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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 17, 2023, Vol. 27, No. 228

                            Headlines

511 SEAWARD: Property Sale Proceeds to Fund Plan Payments
ACORN REAL: Seeks to Hire Weinberg as Substitute Counsel
AGSPRING LLC: Seeks to Hire Dentons US as Bankruptcy Counsel
AJC MEDICAL: Taps Stevens Martin Vaughn & Tadych as Counsel
ALECTO HEALTHCARE: Appointment of Creditors' Committee Sought

AMC ENTERTAINMENT: Court Ok'd Revised Stock Conversion Proposal
ANYWHERE REAL ESTATE: S&P Lowers Unsecured Notes Rating to 'B-'
APTIM CORP: Moody's Upgrades CFR & Senior Secured Notes to Caa1
BEP ULTERRA: S&P Raises ICR to 'BB+', Then Withdraws Rating
BERTRAMS PAINTING: Case Summary & Six Unsecured Creditors

BITTREX INC: Settles Crypto Case With SEC Along With Affiliates
BUILDERS FIRSTSOURCE: S&P Affirms BB' ICR, Alters Outlook to Pos.
CAMBER ENERGY: Posts $1.9 Million Net Income in Second Quarter
CANO HEALTH: S&P Downgrades ICR to 'CCC-', Outlook Negative
CASH CLOUD: Black Hole Investments Steps Down as Committee Member

CENTER FOR ASBESTOS: Files for Chapter 11 Bankruptcy
CYXTERA TECHNOLOGIES: Digital Realty, Brookfield Eye Assets
DAILEY LAW FIRM: Taps Goldstein Bershad & Fried as Legal Counsel
DCL HOLDINGS: Wants Chapter 11 Case Converted to Chapter 7
DIAMOND SPORTS: Wants to Set Exit Plan Prior NBA, NHL Season

DIOCESE OF OGDENSBURG: U.S. Trustee Appoints Creditors' Committee
DIVERSITY FREIGHT: Seeks to Hire Steidl and Steinberg as Counsel
DPL INC: Moody's Lowers Rating on Senior Unsecured Debt to Ba2
DWYERS AT HERRON: Geoff Groshong Named Subchapter V Trustee
DYNASTY ACQUISITION: Fitch Alters Outlook on 'B-' IDR to Positive

DYNASTY ACQUISITION: S&P Alters Outlook to Pos., Affirms 'B-' ICR
ENCINO ACQUISITION: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
FARAJI ENTERPRISES: Amended Plan Confirmed by Judge
FTX GROUP: SBF in Custody After Court Revoked Bail Due to Leaks
FTX TRADING: Exec. Salame Talks to Prosecutors About Plea Deal

FTX TRADING: Hiscox Seeks Collapse Coverage Guidance
GENESIS ENERGY: Moody's Cuts CFR to B2 & Sr. Unsecured Notes to B3
GIBSON ENERGY: Moody's Withdraws 'Ba2' Corporate Family Rating
HAWAIIAN ELECTRIC: S&P Lowers ICR to 'BB-', On Watch Negative
HEART O'GOLD: Frederic Schwieg Named Subchapter V Trustee

HUDSON RIVER TRADING: Fitch Affirms 'BB' LongTerm IDR
INSTANT BRANDS: Committee Taps Berkeley as Financial Advisor
INSTANT BRANDS: Committee Taps DLA Piper as Legal Counsel
INTER PIPELINE: Fitch Affirms 'BB' Rating on Subordinated Debt
KBR INC: S&P Alters Outlook to Positive, Affirms 'BB' ICR

KDC AGRIBUSINESS: Vulnerable to $300 Million Suit, Judge Rules
L.O.L. COUNSELING: Steven Altmann Named Subchapter V Trustee
LAKESHORE LEARNING: Moody's Affirms 'B2' CFR, Outlook Stable
LAUNCH PAD: Michael Wheatley Named Subchapter V Trustee
LEGACY CARES: Bondholders Support Planned Track Sale

LITIGATION PRACTICE: Committee Taps Fox Rothschild as Counsel
LTL MANAGEMENT: NJ Judge Won't Implement 6-Month Bar on Chapter 11
MANGUAL'S GENERAL: U.S. Trustee Unable to Appoint Committee
MAXIM CRANE: S&P Rates New Second-Lien Senior Secured Notes 'B-'
MAXLINEAR INC: Moody's Confirms 'Ba3' CFR, Outlook Stable

MB AEROSPACE: S&P Places 'CCC+' ICR on CreditWatch Positive
MCCAMEY COUNTY HOSP: Moody's Ups Issuer & GOLT Debt Ratings to Ba2
METROPOLITAN COLLEGE: Fitch Cuts IDR & $62MM Revenue Bonds to 'CC'
MIAMI-DADE COUNTY IDA: Moody's Alters Outlook on 'B2' Bonds to Pos.
MOUROUX FAMILY: Amends Unsecured Claims Pay Details

MTPC LLC: Sept. 14 Plan Confirmation Hearing Set
NEOGEN CORP:S&P Affirms 'BB+' Issuer Credit Rating, Outlook Stable
NOBLE HEALTH: Gets OK to Hire Integra Realty as Appraiser
NRG ENERGY: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
NUZEE INC: Appoints Randell Weaver as Chief Financial Officer

NUZEE INC: Incurs $2 Million Net Loss in Third Quarter
ORYX MIDSTREAM: Moody's Withdraws Ba3 Rating on New Sec. Term Loan
PALACE AT WASHINGTON: Christopher Hayes Named Subchapter V Trustee
PARADOX RESOURCES: Committee Taps Ankura as Financial Advisor
PBF HOLDING: Fitch Gives 'BB' Rating on New Senior Unsecured Notes

PEAR THERAPEUTICS: WilmerHale Intends to Skip Chapter 11 Client
PLASKOLITE PPC: S&P Affirms 'B-' ICR, Outlook Negative
PROTERRA: Reconciles With Lenders on First-Day Chapter 11 Hearing
PURDUE PHARMA: Says Fed. Bankruptcy Law Allow 3rd Parties Suit
PURDUE PHARMA: Settlement Fight Is Familiar Ground for US Trustee

QUEENS THEATER: RKO to Hold Public Auction on October 4
REVOLVE CONSTRUCTION: Taps Kutner Brinen Dickey Riley as Counsel
ROBS BAR & Grill: Seeks to Hire The Lane Law Firm as Counsel
SAN JORGE CHILDREN'S: Sept. 21 Disclosure Hearing Set
SARONA PROPERTY: Carol Fox Named Subchapter V Trustee

SIMPLETECH REPAIR: Paul Levine Named Subchapter V Trustee
SLOW BURN: Seeks to Tap Lefkovitz & Lefkovitz as Legal Counsel
TALEN ENERGY: S&P Affirms 'B+' Long-Term Issuer Credit Rating
TECTA AMERICA: Moody's Alters Outlook on 'B2' CFR to Positive
TERRAFORM POWER: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable

THREE ARROWS: Co-Founder Davies Avoids Big Fines Over Subpoena
USA SALES: Gets Bankruptcy Fees Refunds
VIEWRAY INC: Gets Approval to Tap 'Ordinary Course' Professionals
VTV THERAPEUTICS: Incurs $5.6 Million Net Loss in Second Quarter
VYCOR MEDICAL: Posts $68K Net Income in Second Quarter

WAND NEWCO 3: Moody's Ups CFR to B2 & Secured 1st Lien Debt to B1
WHEELS UP: Delta, Certares & Knightead Agree to Provide Funding
WHEELS UP: Receives Lifeline from Biggest Shareholder Delta Air
XENIA HOTELS: S&P Upgrades ICR to 'B+' on Leverage Improvement
YELLOW CORP: Gets Competing Loan Offers from Estes, MFN

[^] Recent Small-Dollar & Individual Chapter 11 Filings

                            *********

511 SEAWARD: Property Sale Proceeds to Fund Plan Payments
---------------------------------------------------------
511 Seaward, LLC, filed with the U.S. Bankruptcy Court for the
Central District of California a Disclosure Statement describing
Chapter 11 Plan of Liquidation dated August 10, 2023.

The Debtor is a California limited liability company. The members
are Robert Montgomery, Jeff Jen, and Ruoying Yoeh. The Debtor's
sole asset is the Property.

The Property was purchased as a residential development project.
The Property is a 9,212 square foot vacant lot located in a
residential neighborhood of Corona Del Mar. The Property has an
ocean view and is valued at approximately $3,000,000. The Debtor
has no operations and no income.

There was a foreclosure sale set for May 15, 2023, by the senior
lienholder, West Coast Servicing, Inc., which precipitated the
filing of the Case. In addition to the foreclosure sale, the
litigation pending against the Debtor led the Debtor to believe
that a sale of the Property through a bankruptcy utilizing Section
363(f) of the Bankruptcy Code would lead to a higher price for the
Property. The Debtor previously attempted to sell the Property and
was unsuccessful.

The Plan is a liquidating plan. Allowed claims will be paid through
the sale of the Debtor's single asset, a piece of real property
located at 511 Seaward Rd., Corona Del Mar, California 92625
("Property"). The sale proceeds will be distributed in accordance
with the priority scheme set forth in the Bankruptcy Code.

The effective date of the Plan will be the later of: (1) the close
of the sale of the Property, or (2) the first Business Day that is
at least 15 days after the entry of an order confirming the Plan
(the "Plan Confirmation Order"), provided there has been no order
staying the effectiveness of the Plan Confirmation Order.

Class 8 consists of General Unsecured Claims. To the extent there
are funds available from the sale of the Property, the Class 8
Claims will be paid in full on the Effective Date. Alternatively,
the Class 8 Claims will receive, in full and final satisfaction of
such claim, a pro rata share of the remaining proceeds. The Debtor
intends on negotiating a carve-out from the secured creditors that
will provide a pro rata distribution to Class 8 Claims. The allowed
unsecured claims total $12,608,850.

Class 9 consists of Interest Holders. All current interest holders
will retain their percentage equity membership in the Debtor that
they held as of the Petition Date. To the extent that there are
additional sale proceeds after payment of all other creditors, the
surplus will be paid to Class 9.

The Distributions required to be made under the Plan will be funded
by the sale of the Property. It is currently being marketed at
$2,995,000. If sold at $2,995,000, after closing costs, the Debtor
should have $2,755,400 in proceeds and thus will have sufficient
funds to pay Class 1 in full and Class 2 in full plus part of Class
3. The Debtor intends on negotiating a carve-out from the secured
creditors that will provide payment to administrative and priority
tax claims and provide a pro rata distribution to Class 8 Claims.

A full-text copy of the Disclosure Statement dated August 10, 2023
is available at https://urlcurt.com/u?l=JJCx93 from
PacerMonitor.com at no charge.

Attorneys for Debtor:

     David M. Goodrich, Esq.
     Beth E. Gaschen, Esq.
     Golden Goodrich, LLP
     650 Town Center Drive, Suite 600
     Costa Mesa, CA 92626
     Tel: (714) 966-1000
     Fax: (714) 966-1002
     Email: dgoodrich@go2.law
            bgaschen@go2.law

                      About 511 Seaward

511 Seaward, LLC is engaged in activities related to real estate.
The company is based in Newport Beach, Calif. with as much as $1
million to $10 million in both assets and liabilities.  Robert
Montgomery as managing member, signed the petition.  Golden
Goodrich, LLP, serves as the Debtor's legal counsel.


ACORN REAL: Seeks to Hire Weinberg as Substitute Counsel
--------------------------------------------------------
Acorn Real Property Acquisition, Inc. seeks approval from the U.S.
Bankruptcy Court for the Eastern District of New York to hire
Weinberg Zareh Malkin Price, LLP to substitute for Richard S.
Feinsilver, Esq.

The Debtor requires legal counsel to:

     (a) Give advice with respect to the rights, powers and duties
of the Debtor in the continued operation and management of its
assets;

     (b) Advise and consult the Debtor on the conduct of its
Chapter 11 case, including all of the legal and administrative
requirements of operating in Chapter 11;

     (c) Attend meetings and negotiations with representatives of
creditors and other parties involved in the case;

     (d) Take all necessary actions to protect and preserve
Debtor's estate, including prosecuting actions on the Debtor's
behalf, defending any action commenced against the Debtor, and
representing the Debtor in negotiations concerning litigation in
which it is involved, including objections to claims filed against
the estate;

     (e) Review the nature and validity of agreements relating to
the Debtor's business and property and advise the Debtor in
connection therewith;

     (f) Review the nature and validity of liens, if any, asserted
against the Debtor and advise as to the enforceability of such
liens;

     (g) Advise the Debtor concerning the actions it might take to
collect and recover property for the benefit of its estate;

     (h) Preparelegal papers and review all financial reports to be
filed in the Debtor's Chapter 11 case;

     (i) Represent the Debtor in connection with obtaining
authority to continue using cash collateral and post-petition
financing;

     (j) Appear before the bankruptcy court and any appellate
courts;

     (k) Advise the Debtor in connection with any potential sale of
its assets;

     (l) Counsel the Debtor in connection with the formulation,
negotiation and implementation of a Chapter 11 plan, and litigation
with respect to competing plans; and

     (m) perform other necessary legal services.

The firm will charge these hourly fees:

     Partners              $600 to $725
     Counsel               $450 to $550
     Associates            $365 to $450
     Paraprofessionals     $175 to $200

Adrienne Woods, Esq., at Weinberg, disclosed in a court filing that
the firm is a "disinterested person" pursuant to Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     Adrienne Woods, Esq.
     Omid Zareh, Esq.
     Weinberg Zareh Malkin Price, LLP
     45 Rockefeller Plaza, 20th Floor
     New York, NY 10111
     Phone: 212-899-5470
     Email: awoods@wzmplaw.com
            ozareh@wzmplaw.com

               About Acorn Real Property Acquisition

Acorn Real Property Acquisition, Inc. is a single asset real estate
(as defined in 11 U.S.C. Sec. 101(51B)).

Acorn Real Property Acquisition filed a petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
22-42718) on Oct. 31, 2022, with $10 million to $50 million in both
assets and liabilities. Olakunle Apampa, president of Acorn Real
Property Acquisition, signed the petition.

Judge Jil Mazer-Marino oversees the case.

Weinberg Zareh Malkin Price, LLP is the Debtor's legal counsel.


AGSPRING LLC: Seeks to Hire Dentons US as Bankruptcy Counsel
------------------------------------------------------------
Agspring, LLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to hire Dentons US,
LLP as its legal counsel.

The firm's services include:

     a. Providing legal advice with respect to the Debtors' powers
and duties in the continued operation of their business and
management of their property;

     b. Attending meetings and negotiating with representatives of
creditors and other parties involved in the Debtors' Chapter 11
cases, and consulting the Debtors on the conduct of their cases,
including all of the legal and administrative requirements of
operating in Chapter 11;

     c. Taking necessary actions to protect and preserve the
Debtors' estates, including the prosecution of actions on their
behalf, the defense of any actions commenced against the estate,
negotiations concerning all litigation in which the Debtors may be
involved and objections to claims filed against the estate;

     d. Reviewing and preparing legal papers;

     e. Advising the Debtors in connection with any sale of
assets;

     f. Negotiating and preparing a Chapter 11 plan, disclosure
statement and all related documents, and taking necessary actions
to obtain confirmation of the plan;

     i. Reviewing and objecting to claims;

     j. Analyzing, recommending, preparing, and bringing any causes
of action created under the Bankruptcy Code;

     k. Appearing before the bankruptcy court, appellate courts and
the Office of the U.S. Trustee; and

     l. Performing all other necessary legal services.

The firm's hourly rates are as follows:

     Partners        $765 to $1,240 per hour
     Of Counsel      $690 to $1,205 per hour
     Associates      $605 to $725 per hour
     Paralegals      $345 to $370 per hour

Dentons US received a retainer in the amount of $358,072.06.

Samuel Maizel, Esq., a partner at Dentons US, 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:

     Samuel R. Maizel, Esq.
     John A. Moe, II, Esq.
     Tania M. Moyron, Esq.
     Dentons US, LLP
     601 South Figueroa Street, Suite 2500
     Los Angeles, California 90017-5704
     Tel: (213) 623-9300
     Fax: (213) 623-9924
     Email: samuel.maizel@dentons.com
            john.moe@dentons.com
            tania.moyron@dentons.com

                         About Agspring LLC

Agspring, LLC is a provider of warehousing and storage services in
Leawood, Kansas.

Agspring and five of its affiliates filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead
Case No. 23-10699) on May 31, 2023. At the time of the filing,
Agspring reported $1 million to $10 million in assets and $50
million to $100 million in liabilities.

Judge Craig T. Goldblatt oversees the cases.

The Debtor tapped Pachulski Stang Ziehl & Jones, LLP and Dentons
US, LLP as legal counsels, and Kyle Sturgeon of MERU, LLC as chief
restructuring officer.


AJC MEDICAL: Taps Stevens Martin Vaughn & Tadych as Counsel
-----------------------------------------------------------
AJC Medical, PLLC seeks approval from the U.S. Bankruptcy Court for
the Eastern District of North Carolina to hire Stevens Martin
Vaughn & Tadych, PLLC as its legal counsel.

The Debtor requires legal counsel to:

     a. Prepare a Chapter 11 plan of reorganization, disclosure
statement and other legal papers necessary to the Debtor's Chapter
11 case; and

     b. Perform other legal services in connection with the
Debtor’s reorganization, including court appearances, research,
opinions and consultations on reorganization options, direction,
and strategy.

Stevens will be paid at these rates:

     William P. Janvier            $490 per hour
     Kathleen O'Malley             $290 per hour
     Law Clerks and Paralegals     $145 per hour

The firm received a retainer of $10,000 from the Debtor.

Kathleen O'Malley, Esq., a partner at Stevens, disclosed in a court
filing that her firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Kathleen O'Malley, Esq.
     Stevens Martin Vaughn & Tadych, PLLC
     6300 Creedmoor Rd., Suite 170-370
     Raleigh, NC 27612
     Telephone: (919) 582-2300
     Email: komalley@smvt.com
  
                         About AJC Medical

AJC Medical, PLLC specializes in laser technology used for various
cosmetic concerns, unwanted hair, spider veins, and nail fungus.

AJC Medical filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 23-02119) on
July 28, 2023, with $100,000 to $500,000 in assets and $1 million
to $10 million in liabilities.

Judge Pamela W. Mcafee oversees the case.

Kathleen O'Malley, Esq., at Stevens Martin Vaughn & Tadych, PLLC
represents the Debtor as legal counsel.


ALECTO HEALTHCARE: Appointment of Creditors' Committee Sought
-------------------------------------------------------------
A group of creditors of Alecto Healthcare Services, LLC is seeking
the appointment of a committee that will represent unsecured
creditors in the company's Chapter 11 case.

William Sullivan, Esq., one of the attorneys representing the
creditors, said Alecto's "regular and ongoing transfers" to its
insolvent subsidiaries, including Sherman/Grayson Hospital, LLC,
warrant the appointment of a committee.

Citing Alecto's financial records and comments made during the
creditors meeting, Mr. Sullivan said the company may have
transferred up to $21 million to Sherman/Grayson to support its
operations in the one year prior to the company's bankruptcy
filing.

Alecto's financial records show that it earned gross revenues of
approximately $3.5 million in 2021 and 2022, and $1.56 million
through the first five months of 2023.

The company, however, had been diverting the funds available to it
to Sherman/Grayson, which could have been used to pay its
creditors, according to Mr. Sullivan.

"A creditors committee could ensure that no further post-petition
transfers are made and bring appropriate review of intercompany
claims into the plan process, all of which could well improve
recoveries for unsecured creditors," the attorney said.

In September 2023, the creditors obtained summary judgment against
Alecto and one of its subsidiaries. A judgment order was entered in
November, awarding damages in the amount of $3.17 million. The
judgment was not appealed and is a final order.

The creditors can be reached through:

     William D. Sullivan, Esq.
     Sullivan Hazeltine Allinson, LLC
     919 North Market Street, Suite 420
     Wilmington, DE 19801
     Tel: (302) 428-8191
     Email: bsullivan@sha-llc.com
            whazeltine@sha-llc.com

          - and -

     Colten L. Fleu, Esq.
     Mountain State Justice, Inc.
     1217 Quarrier St.
     Charleston, WV 25301
     Tel: (304) 326-0188
     Email: colten@msjlaw.org

          - and -

     John Stember, Esq.
     Maureen Davidson-Welling, Esq.
     Stember Cohn & Davidson-Welling, LLC
     The Harley Rose Building
     425 First Avenue, 7th Floor
     Pittsburgh, PA 15219
     Tel: 412-338-1445
     Email: jstember@stembercohn.com
            mdavidsonwelling@stembercohn.com

                 About Alecto Healthcare Services

Alecto Healthcare Services, LLC is a provider of healthcare
infrastructure services based in Glendale Calif.

Alecto Healthcare Services filed Chapter 11 petition (Bankr. D.
Del. Case No. 23-10787) on June 16, 2023, with $1 million to $10
million in assets and $50 million to $100 million in liabilities.
Jami Nimeroff, Esq., at Brown McGarry Nimeroff, LLC has been
appointed as Subchapter V trustee.

Judge Kate Stickles oversees the case.

Leonard M. Shulman, Esq., at Shulman Bastian Friedman & Bui, LLP
and The Rosner Law Group, LLC serve as the Debtor's bankruptcy
counsel and Delaware counsel, respectively.


AMC ENTERTAINMENT: Court Ok'd Revised Stock Conversion Proposal
---------------------------------------------------------------
Jef Feeley, Michael Leonard, and Chris Dolmetsch of Bloomberg News
report that the revised stock conversion plan of AMC Entertainment
is approved by the court.

AMC Entertainment Holdings Inc. won court approval of a stock
conversion plan that had spurred a shareholder lawsuit and cast a
cloud over the movie theater chain's efforts to secure new
financing.

The settlement, approved on Friday, includes extra shares for
individual investors, thousands of whom had opposed it, citing the
dilution of their shares among other concerns. Many of them fueled
the pandemic-era "meme stock" rally that saved AMC from a
bankruptcy filing.

The ruling by Delaware Chancery Court Judge Morgan Zurn caps a
protracted and bitter legal fight over AMC's preferred equity
units, or APEs, which pitted the company's top executives against
part of that retail investor base. Last month Zurn surprised the
market by rejecting an earlier version of the settlement, sending
the value of AMC's regular shares soaring and the APEs plunging.
She found that the original deal waived too many potential claims
against the company.

AMC shares sank as much as 34% in postmarket trading, while the
preferred shares spiked more than 29%, narrowing the spread between
the two to around $1.50.

                    Offsetting the Dilution

In a 110-page opinion, Zurn concluded that the settlement was
reasonable, finding that while the plaintiffs' claim of breach of
fiduciary duty had merit, a remedy for that claim was "challenging
to identify." She noted that the revised pact included "additional
shares of common stock awarded to current common stockholders to
offset the dilutive effects."

Zurn's basic job was to decide whether the settlement was fair
given the strength, or weakness, of the shareholders' claims. She
concluded that their main legal theory was relatively strong but
not a sure thing, and that their risk of losing made the settlement
a fair deal.

"Where a plaintiff establishes directors acted with the primary
purpose of impeding the exercise of stockholder voting power," the
company's board members "must demonstrate their actions were
reasonable," the judge wrote.  She said AMC actually didn't
convince her of that, but that it "may have been able to prevail"
if it had gone to trial.

The settlement has been valued at as much as $120 million,
depending on AMC's volatile stock price. It wasn't immediately
clear when the APE conversion would take place, but AMC officials
have said they hope to raise new financing by the middle of this
month. Zurn said approval of the deal clears the way for the
company to act and that it has indicated it intends to do so "as
quickly as possible."

The case began when a pension fund and other shareholders
challenged the plan to let APE holders -- many of them arbitragers
betting on the stock conversion -- vote on AMC's recapitalization
proposals.  Hedge fund Antara Capital LP holds roughly 30% of the
APEs.  More than 2,800 shareholders opposed giving the APE
investors a vote.

In rejecting the earlier version of the settlement, Zurn cited
sections that would have waived any claims by holders of the common
stock, including those also holding APEs.  The resubmitted
settlement included a narrower release, waiving only claims "that
relate to the ownership of common stock."

                         Meme Players

The meme stock investors' role has made the case unusual,
especially as the focus of the legal proceedings has turned to the
accord.   In writing to the court to oppose the stock conversion
plan, some expressed the dilution concerns, while others cited
market manipulation theories that have spread online.

AMC created the APEs last 2022 to get around a share limit it
couldn't lift without the support of retail investors. With the
settlement it aimed to address their objections by handing out one
extra class A share for every 7.5 held, a ratio that has put the
pact's value at around $110 million to $120 million.

In announcing the revised accord last month, AMC Chief Executive
Officer Adam Aron stressed the "critical" importance of getting the
deal approved and the APEs converted so the company can raise new
equity capital.

The lead objector to the accord, a retail trader named Rose Izzo,
has sought to derail it, take over the case and resume the court
fight on behalf of others in her camp who feel "stabbed in the
back" by AMC and its leaders, her lawyer has said.

                      Chancery and Barbie

Izzo had asked Zurn to put any stock conversion on hold to leave
time for an appeal if the judge approved the settlement.  Given the
success of the blockbusters Barbie and Oppenheimer and AMC's strong
second-quarter financial results, the company's "overhyped concerns
and unreasonable demands ring hollow," she said in a court filing.

AMC's shares have been on a wild ride because some traders and
hedge funds, as part of their arbitrage bets, have been adding to
their APE positions and going short AMC shares.  They've been
betting they will be able to pocket the spread once the conversion
goes through and narrows the price gap between the two. Zurn's
earlier ruling against the conversion proposal forced them to start
unwinding that bet to limit their risk, boosting the shares.

Litigation continues on other fronts. AMC has sued its insurers for
refusing to fund the settlement, and another holder of the common
stock is seeking a court order requiring the company to hold its
first annual meeting and board election in more than 13 months.
Antara is facing a securities lawsuit in federal court seeking the
return of its alleged short swing profits.

The case is AMC Entertainment Holdings Inc. Shareholder Litigation,
2023-2015, Delaware Chancery Court (Wilmington).

                    About AMC Entertainment

AMC Entertainment Holdings, Inc., is engaged in the theatrical
exhibition business.  It operates through theatrical exhibition
operations segment.  It licenses first-run motion pictures from
distributors owned by film production companies and from
independent distributors.  The Company also offers a range of food
and beverage items, which include popcorn; soft drinks; candy; hot
dogs; specialty drinks, including beers, wine and mixed drinks, and
made to order hot foods, including menu choices, such as curly
fries, chicken tenders and mozzarella sticks.

AMC operates over 900 theatres with 10,000 screens globally,
including over 661 theatres with 8,200 screens in the United States
and over 244 theatres with approximately 2,200 screens in Europe.
The Company's subsidiary also includes Carmike Cinemas, Inc.

AMC was forced to close its shutter its theaters when the Covid-19
pandemic struck in March 2020.  It has reopened its theaters but
admissions have been substantially low.

The world's biggest theater chain said in an October 2020 filing
that liquidity will be largely depleted by the end of this year or
early next year if attendance doesn't pick up, and it's exploring
actions that include asset sales and joint ventures.


ANYWHERE REAL ESTATE: S&P Lowers Unsecured Notes Rating to 'B-'
---------------------------------------------------------------
S&P Global Ratings removed Anywhere Real Estate Group LLC's senior
unsecured notes from CreditWatch with negative implications; S&P
lowered the issue-level ratings to 'B-' from 'B' and revised the
recovery rating to '6' from '5.' At the same time, S&P assigned a
'B+' issue-level rating and a '3' recovery rating to the new 7%
second-lien notes due 2030. These actions reflect its view on the
recovery prospects for debtholders after Anywhere announced the
early results of its offer to exchange up to $527 million of old
senior unsecured notes due in 2029 and 2030 for new second-lien
notes.

S&P said, "We revised our recovery rating on the company's senior
unsecured debt to reflect the lower recovery prospects for its
lenders in our simulated default scenario due to the addition of
second-lien debt to its capital structure. We estimate the amount
of second-lien notes to be $640 million upon completion of the
exchange of $800 million old senior unsecured notes, including $273
million tendered by Angelo Gordon. The offer was oversubscribed
with over $550 million additional notes tendered.

"Our 'B+' issuer credit rating with a negative outlook is
unchanged. We continue to expect topline pressures for Anywhere as
low housing sales volumes suppress EBITDA generation in 2023. The
company has managed to stay on track for its $200 million
cost-savings target for the year, and it benefited from some relief
on the commission splits in the second quarter. However,
restructuring costs are higher than we previously anticipated,
lowering our expectations for full-year 2023 EBITDA. We still
expect better volume recovery in 2024 will lead to EBITDA and
leverage improvement in 2024. We believe liquidity will face some
downward pressure but remain sufficient with over $175 million cash
as of June 30, 2023, and close to $800 million availability on the
revolving credit facility."

ISSUE RATINGS – RECOVERY ANALYSIS

Key analytical factors

-- S&P's simulated default scenario contemplates a payment default
occurring in 2027 due to a steep decline in EBITDA and market
share, combined with its inability to refinance a significant
portion of its capital structure. Specifically, persistent declines
in transaction volumes due to a prolonged U.S. recession and
increasing competitive pressures, particularly from new entrants,
are likely factors.

-- In a hypothetical default, S&P believes the company's lenders
would pursue a reorganization rather than a liquidation and thus
apply a 6.5x multiple to its emergence EBITDA to reflect Anywhere's
diverse brand portfolio and extensive agent network.

Simulated default assumptions

-- Simulated year of default: 2027

-- EBITDA at emergence: about $300 million

-- EBITDA multiple: 6.5x

Simplified waterfall

-- Net enterprise value (after 5% administrative expenses): $1.9
billion

-- Obligor/nonobligor valuation split: 88%/12%

-- Priority claims: $208 million

-- Estimated first-lien secured debt: $1.2 billion

-- Value available for first-lien claims: $1.6 billion

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

-- Estimated second-lien secured debt: $660 million

-- Value available for second-lien claims: $420 million

    --Recovery expectations: 50%-70% (rounded estimate: 65%)

-- Estimated unsecured debt claims: $1.8 billion

-- Value available to unsecured claims: about $75 million

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

All debt amounts at default include six months of accrued
prepetition interest.



APTIM CORP: Moody's Upgrades CFR & Senior Secured Notes to Caa1
---------------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating of
APTIM Corp., a provider of end-to-end environmental, resilience and
critical infrastructure solutions, to Caa1 from Caa2. Concurrently,
Moody's also upgraded the probability of default rating to Caa1-PD
from Caa2-PD and the senior secured rating to Caa1 from Caa2. The
rating outlook is stable.

The ratings upgrade reflects APTIM's improved operating performance
driven by strong revenue growth and new bookings growth in the
first half of 2023 and increased profitability resulting from a
better mix of higher-margin services. Over the next 12 months,
Moody's forecasts financial leverage, as expressed by
debt-to-EBITDA, to remain below 5.5x, and for APTIM to generate
some positive free cash flow. However, execution risk remains
surrounding Moody's projections given the uncertain macroeconomic
environment, but it is somewhat offset by a growing opportunity
pipeline benefiting from the Infrastructure Investment and Jobs Act
("IIJA"). Positive pressure on the ratings will likely increase if
this level of operating performance continues and the company
addresses its upcoming $515 million note maturing in June 2025.

Upgrades:

Issuer: APTIM Corp.

Corporate Family Rating, Upgraded to Caa1 from Caa2

Probability of Default Rating, Upgraded to Caa1-PD from Caa2-PD

Senior Secured Regular Bond/Debenture, Upgraded to Caa1 from Caa2

Outlook Actions:

Issuer: APTIM Corp.

Outlook, Remains Stable

RATINGS RATIONALE

APTIM's Caa1 CFR reflects the company's currently weak, but
improving, credit profile characterized by high financial leverage
and historically weak cash generation against Moody's expectations
of a sustained improvement in earnings and cash flow over the next
12 months. The company's annual revenue declined over the last
several years, but Moody's expects APTIM's improved operating
performance will translate to revenue growth for 2023 and 2024.
APTIM's improvement in credit metrics is driven by recent
significant projects undertaken, new bookings growth and Moody's
expectation for APTIM's book-to-bill rate to remain above 1x in
2023 and 2024. Roughly half of the company's expected revenue over
the next twelve months is attributable to work identified in its
backlog ($1.6 billion as of June 30, 2023). However, earnings can
be difficult to predict because of timing of new awards. The rating
also considers the uncertainties inherent to estimating contract
costs, surety bonding and letter of credit requirements for new
projects, meeting requisite performance standards, and the
involvement of subcontractors that impose risks to profitability
and liquidity.

The rating is supported by the company's sizable contract backlog
and the relative stability of its US federal government projects.
Recent business wins and a better mix of higher-margin services,
coupled with the exit from the unprofitable commercial E&C business
in 2022, create a path to improved earnings and cash generation
that should support a more stable and predictable business going
forward. The rating also benefits from its adequate liquidity
profile supported by its balance sheet cash and access to its ABL
facility.

All financial metrics cited reflect Moody's standard adjustments.

APTIM's liquidity is adequate, supported by an unrestricted cash
balance of $132 million as of June 30, 2023. The company has access
to a $110 million asset based revolving credit facility ("ABL") due
December 2024, but this facility only had about $17 million of
availability. The company's borrowing base as of June 30, 2023 was
$102 million with $84 million in letters of credit ("LC") issued.
Utilization of LC in support of surety bonds under certain
circumstances could further reduce revolver availability, but the
company expects a decreasing requirement for LCs as surety bonding
decreases. The current LC commitment of $100 million will step down
to $75 million in July 2024. Moody's expects that ABL availability
will continue to be limited after LC commitments, and Moody's does
not expect the company will use the ABL for other purposes. Free
cash flow generation over the next 12 months is expected to be
positive in the high single digits despite the volatility given the
semiannual interest payments due June 15 and December 15 and
seasonal working capital requirements.

The only financial covenant is a springing fixed charge coverage
test (1.0x), triggered when ABL excess availability is less than
the greater of $16 million or 10% of the maximum amount of the ABL.
While APTIM has about $1 million of true availability before having
to comply with this test, Moody's does not expect the covenant to
be tested over the next 12 to 18 months. Alternate liquidity is
limited as the assets are encumbered by the revolver and the
secured notes.

APTIM Corp.'s debt capitalization consists of a $110 million ABL
and $515 million of senior secured notes. The unrated ABL is
secured by a first-priority lien primarily on the receivables of
the borrower and its domestic subsidiaries, and a second-priority
lien on substantially all other assets. The Caa1 rating for the
$515 million of senior secured notes is in line with the Caa1 CFR,
incorporating the effective subordination of this debt to the
unrated ABL revolver, but also the benefit of loss absorption
provided by a meaningful amount of estimated general unsecured
claims (including trade payables and operating lease rejection
claims in an event of default scenario). The Caa1-PD Probability of
Default Rating is in line with the Caa1 CFR, reflecting Moody's
expectation of an average family recovery in a distress scenario
and the multi-class debt structure.

The stable outlook reflects Moody's expectations that APTIM will
grow revenue in 2023 and 2024 and sustain credit metrics that
support its rating while maintaining an adequate liquidity
profile.

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

The ratings could be upgraded if the company achieves revenue and
earnings growth resulting in financial leverage sustained below 6x
while maintaining good liquidity and consistent free cash flow
generation. Better visibility as to how the company will address
the 2025 $515 million maturity is also an important rating
consideration.

The ratings could be downgraded if the company fails to achieve
revenue and earnings growth. Additionally, negative rating pressure
could arise if it becomes clear APTIM will not be in a position to
refinance its debt facilities at least 12 months before their
maturity or if its liquidity position deteriorates.

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

Headquartered in Baton Rouge, Louisiana, APTIM provides
environmental services, engineering and construction ("E&C")
services, program and construction management ("PMCM"), and
operations and maintenance ("O&M") services to clients in the
commercial (energy, industrial, and retail) and infrastructure
sectors. The company's revenue for the twelve-month period ended
June 30, 2023, was $1.3 billion. APTIM is owned by private equity
firm Veritas Capital.


BEP ULTERRA: S&P Raises ICR to 'BB+', Then Withdraws Rating
-----------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Ulterra
Drilling Technologies L.P. to 'BB+' (the same as Patterson-UTI
Energy Inc.) from 'B-'. S&P maintained the CreditWatch positive, in
line with that of Patterson.

S&P subsequently withdrew its issuer credit rating and issue-level
ratings on Ulterra.

On August 14, 2023, oilfield services company Patterson-UTI Energy
Inc. completed its acquisition of Ulterra Drilling, the operating
subsidiary of BEP Ulterra Holdings Inc. (Ulterra) and paid off
Ulterra's existing term loan as expected.

S&P said, "These rating actions follow the close of Patterson's
acquisition of Ulterra's operating subsidiary. We raised our rating
on the company and maintained the CreditWatch positive to equalize
it with our rating and CreditWatch on Patterson because we now
consider Ulterra to be a core entity of Patterson. We subsequently
withdrew our issuer credit rating on Ulterra."

Ulterra's term loan was paid off at acquisition close and no longer
carries a rating.



BERTRAMS PAINTING: Case Summary & Six Unsecured Creditors
---------------------------------------------------------
Debtor: Bertrams Painting Services Inc.
        5669 S. Sterling Ranch Drive
        Fort Lauderdale, FL 33314

Business Description: The Debtor is the owner of real property
                      located at 5669 S Sterling Ranch Drive,
                      Davie, FL valued at $2.45 million.

Chapter 11 Petition Date: August 15, 2023

Court: United States Bankruptcy Court
       Southern District of Florida

Case No.: 23-16418

Judge: Hon. Peter D. Russin

Debtor's Counsel: Chad Van Horn, Esq.
                  VAN HORN LAW GROUP, P.A.
                  500 NE 4th Street, Suite 200
                  Fort Lauderdale, FL 33301
                  Tel: (954) 765-3166
                  Email: chad@cvhlawgroup.com

Total Assets: $2,463,550

Total Liabilities: $2,279,441

The petition was signed by Camiel Bertram as president.

A copy of the Debtor's list of six unsecured creditors is available
for free at PacerMonitor.com at:

https://www.pacermonitor.com/view/6ECHI6Y/Bertrams_Painting_Services_Inc__flsbke-23-16418__0002.0.pdf?mcid=tGE4TAMA

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

https://www.pacermonitor.com/view/BCZGEBA/Bertrams_Painting_Services_Inc__flsbke-23-16418__0001.0.pdf?mcid=tGE4TAMA


BITTREX INC: Settles Crypto Case With SEC Along With Affiliates
---------------------------------------------------------------
Allyson Versprille of Bloomberg News reports that Bittrex will pay
$24 million penalty to settle Securities and Exchange Commission
cryptocurrency case.

Bankrupt crypto exchange operator Bittrex Inc. and its non-US
affiliate will pay $24 million to settle allegations that they for
years shirked Securities and Exchange Commission rules by offering
services to US clients without registering with the agency.

The SEC in April alleged that Bittrex acted as an unregistered
securities exchange, broker and clearing agency from 2017 through
2022 as it brought in at least $1.3 billion in revenue. At the
time, the agency also sued co-founder William Shihara and the
global affiliate Bittrex Global GmbH, both of which were part of
Thursday's settlement announcement.

                           About Bittrex Inc.

Bittrex is a regulated digital assets exchange platform.

Desolation Holdings and three of its affiliates filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. D. Del., Lead Case No. 23-10597) on May 8, 2023. Desolation
Holdings' debtor affiliates are Bittrex, Inc., Bittrex Malta
Holdings Ltd. and Bittrex Malta Ltd.  

