TCR_Public/130911.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

          Wednesday, September 11, 2013, Vol. 17, No. 252


                            Headlines

1122 WASHINGTON: Voluntary Chapter 11 Case Summary
1250 OCEANSIDE: US Trustee Objects to Ch. 11 Plan
ADEPT TECHNOLOGIES: Plan Approval Hearing Continued to Sept. 16
AIR 2 US: Fitch Affirms 'B-' Rating on Series A Equipment Notes
AIR CANADA: Fitch To Rate $700MM 1st Lien Secured Term Loan 'BB'

AIR CANADA: Moody's Rates $100MM First Lien Debt Facility 'B2'
AIR CANADA: S&P Assigns 'B+' Rating to $700MM 1st-Lien Term Loan
AMERICAN EAGLE: Voluntary Chapter 11 Case Summary
AMERICAN ROADS: Tender Offer for Senior Secured Bonds Commenced
ANCHOR BANCORP: Files Copy of Confirmation Order With SEC

AMERICANWEST BANCORP: Files Copy of Confirmation Order With SEC
ARI-RC 2: More 1525 & 1535 Rancho Property Owners in Ch. 11
ARI-RC 2: Sec. 341(a) Meeting of Creditors on Oct. 15
ARROW ALUMINUM: Disclosure Statement Approved, Hearing on Sept. 25
ARROW ALUMINUM: Secured Creditor Objects to Plan Confirmation

BELDEN INC: Moody's Affirms 'Ba1' CFR & Rates Sub. Debt 'Ba2'
BELDEN INC: S&P Rates $250MM 1st-lien Sr. Secured Term Loan 'BB'
BROWNSVILLE MD: Section 341(a) Meeting Scheduled for Oct. 22
BROWNSVILLE MD: Wants Court Approval to Use Cash Collateral
CANYONS AT DEBEQUE: Court Dismisses Chapter 11 Case

CAPITAL BANCORP: U.S. Trustee Plan Objection Filed
CAPITOL INVESTMENT: Shook Hardy Agrees to Deal Over Ponzi Suit
CASA CASUARINA: Owners Aim to Void Lease Ahead of Auction
CE-SCI CORPORATION: Incurs $4.4-Mil. Net Loss in June 30 Quarter
CENGAGE LEARNING: Blasts Creditors' Bid to Pursue Disputed Claims

CENGAGE LEARNING: Seeks Mediator for Plan Dispute
COMMODORE PLAZA: Voluntary Chapter 11 Case Summary
CONSOLIDATED CAPITAL: Incurs $69,000 Net Loss in Second Quarter
COUNTRY HOMES: Voluntary Chapter 11 Case Summary
DALLAS ROADSTER: Wants More Time to Confirm Plan

DALLAS ROADSTER: Files Fourth Amended Plan Outline
DETROIT, MI: Leaders Say City Tried to Avoid Bankruptcy
DETROIT, MI: Says Ch. 9 Opponents Are Inventing Requirements
DETROIT, MI: State Argues Governor and Others Have Privileged Info
DIAMONDBACK ENERGY: Moody's Rates Proposed $450MM Notes 'Caa1'

DIGITAL ANGEL: Has $16,000 Loss from Continuing Operations in Q2
DPL INC: Poor Performance Cues Moody's to Downgrade CFR to Ba2
EASTMAN KODAK: Amends Stock Purchase Agreement with KPP Trustees
EDGE PRODUCTS: Car Electronics Maker Files for Bankruptcy
ENERGAE LP: Suit Asking Receivership in Limbo

ENERGY FUTURE: Moody's Says Bankruptcy Looms at Year's End
ENGLOBAL CORP: Reports $1.59-Mil. Net Loss in 2nd Quarter
ENGLOBAL CORP: Inks Third Amendment to PNC Bank Loan Agreement
EXCEL MARITIME: Committee's Bid to Terminate Exclusivity Denied
EXCEL MARITIME: Oct. 18 Set as Last Day to File Proofs of Claim

EXIDE TECHNOLOGIES: Incurs $91.2-Mil. Net Loss in June 30 Quarter
FIELDWOOD ENERGY: Moody's Assigns 'B1' CFR; Outlook Stable
FLORIDA GAMING: Obtains Order Establishing Trading Procedures
FTS INTERNATIONAL: S&P Affirms 'B-' CCR; Outlook Stable
GLW EQUIPMENT: Withdraws Application to Hire Financial Consultant

GREEN FIELD: Payment Default Triggers Moody's Rating Downgrades
HARVEST NATURAL: Incurs $2.92-Mil. Net Loss in Second Quarter
HIGH REV: Case Summary & 9 Unsecured Creditors
HOWREY LLP: Hits 3 More Ex-Partners With Clawback Claims
IBAHN CORP: Wins Approval for $1.5-Mil. Ch. 11 Loan

IBAHN CORP: Voluntary Chapter 11 Case Summary
ICON HEALTH: S&P Revises Outlook to Negative & Affirms 'B-' CCR
INKIA ENERGY: Fitch Rates US$100-Mil. Unsecured Notes
INVENT VENTURES: Incurs $243K Net Loss in Second Quarter
JUMP OIL: Lion Petroleum Buys 32 Gas Stations

K-V PHARMACEUTICAL: Files Copy of Confirmation Order With SEC
KEMET CORP: Former EVP Global Sales to Get $859,000 as Settlement
LAND SECURITIES: Files Amended Plan Disclosures
LAND SECURITIES: Court Approves Stipulation With State Farm
LEHMAN BROTHERS: Committee Drops Bid to Probe Ernst & Young

LEHMAN BROTHERS: Giants Stadium Seeks to Serve Subpoenas
LEHMAN BROTHERS: Wins OK of Agreements to Resolve Default Swaps
LEHMAN BROTHERS: City-Yuwa et al. Seek $217,000 in Fees
LEHMAN BROTHERS: Creditors Defend Extra Attorneys' Fees
LETICIA INC: Case Summary & 20 Largest Unsecured Creditors

LICHTIN/WADE: ERGS II Wins Favorable Ruling on Secured Claim
LUCID INC: Incurs $1.27-Mil. Net Loss in Second Quarter
MARITIME TELECOMMUNICATIONS: S&P Puts 'B' CCR on CreditWatch Neg.
MAXCOM TELECOMUNICACIONES: Court Confirms Prepackaged Ch. 11 Plan
METRO-GOLDWYN-MAYER: Overhaul of Studio Appears to Be Moneymaker

MICROVISION INC: Incurs $3.44-Mil. Net Loss in Second Quarter
MIDLAND PROPERTIES: Case Summary & 20 Largest Unsecured Creditors
MONTREAL MAINE: Bernstein Shur Approved as Trustee's Attorneys
MONTREAL MAINE: DSI Okayed as Ch. 11 Trustee's Financial Advisor
MONTREAL MAINE: Trustee May Hire Kugler Kandestin as Counsel

MONTREAL MAINE: Sept. 13 Hearing on Continued Cash Use
MORTGAGE FUND '08: Greenberg Accused of Aiding Fraud Scheme
MSD PERFORMANCE: Files for Chapter 11 to Sell Assets
MSD PERFORMANCE: Wins Approval of First Day Motions
MSD PERFORMANCE: Wins Approval to Hire Logan as Claims Agent

MSD PERFORMANCE: Case Summary & 20 Largest Unsecured Creditors
NATIONAL PROMOTERS: Puerto Rico Court Bars Use of Rent Proceeds
NATURAL PORK: Wants Plan Exclusivity Extended Until Jan. 7
NATURAL RESOURCE: S&P Assigns 'B+' CCR; Outlook Stable
NESBITT PORTLAND: Hilton Says Licenses Bar Ch. 11 Sale Plan

NNN PARKWAY: 400 26 LLC Loses Plan Exclusivity
OGX PETROLEO: Batista May Seek Arbitration Against OGX Put Option
ONDOVA LTD: Ch. 7 Trustee Seeks to Intervene in Domain Suit
ORCHARD SUPPLY: Sells Majority of Assets to Lowe's for $205-Mil.
OSIRUS INC: Case Summary & 20 Largest Unsecured Creditors

