain other obligations under
the Aircraft Financing Facilities as and when due.

A copy of the motion is available at https://urlcurt.com/u?l=jfTa20
from PacerMonitor.com.

               About Voyager Aviation Holdings, LLC

Voyager Aviation Holdings, LLC is a privately held aviation
investment firm and commercial aircraft leasing company.

The Debtor and affiliates sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. N.Y. Lead Case No. 23-11177) on
July 27, 2023. In the petition signed by Michael Sean Ewing, chief
financial officer, the Debtor disclosed up to $10 billion in both
assets and liabilities.

Judge John P. Mastando III oversees the case.

The Debtors tapped FTI CONSULTING, INC. as financial advisor,
Greenhill & Co., LLC as investment banker and financial advisor,
Kurtzman Carson Consultants LLC as claims and noticing agent, KPMG
LLP as tax restructuring advisor, and Vedder Price LLP as special
merger and acquisition and aircraft level financing counsel.


WAVERLY MANSION: Case Summary & 10 Unsecured Creditors
------------------------------------------------------
Debtor: Waverly Mansion LLC
        604 S. King St., Suite 001
        Leesburg, VA 20175-3911

Business Description: The Debtor is a Single Asset Real Estate (as

                      defined in 11 U.S.C. Section 101(51B)).

Chapter 11 Petition Date: August 2, 2023

Court: United States Bankruptcy Court
       Eastern District of Virginia

Case No.: 23-11251

Debtor's Counsel: Steven B. Ramsdel, Esq.
                  TYLER, BARTL & RAMSDELL, PLC
                  300 N. Washington St.
                  Suite 310
                  Alexandria, VA 22314
                  Tel: (703) 549-5000
                  Fax: (703) 549-5011

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Charles T. Matheson as manager.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 10 unsecured creditors is available for free
at PacerMonitor.com at:

https://www.pacermonitor.com/view/RFAOUPY/Waverly_Mansion_LLC__vaebke-23-11251__0001.0.pdf?mcid=tGE4TAMA


YELLOW CORP: S&P Cuts ICR to 'CC' on High Likelihood of Default
---------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Yellow Corp.
to 'CC' from 'CCC-'. At the same time, S&P lowered the issue-level
rating on the company's senior unsecured notes to 'CC' from 'CCC-',
with no change in its recovery ratings.

The negative outlook reflects S&P's expectation that a default,
distressed exchange, or restructuring is inevitable over the near
term.

S&P said, "We understand Yellow has ceased operations and believe
the company faces a potentially imminent default. It has been
reported by various media outlets that Yellow has recently ceased
operations following contentious negotiations with its union and
weaker operating conditions. In addition, we understand several
shippers and truck brokers are diverting loads away from Yellow to
other less-than-truckload carriers. The company has yet to publicly
comment on these reports. However, based on these reports, and our
view of Yellow's already weak liquidity position (as of our
previous review in July 2023) and looming debt maturities, we
believe the company is at heightened risk of a potentially imminent
bankruptcy filing, nonpayment of its debt obligations, or a
transaction akin to a distressed exchange. As a result, we lowered
our issuer credit rating on the company to 'CC' from 'CCC-'. As per
our rating definition, we rate an issuer at 'CC' when we expect
default to be a virtual certainty, regardless of the time to
default.

"It has also been reported that Yellow may seek to liquidate its
assets in bankruptcy, but this has not been confirmed by the
company. We believe reorganization would maximize value available
to creditors in the event of a default, but do not disregard the
possibility of a liquidation. In our view, a liquidation could
accelerate certain other obligations, such as lease payments,
pension obligations, and undrawn letters of credit. However, based
on limited public information, we are not making changes to our
recovery analysis.

"The negative outlook reflects our expectation that a default or
restructuring is a virtual certainty amid reports of an operational
shut down, volume diversions, and contentious union negotiations
following the delayed implementation of Yellow's new operating
strategy. We also believe liquidity is likely to become further
constrained given the impact of recent developments on demand.

"We could lower our ratings on Yellow within the next 12 months if
it misses an interest payment, files for bankruptcy, or completes a
distressed debt exchange.

"We could consider taking a positive rating action within the next
12 months if the company is able to reach a satisfactory resolution
of its labor contract and refinance or extend the maturity of its
debt, without entering into a distressed exchange or filing for
bankruptcy."