At the time of filing, the Debtors estimated consolidated assets
of
$500 million to $1 billion in assets and $500 million to $1
billion
in liabilities.

The Hon. Brendan Linehan Shannon presides over the cases.

Quinn Emanuel Urquhart & Sullivan, LLP, led by partner Patricia B.
Tomasco, is the Debtors' counsel.  Berkeley Research Group, LLC, is
the Debtors' restructuring advisor.  Omni Agent Solutions is the
claims agent.


BUILDERS FIRSTSOURCE: S&P Affirms BB' ICR, Alters Outlook to Pos.
-----------------------------------------------------------------
S&P Global Ratings revised its outlook to positive from stable, and
affirmed its 'BB' issuer credit rating on U.S.-based building
materials' distributor Builders FirstSource Inc. (BFS) along with
its 'BB-' issue level rating, with a '5' recovery rating, on the
company's senior unsecured notes.

The positive outlook reflects the potential for a higher rating if
the company continues to demonstrate strong profitability and a
commitment to sustain stronger credit measures commensurate with a
higher rating.

S&P said, "We believe the company could sustain credit measures
supportive of a higher rating, even in less-favorable business
conditions, backed by its ability to maintain improved
profitability. We now believe BFS can possibly sustain adjusted
leverage of under 2x in most market conditions compared with our
previous expectations of 2x-3x. Our economists forecast U.S.
housing starts will be about 1.4 million in 2023 and 1.3 million
next year, compared with prior expectations of about 1.2 million.
Although these estimates remain well below the nearly 1.6 million
starts of 2021-2022, we still believe they will support BFS's sales
and profits, such that year-over-year declines are less severe than
previously expected. Therefore, we expect the company will generate
$17 billion-$19 billion in annual revenues and adjusted earnings of
$2.5 billion-$2.7 billion in 2023-2024. As a result, we believe BFS
can generate sustained adjusted EBITDA margins of 14%-15%, which
compare favorably against our previous expectations of 10%-13% as
well as against its historical average of 7%-9%. In our view, apart
from better visibility on business conditions, BFS's strong
profitability is supported by the company's increased scale; an
improved business mix toward higher-margin, value-added products
(versus commodities) as well as productivity efficiencies from
recent investments and realization of synergies from the BMC Stock
Holdings acquisition.

"The company's financial policy actions and commitment would likely
be key to any potential credit quality improvement because earnings
and cash flow remain highly correlated to housing cycles. We expect
the company to generate $1.6 billion-$1.9 billion in operating cash
flow and use the majority of this cash to execute its capital
deployment plan, including organic and inorganic growth initiatives
as well as opportunistic share repurchases. However, we recognize
that BFS still derives 80% of its revenue from the U.S. new
construction market alone, and about one-third of its business is
tied to wood-based commodity exposures. We believe this strong
correlation to the cyclical housing markets and commodities results
in earnings and cash flows being prone to fluctuations on a
year-over-year basis. Therefore, we would expect BFS to remain
prudent and adjust its financial policy decisions such that its
adjusted leverage remains within the stated tolerance of under 2x,
through most market conditions.

"The positive outlook on BFS indicates our belief that the company
could sustain adjusted leverage of under 2x and operating cash flow
(OCF) to debt of above 35%, even amid less-favorable business
conditions."

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

-- Adjusted earnings decline more than 15% from our base-case
scenario, causing adjusted leverage to rise above 2x or OCF to debt
to be less than 35% on a sustained basis. Such a scenario could
materialize if business conditions, including a slowdown in
residential construction that is steeper or longer than expected or
weakened profitability, caused adjusted margins to be under 9%; or

-- The company undertook an aggressive financial policy, such as
pursuing large debt-financed acquisitions or shareholder-friendly
actions, resulting in adjusted leverage rising to 2x-3x.

S&P could raise its ratings over the next 12 months if:

-- The company's performance as well as financial policy actions
demonstrate BFS's ability to maintain adjusted leverage of under 2x
and OCF to debt of above 35%; and

-- S&P believes these credit measures can be sustained through
most market conditions.



CAMBER ENERGY: Posts $1.9 Million Net Income in Second Quarter
--------------------------------------------------------------
Camber Energy, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing net income
attributable to the Company of $1.92 million on $83,648 of oil and
gas sales for the three months ended June 30, 2023, compared to net
income attributable to the Company of $4.59 million on $171,651 of
oil and gas sales for the three months ended June 30, 2022.

For the six months ended June 30, 2023, the Company reported a net
loss attributable to the Company of $425,295 on $177,119 of oil and
gas sales compared to a net loss attributable to the Company of
$63.56 million on $308,058 of oil and gas sales for the six months
ended June 30, 2022.

As of June 30, 2023, the Company had $30.64 million in total
assets, $46.66 million in total liabilities, and a total
stockholders' deficit of $16.02 million.

Camber Energy said, "Management believes it will be able to
continue to leverage the expertise and relationships of its
operational and technical teams to enhance existing assets and
identify new development and acquisition opportunities in order to
improve the Company's financial position.  The Company may have the
ability, if it can raise additional capital, to acquire new assets
in a separate division from existing subsidiaries.

"Nonetheless, recent oil and gas price volatility as a result of
geopolitical conditions and the global COVID-19 pandemic have
already had and may continue to have a negative impact on the
Company's financial position and results of operations.  Negative
impacts could include but are not limited to: The Company's ability
to sell our oil and gas production, reduction in the selling price
of the Company's oil and gas, failure of a counterparty to make
required hedge payments, possible disruption of production as a
result of worker illness or mandated production shutdowns, the
Company's ability to maintain compliance with loan covenants and/or
refinance existing indebtedness, and access to new capital and
financing.

"These conditions raise substantial doubt regarding the Company's
ability to continue as a going concern.  The Company's ability to
continue as a going concern is dependent upon its ability to
utilize the resources in place to generate future profitable
operations, to develop additional acquisition opportunities, and to
obtain the necessary financing to meet its obligations and repay
its liabilities arising from business operations when they come
due. Management believes the Company will be able to continue to
develop new opportunities and will be able to obtain additional
funds through debt and / or equity financings to facilitate its
development strategy; however, there is no assurance of additional
funding being available.  These consolidated financial statements
do not include any adjustments to the recorded assets or
liabilities that might be necessary should the Company have to
curtail operations or be unable to continue in existence."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1309082/000147793223005899/cei_10q.htm

                         About Camber Energy

Based in Houston, Texas, Camber Energy, Inc. --
http://www.camber.energy-- is a growth-oriented diversified energy
company.  Through its majority-owned subsidiary, Camber provides
custom energy & power solutions to commercial and industrial
clients in North America and owns interests in oil and natural gas
assets in the United States.  The company's majority-owned
subsidiary also holds an exclusive license in Canada to a patented
carbon-capture system, and has a majority interest in: (i) an
entity with intellectual property rights to a fully developed,
patent pending, ready-for-market proprietary Medical & Bio-Hazard
Waste Treatment system using Ozone Technology; and (ii) entities
with the intellectual property rights to fully developed, patent
pending, ready-for-market proprietary Electric Transmission and
Distribution Open Conductor Detection Systems.

Camber Energy reported a net loss attributable to the company of
$107.74 million for the year ended Dec. 31, 2022, a net loss
attributable to the company of $169.68 million for the year ended
Dec. 31, 2021, compared to a net loss attributable to the company
of $52.01 million for the nine months ended Dec. 31, 2020.

Dallas, Texas-based Turner, Stone & Company, L.L.P., the Company's
auditor since 2021, issued a "going concern" qualification in its
report dated March 17, 2023, citing that the Company has suffered
recurring losses from operations, has a stockholder deficit and has
a net capital deficiency that raises substantial doubt about its
ability to continue as a going concern.


CANO HEALTH: S&P Downgrades ICR to 'CCC-', Outlook Negative
-----------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Medicare
Advantage-focused primary care service provider Cano Health Inc. to
'CCC-' from 'B-' and its issue-level rating on its secured term
loan to 'CCC-' from 'B-'. The '3' recovery rating indicates its
expectation of meaningful (50%-70%; rounded estimate: 50%) recovery
in the event of a payment default. At the same time, S&P lowered
out rating on the senior unsecured notes to 'C' from 'CCC'. The
recovery rating remains '6'.

S&P said, "We based our negative outlook on our expectation for
continued weak operating performance and cash flow deficits. Given
the company's current liquidity position, we believe there is
heightened risk of a near-term default such as a bankruptcy filing,
debt restructuring, or missed interest payment.

"Based on recent operating trends, we think the company could run
out of cash within the next six-12 months. The company's medical
cost ratio, a ratio of its third-party medical costs to its
capitated revenues, spiked to 103.5% in the second quarter 2023
ended June 30, 2023, versus 82.6% same quarter 2022 and up
sequentially from 84.2% in 1Q23. The company experienced a $58
million shortfall in capitated revenue in the second quarter due to
lower-than-expected Medicare Risk Adjustment revenues. The company
also saw an increase in medical costs related to higher medical
utilization and costs associated with providing supplemental
benefits. The company subsequently withdrew its guidance for 2023.
We estimate the company experienced roughly $170 million in
negative free cash flows in 2023 thus far, though that includes the
impact of the spike in medical costs that is partially associated
to prior periods (dating back to late 2022). The medical cost ratio
should moderate going forward. Still, Cano Health has not had a
track record of generating positive free cash flows as the company
focused on aggressively expanding its operations via de-novos and
mergers and acquisitions (M&A), pushing adjusted leverage to over
20x at the end of 2022.

"We view the company's liquidity as weak. As of Aug. 9, 2023, the
company had $101.5 million of cash and cash equivalents, having
fully drawn on its $120 million revolver while it was negotiating
an amendment to a covenant under its Side-Car Credit Agreement, in
connection with its 2023 term loan. Having then secured an
amendment on Aug. 10, 2023, the company expects to repay a
significant portion of the revolver by end of September 2023. The
covenant test is waived until Sept. 30, 2024, and the line is
expected to remain available to fund liquidity needs. However,
given the current and projected rate of cash burn, we think the
company could run out of cash within the next six-12 months. In
addition, we believe the $163.8 million term debt maturity is
likely to spring to September 2024, given the company's recent
amendment. We believe the company is unlikely to withstand adverse
events without a substantial capital injection within the next 12
months, even after factoring in cost cutting, including corporate
staff and capital expenditures (capex).

"Efforts are underway to stem cash outflows, but success and timing
are highly uncertain. Cano has a track record of earnings misses
and downward revisions, and while the company is trying to execute
an operational turnaround, we do not believe it is likely it can do
so given the very short timeframe. The company plans to scale back
and streamline its operations, exiting several markets, including
California, New Mexico, and Illinois by fall of 2023, conduct a
strategic review of Texas and Nevada operations as well as its
Medicaid operations, to better focus on its healthier, cash
generating operations. Management also plans to reduce its de novo
activities, explore the potential sale of nnoncore assets to pay
down debt, reduce its employee count by 700 employees (roughly 17%
of current workforce) to further stem cash outflows, and improve
liquidity. The company is aiming to reduce its medical center
footprint to 136 centers, from 172 by the end of 2022. However, the
timing and successful completion of the restructuring and potential
sales are highly uncertain.

"The negative outlook reflects our view that the company's
internally generated sources of liquidity are unlikely to be
sufficient to cover its cash burn within the next six to 12 months.
It also reflects our view that there is heightened risk of a
near-term default such as a bankruptcy filing, debt restructuring,
or missed interest payment on the unsecured notes (which next comes
due in October).

"We could lower our ratings on the company if we believe it is
almost certain to default in the near term. This could occur if the
company announces a debt restructuring or bankruptcy filing, or if
liquidity diminishes to the point where we view a default as a
near-term certainty.

"We could raise our rating if we believe the company's near-term
risk of default is lowered, most likely as a result of a cash
infusion from asset sales or new financing.

"We now consider governance factors as a moderately negative
consideration in our credit rating analysis of Cano Health. In our
opinion, the company followed an aggressive growth strategy that we
believe contributed to weaker-than-expected operating performance
in 2023 and increased liquidity risk."



CASH CLOUD: Black Hole Investments Steps Down as Committee Member
-----------------------------------------------------------------
The U.S. Trustee for Region 17 disclosed in a court filing the
resignation of Black Hole Investments, LLC from the official
committee of unsecured creditors in the Chapter 11 case of Cash
Cloud, Inc.

The remaining members of the committee are:

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

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

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

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

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

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

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

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

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

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

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

                          About Cash Cloud

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

Cash Cloud sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Nev. Case No. 23-10423) on Feb. 7, 2023, with $50
million to $100 million in assets and 100 million to $500 million
in liabilities. Chris McAlary, president of Cash Cloud, signed the
petition.

Judge Mike K. Nakagawa oversees the case.

The Debtor tapped Fox Rothschild, LLP as bankruptcy counsel; Baker
& Hostetler, LLP as regulatory counsel; and Province, LLC as
financial advisor. Stretto is the claims agent.

The U.S. Trustee for Region 17 appointed an official committee to
represent unsecured creditors in the Debtor's case. The committee
tapped McDonald Carano, LLP and Seward & Kissel, LLP as bankruptcy
counsels; Baker & Hostetler, LLP as regulatory counsel; and FTI
Consulting, Inc. as financial advisor.


CENTER FOR ASBESTOS: Files for Chapter 11 Bankruptcy
----------------------------------------------------
Scott Shindledecker of The Western News reports that the Center for
Asbestos Related Disease Inc. (CARD) filed for Chapter 11
bankruptcy protection.

The debts are piling up for the CARD Clinic in Libby, leading it to
file for bankruptcy in federal court.

The Chapter 11 filing will allow the Center for Asbestos Related
Disease to continue to operate and serve its patients, according to
board Chair LeRoy Thom.

“To the best of my understanding, it protects CARD funds so we
can continue to operate and take care of our patients and prevent
the railroad from cleaning us out,” Thom said in a phone
conversation Wednesday with The Western News.

When asked if the board was considering any action, such as
termination, against any CARD employees, Thom said, "We don't
micromanage. I think everything will continue as it has. The court
will rule on our plan and the railroad may dispute it, but our
attorney sounds hopeful."

CARD Executive Director Tracy McNew said she has no plans to
resign.

"I remain dedicated to CARD and hopeful that justice and truth will
prevail," McNew said in a written statement to The Western News.
"CARD is a 501c3 nonprofit public service organization governed by
a volunteer Board of Directors. CARD stands by its practices and
mission to serve the Libby community and others impacted by
asbestos exposure."

The board made the decision on July 28 to authorize McNew to retain
the Billings firm of Patten, Peterman, Bekkedahl and Green to
represent it in the bankruptcy. According to information on its
website, it has been named 'Best Lawyers, Best Law Firms' in the
area of bankruptcy and creditor rights/insolvency and
reorganization law by the U.S. News and World Report from
2019-2023.

McNew further explained the decision to declare bankruptcy.

"We did so as a necessary shield to safeguard assets pending the
outcome of an appeal," she said. "CARD’s notice of appeal was
filed on July 20, but it could take over a year to be ruled on by
the Ninth Circuit Court.  Bankruptcy will allow CARD to continue
offering its services and paying its employees during the appeal
process.

"My understanding is that depending on the appeal's outcome, CARD
could come out of bankruptcy because the judgment is lifted, or
CARD could be restructured with a plan to resolve our debts over
time while continuing to offer our services," McNew said. "The
judgment against us is approximately $6 million and even having to
immediately pay 25% of that, which is BNSF’s portion, would put
us out of business. There was an automatic 30-day stay on their
ability to collect, but that time has nearly expired."

Also, CARD attorneys will represent the clinic in a hearing later
this month to determine if an ombudsman is required to monitor the
quality of patient care and to represent the interests of patients
of the health care business.

The hearing is set for 9 a.m. Wednesday, Aug. 30 in the bankruptcy
courtroom in the Russell Smith Courthouse in Missoula in front of
U.S. District Judge Benjamin P. Hursh.

Also, a meeting of creditors, in which a CARD representative must
be present, is set for 10 a.m. Sept. 14, 2023

CARD has been battered over the last month or so after a federal
jury ruled it submitted 337 false patient claims making people
eligible for Medicare and other benefits they shouldn’t have
received. The jury said 246 violations occurred before Nov. 2, 2015
and 91 after that date. BNSF Railway, upon behalf of the United
States government, brought the suit in 2019 under the False Claims
Act. The act allows private parties to sue on behalf of the federal
government.

BNSF -- which is itself a defendant in hundreds of asbestos-related
lawsuits -- argued the center submitted claims on behalf of
patients without sufficient confirmation they had asbestos-related
disease.

Then, in July, U.S. District Judge Dana Christensen ruled CARD must
pay nearly $6 million in damages and penalties. Christensen ordered
that the clinic must award the government $3.2 million in damages
and imposed $2.5 million in penalties. BNSF is eligible for 25% of
the total proceeds.

Following that, the firm representing BNSF in the suit against
CARD, Knight Nicastro MacKay of Missoula, filed a motion against
the clinic for nearly $1.8 million in legal fees and costs it says
it is owed. According to the False Claims Act, a court must award
attorney fees to any prevailing or substantially prevailing party
when appropriate.

CARD filed an appeal on July 20 that it is contesting the jury's
verdict and all adverse rulings in the matter to the Ninth Circuit
Court of Appeals.

McNew said that, "CARD's only reason for filing is the judgment
that came about following a 2019 BNSF Railway False Claims Act
lawsuit against us. CARD does not otherwise have any long term debt
and our bills are paid in a timely manner each month.  We also have
a federal financial audit conducted by outside accountants annually
to ensure compliance with our grant requirements and relevant laws.
CARD will continue to operate and pay bills as usual for services
received after the bankruptcy was filed."

Thom and McNew have previously said the clinic's defense was
hampered by a ruling that barred testimony from former U.S. Sen.
Max Baucus of Montana. Baucus helped craft a provision in the
Affordable Care Act that made Libby asbestos victims eligible for
government benefits. He's said the clinic was acting in line with
that law.


"CARD is disappointed in the judgment, especially since the judge
issued an order blocking CARD from finding out the bases of the 337
false claims," McNew said. "Based on the number, CARD can guess
what the jury determined were false claims, but CARD does not even
have definitive answers about what the jury found to be false
claims. Based on what CARD thinks the likely bases of the false
claims were, it has changed the process of filling out EHH forms to
qualify people for Medicare. CARD has also appealed the verdict and
the trial court’s rulings. It comes down to interpretation of the
Affordable Care Act's Libby provision. The judge and subsequently
the jury interpreted the ACA differently than CARD has. Since 2010,
CARD's implementation of the ACA provisions has remained constant.
Prior to this lawsuit, CARD's implementation of the ACA provisions
had never been at issue. CARD's granting agency, ATSDR, testified
at trial that it agreed with CARD’s implementation of the law."

McNew also said in a previous interview with The Western News that
the clinic has received funding for the new grant year which will
run from September 2023 through August 2024.

In terms of those currently receiving benefits, "It is CARD's
understanding that the government has no intention of taking away
anyone's existing benefits," McNew said before.

According to prior reporting by the Associated Press, the Libby
area was declared a Superfund site two decades ago following media
reports that mine workers and their families were getting sick and
dying due to hazardous asbestos dust.

Health officials have said at least 400 people have been killed and
thousands sickened from asbestos exposure in the Libby area.

The clinic has certified more than 3,400 people with
asbestos-related diseases and received more than $20 million in
federal funding, according to court documents.

Asbestos-related diseases can range from a thickening of a person's
lung cavity that can hamper breathing to deadly cancer.    

        About the Center for Asbestos Related Disease

Center for Asbestos Related Disease Inc. (CARD) addresses
healthcare issues associated with Libby amphibole (previously
called tremolite) asbestos.     

CARD sought relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. D. Mont. Case No. 23-90135) on Aug. 7, 2023.  In the
petition filed by Tracy J. McNew, as executive director, the Debtor
reported assets between $100,000 and $500,000 and estimated
liabilities between $1 million and $10 million.

James A. Patten, Esq., at PATTEN PETERMAN BEKKEDAHL & GREEN, is the
Debtor's counsel.


CYXTERA TECHNOLOGIES: Digital Realty, Brookfield Eye Assets
-----------------------------------------------------------
Jonathan Randles of Bloomberg Law reports that Cyxtera Technologies
Inc., the bankrupt data center operator, has drawn interest for its
assets from multiple parties including Brookfield Infrastructure
Partners and Digital Realty Trust Inc., according to people with
knowledge of the situation.

Cyxtera has been looking at a dual-track process as it seeks to
wrap up its Chapter 11 case. That includes weighing a sale of its
business or a debt recapitalization in which lenders would take
control of the firm.

The company said in a news release earlier this week that it has
received multiple qualified bids, and final offers are due Aug. 18,
2023.

                    About Cyxtera Technologies

Headquartered in Coral Gables, Fla., Cyxtera Technologies, Inc. --
https://www.cyxtera.com -- is a global data center company
providing retail colocation and interconnection services.  The
Company provides a suite of connected and automated infrastructure
and interconnection solutions to more than 2,300 enterprises,
service providers and government agencies around the world --
enabling them to scale faster, meet rising consumer expectations
and gain a competitive edge.

Cyxtera and its affiliates sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 23-14853) on
June 4, 2023. In the petition signed by Eric Koza, chief
restructuring officer, the Debtor disclosed up to $131 million in
assets and up to $2.679 billion in liabilities.

Judge John K. Sherwood oversees the case.

The Debtors tapped Kirkland and Ellis LLP and Kirkland and Ellis
International LLP as general bankruptcy counsel, Cole Schotz P.C.
as co-bankruptcy counsel, Guggenheim Securities, LLC as investment
banker, AlixPartners LLP as restructuring advisor, and Kurtzman
Carson Consultants LLC as noticing and claims agent.

An ad hoc group of first lien lenders is represented by Gibson,
Dunn & Crutcher LLP as legal counsel and Houlihan Lokey, Inc. as
financial advisor.

On June 20, 2023, the U.S. Trustee for Region 3 appointed an
official committee to represent unsecured creditors.  The committee
tapped Pachulski Stang Ziehl & Jones, LLP as its legal counsel and
Alvarez & Marsal North America, LLC, as financial advisor.


DAILEY LAW FIRM: Taps Goldstein Bershad & Fried as Legal Counsel
----------------------------------------------------------------
Dailey Law Firm PC received approval from the U.S. Bankruptcy Court
for the Eastern District of Michigan to hire Goldstein Bershad &
Fried, PC.

The Debtor requires legal counsel to give advice on issues relating
to its Chapter 11 case; negotiate with creditors; and prepare a
Chapter 11 plan.

Goldstein will charge these hourly fees:

     Senior Attorneys   $400
     Paralegal          $75

Goldstein received an initial retainer of $11,717. Of the amount,
$7,078.50 was applied to pre-bankruptcy services and $1,738 was
paid for the filing fee.

Scott Kwiatkowski, Esq., at Goldstein, disclosed in a court filing
that his firm is a "disinterested person" pursuant to Section
101(14) of the Bankruptcy Code.

Goldstein may be reached at:

      Scott M. Kwiatkowski, Esq.
      Goldstein Bershad & Fried, PC
      4000 Town Center, Suite 1200
      Southfield, MI 48075
      Tel: (248) 335-5300
      Fax: (248) 355-4644
      Email: scott@bk-lawyer.net

                       About Dailey Law Firm

Dailey Law Firm PC currently practices litigation in personal
injury, medical malpractice, social security, class action, mass
tort, and criminal defense.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Mich. Case No. 23-45970) on July 7,
2023, with up to $50,000 in assets and up to $1 million in
liabilities. Brian Dailey, president, signed the petition.

Judge Maria L. Oxholm oversees the case.

Scott M. Kwiatkowski, Esq., at Goldstein Bershad & Fried, PC,
represents the Debtor as legal counsel.


DCL HOLDINGS: Wants Chapter 11 Case Converted to Chapter 7
----------------------------------------------------------
Emily Lever of Law360 reports that paint pigment maker DCL Holdings
USA Inc. has moved to convert its Chapter 11 bankruptcy case to a
Chapter 7 liquidation, telling a Delaware bankruptcy court that it
has no operating assets and that its remaining funds would best be
used to satisfy priority claims.

                       About DCL Holdings

DCL Holdings (USA) Inc. -- https://www.pigments.com/ -- offers the
broadest range of color pigments and preparations for the coatings,
plastics and ink industries worldwide.  The company is a global
leader in the supply of color pigments and dispersions for the
coatings, plastics and ink industries, according to its Web site.

DCL Holdings (USA) and five affiliates sought Chapter 11 bankruptcy
protection (Bankr. D. Del. Lead Case No. 22-11319) on Dec. 20,
2022.  In the petition filed by its chief restructuring officer,
Scott Davido, the Debtor reported between $100 million and $500
million in both assets and liabilities.

The Debtors tapped King & Spalding, LLP as bankruptcy counsel;
Richards, Layton & Finger, P.A. as Delaware counsel; TM Capital
Corp. as investment banker; and Ankura Consulting Group, LLC as
restructuring advisor.  Kroll Restructuring Administration, LLC is
the claims and noticing agent.

The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors on Dec. 30, 2022.  Quinn Emanuel Urquhart &
Sullivan, LLP, Morris James, LLP and Province, LLC, serve as the
committee's bankruptcy counsel, Delaware counsel and financial
advisor, respectively.


DIAMOND SPORTS: Wants to Set Exit Plan Prior NBA, NHL Season
------------------------------------------------------------
Jonathan Randles of Bloomberg Law reports that Diamond Sports
Group, the bankrupt owner of local sports channels, is racing to
formulate a Chapter 11 exit plan before professional basketball and
hockey resumes so it can reassure the leagues, teams and fans that
it's ready to broadcast upcoming games.

Diamond intends to broadcast the upcoming slate of National
Basketball Association and National Hockey League games. But it
needs to reach a resolution on its path through bankruptcy quickly
to show the leagues that it’s prepared to do so, Diamond lawyer
Brian Hermann said during a Friday, August 11, 2023, court
hearing.

                  About Diamond Sports Group

Diamond Sports Group, LLC and its affiliates own and/or operate the
Bally Sports Regional Sports Networks, making them the nation's
leading provider of local sports programming.  DSG's 19 Bally
Sports RSNs serve as the home for 42 MLB, NHL, and NBA teams.  DSG
also holds joint venture interests in Marquee, the home of the
Chicago Cubs, and the YES Network, the local destination for the
New York Yankees and Brooklyn Nets. The RSNs produce about 4,500
live local professional telecasts each year in addition to a wide
variety of locally produced sports events and programs.  DSG is an
unconsolidated and independently run subsidiary of
Sinclair Broadcast Group.

Diamond Sports Group and 29 of its affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case
No. 23-90116) on March 14, 2023. In the petition filed by David F.
DeVoe, Jr., as chief financial officer and chief operating officer,
Diamond Sports Group listed $1 billion to $10 billion in both
assets and liabilities.

Judge Christopher M. Lopez oversees the cases.

The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison, LLP
and Porter Hedges, LLP as bankruptcy counsels; Wilmer Cutler
Pickering Hale, Dorr, LLP and Quinn Emanuel Urquhart & Sullivan,
LLP as special counsels; AlixPartners, LLP as financial advisor;
Moelis & Company, LLC and LionTree Advisors, LLC as investment
bankers; Deloitte Tax, LLP as tax advisor; Deloitte Financial
Advisory Services, LLP as accountant; and Deloitte Consulting, LLP
as consultant.  Kroll Restructuring Administration, LLC is the
claims 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 Akin Gump Strauss Hauer& Feld LLP as counsel;
FTI Consulting, Inc. as financial advisor; and Houlihan Lokey
Capital, Inc. as investment banker.


DIOCESE OF OGDENSBURG: U.S. Trustee Appoints Creditors' Committee
-----------------------------------------------------------------
The U.S. Trustee for Region 1 appointed an official committee to
represent unsecured creditors in the Chapter 11 case of The Roman
Catholic Diocese of Ogdensburg, New York.

The committee members are:

     1. Charles Nadeau

     2. Camille Gibeau

     3. Michael Barcomb

     4. Kari Kozak

     5. Stephen LeClair

     6. Christopher Wiley

     7. Amos Ackerman
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

            About Roman Catholic Diocese of Ogdensburg

The Diocese of Ogdensburg is a Latin Church ecclesiastical
territory, or diocese, of the Catholic Church in the North Country
region of New York State in the United States. It is a suffragan
diocese in the ecclesiastical province of the Archdiocese of New
York. Its cathedral is St. Mary's in Ogdensburg.

The Diocese of Ogdensburg was founded on February 16, 1872. It
comprises the entirety of Clinton, Essex, Franklin, Jefferson,
Lewis and St. Lawrence counties and the northern portions of
Hamilton and Herkimer counties. The current bishop is Terry Ronald
LaValley.

On July 17, 2023, the Roman Catholic Diocese of Ogdensburg sought
relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
N.D.N.Y. Case No. 23-60507), with $10 million and $50 million in
both assets and liabilities. Mark Mashaw, diocesan fiscal officer,
signed the petition.

Judge Patrick G. Radel oversees the case.

Bond, Schoeneck & King, PLLC is the Diocese's bankruptcy counsel.
Stretto, Inc., is the claims agent and administrative advisor.


DIVERSITY FREIGHT: Seeks to Hire Steidl and Steinberg as Counsel
----------------------------------------------------------------
Diversity Freight Lines, Inc. seeks approval from the U.S.
Bankruptcy Court for the Western District of Pennsylvania to hire
Steidl and Steinberg, P.C. to handle its Chapter 11 case.

The Debtor paid Steidl and Steinberg a retainer of $10,000 for its
services, plus the filing fee of $1,738.

Christopher Frye, Esq., an attorney at Steidl & Steinberg, will be
paid at his hourly rate of $350 and will be reimbursed for
work-related expenses incurred.

Mr. Frye 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:

     Christopher M. Frye, Esq.
     Steidl & Steinberg, PC
     2830 Gulf Tower
     707 Grant Street
     Pittsburgh, PA 15219
     Telephone: (412) 391-8000
     Email: chris.frye@steidl-steinberg.com

                      About Diversity Freight

Diversity Freight Lines, Inc., a trucking company in Pennsylvania,
filed a petition under Chapter 11, Subchapter V of the Bankruptcy
Code (Bankr. W.D. Pa. Case No. 23-21584) on July 27, 2023, with $1
million to $10 million in both assets and liabilities. Kanatbek
Nurmamatov, president, signed the petition.

Christopher M. Frye, Esq., at Steidl & Steiberg, P.C. represents
the Debtor as legal counsel.


DPL INC: Moody's Lowers Rating on Senior Unsecured Debt to Ba2
--------------------------------------------------------------
Moody's Investors Service downgraded the senior unsecured debt
rating of DPL Inc (DPL) to Ba2 from Ba1. Moody's also downgraded
the ratings of Dayton Power & Light Company (DP&L; trade name AES
Ohio), including its long-term issuer rating to Baa3 from Baa2 and
first mortgage bonds rating to Baa1 from A3. Moody's also changed
the outlooks of DPL and DP&L to stable from negative.

RATING RATIONALE

"The downgrade of DPL and DP&L's ratings reflects financial metrics
that will remain weaker for longer compared to Moody's previous
expectation of a meaningful improvement by year-end 2024" said Nati
Martel, Vice President-Senior Analyst. Despite regulatory approval
of its fourth Energy Security Plan (ESP IV), the rapid pace of
DP&L's investments is driving a significant increase in debt,
Moody's expect the utility's debt to more than double over the
course of just three years, from around $600 million at FYE 2021 to
more than $1.2 billion by FYE 2024.  Much of this debt is being
incurred to support growing capital expenditures for distribution
and transmission system additions and improvements, as well as for
its smart grid plan improvements and additions.

At the same time, the already high $831 million debt burden at the
DPL parent company will remain static. Moody's does not expect
DP&L's cash flow to increase to the same degree as its debt load
during the same period, and the utility will remain exposed to some
regulatory lag, preventing a material improvement in financial
metrics. Moody's anticipates that DP&L's financial metrics will be
more in line with other Baa3-rated utilities going forward.

Specifically, Moody's projects that DP&L's ratio of CFO before
changes in working capital (CFO pre-W/C) to debt will range between
9% and 11% over the near term, compared to a ratio that averaged
around 16% during the 2020-2022 period. Moody's also projects that
DPL's ratio of CFO pre-W/C to debt will be between 4% and 7% during
the 2023-2024 period compared to Moody's previous expectation of
around 8% by year-end 2024.

The downgrade of DPL's rating also considers the lack of
ring-fencing provisions and the structural subordination risk
associated with DPL's material holding company debt vis-à-vis the
utility's debt. While DPL's debt will remain steady at around $831
million during the 2023-2025 period, the utility's burgeoning debt
will lower the ratio of holding company debt to consolidated debt
to nearly 40% by 2025 compared to around 50% at year-end 2022.
However, the proportion of holding company debt will remain
material and will continue to warrant a two notch differential
between the parent and utility ratings.

On September 1, 2023, DP&L's three-year ESP-IV will become
effective allowing it to implement PUCO's authorized but delayed
base rate increase of nearly $76 million on an annual basis
(December 2022 order). This includes approximately $25 million that
will be implemented in partial year 2023 with the implementation of
the full rate increase starting in January 2024. However, at the
same time, the utility will cease to collect the non-bypassable
Rate Stabilization Charges of around $70-$75 million p.a. which
will largely offset the positive cash impact of the rate increase.

Credit supportive aspects of the ESP IV include the authority to
continue using existing riders and to implement new mechanisms to
allow the utility to recover costs as well as a return on and of
its capital expenditures between rate cases. Examples include
investments in smart grid and distribution rate base, as well as to
recoup other costs, such as storm and vegetation management related
expenses.

Negatively, these recovery mechanisms reflects investments and
costs on a historical basis.  In addition, the typical 60-day time
period until these adjustments become effective further delays the
utility's ability to benefit from the incremental cash flow
associated with its capital investments. Management expects to grow
DP&L's rate base to nearly $1.9 billion by 2025 compared to nearly
$1.4 billion at year-end 2022.

Also, DP&L's agreement to not pursue decoupling as part of the ESP
IV stipulation exposes its cash flow to sales volatility, another
credit negative.  The combination of incremental debt, regulatory
lag and lower sales amid mild weather in the 1H2023 have
contributed to DPL and DP&L's ratios of CFO pre-W/C to debt falling
to 4% and 9.2%, respectively, for the last twelve-month period
ended June 30, 2023, from 6.5% and 15.8% at year-end 2022,
respectively.

DPL and DP&L's stable outlooks reflect an improvement in the
predictability and credit supportiveness of the utility's
regulatory environment that could result in future positive
regulatory proceedings. Evidence of this improvement include DP&L's
ability to enter into the ESP IV settlement agreement with several
key intervenors, including PUCO's Staff; the regulator's approval
of the ESP IV without modifications; and lastly, the base rate
increase authorized in December 2022. The stable outlooks
incorporate Moody's expectation that DPL's ability to upstream
dividends will remain limited until there is a material improvement
in its financial profile. The outlooks assume that DPL's holding
company debt will remain unchanged at around $831 million and that
DP&L will fund its capital requirements, including its material
investment program and dividends to DPL, exclusively with utility
debt and AES equity contributions, such that its regulatory capital
structure reflects PUCO's authorized equity layer of 53.9%.

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

Factors that could lead to an upgrade

A material improvement in both DPL and DPL's financial metrics
could lead to positive momentum on the ratings; specifically, if
DPL and DP&L's ratios of CFO pre-W/C to debt exceed 13% and 8%,
respectively, on a sustained basis. A significant reduction in the
level of debt outstanding at the DPL level could result in an
upgrade of the parent company.

Factors that could lead to a downgrade

A downgrade of the ratings of DPL and DP&L could occur if the
utility's relationship with key stakeholders deteriorates; there is
an adverse outcome of its next rate case proceeding which is likely
before year-end 2025; there are credit negative changes in the
group's financial strategy, including any incremental DPL holding
company debt; or a further deterioration in either companies'
financial performance. Specifically, a downgrade is possible if
DPL's and DP&L's ratio of CFO pre-W/C to debt falls below 5% and
11%, respectively, for a sustained period.

Downgrades:

Issuer: Dayton Power & Light Company

Issuer Rating, Downgraded to Baa3 from Baa2

Senior Secured First Mortgage Bonds, Downgraded to Baa1 from A3

Issuer: Ohio Air Quality Development Authority

Senior Secured Revenue Bonds, Downgraded to Baa1 from A3

Issuer: DPL Inc.

Senior Unsecured Regular Bond/Debenture, Downgraded to Ba2 from
Ba1

Outlook Actions:

Issuer: Dayton Power & Light Company

Outlook, Changed To Stable From Negative

Issuer: DPL Inc.

Outlook, Changed To Stable From Negative

The principal methodology used in these ratings was Regulated
Electric and Gas Utilities published in June 2017.

Headquartered in Dayton, Ohio, DPL Inc. (DPL) is the parent holding
company of the pure regulated T&D utility, The Dayton Power & Light
Company (DP&L), trade name: AES Ohio. The utility also holds a 4.9%
equity interest in Ohio Valley Electric Corp (OVEC, Baa3 stable).
The group's only unregulated operations consist of the captive
insurance company Miami Valley Insurance Company and the long-term
contracted operations of Miami Valley Lighting, LLC that provides
street and outdoor lighting services to customers in the Dayton
region. DPL is a subsidiary of The AES Corporation (AES: Baa3
senior unsecured, stable), a globally diversified power holding
company.


DWYERS AT HERRON: Geoff Groshong Named Subchapter V Trustee
-----------------------------------------------------------
The Acting U.S. Trustee for Region 18 appointed Geoffrey Groshong,
Esq., at Groshong Law as Subchapter V trustee for Dwyers at Herron
Island, LLC.

Mr. Groshong and his paralegal, Kalen Daniels, will be compensated
at $400 per hour and $150 per hour, respectively. In addition, the
Subchapter V trustee will receive reimbursement for out-of-pocket
expenses incurred.

Mr. Groshong declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.

The Subchapter V trustee can be reached at:

     Geoffrey Groshong, Esq.
     Groshong Law
     600 Stewart Street, Suite 1300
     Seattle, WA 98101
     Phone: 206.508.0585
     Email: trustee@groshonglaw.com

                      About Dwyers at Herron

Dwyers at Herron Island, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. W.D. Wash. Case No.
23-41279) on Aug. 3, 2023, with $100,001 to $500,000 in both assets
and liabilities.

Judge Brian D. Lynch oversees the case.

The Debtor is represented by the Law Office of Joy Lee Barnhart.


DYNASTY ACQUISITION: Fitch Alters Outlook on 'B-' IDR to Positive
-----------------------------------------------------------------
Fitch Ratings has affirmed Dynasty Acquisition Co. Inc.'s
(StandardAero [SA]) 'B-' Long-Term Issuer Default Rating (IDR).
Fitch has also affirmed the company's ABL revolver at 'BB-'/'RR1',
and first-lien secured revolver and first-lien term loan at
'B+'/'RR2'. The Rating Outlook has been revised to Positive from
Stable.

The Positive Outlook reflects Fitch's view that SA's operations
have stabilized emerging from the pandemic and long-term revenue
visibility and stability is bolstered by the recent agreement to
provide maintenance, repair & overhaul (MRO) services for the CFM
LEAP engine.

Fitch additionally projects SA's credit metrics will continue to
improve and sustain inside the company's positive sensitivities,
ahead of previous expectations. Fitch forecasts EBITDA leverage
will decline to around 6.0x by YE 2023 and could be in the mid-5x
range by YE 2024, while EBITDA coverage will exceed 2.0x on a
sustained basis beginning in late 2024 or early 2025.