PARK SIDE: To Seek Confirmation of Liquidating Plan Oct. 8
PATRIOT COAL: Court Approves VEBA Trust Proposed by Retiree Panel
PATRIOT COAL: To Idle Logan County Thermal Coal Complex
PATRIOT COAL: UMWA Reacts to Pending Logan County Complex Closure
PERSONAL COMMUNICATIONS: Creditors Slam Proposed $105MM Sale

PRM FAMILY: Has Access to Cash Collateral Until Oct. 6
PRM FAMILY: Court OKs Hiring of Liquor License Broker
RADIAN GROUP: Mortgage Unit Releases August Delinquency Data
RECINE MATERIALS: Voluntary Chapter 11 Case Summary
RESERVE PRIMARY: Ex-Fund Owners Reach $10MM Deal in Fraud Suit

RESIDENTIAL CAPITAL: Syncora Balks at Bid to Get Servicing Deals
RESIDENTIAL CAPITAL: Impac Has Issues With Transfer of Deals
RESIDENTIAL CAPITAL: Syncora Defends $800-Mil. Claim
RESIDENTIAL CAPITAL: Objects to R. Sweeting's $158.3MM Claims
REYNOLDS & REYNOLDS: Moody's Eyes Upgrade After Sale Cancellation

RIVER'S BEND GOLF: Files Chapter 11 to Avoid Foreclosure Auction
RIVER'S BEND: Case Summary & 3 Unsecured Creditors
ROCK POINTE: Stipulates to Postponement of Election Date to Oct. 4
ROGERS BANCHARES: Sept. 20 Hearing on Carl Marks' Employment
SOMERSET MEDICAL: Moody's Confirms 'Ba2' Rating on $80MM Bonds

STONEVILLE FURNITURE: Case Summary & 6 Unsecured Creditors
SUNSHINE MARINE: Case Summary & 18 Largest Unsecured Creditors
SURTRONICS INC: Files for Bankruptcy Protection
SURTRONICS INC: Files Schedules of Assets and Liabilities
SURTRONICS INC: Sec. 341(a) Meeting of Creditors on Oct. 23

TAIGOD 3: Case Summary & Unsecured Creditor
TENET HEALTHCARE: Fitch Rates New $1.8BB Sr. Secured Notes 'BB'
TENET HEALTHCARE: Moody's Rates $1.8-Bil. Senior Notes 'Ba3'
TENET HEALTHCARE: S&P Rates New $1.8BB Sr. Secured Notes 'B+'
TRIAD GUARANTY: Court Enters Order on Equity Transfer Procedures

UNIVAR INC: Moody's Revises Outlook to Negative Over High Debt
VANTAGE PIPELINE: Moody's Rates New $225MM Senior Term Loan 'Ba2'
W.R. GRACE: FCR Wins Approval to Hire Orrick as Counsel
W.R. GRACE: FCR Has Consent for Phillips as Co-Counsel
W.R. GRACE: FCR Wins Approval to Hire Lincoln as Adviser

WHITING PETROLEUM: $1.8-Bil. Sr. Notes Get Moody's Ba2 Rating
WHITING PETROLEUM: S&P Rates $900MM Sr. Unsecured Notes 'BB+'
WINDSTREAM HOLDINGS: S&P Assigns 'BB-' Corporate Credit Rating

* Judge Calls for Expansion of Judicial Workforce
* Senator Requests Probe of New Bankruptcy Fee Rules

* CFTC Signals It May Tighten Rules on High-Speed Trading
* FDIC Adopts Rule Change for U.S. Bank Branches in U.K.
* Fitch: Global Cross Asset Default Activity Modest in 1st Half
* Mortgage Lenders, Home Buyers Feel Rate Squeeze
* Pressures on Smaller Spaces Offset Big Box Gains in Central NJ

* Jenner & Block Hires Ex-TARP Watchdog Barofsky

* Upcoming Meetings, Conferences and Seminars

                            *********

1122 WASHINGTON: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: 1122 Washington LP
        165 N. Meramec Avenue, Suite 430
        St. Louis, MO 63105

Bankruptcy Case No.: 13-48248

Chapter 11 Petition Date: September 6, 2013

Court: U.S. Bankruptcy Court
       Eastern District of Missouri (St. Louis)

Judge: Barry S. Schermer

Debtor's Counsel: Vincent D. Vogler, Esq.
                  THE VOGLER LAW FIRM, P.C.
                  Two City Place Drive, Suite 150
                  P.O. Box 419037
                  St. Louis, MO 63141-9037
                  Tel: (314) 567-7970
                  E-mail: vdvogler@earthlink.net

Estimated Assets: $1,000,001 to $10,000,000

Estimated Debts: $1,000,001 to $10,000,000

The Company did not file a list of creditors together with its
petition.

The petition was signed by Bill L. Bruce, president of general
partner.


1250 OCEANSIDE: US Trustee Objects to Ch. 11 Plan
-------------------------------------------------
Law360 reported that the U.S. Trustee's Office in Honolulu on
Sept. 6 objected to a Chapter 11 reorganization plan filed by a
luxury developer, saying the plan failed to describe how it would
pay the company's unsecured creditors.

According to the report, Hawaii-based 1250 Oceanside Partners and
two of its affiliates, Pacific Star Company and Front Nine LLC,
filed a joint consolidation plan of reorganization in U.S.
Bankruptcy Court for the District of Hawaii in August to exit
bankruptcy under SunChase Holdings Inc., a privately held real
estate development and investment company.

                  About 1250 Oceanside Partners

1250 Oceanside Partners, Front Nine LLC, and Pacific Star
Company LLC, owners of the 1,800-acre Hokuli'a luxury real
estate development near Kona on the island of Hawaii, sought
Chapter 11 protection (Bankr. D. Hawaii Lead Case No. 13-00353)
on March 6, 2013, in Honolulu.

The Debtors were formed by developer Lyle Anderson and were
part of his development "empire", which included developments
in Hawaii, Arizona, New Mexico and Scotland.  The secured
lender, Bank of Scotland, declared a default and obtained
control of the Debtors in January 2008.

Development of the property, which has 3.5 miles of waterfront
on the Kona coast, stopped after the developers were declared
in default under the loan.  Oceanside and Front Nine own most
of the land within the Hokuli'a project, which is the principal
development.  Pacific Star owns the land referred to as
"Keopuka", near Hokuli'a.  The Hokuli'a was to have 730
residential units, an 18-hole golf course, club and other
amenities.

The Debtors say their assets are worth $68.1 million while they
are jointly liable to $625 million of debt to Sun Kona Finance
LLC, which acquired the Hawaii loan from Bank of Scotland.

Simon Klevansky, Esq., Alika L. Piper, Esq., and Nicole D.
Stucki, Esq., at Klevansky Piper, LLP, represent the Debtor in
its restructuring effort.  They replace the law firm of Gelber,
Gelber & Ingersoll as general counsel.

A creditors committee has not been appointed.

James A. Wagner, Esq., at Wagner Choi & Verbrugge, represents
Sun Kona Finance I, LLC and Sun Kona Finance II, LLC, as
counsel.


ADEPT TECHNOLOGIES: Plan Approval Hearing Continued to Sept. 16
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Alabama
continued until Sept. 16, 2013, at 9 a.m., the hearing to consider
the confirmation of ADEPT Technologies, LLC's Chapter 11 Plan
including the objection filed by J. Thomas Corbett, Bankruptcy
Administrator.

As reported by the Troubled Company Reporter on June 20, 2013, the
Plan is proposing a 10% recovery for allowed general unsecured
claims.  Under the Plan, First Volunteer Bank will retain its lien
on the collateral securing the Debtor's $129,536 prepetition loan
until the time the debt is paid in full, with the secured claim to
be paid through monthly payments of $943 per month; (ii) PNC
Bank's $6.2 million secured claim will be paid through the
execution of a new promissory note to be secured by the same
collateral upon which PNC had a lien prepetition according to its
same priority; and (iii) the Debtor will restructure its
$2.2 million and $135,078 secured debt with Southern Development
Council, Inc., and will assume the debt according to the terms
and conditions of the existing finance agreements in place.
SD J. Thomas Corbett, Bankruptcy Administrator, will retain its
lien on the collateral securing the debt until the time the debt
is paid in full.