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

S&P said, "ESG factors have a moderately negative influence on our
credit rating analysis of Yellow. The trucking industry will likely
face long-term pressure to reduce its greenhouse gas emissions,
which could raise the company's costs and require additional capex.
Our assessment of its governance considers what we view as its
uneven record of tracking, controlling, and implementing an
operating strategy. We continue to monitor the implementation of
its "One Yellow" strategy, which supported increased profitability
in 2022, to see if it will enable the company to improve its
operating performance on a sustained basis."



[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re MRH Auto-Winnemucca, LLC
   Bankr. D. Nev. Case No. 23-50503
      Chapter 11 Petition filed July 24, 2023
         See
https://www.pacermonitor.com/view/ZZ4C6KY/MRH_AUTO-WINNEMUCCA_LLC__nvbke-23-50503__0001.0.pdf?mcid=tGE4TAMA
         represented by: Stephen R. Harris, Esq.
                         HARRIS LAW PRACTICE LLC
                         E-mail: steve@harrislawreno.com

In re Megna Bell Gardens Office Complex, Inc.
   Bankr. C.D. Cal. Case No. 23-11039
      Chapter 11 Petition filed July 25, 2023
         See
https://www.pacermonitor.com/view/ADF35LQ/Megna_Bell_Gardens_Office_Complex__cacbke-23-11039__0001.0.pdf?mcid=tGE4TAMA
         represented by: Mark T. Young, Esq.
                         DONAHOE YOUNG & WILLIAMS LLP
                         E-mail: myoung@dywlaw.com

In re Premier Construction and Investment
   Bankr. C.D. Cal. Case No. 23-14675
      Chapter 11 Petition filed July 25, 2023
         See
https://www.pacermonitor.com/view/D4XEP7I/Premier_Construction_and_Investment__cacbke-23-14675__0001.0.pdf?mcid=tGE4TAMA
         represented by: Ilbert Phillips, Esq.
                         LAW OFFICES OF ILBERT PHILLIPS
                         E-mail: gregphi@aol.com

In re Shesrich
   Bankr. N.D. Cal. Case No. 23-40897
      Chapter 11 Petition filed July 25, 2023
         See
https://www.pacermonitor.com/view/CNFCFTI/Shesrich__canbke-23-40897__0001.0.pdf?mcid=tGE4TAMA
         Filed Pro Se

In re Marcantonio W. Barnes
   Bankr. E.D. Va. Case No. 23-11190
      Chapter 11 Petition filed July 25, 2023
         represented by: Daniel Press, Esq.
                         CHUNG & PRESS, P.C.

In re Robert Lyle Agnew
   Bankr. D. Ariz. Case No. 23-05018
      Chapter 11 Petition filed July 26, 2023
         represented by: D Lamar Hawkins, Esq.
                         GUIDANT LAW, PLC

In re Cyrus Ansari
   Bankr. N.D. Cal. Case No. 23-30499
      Chapter 11 Petition filed July 26, 2023

In re Edward Lubin
   Bankr. M.D. Fla. Case No. 23-03168
      Chapter 11 Petition filed July 26, 2023

In re CS Lee, DMD, MMSC, PLLC
   Bankr. D. Mass. Case No. 23-11184
      Chapter 11 Petition filed July 26, 2023
         See
https://www.pacermonitor.com/view/T4YV6BA/CS_Lee_DMD_MMSC_PLLC__mabke-23-11184__0001.0.pdf?mcid=tGE4TAMA
         represented by: Peter M. Daigle, Esq.
                         DAIGLE LAW OFFICE
                         E-mail: pmdaigleesq@yahoo.com

In re 315 East 29 Street LLC
   Bankr. E.D.N.Y. Case No. 23-42672
      Chapter 11 Petition filed July 26, 2023
         See
https://www.pacermonitor.com/view/OV4TQBA/315_East_29_Street_LLC__nyebke-23-42672__0001.0.pdf?mcid=tGE4TAMA
         Filed Pro Se

In re Peter Julian Depaola
   Bankr. E.D.N.Y. Case No. 23-42634
      Chapter 11 Petition filed July 26, 2023
         represented by: Scott Goldstein, Esq.

In re Stephen Lorenz
   Bankr. M.D. Tenn. Case No. 23-02654
      Chapter 11 Petition filed July 26, 2023
         represented by: Payne, R., Esq.