KEY RATING DRIVERS

SA's ratings are supported by its strong market position,
diversification and the high degree of regulation on aircraft
maintenance, which is likely to increase over time. Revenue is also
typically highly visible, which allows the company to manage
working capital effectively. Fitch also projects FCF will return to
positive territory beginning in 2024, as industry tailwinds drive
revenue and EBITDA growth.

Rating concerns include the company's high, but improving leverage,
along with the potential fragility of the cyclical aviation
industry's recovery, particularly related to supply chain
constraints. Airlines retiring older aircraft, which typically
require much greater MRO services, is also a concern; however,
Fitch incorporates steadily paced retirements into its forecasts.

Deleveraging Below 6.0x: Fitch forecasts SA's EBITDA leverage
(debt/EBITDA) will steadily decline toward the mid-5.0x level by
year-end 2024. The agency assigns a relatively high importance to
the company's financial structure given the recent fragility of the
aviation industry, although Fitch believes this concern is
partially offset by the company's strategic profile, strong market
position, and capacity to reduce debt over the next few years given
its cash flow generation. Risks to deleveraging include potential
debt-funded acquisitions, potentially terming out future ABL
balances, failure to execute on outstanding contracts, or
unforeseen periods of negative FCF.

Strong Market Position, Supported by Certifications: Fitch believes
SA's market position is strong and defensible. It is one of the
largest independent commercial aviation MRO companies in the world,
and has longstanding relationships with the largest aerospace
engine OEMs. Performing such work requires OEM authorizations and
regulatory certifications -- one for each engine program -- that
are expensive and take a significant amount of time for new
entrants to acquire.

Fitch believes the company's wide range of program certifications
and strong OEM relationships are major differentiators compared
with peers and creates a defensible barrier against competition.
Most of SA's contracts span more than 10 years and often last
through the life of an engine. When the contacts come up for
re-negotiation, SA has been able to retain all of its contracts due
to the company's consistent execution and longstanding customer
relationships.

LEAP Award: SA recently was awarded a contract to perform MRO
services for CFM's LEAP engine, which the company anticipates will
be the largest contract in SA's history. Fitch believes the LEAP
engine strongly supports SA's Positive Outlook, providing revenue
visibility, growth and stability. The engine will remain in service
over the next several decades on two of the largest and growing
aircraft programs, Boeing's (BBB-/Stable) 737MAX aircraft and
Airbus's (A-/Stable) A320neo family, as well as Comac's C919.

Fitch does not anticipate the program will represent a significant
portion of SA's total revenue until around 2025, but will quickly
become and remain its largest program through at least the end of
the current decade.

Positive FCF in 2024: Fitch projects SA will generate positive FCF
over the next three to four years on average despite a recent drag
from working capital fluctuations and meaningful investment to
service the LEAP engine program over the next few years. As revenue
and EBITDA continue to grow in 2024 and beyond, these working
capital flows and capex investment should normalize, reducing the
headwind to positive FCF.

Predictable Revenue: SA's ratings are supported by its predictable
revenue during a normal operating environment due to highly
regulated aircraft and engine maintenance requirements. While this
visibility was temporarily disrupted during the pandemic due to
airlines taking a significant portion of their fleets out of
service and delaying external maintenance by utilizing a greater
proportion of spares, overall visibility on customers' needs has
improved materially since mid-2020.

Contract and Geographic Diversification: Fitch believes
diversification across programs, geography and end markets further
reduces the risks arising from a loss of any individual contract.
The company estimates it has a top three market share on more than
a dozen of the world's largest engine programs, including the CF34
and PW 100/150, which should continue to grow over the next several
years. Expansion into the LEAP program has further bolstered the
company's position.

Execution Risk: Fitch believes continued operational execution is a
priority for SA. Fitch expects instances of poor execution would
likely diminish the company's currently strong reputation and could
result in customers switching to SA's competitors. Mitigating this
risk is the fact that SA does not have a history of material
contract cancellations over the past several years and has a very
experienced management team, which Fitch believes would be capable
of navigating potential challenges.

Customer Concentration Enhances Execution Risk: Fitch believes
significant customer loss is unlikely in the near term, though the
potential future risk is amplified by the company's degree of
customer concentration, despite its diversified portfolio of
contracts and certifications. Fitch estimates around 40% of revenue
is derived from the company's top four customers. The agency
expects this proportion will change over the next several years as
the LEAP engine program becomes a more prominent proportion of
overall revenue, but will remain a modest watch item over time.

Supplemental Acquisitions: Fitch expects SA will continue to
supplement organic growth with incremental bolt-on acquisitions, in
line with its strategy over the past few years. Fitch believes the
company will be able to partially fund future purchases with
internally generated cash, but could incur additional debt for
larger transactions. Fitch believes the company could pursue
tactical transactions to acquire additional certifications or
improve diversification over time.

The company has historically drawn on its ABL facility to fund
transactions, and the facility could remain a funding source
depending on the magnitude of the transactions, though Fitch
anticipates it would subsequently repay those shorter-term
borrowings.

DERIVATION SUMMARY

The rating and Positive Outlook are supported by the company's
lesser degree of cyclicality compared with OEs, and its stable and
predictable revenue stream, which Fitch considers strong for the
rating. The company's leverage and financial structure are
important factors to the rating, and have begun to improve towards
historical levels since mid-2020. The company's leading market
position was also a consideration in deriving the rating, and is
reinforced by the company's portfolio of certifications and
diversification. SA is well positioned as the largest independent
MRO provider in the world, although competition exists from OEMs
and inhouse airline MRO operations. No country ceiling,
parent/subsidiary linkage or operating environment factors were in
effect for these ratings.

KEY ASSUMPTIONS

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

-- Revenue continues to grow by double digits per year between
2023 and 2025 as air traffic and flight capacity improves; Fitch
also assumes modest revenue increase from LEAP engine work
beginning in 2024-2025;

-- EBITDA margins remain relatively steady, with labor and supply
chain costs offset by benefit from scale and operational
efficiencies;

-- Cash outflows from working capital continues as the company
builds inventory back up to meet demand and revenue growth;

-- Capex increases in 2023 and 2024 as a result of growth
investment for the LEAP engine platform, but declines towards 1.0%
and 1.5% of revenue over the next few years;

-- Debt repayment includes scheduled amortization over the
forecasted period and ABL paydown by YE 2024;

-- Modest incremental acquisitions are possible, but not
explicitly assumed; small purchases between $30 million and $50
million would be funded with cash from balance sheet or temporary
ABL draw; larger transactions would require incremental debt;

-- No dividends are projected in Fitch's forecasts.

Recovery Assumptions

The recovery analysis assumes that SA would be considered a
going-concern in bankruptcy and that the company would be
reorganized rather than liquidated. A 10% administrative claim is
assumed in the recovery analysis.

Fitch assumes $410 million as the going-concern EBITDA in the
analysis. The agency's assumption represents a reasonable
going-concern expectation upon emergence from a hypothetical
bankruptcy following severe distress similar to the effect of the
pandemic on the aviation industry.

In Fitch's recovery analysis, the agency assumes the catalyst for a
restructuring would likely be liquidity/refinancing issues stemming
in part to temporary deterioration in the business that would
recover post-emergence. However, other scenarios could contribute
to the company's significant deterioration, including one or more
of the following: poor contract execution causes several periods of
significant cash outflows and a materially negative hit to the
company's reputation; or the company incurs significant cash costs
resulting from failure to integrate one or more acquisitions.

Fitch assumes SA will receive a going-concern recovery multiple of
6.5x EBITDA under this scenario. Fitch considers this multiple to
be toward the upper middle range of recovery multiples assigned to
companies in the Aerospace & Defense sector.

Fitch's recovery assumptions are based on SA's industry-leading
reputation, variable cost structure, solid and predictable backlog,
diversified contract and certification portfolio, strong market
position, and high industry barriers to entry. Each of these
factors would likely support the company's ability to recover from
severe distress in the case of hypothetical bankruptcy. Fitch also
considered the meaningful execution risk and potential for cost
overruns, though unlikely. Most of the defaulters in the Aerospace
& Defense sector observed by Fitch in recent bankruptcy case
studies were smaller in scale, had less diversified product lines
or customer bases and were operating with highly leveraged capital
structures.

Fitch generally assumes a fully drawn first lien revolver in its
recovery analyses since credit revolvers are tapped as companies
are under distress. Fitch assumed the company's $400 million ABL
revolver was 85% drawn, which demonstrates the contraction of the
borrowing base as a company becomes distressed. This is in line
with other examples observed in bankruptcy studies.

The 'BB-' rating and Recovery Rating of 'RR1' on the ABL revolver
are based on Fitch's recovery analysis under a going-concern
scenario, which indicates outstanding recovery prospects. The 'B+'
rating and Recovery Rating of 'RR2' on the company's first lien
term loan and senior secured revolver would indicate strong
recovery prospects for the credit facility.

RATING SENSITIVITIES

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

-- EBITDA leverage (total debt/EBITDA) around or below 6.0x for a
sustained period, coupled with a corresponding financial policy by
management to maintain these levels;

-- Structural improvement in the aviation market contributes to
sustained positive FCF;

-- EBITDA interest coverage ratio greater than 2.0x over a
sustained period.

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

-- Material contract cancellations caused by weakened reputation
or inability to secure certifications on future engine programs;

-- Sustained negative FCF or weakened liquidity position, which
could include greater than 50% draw on its ABL facility;

-- EBITDA interest coverage ratio less than 1.5x over a sustained
period.

Fitch could stabilize SA's outlook over the next 12 to 24 months if
the company experiences significant operational issues or a change
in financial policy which leads to slower deleveraging than Fitch
expects in its rating case, resulting in EBITDA leverage remaining
above 6.0x, EBITDA interest coverage below 2.0x and
neutral-to-negative FCF generation.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch believes that SA's liquidity will
fluctuate between $400 million and $600 million over the rating
horizon, comprised of between $45 million and $150 million in cash,
as well as a combination of availability under its ABL facility and
revolving credit facility. Liquidity, along with internally
generated cash, should be sufficient to cover near term expenses
such as working capital growth, debt amortization and capex. The
company's capital structure includes a senior secured ABL facility,
senior first lien revolver and senior first lien term loan B. The
company also has private unsecured notes.

ESG CONSIDERATIONS

Dynasty Acquisition Co., Inc. has an ESG Relevance Score of '4' for
Financial Transparency due to the timing and disclosure of
financial statements, which could have 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.

ISSUER PROFILE

StandardAero, Inc. is the world's largest independent provider of
maintenance, repair and overhaul (MRO) services for the commercial,
business jet, and military aviation markets.


DYNASTY ACQUISITION: S&P Alters Outlook to Pos., Affirms 'B-' ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook to positive from negative
and affirmed the 'B-' issuer credit rating on Dynasty Acquisition
Co. Inc. S&P assigned a 'B-'issue-level rating to the proposed new
senior secured first-lien debt facility.

The positive outlook reflects S&P's expectations that cash flows
will improve due to strong demand across all the company's end
markets and better working capital management.

S&P said, "We expect cash flows to improve over the next 12 months.
Top-line growth across all segments, especially among high margin
segments such as components and business jet services, will drive
earnings and EBITDA margin improvement during the remainder of 2023
and 2024. The recent acquisition of Western Jet Aviation will
expand Dynasty's geographic footprint and capabilities within its
business jet MRO segment. The acquisition has allowed the company
to reestablish itself on the West Coast after exiting in early
2020, adding to an already strong East Coast footprint.
Additionally, growth in the component segment has been strong due
to air carriers and original equipment manufacturers (OEMs)
building inventory of engine pieces while engine related
accessories require repair to support robust air travel volumes. We
expect working capital build up to burn off during the second half
of 2023, improving cash from operations. Additionally, we expect
working capital management to improve going forward as the company
streamlines its inventory purchasing practices and increases its
focus on accounts receivable (AR) collection. We expect capital
expenditures to be higher in 2023 than we previously forecasted due
to the company's investments in growth opportunities (such as
additional capacity) and future capabilities (such as the LEAP
platform). We now expect free operating cash flow (FOCF) to measure
between a use of $40 million to breakeven in 2023, improving to an
inflow of between $50 million and $100 million in 2024.

"We expect added MRO capacity and expanded capability will drive
revenue growth over the next 12 to 18 months, allowing for credit
metric improvement. Dynasty holds a leading market position for MRO
services on key engine platforms in commercial air travel
(including the CFM56, which is utilized on many narrow body
aircraft) and for business jet MRO services. High utilization of
aging commercial aircraft fleets has exhausted green time on
engines and related components which is driving demand for MRO
services. Dynasty is well positioned to capture the increased
demand through its plan to open a fully dedicated CFM56 facility in
early 2024. The company also holds an extensive network of MRO
facilities serving many other highly utilized engine platforms and
expanded on an extensive business jet footprint after acquiring
Western Jet Aviation. In addition, rapid growth in its components
segment, which carries higher margins, will help improve overall
profitability. We also expect Dynasty's recently awarded agreement
with CFM International (which will expand capabilities on the LEAP
1A and 1B engines platforms) to be a catalyst for strong growth in
the outer years. We now expect debt to EBITDA to be between 5.75x
and 6.25X in 2023, improving to between 5.25x and 5.75x in 2024. We
expect FOCF to debt will remain below breakeven in 2023, improving
to between 0% and 5% in 2024.

"We expect liquidity to remain adequate. The company had $44
million in balance sheet cash, a $150 million revolving credit
facility that is fully available, and about $180 million in
availability under its $400 million asset-based lending (ABL)
facility at the end of the second quarter. We expect working
capital absorption to diminish as the company burns through
built-up inventories, and tighter receivables management, driving
better cash flows from operations. The company has recently
proposed extending the maturities of its revolving credit facility
and first-lien term loans, resulting in the next material maturity
occurring in 2027, when $675 million in senior unsecured notes
reach maturity.

"We expect the company's financial policy to remain conservative.
Dynasty completed its most recent acquisition of Western Jet
Aviation in February 2023. We do not expect any further significant
acquisitions in the near term, but management could seek smaller
bolt-on opportunities. We do not anticipate the company will issue
dividends, instead allocating free cash flow toward paying down its
ABL facility, improving leverage.

"The positive outlook reflects our expectation that the company's
cash flows will improve while debt to EBITDA continues to decline.
Demand across all of the company's end markets remains strong while
we expect better working capital management and cost-cutting
efforts to improve cash from operations. Better cash flows will
allow continued efforts to pay down debt, improving leverage in the
near term. We forecast debt to EBITDA between 5.75x and 6.25x at
the end of 2023, improving to between 5.25x and 5.75x in 2024. We
forecast FOCF to debt will improve to between (2%) to breakeven in
2023, improving to between 0% and 5% in 2024, with continued
improvement in outer years."

S&P could revise its outlook for Dynasty to stable if FOCF remains
negative and S&P expects it to remain there or if EBITDA declines
such that debt to EBITDA reaches 7.0x. This would likely occur if:

-- Demand for MRO services among key engine platforms stalls or
significantly reverses;

-- Supply chain issues become more significant and persistent; or

-- Dynasty pursues a significant acquisition using debt.

S&P could raise its ratings on Dynasty within the next 12 months if
the company's debt to EBITDA levels fall below 6.0x while FOCF is
solidly positive. This could occur if:

-- EBITDA growth outperforms our expectations due to
stronger-than-anticipated demand and/or improved cost-cutting
measures;

-- Management allocates free cash to pay down debt faster than
anticipated; or

-- Dynasty grows the business through acquisitions without
increasing leverage.



ENCINO ACQUISITION: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Encino Acquisition Partners Holdings,
LLC's and Encino Acquisition Partners, LLC's (together, Encino)
Long-Term Issuer Default Ratings (IDRs) at 'B'. The Rating Outlook
is Stable. In addition, Fitch has affirmed Encino's senior
unsecured note at 'B'/'RR4'.

Encino's IDR reflects the company's sizable Utica basin position,
competitive unit economics, the ability to effectively transport
gas out of basin to advantaged price points, long-dated debt
maturity with expected leverage to remain below 2.0x over Fitch's
forecast, adequate liquidity, and strong hedge profile.

These considerations are offset by the company's current inability
to generate material positive free cash flow and relatively high
firm transportation costs.

KEY RATING DRIVERS

Nearing FCF Neutrality: Encino has reported negative FCF since
2018, which Fitch expects to continue in 2023. Encino is expected
to be FCF positive in 2024 and 2025 under Fitch's price deck and
production assumptions. In the near term, Encino will focus on oil
production vs. natural gas and NGL's due to the relatively stronger
economic returns. Fitch expects that capex over the rating cycle
will be approximately $800 million in 2023, $750 million in 2024
and $700 million per annum thereafter and that FCF will be applied
to debt reduction.

High Firm Transportation Costs: Encino's firm transportation (FT)
costs are among the highest of Fitch's monitored natural gas
producers. Encino inherited these long-dated firm transportation
agreements for natural gas takeaway which causes significant
exposure at low pricing. However, these high FT contracts provide
Encino with advantaged pricing versus in-basin sales and provides
Encino has sufficient takeaway capacity at current volumes. In
addition, management is attempting to mitigate these higher costs
through higher liquids production going forward.

Sizable Utica Footprint: Encino holds a large wet gas asset base in
the Utica basin, with over 900,000 net acres, 300,000 of which the
company considers to be core. The acreage is spread across the
Utica shale basin, which provides optionality in drilling plans,
allowing EAP to drill dry gas and wet gas wells depending on
economics or pipeline commitments and constraints. Encino is the
second largest producer in the Ohio Utica behind Ascent Resources,
although its production is lower than most Fitch-rated natural gas
peers. The company has focused on drilling where the condensate mix
is greater to boost overall realized pricing and has a relatively
high percentage of condensate and NGLs in its production base
relative to peers.

Favorable Hedging Policy: Encino has a two-to three-year rolling
hedging program, ultimately hedging up to 80% of total production.
Fitch estimates that Encino has approximately 70% of expected
natural gas production for the remainder of 2023 hedged at $2.45
and approximately 65% of forecasted oil hedged at $55.63. The
company also has hedges in place on condensate, ethane and propane.
Fitch views the current plan of hedging favorably as it reduces
cash flow volatility and locks in returns for the company.

Sub-2.0x Mid-Cycle Leverage: Fitch's base case forecasts gross
EBITDA leverage at 1.8x in 2023 and remains under this threshold at
Fitch's $57 mid-cycle WTI price assumption. Fitch believes the
high-quality asset profile combined with Encino's hedge position
provides support for FCF generation and gross debt repayment toward
management's long-term leverage target of 1.5x.

DERIVATION SUMMARY

Encino's rating reflects the company's size, relatively low
leverage, and favorable netbacks. Encino is smaller than other
gas-oriented peers at approximately 1,223 million cubic feet
equivalent per day (mmcfepd) produced in 1Q2023, which is lower
than the largest Utica basin producer, Ascent Resources
(B/Positive) at 2,198 mmcfepd. Encino is slightly below Comstock
Resources (B+/Stable) at 1,414 mmcfepd.

Encino has strong netbacks given that 36% of its production are
liquids, which is materially higher than other predominately
natural gas producers. Although production expenses are relatively
higher than its peer group, this is offset by a much higher
realized unhedged commodity price. Encino had a Fitch calculated
unhedged netback of $2.5 per thousand cubic feet equivalent per day
(mcfepd) compared with Ascent ($1.8/mcfepd) and Comstock
($1.9/mcfepd).

Encino's EBITDA leverage was 1.6x as of Dec. 31, 2023 and is
expected to remain under 2.0x levered throughout the forecast
period. This is within the range of other 'B' rated issuers,
although Fitch anticipates the group to improve over the next two
years.

KEY ASSUMPTIONS

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

-- Henry Hub natural gas prices of $3.00/mcf in 2023, $3.50/mcf in
2024, $3.00/mcf in 2025, and $2.75/mcf thereafter;

-- WTI prices of $75/bbl in 2023, $70/bbl in 2024, $65/bbl in
2025, $60/bbl in 2026 and $57/bbl thereafter;

-- Production increases in 2023 with production focused on
increased oil production with low to mid-single digit growth
thereafter;

-- Capex of approximately $800 million in 2023 reducing to $700 in
the outer years of the forecast;

-- Any FCF proceeds are applied to debt reduction;

-- No assumptions of acquisition, divestitures, or distributions.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that Encino Acquisition Partners
Holdings would be reorganized as a going-concern in bankruptcy
rather than liquidated.

Fitch has assumed a 10% administrative claim and 80% draw on the
revolver facility ($1.1 billion).

Going-Concern (GC) Approach

Encino's GC EBITDA assumption reflects Fitch's projections under a
stressed case price deck, which assumes Henry Hub natural gas
prices of $2.50/mcf in 2023 and $2.25/mcf thereafter and assumes
WTI oil prices of $65/bbl in 2023, $47/bbl in 2024, $32/bbl in
2025, $42/bbl in 2026 and $45/bbl in 2027.

The GC EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganization EBITDA level upon which Fitch base the
enterprise valuation. The GC EBITDA assumption reflects the decline
from current pricing levels to stressed levels and then a partial
recovery coming out of a troughed pricing environment.

Fitch applied an EV multiple of 3.5x EBITDA to the increased GC
EBITDA of $430 million to calculate a post-reorganization
enterprise value. The choice of this multiple considered the
following factors:

-- The historical bankruptcy case study exit multiples for peer
companies ranged from 2.8x-7.0x, with an average of 5.2x and a
median of 5.4x.

Recent M&A transactions in the Appalachian Basin include: 1)
Southwestern acquired Montage Resources Corporation in August 2020,
which implied a 3.4x multiple on LTM EBITDA; and 2) EQT acquiring
Alta Resources in 3Q 2021 at a 5.0x multiple (includes midstream
assets).

Encino's valuation reflects the lack of public E&P companies
operating in the Utica basin, which could limit buyers resulting in
a discount to valuations.

Liquidation Approach

The liquidation estimate reflects Fitch's view of the value of
balance sheet assets that can be realized in sale or liquidation
processes conducted during a bankruptcy or insolvency proceeding
and distributed to creditors.

Fitch considers valuations such as SEC PV-10 and M&A transactions
for each basin including multiples for production per flowing
barrel, proved reserves valuation, value per acre, and value per
drilling location.

The revolver is assumed to be 80% drawn upon default with the
expectation that commitments would be reduced during a
redetermination. The revolver is senior to the senior unsecured
notes in the waterfall.

The allocation of value in the liability waterfall results in
recovery corresponding to 'RR1' recovery for the first lien
revolver and a 'RR4' recovery for the senior unsecured notes ($700
million).

RATING SENSITIVITIES

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

-- Track record of generating material positive FCF;

-- Adherence to management's financial policy to reduce debt and
enhance liquidity;

-- Maintenance of mid-cycle EBITDA Leverage at or below 2.5x and
ability to maintain adequate higher value liquids inventory.

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

-- Inability to generate positive FCF, which results in reduced
liquidity and increased leverage;

-- Change in financial policy including reduced commitment to
repay debt and/or a reduction in the hedging program;

-- Failure to extend the revolver facility in a timely manner;

-- Loss of operational momentum resulting in material production
declines from current levels;

-- Mid-cycle EBITDA Leverage above 3.0x.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Encino had cash on hand of $14.3 million as
at March 31, 2023 and $667.1 million of availability under its
$1.35 billion RBL facility after $552.9 million of borrowings and
$130 million letters of credit. The revolver matures in November
2025.

The RBL facility has a borrowing base subject to semi-annual
redeterminations. At the most recent redetermination in May 2023,
the company borrowing base was reaffirmed at $1.75 billion and the
elected amount was increased to $1.35 billion from $1.25 billion.
The facility has two financial maintenance covenants: a net
leverage covenant in which the ratio cannot be more than 3.5x and a
current ratio covenant in which the ratio cannot be less than 1.00
to 1.00. The company is compliant with both covenants. With these
characteristics and positive FCF expected in 2024 and 2025, Fitch
expects Encino will maintain adequate liquidity throughout the
rating case.

In April 2021, Encino issued $700 million 8.5% senior unsecured
notes which matures in May 2028. Fitch believes the company's
refinance risk is manageable given the ample maturity runway to
focus on growing FCF and reducing debt to its leverage target of
sub-1.5x.

ISSUER PROFILE

Encino Acquisition Partners Holdings, LLC and Encino Acquisition
Partners, LLC (together, Encino) is a private equity backed,
exploration and production (E&P) company with over 900,000 acres in
Ohio's Utica shale play, with 300,000 acres considered as core.

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.


FARAJI ENTERPRISES: Amended Plan Confirmed by Judge
---------------------------------------------------
Judge Deborah L. Thorne has entered an order confirming the Amended
Plan of Reorganization for Faraji Enterprise, LLC.

That the Debtor meets the requirements for confirmation pursuant to
Sections 1129 (b) (1) and 1129 (b) (2) in that:

   * The Plan does not unfairly discriminate and is fair and
equitable with respect to each class of claims or interest that is
impaired under the plan and has not accepted the plan and;

   * All Applicable provisions of 1129(a) having been met in that
the Amended Plan of Reorganization as follows:

     -- Proponent of the Amended Plan of Reorganization complies
with all applicable provisions of the Bankruptcy Code;

     -- The Amended Plan of Reorganization is proposed in Good
Faith and is not by any means forbidden by law;

     -- Any payment made or to be made by the debtor under Amended
Plan of Reorganization, for services or for cost and expenses in or
in connection with this case has been approved by or is subject to
the approval of the Court;

     -- The Amended Plan of Reorganization provides that each claim
holder will get (or retain) property equal to or greater than what
the Creditor would get if the Debtor were Liquidated under Chapter
7 on the Plan's Effective date;

     -- Pursuant to 1129 (a) the plan is accepted by Class 1 and
Class 2 Claims are un-impaired and pursuant to 1126(f) are deems to
have accepted the plan;  

     -- Class 1 Secured Creditors have voted to Accept the Amended
Plan of Reorganization.

With respect to Class 1 and 2 the court finds both Class 1 and 2
accept the plan with unanimous consent to confirmation of the plan
and that the applicable provision the Bankruptcy Code have been
met.

A copy of the Plan Confirmation Order dated August 10, 2023 is
available at https://urlcurt.com/u?l=unsbzY from PacerMonitor.com
at no charge.   

Counsel for Faraji Enterprises, LLC:

     William E. Jamison, Jr., Esq.
     WILLIAM E. JAMISON & ASSOCIATGES
     53 West Jackson Blvd., Suite# 801
     Chicago, IL 60604
     Tel: (312) 226-8500

                   About Faraji Enterprise

Faraji Enterprise, LLC, sought protection for relief under Chapter
11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 22-14998) on
Dec. 30, 2022, with $500,001 to $1 million in assets and $100,001
to $500,000 in liabilities.

Judge Deborah L. Thorne oversees the case.

William E. Jamison, Jr., Esq., at the Law Office William E.
Jamison, is the Debtor's legal counsel.


FTX GROUP: SBF in Custody After Court Revoked Bail Due to Leaks
---------------------------------------------------------------
Chris Dolmetsch of Bloomberg News reports that Sam Bankman-Fried in
custody after bail is revoked over leaks.

FTX co-founder Sam Bankman-Fried is in custody after a federal
judge said that the embattled crypto mogul likely tried to tamper
with two witnesses while on bail.

US District Judge Lewis A. Kaplan revoked the 31-year-old's bail
following a hearing in Manhattan on Friday, August 11, 1012.
Bankman-Fried took off his jacket, tie and shoelaces, and was
immediately placed in handcuffs as marshals escorted him out of the
courtroom. His mother cried in the public gallery and was comforted
by Bankman-Fried's father.

Kaplan said Bankman-Fried had likely intended to influence two
witnesses.

                 About FTX Group

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

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

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

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

FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.
FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year.  

According to Reuters, SBF shared a document with investors on Nov.
10, 2022, showing FTX had $13.86 billion in liabilities and $14.6
billion in assets.  However, only $900 million of those assets
were
liquid, leading to the cash crunch that ended with the company
filing for bankruptcy.

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

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

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

Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases.

White-collar crime specialist Mark S. Cohen has reportedly been
hired to represent SBF in litigation. Lawyers at Paul Weiss
previously represented SBF but later renounced representing the
entrepreneur due to a conflict of interest.




FTX TRADING: Exec. Salame Talks to Prosecutors About Plea Deal
--------------------------------------------------------------
Ava Benny-Morrison of Bloomberg Law reports that Ryan Salame,the
former co-chief executive of FTX Digital Markets, is in
negotiations with federal prosecutors to plead guilty to criminal
charges following the implosion of the cryptocurrency exchange,
according to people familiar with the case.

The Republican megadonor may enter a plea as soon as next month to
offenses including campaign finance law violations, according to
the people, who asked not to be identified because the discussions
aren't public. It is unclear whether he will enter into a
cooperation agreement with prosecutors and testify against FTX
co-founder Sam Bankman-Fried.

                         About FTX Group     

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

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

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

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

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

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

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

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

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

Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases.

White-collar crime specialist Mark S. Cohen has reportedly been
hired to represent SBF in litigation.  Lawyers at Paul Weiss
previously represented SBF but later renounced representing the
entrepreneur due to a conflict of interest.


FTX TRADING: Hiscox Seeks Collapse Coverage Guidance
----------------------------------------------------
Hope Patti of Law360 reports that Hiscox has asked a California
federal court for guidance on how to apportion a $5 million excess
directors and officers policy among Sam Bankman-Fried and others
associated with the collapsed cryptocurrency exchange FTX, saying
it's unable to determine how to fairly split the limited funds
without potentially exposing itself to liabilities.

                        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.



GENESIS ENERGY: Moody's Cuts CFR to B2 & Sr. Unsecured Notes to B3
------------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Genesis Energy,
L.P. (GEL), including its Corporate Family Rating to B2 from B1,
Probability of Default Rating to B2-PD from B1-PD and ratings on
its senior unsecured notes to B3 from B2. The SGL-3 Speculative
Grade Liquidity Rating is unchanged. The outlook is stable.

"The downgrade reflects Genesis Energy's continued high leverage,
still significant growth capital spending and lower interest
coverage relative to higher rated peers," stated James Wilkins,
Moody's Vice President. "The company will continue to generate
negative free cash flow in 2023-2024 due to spending on its soda
ash and offshore pipeline expansion projects, even after bringing
online additional soda ash capacity."

Downgrades:

Issuer: Genesis Energy, L.P.

Corporate Family Rating, Downgraded to B2 from B1

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

Senior Unsecured Regular Bond/Debenture, Downgraded to B3 from B2

Outlook Actions:

Issuer: Genesis Energy, L.P.

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

The downgrade of the CFR to B2 reflects GEL's high leverage,
continuing negative free cash flow and uncertainty over its cash
flow generation in 2023-2024. The company's earnings will likely
face headwinds in the near-term due to lower soda ash prices, which
have declined since early 2023 and could offset the benefit of new
production volumes from its Granger mine expansion that will enter
service in the second half 2023. Global soda ash prices are
suffering from lower demand associated with slower economic
activity, particularly in China, as well as some inventory
destocking by customers. Excess supply of soda ash will likely keep
downward pressure on prices. The company is benefiting from higher
earnings from its offshore transportation business following
completions of US Gulf of Mexico wells that added to volumes as
well as above mid-cycle earnings for its marine transportation
business.

Moody's expects a slow recovery in GEL's soda ash earnings as well
as further growth capital expenditures for its offshore expansion
projects to result in negative free cash flow generation in
2023-2024 and elevated leverage. Capital spending on growth
projects (particularly the Granger mine capacity expansion to be
completed in 2023 and offshore pipeline expansions in 2023-2024,
both of which will contribute to earnings) and significant
distributions (-$165 million per year current distribution rate for
the common and preferred units) will be large uses of cash. The
convertible preferred equity (approximately $866 million as of June
30, 2023), which Moody's does not include in debt and leverage
calculations, has an annual distribution rate of 11.24%,
representing a meaningful cash requirement. Any reduction in
leverage (debt to EBITDA = 5.6x as of June 30, 2023) will likely
only occur if earnings grow, which is subject to the uncertain
outlook for the economy.

GEL's B2 CFR is supported by its scale, meaningful proportion of
fee-based cash flow, and a high degree of business line
diversification for a company of its size with offshore pipelines
(47% of first half 2023 contribution margin), soda and sulfur
services (38% of first half 2023 contribution margin), marine
transportation, and onshore facilities & transportation operations.
The company is a large US producer of natural soda ash, which
enjoys cost advantages over synthetic soda ash production and
generates relatively consistent positive free cash flow, despite
cyclical demand and depressed selling prices in 2020 - 2021 (due to
the COVID-19 pandemic). Historically, it has also shown a
willingness to issue common equity and preferred equity to fund
acquisitions and projects, limiting the impact of growth
investments on its leverage.

The senior unsecured notes are rated B3 because of their
contractual subordination to the secured obligations under the
senior secured credit facility. The size of the secured credit
facility debt relative to the unsecured notes results in the notes
being rated one notch below the B2 CFR.

The SGL-3 Speculative Grade Liquidity Rating reflects Moody's
expectation that GEL will have adequate liquidity through 2024
supported by cash flow from operations and unused availability
under its $850 million revolving credit facility. The revolver
matures in February 2026, unless more than $150 million of the 2025
notes are outstanding as of June 30, 2025, in which case the
revolver matures on such date. Availability under the revolver as
of June 30, 2023, was $707.9 million after accounting for $133.6
million of borrowings under the credit facility and $8.5 million of
letters of credit (subject to compliance with financial covenants).
The credit facility has three financial covenants: (1) a maximum
Debt to EBITDA ratio of 5.50x; (2) a maximum Senior Secured Debt to
EBITDA ratio of 2.5x; and (3) a minimum interest coverage ratio
(EBITDA / Interest Expense) of 2.5x. Moody's expects GEL to remain
in compliance with its financial covenants through year-end 2024,
but the cushion for future compliance could be modest. The
company's next debt maturity is the senior unsecured notes due 2025
($535 million outstanding as of June 30, 2023). Substantially all
of GEL's assets are currently pledged as security under the
revolver which limits the extent to which asset sales could provide
a source of additional liquidity, if needed.

The stable outlook reflects Moody's expectation that GEL's credit
metrics will remain supportive of the current rating, with leverage
metrics improving despite negative free cash flow generation.

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

The ratings could be downgraded if GEL's core business fundamentals
deteriorate, it generates greater than expected negative free cash
flow or does not execute on growth projects, Debt to EBITDA rises
above 6.0x on a sustained basis or interest coverage is below 2.0x.
The CFR could be upgraded if Moody's expects GEL's businesses to
exhibit steady earnings growth and Debt to EBITDA is sustained at
or below 5.0x.

Genesis Energy, L.P., headquartered in Houston, Texas, is a master
limited partnership (MLP) with midstream assets located in the US
Gulf Coast region and soda ash operations in Wyoming. The company
conducts a wide variety of operations through four different
business segments: offshore pipeline transportation, soda & sulfur
services, onshore facilities & transportation, and marine
transportation.

The principal methodology used in these ratings was Midstream
Energy published in February 2022.


GIBSON ENERGY: Moody's Withdraws 'Ba2' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn Gibson Energy, Inc.'s Ba2
corporate family rating, Ba2-PD probability of default rating, and
Ba2 senior unsecured rating. The SGL-3 speculative grade liquidity
(SGL) rating was also withdrawn. The ratings are no longer under
review for upgrade and the outlook of rating under review has been
withdrawn.

Withdrawals:

Issuer: Gibson Energy, Inc.

Corporate Family Rating, Withdrawn, previously rated Ba2

Probability of Default Rating, Withdrawn, previously rated Ba2-PD

Speculative Grade Liquidity Rating, Withdrawn, previously rated
SGL-3

Senior Unsecured Regular Bond/Debenture, Withdrawn, previously
rated Ba2

Outlook Actions:

Issuer: Gibson Energy, Inc.

Outlook, Changed To Rating Withdrawn From Rating Under Review

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the ratings.


HAWAIIAN ELECTRIC: S&P Lowers ICR to 'BB-', On Watch Negative
-------------------------------------------------------------
S&P Global Ratings downgraded Hawaiian Electric Industries Inc.
(HEI) and all of its rated subsidiaries to 'BB-', and at the same
time it placed these entities on CreditWatch with negative
implications. S&P also lowered the short-term and commercial paper
ratings to 'B'.

The CreditWatch placement with negative implications reflects the
potential for additional downgrades of one or more notches within
the coming months.

The Pacific Disaster Center and the Federal Emergency Management
Agency (FEMA) reported that about 2,200 Hawaiian structures were
destroyed because of the wildfires. Fatalities from these wildfires
are estimated at nearly 100, representing the most devastating
wildfires in Hawaii's history. The severity of these wildfires
demonstrate higher wildfire risk for the company than previously
contemplated. The wildfires destroyed a significant segment of
HEI's customer base that will take many years to restore, and as
such, S&P expects a long-term weakening in the company's
profitability measures, despite the company's use of a revenue
decoupling mechanism for normal sales volume variations. To
incorporate these weaknesses, S&P revised its assessment of the
company's business risk profile downward to satisfactory from
strong.

Class-action lawsuits filed against the company could lead to a
deterioration in credit quality. These class action lawsuits
increase the uncertainty and risk for the company. Both the Pacific
Disaster Center and FEMA have estimated that the cost for Hawaii to
rebuild from these wildfires could approximate more than $5.5
billion, significantly greater than HEI's book equity of about $2.2
billion. While the full resolution of these lawsuits may take
years, should the plaintiffs prevail, the company's financial
measures would materially deteriorate. To incorporate this
potential event risk associated with these litigations, we revised
our financial policy modifier to negative from neutral and will
continue to assess management's capacity and commitment to decrease
these risks to a level consistent with its financial risk profile.

CreditWatch

The CreditWatch placement with negative implications reflects the
potential for additional downgrades of one or more notches within
the coming months. This could occur if it is determined that the
company contributed to the wildfires or the company loses
consistent access to the capital markets. S&P will continue to
closely monitor future developments, including management's
strategic plan for restoring credit quality, and expect to resolve
the CreditWatch placement pending further updates.

HEI is a Honolulu-based holding company for electric utility HECO
(80% EBITDA) and its two subsidiaries, HELCO (Hawaiian Electric and
Light Company) and MECO (Maui Electric Company), which provide
integrated electricity operations to about 470,000 retail customers
across Hawaii. HEI also invests in sustainable infrastructure in
Hawaii through its nonregulated subsidiary Pacific Current LLC and
provides banking and other financial services through American
Savings Bank (ASB).

Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:

-- Physical risks



HEART O'GOLD: Frederic Schwieg Named Subchapter V Trustee
---------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed Frederic Schwieg,
Esq., as Subchapter V trustee for Heart O'Gold Home Care, LLC.

Mr. Schwieg will be paid an hourly fee of $300 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.

Mr. Schwieg declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.

The Subchapter V trustee can be reached at:

     Frederic P. Schwieg, Esq.
     2705 Gibson Drive
     Rocky River, OH 44116-1815
     Phone: (440) 499-4506
     Email: fschwieg@schwieglaw.com

                   About Heart O'Gold Home Care

Heart O'Gold Home Care, LLC is a provider of home health care
services.

The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. N.D. Ohio Case No. 23-60917) on Aug. 2,
2023, with up to $50,000 in assets and up to $1 million in
liabilities. Heidi Nussbaum Frenz, managing member, signed the
petition.

Judge Tiiara N.A. Patton oversees the case.