On July 15, the Bankruptcy Administrator filed an objection to the
confirmation of the Plan, saying that the requirement for
confirmation of the Debtor's plan have not been met in that each
class of impaired claims has not accepted the plan.

According to Mr. Corbett, a review of the case file indicates that
all creditors under Class 3 -- Secured Claims -- have rejected the
plan.  The Plan, says Mr. Corbett, violates the absolute priority
rule.  Under the absolute priority rule, a senior class of claims
must be paid in full before a junior class of creditors or equity
security holders may receive anything of value on account of their
interests, if the superior impaired class does not accept the
plan.  Under the Plan, Class 5 Equity Interest Holders, Brad
Fielder and Chad Fielder, will retain their equity interest in the
Debtor.  "Senior classes of claims have voted to reject the plan,
therefore, the plan violates the absolute priority rule," Mr.
Corbett states.

Mr. Corbett adds that the plan as filed is inconsistent in the
language regarding treatment of Class 4 Non-Priority General
Unsecured Claims.  "The language in the plan currently provides
that holders of general unsecured claims without priority 'shall
be paid ten percent (100%) of their Allowed Claim over a period of
60 months from the effective date of the Plan.'  The plan should
be amended to clarify the discrepancy between 'ten percent' and
'100%' as currently stated in the plan," Mr. Corbett says.

On July 15, secured creditor First Volunteer Bank also filed an
objection to the plan, claiming that the plan isn't in compliance
with the terms of the Bank's agreement with the Debtor as
acknowledged and approved in the previous agreed court orders
which include, but are not necessarily limited to the agreed order
granting approval to pay adequate protection payments entered
April 26, 2013.

FVB is represented by Johnny Woodruff, Esq., at Simonds Law Firm.

                     About ADEPT Technologies

ADEPT Technologies, LLC, filed a Chapter 11 petition (Bankr. N.D.
Ala. Case No. 12-83490) on Oct. 31, 2012, in Decatur, Alabama.
The Debtor, which has principal assets located in Huntsville,
Alabama, estimated assets of $10 million to $50 million and
liabilities of up to $10 million.  Judge Jack Caddell presides
over the case.  Kevin D. Heard, Esq., at Heard Ary, LLC,
represents the Debtor as counsel.  The petition was signed by Brad
Fielder, managing member.


AIR 2 US: Fitch Affirms 'B-' Rating on Series A Equipment Notes
---------------------------------------------------------------
Fitch Ratings has affirmed the ratings for Series A and Series B
enhanced equipment notes (EENs) issued by AIR 2 US at 'BB' and
'B-' respectively. The rating Outlook for both series is Stable.

AIR 2 US is a special purpose Cayman Islands company created to
issue EENs; utilize the proceeds to purchase Permitted
Investments; and enter into a risk transfer agreement. AIR 2 US
entered into the risk transfer agreement (the Payment Recovery
Agreement), with a subsidiary of Airbus. The primary provision of
the Payment Recovery Agreement states that if United Airlines,
Inc. (United) fails to pay scheduled rentals under existing
subleases of aircraft with subsidiaries of Airbus, AIR 2 US will
pay these rental deficiencies to a subsidiary of Airbus. These
deficiency payments will come from the cash flows created by the
Permitted Investments. As such, the greatest risk of the
transaction is the bankruptcy risk of the lessee airline.

AIR 2 US is not covered effectively by Fitch's EETC ratings
criteria as a result of the fact that aircraft cannot be sold and
liquidated in the event of lease rejection of Airbus A320 aircraft
sub-leased by United. Applying a framework similar to that
employed in analysis of corporate obligations, Fitch expects
recoveries for Series A note holders to be very strong in a lease
rejection scenario. Discounted lease cash flows, applying heavy
stresses to current A320 lease rates, cover Series A principal and
a full liquidity facility draw. The 'BB' rating, three notches
above United's 'B' IDR, reflects the high level of projected
recovery.

Expected recoveries for Series B note holders would be weak,
reflecting a high probability of lease payment shortfalls in a
post-rejection scenario. The one notch differential between the
Series B note rating and United's 'B' corporate IDR captures this
weak recovery potential.

Fitch has affirmed the ratings as follows:

AIR 2 US

-- Series A Enhanced Equipment Notes at 'BB'; Outlook Stable
-- Series B Enhanced Equipment Notes at 'B-'; Outlook Stable


AIR CANADA: Fitch To Rate $700MM 1st Lien Secured Term Loan 'BB'
----------------------------------------------------------------
Fitch Ratings expects to rate Air Canada's (AC) proposed $700
million 1st lien senior secured term loan B, $100 million 1st lien
senior secured revolving credit facility, and C$300 million 1st
lien senior secured notes 'BB/RR1'. Fitch also expects to rate Air
Canada's proposed $300 million 2d lien senior secured notes 'BB-
/RR2'. The Issuer Default Rating (IDR) for Air Canada remains
unchanged at 'B' with a Positive Outlook.

Air Canada is expected to raise $1.3 billion of new debt through
the issuance of a $700 million 1st lien senior secured term loan
B, C$300 million of 1st lien senior secured notes and $300 million
of 2d lien senior secured notes. Both the 1st lien term loan and
1st lien notes will feature a six-year tenor, while the 2d lien
notes will feature a six-and-a-half year tenor. AC will also enter
a four-year $100 million 1st lien senior secured revolving credit
facility.

Proceeds from the transaction will be used to pay down AC's
existing $900 million 1st lien and $200 million 2d lien high yield
notes scheduled to mature in 2015 and 2016, respectively. Air
Canada announced a tender offer for the existing 9.25%, 10.125%,
and 12.0% senior notes on Sept. 5. The tender period runs through
Oct. 2. Proceeds remaining after funding the tender will be used
for general corporate purposes. The new debt is expected to
feature improved pricing compared to the outstanding high yield
notes. The transaction will also push the company's largest debt
maturities out to 2019, beyond the middle of the decade when
capital spending for new aircraft is expected to peak.

The proposed issuance largely mirrors Air Canada's planned $1.3
billion debt issuance from June of this year which Fitch rated
'BB-/RR2'. Whereas the previously planned issuance featured only
1st lien debt, AC's new issuance includes a smaller amount of 1st
lien debt as well as some 2d lien debt, improving the recovery
prospects for the 1st lien holders.

The proposed June issuance was subsequently withdrawn from the
market due to an adverse interest rate environment. As such, Fitch
has withdrawn its expected ratings on that issuance.

The new debt will be secured by a priority lien on accounts
receivable, certain real estate, spare engines, ground equipment,
AC's Pacific route authorities, and slots at LaGuardia, Heathrow,
and Washington-Reagan. This represents the same collateral pool
that secures AC's existing secured notes, supplemented by 10
additional spare engines.

Key Rating Drivers

The 'BB/RR1' rating is driven by Fitch's recovery analysis, which
distributes Air Canada's distressed estimated enterprise value to
various classes of debt based on a going concern valuation. The
'RR1' rating indicates Fitch's expectation that the 1st lien
secured debt holders would recover 91%-100% of principal in a
distress situation. Ratings on the proposed issuance are
consistent with Fitch's rating for AC's existing 1st lien high
yield notes.

The 'BB-/RR2' rating on the 2d lien secured debt is driven by the
notes' junior position relative to the proposed 1st lien debt.

AC's IDR reflects the company's leveraged balance sheet, adequate
liquidity position and high, but improving, cost structure
mitigated by AC's extensive global network and dominant market
positions across all segments. The Outlook for Air Canada's IDR
remains Positive, reflecting the company's continued efforts to
reduce costs and expand its presence in international markets.

Rating Sensitivities

The secured note ratings are tied to AC's IDR and the value of the
collateral securing the notes. Fitch could consider a negative
rating action on the notes if there were a significant devaluation
of the collateral or a downgrade of AC's IDR. A positive rating
action on the notes could follow an upgrade of AC's IDR.