In re G&S Family, LLC
   Bankr. N.D. W.Va. Case No. 23-00349
      Chapter 11 Petition filed July 26, 2023
         See
https://www.pacermonitor.com/view/DGG7QEQ/GS_Family_LLC__wvnbke-23-00349__0001.0.pdf?mcid=tGE4TAMA
         represented by: Joseph W. Caldwell, Esq.
                         CALDWELL & RIFFEE
                         E-mail: jcaldwell@caldwellandriffee.com

In re J & D Restaurant Group, LLC
   Bankr. D. Ariz. Case No. 23-05054
      Chapter 11 Petition filed July 27, 2023
         See
https://www.pacermonitor.com/view/N6MFRUI/J__D_RESTAURANT_GROUP_LLC__azbke-23-05054__0001.0.pdf?mcid=tGE4TAMA
         represented by: Allan D. NewDelman, Esq.
                         ALLAN D. NEWDELMAN, P.C.
                         E-mail: anewdelman@adnlaw.net

In re Creekside HMB, LLC
   Bankr. N.D. Cal. Case No. 23-40915
      Chapter 11 Petition filed July 27, 2023
         See
https://www.pacermonitor.com/view/3QLWE4I/Creekside_HMB_LLC__canbke-23-40915__0001.0.pdf?mcid=tGE4TAMA
         Filed Pro Se

In re Michael John Aruta
   Bankr. S.D. Fla. Case No. 23-15939
      Chapter 11 Petition filed July 27, 2023
         represented by: Alan Crane, Esq.

In re Lucian Luxe Rentals, LLC
   Bankr. N.D. Ga. Case No. 23-57138
      Chapter 11 Petition filed July 27, 2023
         Filed Pro Se

In re Lindell LLC
   Bankr. D. Mass. Case No. 23-40608
      Chapter 11 Petition filed July 27, 2023
         See
https://www.pacermonitor.com/view/UUJ6UWQ/Lindell_LLC__mabke-23-40608__0001.0.pdf?mcid=tGE4TAMA
         represented by: James P. Ehrhard, Esq.
                         EHRHARD & ASSOCIATES, P.C.
                         E-mail: ehrhard@ehrhardlaw.com

In re 911 MGB LLC
   Bankr. E.D.N.Y. Case No. 23-42667
      Chapter 11 Petition filed July 27, 2023
         See
https://www.pacermonitor.com/view/V3P4BXY/911_MGB_LLC_911_MGB_LLC__nyebke-23-42667__0001.0.pdf?mcid=tGE4TAMA
         represented by: Solomon Rosengarten, Esq.
                         SOLOMON ROSENGARTEN
                         E-mail: vokma@aol.com

In re Dawn Mayo
   Bankr. S.D.N.Y. Case No. 23-11198
      Chapter 11 Petition filed July 27, 2023
         represented by: Julie Curley, Esq.
                         KIRBY AISNER & CURLEY LLP

In re Heritage Funeral Home & Cremation Servic
   Bankr. W.D. Okla. Case No. 23-11975
      Chapter 11 Petition filed July 27, 2023
         See
https://www.pacermonitor.com/view/QC5EQ2A/Heritage_Funeral_Home__Cremation__okwbke-23-11975__0001.0.pdf?mcid=tGE4TAMA
                         E-mail: cawlaw@hotmail.com

In re LaBruzzo Commercial Properties, LLC
   Bankr. W.D. Pa. Case No. 23-10388
      Chapter 11 Petition filed July 27, 2023
         See
https://www.pacermonitor.com/view/QPUEQKY/LaBruzzo_Commercial_Properties__pawbke-23-10388__0001.0.pdf?mcid=tGE4TAMA
         represented by: Brian C. Thompson, Esq.
                         THOMPSON LAW GROUP, P.C.
                         E-mail: bthompson@thompsonattorney.com

In re Elizardo Matos Cruz
   Bankr. D.P.R. Case No. 23-02289
      Chapter 11 Petition filed July 27, 2023
         represented by: Luis Flores Gonzalez, Esq.

In re Don Tilton
   Bankr. E.D. Ark. Case No. 23-12334
      Chapter 11 Petition filed July 28, 2023

In re Randy Lee Andrews
   Bankr. C.D. Cal. Case No. 23-14801
      Chapter 11 Petition filed July 28, 2023
         represented by: Byron Moldo, Esq.