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


HUDSON RIVER TRADING: Fitch Affirms 'BB' LongTerm IDR
-----------------------------------------------------
Fitch Ratings has affirmed Hudson River Trading LLC's (HRT)
Long-Term Issuer Default Rating (IDR) and secured debt ratings at
'BB'. The Rating Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect HRT's established market position as a
technology-driven market maker in the U.S. equities market across
various venues and its growing presence in other asset classes. The
ratings also reflect HRT's strong, albeit variable, operating
performance, reasonable leverage and growing capital base, a
scalable business model, and good track record of managing
operational risks. Fitch also notes that the firm's particularly
high level of employee ownership supports its rating as risk and
return interests are well-aligned.

Rating constraints include a fully secured, shorter-term funding
profile; limited business diversification; reliance on volatile
transactional revenue streams and elevated market and operational
risks inherent in technology-driven trading.

Market risks were particularly pronounced in 2Q22 when the firm's
profitability was adversely impacted by nascent trading strategies
in foreign markets as well as weakness in medium-term frequency
strategies. Even with a weaker 2Q22, the firm's profitability,
measured by adjusted EBITDA to gross revenues, has remained
supportive of its rating. HRT's EBITDA to gross revenue ratio has
been consistently above Fitch's 'bb' category quantitative
benchmark range of 10%-20% for securities firms with low balance
sheet usage.

Fitch expects HRT's margins to remain supportive of its rating over
the medium-term, aided by its scale and ability to execute on new
trading strategies. Nevertheless, HRT's revenues are highly
transactional and sensitive to market conditions, which constrains
the strength of the firm's business profile in Fitch's opinion.

Fitch views HRT's cash flow leverage as conservative, with the firm
operating below Fitch's 'bb' category capitalization and leverage
benchmark range of 2.5x-3.5x for securities firms with low balance
sheet usage. Although not expected, a material increase in balance
sheet leverage from the most recent reported levels would be viewed
negatively by Fitch, particularly if associated with more
substantial market risks and/or the use of confidence-sensitive
secured borrowings. Positively, Fitch notes that HRT has
meaningfully increased its level of equity to support balance sheet
growth, driven by its strong profitability during 2020 and 2021 and
reasonable capital distributions.

HRT's funding profile is viewed as a constraining factor, given its
fully-secured corporate debt profile and reliance on
confidence-sensitive secured broker-dealer facilities. Corporate
debt is represented by a single $2.1 billion senior secured term
loan, due in March 2028, which has been upsized a number of times.
HRT has a number of prime broker relationships with a group of
highly-rated, mostly international banks.

Fitch believes the firm's long, deep relationships with these prime
brokers mitigates some of the risks associated with funding
concentrations and/or funding confidence. HRT manages its trading
capital well in excess of margin requirements, allowing for
reasonable financial flexibility should markets become volatile and
margin requirements meaningfully increase.

Fitch views HRT's liquidity as generally adequate, as the risks of
its confidence-sensitive and predominantly secured funding profile
are partially offset by the largely liquid securities inventory,
which consists largely of Level 1 financial instruments. HRT has
increased its committed settlement facilities, but contingency
funding would be subject to the availability of unencumbered
collateral. Positively, in the first half of 2022, the firm
obtained a committed revolving credit facility which could cover
short-term funding needs if needed.

Fitch views interest coverage (EBITDA/Interest expense) as solid in
the most recent available trailing 12 month (TTM) reporting period.
Coverage may decline during lower volatility environments, but
Fitch expects it to remain substantially above the 'bb' category
quantitative benchmark range of 4x to 6x, absent material market
dislocations or increases in debt.

The Stable Outlook reflects Fitch's expectations that HRT will
maintain good operating performance, modest cash flow and balance
sheet leverage, sufficient liquidity in a lower volatility
environment and sufficient excess trading capital over margin and
covenant requirements.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

-- An inability to maintain leverage at or below 3.0x on a gross
debt/adjusted EBITDA basis;

-- A substantial increase in balance sheet leverage above 15x on a
tangible assets to tangible equity basis, particularly if
associated with higher market or funding risks;

-- A material deterioration in interest coverage, approaching 6x;

-- A material decline in excess trading capital relative to margin
requirements;

-- Adverse legal or regulatory actions against HRT, which results
in a material fine, reputational damage, or alteration in the
business profile;

-- Material operational or risk management failures that adversely
impact profitability and/or market confidence;

-- An idiosyncratic liquidity event that adversely impacts the
firm's ability to execute on its core business strategies;

-- An inability to maintain its market position in the face of
evolving market structures and technologies, and/or a material
shift into trading less liquid products.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

Positive rating action is likely limited to the 'BB' rating
category given the significant operational risk inherent in
technology-driven trading. However, factors that could,
individually or collectively, lead to positive rating
action/upgrade:

-- Consistent operating performance and minimal operational losses
over a longer time period;

-- Increased funding flexibility, including demonstrated access to
third party funding through market cycles, the introduction of an
unsecured funding component and/or a meaningful increase in excess
trading capital over margin requirements;

-- Maintaining cash flow leverage consistently at or below 1.5x on
a gross debt/adjusted EBITDA basis;

-- Diversification of trading platforms outside of equities and
equity-related products, while maintaining a limited and well
managed market risk profile.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

The secured term loan rating is equalized with the IDR and reflects
the fully secured funding profile and average recovery prospects in
a stressed scenario.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

The secured term loan rating is primarily sensitive to changes in
HRT's IDR, and secondarily, to material changes in HRT's capital
structure and/or changes in Fitch's assessment of the recovery
prospects for the debt instrument.

ADJUSTMENTS

The Business Profile score has been assigned below the implied
score due to the following adjustment reason: Business model
(negative).

The Earnings & Profitability score has been assigned below the
implied score due to the following adjustment reason: Revenue
Diversification (negative).

The Capitalization & Leverage score has been assigned below the
implied score due to the following adjustment reason: Risk profile
and business model (negative).

The Funding, Liquidity & Coverage score has been assigned below the
implied score due to the following adjustment reason: Business
model/funding market convention (negative)

ESG CONSIDERATIONS

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


INSTANT BRANDS: Committee Taps Berkeley as Financial Advisor
------------------------------------------------------------
The official committee of unsecured creditors of Instant Brands
Acquisition Holdings, Inc. and its affiliates seeks approval from
the U.S. Bankruptcy Court for the Southern District of Texas to
hire Berkeley Research Group, LLC.

The committee requires a financial advisor to:

     (a) Develop strategies to maximize recoveries from the
Debtors' assets and assist the committee with such strategies;

     (b) Monitor liquidity and cash flows throughout the Debtors'
Chapter 11 cases and scrutinize cash disbursements and capital
requirements;

     (c) Develop and issue periodic monitoring reports to enable
the committee to effectively evaluate the Debtors' performance
relative to projections and any relevant operational issues;

     (d) Advise and assist the committee in its analysis and
monitoring of the historical, current and projected financial
affairs of the Debtors;

     (e) Advise and assist the committee with respect to any
debtor-in-possession financing arrangements or use of cash
collateral, including evaluation of asserted liens thereon;

     (f) Analyze both historical and ongoing intercompany or
related party transactions and material unusual transactions of the
Debtors and non-debtor affiliates;

     (g) Advise and assist the committee in its assessment of the
Debtors' employee needs and related costs;

     (h) Evaluate the Debtors' and non-debtors' business plan and
operational restructuring and product or service forecasts;

     (i) Prepare valuations of the Debtors' assets;

     (j) Identify and develop strategies related to the Debtors'
intellectual property;

     (k) Advise and assist the committee in reviewing and
evaluating any court motions, applications, or other forms of
relief filed or to be filed by the Debtors, or any other parties
involved in the Debtors' Chapter 11 cases;

     (l) Advise and assist the committee and counsel in their
review of any potential pre-bankruptcy liens of secured parties;

     (m) Advise the committee with respect to any potential
preference payments, fraudulent conveyances, and other potential
causes of action that the Debtors' estates may hold against
insiders or third parties and assist with any investigations
related to such matters as required;

     (n) Identify and asses the value of unencumbered assets;

     (o) As appropriate and in concert with the committee's other
professionals, analyze and monitor any sale processes and
transactions both within and outside the U.S. and assess the
reasonableness of the process and the consideration received;

     (p) Assist with the development and review of a cost/benefit
analysis with respect to the assumption or rejection of various
executory contracts and leases;

     (q) Monitor the Debtors' claims management process;

     (r) Review and provide analysis of any bankruptcy plan and
disclosure statement relating to the Debtors;

     (s) Attend committee meetings, court hearings, and auctions as
may be required;

     (t) Work with the Debtors' tax advisors to ensure that any
restructuring or sale transaction is structured to minimize tax
liabilities to the estate as well as assist with the review of any
tax issues associated with, for example, claims/stock trading,
preservation of net operating losses, and refunds from any plan of
reorganization or asset sales;

     (u) Work with the Debtors' financial advisor and investment
banker, as necessary; and

     (v) Provide other financial advisory services.

The hourly rates of the firm's professionals are as follows:

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

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

Christopher Kearns, managing director at Berkeley Research Group,
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:

     Christopher J. Kearns
     Berkeley Research Group, LLC
     810 Seventh Avenue, Suite 4100
     New York, NY 10019
     Telephone: 646-205-9320
     Facsimile: 646-454-1174
     Email: dgalfus@thinkbrg.com

                       About Instant Brands

Instant Brands Acquisition Holdings, Inc. designs, manufactures and
markets a global portfolio of innovative and iconic consumer
lifestyle brands: Instant, Pyrex, Corelle, Corningware, Snapware,
Chicago Cutlery, ZOID and Visions.

Instant Brands and its affiliates, including Instant Brands LLC,
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. S.D. Texas Lead Case No. 23-90716) on June 12, 2023. Judge
David R. Jones oversees the cases.

In addition, the Company commenced ancillary proceedings in Canada
under the Companies' Creditors Arrangement Act (CCAA) seeking
recognition of the U.S. Chapter 11 proceedings in Canada.

In its Chapter 11 petition, Instant Brands disclosed $500 million
to $1 billion in both assets and liabilities.

The Debtors tapped Davis Polk & Wardwell, LLP and Haynes and Boone,
LLP as bankruptcy counsels; Stikeman Elliott, LLP as Canadian
counsel; Guggenheim Securities, LLC as investment banker; and
AlixPartners, LLP as restructuring advisor. Adam Hollerbach, a
partner and managing director at AlixPartners, serves as the
Debtors' chief restructuring officer.   

The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. DLA
Piper LLP (US) and Berkeley Research Group, LLC serve as the
committee's legal counsel and financial advisor, respectively.


INSTANT BRANDS: Committee Taps DLA Piper as Legal Counsel
---------------------------------------------------------
The official committee of unsecured creditors of Instant Brands
Acquisition Holdings, Inc. and its affiliates seeks approval from
the U.S. Bankruptcy Court for the Southern District of Texas to
hire DLA Piper LLP (US) as its counsel.

The committee requires legal counsel to:

     (a) Give advice with respect to the rights, duties and powers
of the committee in the Debtors' Chapter 11 cases;

     (b) Participate in in-person and telephonic meetings of the
committee and any subcommittees formed in the Debtors' cases;

     (c) Assist the committee in its consultations, meetings and
negotiations with the Debtors and all other parties involved in the
cases;

     (d) Assist the committee in analyzing the claims asserted
against and interests asserted in the Debtors, negotiate with the
holders of such claims and interests, and bring, participate in, or
advise the committee with respect to contested matters and
adversary proceedings;

     (e) Assist with the committee's review of the Debtors'
schedules of assets and liabilities, statements of financial
affairs and other financial reports, and the committee's
investigation of the acts, conduct, assets, liabilities and
financial condition of the Debtors and of the historic and ongoing
operation of their business;

     (f) Assist the committee in its analysis of, and negotiations
with, the Debtors or any third party related to, among other
things, financings, use, sale or lease of the Debtors' assets;

     (g) Assist the committee in its analysis of, and negotiations
with, the Debtors or any third party related to, the formulation,
confirmation and implementation of a Chapter 11 plan for the
Debtors;

     (h) Aassist and advise the committee with respect to its
communications with the general creditor body regarding significant
matters in the Chapter 11 cases;

     (i) Represent the committee at all hearings and other
proceedings before the bankruptcy court and such other courts or
tribunals, as appropriate;

     (j) Review and analyze third party analyses and reports
prepared in connection with the Debtors' potential claims and
causes of action, advise the committee with respect to formulating
positions thereon, and perform such other diligence and independent
analysis as may be requested by the committee;

     (k) Review and analyze pleadings filed with the court, and
advise the committee with respect to its position thereon and the
filing of any response thereto;

     (l) Assist the committee in preparing pleadings and
applications, and pursuing or participating in adversary
proceedings, contested matters and administrative proceedings; and

     (m) Perform other necessary legal services.

The firm will charge these hourly fees:

     Partners            $1,240 to $1,465
     Associates          $730 to $750
     Paraprofessionals   $475

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

In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, DLA
Piper disclosed that:

     -- It has not agreed to any variations from, or alternatives
to, its standard or customary billing arrangements for this
engagement;

     -- None of the professionals included in the engagement vary
their rate based on the geographic location of the bankruptcy
case;

     -- The firm has not represented the committee in the 12 months
prepetition; and

     -- DLA Piper and the committee have agreed to the professional
fee budget approved in connection with the Debtors' approved
post-petition financing, and both will agree upon a staffing plan.


Dennis O'Donnell, Esq., a partner at DLA Piper, 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:

     Dennis O'Donnell, Esq.
     DLA Piper LLP (US)
     1251 Avenue of the Americas
     New York, NY 10020-1104
     Phone: +1 212 335 4665
     Email: dennis.odonnell@dlapiper.com

                       About Instant Brands

Instant Brands Acquisition Holdings, Inc. designs, manufactures and
markets a global portfolio of innovative and iconic consumer
lifestyle brands: Instant, Pyrex, Corelle, Corningware, Snapware,
Chicago Cutlery, ZOID and Visions.

Instant Brands and its affiliates, including Instant Brands LLC,
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. S.D. Texas Lead Case No. 23-90716) on June 12, 2023. Judge
David R. Jones oversees the cases.

In addition, the Company commenced ancillary proceedings in Canada
under the Companies' Creditors Arrangement Act (CCAA) seeking
recognition of the U.S. Chapter 11 proceedings in Canada.

In its Chapter 11 petition, Instant Brands disclosed $500 million
to $1 billion in both assets and liabilities.

The Debtors tapped Davis Polk & Wardwell, LLP and Haynes and Boone,
LLP as bankruptcy counsels; Stikeman Elliott, LLP as Canadian
counsel; Guggenheim Securities, LLC as investment banker; and
AlixPartners, LLP as restructuring advisor. Adam Hollerbach, a
partner and managing director at AlixPartners, serves as the
Debtors' chief restructuring officer.   

The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. DLA
Piper LLP (US) and Berkeley Research Group, LLC serve as the
committee's legal counsel and financial advisor, respectively.


INTER PIPELINE: Fitch Affirms 'BB' Rating on Subordinated Debt
--------------------------------------------------------------
Fitch Ratings has affirmed Inter Pipeline Ltd.'s (IPL) Long-Term
Issuer Default Rating (IDR) at 'BBB-', senior unsecured rating at
'BBB-', and subordinated debt rating at 'BB'. The Rating Outlook is
Stable.

The affirmation takes into account challenged performance at IPL's
Heartland Petrochemical Complex (Heartland), particularly at the
Propane Dehydrogenation Unit (PDH Unit). Fitch expects worse profit
performance from Heartland in both 2023 and 2024 compared to Fitch
prior forecast. However, these issues thus far and some potential
for additional unrelated issues do not yet rise to the level of a
negative rating action. If IPL's owner reduces the Fitch-forecasted
medium-term dividend level to a minimal amount, the company's
consolidated results in 2025 are forecasted to include leverage
just under Fitch's sensitivity for a negative rating action to
occur.

Approximately three-fifths of IPL's run-rate EBITDA is from
take-or-pay contracts, which support the rating.

KEY RATING DRIVERS

Heartland Commercial Service: Mainly due to a problem at the PDH
Unit, Heartland (as an integrated plant) has run below a 50%
average utilization factor for the interval Feb. 1, 2023 to June
30, 2023. Fitch expected that 2023 and 2024 would feature a ramp-up
to achieving run-rate production by no earlier than 2025. Even if
actual 2H23 performance were much better than Fitch previously
expected, the Heartland segment will not reach Fitch's prior EBITDA
forecast for 2023. Accordingly, Fitch has cut the 2023-2024
forecasts for Heartland but still assumes a ramp-up in production
during that time.

Fitch's sector coverage history includes coverage monitoring the
early stage of running PDH units, which encompasses both late
construction and the first few months. IPL's experience is not
wholly unique. That said, PDH units are very complicated, and
Heartland could encounter another significant problem that is
unrelated to the now resolved 2Q23 problem. Fitch believes IPL
would not have sufficient headroom at the current rating level,
absent self-help measures, if another lengthy outage occurs.

Dividend Flexibility: The 'BBB-' rating assumes that IPL can absorb
moderately challenging Heartland operating problems by ramping down
the dividend. Based on Fitch's new forecast for Heartland, Fitch
has cut its expectations for 2023-2024 dividends to a minimal
level. However, if Heartland performs much better than Fitch
expects for a lengthy period, dividends would exceed the forecast
and credit quality would remain intact.

High Leverage: Fitch forecasts that the 2023 ratio of (a) total
debt with equity credit to (b) operating EBITDA (EBITDA leverage)
will be approximately 7.0x, up from 6.0x at its last forecast (with
Heartland the cause of the leverage variance). The company operated
in 2022 at leverage that is too high for the 'BBB-' rating. By
2025, Fitch forecasts IPL leverage to be below 5.0x (based on
Fitch's definition, which differs from management's). A value above
5.0x is the leverage sensitivity region for a potential negative
rating action, timed for 2025 in acknowledgement that Heartland is
a transformative project for IPL and its customers and also a
challenging project as IPL attempts to reach its targeted run-rate
of production and profit.

Commodity Relationships: Approximately 20% of IPL EBITDA (run-rate)
is from activities that vary on the relationships between two
prices for a commodity or commodities. The spreads can relate to
location, upgrading, or time. Positively, IPL does not take title
to a material amount of any commodity simply for performing a
service (such a risk profile is common for U.S. gas processing
companies). Through recent cycles, Alberta has been a generally
favorable location for IPL's spread businesses. Execution of such a
business is important, and the company has a good track record.

DERIVATION SUMMARY

Williams (BBB/Stable) is comparable to IPL due to its large
contribution of take-or-pay business, at about 40% (with contract
length of about 5-6 years but with great prospects of renewal at
prevailing rates). Williams does not have the sensitivity to
commodity prices that IPL has, but it has less take-or-pay and some
fee-based territories that are not likely to be as stable as what
IPL has in Alberta.

Fitch projects Williams's 2023 leverage at approximately 3.8x and
trending up thereafter. The company is strongly positioned in its
rating category. Fitch sees IPL with 2025 leverage meaningfully
higher than WMB's leverage. The one-notch rating difference between
the two companies is mainly related to leverage.

KEY ASSUMPTIONS

-- Fitch oil and gas price deck.

-- The obligations of customers pursuant to take-or-pay contract
provisions are fulfilled.

-- In 2023 and the other years of the forecast period, total capex
per annum is much less than it was in 2022. This drop-off reflects
low growth capex compared to 2022, with an offset of higher
maintenance capex due to Heartland being maintenance-intensive.

-- Heartland volumes in 2023 reflect a slow ramp-up, till run-rate
volumes are achieved in the beginning of 2025.

-- IPL's dividends show the flexible policy that the company now
has under Brookfield control, with a ramp up over time as Heartland
achieves a high annual utilization factor.

RATING SENSITIVITIES

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

-- Increasing the "take-or-pay" contract attribute of IPL, both as
to (i) substantially increasing the percentage of EBITDA under take
or pay in the forecast period, and (ii) moderately lengthening the
average life of such contracts.

-- EBITDA Leverage expected to be sustained below 4.0x.

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

-- Reversals in beginning commercial operations at Heartland,
incremental to the forecast Fitch has made for FY 2023-2024.

-- FY 2025 EBITDA leverage expected to be above 5.0x.

-- A meaningful increase in risk related to commodity prices,
including in spread businesses such as basis differentials, or
product differentials.

-- Increase in dividend pressure on IPL incremental to what Fitch
expects.

LIQUIDITY AND DEBT STRUCTURE

Ample Liquidity: As of June 30, 2023, IPL had $46.1 million of cash
and $2.0 billion of committed credit facility that expires in
December 2027. Net of draws and letter of credit issuances, the
availability under this credit facility is approximately $1.777
billion. The credit facility maintains a covenant that the maximum
consolidated net debt to total capitalization not exceed 65%. As of
June 30, 2023 IPL maintained a consolidated net debt to total
capitalization of 41.4% and was in compliance with all covenants.

In the second quarter of 2023, IPL raised $750 million through its
series 17 medium term notes using the proceeds to repay its Series
8 $350 million medium term note and repaid borrowings under its
credit facilities. Near term-maturities are manageable as IPL's
next maturity is a $500 million medium term note due in 2024. Fitch
expects IPL to be free cash flow positive in 2023 and 2024.

ISSUER PROFILE

IPL is a midstream company operating primarily in the province of
Alberta, Canada.

SUMMARY OF FINANCIAL ADJUSTMENTS

In evaluating IPL's credit quality, Fitch looks at multiple types
of leverage calculations. The leverage calculation featured in this
Rating Action Commentary excludes from the numerator the debt
balance of Inter Pipeline (Corridor) Inc. (Corridor; not rated) and
excludes from the denominator the Corridor EBITDA flow (no Corridor
flow is in the denominator). Subordinated notes are treated as
having 50% equity credit. Shareholder loans, which are subordinated
loans and are due in 2080, are treated as non-debt securities. Cash
flows servicing the shareholder loans are deemed to be dividends;
year-to-date to June 30, 2023, there have been approximately $70
million of such a flow.

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.


KBR INC: S&P Alters Outlook to Positive, Affirms 'BB' ICR
---------------------------------------------------------
S&P Global Ratings affirmed its 'BB' issuer credit rating on the
Houston-based government services provider KBR Inc. and revised the
outlook to positive from stable. At the same time, S&P affirmed all
issue level ratings, with recovery ratings remaining unchanged.

The positive outlook reflects S&P's expectation that the company's
credit ratios will exceed its expected levels for the current
rating by the middle of 2024, even with higher than anticipated
shareholder returns.

The Government Solutions business provides steady modest revenue
growth. Defense spending remains robust, and KBR operates in areas
that are likely to see continued funding. Readiness and sustainment
contracts are a key source of KBR's revenue and have shown growth
throughout 2023. KBR has also grown headcount by 18% year over
year, allowing it to take on more business. Orders across the
business--driven by Government Solutions--are up such that the
total backlog has reached $16.9 billion, representing more than two
years of forecasted sales, and providing good revenue visibility.

KBR's Sustainable Technology Solutions (STS) business has higher
upside for both revenue growth and margin expansion. The
proprietary technology sold by KBR along with equipment and
engineering packages create attractive products for customers. The
company is seeing particular success with ammonia plants to limit
and capture carbon emissions, and for recycling facilities with a
new HydroPRT system that uses very hot water to recycle many types
of plastic and is highly efficient. While STS remains a relatively
small part of the company, it is growing quickly and generates much
higher margins than Government Solutions.

The company's exit from the volatile engineering and construction
space creates more predictable revenue and EBITDA going forward.
KBR's engineering and construction segment consisted of mostly
longer-term fixed price contracts with lump sum payments, exposing
the company to significant risk. Over the last several years, the
company incurred costs associated with some of these projects,
which weakened credit measures. By fully exiting this business the
company is limiting the potential downside.

S&P said, "Credit measures could improve such that the impact of
aggressive financial policy is lessened. KBR has a history of
shareholder returns that we expect to continue throughout our
forecast. Growth through acquisitions remain a possibility, but the
company has shown an ability to reduce leverage quickly after
integration. Dividends and share repurchases would likely only see
significant growth beyond current levels if the company's free cash
flow also significantly increased. Even with dividends of about
$100 million and share repurchases in excess of $250 million
annually, we expected debt to EBITDA to be in the low 2x area and
funds from operations (FFO) to debt of 30%-34% in 2024."

There are significant near-term liquidity needs related to debt
maturities. KBR repaid $100 million of its $350 million senior
convertible notes during the first half of 2023. The remainder
matures in November 2023 and will likely be paid down in cash. The
company will need to manage this debt repayment as well as a
variety of non-cash charges related to the termination of the
notes.

The positive outlook reflects S&P's expectation that debt to EBITDA
will be 2.0x-2.5x through 2024 and FFO to debt will be 27%-31% in
2023 and 30%-34% in 2024 due to continued organic growth driven by
robust defense spending and opportunities in STS.

S&P could revise the outlook to stable if credit measures
deteriorate such that do not expect FFO to debt to be sustained
above 30% or if debt to EBITDA rises above 3x without a clear path
to improvement. This could occur if:

-- Government spending declines;

-- The company loses major contracts;

-- Liquidity is constrained as convertible notes come due; or

-- The company engages in significant share repurchases or
acquisitions beyond our expectations.

S&P could raise the rating on KBR if it maintains debt to EBITDA
below 3x and FFO to debt above 30%, and it expects the company to
maintain these levels even with potential acquisitions and
shareholder returns. This could occur if:

-- KBR maintains its high-value-added government services revenue
base;

-- The STS business continues to grow as expected;

-- The company manages liquidity through the maturity of
convertible notes; and

-- Management publicly commits to maintaining credit ratios at
threshold levels.



KDC AGRIBUSINESS: Vulnerable to $300 Million Suit, Judge Rules
--------------------------------------------------------------
Jeff Montgomery of Law360 reports that bankrupt food waste recycler
KDC Agribusiness LLC saw its Delaware Chapter 11 and business put
at risk Thursday after a bankruptcy judge lifted a stay on a more
than $300 million, 16-count trade secret misappropriation suit
pending in the Court of Chancery since 2021.

                     About KDC Agribusiness

KDC Agribusiness, LLC, is a food waste recycler company in
Bedminster, N.J.

KDC and its affiliates sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10786) on
June 16, 2023. In the petition signed by David Buffa, general
counsel and corporate secretary, KDC disclosed $100 million to $500
million in both assets and liabilities.

Judge Craig T. Goldblatt oversees the case.

The Debtors tapped John H. Knight, Esq., at Richards, Layton and
Finger, P.A. as bankruptcy counsel; Foley & Lardner, LLP and Okin
Hollander, LLC as special counsels; AlixPartners, LLP as financial
restructuring advisor; and Jefferies, LLC as investment banker.
Kurtzman Carson Consultants, LLC is the Debtor's claims agent and
administrative advisor.


L.O.L. COUNSELING: Steven Altmann Named Subchapter V Trustee
------------------------------------------------------------
The U.S. Bankruptcy Administrator for the Northern District of
Alabama appointed Steven Altmann, Esq., at The Nomberg Law Firm, as
Subchapter V trustee for L.O.L. Counseling and Consulting Services,
LLC.

The Subchapter V trustee can be reached at:

     Steven D. Altmann, Esq.
     The Nomberg Law Firm
     3940 Montclair Road, Ste. 401
     Birmingham, AL 35213
     Phone: 205-930-6900
     Email: steve@nomberglaw.com

                      About L.O.L. Counseling

L.O.L. Counseling and Consulting Services, LLC filed a petition
under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D.
Ala. Case No. 23-02007) on Aug. 3, 2023, with as much as $50,000 in
assets and liabilities.

Judge Tamara O. Mitchell oversees the case.

C. Taylor Crockett, Esq., is the Debtor's legal counsel.


LAKESHORE LEARNING: Moody's Affirms 'B2' CFR, Outlook Stable
------------------------------------------------------------
Moody's Investors Service affirmed Lakeshore Learning Materials,
LLC's existing ratings including the company's B2 Corporate Family
Rating and B2-PD Probability of Default Rating. Moody's also
affirmed the B2 rating on Lakeshore's senior secured first lien
term loan due 2028 that is being upsized by $100 million. The
outlook is stable.

Net proceeds from the proposed $100 million fungible add-on term
loan to the existing first lien term loan are expected to be used
to fund a dividend distribution to the shareholders. Moody's
projected debt-to-EBITDA leverage will increase to approximately
3.3x pro forma for the transaction from 2.9x for the 12 months
ended June 30, 2023 but leverage remains within Moody's
expectations for the rating.

Moody's believes the move to raise debt to fund a shareholder
distribution at a time when the company plans to undertake
significant capital spending in 2024 is credit negative because it
reflects an aggressive financial policy, which is a governance
risk. Moody's anticipates the combination of these actions along
with high tax distributions to shareholders will result in
breakeven cash flow in 2024 and leverage that leaves the company
more vulnerable to a reduction in earnings resulting from a
normalization of customer demand including from a wind down of
federal stimulus driven spending. The initial debt-to-EBITDA
leverage following the transaction will increase modestly to about
3.3x (on a Moody's adjusted basis) and the company will not begin
to address the higher debt through repayments until 2025.

Moody's affirmed the ratings because leverage is expected to
decline over the next 12 months driven by earnings growth as
customer demand is expected to remain strong into 2024 and the
company will maintain adequate liquidity. Moody's believes the
company will thus maintain some flexibility to execute its growth
initiatives in an attempt to prepare for the negative effect on
earnings from the eventual wind down of the federal stimulus.

Moody's anticipates the company will generate breakeven free cash
flow in the next 12 months as the investments related to a new
enterprise resource planning ("ERP") system, build out of a
distribution center and other projects will be high. The
affirmation reflects Moody's expectation that the company will
generate good free cash flow in 2025 when investment spending
moderates. Interest coverage defined as
EBITDA-less-capital-spending-to-interest expense will remain good
in a 2.5x range in 2024 despite some weakening due to the
investment and higher cash interest burden.

Affirmations:

Issuer: Lakeshore Learning Materials, LLC

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Senior Secured 1st Lien Term Loan, Affirmed B2

Outlook Actions:

Issuer: Lakeshore Learning Materials, LLC

Outlook, Remains Stable

RATINGS RATIONALE

The B2 CFR reflects Lakeshore's growing scale, diversified and
high-quality product portfolio focused on early childhood
education, good market position and strong current customer demand,
particularly from schools and school districts. Federal funding
stimulus towards elementary and secondary schools is expected to
drive earnings growth in 2024. Key credit concerns include cyclical
product demand that is vulnerable to pull back when municipal and
corporate budgets are tightened. The increase in leverage resulting
from a debt-funded shareholder distribution leaves the company more
vulnerable to a reduction in demand, which Moody's views as an
aggressive financial policy. Working capital investment to support
business growth, long lead times to procure products, supply chain
challenges, inflationary cost pressures, and a rising interest rate
environment remain key concerns.

Moody's is concerned that Lakeshore's rapid growth trajectory is
likely to reverse from the lofty levels it has enjoyed in part due
to the sizable elementary and secondary school emergency relief
("ESSER") funds authorized by the federal government during the
pandemic. Moody's anticipates spending on Lakeshore's product
categories will decline as ESSER spending deadlines are reached.

Spending will likely remain good for the next year since currently
scheduled spending deadlines do not occur until the first quarter
of 2025, if not further extended. Moody's believes the company will
become vulnerable to execution risk if it can't successfully
replace volume driven by ESSER funds through initiatives such as
taking market share beyond infant-5th grade to support its balance
sheet and debt service requirements. The integration of a new ERP
system and build out of a distribution center could create
operational disruptions that reduce profitability.

Moody's expects the company will have adequate liquidity over the
next 12 months supported by about $33 million of balance sheet cash
and full availability of the ABL facility that is expected to be
upsized to $150 million. The ABL revolver expires in 2026. Moody's
forecasts that the company will generate breakeven free cash flow
over the next 12 months, limited by planned capital investments and
tax distributions. The ABL contains a springing minimum fixed
charge coverage ratio ("FCCR") financial covenant of 1x, applicable
if availability declines below the greater of 10% of the ABL
capacity or $12 million. Moody's does not expect the FCCR covenant
to be tested over the next 12 months and expects good cushion if it
is triggered. There are no financial maintenance covenants
applicable to the first lien term loan.

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

The stable outlook reflects that the company has adequate liquidity
to support its planned investments and meet debt service through
2024 despite the increase in debt and leverage associated with the
dividend. The stable outlook is based on the expectation that
operating performance will continue to benefit from increased
demand over the next year including the boost of ESSER-driven
spending and that the company will continue to focus on internal
growth and investment.

The ratings could be upgraded if the company maintains a stable
operating performance including the ability to sustain earnings as
ESSER-driven spending declines, such as through profitable
expansion into markets beyond the historical infant-5th grade
focus. The company would also need to maintain debt-to-EBITDA below
4x across the demand cycle, generate free cash flow (after capital
investments and tax distributions) exceeding 8% of debt and
maintain disciplined financial policies to be upgraded.

Reduced earnings from lower end market demand, market share losses,
pricing pressure or cost increases could lead to a downgrade.
Debt-to-EBITDA above 5.5x, an inability to restore sustainably and
comfortably positive free cash flow, or a deterioration in
liquidity could also lead to a lower rating.

Lakeshore Learning Materials, LLC (founded in 1954 and
headquartered in Carson, CA) is a developer, distributor, and
retailer of educational products and classroom furniture primarily
serving the early childhood education K-5 markets. Lakeshore sells
its products through mail order catalogs, e-commerce, a sales
force, and retail stores. The company operated 62 retail stores
throughout 30 states in the United States (as of June 2023) and has
distribution facilities located in Carson, CA and Midway, KY. For
the twelve months ending June 30, 2023 Lakeshore generated $981
million of revenue. Following a leveraged buyout in September 2021,
the company is majority owned by private equity firm Leonard

Green & Partners, L.P. (founding Kaplan family retains minority
ownership).

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


LAUNCH PAD: Michael Wheatley Named Subchapter V Trustee
-------------------------------------------------------
The Acting U.S. Trustee for Region 8 appointed Michael Wheatley as
Subchapter V trustee for Launch Pad, LLC.

Mr. Wheatley will be paid an hourly fee of $275 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.

Mr. Wheatley declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.

The Subchapter V trustee can be reached at:

     Michael E. Wheatley
     P.O. Box 1072
     Prospect, KY 40059
     Phone: 502-744-6484
     Email: mwheatleytr@gmail.com

                         About Launch Pad

Launch Pad LLC filed Chapter 11 petition (Bankr. W.D. Ky. Case No.
23-31798) on Aug. 3, 2023, with $271,435 in assets and $7,666,795
in liabilities. Brandon May, member, signed the petition.

Charity S. Bird, Esq., at Kaplan Johnson Abate & Bird, LLP
represents the Debtor as legal counsel.


LEGACY CARES: Bondholders Support Planned Track Sale
----------------------------------------------------
Martin Z. Braun of Bloomberg News reports that Legacy Cares Inc.,
the non-profit owner of a bankrupt Phoenix-area sports complex, won
a court fight to keep the venue's planned sale on track after an
Arizona judge rejected a federal monitor's plea to appoint a
trustee for the site.

The decision is a victory as well for holders of $280 million in
municipal bonds, unsecured creditors and the landlord of the
320-acre complex. The trustee for Vanguard Group, AllianceBernstein
Holding LP and other bondholders and other creditors opposed the
federal monitor’s request.

                       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.


LITIGATION PRACTICE: Committee Taps Fox Rothschild as Counsel
-------------------------------------------------------------
The official committee of unsecured creditors of The Litigation
Practice Group P.C. seeks approval from the U.S. Bankruptcy Court
for the Central District of California to hire Fox Rothschild,
LLP.

The committee requires legal counsel to:

     a. Participate in in-person and telephonic meetings of the
committee and any subcommittees formed thereby, and otherwise
advise the committee with respect to its rights, powers, and duties
in the Debtor's Chapter 11 case;

     b. Assist and advise the committee in its consultations,
meetings and negotiations with the trustee and all other parties
regarding the administration of the bankruptcy case;

     c. Assist the committee in analyzing the claims asserted
against and interests asserted in the Debtor's estate, negotiate
with the holders of such claims and interests, and bring, or
participate in, objections and estimation proceedings;

     d. Assist with the committee's review of schedules of assets
and liabilities, statement of financial affairs and other financial
reports prepared by the trustee, and the committee's investigation
of the acts, conduct, assets, liabilities, and financial condition
of the Debtor and of the historic and ongoing operation of its
business;

     e. Assist the committee in its analysis of, and negotiations
with, the trustee or any third party related to, among other
things, financings, asset disposition transactions under Section
363, compromises of controversies, and assumption or rejection of
executory contracts and unexpired leases;

     f. Assist the committee in its analysis or preparation of, and
negotiations with, the trustee or any third party related to, the
negotiation, formulation, confirmation, and implementation of a
Chapter 11 plan, and all documentation related thereto;

     g. Assist and advise the committee with respect to its
communications with the general creditor body regarding significant
matters in the bankruptcy case;

     h. Respond to inquiries from individual creditors as to the
status of, and developments in, the case;

     i. Represent the committee at all hearings and other
proceedings before the bankruptcy court and such other courts or
tribunals, as appropriate;

     j. Review and analyze legal papers filed with the court and
advise the committee with respect to its position thereon and the
filing of any response thereto;

     k. Assist the committee in preparing pleadings and
applications, and pursuing or participating in adversary
proceedings, contested matters and administrative proceedings; and

     l. Perform other necessary legal services.

The firm will be paid at these rates:

     Michael A Sweet, Partner          $890 per hour
     Keith C. Owens, Partner           $820 per hour
     Michael Herz, Partner             $620 per hour
     Nicholas A. Koffroth, Associate   $640 per hour
     Stephanie Slater Ward, Associate  $455 per hour
     Other Attorneys at Fox            $210 - $1,075 per hour
     Paralegals                        $100 - $465 per hour

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

Nicholas Koffroth, Esq., an associate at Fox Rothschild, 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:

     Michael A. Sweet, Esq.
     Keith C. Owens, Esq.
     Nicholas A. Koffroth, Esq.
     Fox Rothschild, LLP
     10250 Constellation Blvd., Suite 900
     Los Angeles, CA 90067
     Telephone: (310) 598-4150
     Facsimile: (310) 556-9828
     Email: msweet@foxrothschild.com
            kowens@foxrothschild.com
            nkoffroth@foxrothschild.com

                About The Litigation Practice Group

The Litigation Practice Group P.C. sought protection for relief
under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case
No. 23-10571) on March 20, 2023, with as much as $1 million in both
assets and liabilities. Judge Scott C. Clarkson presides over the
case.

The Debtor tapped Khang & Khang, LLP as legal counsel and Grobstein
Teeple, LLP as accountant.

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


LTL MANAGEMENT: NJ Judge Won't Implement 6-Month Bar on Chapter 11
------------------------------------------------------------------
Reuters reports that a U.S. bankruptcy judge formally dismissed the
second bankruptcy case of Johnson & Johnson's talc subsidiary, but
he rejected cancer victims' call for a six-month ban on future
bankruptcy filings by the company.

U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, had
already ruled that the case should be dismissed, ending J&J's
second attempt to use bankruptcy to resolve thousands of lawsuits
alleging that its talc products sometimes contained asbestos and
caused mesothelioma and ovarian cancer.

The judge had previously expressed skepticism about banning J&J
subsidiary LTL Management LLC from turning to bankruptcy a third
time, saying that he did not have a "crystal ball."

J&J has said that its talc-based products do not contain asbestos
and do not cause cancer, and it intends to appeal the dismissal of
LTL's second bankruptcy.