Fitch expects to assign the following ratings:

Air Canada

-- Senior secured term loan B due 2019 'BB'/'RR1';
-- Senior secured revolving credit facility 'BB'/'RR1';
-- C$ first lien senior secured notes due 2019 'BB/RR1';
-- Second lien senior secured notes due 2020 'BB-/RR2'.

Fitch has withdrawn the following ratings:

Air Canada

-- Proposed $1 billion senior secured term loan B due 2019
    'BB-'/'RR2';

-- Proposed $100 million senior secured revolving credit facility
    'BB-'/'RR2';

-- Proposed CDN$300 million 1st lien secured notes due 2019
    'BB-'/'RR2'.

Fitch currently rates Air Canada as follows:

-- Long-term IDR 'B';
-- Senior secured 1st -lien debt 'BB/RR1';
-- Senior secured 2d-lien debt 'BB-/RR2'.


AIR CANADA: Moody's Rates $100MM First Lien Debt Facility 'B2'
--------------------------------------------------------------
Moody's Investors Service assigned B2 1st lien senior secured and
Caa2 2nd lien senior secured ratings to Air Canada's proposed debt
issues. Air Canada's Caa1 corporate family, Caa1-PD probability of
default and SGL-3 speculative grade liquidity ratings remain
unchanged. The ratings outlook remains positive.

Issuer: Air Canada

Assignments:

$100M 1st Lien Senior Secured Bank Credit Facility, Assigned B2,
LGD2, 24%

$700M 1st Lien Senior Secured TLB, Assigned B2, LGD2, 24%

C$300M 1st Lien Senior Secured Notes, Assigned B2, LGD2, 24%

$300M 2nd Lien Senior Secured Notes, Assigned Caa2, LGD4, 58%

Ratings Rationale:

Proceeds from the new debt issues will be used to refinance Air
Canada's existing $900 million (USD equivalent) and USD $200
million first and second lien debt instruments, respectively, for
which the associated B2 and Caa2 ratings will be withdrawn once
the new transaction closes. The new debt will be secured by the
same diverse pool of collateral that supports the existing debt
issues but will be enhanced with an additional ten spare engines.
The collateral package also includes accounts receivables, certain
owned real property, certain Pacific routes and related gate
leaseholds and landing slots, landing slots at London's Heathrow,
New York's LaGuardia and Washington's Reagan airports and ground
equipment.

Air Canada's Caa1 corporate family rating is primarily driven by
the company's very high adjusted leverage, growing competition
from lower-cost carriers, increasing fuel costs and the potential
that the significant capacity additions planned by Air Canada and
its primary domestic competitor will pressure yields and/or
margins. The company's very high cost structure arising from its
legacy carrier status and Moody's expectation that the company's
free cash flow will be modestly negative over the next few years
due to elevated capital expenditures also weigh on the rating.
Favorably, the rating reflects Air Canada's meaningful scale,
leading market share of domestic, trans-border and international
routes in and out of Canada and benefits from its position in the
Star Alliance network.

The positive ratings outlook reflects the potential that Air
Canada's ratings could move higher if the company's earnings
continue to improve through upcoming capacity additions.

An upgrade could occur if adjusted leverage is sustained below
7.5x and cash is maintained above 15% of revenues. Downward rating
pressure could occur if Debt/ EBITDA is forecast to rise above 9x
or should cash trend towards 10% of revenues.

The principal methodology used in this rating was the Global
Passenger Airlines Methodology published in May 2012. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Headquartered in Saint-Laurent, Quebec, Air Canada is the largest
provider of scheduled passenger services in Canada. Revenues for
2012 were approximately $12 billion.


AIR CANADA: S&P Assigns 'B+' Rating to $700MM 1st-Lien Term Loan
----------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B+'
issue-level rating and a '1' recovery rating to Air Canada's
proposed US$700 million first-lien term loan B and C$300 million
senior secured notes due 2019. A '1' recovery rating indicates
that lenders could expect very high (90%-100%) recovery in the
event of default.

At the same time, Standard & Poor's assigned its 'CCC+' issue-
level rating and a '5' recovery rating to Air Canada's proposed
US$300 million second-lien senior secured notes due 2020.  A '5'
recovery rating indicates lenders could expect modest (10%-30%)
recovery in a default scenario.

S&P understands that net proceeds from the proposed notes,
combined with the term loan B due 2019, will be used to repay Air
Canada's existing 9.250% senior secured notes due 2015, 10.125%
senior secured notes due 2015, and 12.000% senior second-lien
notes due 2016, as well as to add cash to the company's balance
sheet.  S&P expects to withdraw the ratings on the existing
secured notes on their repayment.  While the proposed notes and
term loan will likely increase Air Canada's debt, this is offset
by the increased liquidity and extended maturity profile the
company will gain as well as lower interest costs and, as a
result, S&P do not believe it materially alters Air Canada's
financial risk profile.

"The ratings and outlook on Air Canada reflect what we view as the
company's highly leveraged capital structure; weak cash flow
protection measures; participation in the high-risk airline
industry; and modest, albeit volatile, cash flow to cover
relatively high fixed costs," said Standard & Poor's credit
analyst Jamie Koutsoukis.  "Mitigating these weaknesses, in our
opinion, are the company's strong market position in Canada as the
largest provider of commercial airline services; broad route
network, providing some ability to offset domestic weakness; and
good brand recognition," Ms. Koutsoukis added.

RATINGS LIST

Air Canada
Corporate credit rating      B-/Stable/--

Ratings Assigned

Proposed US$700-mil 1st-lien term loan B due 2019   B+
Recovery rating                                     1
                                    1
Proposed C$300-mil sr. secured notes due 2019       B+
Recovery rating                                     1

Proposed US$300-mil. 2nd-lien sr secured notes
due 2020                                            CCC+
Recovery rating                                     5


AMERICAN EAGLE: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: American Eagle Rentals, LLC
        205 West Main Street
        Havelock, NC 28532

Bankruptcy Case No.: 13-05616

Chapter 11 Petition Date: September 6, 2013

Court: U.S. Bankruptcy Court
       Eastern District of North Carolina (Wilson)

Judge: Stephani W. Humrickhouse

Debtor's Counsel: David J. Haidt, Esq.
                  AYERS, HAIDT & TRABUCCO, P.A.
                  P.O. Box 1544
                  New Bern, NC 28563
                  Tel: (252) 638-2955
                  Fax: (252) 638-3293
                  E-mail: davidhaidt@embarqmail.com

Estimated Assets: $1,000,001 to $10,000,000

Estimated Debts: $1,000,001 to $10,000,000

The Company's list of its largest unsecured creditors does not
contain any entry.

The petition was signed by Clyde B. Case, III, member/manager.


AMERICAN ROADS: Tender Offer for Senior Secured Bonds Commenced
---------------------------------------------------------------
American Roads Alabama Holdings, LLC on Sept. 10 disclosed that it
has commenced an offer to purchase for cash any and all of the
outstanding Series G-1 Senior Secured Bonds and the outstanding
Series G-2 Senior Secured Bonds issued by its predecessor in
interest, American Roads LLC, on the terms and subject to the
conditions set forth in the Offer to Purchase, dated September 10,
2013, and the related Letter of Transmittal and Release.

The Offer will expire at 11:59 p.m., New York City time, on
October 7, 2013, unless extended or earlier terminated by the
Company.  Bonds tendered may be not withdrawn.

The total consideration to be paid for each $1,000 principal
amount of Bonds validly tendered prior to the Expiration Date will
be $200.00.  All amounts payable will be rounded to the nearest
cent.  Holders whose Bonds are purchased in the Offer will not
receive any accrued and unpaid interest or principal on the
purchased Bonds or any payments on the related financial guaranty
insurance policy.  Acceptance of the Offer by bondholders is made
in exchange for a full waiver and release of any and all claims,
rights, remedies or causes of action such bondholder may have
against the certain parties affiliated with the Company.

The Company's obligation to accept for purchase, and to pay for,
Bonds validly tendered pursuant to the Offer is conditioned upon
the satisfaction or, when applicable, waiver of certain
conditions, which are more fully described in the Offer Documents.