In re A&P Pinto Truck Express LLC
   Bankr. M.D. Fla. Case No. 23-03044
      Chapter 11 Petition filed July 28, 2023
         See
https://www.pacermonitor.com/view/DDSYC7Q/AP_Pinto_Truck_Express_LLC__flmbke-23-03044__0001.0.pdf?mcid=tGE4TAMA
         represented by: Daniel A. Velasquez, Esq.
                         LATHAM LUNA EDEN & BEAUDINE LLP
                         E-mail: dvelasquez@lathamluna.com

In re Torre Weylin Lemacio Martin
   Bankr. N.D. Ga. Case No. 23-57194
      Chapter 11 Petition filed July 28, 2023

In re Greenberg Gourmet, LLC
   Bankr. D. Md. Case No. 23-15301
      Chapter 11 Petition filed July 28, 2023
         See
https://www.pacermonitor.com/view/RC4CI4A/Greenberg_Gourmet_LLC__mdbke-23-15301__0001.0.pdf?mcid=tGE4TAMA
         represented by: Craig M. Palik, Esq.
                         MCNAMEE HOSEA, P.A.
                         E-mail: cpalik@mhlawyers.com

In re Waldon Enterprises, LLC
   Bankr. D. Md. Case No. 23-15289
      Chapter 11 Petition filed July 28, 2023
         See
https://www.pacermonitor.com/view/5HX5GBQ/Waldon_Enterprises_LLC__mdbke-23-15289__0001.0.pdf?mcid=tGE4TAMA
         represented by: Alon Nager, Esq.
                         NAGER LAW GROUP, LLC
                         E-mail: alon@nagerlaw.com

In re Harbor 255 Lane Corp.
   Bankr. E.D.N.Y. Case No. 23-72764
      Chapter 11 Petition filed July 28, 2023
         See
https://www.pacermonitor.com/view/LWPLJII/Harbor_255_Lane_Corp__nyebke-23-72764__0001.0.pdf?mcid=tGE4TAMA
         Filed Pro Se

In re Ervin Torres Perez
   Bankr. D.P.R. Case No. 23-02294
      Chapter 11 Petition filed July 28, 2023
         represented by: Jesus Batista Sanchez, Esq.

In re Miguel Angel Rivera Rosario
   Bankr. D.P.R. Case No. 23-02291
      Chapter 11 Petition filed July 28, 2023
         represented by: Nilda Gonzalez Cordero, Esq.

In re Holiday Erin LLC
   Bankr. W.D. Tenn. Case No. 23-23685
      Chapter 11 Petition filed July 28, 2023
         See
https://www.pacermonitor.com/view/BWKFMAQ/Holiday__Erin_LLC__tnwbke-23-23685__0001.0.pdf?mcid=tGE4TAMA
         represented by: Toni Campbell Parker, Esq.
                         LAW FIRM OF TONI CAMPBELL PARKER
                         E-mail: tparker002@att.net

In re Unity Electrical Services, LLC
   Bankr. S.D. Tex. Case No. 23-32844
      Chapter 11 Petition filed July 28, 2023
         See
https://www.pacermonitor.com/view/MSDND2I/Unity_Electrical_Services_LLC__txsbke-23-32844__0001.0.pdf?mcid=tGE4TAMA
         represented by: Susan Tran Adams, Esq.
                         TRAN SINGH, LLP
                         E-mail: stran@ts-llp.com

In re Robs Bar & Grill, LLC
   Bankr. S.D. Tex. Case No. 23-32814
      Chapter 11 Petition filed July 28, 2023
         See
https://www.pacermonitor.com/view/WUPBBMA/Robs_Bar__Grill_LLC__txsbke-23-32814__0001.0.pdf?mcid=tGE4TAMA
         represented by: Robert C. Lane, Esq.
                         THE LANE LAW FIRM
                         E-mail: notifications@lanelaw.com

In re Bourbon Street LLC
   Bankr. D.N.D. Case No. 23-30246
      Chapter 11 Petition filed July 29, 2023
         See
https://www.pacermonitor.com/view/AV6YIDQ/Bourbon_Street_LLC__ndbke-23-30246__0001.0.pdf?mcid=tGE4TAMA
         represented by: Maurice Verstandig, Esq.
                         THE DAKOTA BANKRUPTCY FIRM
                         E-mail: mac@dakotabankruptcy.com

In re Petri Enterprises, LLC
   Bankr. D.N.D. Case No. 23-30247
      Chapter 11 Petition filed July 29, 2023
         See
https://www.pacermonitor.com/view/GYYFGLY/Petri_Enterprises_LLC__ndbke-23-30247__0001.0.pdf?mcid=tGE4TAMA
         represented by: Maurice Verstandig, Esq.
                         THE DAKOTA BANKRUPTCY FIRM
                         E-mail: mac@dakotabankruptcy.com