In a statement Friday, the company welcomed Kaplan's decision on
future bankruptcy filings, saying that the ruling was consistent
with the judge's previous statements urging the parties to reach a
settlement based on "remarkable progress" on the framework for a
deal. A company spokesperson did not answer a question about
whether LTL planned to file for bankruptcy again.

J&J had proposed an $8.9 billion settlement of all cancer claims,
but the settlement was premised on a bankruptcy court order that
would have stopped future lawsuits from being filed against the
company.

LTL's bankruptcy proceedings had largely paused the 38,000 lawsuits
already filed against J&J, although one case was allowed to proceed
to a $18.8 million verdict in July.

Andy Birchfield, a lawyer for cancer victims, said he hopes J&J
"recognizes the writing on the wall" and does not seek to delay the
lawsuits through a third effort at a failed bankruptcy strategy.
Cancer victims are eager to take their cases to trial or settle
outside of bankruptcy court, Birchfield said.

J&J's first attempt at resolving the litigation through bankruptcy
began in 2021, when it offloaded its talc liabilities into the
newly created LTL via a corporate division known as a "Texas
two-step" and immediately placed LTL into bankruptcy.

LTL's first bankruptcy was dismissed in April after a U.S. appeals
court ruled that it was not in sufficient financial distress to be
eligible for bankruptcy protection.

LTL's second effort, premised on the proposed $8.9 billion
settlement of current and future talc lawsuits, met the same fate
after Kaplan ruled that the company was still not in the kind of
"immediate" distress required by the appellate court's ruling.

The case is LTL Management, U.S. Bankruptcy Court for the District
of New Jersey, No. 23-12825.

For LTL: Greg Gordon of Jones Day; Allison Brown of Skadden, Arps,
Slate, Meagher & Flom

For the committee of talc plaintiffs: David Molton, Michael
Winograd, Jeffrey Jonas and Robert Stark of Brown Rudnick; Melanie
Cyganowski of Otterbourg; Jonathan Massey of Massey & Gail; among
others.

                      About LTL Management

LTL Management, LLC, is a subsidiary of Johnson & Johnson (J&J),
which was formed to manage and defend thousands of talc-related
claims and oversee the operations of Royalty A&M.  Royalty A&M owns
a portfolio of royalty revenue streams, including royalty revenue
streams based on third-party sales of LACTAID, MYLANTA/MYLICON and
ROGAINE products.

LTL Management filed a petition for Chapter 11 protection (Bankr.
W.D.N.C. Case No. 21-30589) on Oct. 14, 2021.  The case was
transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov.
16, 2021.  The Hon. Michael B. Kaplan is the case judge.  At the
time of the filing, the Debtor was estimated to have $1 billion to
$10 billion in both assets and liabilities.

The Debtor tapped Jones Day and Rayburn Cooper & Durham, P.A., as
bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon
LLP as special counsel; McCarter & English, LLP as litigation
consultant; Bates White, LLC as financial consultant; and
AlixPartners, LLP as restructuring advisor.  Epiq Corporate
Restructuring, LLC, is the claims agent.

An official committee of talc claimants was formed in the Debtor's
Chapter 11 case on Nov. 9, 2021.  On Dec. 24, 2021, the U.S.
Trustee for Regions 3 and 9 reconstituted the talc claimants'
committee and appointed two separate committees: (i) the official
committee of talc claimants I, which represents ovarian cancer
claimants, and (ii) the official committee of talc claimants II,
which represents mesothelioma claimants.

The official committee of talc claimants I tapped Genova Burns LLC,
Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its
legal counsel. Meanwhile, the official committee of talc claimants
II is represented by the law firms of Cooley LLP, Bailey Glasser
LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and
Sherman Silverstein Kohl Rose & Podolsky P.A.

                  Re-Filing of Chapter 11 Petition

On Jan. 30, 2023, a panel of the Third Circuit issued an opinion
directing the Court to dismiss the 2021 Chapter 11 Case on the
basis that it was not filed in good faith.  Although the Third
Circuit panel recognized that the Debtor "inherited massive
liabilities" and faced "thousands" of future claims, it concluded
that the Debtor was not in financial distress before the filing.

On March 22, 2023, the Third Circuit entered an order denying the
Debtor's petition for rehearing.  The Third Circuit entered an
order denying LTL's stay motion on March 31, 2023, and, on the same
day, issued its mandate directing the Bankruptcy Court to dismiss
the 2021 Chapter 11 Case.

The Bankruptcy Court entered an order dismissing the 2021 Case on
April 4, 2023.

Johnson & Johnson on April 4, 2023, announced that its subsidiary
LTL Management LLC (LTL) has re-filed for voluntary Chapter 11
bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain
approval of a reorganization plan that will equitably and
efficiently resolve all claims arising from cosmetic talc
litigation against the Company and its affiliates in North
America.

In the new filing, J&J said it has agreed to contribute up to a
present value of $8.9 billion, payable over 25 years, to resolve
all the current and future talc claims, which is an increase of
$6.9 billion over the $2 billion previously committed in connection
with LTL's initial bankruptcy filing in October 2021.  LTL also has
secured commitments from over 60,000 current claimants to support a
global resolution on these terms.


MANGUAL'S GENERAL: U.S. Trustee Unable to Appoint Committee
-----------------------------------------------------------
The U.S. Trustee for Region 21, until further notice, will not
appoint an official committee of unsecured creditors in the Chapter
11 case of Mangual's General Services, Inc., according to court
dockets.
    
               About Mangual's General Services

Mangual's General Services, Inc. sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-15356) on
July 9, 2023, with as much as $1 million in both assets and
liabilities. Jose E. Manguel, president, signed the petition.

Judge Laurel M. Isicoff oversees the case.

Peter Spindel, Esq., at Peter Spindel PA serves as the Debtor's
counsel.


MAXIM CRANE: S&P Rates New Second-Lien Senior Secured Notes 'B-'
----------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issue-level rating and '4'
recovery rating to Maxim Crane Works Holdings Capital LLC's
proposed $500 million second-lien senior secured notes due 2028.
The '4' recovery rating indicates its expectation for average
recovery (30%-50%; rounded estimate: 30%).

S&P said, "Our 'B-' issuer credit rating on Maxim Crane remains on
CreditWatch with negative implications pending the completion of
its debt raise. The CreditWatch placement reflects the possibility
that we will lower our ratings if the notes are not successfully
refinanced with this transaction. We will likely affirm the 'B-'
issuer credit rating and remove the CreditWatch with negative
implications once the transaction closes."

The company intends to use proceeds from this issuance to fully
repay its existing second-lien senior secured notes, which became
current on Aug. 1, 2023, and pay down a portion of the outstanding
borrowings on its asset-based lending (ABL) facility.

Maxim Crane has implemented strategic initiatives that materially
improved its profitability. Over the past 18 months, the company
has increased its rolling 12-month revenue by almost 25% while
expanding its EBITDA margins by almost 900 basis points. S&P
believes these improvements stem from the transformation of its
business operations over the last few years, including its vertical
alignment efforts, pricing initiatives, and the refreshing of its
fleet. As a result of better operating performance, Maxim Crane's
S&P Global Ratings-adjusted debt to EBITDA declined to 5.1x as of
June 30, 2023.

S&P's ratings on Maxim Crane reflect its position as a leading
provider of specialized crane services with a strong market
position in the U.S., as well as its ability to generate free
operating cash flow through a downturn. However, the cyclical
nature of some of the company's end markets and its limited product
diversity relative to larger equipment rental companies somewhat
offset these strengths.

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- S&P's simulated default scenario contemplates a payment default
in 2025 due to a prolonged economic downturn that leads to weakness
in its end markets, particularly in the commercial, industrial, and
construction industries where Maxim Crane's revenue is
concentrated.

-- S&P said, "Although we believe the company would likely
reorganize after a default, we use a discrete asset value (DAV)
approach to analyze the recovery prospect for most general
equipment rental providers. We believe this method provides a
conservative estimate of the potential value available to
creditors, though realization rates could be lower than we assume
if equipment floods the market."

-- S&P said, "Our DAV approach assumes balance sheet accounts are
partially diluted to reflect the estimated loss of appraised value
through additional depreciation or expected contraction in working
capital assets in the period leading up to the hypothetical
default. We then apply realization rates to the assets, reflecting
the friction of selling or discounts potential buyers or
restructurers would apply in distressed circumstances."

-- S&P assumes realization rates of 70% for rental equipment, 50%
for motor vehicles and trailers, 50% for buildings, 70% for land,
and 60% for accounts receivable.

Simulated default assumptions

-- Year of default: 2025
-- Jurisdiction: U.S.

Simplified waterfall

-- Net enterprise value at default (after 5% administrative
costs): $978.9 million

-- Valuation split (obligors/nonobligors): 100%/0%

-- Priority claims (ABL): $800.9 million

-- Value available to second-lien debt claims: $178.0 million

-- Secured second-lien debt claims: $525.3 million

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



MAXLINEAR INC: Moody's Confirms 'Ba3' CFR, Outlook Stable
---------------------------------------------------------
Moody's Investors Service confirmed MaxLinear, Inc.'s ratings,
including the Ba3 Corporate Family Rating and senior secured credit
facility rating and the Ba3-PD Probability of Default rating. The
rating outlook is stable. This action concludes the review for
downgrade initiated on May 6, 2022 upon MaxLinear's announced bid
for Silicon Motion Technology Corporation.

On July 26, 2023, MaxLinear terminated the acquisition of Silicon
Motion noting among other reasons that Silicon Motion has suffered
a material adverse effect (MAE) that is continuing. The next day,
Silicon Motion responded, disputing the MAE claim and noted that
MaxLinear's termination notice followed approval by the Chinese
State Administration for Market Regulation (SAMR). Silicon Motion
stated that it intends to enforce the merger agreement dated May 5,
2022 (Merger Agreement).

The Merger Agreement stipulates that disputes will be resolved via
arbitration in Singapore, with both parties waiving the right for a
jury trial. The Merger Agreement provides for a required $160
million termination payment of MaxLinear to Silicon Motion should
MaxLinear fail to obtain regulatory approval of the acquisition.  A
possible outcome of arbitration could be that MaxLinear is required
to complete the acquisition on the stated terms. The arbitration
process could be lengthy and the possible outcomes vary
considerably. Based on these considerations, Moody's views the
Silicon Motion dispute as a negative development of uncertain
magnitude and the CFR reflects this uncertainty.

The confirmation of the CFR and other ratings reflects the very low
financial leverage, with debt to EBITDA of only 0.8x (twelve months
ended June 30, 2023, Moody's adjusted). In addition, MaxLinear
maintains a large balance of cash and short term investments
($254.1 million as of June 30, 2023) relative to reported debt of
only $122.1 million. With the Silicon Motion acquisition
terminated, Moody's no longer anticipates the large increase in
financial leverage that would have funded the acquisition. Cash
flow is likewise strong, with free cash flow (FCF) to debt at 95.7%
(twelve months ended June 30, 2023, Moody's adjusted). Given the
low leverage, strong FCF generation, and net cash leverage
position, Moody's believes that MaxLinear has the financial
flexibility to withstand the continued near term cyclical decline
in certain end markets and any increased litigation expense related
to the dispute with Silicon Motion.

Should MaxLinear ultimately be required to make a settlement
payment up to the amount of the Merger Agreement termination
payment, Moody's believes that Maxlinear has sufficient liquidity
to fund this payment. If MaxLinear is forced to complete the
acquisition, however, this would materially weaken the credit
profile given the large increase in debt required to fund the
acquisition and the currently depressed revenues and profitability
of both Maxlinear and Silicon Motion.

Confirmations:

Issuer: MaxLinear, Inc.

Corporate Family Rating, Confirmed at Ba3

Probability of Default Rating, Confirmed at Ba3-PD

Senior Secured 1st Lien Bank Credit Facility, Confirmed at Ba3

Outlook Actions:

Issuer: MaxLinear, Inc.

Outlook, Changed To Stable From Rating Under Review

RATINGS RATIONALE

The Ba3 CFR reflects MaxLinear's niche market positions in radio
frequency (RF) chips used primarily in home networking, wireless
infrastructure, and data center systems. The rating also reflects
consistent free cash flow (FCF) generation due to the company's
outsourced manufacturing model and valuable intellectual property
(IP) as indicated by the high adjusted gross margins (maintained in
the mid to upper 50 percent level). Financial risk is modest due to
MaxLinear's low financial leverage, with debt to EBITDA of only
0.8x (twelve months ended June 30, 2023, Moody's adjusted).

MaxLinear's scale is small (revenues of $1 billion for twelve
months ended June 30, 2023) relative to key market competitors
Broadcom Inc., NXP Semiconductors N.V, and Analog Devices, Inc.,
which have broader product lines and larger research and
development resources. The small revenue base also contributes to
end market concentration, which contributes to revenue volatility.
This is apparent in 2023, as revenues declined 21% during the first
six months of calendar year 2023 compared to the same period in
2022. Revenues from the Broadband segment declined 51% over the
period. Total revenues are likely to decline over 20% sequentially
in the third quarter of 2023 as well.

The stable outlook reflects Moody's expectation that end market
demand will remain weak across MaxLinear's Broadband and
Connectivity end markets over the next 12 to 18 months, as these
end markets work through an inventory correction and slowing end
market demand. Given macroeconomic headwinds, Moody's does not
expect a sharp recovery in end market demand once inventory
clearing is completed later in 2023, with total revenues only
growing in the low to mid single digits percent. Over the next 12
to 18 months, Moody's expects that revenues will remain about 30%
lower compared to the twelve months ended June 30, 2023.
Profitability will remain lower than historical levels due to the
reduced revenues.

Absent a resolution of the Silicon Motion arbitration, Moody's
expects that MaxLinear's leverage will remain below 2x debt to
EBITDA (Moody's adjusted) over the next 12 to 18 months despite the
weak end market demand. The outlook also reflects the risk that the
arbitration could require MaxLinear to make a settlement payment to
Silicon Motion, though Moody's believes that MaxLinear's liquidity
would remain robust given the high cash balance and consistent FCF.
If MaxLinear were required to complete the Silicon Motion
acquisition, MaxLinear would incur substantial debt, resulting in
much lower FCF generation due to the greatly increased interest
burden.

The senior secured term loan B due June 2028 (Term Loan) and the
$100 million senior secured revolving credit facility due June 2026
(Revolver) are both rated Ba3. The rating reflects the debt's
collateral, comprised of a first priority lien on the company's
assets and the minimal amount of unsecured liabilities in the
capital structure.

MaxLinear's Speculative Grade Liquidity (SGL) rating of SGL-1
reflects MaxLinear's very good liquidity, which is supported by
consistent FCF and a large balance of cash and short term
investments ($245.1 million at June 30, 2023). Moody's expects that
MaxLinear will generate annual free cash flow (Moody's adjusted) of
at least $75 million over the next year (exclusive of any
settlement payment that may be required under the Silicon Motion
arbitration). Given the FCF and the large balance of cash and short
term investment, Moody's expects that MaxLinear's $100 million
Revolver will remain undrawn. The Term Loan is not subject to any
financial maintenance covenants. the Revolver contains a springing
financial covenant set at 3.5x (relaxed to 3.75x for permitted
acquisitions as defined), which is tested at Revolver utilization
in excess of just 1% of total commitments (borrowings or letters of
credit).

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

Given the uncertainty around the ultimate resolution of the Silicon
Motion dispute, a ratings upgrade is unlikely over the next 12 to
18 months. Over the long term, MaxLinear's ratings could be
upgraded if the company builds scale through organic revenue
growth. Moody's would expect for the company to maintain leverage
below 2.5x debt to EBITDA (Moody's adjusted) and EBITDA margin
above the mid-twenties percent level (Moody's adjusted). The rating
could be downgraded if MaxLinear is required to complete the
acquisition on the existing terms. Ratings pressure could arise if
revenues continue to decline into calendar year 2024. The ratings
could also be downgraded if Moody's expects that the EBITDA margin
will remain below twenty percent (Moody's adjusted) for an extended
period or debt to EBITDA will remain above 3.5x (Moody's
adjusted).

MaxLinear, Inc., based in Carlsbad, California, is a fabless
semiconductor firm that produces radio frequency (RF) and
mixed-signal integrated circuits used in broadband communications,
data centers, and metro and long-haul data transport network
applications.

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


MB AEROSPACE: S&P Places 'CCC+' ICR on CreditWatch Positive
-----------------------------------------------------------
S&P Global Ratings placed its 'CCC+' issuer credit and issue
ratings on MB Aerospace Holdings II Corp and its first-lien
facilities on CreditWatch with positive implications.

Barnes Group has entered into an agreement to acquire MB Aerospace
for about $740 million.

S&P now thinks there is potential for a higher rating on MB
Aerospace, on the basis that the acquisition will result in an
entity that will be materially larger and more diversified than
previously.

S&P's CreditWatch placement reflects expected improvements in the
scale, scope, and diversity of the combined business. In
particular, optimizing operations and expanding content within high
margin business lines will drive margin growth and translate into
strong free cash flow.

The final rating outcome, following closing of the transaction,
will depend on the proposed capital structure and revenue and cost
synergies. S&P expects Barnes Group to repay or assume all of MB
Aerospace's rated debt as part of the transaction.

S&P said, "We expect to resolve the CreditWatch as the transaction
closes, which we expect will be in the fourth quarter of 2023,
subject to the satisfaction of customary closing conditions, and
receipt of regulatory approvals.

"Upon the close of the transaction, we will probably discontinue
our ratings on MB Aerospace if all its debt appears likely to be
repaid or transferred to Barnes Group."



MCCAMEY COUNTY HOSP: Moody's Ups Issuer & GOLT Debt Ratings to Ba2
------------------------------------------------------------------
Moody's Investors Service has upgraded to Ba2 from Ba3 McCamey
County Hospital District, TX's issuer rating and revised the
outlook to positive from stable. Concurrently, Moody's has also
upgraded to Ba2 from B1 the rating on the district's general
obligation limited tax (GOLT) bonds. The district has approximately
$20 million of outstanding GOLT debt.

RATINGS RATIONALE

The upgrade of the issuer rating reflects the recent trend of tax
base growth, coupled with improving financial performance resulting
in strengthened liquidity levels. The rating also incorporates the
district's highly concentrated tax base in the oil and gas sector,
which has resulted in historical assessed value volatility, along
with below average resident incomes and declining population. The
rating further reflects the district's small operations, exposure
to competitive enterprise risk from the hospital's operations, as
well as a manageable debt profile.

The upgrade of the GOLT rating to Ba2, which is the same level as
the issuer rating, reflects the increased taxing margin under the
property tax cap leading to less likelihood that revenue from
operations will be needed to support debt service. The lack of
distinction between the issuer and GOLT ratings also reflects the
ample taxing headroom under the tax cap, which provides more than
370% (3.7x) coverage of debt service, offsetting the district's
inability to exceed the limited tax rate cap and lack of a full
faith and credit pledge.

RATING OUTLOOK

The positive outlook reflects the expectation that continued growth
and diversification of the tax base, along with further improvement
of operating margins and liquidity could lead to upward rating
action.

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS

-- Growth and diversification of assessed value

-- Significant increase in liquidity

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS

-- Material reduction in liquidity or operating margins

-- Contraction of assessed value

-- Significant increase in leverage

LEGAL SECURITY

The general obligation limited tax bonds are payable from an ad
valorem tax levied within the limits prescribed by law on all
taxable property within the district. The tax rate is limited to
$7.50 per $1,000 assessed valuation for all purposes.

PROFILE

McCamey County Hospital District is in Upton County in west Texas.
Its boundaries are coterminous with McCamey Independent School
District. The hospital is a critical access hospital with 14
licensed beds for both acute and swing bed care. The district also
operates a 30-bed nursing home facility, a rural health clinic,
wellness center, cardiology clinic, and physical therapy clinic. As
of 2021, the district had an estimated population of 2,000.

METHODOLOGY

The principal methodology used in these ratings was US Special
Purpose District General Obligation Debt Methodology published in
November 2022.


METROPOLITAN COLLEGE: Fitch Cuts IDR & $62MM Revenue Bonds to 'CC'
------------------------------------------------------------------
Fitch Ratings has downgraded the Metropolitan College of New York
(MCNY)'s Issuer Default Rating (IDR) to 'CC' from 'BB-' and $62
million of revenue bonds, series 2014, issued by Build NYC Resource
Corporation on behalf of MCNY.

ENTITY/DEBT                    RATING              PRIOR  
-----------                    ------              -----
Metropolitan College of
New York (NY)           LT IDR    CC    Downgrade    BB-

Metropolitan College of
New York (NY) /General  LT        CC    Downgrade    BB-
Revenues/1 LT

SECURITY

The bonds are general obligations of the college and secured by a
mortgage on the 40 Rector Street property (now 60 West) and a
pledge of unrestricted revenues.

KEY RATING DRIVERS

The multi-notch downgrade of MCNY's IDR and bond rating to 'CC'
from 'BB-' reflects Fitch's view that the college's proposal to
bondholders published Aug. 9, 2023 would be a distressed debt
exchange (DDE), since bondholders face a substantial reduction in
the terms of the bonds. The proposal includes a five-year deferral
of semi-annual debt service payments commencing November, 2023.

Fitch would downgrade the IDR and the bonds to 'C' to reflect the
DDE once notified of necessary bondholder consent for the
proposal.

If this plan is rejected by bondholders, MCNY may sell some or all
of the mortgaged Manhattan campus to redeem the bonds, and
consolidate operations in smaller leased facilities and/or its
Bronx location. This alternative plan may avert default but remains
a highly speculative maneuver with little room for error, as the
college would need to market the property for sale, relocate to a
new location, and apply proceeds to redeem the outstanding bonds
before the November 2024 debt service payment date after exhausting
the debt service reserve fund.

The proposal to bondholders reflects a strategic shift in the
college's operations and spending relative to its declining
enrollment base. While MCNY's revenues had been pressured by
enrollment declines prior to this proposal, the college had a long
track record of rightsizing expenses to match revenues with strong
cash flow margins through 2022 (December 31 YE). Beginning in 2023
the college undertook a consultancy plan that assessed the impact
of expanding and adding academic programs to regain enrollment. As
a result, the college has incurred substantial additional expenses
related to outside consultants, developing curriculum, and
providing budget support for the proposed programs.

Fitch expects that the college's limited financial resources and
rapid expense growth in pursuit of uncertain revenue streams may
fully erode the college's already thin financial cushion by year
end, and while efforts to raise additional funds through donor
engagement and/or asset sales remain viable, Fitch views all of the
paths currently available to the college as likely to result in
further deterioration of credit quality within the next six
months.

RATING SENSITIVITIES

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

-- Bondholder acceptance of the proposed DDE would result in a
downgrade to 'C';

-- Any indication that sale of the Manhattan property may result
in sale proceeds, together with internal resources, below an amount
necessary to fully redeem bonds outstanding ahead of the November
2024 payment date would result in negative rating action.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- Sale of the Manhattan property that would allow full redemption
of bonds outstanding comfortably before the November 2024 payment
date could result in positive rating action.

CREDIT PROFILE

Founded in 1964, MCNY is a private, not-for-profit institution
offering certificate programs and associate and bachelor's degrees,
as well as master's degrees in education, management, public
affairs and administration. The college is accredited by the Middle
States Association of Colleges and Schools. Total FTE enrollment
has been somewhat volatile and declined in recent years to around
632 in fall 2022.

Students are largely adult, non-traditional commuter students.
Given this student population, courses are structured to be
accessible to working adults (day, evening, weekend) and include
distance-learning components. The college operates three full
semesters each academic year, using a cohort model; however, the
majority of students enter in the fall semester.

In August 2016, MCNY relocated its primary campus to recently
acquired space in a building in lower Manhattan near One World
Trade Center and the Fulton Center transportation hub. Previously,
the college had leased space in another downtown location.
Additionally, the college relocated its Bronx extension program to
a newly acquired condominium space in close to the prior Bronx
location. According to management, both of these facilities opened
on schedule and are now in full operation.

In addition to the bonds, MCNY has a mortgage note for its Bronx
branch totaling about $5 million. This note is not included in the
college's proposal and management indicates that the college will
remain current on this obligation.

Bond covenants that would be waived under the DDE include
maintenance of debt service coverage at or above 1.2x tested
annually and liquid resources of at least $5 million. Failure to
meet 1.2x coverage will result in a consultant call and adherence
to proposed actions. Failure to meet coverage of 1.0x constitutes
an immediate event of default under the bond documents.

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.


MIAMI-DADE COUNTY IDA: Moody's Alters Outlook on 'B2' Bonds to Pos.
-------------------------------------------------------------------
Moody's Investors Service has revised the outlook of Miami-Dade
County IDA, FL's Industrial Development Rev. Bonds, (NCCD -
Biscayne Properties LLC Project) Series 2015A to positive from
negative. Consequently, Moody's has affirmed the B2 rating on the
Bonds.

RATINGS RATIONALE

The B2 rating affirmation and outlook revision to positive from
negative incorporates the full replenishment of the debt service
reserve (DSR), gradual improvement in project debt service coverage
as exhibited in FY22 audited financial statements as well as
increased project occupancy levels, expected to reach full
occupancy in Fall 2023 semester.

RATING OUTLOOK

The outlook revision to positive reflects a turnaround in the
project's operating and financial performance, Moody's expectation
that the replenished debt service reserve will remain fully funded
as well as Moody's expectation that increased occupancy and rent
levels  will continue to translate to improved debt service
coverage.

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING

-- Significant and sustained increase in the projects debt service
coverage levels

-- Sustained strong occupancy and rent levels.

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING

-- Significant decline in debt service coverage levels

-- Deterioration in revenue necessitating withdrawals from the DSR
fund

LEGAL SECURITY

The bonds are special limited obligations of the issuer and are
secured by a leasehold mortgage, pledged revenues of the project
and other funds held with the Trustee and do not constitute
obligations of either Florida International University or the bond
issuer. The obligations are secured by payments made under the Loan
Agreement, a leasehold deed of trust, and amounts held by the
Trustee under the Indenture.

PROFILE

The Obligor and Owner, NCCD - Biscayne Properties LLC, is a single
member limited liability company organized and existing under the
laws of the State of Tennessee. The sole member of the Obligor is
National Campus Community Development Corporation, a 501(c)(3)
Texas non-profit corporation.

METHODOLOGY

The principal methodology used in this rating was Global Housing
Projects published in June 2017.


MOUROUX FAMILY: Amends Unsecured Claims Pay Details
---------------------------------------------------
Mouroux Family Chiropractic, Inc., submitted a Second Amended Plan
of Reorganization dated August 10, 2023.

The Debtor will move its treatment facility to a new location
located at 420 Marathon Dr., Campbell, CA 95008, where, in order to
reduce overhead, Debtor will be subleasing space with other
chiropractic doctors.

In addition to the use of the space, Debtor has also entered into a
Service Contract Agreement with the Lessor. Pursuant to this
Agreement, the Lessor company's office staff will provide essential
office hour phone call and call marketing services along with
patient support and screening.

The Service Contract Agreement and the office sharing arrangement
will also allow Debtor to reduce its staff.  Robyn Capanga,
Debtor's case manager, will no longer be with the company.  Her
case management responsibilities will be taken over by Dr. Mouroux.
Her insurance verification responsibilities will be taken over by
the billing manager. Services she provided related to marketing,
along with patient support and screening, will be taken over by the
Debtor's virtual assistant as well as by Lessor Company's office
staff.

The new office location provides opportunities for offering higher
priced services and treatments, particularly those that emphasize
nonphysician dependent procedures such as laser and decompression
therapy. These services have a higher profit margin and can be
effectively performed by a therapeutic assistant without the direct
presence of Dr. Mouroux. By expanding its service offerings in this
manner, the Company can cater to a broader range of patients and
increase revenue streams while maintaining exceptional quality of
care.

By moving its office location, decreasing its labor costs, and
streamlining the evaluation process, the Company anticipates an
increase in the number of patients seen and an improvement in
overall revenue generation.

Class 2 consists of General Unsecured Creditors. The combined total
of all General Unsecured Claims is $393,836.49. Payments to General
Unsecured Creditors will only commence after Administrative claims
have been paid in. Debtor projects that the General Unsecured
Creditors will receive $1902 in Quarter 9 and $3378 in Quarters 10
through 20. All General Unsecured Creditor claims are impaired.

Debtor projects Quarterly disposable income at $3378 resulting in a
9.92% (or 9.92 cents on the dollar) dividend to the General
Unsecured Creditors.

There is only one outstanding class of stock, common stock. It is
owned 50% by Dr. Bradley Mouroux and 50% by Dr. Melissa Ko. No
shareholder is entitled to receive any cash payments on account of
their equity interest in the Debtor under the terms of this Plan.

Each Quarterly Payment will be funded with income from business
operations. Debtor's Projected Disposable Income calculations and
forecasts for the full five-year term of the Plan.

Total Plan Payout. Administrative ($43,500) + General Unsecured
($39,060) = $82,560. If the Debtor's Actual Disposable Income
exceeds projections for a given Quarter or Quarters, or the Debtor
raises additional funds from outside investments, contributions, or
loans, the Debtor, in its sole discretion, may pay the Total Plan
Payments earlier, in whole or in part and without penalty.

A full-text copy of the Second Amended Plan dated August 10, 2023
is available at https://urlcurt.com/u?l=kIzQAZ from
PacerMonitor.com at no charge.

Attorney for Mouroux Family Chiropractic, Inc.:

     Steven E. Cowen, Esq.
     S. E. COWEN LAW
     333 "H" Street, Suite 500
     Chula Vista, CA 91910
     Telephone: (619) 202-7511
     Facsimile: (619) 489-0431
     E-mail: Cowen.steve@secowenlaw.com

             About Mouroux Family Chiropractic

Mouroux Family Chiropractic, Inc., offers "one-stop" chiropractic
and medical services in the greater San Jose, California area.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Calif. Case No. 23-50186) on Feb. 24,
2023, with $50,001 to $100,000 in assets and $500,001 to $1 million
in liabilities. Judge Stephen L. Johnson oversees the case.

Steven E. Cowen, Esq., at S.E. Cowen Law represents the Debtor as
legal counsel.

Tamar Terzian is the patient care ombudsman appointed in the
Debtor's bankruptcy case.


MTPC LLC: Sept. 14 Plan Confirmation Hearing Set
------------------------------------------------
PCPT Hamlin, LLC, a debtor affiliate of MTPC, LLC, filed with the
U.S. Bankruptcy Court for the Middle District of Tennessee a motion
for entry of an order approving the Disclosure Statement.

On Aug. 10, 2023, Judge Randal S. Mashburn granted the motion and
ordered that:

     * The Disclosure Statement is approved as containing adequate
information within the meaning of Bankruptcy Code section 1125;

     * Sept. 14, 2023, at 11:00 a.m. is the Confirmation Hearing;

     * PCPT Hamlin is hereby authorized to make technical,
conforming, and other non-material changes to the Disclosure
Statement in consultation with the Secured Lender and the
Committee, prior to its transmittal to holders of Claims, without
the necessity of any further order of this Court;

     * Sept. 8, 2023, at 5:00 p.m. is the Voting Deadline.

     * Sept. 8, 2023, at 5:00 p.m. is the deadline to object to the
Plan.

     * Sept. 11, 2023, is the deadline for PCPT Hamlin to file its:
(i) reply to any and all Objections, including a consolidated reply
in its sole discretion; and (ii) a brief in support of the Plan.

A copy of the order dated August 10, 2023 is available at
https://urlcurt.com/u?l=wym0Rd from Stretto, the claims agent.

Counsel for the Debtor:

     Marcus A. Helt, Esq.
     Debbie E. Green, Esq.
     Jack G. Haake, Esq.
     MCDERMOTT WILL & EMERY LLP
     2501 North Harwood Street, Suite 1900
     Dallas, TX 75201
     Tel: (214) 210-2821
     Fax: (972) 528-5765
     E-mail: mhelt@mwe.com
             dgreen@mwe.com
             jhaake@mwe.com

                        About MTPC LLC

MTPC LLC is a proton-therapy cancer-treatment center that serves a
multi-state area of the Southeastern United States and began
operations in 2018. It is a freestanding center with three active
treatment rooms including one fixed beam and two gantries. MTPC is
located in a 43,500-square-foot building adjacent to the campus of
the Williamson Medical Center, in Franklin, Tenn.  

MTPC's affiliate, The Proton Therapy Center, LLC, is a Tennessee
limited liability company that was organized in 2010. It is a
freestanding center with three active treatment rooms including one
fixed beam and two gantries. Proton Therapy Center is located in an
88,000-square-foot building on the campus of the Provision Case
CARES Cancer Center at Dowell Springs, in Knoxville, Tenn., a
comprehensive healthcare campus focusing on cancer treatment,
patient care, research, and education.  

PCPT Hamlin, another affiliate of MTPC, is a Florida limited
liability company that was organized in 2018. It includes an
approximately 36,700-square-foot building in the 900-acre Hamlin
planned development in the "Town Center" of the 23,000-acre
"Horizon West" planning area of West Orange County.

MTPC and its affiliates sought Chapter 11 protection (Bankr. M.D.
Tenn. Lead Case No. 20-05438) on Dec. 15, 2020.                   
  
As of Aug. 31, 2020, MTPC's unaudited financial statements
reflected total assets of approximately $105.6 million and total
liabilities of approximately $131.2 million. Proton Therapy
Center's unaudited financial statements reflected total assets of
approximately $93.4 million and total liabilities of approximately
$130.2 million. Meanwhile, PCPT Hamlin's unaudited financial
statements reflected total assets of approximately $139.2 million
and total liabilities of approximately $138.5 million.

The Hon. Randal S. Mashburn is the case judge.

The Debtors tapped Waller Lansden Dortch & Davis LLP and McDermott
Will & Emery LLP as bankruptcy counsels; Trinity River Advisors,
LLC as restructuring advisor; and CRS Capstone Partners, LLC as
financial advisor. Stretto is the claims agent.

The U.S. Trustee for Region 8 appointed an official committee of
unsecured creditors on Jan. 8, 2021. The committee is represented
by Sills Cummis & Gross, PC and Manier & Herod, PC.


NEOGEN CORP:S&P Affirms 'BB+' Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' issuer credit rating on
Michigan-based Neogen Corp. S&P also affirmed its 'BBB-'
issue-level rating, with a '2' recovery rating, on Neogen's senior
secured term loan A, and its 'BB' issue-level rating, with a '5'
recovery rating, on the company's senior unsecured notes.

The stable outlook reflects S&P's expectation that Neogen will
successfully manage the integration of 3M's food safety business
while sustaining mid-to-high, single-digit percentage annual
revenue growth.

Operating performance over the past 12 months has been moderately
weaker than initially expected, spurred by a softer macroeconomic
environment and some supply-chain issues. S&P said, "We estimate
that pro forma organic revenue growth for fiscal 2023 was about
3.5% compared with our previous expectation of high single-digit
percentage growth. We attribute most of this underperformance to
lower food production volumes across the board, resulting in less
required food safety testing. Neogen also faced inventory
destocking from distributors in its animal safety business,
although we believe this was mostly cyclical and will revert over
the next several quarters. Transition manufacturing issues
following the 3M transaction close also impaired revenue, resulting
in an increased backlog and lost sales for Petrifilm. We expect
these issues will mostly resolve, although medium-term growth
prospects appear more muted than we originally thought."

The stable outlook reflects S&P's expectation that Neogen will
successfully manage the integration of 3M's food safety business
while sustaining mid-to-high, single-digit percentage annual
revenue growth. It also reflects its expectation for adjusted debt
to EBITDA (net of cash) to be maintained below 3x.

S&P could consider a lower rating if adjusted leverage is sustained
above 3x. This could occur if:

-- Neogen has trouble integrating 3M's food safety business,
resulting in much higher expenses than expected; or

-- The company is more aggressive in pursuing acquisitions.

S&P views Neogen's relatively small size as a meaningful constraint
to the rating, making an upgrade unlikely over the next 12 months.
Over time, it could consider a higher rating if:

-- The company continues to rapidly expand organically; and

-- It sustains an adjusted debt-to-EBITDA ratio below 2x.



NOBLE HEALTH: Gets OK to Hire Integra Realty as Appraiser
---------------------------------------------------------
Noble Health Real Estate LLC received approval from the U.S.
Bankruptcy Court for the Western District of Missouri to employ
Victor D. Cremeens, MAI, principal owner of Integra Realty
Resources, Inc. -- Healthcare & Senior Housing, to appraise its
real estate holdings.

Mr. Cremeens will bill $7,500 for his appraisal.

As disclosed in the court filings, Mr. Cremeens and his firm are
disinterested persons pursuant to Section 101(14) of the Bankruptcy
Code.

The firm can be reached through:

     Victor D. Cremeens, MAI
     Integra Realty Resources, Inc.
     Healthcare & Senior Housing
     16759 Main Street, Suite 209
     St. Louis, MO 63040
     Phone: (636) 527-0541

                  About Noble Health Real Estate

Noble Health Real Estate, LLC is engaged in activities related to
real estate. It owns a building located at 10 Hospital Drive,
Fulton, Mo., valued at $7.9 million.

Noble Health Real Estate filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Mo. Case No.
23-20051) on Feb. 10, 2023, with $7,900,000 in assets and
$4,869,845 in liabilities. Zev M. Reisman, general manager and
corporate secretary of Noble Health Real Estate, signed the
petition.

The Debtor tapped Ronald S. Weiss, Esq., at Berman, DeLeve, Kuchan
& Chapman, LLC as counsel and Joseph Baum at CFGI as chief
restructuring officer.



NRG ENERGY: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed the 'BB+' Long-Term Issuer Default
Rating (IDR) of NRG Energy, Inc. The Rating Outlook is Stable.
Additionally, Fitch has assigned a 'BBB-'/'RR1' rating to Alexander
Funding Trust II, which is the issuer of Pre-capitalized Trust
Securities (P-Caps) that serve as a supplemental form of liquidity
for NRG.

Fitch's rating considers the company's integrated retail platform,
reduction in commodity sensitive business, and substantial cash
generating ability. The rating also incorporates NRG's revised
capital allocation plan that includes returning significant cash to
shareholders after deleveraging. Nonetheless, Fitch expects NRG to
return and to maintain EBITDA gross leverage to within Fitch's
specified rating threshold of 3.0x-3.5x.

KEY RATING DRIVERS

Revised Capital Allocation Plan: NRG revised its capital allocation
plan in June 2023, allocating 80% of excess cash available after
debt reduction to be returned to shareholders. As a result, the
company increased its stock buyback authorization through 2025 to
$2.7 billion from the current $1.0 billion. NRG is targeting 7%-9%
annual dividend growth rate. The company has augmented free cash
flow with asset sales, which it expects will enable it to meet its
2.5-2.75x net debt leverage target. The revised capital allocation
plan and announced asset sales have not changed Fitch's expectation
that NRG will reduce elevated leverage to within its downgrade
threshold by 2025.

Asset Sales Provide Cash: NRG announced on June 1, 2023 that it had
reached an agreement to sell its 44% equity interest in South Texas
Project Electric Generating Station (STP) to Constellation Energy
(NR) for a purchase price of $1.75 billion. The company expects the
transaction is to close by year-end; however, Fitch believes delays
are possible. Proceeds from the STP sale add to the previously
announced 2023 debt reduction target of $900 million, bringing the
total amount to $1.4 billion. While the announced asset sale
provides cash for NRG's debt reduction goals, a significant amount
of cash will be returned to shareholders. Fitch views STP as a
significant cash generating asset and its sale as credit neutral at
best. However, the sale fits with NRG's asset light strategy and
removes the operating risk of a large baseload asset from the
portfolio.