Copies of the Offer Documents are available to bondholders from
Georgeson Inc., the information agent for the Offer.  Requests for
copies of the Offer Documents should be directed to Georgeson Inc.
at (877) 797-1153 (toll free) or americanroads@georgeson.com
Computershare Trust Company, N.A. will be acting as the depositary
for the Offer.

The Offer is made pursuant to a Joint Prepackaged Chapter 11 Plan
filed under chapter 11 of the United States Bankruptcy Code and
confirmed by the United States Bankruptcy Court for the Southern
District of New York and is exempt from securities laws pursuant
to the United States Bankruptcy Code.

Neither the Offer nor the Offer Documents has been approved or
disapproved by the Securities and Exchange Commission, nor has the
SEC passed upon the fairness or merits of the Offer or upon the
accuracy or adequacy of the information contained in the Offer
Documents.  Any representation to the contrary is a criminal
offense.

The Offer is being made solely on the terms and conditions set
forth in the Offer Documents.  Under no circumstances shall this
press release constitute an offer to buy or the solicitation of an
offer to sell the Bonds or any other securities of the Company or
American Roads.  No recommendation is made as to whether holders
of Bonds should tender their Bonds.  Holders of Bonds should
carefully read the Offer Documents because they contain important
information, including the various terms and conditions of the
Offer.

                       About American Roads

American Roads LLC, aka Alinda Roads LLC, which operates highways
including the mile-long Detroit Windsor Tunnel linking the U.S.
with Canada, sought bankruptcy court protection (Bankr. S.D.N.Y.
Case No. 13-12412) in the Southern District of New York on
July 25, 2013, citing $830 million in debt related to swaps and
bonds.  The case is assigned to Judge Burton R. Lifland.

Sean A. O'Neal, Esq., and Louis A. Lipner, Esq., at Cleary
Gottlieb Steen & Hamilton, LLP, represent the Debtors.  Greenhill
& Co., LLC, and Protiviti, Inc., serve as the Debtors' financial
advisor.

An Hoc Committee of Bondholders, consisting of certain holders of
Series G-1 Senior Secured Bonds and Series G-2 Senior Secured
Bonds issued by American Roads LLC, is represented by Bojan
Guzina, Esq., Andrew F. O'Neill, Esq., Allison Ross Stromberg,
Esq., Larry J. Nyhan, Esq., Nicholas K. Lagemann, Esq., and Brian
J. Lohan, Esq., at Sidley Austin LLP.


ANCHOR BANCORP: Files Copy of Confirmation Order With SEC
---------------------------------------------------------
Anchor BanCorp Wisconsin Inc. filed with the U.S. Securities and
Exchange Commission a copy of the order confirming its plan of
reorganization.

"This was an important step for AnchorBank to move forward with
its recapitalization effort," said Chris Bauer, AnchorBank
President & CEO.  "We still have work to do, but we are pleased to
have this milestone behind us."

On August 13, Anchor BanCorp announced that the Holding Company
had entered into definitive stock purchase agreements with a
number of institutional and other private investors as part of a
$175 million recapitalization of the institution.

Consummation of the foregoing reorganization and recapitalization
remains subject to certain conditions, including receipt of all
required regulatory approvals and closing of the capital raise,
plus satisfaction of the conditions contained in the subscription
agreements for the new common equity.

"It is important for our customers, employees and the community to
remember that AnchorBank, which operates separately from the
Holding Company, is not a part of the Chapter 11 process.  The
Chapter 11 filing includes only the Holding Company and does not
affect AnchorBank, its people, or its services," said Chris Bauer,
AnchorBank President & CEO.  "It continues to be business as usual
at the Bank, and we are thankful for the opportunity to continue
serving our customers."

A copy of the Form 8-K is available for free at:

                       http://is.gd/drGzal

A copy of the Confirmation Order is available for free at:

                       http://is.gd/ERE08g

                      About Anchor Bancorp

Madison, Wisconsin-based Anchor BanCorp Wisconsin Inc. sought
protection under Chapter 11 of the Bankruptcy Code on Aug. 12,
2013 (Case No. 13-14003, Bankr. W.D. Wis.) to implement a
"pre-packaged" plan of reorganization in order to facilitate the
restructuring of the Company and the recapitalization of
AnchorBank, fsb, a wholly-owned subsidiary of the Company.

As of March 31, 2013, the Debtor listed total assets of
$2,367,583,000 and total liabilities of $2,427,447,000.  Chief
Judge Robert D. Martin oversees the Chapter 11 case.  The Debtor
is represented by Kerkman Dunn Sweet DeMarb as lead bankruptcy
counsel and Skadden, Arps, Slate, Meagher & Flom LLP, as special
counsel.  CohnReznick LLP serves as the Debtor's financial
advisor.

Anchor BanCorp is a registered savings and loan holding company
incorporated under the laws of the State of Wisconsin.  The
Company is engaged in the savings and loan business through its
wholly owned banking subsidiary, AnchorBank, fsb.

Anchor BanCorp and its wholly-owned subsidiaries, AnchorBank FSB,
each consented to the issuance of an Order to Cease and Desist by
the Office of Thrift Supervision.  The Corporation and the Bank
continue to diligently work with their financial and professional
advisors in seeking qualified sources of outside capital, and in
achieving compliance with the requirements of the Orders.

In connection with the Plan, the Company has entered into
definitive stock purchase agreements with institutional and other
private investors as part of a $175 million recapitalization of
the institution.  No new investor will own in excess of 9.9
percent of the common equity of the recapitalized Holding Company.

The reorganization filing includes only Anchor BanCorp, the
holding company for the Bank, allowing the Bank to remain outside
of bankruptcy and to continue normal operations.  The Bank
operates 55 offices throughout Wisconsin.  Operations at the Bank
will continue as usual throughout the reorganization process.


AMERICANWEST BANCORP: Files Copy of Confirmation Order With SEC
---------------------------------------------------------------
The Bankruptcy Court entered an order confirming the Plan of
Reorganization of Americanwest Bancorporation on Aug. 30, 2013.

The Plan will become effective upon satisfaction or waiver of
certain conditions precedent, including that (i) all actions other
than the entry of the Order and all agreements, instruments or
other documents necessary to implement the terms and provisions of
the Plan will have been effected, and in each case, will have been
duly and validly executed and delivered and all conditions to
their effectiveness will have been satisfied or waived and (ii)
the Company will have received all authorizations, consents,
rulings, opinions, or other documents that are determined by the
Company to be necessary to implement the Plan and that are
required by law, regulation, or order.  The Company anticipates
the Plan will become effective prior to Sept. 30, 2013.

The Plan provides for the Company to continue to exist after the
Effective Date as the Reorganized Debtor.

Pursuant to the Order and as provided in the Plan:

   * Each holder of Allowed Claims will receive the treatment set
     forth in the Plan.

   * All of the Company's executory contracts or unexpired leases,
     subject to certain exceptions, are rejected.

   * Except to the extent otherwise provided in the Plan, all
     notes, stock, instruments, certificates and other documents
     evidencing the TOPrS Unsecured Claims and Equity Interests
     will be automatically canceled and the obligations of the
     Company in any way related to those claims and equity
     interests will be discharged.

   * The directors and officers of the Company will be released
     and discharged from all further authority, duties,
     responsibilities and obligations relating to and arising from
     the Company or the Case (without the need for any further
     action on the part of, or notice to, any Person).

   * The New Board will consist of the Plan Advisor and two
     principals of Holdco. Senior management of the Reorganized
     Debtor will initially consist of the New Board or a subset of
     the New Board.

   * The Reorganized Debtor will issue New Series A Common Stock
     and, unless Holdco determines in its sole discretion that
     issuance of New Common Series B Common Stock is unnecessary
     to preserve the Reorganized Debtor's tax attributes, New
     Series B Common Stock to the Company's unsecured creditors.

   * The Reorganized Debtor will establish and maintain a separate
     Disputed Reserve for Disputed Claims and a Proceeds
     Distribution Election Segregated Account, and make
     Distributions required to be made under the Plan.