In re Gannett Peak, LLC
   Bankr. D.N.D. Case No. 23-30248
      Chapter 11 Petition filed July 29, 2023
         See
https://www.pacermonitor.com/view/FZ3ADII/Gannett_Peak_LLC__ndbke-23-30248__0001.0.pdf?mcid=tGE4TAMA
         represented by: Maurice Verstandig, Esq.
                         THE DAKOTA BANKRUPTCY FIRM
                         E-mail: mac@dakotabankruptcy.com

In re AllSaintsAD LLC
   Bankr. E.D. Cal. Case No. 23-22527
      Chapter 11 Petition filed July 31, 2023
         See
https://www.pacermonitor.com/view/DDFTPHY/AllSaintsAD_LLC__caebke-23-22527__0001.0.pdf?mcid=tGE4TAMA
         represented by: Arasto Farsad, Esq.
                         FARSAD LAW OFFICE, P.C.
                         E-mail: Farsadlaw1@gmail.com

In re KRW Holdings LLC
   Bankr. N.D. Ga. Case No. 23-57244
      Chapter 11 Petition filed July 31, 2023
         See
https://www.pacermonitor.com/view/ETB2STI/KRW_Holdings_LLC__ganbke-23-57244__0001.0.pdf?mcid=tGE4TAMA
         Filed Pro Se

In re DNP Realty Group LLC
   Bankr. N.D. Ga. Case No. 23-57259
      Chapter 11 Petition filed July 31, 2023
         Case Opened

In re Beco Investments & Development LLC
   Bankr. N.D. Ga. Case No. 23-57263
      Chapter 11 Petition filed July 31, 2023
         See
https://www.pacermonitor.com/view/NJDEWDI/Beco_Investments__Development__ganbke-23-57263__0001.0.pdf?mcid=tGE4TAMA
         represented by: Kenneth Mitchell, Esq.
                         GIDDENS, MITCHELL & ASSOCIATES P.C.
                         E-mail: GMAPCLAW1@GMAIL.COM

In re Frederick Earl Riser, Jr. and Kimberly Renee Riser
   Bankr. S.D. Ga. Case No. 23-60244
      Chapter 11 Petition filed July 31, 2023

In re Kyodai Handroll & Seafood Bar LLC
   Bankr. N.D. Tex. Case No. 23-42229
      Chapter 11 Petition filed July 31, 2023
         See
https://www.pacermonitor.com/view/O3EBJNA/KYODAI_HANDROLL__SEAFOOD_BAR__txnbke-23-42229__0001.0.pdf?mcid=tGE4TAMA
         represented by: Robert C Lane, Esq.
                         THE LANE LAW FIRM
                         E-mail: notifications@lanelaw.com

In re Rakki LLC
   Bankr. N.D. Tex. Case No. 23-42227
      Chapter 11 Petition filed July 31, 2023
         See
https://www.pacermonitor.com/view/BIDTVCI/RAKKI_LLC__txnbke-23-42227__0001.0.pdf?mcid=tGE4TAMA
         represented by: Robert C. Lane, Esq.
                         THE LANE LAW FIRM
                         E-mail: notifications@lanelaw.com

In re Kyodai Sushi & Handroll Bar, LLC
   Bankr. N.D. Tex. Case No. 23-42230
      Chapter 11 Petition filed July 31, 2023
         See
https://www.pacermonitor.com/view/PEMRBQY/KYODAI_SUSHI__HANDROLL_BAR_LLC__txnbke-23-42230__0001.0.pdf?mcid=tGE4TAMA
         represented by: Robert C. Lane, Esq.
                         THE LANE LAW FIRM
                         E-mail: notifications@lanelaw.com

In re P & P Enterprises, Inc.
   Bankr. E.D. Va. Case No. 23-11236
      Chapter 11 Petition filed July 31, 2023
         See
https://www.pacermonitor.com/view/D2IL7NQ/P__P_Enterprises_Inc__vaebke-23-11236__0001.0.pdf?mcid=tGE4TAMA
         represented by: Christopher S. Moffitt, Esq.
                         LAW OFFICES OF CHRISTOPHER S. MOFFITT
                         E-mail: moffittlawoffices@gmail.com


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.

Copyright 2023.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
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