Ongoing Business Transition: NRG closed on the acquisition of
Vivint Smart Home, Inc. on March 10, 2023. Fitch believes NRG's
acquisition of Vivint is another step in the company's
transformation of its business model from less commodity-based to
more customer-focused. Vivint is a smart home technology and
service company, with a suite of product offerings, some of which
are directly complementary to NRG's customer facing energy
marketing platform. Over the years, NRG has significantly
transitioned from its origins as a power generation company.

Vivint Largely Debt Financed: NRG funded its $2.6 billion all-cash
purchase of Vivint through mix of debt, hybrid securities and
excess cash-on-hand. Vivint is a restricted, non-guarantor
subsidiary of NRG, and its pre-acquisition capital structure
remains in place. While NRG debt is technically subordinated to
Vivint debt, Fitch does not anticipate significant restrictions in
NRG's ability to upstream cash. As a result, Fitch has evaluated
NRG's credit metrics on a consolidated basis.

Improved Cash Flow Quality: NRG's acquisition of Vivint is a
near-term leveraging transaction; however, Fitch views the
combination as qualitatively positive. The acquisition adds two
million subscribers, many in additional geographic regions. As a
result, NRG's concentration in Texas, which is its largest market
will decline to 45% in terms of residential customers from its
current 53%. NRG's business mix will also be more diversified.
Fitch expects Vivint to contribute approximately 22% of the
combined company's EBITDA. Also, favorably, generation will
continue to decline to less than 20% of total EBITDA. Vivint's
significantly longer contractual customer arrangements and longer
contract tenors are also a positive.

Commodity Exposure: As an integrated energy marketer, NRG seeks to
hedge its expected load with either owned-generation or third-party
suppliers. NRG is considered short generation in most of its
markets. Unexpected differences in load forecasts, wholesale power
markets, commodity prices, and plant operations could have
significant impact on the company's cash flow. Fitch expects NRG to
appropriately manage such risks. Failure to do so in a manner that
significantly reduces cash generating ability is likely to result
in a rating action.

Recovery Analysis: Fitch applies a generic approach to rate and
assign recovery ratings (RR) for issuers in the 'BB' rating
category. As per Fitch's criteria, first lien (Category 1) debt of
issuers with an IDR of 'BB+' are assigned a 'RR1' and notched up
one from the IDR. Unsecured debt is assigned a 'RR4' and is rated
at the IDR. As a result, NRG secured debt is rated 'BBB-'/'RR1' and
its unsecured debt is rated 'BB+'/'RR4'.

Criteria Variation for P-Caps: Fitch excludes NRG's P-Caps issued
by Alexander Funding Trust and Alexander Funding Trust II from its
leverage and interest coverage metrics, which is a variation from
Fitch's Corporate Rating Criteria definition of total debt. Absent
the exercise of the issuance right, P-Caps are treated as
off-balance sheet for analytical purposes. If NRG were to exercise
issuance rights, the amount of debt issued to the trust would be
included in NRG total debt calculation and therefore its credit
metrics. The P-Caps serve as a supplemental form of liquidity for
NRG.

Sustainability Focus: The company has expanded its sustainability
program and is accelerating its greenhouse gas (GHG) emissions
reduction goals to align with the Intergovernmental Panel on
Climate Change 1.5 degree imperative. In September 2019, NRG
announced its pledge to achieve a 50% reduction in GHG by 2025 and
net-zero by 2050, from a 2014 baseline. To underscore its
commitment to GHG reduction, the company has amended its corporate
credit agreement to include a sustainability-linked metric and
issued sustainability-linked bonds.

DERIVATION SUMMARY

NRG is well positioned relative to Vistra (BB/Stable) and Calpine
Corporation (B+/Stable). NRG's acquisition of Vivint will continue
the company's transformation from its origins as a power generator
and provide additional revenue channels. The acquisition further
diversifies NRG's revenue stream compared with its two peers. As a
result, NRG's concentration in Texas, which is its largest market,
will decline to 45% in terms of residential customers from its
current 53%.

Vistra's portfolio is less diversified geographically, with 70% of
its consolidated EBITDA coming from operations in Texas. Like NRG,
Vistra benefits from ownership of large and well-entrenched retail
electricity businesses in Texas. Calpine's retail business is much
smaller. NRG is short generation compared to Vistra and Calpine,
and serves load from sources other than its own generation.

NRG's leverage has increased as a result of the Vivint acquisition.
Fitch expects the company's 2023 EBITDA gross leverage to be above
the downgrade threshold of 3.5x. Fitch expects NRG to allocate FCF
as necessary to return and maintain leverage within rating
thresholds of 3.0x-3.5x. Fitch projects Vistra's leverage to trend
toward 3.5x in 2025-2026 and Calpine's leverage to remain around
5.0x.

KEY ASSUMPTIONS

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

-- Completed of Vivint acquisition for $2.6 billion and assumption
of $2.7 billion debt; existing Vivint capital structure remains in
place;

-- Acquisition funded with $2.3 billion debt and $600 million
cash;

-- Dividend growth of 7%-9% as per management's publicly stated
forecast;

-- Stock buyback of $2.7 billion through 2025 as per management's
publicly stated forecast;

-- NRG retail gross margins remain in-line with current
expectations;

-- Continued practice of hedging retail energy load at signing;

-- Return to service of W.A. Parish Unit 8 by end of 3Q23;

-- Capacity revenues per past auction results;

-- Debt pay down of $1.4 billion in 2023, $2.55 billion total by
2025, consistent with publicly stated target net debt/adjusted
EBITDA of 2.50x-2.75x.

RATING SENSITIVITIES

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

-- EBITDA gross leverage under 3.0x on a sustainable basis;

-- Successful integration of newly acquired business and ability
to meet synergy targets;

-- Balanced allocation of FCF that maintains balance sheet
flexibility and leverage within stated goal.

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

-- EBITDA gross leverage exceeding 3.5x on a sustainable basis;

-- Weaker than expected power prices or capacity auctions in core
regions;

-- Inadequate liquidity sources to meet potential collateral and
working capital needs;

-- Unfavorable changes in regulatory constructs or rules in NRG's
markets;

-- Aggressive growth or capital allocation strategy that reduces
stability of cash flow;

-- Failure to appropriately hedge retail sales obligations;

-- Unexpected governance factors at operating subsidiaries and/or
pre-acquisition obligations that prohibit the free flow of cash to
NRG.

LIQUIDITY AND DEBT STRUCTURE

NRG amended its revolving credit agreement in February 2023 and
March 2023, increasing the total capacity by $645 million and
extending the maturity of a portion of commitments to February
2028. The incremental commitment brings the total capacity of the
revolving credit facility to $4.32 billion. As of June 30, 2023,
NRG had a consolidated cash balance of $422 million. As of the same
date, the company had $700 million revolver borrowings outstanding
and $3.8 billion letters of credit issued under its revolving
credit facility and collective collateral facilities. NRG has a
$600 million senior secured first lien note maturing in 2024 and
$500 million maturing in 2025.

ISSUER PROFILE

NRG is an unregulated, integrated power company producing and
selling electricity, natural gas, and related products in major
competitive power markets in the U.S. and Canada.

CRITERIA VARIATION

Fitch's Corporate Rating Criteria (dated Oct. 28, 2022) outlines
and defines a variety of quantitative measures used to assess
credit risk. As per the criteria, Fitch's definition of total debt
is all encompassing. However, Fitch's criteria is designed to be
used in conjunction with experienced analytical judgment, and as
such, adjustments may be made to the application of the criteria
that more accurately reflects the risks of a specific transaction
or entity.

In 2020, NRG established Alexander Funding Trust, a Delaware
statutory trust (SPV) that issued $900 million of P-Caps redeemable
Nov. 15, 2023. The trust invested the sale of the P-Caps in a
treasury portfolio. Under a three-year put option agreement, NRG
has the right, from time to time, to issue to the trust and to
require the trust to purchase from NRG, on one or more occasions up
to $900 million aggregate principal amount of NRG's 1.841% senior
secured first lien notes due 2023.

NRG pays the SPV a periodic premium in exchange for the issuance by
the SPV of cash collateralized LCs on NRG's behalf. In addition to
being used for LC postings, P-Caps can be used as a contingent
source of liquidity; however, NRG nor Fitch expects this to occur.
NRG plans to issue additional P-Cap securities from Alexander
Funding Trust II, which is a similar SPV and a similarly structured
transaction to Alexander Funding Trust.

Fitch does not consider NRG's P-Caps debt, which is a variation
from the Corporate Rating Criteria's definition of total debt.
Absent the exercise of the issuance right, P-Caps are treated as
off-balance sheet for analytical purposes and excluded from Fitch's
leverage and interest coverage metrics. If NRG were to exercise
issuance rights, the amount of debt issued to the trust would be
included in NRG total debt calculation and therefore its credit
metrics.

SUMMARY OF FINANCIAL ADJUSTMENTS

NRG series A preferred stock receive 50% equity credit based upon
Fitch's "Corporate Hybrids Treatment and Notching Criteria" dated
Nov. 12, 2020. The features supporting 50% equity credit include an
ability to defer dividend payments for at least five years and
cumulative feature of deferred dividends.

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.


NUZEE INC: Appoints Randell Weaver as Chief Financial Officer
-------------------------------------------------------------
NuZee, Inc. announced the appointment of Randell Weaver as its
chief financial officer.

Mr. Weaver joins NuZee with more than 30 years of well-rounded
manufacturing, distribution, and CPG experience with three prior
terms as a public company CFO and demonstrated success rate in cash
management, fund raising, building and mentoring staffs,
structuring financing options, optimizing performance, growth,
strategic planning and managing relationships.

Prior to joining NuZee, Mr. Weaver served as chief financial
officer of Reinvention Unlimited, Inc, which provides financial and
operational management, mentoring and executive oversight services
for international manufacturing and distribution clients with a
focus on regulated industries in food, pharmaceuticals and
contracting.  Before that, he held several key positions, including
CFO of a publicly held CPG manufacturing and distribution company
with international operations and units in baked organic baby
foods, nutritional supplements, and highly regulated cannabis
products. While there, he transitioned that issuer's listing from
TSX to NASDAQ and helped raise in excess of $15 million in debt and
equity.  He also facilitated the conversion from the IFRS
accounting standard to US GAAP compliant financial statements.  Mr.
Weaver also previously held interim CFO positions at a private
equity-acquired food packaging company and a frozen food company.

Mr. Weaver holds a Bachelor of Science degree in business
administration from Cal State University, Northridge, and a Master
of Arts in spiritual psychology from University of Santa Monica.

Masa Higashida, NuZee's CEO, commented, "Randy's extensive
experience both as a financial officer in a public company, and
within the CPG, and in particular, food packaging space equip him
with a solid understanding of our business model.  We look forward
to collaborating with him in helping drive NuZee forward as we
continue to grow rapidly within the market."

Mr. Weaver added, "I am thrilled to join the NuZee team and am
genuinely excited about the innovations the company is spearheading
in the single-serve coffee market.  Working with such a dedicated
group of professionals, I am committed to extending our impact in
the market and enhancing shareholder value."

Pursuant to an employment agreement, Mr. Weaver is entitled to an
annual base salary of $225,000 and an annual cash bonus
opportunity, with an annual target bonus opportunity equal to 50%
of his base salary, based on the achievement of the Company or
individual performance goals that will be established by the
Compensation Committee of the Board of Directors.  Mr. Weaver is
also eligible to receive a bonus for Fiscal Year 2023 at the
exclusive discretion of the Chief Executive Officer, Compensation
Committee, and Board of Directors.  Mr. Weaver is also eligible to
participate in any equity compensation plan of the Company,
including the NuZee, Inc. 2023 Stock Incentive Plan, and to receive
future equity awards at the Board of Directors' discretion.

                           About NuZee

NuZee, Inc. (d/b/a Coffee Blenders) is a co-packing company for
single serve coffee formats that partners with companies to help
them develop within the single serve and private label coffee
category.

Nuzee reported a net loss of $11.80 million for the year ended
Sept. 30, 2022, a net loss of $18.55 million for the year ended
Sept. 30, 2021, a net loss of $9.52 million for the year ended
Sept. 30, 2020, and a net loss of $12.21 million for the year
ended
Sept. 30, 2019.

Houston, Texas-based MaloneBailey, LLP, the Company's auditor since
2013, issued a "going concern" qualification in its report dated
Dec. 23, 2022, citing that the Company has suffered recurring
losses and negative cash flows from operations that raises
substantial doubt about its ability to continue as a going concern.


NUZEE INC: Incurs $2 Million Net Loss in Third Quarter
------------------------------------------------------
Nuzee, Inc. filed with the Securities and Exchange Commission its
Quarterly Report on Form 10-Q disclosing a net loss of $2.03
million on $648,607 of net revenues for the three months ended June
30, 2023, compared to a net loss of $2.63 million on $774,019 of
net revenues for the three months ended June 30, 2022.

For the nine months ended June 30, 2023, the Company reported a net
loss of $6.17 million on $2.57 million of net revenues compared to
a net loss of $8.66 million on $2.51 million of net revenues for
the nine months ended June 30, 2022.

As of June 30, 2023, the Company had $6.26 million in total assets,
$2.09 million in total liabilities, and $4.16 million in total
stockholders' equity.

The Company has had limited revenues, recurring losses and an
accumulated deficit.  These items, according to the Company, raise
substantial doubt as to its ability to continue as a going
concern.

"While we believe our plans to raise additional funds will
alleviate the conditions that raise substantial doubt about our
ability to continue as a going concern, these plans are not
entirely within our control and cannot be assessed as being
probable of occurring at this time.  If we are unable to raise
additional funds when needed, our operations and ability to execute
our business strategy could be adversely affected.

"If we are unsuccessful in our efforts to raise additional capital,
based on our current and expected levels of operating expenses, our
current capital is not expected to be sufficient to fund our
operations for the next twelve months from August 11, 2023.  These
conditions raise substantial doubt about our ability to continue as
a going concern," Nuzee said.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1527613/000149315223027816/form10-q.htm

                         About NuZee

NuZee, Inc. (d/b/a Coffee Blenders) is a co-packing company for
single serve coffee formats that partners with companies to help
them develop within the single serve and private label coffee
category.

Nuzee reported a net loss of $11.80 million for the year ended
Sept. 30, 2022, a net loss of $18.55 million for the year ended
Sept. 30, 2021, a net loss of $9.52 million for the year ended
Sept. 30, 2020, and a net loss of $12.21 million for the year
ended
Sept. 30, 2019.

Houston, Texas-based MaloneBailey, LLP, the Company's auditor since
2013, issued a "going concern" qualification in its report dated
Dec. 23, 2022, citing that the Company has suffered recurring
losses and negative cash flows from operations that raises
substantial doubt about its ability to continue as a going concern.


ORYX MIDSTREAM: Moody's Withdraws Ba3 Rating on New Sec. Term Loan
------------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba3 rating for Oryx
Midstream Services Permian Basin LLC's proposed new $1.85 billion
senior secured term loan due 2028 and the Ba1 rating on the
proposed $50 million senior secured super priority revolving credit
facility expiring in 2026 because these transactions were not
completed. The company's Ba3 Corporate Family Rating and stable
outlook are unaffected, as is the Ba3 rating on its existing $1.9
billion senior secured term loan due 2028 and the Ba1 rating on its
existing $50 million senior secured super priority revolving credit
facility expiring in 2026.

Withdrawals:

Issuer: Oryx Midstream Services Permian Basin LLC

Senior Secured Term Loan, Withdrawn, previously rated Ba3

Senior Secured Super Priority Revolving Credit Facility,
Withdrawn, previously rated Ba1

RATINGS RATIONALE

The ratings were withdrawn because Oryx Midstream did not complete
the re-pricing of its senior secured term loan and senior secured
super priority revolving credit facility.

Oryx Midstream Services Permian Basin LLC, headquartered in
Midland, Texas, owns a 35% ownership stake in a joint venture with
a large crude oil gathering and transportation system in the
Permian basin. The company is majority-owned by affiliates of
Stonepeak Partners LP and ownership stakes are also held by an
affiliate of the Qatar Investment Authority and management.


PALACE AT WASHINGTON: Christopher Hayes Named Subchapter V Trustee
------------------------------------------------------------------
The U.S. Trustee for Region 17 appointed Christopher Hayes as
Subchapter V trustee for the Palace at Washington Square, LLC.

Mr. Hayes will be paid an hourly fee of $440 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.  

Mr. Hayes declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.

The Subchapter V trustee can be reached at:

     Christopher Hayes
     23 Railroad Avenue, #1238
     Danville, CA 94526
     Phone: (925) 725-4323
     Email: chayestrustee@gmail.com

                  About The Palace at Washington

The Palace at Washington Square, LLC is a San Francisco-based
company engaged in activities related to real estate.

The Debtor filed Chapter 11 petition (Bankr. N.D. Calif. Case No.
23-30519) on July 31, 2023, with $1,958,560 in assets and
$1,717,638 in liabilities. Edward Schmitt Jr., vice president,
signed the petition.

Reno Fernandez, Esq., at the Law Offices of Reno Fernandez
represents the Debtor as legal counsel.  


PARADOX RESOURCES: Committee Taps Ankura as Financial Advisor
-------------------------------------------------------------
The official committee of unsecured creditors of Paradox Resources,
LLC and its affiliates seeks approval from the U.S. Bankruptcy
Court for the Southern District of Texas to employ Ankura
Consulting Group, LLC.

The committee requires a financial advisor to:

     a. Assist in the analysis, review and monitoring of any
proposed asset sale or liquidation process, including, the
assessment of potential recoveries for general unsecured
creditors;

     b. Assist in the review of financial information prepared by
the Debtors, and the economic analysis of proposed transactions for
which court approval is sought;

     c. Assist in the review of the debtor-in-possession facility;

     d. Assist in the review of the Debtors' pre-bankruptcy
financing transactions, dividends, distributions, and debt
retirements, and associated events;

     e. Attend meetings and assist in discussions;

     f. Assist in the review of financial-related disclosures
required by the court, the Office of the U.S. Trustee or the
Bankruptcy Code;

     g. Assist in the review of the assumption, assignment or
rejection of various executory contracts and leases, and cure costs
or rejection damage claims related to same;

     h. Assist in the analysis and forensic investigation of
avoidance actions;

     i. Assist in the prosecution of committee responses or
objections to the Debtors' motions;

     j. Consult on general business issues;

     k. assist and support in the evaluation of any transactions
and the treatment of claims and interests proposed in any plan of
reorganization or liquidation propounded by a party other than the
committee, and in the preparation of a suitable plan of
reorganization or liquidation should it fall to the committee to
propound a plan for the resolution of the bankruptcy cases;

     l. attend court hearings and provide reports, exhibits, and
testimony; and

     m. perform other professional services requested by the
committee and directly related to the Debtors' administration of a
bankruptcy restructuring proceeding.

The firm will be compensated as follows:

     Senior Managing Director    $1,145 - $ 1,285 per hour
     Managing Director           $950 - $ 1,065 per hour
     Senior Director             $780 - $ 900 per hour
     Director                    $650 - $ 750 per hour
     Senior Associate            $530 - $ 600 per hour
     Associate                   $450 - $ 510 per hour
     Paraprofessional            $350 - $ 405 per hour

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

Bryan Gaston, a senior managing director at Ankura, 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:

     Bryan Gaston
     Ankura Consulting Group, LLC
     2 Houston Center
     909 Fannin Street, Suite 2450
     Houston, TX 77010
     Phone: +1 713-646-5000
     Mobile: +1 713-816-9954
     Email: Roy.gallagher@ankura.com

                      About Paradox Resources

Paradox Resources, LLC is a Houston-based integrated energy company
that now owns multiple producing oil and gas fields.

Paradox Resources and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case
No. 23-90558) on May 22, 2023. In the petition signed by its chief
executive officer, Todd A. Brooks, Paradox Resources disclosed $50
million to $100 million in both assets and liabilities.

Judge David R. Jones oversees the cases.

The Debtors tapped Okin Adams Bartlett Curry, LLP as legal counsel;
Stout Risius Ross, LLC as restructuring advisor; and Donlin, Recano
& Co., Inc. as notice, claims and balloting agent.

The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
Gray Reed and Ankura Consulting Group, LLC serve as the committee's
legal counsel and financial advisor, respectively.


PBF HOLDING: Fitch Gives 'BB' Rating on New Senior Unsecured Notes
------------------------------------------------------------------
Fitch Ratings has assigned a 'BB'/'RR4' rating to PBF Holding
Company LLC's proposed senior unsecured notes issuance. Proceeds
from the notes and existing cash on hand are expected to be used to
redeem the outstanding 7.25% senior notes due in 2025. The notes
will be pari passu with existing indebtedness and are guaranteed by
certain current and future subsidiaries. The transaction is
expected to marginally reduce gross debt while improving the
company's maturity profile and reducing refinancing risk.

PBF Holding's rating is driven by significant gross debt reduction
and capital structure simplification as well as PBF Holding's
manageable strategy to reduce outstanding renewable identification
number (RIN) liabilities. The ratings further reflect improved
refining sector conditions, adequate liquidity and geographic
diversification. Offsetting factors include the impact of increased
regulatory obligations, minimal non-refining diversification,
uncertainty over the long-term impact of renewable fuels and a
relatively higher cost structure to its peers.

The Stable Outlook reflects the expectation that refining
conditions will remain positive in the near term, effective
management of RIN liabilities, and positive FCF during midcycle
conditions.

KEY RATING DRIVERS

Materially Improved Capital Structure: PBF Holding's improved
capital structure results from significant gross debt reduction,
materially improved liquidity and reduced refinancing risk. The
company reduced gross debt by approximately $2.25 billion in 2022,
including repaying its $1.25 billion 9.25% first-lien secured notes
and $900 million revolver balance with cash on hand. The
transaction results in a permanent reduction in debt, frees up
secured debt capacity, and improves liquidity. Furthermore, the
company has announced the redemption of the 2025 senior notes with
sources including cash on hand and the proposed new senior
unsecured notes issuance. Fitch expects YoY cost of capital to be
reduced by over 50% at YE23. Management completed additional gross
debt reductions in 2022 in the form of open-market purchases of the
company's 2028 unsecured notes totaling approximately $25 million.

Relatively Strong Refining Margins: PBF Holding benefitted from
historically strong refining margins in 2022. Margins have declined
somewhat through 2Q23, though spreads remain well-above midcycle
levels. Resultant strong cash flows have been targeted at balance
sheet improvement including gross debt and RIN liability
reductions. Fitch believes supply shortages due to permanent
refinery closures and higher barriers to entry on the West Coast
have the potential to maintain margins above historical midcycle
levels in the medium term. Refining remains one of the most
cyclical corporate sectors, with sharp swings in crack spreads over
the cycle. In addition to cyclical challenges, the sector is also
facing secular challenges with the growth of electric vehicles,
which could reduce demand for refined hydrocarbons.

Diversified, Higher Cost Refineries: Although PBF Holding's
refineries are well diversified across a number of regions,
including meaningful operations across the East Coast,
Mid-Continent, Gulf Coast, and West Coast. it has a higher cost
structure relative to other refining peers. Fitch believes this was
a significant reason the company underperformed its peers and
incurred relatively larger FCF deficits during the 2020-2021
industry downturn. In particular, the high cost structure of PBF
Holding's West Coast refinery reflects a strict regulatory
environment, while the East Coast refinery is exposed to European
imports, with some uncertainty in the medium term due to the war in
Ukraine. Other factors, such as record natural gas prices,
pressured margins in 2022 though they were more than offset by
stronger-than-normal crack spreads through 2Q23.

Uncertain Impact of Regulatory Obligations: Fitch believes RINs and
California's cap-and-trade obligations are manageable in the near
term. Historically, refiners have been able to pass along RIN
prices, although it has become more challenging when prices move
sharply higher, particularly when combined with reduced demand. PBF
Holding continues to actively target reductions in its RINs
liabilities, with a goal of a two- to four-month turnover cycle.
PBF Holding will directly benefit from its renewable diesel
producing St. Bernard JV, which allows the company to purchase RINs
directly from that entity. California's cap-and-trade obligations
are passed on to the buyer. Offsetting factors in California
include high barriers to entry in the local market and declining
supply as a number of other refiners permanently closed operations
in the state.

St. Bernard Refinery Renewable Project: PBF's investment in a
renewable diesel project at its Chalmette refinery began full
production in July 2023. In February 2023, PBF Energy Inc.
announced a partnership with Eni Sustainable Mobility to launch a
50-50 joint venture (JV) with PBF receiving a pretax capital
contribution of $835 million. The transaction closed on June 27,
2023. The JV is expected to produce approximately 500 million RINs
at peak capacity, which PBF will be able to purchase without going
to the common market. While Fitch views diversification away from
PBF's traditional refining business as positive, uncertainty
remains with regards to renewable diesels long-term profitability
as the market develops.

DERIVATION SUMMARY

PBF Holding has a nameplate throughput capacity of 1,023 mbbl/d,
which compares favorably to peers Delek U.S. Holdings (BB-/Stable)
with 302 mbbl/d and CVR Energy, Inc. (BB-/Stable) with 207 mbbl/d.
PBF refining operations are well-diversified with operations in
PADDs I, II, III, and V while lacking non-refining diversification,
although the company may receive distributions from PBFX and the
St. Bernard JV in the future. CVR's refining operation is
concentrated in the mid-continent, although this offset by niche
market exposure and diversification through its non-recourse
fertilizer business. Delek has higher non-refining diversification
with logistics and retails segments, but is limited by its smaller
size in more competitive refining markets. PBF has a higher cost
structure than both Delek and CVR. Relative to its peers, Delek's
leverage is elevated following recent acquisitions.

Investment-grade peers HF Sinclair (BBB-/Stable) with 678 mbbl/d,
Marathon Petroleum (BBB/Stable) with 2,900 mbbl/d, and Valero
Energy (BBB/Stable) with 2,600 mbbl/d all benefit from distinct
credit profile advantages relative to PBF. MPC and Valero both
operate at significantly larger scale with higher levels of
diversification relative to PBF. While HF Sinclair's size lags that
of PBF, it benefits from diversified non-refining businesses.

KEY ASSUMPTIONS

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

-- West Texas Intermediate (WTI) oil price of $75 in 2023, $70 in
2024, $65 in 2025, and $60 in 2026, and $57 over the long term;

-- Gross refining margins at $14.56/bbl in 2023 declining to
five-year average levels;

-- Capex at ~$1.05 billion in 2023, $600 million in 2024, $650
million thereafter;

-- Share buybacks elevated in 2023; $200 million thereafter;

-- FCF negative in 2023 to reflect significant reduction in RINs
liability driving working capital outflow;

-- 2025 notes refinanced at a similar coupon;

-- 2025 revolving credit facility maturity extended.

RATING SENSITIVITIES

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

-- Diversification through scale or non-refining businesses (i.e.,
retail, chemicals, etc.);

-- Materially improved refinery gross margins relative to peers;

-- Material reduction in RIN exposure;

-- Through-the-cycle EBITDA Leverage below 1.5x.

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

-- Regulatory changes that increase costs, including RINs and
other federal and state regulations;

-- Material reduction in liquidity, including reduced bank
commitments or reduction in cash;

-- Through-the-cycle EBITDA Leverage above 2.0x.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity Profile: As of June 30, 2023, PBF Holding has
$1.497billion in cash on hand. In May 2023, the company's revolver
was downsized to $2.85 billion, which is undrawn. On July 31, 2023,
the company terminated the inventory intermediation agreement with
J. Aron. Fitch believes PBF Holding's liquidity profile is adequate
for the company in the short-to-medium term.

Improved Maturity Schedule: PBF Holding's redemption of the 2025
senior notes reduces near-to-medium term refinancing risk. The
company has senior unsecured notes that mature in 2028 in addition
to the proposed new senior notes. PBF Holding's revolving credit
facility matures in 2025. Fitch expects PBF Holding to have
adequate capital market access and/or cash on hand and FCF to
address these maturities in a timely manner.

ISSUER PROFILE

PBF Holding Company LLC owns and operates oil refineries and
related assets with a combined throughput capacity of 1,023,000
barrels per day. PBF Holding's refineries are geographically
diversified with refineries in PADD 1, PADD 2, PADD 3, and PADD 5.

ESG CONSIDERATIONS

PBF Holding Company LLC has an ESG Relevance Score of '4' for
Exposure to Environmental Impacts due to the potential of
operational disruptions from extreme weather events, including PBF
Holding's exposure to hurricanes on the Gulf Coast through its
Chalmette refinery, 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.


PEAR THERAPEUTICS: WilmerHale Intends to Skip Chapter 11 Client
---------------------------------------------------------------
Rick Archer of Law360 reports that software-based medicine venture
Pear Therapeutics asked a Delaware bankruptcy judge Thursday for
permission to retain WilmerHale in its Chapter 11 case despite the
firm's claims that it can't reveal the names of certain clients
with claims in the case.

                    About Pear Therapeutics

Pear Therapeutics, Inc., is a commercial-stage healthcare company
pioneering a new class of software-based medicines, sometimes
referred to as Prescription Digital Therapeutics, which uses
software to treat diseases directly.

Pear Therapeutics, Inc. and Pear Therapeutics (US), Inc., filed
their voluntary petitions for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10429) on April 7,
2023.  Christopher Guiffre, chief financial officer and chief
operating officer, signed the petitions. In the petitions, the
Debtors reported $10 million to $50 million in both assets and
liabilities.

Judge Thomas M. Horan oversees the cases.

The Debtors tapped Foley Hoag, LLP as general bankruptcy counsel;
Gibbons, P.C. as Delaware counsel; Wilmer Cutler Pickering Hale and
Dorr, LLP as special counsel; and Sonoran Capital Advisors, LLC and
MTS Health Partners, L.P. as financial advisors.  Stretto, Inc., is
the administrative advisor and claims and noticing agent.


PLASKOLITE PPC: S&P Affirms 'B-' ICR, Outlook Negative
------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating and
removed all its ratings, including its 'B-' issue-level rating on
the company's senior secured term loan A, from CreditWatch, where
S&P placed them with negative implications in May 2023.

At the same time, S&P also lowered the recovery percentage on the
first-lien term loan to 55% from 60%. The '3' recovery rating is
unchanged.

The negative outlook reflects the one-in-three potential for a
lower rating within the next 12 months if demand remains sluggish
and credit metrics worsen such that liquidity becomes constrained,
leverage remains elevated, and refinancing risks accelerate.

S&P said, "We resolved the May 23, 2023, CreditWatch placement
after Plaskolite amended its senior secured credit agreement to
extend the maturity date on its RCF. The new maturity date is Dec.
14, 2024. This amend and extend agreement temporarily removes the
company's immediate refinancing risks. The RCF now becomes current
at the end of 2023, and as such, refinancing risks will continue to
pressure the current rating. We still believe Plaskolite depends on
the availability of the RCF and would need it to ensure the
liquidity required to support its operations.

"Despite the extension, we view Plaskolite's liquidity as less than
adequate. We estimate the company's sources of cash should exceed
its uses of cash in the short term, however, the company's
near-term maturities, including the December 2024 RCF maturity and
December 2025 first-lien term loan maturity, constrain our
assessment of the company's overall liquidity over the next year.
The revolving credit facility represents a smaller portion of the
overall capital structure, but we believe the company still relies
on this facility for liquidity to partly fund operating needs. We
do not believe Plaskolite has sufficient liquidity to withstand
operating disruptions without having to seek external financing.
While we do believe the company has sound relationships with its
bankers, the company's diminishing covenant cushion could weaken
these relationships."

Plaskolite's operating performance improved in the first half of
2023, compared with the second half of 2022. This indicates that
channel destocking, which started in the third quarter of 2022,
might be slowing. Top-line revenue increased almost 750 basis
points (bps) and volumes shipped increased about 20% at the end of
the first half of fiscal 2023 from the second half of 2022.
Notwithstanding this, tepid global demand, increasing pricing
pressures, and under absorption costs continue to challenge the
company's S&P Global Ratings'-adjusted EBITDA. S&P said, "We expect
these market conditions to continue into the second half of 2023,
with sequential improvements through the fourth quarter, resulting
in S&P Global Ratings'-adjusted debt leverage around 8.7x, down
from above 11x at the end of fiscal 2022. While this debt leverage
is still elevated, we expect S&P Global Ratings'-adjusted debt
leverage should modestly improve to below 8x by the end of 2024."

The negative outlook reflects the one-in-three potential for a
lower rating within the next 12 months if demand for the company's
products remains sluggish. This would result in deteriorating
liquidity, sustained elevated S&P Global Ratings'-adjusted debt
leverage, and increased refinancing risks for the company's RCF
(due December 2024) and first-lien term loan which matures on Dec.
14, 2025.

-- S&P said, "We could lower our ratings on Plaskolite, if across
the next 12 months, its performance deteriorates such that we
believe its capital structure is unsustainable or the timely
refinancing of its RCF and first-lien term loan appears improbable.
We could view the company's capital structure as unsustainable if
adjusted-debt leverage remains meaningfully above 9x, with no clear
prospects of improvements;" or

-- S&P anticipates a breach of its financial covenant, which could
occur if profitability erodes further; or

-- S&P believes there is an increased likelihood that Plaskolite
might engage in a destressed exchange, or similar transaction,
where current first-lien and second-lien lenders receive less than
their original promise.

S&P could revise the outlook to stable if operating trends improve
over the next 12 months such that Plaskolite can successfully
address its upcoming maturities.

S&P said, "Governance is a moderately negative consideration in our
credit rating analysis of Plaskolite. Our assessment of the
company's financial risk profile as highly leveraged reflects
corporate decision-making that prioritizes the interests of the
controlling owners, in line with our view of most rated entities
owned by private-equity sponsors. Our assessment also reflects
their generally finite holding periods and a focus on maximizing
shareholder returns. Plaskolite manufactures acrylic sheet and
polycarbonate plastic sheet products and is exposed to raw
materials like resins, MMA, and latex. We assess these operations
as less energy intensive than those of heavy building materials
companies."



PROTERRA: Reconciles With Lenders on First-Day Chapter 11 Hearing
-----------------------------------------------------------------
Emily Lever of Law360 reports that bankrupt electric bus
manufacturer Proterra Inc. on Thursday, August 10, 2023, received
approval from the U.S. Bankruptcy Court in Delaware to temporarily
access cash collateral from secured lenders as it works toward
either a recapitalization or a sale.

                       About Proterra Inc.

Proterra Inc.' business involves designing, manufacturing, and
selling electric transit buses and components, batteries, and
electric drive trains, and providing and selling related products
and services.

Proterra Inc. and Proterra Operating Company, Inc., sought relief
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead
Case No. 23-11120) on August 7, 2023. In the petition filed by
Gareth T. Joyce, as chief executive officer, the Debtor reports
total assets as of June 30, 2023 amounting to $818,773,679 and
total debts as of June 30, 2023 of $609,498,207.

The Honorable Bankruptcy Judge Brendan Linehan Shannon handles the
case.

The Debtors tapped YOUNG CONAWAY STARGATT & TAYLOR, LLP, and PAUL,
WEISS, RIFKIND, WHARTON & GARRISON LLP, as counsel; FTI CONSULTING,
INC., as financial advisor; and MOELIS & COMPANY, LLC, as
investment banker. KURTZMAN CARSON CONSULTANTS LLC as claims agent.


PURDUE PHARMA: Says Fed. Bankruptcy Law Allow 3rd Parties Suit
--------------------------------------------------------------
Martin Z. Braun of Bloomberg News reports that the U.S. Supreme
Court agreed to consider scuttling Purdue Pharma LP's $6 billion
opioid settlement, taking up a Biden administration appeal that
contends the accord improperly shields the Sackler family members
who own the company.

High court review threatens Purdue Pharma's bankruptcy
reorganization plan, which would end a mountain of litigation
against the OxyContin maker and funnel billions of dollars toward
efforts to abate the opioid crisis.  As part of the accord, family
members have agreed to give up ownership of the company and pay as
much as $6 billion.

The court on Thursday, Aug. 10, 2023, also halted implementation of
the settlement while the justices consider the case.  The court
said it will hear arguments in its December sitting, meaning a
decision is likely early next year.

The justices moved unusually quickly in getting involved, granting
review based on an emergency Justice Department filing that sought
to halt implementation of the settlement until the court decided
whether to get involved.

The Justice Department contends federal bankruptcy courts lack
power to insulate the Sacklers from lawsuits since they haven't
filed for protection themselves.

"The Sackler release is not authorized by the Bankruptcy Code,
constitutes an abuse of the bankruptcy system, and raises serious
constitutional questions by extinguishing without consent the
property rights of nondebtors against individuals or entities not
themselves debtors in bankruptcy," US Trustee William K. Harrington
argued in court papers.

Harrington, a Justice Department official, is represented at the
high court by Solicitor General Elizabeth Prelogar, the Biden
administration's top courtroom lawyer.

Purdue Pharma urged the Supreme Court to let the accord go forward,
as did advocates for tens of thousands of opioid victims.

"We are confident in the legality of our nearly universally
supported plan of reorganization, and optimistic that the Supreme
Court will agree," the company said in a statement. "Even so, we
are disappointed that the US trustee, despite having no concrete
interest in the outcome of this process, has been able to
single-handedly delay billions of dollars in value that should be
put to use for victim compensation, opioid crisis abatement for
communities across the country, and overdose rescue medicines."

In its court papers, Purdue Pharma argued that federal bankruptcy
law allows third parties to be shielded from suits in some
circumstances.

"Third-party releases are -- and have been used by courts for
decades as -- critical tools to promote the fair and efficient
resolution of the most complex and difficult bankruptcies in the
country," the company argued.

The committee set up to represent victims and other Purdue Pharma
creditors told the justices that "any delay will have dire,
real-world consequences for those desperately waiting for the
plan's aid."

A representative for the Mortimer Sackler side of the family
declined to comment.  A representative for the Raymond Sackler side
didn't immediately respond to a request for comment.  Members of
the family have previously denied all wrongdoing.

The case is Harrington v. Purdue Pharma, 23-124.

                    About Purdue Pharma LP
  
Purdue Pharma L.P. and its subsidiaries --
http://www.purduepharma.com/-- develop and provide prescription
medicines and consumer products that meet the evolving needs of
healthcare professionals, patients, consumers and caregivers.

Purdue's subsidiaries include Adlon Therapeutics L.P., focused on
treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and
related disorders; Avrio Health L.P., a consumer health products
company that champions an improved quality of life for people in
the United States through the reimagining of innovative product
solutions; Imbrium Therapeutics L.P., established to further
advance the emerging portfolio and develop the pipeline in the
areas of CNS, non-opioid pain medicines, and select oncology
through internal research, strategic collaborations and
partnerships; and Greenfield Bioventures L.P., an investment
vehicle focused on value-inflection in early stages of clinical
development.

Opioid makers in the U.S. are facing pressure from a crackdown on
the addictive drug in the wake of the opioid crisis and as state
attorneys general file lawsuits against manufacturers.  More than
2,000 states, counties, municipalities and Native American
governments have sued Purdue Pharma and other pharmaceutical
companies for their role in the opioid crisis in the U.S., which
has contributed to the more than 700,000 drug overdose deaths in
the U.S. since 1999.

OxyContin, Purdue Pharma's most prominent pain medication, has been
the target of over 2,600 civil actions pending in various state and
federal courts and other fora across the United States and its
territories.

On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
19-23649), after reaching terms of a preliminary agreement for
settling the massive opioid litigation.  The Debtors' consolidated
balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets
and $562 million in liabilities.

U.S. Bankruptcy Judge Robert Drain oversees the cases.   

The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP, as
legal counsels; PJT Partners as investment banker; AlixPartners as
financial advisor; and Grant Thornton, LLP as tax structuring
consultant. Prime Clerk, LLC, is the claims agent.

Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the
official committee of unsecured creditors appointed in the Debtors'
bankruptcy cases.