As of Sept. 6, 2013, there were 17,216,488 shares of the Company's
common stock outstanding.  The Plan provides that any equity
interests, ownership rights, or shares in the Company, including
all outstanding shares of the Company's common stock, will be
cancelled as of the Effective Date and holders of those Interests
will neither receive nor retain any property under the Plan.  As
soon after the Effective Date as possible, the Reorganized Debtor
will file a Form 15 with the Securities and Exchange Commission to
deregister the Company's common stock under the Securities
Exchange Act of 1934, as amended, and to suspend the Company's
obligation to file reports under the Exchange Act.

As of Aug. 31, 2013, the Company had total assets of $6.6 million
and total liabilities of $47.4 million.

A copy of the Confirmation Order is available for free at:

                       http://is.gd/R9lsGt

                About AmericanWest Bancorporation

Headquartered in Spokane, Washington, AmericanWest Bancorporation
(OTC BB: AWBC) -- http://www.awbank.net/-- was a bank holding
company whose principal subsidiary was AmericanWest Bank, which
included Far West Bank in Utah operating as an integrated
division of AmericanWest Bank.  AmericanWest Bank was a community
bank with 58 financial centers located in Washington, Northern
Idaho and Utah.

AmericanWest Bancorporation filed for Chapter 11 protection
(Bankr. E.D. Wash. Case No. 10-06097) on Oct. 28, 2010. The
banking subsidiary was not included in the Chapter 11 filing.

Christopher M. Alston, Esq., and Dillon E. Jackson, Esq., at
Foster Pepper Shefelman PLLC, in Seattle, Washington, serve as
bankruptcy counsel. G. Larry Engel, Esq., at Morrison & Foerster
LLP, also serves as counsel.

The Debtor estimated assets of $1 million to $10 million and
debts of $10 million to $50 million in its Chapter 11 petition.
AmericanWest Bancorporation's estimates exclude its banking
unit's assets and debts. In its Form 10-Q filed with the
Securities and Exchange Commission before the Petition Date,
AmericanWest Bancorporation reported consolidated assets --
including its bank unit's -- of $1.536 billion and consolidated
debts of $1.538 billion as of Sept. 30, 2010.

In December 2010, AmericanWest completed the sale of all
outstanding shares of AmericanWest Bank to a wholly owned
subsidiary of SKBHC Holdings LLC, in a transaction approved by
the U.S. Bankruptcy Court.  The bank subsidiary was sold to SKBHC
Holdings Inc. for $6.5 million cash.


ARI-RC 2: More 1525 & 1535 Rancho Property Owners in Ch. 11
-----------------------------------------------------------
ARI-RC 2, LLC, and 11 other entities owned by the Guerrero Trust
dated March 27, 2007 sought Chapter 11 protection on Sept. 9,
2013.

ARI-RC 2 (Bankr. C.D. Cal. Case No. 13-15868) estimated at least
$10 million in assets and liabilities.

The Debtors are required to submit their schedules of assets and
liabilities, statements of financial affairs, and other documents
by Sept. 23, 2013.

Five affiliates, led by ARI-RC 6, LLC (Case No. 13-14678) sought
Chapter 11 protection on July 15, 2013.  Ten entities, led by
ARI-RC 1, LLC (Case No. 13-15169) sought bankruptcy on Aug. 1.
ARI-RC 11, LLC (Case No. 15126) and three entities sought
bankruptcy on Aug. 2.

The debtor-entities say they are affiliated by way of tenant in
common ownership of the improved real property located at 1525 &
1535 Rancho Conejo Blvd. Thousand Oaks, Calif.


ARI-RC 2: Sec. 341(a) Meeting of Creditors on Oct. 15
-----------------------------------------------------
There's a meeting of creditors of ARI-RC 2, LLC, and its debtor-
affiliates on Oct. 15, 2013, at 2:00 p.m. at Room 105, 21051
Warner Center Lane, Woodland Hills, Calif.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.  All
creditors are invited, but not required, to attend.  This meeting
of creditors offers the one opportunity in a bankruptcy proceeding
for creditors to question a responsible office of the Debtor under
oath about the company's financial affairs and operations that
would be of interest to the general body of creditors.

The last day to oppose discharge or dischargeability is Dec. 16,
2013, according to the docket.

                         About ARI-RC

ARI-RC 2, LLC, and 11 other entities owned by the Guerrero Trust
dated March 27, 2007 sought Chapter 11 protection on Sept. 9,
2013.

ARI-RC 2 (Bankr. C.D. Cal. Case No. 13-15868) estimated at least
$10 million in assets and liabilities.

Five affiliates, led by ARI-RC 6, LLC (Case No. 13-14678) sought
Chapter 11 protection on July 15, 2013.  Ten entities, led by
ARI-RC 1, LLC (Case No. 13-15169) sought bankruptcy on Aug. 1.
ARI-RC 11, LLC (Case No. 15126) and three entities sought
bankruptcy on Aug. 2.

The debtor-entities say they are affiliated by way of tenant in
common ownership of the improved real property located at 1525 &
1535 Rancho Conejo Blvd. Thousand Oaks, Calif.


ARROW ALUMINUM: Disclosure Statement Approved, Hearing on Sept. 25
------------------------------------------------------------------
Judge Jennie D. Latta of the U.S. Bankruptcy Court for the Western
District of Tennessee approved the disclosure statement explaining
Arrow Aluminum Industries, Inc.'s Plan of Reorganization and
scheduled a pretrial conference on confirmation of the Plan for
Sept. 25, 2013, at 10:00 A.M.

Sept. 18 is fixed as the last day for filing written objections to
the plan, and for filing written acceptances or rejections of the
plan; for filing applications seeking interim or final
compensation for services rendered and reimbursement of expenses
pursuant to Section 503(a) of the Bankruptcy Code; and for filing
motions or requests pursuant to Sections 506(b) and (c), and 365.

The Debtor's Plan provides for its primary creditor, First
Citizens National Bank, to receive a secured claim for the
equipment and the insider principals obtaining reverse mortgages
on their homes and properties to pay Citizens Bank.  Debtors Ricka
Blackwell and Edna Elaine Blackwell join in the Disclosure
Statement but the cases are not substantively consolidated.  The
Individual Debtors intend to seek dismissal of their cases in
order to effectuate the reverse mortgage.  They have no other
assets for distribution to creditors.

The monthly payments due on account of the allowed claims will be
made from the net operational profits (positive cash flow) of the
operations, after allowance for operational expenses (vendor
costs, taxes) and reserves (to cover extraordinary repairs).  The
Reorganized Debtor will remain in the current premises for
180 days after the Effective Date.

                       About Arrow Aluminum

Arrow Aluminum Industries, Inc., filed a Chapter 11 petition
(Bankr. W.D. Tenn. Case No. 13-21470) in Memphis on Feb. 11, 2013.
The petition was signed by William Ted Blackwell as president.
The Debtor has scheduled assets of $126,246,137 and scheduled
liabilities of $3,130,103.  The Debtor is represented by
Steven N. Douglass, Esq., at Harris Shelton Hanover Walsh, PLLC.

Arrow Aluminum previously sought Chapter 11 protection (Case No.
12-1348) in December but the case was promptly dismissed.  In
that case, the U.S. Trustee sought dismissal or conversion to
Chapter 7, while Citizens National Bank sought appointment of a
Chapter 11 trustee to take over management of the Debtor's
properties.

The Debtor's Plan provides for Arrow's primary creditor, First
Citizens National Bank, to receive a secured claim for the
equipment and the insider principals obtaining reverse mortgages
on their homes and properties to pay Citizens Bank.

Sam Crocker, U.S. Trustee for Region 8, is unable to appoint a
committee of unsecured creditors at this time.


ARROW ALUMINUM: Secured Creditor Objects to Plan Confirmation
-------------------------------------------------------------
First Citizens National Bank objects to the confirmation of Arrow
Aluminum Industries, Inc.'s Plan of Reorganization, complaining
that the Plan lacks adequate means for implementation as required
under Section 1123 of the Bankruptcy Code; the Plan is not
feasible; the Plan fails to provide minimum adequate protection to
FCNB by the proposed schedule of repayment; the Plan seeks to
bifurcate the position of FCNB into both a secured and unsecured
status based upon the Debtor-estimated value of certain
collateral; and the Plan fails to provide for a reasonable
interest rate which is commensurate with loans of like character
in bankruptcy.