David M. Klauder, Esq., is the fee examiner appointed in the
Debtors' cases.  The fee examiner is represented by Bielli &
Klauder, LLC.

                          *     *     *

U.S. Bankruptcy Judge Robert Drain in early September 2021 approved
a plan to turn Purdue into a new company (Knoa Pharma LLC) no
longer owned by members of the Sackler family, with its profits
going to fight the opioid epidemic.  The Sackler family agreed to
pay $4.3 billion over nine years to the states and private
plaintiffs and in exchange for a lifetime legal immunity.  The
dealresolves some 3,000 lawsuits filed by state and local
governments, Native American tribes, unions, hospitals and others
who claimed the company's marketing of prescription opioids helped
spark and continue an overdose epidemic.

Separate appeals to approval of the Plan have already been filed by
the U.S. Bankruptcy Trustee, California, Connecticut, the District
of Columbia, Maryland, Rhode Island and Washington state, plus some
Canadian local governments and other Canadian entities.

In early March 2022, Purdue Pharma reached a nationwide settlement
over its role in the opioid crisis, with the Sackler family members
boosting their cash contribution to as much as $6 billion.  The
settlement was hammered out with attorneys general from the eight
states -- California, Connecticut, Delaware, Maryland, Oregon,
Rhode Island, Vermont and Washington -- and D.C. who had opposed
the previous settlement.


PURDUE PHARMA: Settlement Fight Is Familiar Ground for US Trustee
-----------------------------------------------------------------
Evan Ochsner of Bloomberg Law reports that the Justice Department's
opposition to Purdue Pharma's $6 billion opioid settlement
underscores the tension of its US Trustee Program's role, which
often causes it to run afoul of other parties in large, corporate
bankruptcies.

The US Trustee, the DOJ office tasked with overseeing the
bankruptcy system, urged the US Supreme Court to halt Purdue's
bankruptcy settlement because it includes liability releases for
members of the Sackler family who own the company.  Those releases
are not legal under the US Bankruptcy Code because they were
included without the explicit consent of potential plaintiffs, the
office argues.

The office has opposed such releases in bankruptcy plans, as well
as other aspects it sees as running afoul of federal law. The
agency's goal, according to its mission statement, is to "promote
the integrity and efficiency of the bankruptcy system for the
benefit of all stakeholders."

That mission can put the office at odds with parties in a
bankruptcy who are focused on recovering money. The US Trustee is
sometimes the lone major holdout against a deal that would end a
Chapter 11 case, urging judges to address legal issues that it says
are important but which other parties have lost interest in after
they settle.

"They're serving as guardians of the system," said Christopher
Sontchi, a former Delaware bankruptcy judge who now heads his own
practice.

In 2023 alone, the Trustee has opposed key components of other
large bankruptcies, including those of another opioid manufacturer,
Endo International plc, and cosmetics company Revlon, Inc.

The Trustee's decision to appeal the issue to the Supreme Court has
the potential to create more harm, Purdue's creditors said in a
filing.

"Further delay of Plan implementation -- either on account of a
stay or a grant of certiorari -- will unquestionably cause
substantial and irreparable harm to individuals, families, and
communities across the United States," the filing said.

Purdue didn't immediately respond to a request for comment.

                          Other Claimants

Besides litigation releases, the Trustee also keeps a close eye on
fees requested by lawyers and consultants, bonuses for executives
and information provided to creditors.

"You count on parties in a matter to bring attention to things that
might not be quite right," said Kevin Carey, a former Delaware
bankruptcy judge who is now a senior counsel at Hogan Lovells. "And
often the US Trustee is the only party that will do that."

In a July 2023 motion in the US Court of Appeals for the Second
Circuit, the Justice Department said it was advocating for the
remaining portion of claimants who oppose Purdue's plan, even
though the overwhelming majority of individual victims and
government entities voted to support it.

"Only the United States Trustee is defending the interests of the
untold number of claimants who might oppose the Sackler release and
whose claims against the Sacklers the release permanently
extinguishes," the DOJ said.

Not everyone has access to the justice system, understands what's
going on in a bankruptcy, and can afford lawyers, Melissa Jacoby, a
law professor at the University of North Carolina, said in an
email.

"I am not sure who is supposed to speak up if not the Department of
Justice," she said.

The US Trustee said in a statement that even though it "lacks a
pecuniary interest" in particular outcomes, it "was created as a
neutral 'watchdog' to allow it the freedom to enforce the law as
Congress has written and to protect the rights of smaller creditors
who cannot afford to participate actively in the case."

                      Non-Consensual Releases

The US Trustee says claimants in the Purdue case should be allowed
to actively opt in or out of releases that protect parties who are
connected to a bankrupt entity but are not in bankruptcy
themselves.

William Harrington, the Trustee overseeing Purdue and other New
York-based bankruptcies, has brought similar objections in other
cases. The Trustee’s office has opposed non-consensual releases
for years.

The releases for the Sacklers, which were granted in exchange for
the billions of dollars the family members contributed to the
settlement, would protect them against future lawsuits accusing
them of fueling the national opioid epidemic by pushing sales of
OxyContin.

The settlement funds are the key to a proposal that came together
only after other opponents agreed to the Sackler releases in order
to complete the settlement.

Multiple states and the Trustee appealed a bankruptcy court's order
approving Purdue's plan. But those states dropped their objections
when the company announced the new $6 billion settlement, up from
$4.3 billion previously.

"The UST's views are actually at odds with those of government
entities, which have made the real-world decision on behalf of
their constituencies to support the plan," an official group of
Purdue’s creditors argued in a high court filing.

Nearly 97% of non-federal government entities involved in the case
voted in favor of the plan.

                     Economic Interests

The Trustee's decision to carry an appeal all the way to the
Supreme Court underscores its unique role in the bankruptcy system.
Because it does not have an economic interest, it has continued to
oppose the plan, even after multiple state attorneys general
dropped their opposition after the $6 billion settlement figure was
reached.

In the Revlon bankruptcy, the Trustee challenged releases in the
company's restructuring plan, but a judge confirmed the plan
anyway.

"No party with an economic interest" had objected to the plan,
Revlon said in a filing.

Purdue's lawyers have made a similar argument, and its creditors
said in a Supreme Court filing that the trustee is "lacking any
concrete interest."

But, "it's not their job to have an economic interest," Carey said.
"The benefit of their role is that they don't have one."

Bankruptcy lawyers are often frustrated with the Trustee for
getting in the way of deals that they have worked hard to achieve.
But bankruptcy settlements can result in language that is
questionable under the code.

"Sometimes folks will come up with solutions that make perfect
practical sense but don't really have any bearing in the law," said
Nancy Rapoport, a law professor at the University of Nevada Las
Vegas. said.

The US Trustee program has long sought to advance the "consistent
application of the law" by applying the bankruptcy code in the
courts and appealing when necessary, said Clifford White, who led
the program for 17 years before retiring last year.

"The parties in a case don't get to make up the law," White said.
"The judge doesn’t get to make up the law. Congress writes the
law."

The case is William K. Harrington v. Purdue Pharma LP, U.S., No.
23A87, 8/9/23.

                     About Purdue Pharma LP
  
Purdue Pharma L.P. and its subsidiaries --
http://www.purduepharma.com/-- develop and provide prescription
medicines and consumer products that meet the evolving needs of
healthcare professionals, patients, consumers and caregivers.

Purdue's subsidiaries include Adlon Therapeutics L.P., focused on
treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and
related disorders; Avrio Health L.P., a consumer health products
company that champions an improved quality of life for people in
the United States through the reimagining of innovative product
solutions; Imbrium Therapeutics L.P., established to further
advance the emerging portfolio and develop the pipeline in the
areas of CNS, non-opioid pain medicines, and select oncology
through internal research, strategic collaborations and
partnerships; and Greenfield Bioventures L.P., an investment
vehicle focused on value-inflection in early stages of clinical
development.

Opioid makers in the U.S. are facing pressure from a crackdown on
the addictive drug in the wake of the opioid crisis and as state
attorneys general file lawsuits against manufacturers.  More than
2,000 states, counties, municipalities and Native American
governments have sued Purdue Pharma and other pharmaceutical
companies for their role in the opioid crisis in the U.S., which
has contributed to the more than 700,000 drug overdose deaths in
the U.S. since 1999.

OxyContin, Purdue Pharma's most prominent pain medication, has
been
the target of over 2,600 civil actions pending in various state
and
federal courts and other fora across the United States and its
territories.

On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated
debtors each filed a voluntary petition for relief under Chapter
11
of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
19-23649), after reaching terms of a preliminary agreement for
settling the massive opioid litigation.  The Debtors' consolidated
balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets
and $562 million in liabilities.

U.S. Bankruptcy Judge Robert Drain oversees the cases.   

The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP, as
legal counsel; PJT Partners as investment banker; AlixPartners as
financial advisor; and Grant Thornton, LLP as tax structuring
consultant. Prime Clerk, LLC, is the claims agent.

Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the
official committee of unsecured creditors appointed in the
Debtors'
bankruptcy cases.

David M. Klauder, Esq., is the fee examiner appointed in the
Debtors' cases. The fee examiner is represented by Bielli &
Klauder, LLC.

                          *     *     *

U.S. Bankruptcy Judge Robert Drain in early September 2021
approved
a plan to turn Purdue into a new company (Knoa Pharma LLC) no
longer owned by members of the Sackler family, with its profits
going to fight the opioid epidemic.  The Sackler family agreed to
pay $4.3 billion over nine years to the states and private
plaintiffs and in exchange for a lifetime legal immunity.  The
dealresolves some 3,000 lawsuits filed by state and local
governments, Native American tribes, unions, hospitals and others
who claimed the company's marketing of prescription opioids helped
spark and continue an overdose epidemic.

Separate appeals to approval of the Plan have already been filed
by
the U.S. Bankruptcy Trustee, California, Connecticut, the District
of Columbia, Maryland, Rhode Island and Washington state, plus
some
Canadian local governments and other Canadian entities.

In early March 2022, Purdue Pharma reached a nationwide settlement
over its role in the opioid crisis, with the Sackler family
members
boosting their cash contribution to as much as $6 billion.  The
settlement was hammered out with attorneys general from the eight
states -- California, Connecticut, Delaware, Maryland, Oregon,
Rhode Island, Vermont and Washington -- and D.C. who had opposed
the previous settlement.


QUEENS THEATER: RKO to Hold Public Auction on October 4
-------------------------------------------------------
In accordance with applicable provisions of the Uniform Commercial
Code as enacted in New York and by virtue of certain events of
default under that certain ownership interests pledge and security
agreement dated as of Oct. 5, 2023, executed and delivered by
Queens Theater Holdco LLC ("pledgor"), RKO Flushing Development
Mezz LLC ("secured party") will offer for sale at public auction
all of pledgor's right, title, and interest in and the following:
(i) 100% of the limited liability membership interests in Queens
Theater Owner LLC ("company"); and (ii) all other collateral
pledged pursuant to the pledge agreement.

Secured party's understanding is that (i) pledgor owns 100% of the
limited liability company membership interests in the company; (ii)
the principal asset of the Company is that certain fee interest in
real property commonly known as 135-35 Northern Boulevard,
Flushing, New York 11354; and (iii) the property is encumbered by
and subject to, among other things, a first priority mortgage given
by the company securing indebtedness in the original principal
amount of $34,435,000.

Mannion Auctions LLC, under the director of Matthew D. Mannion,
will conduct a public sale consisting of the collateral on Oct. 4,
2023, at 3:30 p.m. (New York Time) via Zoom per the following
instructions:  Meeting Link: https://bit.ly/RKOucc, Meeting ID: 856
1722 0080, Passcode: 734392.  On Tap Mobile:
+16465588656,,85617220080#,,,,*734392# US (New York);
+16469313860,,85617220080#,,,,*734392# US Dial by your location: +1
646 558 8656 US (New York), +1 646 931 3860 US, +1 301 715 8592 US
(Washington, DC), +1 305 224 1968 US, + 1 309 205 3325 US, +1 312
626 6799 US (Chicago), +1 386 347 5053 US, +1 507 473 4847 US, +1
564 217 2000 US, +1 669 444 9171 US, +1 689 278 1000 US, +1 719 359
4580 US, +1` 720 707 2699 US (Denver), +1 253 205 0468 US, +1 253
215 8782 US (Tacoma), +1 346 248 7799 US (Houston), +1 360 209 5623
US.

The public sale of the collateral will be subject to the further
terms and conditions which are available by contacting the broker
for secured party, Brock Cannon, Head of National Sales, Newmark,
125 Park Avenue, New York, New York, 10017, (212) 372-2066,
brock.cannon@nmrk.com.

Parties interested in bidding must contact the broker well in
advance of the auction to receive the terms of sale, bidding
instructions, and required deposit and registration information.
Parties who do not qualify to bid prior to 10:00 a.m. on Sept. 28,
2023, and deliver a good faith deposit of $110,000 by 10:00 a.m.
New York Time on Oct. 3, 2023, will forfeit their opportunity to
register and may be barred from bidding.


REVOLVE CONSTRUCTION: Taps Kutner Brinen Dickey Riley as Counsel
----------------------------------------------------------------
Revolve Construction, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Colorado to hire Kutner Brinen Dickey
Riley, P.C. as its legal counsel.

The Debtor requires legal counsel to:

     a. Give advice with respect to its powers and duties under the
Bankruptcy Code;

     b. Assist the Debtor in the development of a plan of
reorganization under Chapter 11;

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

     d. Take necessary actions to enjoin and stay until a final
decree the continuation of pending proceedings, and enjoin and stay
until a final decree the commencement of lien foreclosure
proceedings; and

    e. Perform all other necessary legal services for the Debtor.

The firm will be paid at these rates:

     Jeffrey S. Brinen     $500 per hour
     Jenny M. Fujii        $410 per hour
     Keri L. Riley         $350 per hour
     Jonathan M. Dickey    $350 per hour
     Contract Attorney     $350 per hour
     Law Clerk             $100 per hour

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

The Debtor paid the firm a retainer of $8,427.

Keri Riley, Esq., a partner at Kutner, disclosed in a court filing
that the firm is a "disinterested person" pursuant to Section
101(14) of the Bankruptcy Code.

The firm can be reached at:

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

                    About Revolve Construction

Revolve Construction, Inc. operates in the residential building
construction industry. Its services include 3D rendering,
architectural design, custom home, energy-efficient homes, log home
and new home construction, and project management. The company is
based in Wheat Ridge, Colo.

Revolve Construction sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Colo. Case No. 23-13369) on July 28,
2023, with $475,249 in total assets and $2,482,339 in total
liabilities. Jared Phifer, owner and president, signed the
petition.

Judge Michael E Romero oversees the case.

Keri L. Riley, Esq., at Kutner Brinen Dickey Riley, PC, represents
the Debtor as legal counsel.


ROBS BAR & Grill: Seeks to Hire The Lane Law Firm as Counsel
------------------------------------------------------------
Robs Bar & Grill, LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of Texas to employ The Lane Law Firm,
PLLC.

The Debtor requires legal counsel to:

     a. Assist, advise and represent the Debtor relative to the
administration of its Chapter 11 case;

     b. Assist, advise and represent the Debtor in analyzing its
assets and liabilities, investigating the extent and validity of
lien and claims, and participating in and reviewing any proposed
asset sales or dispositions;

     c. attend meetings and negotiate with representatives of
secured creditors;

     d. assist the Debtor in the preparation, analysis and
negotiation of any plan of reorganization and disclosure
statement;

     e. take all necessary action to protect and preserve the
interests of the Debtor;

    f. appear, as appropriate, before the bankruptcy court, the
appellate courts and other courts in which matters may be heard;
and

     g. perform all other necessary legal services.

The firm will be paid at these rates:

     Robert C. Lane           $550 per hour
     Joshua D. Gordon         $500 per hour
     Associate Attorneys      $375 to $425 per hour
     Bankruptcy Paralegals/
      Legal assistants        $150 to $190 per hour  

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

The firm received a retainer in the amount of $25,000.

Robert Lane, Esq., a partner at The Lane Law 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 at:

     Robert C Lane, Esq.
     The Lane Law Firm, PLLC
     6200 Savoy, Suite 1150
     Houston, Texas 77036
     Tel: (713) 595-8200
     Facsimile: (713) 595-8201
     Email: notifications@lanelaw.com

                      About Robs Bar & Grill

Robs Bar & Grill, LLC filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 23-32814) on
July 28, 2023, with as much as $50,000 in assets and $100,001 to
$500,000 in liabilities. Jarrod Martin, Esq., a practicing attorney
in Houston, has been appointed as Subchapter V trustee.

Judge Jeffrey P. Norman oversees the case.

Robert Chamless Lane, Esq., at the Lane Law Firm represents the
Debtor as legal counsel.


SAN JORGE CHILDREN'S: Sept. 21 Disclosure Hearing Set
-----------------------------------------------------
Judge Maria De Los Angeles Gonzalez has entered an order within
which September 21, 2023 at 10:00 AM at the Jose V Toledo Federal
Building & US Courthouse, 300 Recinto Sur, 2ND Floor Courtroom 2 is
the hearing to consider and rule upon the adequacy of the
disclosure statement of San Jorge Children's Hospital, Inc.

Judge Gonzalez further ordered that objections to the form and
content of the disclosure statement should be in writing and filed
with the court and served upon parties in interest at their address
of record not less than 14 days prior to the hearing.

A copy of the order dated August 10, 2023 is available at
https://urlcurt.com/u?l=71sGkW from PacerMonitor.com at no charge.

Attorneys for Debtor:

     Lugo Mender Group, LLC
     Wigberto Lugo Mender, Esq.
     Alexis A. Betancourt Vincenty, Esq.
     Amarys Vellise Bolorin Solivan, Esq.
     100 Carr. 165 Suite 501
     Guaynabo, PR 00968-8052
     Tel.: (787) 707-0404
     Fax: (787) 707-0412
     Email: wlugo@lugomender.com

               About San Jorge Children's Hospital

San Jorge Children's Hospital, Inc. operates a hospital in San
Juan, P.R., which specializes in pediatrics.

San Jorge Children's Hospital filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case
No. 22-02630) on Sept. 1, 2022, with between $10 million and $50
million in both assets and liabilities. Edward P. Smith, chief
operating officer, signed the petition.

Judge Maria De Los Angeles Gonzalez presides over the case.

The Debtor tapped Wigberto Lugo Mender, Esq., at Lugo Mender Group,
LLC as bankruptcy counsel and Galindez, LLC as external auditor.

Cardona Jimenez Law Offices, P.S.C. represents the official
committee of unsecured creditors appointed in the Debtor's case
while RSM Puerto Rico serves as the committee's financial advisor.


SARONA PROPERTY: Carol Fox Named Subchapter V Trustee
-----------------------------------------------------
The U.S. Trustee for Region 21 appointed Carol Fox of GlassRatner
as Subchapter V trustee for the Sarona Property Land Trust UAD
April 10, 2017.

Ms. Fox will be paid an hourly fee of $450 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.

Ms. Fox declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.

The Subchapter V trustee can be reached at:

     Carol Fox
     GlassRatner
     200 East Broward Blvd., Suite 1010
     Fort Lauderdale, FL 33301
     Tel: 954.859.5075
     Email: cfox@glassratner.com

                     About The Sarona Property

The Sarona Property Land Trust UAD April 10, 2017 owns three
properties in Hallandale Beach, Fla., valued at $2.12 million.

The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-16184) on Aug. 4,
2023, with $2,122,653 in assets and $7,831,879 in liabilities. Nazy
Ben Amram, trustee, signed the petition.

Judge Peter D. Russin oversees the case.

Adam I. Skolnik, Esq., at the Law Office of Adam I. Skolnik, PA
represents the Debtor as legal counsel.


SIMPLETECH REPAIR: Paul Levine Named Subchapter V Trustee
---------------------------------------------------------
The U.S. Trustee for Region 2 appointed Paul Levine, Esq., at
Lemery Greisler, LLC as Subchapter V trustee for Simpletech Repair,
LLC.

Mr. Levine will be paid an hourly fee of $375 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.

Mr. Levine declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.

The Subchapter V trustee can be reached at:

     Paul A. Levine, Esq.
     Lemery Greisler, LLC
     677 Broadway – 8th Floor
     Albany, NY 12207
     Phone: 518-433-8800
     Email: plevine@lemerygreisler.com

                      About Simpletech Repair

Simpletech Repair, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. N.D. N.Y. Case No.
23-30542) on Aug. 4, 2023, with up to $500,000 in assets and up to
$1 million in liabilities. Jeffrey VanDusen, controlling member,
signed the petition.

Judge Wendy A. Kinsella oversees the case.

Maxsen D. Champion, Esq., represents the Debtor as legal counsel.


SLOW BURN: Seeks to Tap Lefkovitz & Lefkovitz as Legal Counsel
--------------------------------------------------------------
Slow Burn Hot Chicken, LLC seeks approval from the U.S. Bankruptcy
Court for the Middle District of Tennessee to employ Lefkovitz &
Lefkovitz, PLLC as its legal counsel.

The firm's services include:

     a. Advising the Debtor as to its rights, duties and powers;

     b. Preparing and filing statements and schedules, Chapter 11
plans and other documents necessary to be filed by the Debtor in
its Chapter 11 proceeding;

     c. Representing the Debtor at all hearings, meetings of
creditors, conferences, trials, and any other proceedings in its
Chapter 11 case; and

     d. Other necessary legal services.

Lefkovitz & Lefkovitz will be paid at these rates:

     Steven L. Lefkovitz   $555 per hour
     Associate Attorneys   $350 per hour
     Paralegals            $125 per hour

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

The firm received from the Debtor an initial retainer of $7,500.

Steven Lefkovitz, Esq., a partner at Lefkovitz & Lefkovitz,
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:

     Steven L. Lefkovitz, Esq.
     Lefkovitz & Lefkovitz, PLLC
     908 Harpeth Valley Place
     Nashville, TN 37219
     Telephone: (615) 256-8300
     Facsimile: (615) 255-4516
     Email: slefkovitz@lefkovitz.com

                          About Slow Burn

Slow Burn Hot Chicken, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. M.D. Tenn. Case No.
23-02591) on July 21, 2023, with as much as $50,000 in assets and
$100,001 to $500,000 in liabilities. Timothy Stone of Newpoint
Advisors Corporation has been appointed as Subchapter V trustee.

Judge Charles M. Walker oversees the case.

Steven L. Lefkovitz, Esq., at Lefkovitz & Lefkovitz, PLLC is the
Debtor's legal counsel.


TALEN ENERGY: S&P Affirms 'B+' Long-Term Issuer Credit Rating
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term issuer credit rating
(ICR) on Talen Energy Supply LLC (Talen); and its 'BB' issue-level
rating on the company's senior secured term loan B (TLB), senior
secured notes, senior secured term loan C (TLC), and senior secured
revolving credit facility (RCF).

Talen has upsized its senior secured term loan B by $290 million.

The '1' recovery rating on the senior secured debt, which indicates
our expectation of very high recovery in the event of a default, is
unchanged.

Talen used the proceeds from the financing to fully repay
project-level debt at one of its subsidiaries, LMBE-MC Holdco II
(LMBE-MC).

S&P continues to assess the company's financial risk profile as
aggressive based on its expectation of a debt-to-EBITDA ratio of
about 4.5x in 2024 and 2025.

The stable outlook reflects S&P's view of an improved business risk
profile on the back of nuclear production tax credits (PTCs), and a
relatively reasonable levered balance sheet post-emergence that
should provide financial headroom to absorb general
underperformance or any other credit-negative events.

The transaction has some positives, but it also has a slightly
negative effect on Talen's credit metrics.

Capitalizing on the strong market performance of its traded debt,
Talen has raised $290 million via an add-on to its senior secured
TLB. The company used proceeds from the financing to essentially
repay all of the asset-level debt at its subsidiary, LMBE-MC. The
transaction unlocks LMBE-MC's assets, Lower Mount Bethel (610
megawatts) and Martin's Creek (1.7 gigawatt [GW]), and cash flow,
from a project-financing structure that governs the flow of cash
under a predefined waterfall mechanism. The transaction also
eliminates any potential refinancing risk associated with LMBE-MC's
RCF, which expires in December 2023. However, the refinancing also
has a marginally credit-negative impact on Talen's leverage ratio,
due to its consolidation nature. S&P said, "We now project Talen's
debt to EBIDTA ratio at about 4.5x, compared with 4.0x-4.5x
previously. We previously excluded from Talen's credit metrics the
entire project debt at LMBE-MC, and subsequently added expected
distributions ($30 million-$40 million) from the asset to reflect
its limited-recourse nature. This treatment had a favorable effect
on Talen's leverage profile."

S&P said, "The stable outlook reflects our expectation of an
improved business risk profile with the introduction of the nuclear
PTCs, as well as a notably improved financial risk position
post-emergence from the balance sheet restructuring that has led to
the repayment and elimination of a substantial amount of debt. For
2024 and 2025, we expect Talen's debt-to-EBITDA ratio will be about
4.5x, as it operates its assets and pursues any growth initiatives,
such as the development of digital and clean energy
infrastructure.

"We would take a negative rating action if Talen's operational or
financial performance lagged our expectations, which could result
in the company failing to maintain a debt-to-EBITDA ratio below
5.0x. Factors that could lead to such an outcome include a material
deterioration in power prices and energy spreads or depressed
capacity prices, which could negatively affect the company's
non-nuclear fleet. In addition, unforeseen operational failures at
its assets would also result in revenue and cash flow loss. Given
Susquehanna's material contribution to Talen's earnings, any
extended forced outages or technical problems at the asset could
meaningfully weaken the company's EBITDA and cash generation.
Finally, we would lower the rating if we believed Talen would
pursue an aggressive financial policy, which could lead to
higher-than-expected leverage ratios over our outlook period.

"We would consider a positive rating action if the company
de-levers the balance sheet, such that we expect debt to EBITDA
will remain below 4.0x with sufficient headroom. This could be
achieved if power and capacity prices outperform our forecast
consistently, resulting in stronger-than-projected cash flow from
Talen's generation fleet. We could also raise the rating if Talen
used free cash flow from its operating assets to reduce debt,
improving its balance sheet and leverage profile consistent with
our upgrade triggers."



TECTA AMERICA: Moody's Alters Outlook on 'B2' CFR to Positive
-------------------------------------------------------------
Moody's Investors Service revised the rating outlook of Tecta
America Corp's to positive from stable. Moody's also affirmed
Tecta's corporate family rating at B2 and its probability of
default rating at B2-PD. At the same time, Moody's assigned a B2
rating to Tecta's proposed $200 million first lien term loan and
downgraded the company's existing first lien term loan to B2 from
B1.

The proceeds from the proposed first lien facility will be used to
repay Tecta's existing second lien term loan, fund acquisitions,
and pay transaction fees.  Ratings on the second lien will be
withdrawn at the close of the transaction.

"Tecta's ratings affirmation and positive outlook reflect the
company's rapid deleveraging and commitment to a moderate leverage
profile.  Since the company's 2021 acquisition of Empire and debt
funded dividend, Tecta has reduced leverage by about 2x to mid 4x
for the twelve months ending June 30, 2023."

"The company's robust backlog and non-discretionary commercial
roofing services positions the company well to withstand a high
interest rate, low growth macro-economic environment. Tecta's
ability to maintain leverage below 4.5x will be a key consideration
during Moody's outlook period," added Remsen.

The B2 rating assigned to the proposed $200 million first lien term
loan and the downgrade of the existing first lien term loan to B2
reflect a pro forma capital structure comprised all first lien
secured debt. The repayment of the second lien term loan as part of
this transaction removes the prior debt cushion to the first lien
debt.  Given the now all first lien capital structure, the ratings
are aligned with the B2 CFR.

Affirmations:

Issuer: Tecta America Corp

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Downgrades:

Issuer: Tecta America Corp

Backed Senior Secured 1st Lien Bank Credit Facility, Downgraded to
B2 from B1

Assignments:

Issuer: Tecta America Corp

Backed Senior Secured 1st Lien Term Loan, Assigned B2

Outlook Actions:

Issuer: Tecta America Corp

Outlook, Changed To Positive From Stable

RATINGS RATIONALE

Tecta's B2 CFR reflects the company's market position as a leading
providers of roofing maintenance and replacement services to a
diversified set of commercial and industrial end markets, its broad
customer base, and nationwide footprint. Tecta's solid operating
margins, predictable free cash flow and good liquidity profile are
also supportive of the rating.

The rating also reflects Moody's consideration of Tecta's
vulnerability to cyclical end markets, including exposure to new
commercial construction. Moody's also considers governance
characteristics, including its private equity ownership and
control, and potential for debt funded shareholder distributions.

Tecta's good liquidity is supported by a proposed upsized $185
million revolver under the company's proposed credit facility
(expiring in 2026) and Moody's expectation of $30 million and $50
million of free cash flow in 2023 and 2024. Tecta's first lien
senior secured revolving credit facility's principal financial
covenant is based on revolver usage.  If the revolver usage exceeds
35% of commitments, Tecta then must maintain a first lien leverage
ratio of no more than 8.15x. Moody's does not expect the net
leverage covenant ratio test to be triggered over the next 12
months. The company's existing term loan does not have any
financial covenants.  The new $200 million term loan is expected to
contain the same covenants as the existing first lien term loan.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Governance factors Moody's consider for Tecta include the company's
financial strategy of its sponsor with respect to the company's
debt leverage including funding acquisitions and shareholder
distributions.

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

The ratings could be upgraded if Debt-to-EBITDA approaches 4.5x,
EBITA-to-interest expense is sustained above 3.0x, and the company
maintains good liquidity.  A sustained commitment to a less
aggressive financial policy could also lead to an upgrade.

Alternatively, the ratings could be downgraded if Debt-to-EBITDA is
sustained above 6.0x, EBITA-to-interest expense is sustained below
2.0x, the company takes a very aggressive financial policy action
including shareholder dividends, or liquidity deteriorates.

Headquartered in Rosemont, IL, Tecta America Corp provides roofing
maintenance and replacement services to the commercial and
industrial end markets in the US.  Altas Partners, through its
affiliates, is the majority owner of Tecta along with a minority
interest from Leonard Green Partners. Revenue for the twelve months
ending June 30, 2023 was about $1.3 billion.

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


TERRAFORM POWER: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed TerraForm Power Operating LLC's (TERPO)
Long-Term Issuer Default Rating (IDR) at 'BB-'. The Rating Outlook
is Stable. Fitch has also affirmed the senior unsecured rating and
senior secured Term Loan B ratings at 'BB-'/'RR4' and 'BB+'/'RR2',
respectively.

KEY RATING DRIVERS

Contracted and Regulated Portfolio: TERPO owns and operates 4.2GW
of diversified portfolio of wind and solar assets located primarily
in the U.S. and Spain. Approximately 96% of cash flows are rate
regulated or derived from long-term contracts, with over 90%
off-takers being investment-grade or exhibiting investment grade
characteristics. TERPO's power purchase contracts have a 11-year
average remaining life. U.S. contributes approximately two-thirds
of TERPO's generation capacity, while the remaining from Spain and
others.

Spain Regulatory Framework: In March 2022, the Spanish government
issued a Royal Decree to limit the power price volatility and
reduce pressure on rate payers. The price band mechanism was
eliminated between 2023 to 2025, which resulted in a larger
proportion of revenues being collected from market price than the
regulated revenue mechanisms. However, the principles of the
framework remains unchanged, and it provides multi-year guaranteed
internal rate of return on the Spanish assets, which is currently
set at 7.4%.

Robust Outlook for Wind and Solar Generation: In Fitch's view, the
accelerating decarbonization trend in power generation and customer
demand for cleaner generation should continue to drive wind and
solar generation. The enhanced federal tax incentives provided by
the Inflation Reduction Act are expected to support and drive
significant growth in renewable technologies. At the same time, the
renewable industry has increasingly become very competitive and
equipment costs have increased due to inflation and supply chain
issues. Despite recent increases in costs, contracted renewables
remain competitive given the increase in natural gas and power
prices.

Business Growth: Fitch expects TERPO to focus on an organic and low
growth model. TERPO is advancing and expected to replace wind
turbines of a 200MW wind farm in the United States and is
evaluating repowering opportunities of more than 500MW of
utility-scale wind and solar projects, to enhance asset performance
and extend useful lives. Within the distributed solar business,
TERPO is pursuing opportunities to enhance cash flows through a
combination of repowering and installation of co-located batteries.
TERPO shifted to in-house O&M management of North American solar
utility-scale, DG and Clipper turbine sites in 2022, and expects to
fully realize financial benefits of the transition in 2023.

Private Ownership: Private ownership by Brookfield Renewable
Partners (BEP; BBB+/Stable) and Brookfield affiliates removed
administrative costs associated with a publicly listed company and
the need to pay management fees which was $23 million in 2020. The
5%-8% growth target and 80%-85% dividend payout ratio were also
eliminated. However, a private ownership is usually less
transparent.

Credit Metrics: Fitch calculates TERPO's credit metrics on a
deconsolidated basis as its operating assets are largely financed
with nonrecourse debt. TERPO's 2022 holdco-only FFO leverage ratio
was approximately 4.1x. In the next two years, Fitch projects that
holdco-only FFO leverage to average around 4.7x and increase to
low-5x thereafter.

Parent Sub Linkage: Fitch rates TERPO on a standalone basis.
Consistent with Fitch's approach with Brookfield affiliates, Fitch
views Brookfield as financial investors and does not apply PSL
linkage.

DERIVATION SUMMARY

TERPO's ratings are assigned based on a deconsolidated approach.
TERPO's subsidiaries are project subsidiaries that are largely
funded by nonrecourse debt. Fitch applies similar approach to
NextEra Energy Partners (NEP; BB+/Stable) and Pattern Energy
Operations, L.P. (Pattern; BB-/Stable), both of which own and
operate portfolios of nonrecourse projects.

TERPO is similar in terms of generation capacity to NEP and
Pattern. TERP's renewable portfolio benefits from a large
proportion of solar generation assets (43%) that exhibit less
resource variability, versus NEP's 21% and Pattern's zero percent.
TERPO's favorable fuel mix offsets its relatively weaker credit
metrics compared to NEP and Pattern. TERPO's long-term contracted
fleet has a remaining contract life of 11 years, lower than NEP's
14 years and Pattern's 12 years. NEP, as a publicly traded yieldco,
is targeting an aggressive 12%-15% distribution growth.

Similar to Pattern, TERPO has been taken private and is no longer
subject to public growth targets and has a moderate and relatively
stable growth strategy. Fitch considers NEP better positioned than
TERPO owing to NEP's primary presence in the U.S., stronger credit
metrics and its affiliation with NextEra Energy Inc., while TERPO
is exposed to Spanish regulatory uncertainties.

KEY ASSUMPTIONS

-- Inverter replacements at Mt. Signal to be completed in 2023;

-- Uruguay Wind portfolio asset sale closing in 2023;

-- Holdco Level debt amortization of around $289 million over the
next four years.

RATING SENSITIVITIES

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

-- Holdco-only FFO leverage below 5.0x on a sustainable basis;

-- A track record of a conservative and consistent approach in
executing the business plan from a credit perspective.

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

-- Holdco-only FFO leverage above 6.0x on a sustainable basis;

-- Underperformance in project assets that lends material
variability or shortfall to expected project distributions on a
sustained basis and without a clear path to recovery.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity:

In May 2022, TERP raised a seven-year, $500 million senior secured
Term Loan B, which was primarily used to refinance the $500 million
senior unsecured notes due in 2023. In October 2017, TERPO executed
a revolver facility with an initial amount of $450.0 million,
available for revolving loans and letters of credit, and originally
maturing in October 2024. The terms of the Revolver have been
periodically amended since the original agreement.

The Revolver currently matures on Oct. 5, 2026. On May 20, 2022,
the aggregate size of the commitments to make revolving loans under
the Revolver was decreased from $650.0 million to $500.0 million.
On Dec. 31, 2022 and 2021, the Company had $24 million and $0
million balance outstanding under the revolver, respectively. There
are no material corporate debt maturities until 2028.

ISSUER PROFILE

TerraForm Power Operating, LLC (TERPO, the issuer) owns and
operates 4.2 GW of diversified wind and solar assets predominantly
in the U.S., Europe and Canada.

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.


THREE ARROWS: Co-Founder Davies Avoids Big Fines Over Subpoena
--------------------------------------------------------------
Jonathan Randles of Bloomberg Law reports that a co-founder of
bankrupt crypto hedge fund Three Arrows Capital dodged having to
pay a potentially hefty fine for not responding to a subpoena sent
to him over social media by liquidators attempting to recover money
for creditors.

Judge Martin Glenn ruled Friday that Kyle Davies wasn't properly
served over social media because he wasn't a US citizen at the time
the New York bankruptcy court issued the subpoena.  Davies' lawyers
submitted documentation earlier this month establishing that he
renounced his US citizenship at the end of 2020 and is a citizen of
Singapore, which doesn't permit dual citizenship.

                 About Three Arrows Capital

Three Arrows Capital Ltd. was an investment firm engaged in
short-term opportunities trading, and is heavily invested in
cryptocurrency, funded through borrowings.  As of April 2022, the
Debtor was reported to have over $3 billion of assets under its
management.

Three Arrows Capital Ltd. was incorporated as a business company
under the laws of the British Virgin Islands.  Its sole shareholder
owning all of its "management shares" is Three Arrows Capital Pte.
Ltd., which previously operated as a regulated fund manager in
Singapore until 2021, when it shifted its domicile to the BVI, as
part of a global corporate plan to relocate operations to Dubai.  

The Debtor borrowed digital and fiat currency from multiple lenders
to fund its cryptocurrency investments.  After cryptocurrency lost
99% of its value, and then prices of other cryptocurrencies had
rapid declines, the Debtor reportedly defaulted on its
obligations.

On June 24, 2022, one of the Debtor's many creditors -- DRB Panama
Inc. -- filed an application to appoint joint provisional
liquidators -- and thereafter, full Liquidators -- in the Eastern
Caribbean Supreme Court in the High Court of Justice (Commercial
Division) located in BVI. The application was assigned claim number
VIHCOM2022/0117.

Subsequently, on June 27, 2022, the Debtor filed its own
application for the appointment of joint liquidators before the BVI
Commercial Court.

On June 29, 2022, the Honorable Mr. Justice Jack of the BVI
Commercial Court appointed Russell Crumpler and Christopher Farmer
of Teneo (BVI) Limited as joint liquidators of Three Arrows Capital
Ltd.


USA SALES: Gets Bankruptcy Fees Refunds
---------------------------------------
Yun Park of Bloomberg Law reports that California-based tobacco
distributor USA Sales Inc. is entitled to a refund for nearly
$600,000 in excess fees it paid to the Justice Department's
bankrtupcy watchdog under a 2017 fee hike that the Supreme Court
found to be unconstitutional.

The 2017 Bankruptcy Judgeship Act increased quarterly statutory
fees payable to the US Trustee to address a budget shortfall.  But
the hike didn't apply to judicial districts in Alabama and North
Carolina, where bankruptcy cases are monitored by a bankruptcy
administrator overseen by the Judicial Conference of the US.

In a decision last year, Siegel v. Fitzgerald, the high court said
the provision violated a uniformity requirement in the
Constitution's Bankruptcy Clause.

"This case requires us to address the question that the Court left
open: are debtors who paid these unconstitutional fees entitled to
a refund?" the US Court of Appeals for the Ninth Circuit wrote in a
Thursday opinion.

"As has every other court to address this issue, we hold that
debtors are entitled to a refund of excess fees paid during the
nonuniform period of statutory rates," the panel said, upholding a
decision from the US District Court for the Central District of
California.

USA Sales is entitled to recoup the extra fees it paid from January
2018—the effective date of the fee hike -- through November 2019,
when a bankruptcy court approved a dismissal of the Chapter 11
case.  The company's quarterly fees jumped to $87,000 from $13,000
under the fee increase, according to court records.

This case is USA Sales, Inc. v Office of the US Trustee, 9th Cir.,
No. 21-55643, 8/10/23.

                        About USA Sales

USA Sales, Inc., d/b/a Statewide Distributors, Inc., filed for
Chapter 11 bankruptcy protection (Bankr. C.D. Cal. Case No.
16-14576) on May 20, 2016, estimating assets and liabilities
between $1 million and $10 million.  The petition was signed by
Claudia Ali, surviving spouse of Kabiruddin Karim Ali and 100%
beneficiary.  Judge Mark S. Wallace presides over the case.

The Debtor is a tobacco and cigarette distributor based in Ontario,
California.

Daren M Schlecter, Esq., at the Law Office of Daren M. Schletcter,
APC, serves as the Debtor's bankruptcy counsel.  The Law Offices of
A. Lavar Taylor LLP serves as special counsel.  The Debtor engaged
M. Zubair Rawda as accountant and BSW & Associates as investment
banker.


VIEWRAY INC: Gets Approval to Tap 'Ordinary Course' Professionals
-----------------------------------------------------------------
ViewRay, Inc. and ViewRay Technologies, Inc. received approval from
the U.S. Bankruptcy Court for the District of Delaware to employ
and compensate certain professionals utilized in the ordinary
course of their businesses.

The "ordinary course" professionals include:

     -- Ascent Law, PC
        Labor & Employment Legal Advice
        Capped at $25,000 per month

     -- CPA Global
        Patent Maintenance Fee Services
        Capped at $25,000 per month

     -- EDIFICIA Rechtsanwälte German (GmbH)
        Entity Services
        Capped at $25,000 per month

     -- Pillsbury Winthrop Shaw Pittman LLP
        Legal Advice for IP and Patent Filings
        Capped at $65,000 per month

                           About ViewRay

ViewRay, Inc. designs, manufactures, and markets the MRIdian
MRI-guided Radiation Therapy System.  MRIdian is built upon a
proprietary high-definition magnetic resonance imaging system
designed from the ground up to address the unique challenges, and
clinical workflow for advanced radiation  oncology. The MRIdian
MRI-guided Radiation Therapy System integrates diagnostic-quality
MR imaging with radiation therapy delivery  to enable on-table
adaptive treatments with real-time tissue tracking and automatic
beam gating.

ViewRay, Inc. and its affiliate ViewRay Technologies, Inc. sought
protection under the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 23-10935) on July 16, 2023. In the petition signed by Paul
Zieglerm chief executive officer, the Debtors disclosed $233
million assets and $75 million in liabilities.

The Debtors tapped Cravath, Swane and Moore LLP as special
corporate counsel, Berkeley Research Group, LLC as restructuring
advisor, and B. Riley Securities, Inc. as investment banker.
Stretto, Inc. is the notice, claims, balloting and administrative
agent.


VTV THERAPEUTICS: Incurs $5.6 Million Net Loss in Second Quarter
----------------------------------------------------------------
vTv Therapeutics Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
attributable to the Company of $5.62 million on $0 of revenue for
the three months ended June 30, 2023, compared to a net loss
attributable to the Company of $3.15 million on $9,000 of 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 the Company of $10.12 million on $0 of revenue
compared to a net loss attributable to the Company of $10.16
million on $2.01 million of revenue for the six months ended June
30, 2022.

As of June 30, 2023, the Company had $22.43 million in total
assets, $28.83 million in total liabilities, $18.88 million in
redeemable noncontrolling interest, and a total stockholders'
deficit attributable to the Company of $25.28 million.

vTv said, "Based on our current operating plan, we may rely on the
remaining availability of $37.3 million under our Controlled Equity
OfferingSM Sales Agreement with Cantor Fitzgerald & Co. pursuant to
which we could offer and sell, from time to time, shares of our
Class A common stock and our ability to sell approximately 9.4
million shares of Class A common stock to Lincoln Park Capital
Fund, LLC pursuant and subject to the limitations of the purchase
agreement.  However, the ability to use these sources of capital is
dependent on a number of factors, including the prevailing market
price of and the volume of trading in our Class A common stock."

The Company said, "In addition to available cash and cash
equivalents and available funds, we are seeking possible additional
partnering opportunities for our GKA, GLP-1r and other drug
candidates, which we believe may provide additional cash for use in
our operations and the continuation of the clinical trials for our
drug candidates.  We are evaluating several financing strategies to
fund our planned and ongoing clinical trials, including direct
equity investments and future public offerings of our common stock.
The timing and availability of such financing are not yet known.
We are currently in active discussions with respect to financing,
partnering and licensing transactions for the future development of
cadisegliatin (TTP399), but we may not be successful in completing
such transactions.  These factors raise substantial doubt about our
ability to continue as a going concern."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1641489/000164148923000053/vtvt-20230630.htm

                     About vTv Therapeutics

vTv Therapeutics Inc. is a clinical stage biopharmaceutical company
focused on developing oral, small molecule drug candidates.  vTv
has a pipeline of clinical drug candidates led by cadisegliatin
(TTP399), a potential adjunctive therapy to insulin for the
treatment of type 1 diabetes.  vTv's development partners are
pursuing additional indications in type 2 diabetes, chronic
obstructive pulmonary disease, renal disease, primary mitochondrial
myopathy, and glioblastoma and other cancers and cancer
treatment-related conditions.

vTv Therapeutics reported a net loss attributable to the Company of
$19.16 million for the year ended Dec. 31, 2022, compared to a net
loss attributable to the Company of $12.98 million for the year
ended Dec. 31, 2021. As of March 31, 2023, the Company had $28.83
million in total assets, $28.42 million in total liabilities,
$19.60 million in redeemable noncontrolling interest, and a total
stockholders' deficit of $19.19 million.

Raleigh, North Carolina-based Ernst & Young LLP, the Company's
auditor since 2000, issued a "going concern" qualification in its
report dated March 6, 2023, citing that the Company has not
generated any product revenue, has not achieved profitable
operations, has insufficient liquidity to sustain operations and
has stated that substantial doubt exists about the Company's
ability to continue as a going concern.


VYCOR MEDICAL: Posts $68K Net Income in Second Quarter
------------------------------------------------------
Vycor Medical, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing net income
of $68,406 on $482,768 of revenue for the three months ended June
30, 2023, compared to a net loss of $99,010 on $327,923 of revenue
for the three months ended June 30, 2022.

For the six months ended June 30, 2023, the Company reported net
income of $75,268 on $843,762 of revenue compared to a net loss of
$173,562 on $641,756 of revenue for the six months ended June 30,
2022.

As of June 30, 2023, the Company had $905,438 in total assets,
$3.92 million in total liabilities, and a total stockholders'
deficiency of $3.02 million.

Vycor said, "The Company has incurred losses since its inception,
including a net loss available to common stockholders of $86,917
for the six months ended June 30, 2023 and since inception has not
generated sufficient positive cash flows from operations, although
did generate positive cash flows for the six months ended June 30,
2023.  As of June 30, 2023 the Company had a working capital
deficiency of $388,377, excluding related party liabilities of
$2,772,429.  These conditions, among others, raise substantial
doubt regarding our ability to continue as a going concern."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1424768/000149315223027800/form10-q.htm

                      About Vycor Medical

Vycor Medical, Inc. (OTCQB: VYCO) -- http://www.vycormedical.com--
provides the medical community with innovative and superior
surgical and therapeutic solutions and operates two distinct
business units within the medical device industry.  Vycor Medical
designs, develops and markets medical devices for use in
neurosurgery.

Vycor Medical reported a net loss of $404,917 for the year ended
Dec. 31, 2022, compared to a net loss of $435,662 for the year
ended Dec. 31, 2021.  As of Dec. 31, 2022, the Company had $860,178
in total assets, $3.80 million in total liabilities, and a total
stockholders' deficiency of $2.94 million.

Hackensack, New Jersey-based Prager Metis CPAs, LLC, the Company's
auditor since 2018, issued a "going concern" qualification in its
report dated April 14, 2023, citing that the Company has incurred
net losses since inception, including a net loss of $404,917 and
$435,662 for the years ended December 31, 2022 and 2021
respectively, and has not generated sufficient cash flows from its
operations. As of December 31, 2022, the Company had working
capital deficiency of $551,433, excluding related party
liabilities
of $2,585,600. These factors, among others, raise substantial doubt
regarding the Company's ability to continue as a going
concern.


WAND NEWCO 3: Moody's Ups CFR to B2 & Secured 1st Lien Debt to B1
-----------------------------------------------------------------
Moody's Investors Service upgraded Wand NewCo 3, Inc.'s (dba
"Caliber") corporate family rating to B2 from B3, its probability
of default rating to B2-PD from B3-PD, its senior secured first
lien bank credit facilities ratings to B1 from B2, and its senior
secured second lien bank credit facility rating to Caa1 from Caa2.
The outlook remains stable.

"Demand for collision services is expected to remain strong and the
company's strategies around increasing payor pricing to catch up
with inflation and driving body tech count higher are contributing
to revenue growth, production efficiencies as well as earnings
growth and free cash flow generation, resulting in an improvement
in credit metrics," stated Stefan Kahandaliyanage, VP Senior
Analyst with Moody's. "The company has also demonstrated improved
overall liquidity with a material revolver upsize in August and has
commenced paydown of its high-cost second lien term loan," stated
Kahandaliyanage.

Upgrades:

Issuer: Wand NewCo 3, Inc.

Corporate Family Rating, Upgraded to B2 from B3

Probability of Default Rating, Upgraded to B2-PD from B3-PD

Senior Secured 1st Lien Bank Credit Facility, Upgraded to B1 from
B2

Senior Secured 2nd Lien Bank Credit Facility, Upgraded to Caa1
from Caa2

Outlook Actions:

Issuer: Wand NewCo 3, Inc.

Outlook, Remains Stable

RATINGS RATIONALE

Caliber's B2 CFR is supported by its growing and market-leading
position in the highly-fragmented collision repair industry.
Caliber has approximately twice the body shop locations of the
second largest industry competitor with nearly full national
coverage. The rating is also supported by Caliber's relationships
with nearly every major national insurance carrier, which represent
the vast majority of the company's revenues and earnings. In
addition, demand fundamentals are strong as vehicle miles traveled
grow and repair severity, driven by the complexity of vehicle
technology, continues to rise.

Moody's expects that continued strong demand, tactical pricing
increases to offset labor cost inflation, and shop productivity
from body tech headcount growth will continue to drive credit
metric improvement. LTM Q2 2023 EBITA/interest has grown to 1.2x
from 0.9x at year-end 2022, while LTM Q2 2023 debt/EBITDA has
fallen to 6.4x from 7.4x at year-end 2022.

Moody's expects EBITA/interest coverage in the 1.5x-1.75x range,
debt/EBITDA in the low 5x range, and materially higher positive
free cash flow over the next 12-18 months. Despite a swap put in
place covering a majority of the first lien term loan, Moody's
expects EBITA/interest coverage to remain a ratings constraint over
the next 12-18 months. Moody's credit metrics include Moody's
standard adjustments for operating leases and do not net cash on
the balance sheet, nor include credit agreement EBITDA add-backs
including greenfield/brownfield and acquisition EBITDA.

The rating reflects governance considerations particularly
Caliber's private equity ownership which increases the potential
for the company to pursue shareholder distributions. However,
Caliber repaid $160 million of its high-cost cost second lien term
loan in August with $100 million of revolver borrowings and excess
cash which benefits both leverage and coverage metrics.

While the B2 corporate family rating reflects progress being made
on the labor front, the rating continues to reflect the very tight
labor market for body techs. Geographic concentration in California
and Texas, which together account for about a third of locations,
is also reflected in the B2 corporate family rating.

The stable outlook reflects Moody's expectation for very good
liquidity and incremental improvement in credit metrics over the
next 12-18 months, underpinned by a strong demand environment for
collision services.

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

The ratings could be upgraded if Caliber demonstrates that
EBITA/interest coverage can be maintained consistently above 1.75x
with debt/EBITDA maintained consistently below 5x, underpinned by
robust free cash flow generation and at least adequate liquidity.

Ratings could be downgraded should liquidity weaken, if
EBITA/interest coverage is sustained below 1.5x, if debt/EBITDA is
sustained above 6.0x and/or free cash flow to debt declines
significantly.

Wand NewCo 3, Inc. is a leading collision repair provider with over
1,600 locations in the United States under the Caliber Collision
banner, generating annual revenue of over $6 billion. The company
is majority owned by Hellman & Freidman LLC.

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


WHEELS UP: Delta, Certares & Knightead Agree to Provide Funding
---------------------------------------------------------------
Delta Air Lines, Certares Management LLC, an investment specialist
dedicated to the travel, tourism and hospitality sectors, and
Knighthead Capital Management LLC, a deep value and turnaround
investment firm, announced on Aug. 15, 2023, an expanded
partnership with Wheels Up Experience Inc., a provider of on-demand
private aviation, to accelerate the company's business
transformation.

Earlier this year, Wheels Up announced plans to scale and evolve
its product offerings to deliver world-class private aviation
service profitably.  Funding provided by Delta, certain affiliates
of Certares and Knighthead, and other partners is expected to
provide the company the stability to execute on its strategic
vision over the long term.

The partnership would combine the experience of Delta, the No. 1
premium airline and a longstanding Wheels Up partner, with the
travel and tourism focus of Certares and turnaround and
restructuring experience of Knighthead to boost Wheels Up as it
evolves and elevates its customer experience, reliability and
financial performance.  It includes a non-binding agreement in
principle for a $500 million facility to Wheels Up, which includes
funds contributed by Delta and CK Opportunities Fund I, LP, which
is co-managed by affiliates of Certares and Knighthead.  The
facility would be comprised of a $400 million term loan and a $100
million liquidity facility from Delta, totaling $500 million to
Wheels Up.

"The partnership will create new opportunities for Wheels Up to
drive strategic, operational and financial improvements for its
customers in the months and years ahead," said Delta CEO Ed
Bastian.  "Delta's unmatched expertise in premium travel, customer
loyalty, corporate sales, operational reliability and aircraft
maintenance, combined with Certares' and Knighthead's experience
and global reach, are expected to speed Wheels Up on its path to
profitability.

"I would like to extend my sincere gratitude to Kenny Dichter, the
visionary founder behind Wheels Up, for building the Wheels Up
brand into a powerhouse in private aviation.  We have great
appreciation for his steadfast devotion to the members, customers
and employees and his role in elevating the private aviation
experience which will undoubtedly guide the industry's path
forward.  We're grateful he will continue as Wheels Up's strategic
advisor," Bastian said.

Greg O'Hara, founder and Senior Managing Director at Certares,
said: "This strategic partnership with Wheels Up is a natural
extension of our focus and experience in travel, tourism and
hospitality.  This transaction extends upon our longtime
partnership with Delta across many of our portfolio companies.
We're looking forward to joining Delta, Knighthead and others in
driving the company's ongoing transformation as it elevates private
aviation as an industry leader."

Tom Wagner, Knighthead's co-founder, said: "We are delighted to be
joining the Wheels Up team alongside Delta, Certares and other
strategic partners.  The agreement in principle announced today
brings not just capital, but Knighthead's extensive expertise,
experience and resources to drive the next phase of Wheels Up's
business transformation as a leading provider of on-demand private
aviation. We look forward to the journey ahead with our partners."

"Wheels Up sincerely appreciates the unwavering support of so many
of our members and customers," said Todd Smith, Interim Chief
Executive Officer and Chief Financial Officer of Wheels Up.  "Over
the past few months, we have been intensely focused on taking clear
steps to improve our product offering and our operational delivery.
Those actions are already showing results and we look forward to
continuing and accelerating that progress with the support of our
new partners.  Our continued close work with the Delta team will
enable us to further integrate our digital experiences, member
benefits and our operations. We are extremely grateful for Delta's
support and look forward to welcoming our new partners, including
Certares and Knighthead, to the Wheels Up family and leveraging
their expertise to further enhance our services and member
experiences."

Wheels Up also announced that Delta Chief Financial Officer Dan
Janki will join the Board of Directors as Chairman. Ravi Thakran
will transition back to Director from his role as Executive
Chairman.

"I am pleased to officially welcome Dan as the Chairman of the
Wheels Up Board of Directors," Thakran said.  "I've been honored to
lead the company through this transition and generate global
interest in Wheels Up as the premier experience in private
aviation.  With today's announcements, Wheels Up should be in a far
stronger position to leverage its considerable assets in service of
our members and continue to be an innovative leader in aviation."

Under the non-binding agreement in principle, Delta will provide
Wheels Up with $150 million in new money term loans and a $100
million liquidity facility.  An additional $150 million term loan
will be provided under the facility by CK Opportunities.
Furthermore, to date other investors have agreed in principle to
join Delta and CK Opportunities to provide $50 million in term
loans under the facility.  The additional $50 million will be
allocated to certain other investors as approved by Delta, Certares
and Knighthead.

In connection with the transaction, Wheels Up will issue Class A
common stock to the participating new money lenders such that they
are expected to own approximately 95% of the Company following the
transaction.  The company's audit committee determined that the
delay that would be caused in obtaining stockholder approval would
jeopardize the company's financial viability. Shares representing
approximately 80% of the Company's outstanding equity are expected
to be issued without prior shareholder approval based on the
Financial Distress Exception provided for in the Shareholder
Approval Policy of the New York Stock Exchange.  In reliance on the
exception, the company is mailing to all stockholders a letter
notifying them of its intention to issue the shares without seeking
their approval.  Ten days after such notice is mailed, Wheels Up
expects to proceed to issue the shares. The remainder of the shares
to be issued to the new money lenders will be subject to
stockholder approval of an amendment to Wheels Up's certificate of
incorporation (including in that vote the 80% voted by the new
money lenders) and will be issued after receipt of stockholder
approval.

The transaction is subject to completing definitive documentation,
as well as customary closing conditions and other approvals.

Wheels Up, which offers membership-based and on-demand private jet
services, is a meaningful part of Delta's broad portfolio of
premium partners. The relationship dates to 2020, when Delta
Private Jets combined with Wheels Up.  Delta provides Wheels Up
members with an array of benefits, including access to Delta
flights, the opportunity to earn Delta SkyMiles and the ability to
earn toward Medallion Status through spend on Wheels Up flights.

                         About Wheels Up

Wheels Up Experience Inc. (NYSE: UP) provides private aviation
services primarily in the United States.  The company offers a
suite of products and services, which include multi-tiered
membership programs, on-demand flights across various private
aircraft cabin categories, aircraft management, retail and
wholesale charter, whole aircraft acquisitions and sales, corporate
flight solutions, special missions, signature events and
experiences, and commercial travel.  It operates a fleet of
approximately 1,500 owned, leased, managed and third-party
aircraft.  The company was founded in 2013 and is headquartered in
New York, New York.

Delta Air Lines is Wheels Up's largest shareholder.

Wheels Up has been seeking new financing from investors as its cash
dwindles, Bloomberg News said, citing people with knowledge of the
situation. It has been working with Jefferies Financial Group Inc.
and Kirkland & Ellis to explore options, including asset sales and
cost cutting, to improve profitability.


WHEELS UP: Receives Lifeline from Biggest Shareholder Delta Air
---------------------------------------------------------------
Wheels Up Experience Inc. (NYSE: UP) said Aug. 9, 2023, it is
actively involved in discussions around strategic business
partnerships for the company and announced that Delta Air Lines has
provided a short-term capital infusion to the company.

In addition, the company has entered into a non-binding letter of
intent with Airshare, a leading operator in the United States with
a complementary business, to acquire Wheels Up's non-core aircraft
management business.

Delta Air Lines is Wheels Up's largest shareholder.

Struggling concierge jet-service firm Wheels Up has been seeking
new financing from investors as its cash dwindles, Bloomberg News
said, citing people with knowledge of the situation. It has been
working with Jefferies Financial Group Inc. and Kirkland & Ellis to
explore options, including asset sales and cost cutting, to improve
profitability.

                         About Wheels Up

Wheels Up Experience Inc. (NYSE: UP) provides private aviation
services primarily in the United States. The company offers a suite
of products and services, which include multi-tiered membership
programs, on-demand flights across various private aircraft cabin
categories, aircraft management, retail and wholesale charter,
whole aircraft acquisitions and sales, corporate flight solutions,
special missions, signature events and experiences, and commercial
travel.  It operates a fleet of approximately 1,500 owned, leased,
managed and third-party aircraft. The company was founded in 2013
and is headquartered in New York, New York.


XENIA HOTELS: S&P Upgrades ICR to 'B+' on Leverage Improvement
--------------------------------------------------------------
S&P Global Ratings raised all ratings on Xenia Hotels & Resorts by
one notch, including the issuer credit rating to 'B+' from 'B'. S&P
also raised its issue-level rating on the company's senior
unsecured debt to 'BB-' from 'B+'.

The stable outlook reflects S&P's forecast for adjusted leverage in
the low-5x area in 2023 and for modest leverage reduction of
approximately .5x in 2024 absent significant mergers and
acquisitions (M&A) or sustained share repurchases, which represents
a good cushion compared with its 6x downgrade threshold.

S&P said, "The upgrade reflects our revised base case for revenue
per available room (RevPAR) and EBITDA and for Xenia to sustain
leverage in the high-4x to low-5x range through 2024. Demand for
Xenia's upper upscale and luxury hotels has not waned this year as
we had assumed given high inflation, a potentially weaker economic
outlook, and a tough comparison to the surge in leisure travel
experienced through the summer of 2022. During the first half of
the year, RevPAR was up 9.6% as a result of a 440-basis-point (bp)
increase in occupancy and modest growth in average daily rate (ADR)
of 2.3%. In our updated forecast, we expect mid-single-digit RevPAR
growth in 2023, with support from resilient leisure travel and
recovery within Xenia's group and business transient bookings. This
will enable the company to maintain leverage around 5x despite
margin compression and higher spending on growth capex and share
repurchases in 2023. Furthermore, we forecast incremental
deleveraging of approximately .5x in 2024 absent significant
leveraging M&A or increased share repurchases. While we no longer
forecast a U.S. recession within the next 12 months, leverage and
coverage at these levels should enable Xenia to absorb the
potential impact of operating variability over an economic cycle at
a 'B+' issuer credit rating. However, the luxury segment of the
hotel industry is typically volatile over the economic cycle,
increasing the possibility of cash flow and leverage measures that
underperform our current base-case assumptions."

Rating upside is currently limited because of Xenia's acquisitive
appetite, despite the possibility of further leverage reduction in
2024. Xenia acquired the W Nashville for $328.7 million in March
2022. This required substantial liquidity and slowed the previously
anticipated deleveraging path as the company restored its balance
sheet and credit metrics during the pandemic in 2020 and 2021. S&P
believes the acquisition, the price paid per key, and the high
EBITDA multiple (based on expected 2022 results) reflect Xenia's
risk appetite and the increasing competition among hotel companies
to favorably position themselves in Sun Belt states, even in
markets such as Nashville where hotel supply is increasing. The
transaction demonstrates Xenia's willingness to undertake a sizable
acquisition at a time of high leverage, if it is reasonably
confident in RevPAR stability.

S&P said, "We have not assumed additional acquisitions in 2023 and
2024, and leverage could be higher than our base case if Xenia
engages in additional debt-financed hotel purchases. Xenia's
management has publicly discussed various financing options that
could be used in the case of an acquisition, including high-yield
debt, equity, and preferred stock issuances as well as asset sales
and joint ventures. Our stable outlook reflects good cushion
compared with the 6x downgrade threshold at the 'B+' rating through
2024, which could support modest leveraging M&A.

"Xenia's financial policy strengthens our stable outlook and could
indicate ratings upside in the future. We believe Xenia's track
record suggests the company will reduce its leverage over time.
Xenia sustained leverage between 3.1x and 4.2x in the years leading
up to the COVID-19 pandemic, and the company's trailing-12-month
leverage was 4.5x as June 30, 2023. We expect leverage to modestly
increase in the second half of the year as the company faces tough
summer 2022 comparisons, increases capex spending, and returns
capital to shareholders through share repurchases. However, Xenia
has also said its long-term leverage target is below 5x. Under our
preliminary base case for 2024, modest EBITDA growth and fewer
share repurchases result in leverage in the mid- to high-4x area."

Xenia's business has a number of notable strengths. Xenia has a
high-quality, geographically diverse portfolio of hotels, notably
in Sun Belt states such as Florida, Arizona, and Texas. The
company's focus on quality assets and its long-term management
contracts with Marriott, Hyatt, and other well-known brands help
garner relatively high ADRs. Offsetting considerations include
Xenia's smaller scale compared with rated peers that are lodging
REITs, as well as its modestly lower EBITDA margin. In our view,
competitors Host, Park, and Ryman own some very large and
hard-to-replicate assets in locations that are typically attractive
to business and group travelers. While the recovery path for these
hotels has been slower than for Xenia's portfolio, largely due to
Xenia's concentration in Sun Belt states and its mix of leisure,
group and business transient bookings, these qualities normally
represent competitive advantages and barriers to entry for
competitors in their respective markets and may again in future
years if business and group travel recovers sufficiently.

Additionally, the cyclical nature of the lodging industry, the high
revenue and earnings volatility associated with hotel ownership,
and Xenia's concentration in luxury and upper upscale segments
could lead to greater volatility in its EBITDA over an economic
cycle. This is because pricing tends to compress during an economic
downturn, which has the greatest effect on the luxury segment and
the least severe effect on the economy segment. Additionally, hotel
owners bear the cost of operations and maintenance. As a result,
Xenia is more exposed to EBITDA variability over the cycle than
hotel owners in lower-price, select-service segments, and lodging
managers and franchisers that do not have an owner's fixed cost
burden.

S&P said, "The stable outlook reflects our forecast for adjusted
leverage in the low-5x area in 2023 and for modest leverage
reduction of approximately .5x in 2024, which represents a good
cushion compared with our the 6x downgrade threshold to accommodate
potential variability in RevPAR, EBITDA margin compression over the
next 12 months, and potential debt-financed acquisitions.

"We could lower ratings if leverage rises above 6x and EBITDA
coverage of interest expense drops below 2x. Such a scenario would
likely entail declines in RevPAR and EBITDA, in addition to
concurrent leveraging transactions.

"We could raise our ratings if we expect the company to sustain
adjusted debt to EBITDA below 5x and if EBITDA coverage of interest
remains above 2.5x. Leverage is below this threshold at
approximately 4.5x on a trailing-12-month basis as of June 30,
2023. However, in assessing upside potential, we would want to be
confident in the company's ability to withstand a normal level of
operating variability over an economic cycle."

Environmental, Social, And Governance

S&P said, "Social factors are a moderately negative consideration
in our credit rating analysis of Xenia. This incorporates the
unprecedented decline in RevPAR due to the pandemic. Although this
was a rare and extreme disruption that probably will not recur at
the same magnitude Xenia has exposure to densely populated U.S.
urban markets and caters to business and group travel sensitive to
health and safety concerns and are therefore incorporated into our
analysis of Xenia's overall risk profile. In addition, Xenia's
hotel ownership business model entails high operating leverage and
EBITDA sensitivity to revenue fluctuations. Risk remains around
regional health concerns, a slower recovery among upper upscale and
luxury hotels, and uncertainty over long-term disruption to group
and business travel."



YELLOW CORP: Gets Competing Loan Offers from Estes, MFN
-------------------------------------------------------
Steven Church and Jonathan Randles of Bloomberg News report Yellow
Corp. put off asking a federal judge to let it borrow $60 million
from lenders led by investing giant Apollo Global Management
because it received last-minute alternative offers from MFN
Partners and Estes Express Lines.

Hedge fund MFN -- Yellow's largest shareholder -- has offered a
cheaper bankruptcy financing package that matures later, but it is
currently opposed by certain existing lenders, a lawyer for Yellow
said in a bankruptcy hearing Wednesday, August 9, 2023.

                  About Yellow Corporation

Yellow Corporation -- www.myyellow.com -- operates logistics and
less-than-truckload (LTL) networks in North America, providing
customers with regional, national, and international shipping
services throughout. Yellow's principal office is in Nashville,
Tenn., and is the holding company for a portfolio of LTL brands
including Holland, New Penn, Reddaway, and YRC Freight, as well as
the logistics company Yellow Logistics.

Yellow Corp reported net income of $21.8 million in 2022, a net
loss of $109.1 million in 2021, a net loss of $53.5 million in
2020, and a net loss of $104 million in 2019.  As of March 31,
2023, the Company had $2.15 billion in total assets, $639.5
million
in total current liabilities, $1.47 billion in long-term debt,
$137.6 million in pension and postretirement, $91.6 million in
operating lease liabilities, $250.1 million in claims and other
liabilities, and a total shareholders' deficit of $436.6 million.


[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Vector Escapes, Inc.
   Bankr. D. Nev. Case No. 23-50553
      Chapter 11 Petition filed August 8, 2023
         See
https://www.pacermonitor.com/view/X4B6K2Y/VECTOR_ESCAPES_INC__nvbke-23-50553__0001.0.pdf?mcid=tGE4TAMA
         represented by: Kevin A. Darby, Esq.
                         DARBY LAW PRACTICE
                         E-mail: kevin@darbylawpractice.com

In re Fairgrounds Apartment Houses LLC
   Bankr. E.D.N.Y. Case No. 23-42821
      Chapter 11 Petition filed August 8, 2023
         See
https://www.pacermonitor.com/view/YINUREI/Fairgrounds_Apartment_Homes_LLC__nyebke-23-42821__0001.0.pdf?mcid=tGE4TAMA
         Filed Pro Se

In re Carol Ann Stitz
   Bankr. E.D. Pa. Case No. 23-12381
      Chapter 11 Petition filed August 8, 2023
         represented by: David Smith, Esq.
                         SMITH KANE HOLMAN, LLC
                        Email: dsmith@skhlaw.com

In re American Eagle Decorating Inc.
   Bankr. M.D. Fla. Case No. 23-03213
      Chapter 11 Petition filed August 9, 2023
         See
https://www.pacermonitor.com/view/PZNFXUQ/American_Eagle_Decorating_Inc__flmbke-23-03213__0001.0.pdf?mcid=tGE4TAMA
         represented by: Jeffrey S. Ainsworth, Esq.
                         BRANSONLAW, PLLC
                         E-mail: jeff@bransonlaw.com

In re Alicia Lynn Chen
   Bankr. N.D. Fla. Case No. 23-30539
      Chapter 11 Petition filed August 9, 2023
         represented by: Byron Wright, Esq.

In re King Paltz 30, LLC
   Bankr. S.D. Fla. Case No. 23-16281
      Chapter 11 Petition filed August 9, 2023
         See
https://www.pacermonitor.com/view/ZPWQV2I/King_Paltz_30_LLC__flsbke-23-16281__0001.0.pdf?mcid=tGE4TAMA
         represented by: Joel Aresty, Esq.
                         JOEL M. ARESTY PA
                         E-mail: aresty@icloud.com

In re Charles Harley Morris, Jr.
   Bankr. W.D. Ky. Case No. 23-40451
      Chapter 11 Petition filed August 9, 2023
         represented by: Sandra Freeburger, Esq.

In re Lefferts 192 LLC
   Bankr. E.D.N.Y. Case No. 23-42843
      Chapter 11 Petition filed August 9, 2023
         See
https://www.pacermonitor.com/view/6R2W7PQ/Lefferts_192_LLC__nyebke-23-42843__0001.0.pdf?mcid=tGE4TAMA
         Filed Pro Se

In re Duckworth LLC
   Bankr. W.D. Pa. Case No. 23-21692
      Chapter 11 Petition filed August 9, 2023
         See
https://www.pacermonitor.com/view/BBSA64I/Duckworth_LLC__pawbke-23-21692__0001.0.pdf?mcid=tGE4TAMA
         represented by: Christopher M. Frye, Esq.
                         STEIDL & STEINBERG, P.C.
                         E-mail: chris.frye@steidl-steinberg.com

In re Ragheb Chaar and Elsie Chaar
   Bankr. E.D. La. Case No. 23-11308
      Chapter 11 Petition filed August 10, 2023
         represented by: Patrick Garrity, Esq.
                         THE DERBES LAW FIRM, LLC
                         Email: pgarrity@DerbesLaw.com

In re Apex Apparel Services Co. Inc.
   Bankr. D.N.J. Case No. 23-16891
      Chapter 11 Petition filed August 10, 2023
         See
https://www.pacermonitor.com/view/FZSD5NY/Apex_Apparel_Services_Co_Inc__njbke-23-16891__0001.0.pdf?mcid=tGE4TAMA
         represented by: Darin D. Pinto, Esq.
                         LAW OFFICES OF DARIN D. PINTO, P.C.
                         E-mail: dpintolaw@comcast.net

In re 1105 Winthrop Street LLC
   Bankr. E.D.N.Y. Case No. 23-42860
      Chapter 11 Petition filed August 10, 2023
         See
https://www.pacermonitor.com/view/QFJFY4Q/1105_Winthrop_Street_LLC__nyebke-23-42860__0001.0.pdf?mcid=tGE4TAMA
         Filed Pro Se

In re Dream Villa LLC
   Bankr. E.D.N.Y. Case No. 23-42864
      Chapter 11 Petition filed August 10, 2023
         See
https://www.pacermonitor.com/view/3652ENI/Dream_Villa_LLC__nyebke-23-42864__0001.0.pdf?mcid=tGE4TAMA
         Filed Pro Se

In re Joshua Tyler Boissy
   Bankr. N.D.N.Y. Case No. 23-60595
      Chapter 11 Petition filed August 10, 2023
         represented by: Michael Boyle, Esq.

In re Discount Food Center LLC
   Bankr. S.D.N.Y. Case No. 23-11272
      Chapter 11 Petition filed August 10, 2023
         See
https://www.pacermonitor.com/view/D2JHNWA/Discount_Food_Center_LLC__nysbke-23-11272__0001.0.pdf?mcid=tGE4TAMA
         represented by: Thomas A. Farinella, Esq.
                         LAW OFFICE OF THOMAS A. FARINELLA, PC
                         E-mail: tf@lawtaf.com

In re La Camelia Restaurant, Inc.
   Bankr. S.D.N.Y. Case No. 23-22600
      Chapter 11 Petition filed August 10, 2023
         See
https://www.pacermonitor.com/view/QIZDOVA/La_Camelia_Restaraunt_Inc__nysbke-23-22600__0001.0.pdf?mcid=tGE4TAMA
         represented by: Charles Higgs, Esq.
                         THE LAW OFFICE OF CHARLES A. HIGGS
                         E-mail: charles@freshstartesq.com

In re James Sebastian Hartog
   Bankr. M.D. Tenn. Case No. 23-02881
      Chapter 11 Petition filed August 10, 2023
         represented by: Denis Waldron, Esq.

In re Iron Horse Freight Line, Inc.
   Bankr. S.D. Tex. Case No. 23-33064
      Chapter 11 Petition filed August 10, 2023
         See
https://www.pacermonitor.com/view/GWGNECI/Iron_Horse_Freight_Line_Inc__txsbke-23-33064__0001.0.pdf?mcid=tGE4TAMA
         represented by: Alex O. Acosta, Esq.
                         ACOSTA LAW P.C.
                         E-mail: alex@theacostalawfirm.com

In re SMH Diversified, Inc.
   Bankr. C.D. Cal. Case No. 23-10685
      Chapter 11 Petition filed August 11, 2023
         See
https://www.pacermonitor.com/view/3TZO3GQ/SMH_Diversified_Inc__cacbke-23-10685__0001.0.pdf?mcid=tGE4TAMA
         represented by: Reed Olmstead, Esq.
                         LAW OFFICES OF REED H. OLMSTEAD
                         E-mail: reed@olmstead.law

In re Vu Le
   Bankr. C.D. Cal. Case No. 23-11627
      Chapter 11 Petition filed August 11, 2023
         represented by: Andy Warshaw, Esq.

In re Andrew Luchey and Gail Luchey
   Bankr. S.D. Fla. Case No. 23-16332
      Chapter 11 Petition filed August 11, 2023
         represented by: Craig Kelley, Esq.

In re Ankory Construction Company, Inc.
   Bankr. N.D. Ga. Case No. 23-20898
      Chapter 11 Petition filed August 11, 2023
         See
https://www.pacermonitor.com/view/6WDZJ3Q/Ankory_Construction_Company_Inc__ganbke-23-20898__0001.0.pdf?mcid=tGE4TAMA
         represented by: William Rountree, Esq.
                         ROUNTREE, LEITMAN, KLEIN & GEER, LLC
                         E-mail: wrountree@rlkglaw.com

In re Qitek Labs of Oklahoma, LLC
   Bankr. W.D. Okla. Case No. 23-12139
      Chapter 11 Petition filed August 11, 2023
         See
https://www.pacermonitor.com/view/JTGKJRY/Qitek_Labs_of_Oklahoma_LLC__okwbke-23-12139__0001.0.pdf?mcid=tGE4TAMA
         represented by: Amanda R. Blackwood, Esq.
                         BLACKWOOD LAW FIRM, PLLC
                         E-mail: amanda@blackwoodlawfirm.com

In re Seed Health, LLC
   Bankr. S.D. Tex. Case No. 23-33068
      Chapter 11 Petition filed August 11, 2023
         See
https://www.pacermonitor.com/view/JULTJEY/Seed_Health_LLC__txsbke-23-33068__0001.0.pdf?mcid=tGE4TAMA
         Filed Pro Se

In re Elena C. Sepulveda
   Bankr. D. Mass. Case No. 23-11277
      Chapter 11 Petition filed August 12, 2023
         represented by: John Sommerstein, Esq.

In re Dominic Poletto
   Bankr. D. Colo. Case No. 23-13593
      Chapter 11 Petition filed August 14, 2023

In re Sago Ventures, LLC
   Bankr. M.D. Fla. Case No. 23-03489
      Chapter 11 Petition filed August 14, 2023
         See
https://www.pacermonitor.com/view/FVDKMOA/Sago_Ventures_LLC__flmbke-23-03489__0001.0.pdf?mcid=tGE4TAMA
         represented by: Amy Denton Mayer, Esq.
                         STICHTER, RIEDEL & POSTLER, P.A.
                         E-mail: ameyer@srbp.com

In re 5058NW26ST LLC
   Bankr. S.D. Fla. Case No. 23-16394
      Chapter 11 Petition filed August 14, 2023
         See
https://www.pacermonitor.com/view/Y7IQ33Y/5058NW26ST_LLC__flsbke-23-16394__0001.0.pdf?mcid=tGE4TAMA
         Filed Pro Se

In re CGCC, LLC
   Bankr. M.D. Ga. Case No. 23-51097
      Chapter 11 Petition filed August 14, 2023
         See
https://www.pacermonitor.com/view/HDLEVSQ/CGCC_LLC__gambke-23-51097__0001.0.pdf?mcid=tGE4TAMA
         represented by: William Rountree, Esq.
                         ROUNTREE, LEITMAN, KLEIN & GEER, LLC
                         E-mail: wrountree@rlkglaw.com

In re Baoburg Inc.
   Bankr. E.D.N.Y. Case No. 23-42888
      Chapter 11 Petition filed August 14, 2023
         See
https://www.pacermonitor.com/view/XGUF4XQ/Baoburg_Inc__nyebke-23-42888__0001.0.pdf?mcid=tGE4TAMA
         represented by: Norma E. Ortiz, Esq.
                         ORTIZ & ORTIZ, LLP
                         E-mail: email@ortizandortiz.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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000.

                   *** End of Transmission ***