For the reasons stated, FCNB asks the U.S. Bankruptcy Court for
the Western District of Tennessee, Western Division, to deny
confirmation of the Plan.

Mark D. Johnston, Esq., in Dyersburg, Tennessee, represents FCNB.
Mr. Johnston may be reached at:

         Mark D. Johnston, Esq.
         217 W. Market
         P.O. Box 1326
         Dyersburg, TN 38025-1326
         Tel: (731) 285-7726

                       About Arrow Aluminum

Arrow Aluminum Industries, Inc., filed a Chapter 11 petition
(Bankr. W.D. Tenn. Case No. 13-21470) in Memphis on Feb. 11, 2013.
The petition was signed by William Ted Blackwell as president.
The Debtor has scheduled assets of $126,246,137 and scheduled
liabilities of $3,130,103.  The Debtor is represented by
Steven N. Douglass, Esq., at Harris Shelton Hanover Walsh, PLLC.

Arrow Aluminum previously sought Chapter 11 protection (Case No.
12-1348) in December but the case was promptly dismissed.  In
that case, the U.S. Trustee sought dismissal or conversion to
Chapter 7, while Citizens National Bank sought appointment of a
Chapter 11 trustee to take over management of the Debtor's
properties.

The Debtor's Plan provides for Arrow's primary creditor, First
Citizens National Bank, to receive a secured claim for the
equipment and the insider principals obtaining reverse mortgages
on their homes and properties to pay Citizens Bank.

Sam Crocker, U.S. Trustee for Region 8, is unable to appoint a
committee of unsecured creditors at this time.


BELDEN INC: Moody's Affirms 'Ba1' CFR & Rates Sub. Debt 'Ba2'
-------------------------------------------------------------
Moody's Investors Service assigned Baa2 ratings to Belden's
proposed senior secured term loan and affirmed its other ratings,
including its Ba1 corporate family rating and Ba2 subordinated
debt rating. The new term loan will be used to refinance existing
secured term debt and for general corporate purposes. The company
is also raising a $400 million unrated senior secured asset backed
revolver. The rating outlook remains stable.

Ratings Rationale:

The Ba1 CFR to reflect Belden's leading positions within segments
of the enterprise and industrial cabling and connectivity product
markets, which can produce solid operating margins and good free
cash flow during a strong market. However, the rating incorporates
the cyclicality of the business, as evidenced by the 32% revenue
decline in fiscal year 2009 due to the then challenging
macroeconomic environment, and the company's exposure to volatile
raw material prices. Belden's ratings also recognize its
acquisition appetite and potential for debt financed acquisitions.
Belden has spent approximately $1.8 billion on acquisitions since
2007. Belden's leverage level, pro forma for recent acquisitions,
divestitures, restructuring costs and the proposed term loan (debt
to EBITDA of approximately 4.3x) is high compared to other Ba1-
rated manufacturing peers of similar size and leaves minimal
cushion within the rating category. The debt level is mitigated by
the company's strong cash positions ($476 million as of June 30,
2013). While leverage is ultimately expected to return to 3.5x or
stronger levels, it will likely not be until the end of 2014 or
early 2015).

The ratings could face downward pressure if performance does not
improve in the near term, cash levels diminish or leverage is not
on track to get to the 3.5x level over the next 12 to 18 months.
While a moderate level of acquisitions is expected, a large
acquisition or acquisition with substantial integration risk could
also drive downwards ratings pressure until leverage returns to
historic levels. An upgrade is unlikely in the near to medium term
due to the high debt load and aggressive acquisition appetite.

Assignments:

Issuer: Belden Inc.

Senior Secured Bank Credit Facility, Assigned Baa2, LGD2, 12 %

Outlook Actions:

Issuer: Belden Inc.

Outlook, Remains Stable

Affirmations:

Issuer: Belden Inc.

Probability of Default Rating, Affirmed Ba1-PD

Speculative Grade Liquidity Rating, Affirmed SGL-1

Corporate Family Rating, Affirmed Ba1

Senior Subordinated Regular Bond/Debenture Sep 1, 2022, Affirmed
Ba2, revised to a range of LGD4, 65 % from a range of LGD4, 66 %

Senior Subordinated Regular Bond/Debenture Jun 15, 2019,
Affirmed Ba2, revised to a range of LGD4, 65 % from a range of
LGD4, 66 %

Senior Subordinated Regular Bond/Debenture Apr 15, 2023,
Affirmed Ba2, revised to a range of LGD4, 65 % from a range of
LGD4, 66 %

The individual debt instrument ratings are determined in
conjunction with Moody's Loss Given Default Methodology and based
on the relative positions within the capital structure. The
secured term loan rating reflects the stronger collateral package
of the asset backed (ABL) revolver and the assumption of moderate
draws. If the ABL facility is used extensively, the term loan
could face downgrade.

The principal methodology used in this rating was Global
Manufacturing Industry published in December 2010. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Belden Inc. is a leading designer and manufacturer of connectivity
and signal transmission products for the global network
communication and specialty electronic marketplaces with 2012
revenues of $1.8 billion. The company is headquartered in St.
Louis, Missouri.


BELDEN INC: S&P Rates $250MM 1st-lien Sr. Secured Term Loan 'BB'
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' issue-level
rating (the same as the corporate credit rating) and '3' recovery
rating to Belden Inc.'s proposed $250 million first-lien senior
secured term loan B, maturing in 2020, to be borrowed by Belden
Finance 2013 LP and a newly-created wholly owned indirect
subsidiary of Belden Inc.  The '3' recovery rating indicates S&P's
expectation for meaningful (50% to 70%) recovery in the event of a
payment default.

The company will use proceeds from the new debt to refinance its
existing unrated C$250 million term loan A.  At the same time the
company is replacing its existing $400 million cash flow revolver
with a new $400 million asset based lending (ABL) revolver
maturing in 2018, which S&P will not rate.  The existing senior
subordinated note ratings are unaffected by these transactions.
S&P will withdraw the ratings on the existing revolver once the
deals close and fund.

S&P has maintained its recovery rating assumptions and estimated
default level recovery valuation (of about $678 million) from its
last recovery analysis.  S&P treats the new unrated ABL revolver
as a priority claim, given its first priority lien on the
company's accounts receivable, inventory, and fixed assets, for
which the term loan B has a second priority lien.  The term loan B
has a first priority lien only on the stock of all existing and
future subsidiaries (limited to a 65% stock pledge in the case of
foreign subsidiaries).  The term loan will be guaranteed by Belden
Inc., two Canadian entities that will own all the equity of Belden
Finance 2013 LP, and all existing and future domestic
subsidiaries.  The ABL revolver will be guaranteed by the same
entities.  The term loan B credit agreement will not contain any
financial maintenance covenants.  The term loan B credit agreement
will also allow for uncommitted incremental term loans so long as
pro forma net senior secured leverage doesn't exceed 3x, permit
the issuance of junior priority debt so long as the net junior
secured leverage ratio is less than 4x, and give the ability to
incur unsecured debt so long as pro forma total net leverage
doesn't exceed 5x.  The ABL revolving credit agreement will
contain only a springing financial maintenance covenant--a minimum
fixed charge coverage ratio of 1x that will be applicable only
when excess revolver availability is less than the greater of 10%
of the borrowing base or $40 million.  There will also be a
springing cash dominion mechanism if either of these thresholds is
breached.  The new debt will be borrowed at lower interest rates
than the existing secured debt.

S&P's corporate credit rating and outlook on the company are
unchanged by the proposed transactions, mainly because they are
leverage neutral as there is no incremental debt.  The
transactions may slow the company's deleveraging, however, as the
mandatory accelerated amortization under the Canadian term loan A
will be replaced by 1% mandatory term loan B amortization.
However, S&P believes that cash flow should improve slightly given
the lower expected interest expense.

The ratings on Belden reflect the company's "fair" business risk
profile, characterized by its participation in the highly
competitive and cyclical cable, connectivity, and networking
markets and its exposure to volatile raw material pricing and
foreign currency rates.  The ratings also reflect its
"significant" financial profile, with pro forma leverage that is
currently high for the rating.  Belden's diversification into
higher-margin, value-added specialty products and
vertical/geographic market expansion, along with "adequate"
liquidity and good cash flow characteristics, partly offsets these
risks.

RATINGS LIST

Belden Inc.
Corporate Credit Rating                 BB/Stable/--

New Rating

Belden Finance 2013 LP
$250.0 mil. term loan B due 2020        BB
  Recovery Rating                        3


BROWNSVILLE MD: Section 341(a) Meeting Scheduled for Oct. 22
------------------------------------------------------------
A meeting of creditors in the bankruptcy case of Brownsville MD
Ventures, LLC, will be held on Oct. 22, 2013, at 11:30 a.m., at
Harlingen, 222 E Van Buren.  Creditors have until Jan. 21, 2014,
to submit their proofs of claim.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
meeting of creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

Brownsville MD Ventures, LLC, filed a Chapter 11 petition (Bankr.
S.D. Tex. Case No. 13-10341) on Aug. 26, 2013, in Brownsville,
Texas.  Chester Gonzalez signed the petition as chairman of the
board of managers.  The Debtor estimated assets and debts of at
least $10 million.  Kell Corrigan Mercer, Esq., -- E-mail:
kell.mercer@huschblackwell.com -- at HUSCH BLACKWELL, LLP, in
Austin, TX, serves as the Debtor's counsel.  Judge Richard S.
Schmidt presides over the case.


BROWNSVILLE MD: Wants Court Approval to Use Cash Collateral
-----------------------------------------------------------
Brownsville MD Ventures, LLC, seeks the authority from the
Bankruptcy Court to use cash collateral to pay: (i) utilities,
(ii) insurance on its real property, (iii) approved professional
fees; and (iv) U.S. Trustee fees during its bankruptcy case.

The Debtor owns certain real property and appurtenances that have
been utilized, in the past, by a prior tenant as the location of a
doctor's hospital.  There is no tenant with a lease for the
building at this time, and the prior tenant's lease was terminated
prepetition.  The real property is located at 117 East Price Road,
Brownsville, Texas.  The Debtor is not a health care provider and
only owns the real property and appurtenances utilized for
provision of health care services.

The Debtor has a secured creditor, Pineda Grantor Trust, c/o
Capital Crossing, Servicing Co., LLC, which asserts liens on a
$500,000 certificate of deposit and the Debtor's real property and
appurtenances.

According to the Debtor, the secured creditor is already
adequately protected given its large equity cushion and its
$500,000 CD, and thus no further adequate protection is necessary.

The Debtor asserts that the interim use of cash collateral is
critical to achieving a smooth transition to operate as a debtor-
in-possession, and use of cash collateral will help preserve its
going concern value.

A hearing will be held on Sept. 18, 2013, at 9:00 a.m. to consider
approval of the Motion.

Brownsville MD Ventures, LLC, filed a Chapter 11 petition (Bankr.
S.D. Tex. Case No. 13-10341) on Aug. 26, 2013, in Brownsville,
Texas.  Chester Gonzalez signed the petition as chairman of the
board of managers.  The Debtor estimated assets and debts of at
least $10 million.  Kell Corrigan Mercer, Esq. --
kell.mercer@huschblackwell.com -- at Husch Blackwell, LLP, in
Austin, TX, serves as the Debtor's counsel.  Judge Richard S.
Schmidt presides over the case.


CANYONS AT DEBEQUE: Court Dismisses Chapter 11 Case
---------------------------------------------------
The U.S. Bankruptcy Court for the District of Colorado dismissed
the Chapter 11 cases of Canyons at Debeque Ranch, LLC, and
Bluestone Ridge Ranch East, LLC.

In this relation, Lawrence Bass, Esq., at Faegre Baker Daniels
LLP, on behalf of Black Hills Plateau Production, LLC, has
withdrawn its conditional objection to the Debtor's motion to
dismiss the Chapter 11 case.  The objection was filed on Aug. 22.

                  About Canyons @ DeBeque Ranch

Canyons @ DeBeque Ranch, LLC, filed a Chapter 11 petition (Bankr.
D. Colo. Case No. 12-24993) in Denver on July 18, 2012.  Affiliate
Bluestone Ridge Ranch East, LLC, aka Bluestone Ridge Ranch PUD,
based in Butte, Montana, filed a separate Chapter 11 petition
(Bankr. D. Colo. Case No. 12-24994) on the same day.

Judge Elizabeth E. Brown oversees the case.  The Debtor is
represented by Jeffrey S. Brinen, Esq., at Kutner Miller Brinen,
P.C., serves as counsel to the Debtor.  Canyons @ DeBuque
disclosed $12,115,374 in assets and $7,182,814 in liabilities as
of the Chapter 11 filing.


CAPITAL BANCORP: U.S. Trustee Plan Objection Filed
--------------------------------------------------
BankruptcyData reported that the U.S. Trustee assigned to the
Capitol Bancorp case filed with the U.S. Bankruptcy Court an
objection to confirmation of combined chapter 11 Amended Joint
Liquidating Plan.

The U.S. Trustee states, "The proposed Plan fails to explain the
consequences of any future conversion of this case to a chapter 7
proceeding. The United States Trustee proposes that the following
language be added to any confirmation order: In the event of a
conversion of this case to a case under Chapter 7 of the
Bankruptcy Code, all property of the Debtor, the Debtor-in-
Possession, or the Reorganized Debtor, including all property that
will revest in the Reorganized Debtor pursuant to the confirmed
Plan and all property acquired by the Reorganized Debtor
subsequent to confirmation of the Plan shall be property of the
Chapter 7 estate. The proposed Plan fails to clearly and
adequately provide for the payment of U.S. Trustee quarterly
fees...Pursuant to 28 U.S.C. Sec. 1930(a)(6), a Debtor is required
to pay quarterly fees to the United States Trustee for each
quarter or partial quarter that the case is pending until such
time as the case has been converted, dismissed or closed by the
Bankruptcy Court."

                      About Capitol Bancorp

Capitol Bancorp Ltd. and Financial Commerce Corporation filed
voluntary Chapter 11 bankruptcy petitions (Bankr. E.D. Mich. Case
Nos. 12-58409 and 12-58406) on Aug. 9, 2012.

Capitol Bancorp -- http://www.capitolbancorp.com/-- is a
community banking company with a network of individual banks and
bank operations in 10 states and total consolidated assets of
roughly $2.0 billion as of June 30, 2012.  CBC owns roughly 97% of
FCC, with a number of CBC affiliates owning the remainder.  FCC,
in turn, is the holding company for five of the banks in CBC's
network.  CBC is registered as a bank holding company under the
Bank Holding Company Act of 1956, as amended, 12 U.S.C. Sec. 1841,
et seq., and trades on the OTCQB under the symbol "CBCR."

Lawyers at Honigman Miller Schwartz and Cohn LLP represent the
Debtors as counsel.  John A. Simon, Esq., at Foley & Lardner LLP,
represents the Official Committee of Unsecured Creditors as
counsel.

In its petition, Capitol Bancorp scheduled $112,634,112 in total
assets and $195,644,527 in total liabilities.  The petitions were
signed by Cristin K. Reid, corporate president.

The Company's balance sheet at Sept. 30, 2012, showed
$1.749 billion in total assets, $1.891 billion in total
liabilities, and a stockholders' deficit of $141.8 million.

Prepetition, the Debtor arranged a reorganization plan that was
accepted by the requisite majorities of creditors and equity
holders in all classes.  Problems arose when affiliates of
Valstone Partners LLC declined to proceed with a tentative
agreement to fund the reorganization by paying $50 million for
common and preferred stock while buying $207 million in face
amount of defaulted commercial and residential mortgages.


CAPITOL INVESTMENT: Shook Hardy Agrees to Deal Over Ponzi Suit
--------------------------------------------------------------
Law360 reported that Miami law firm Shook Hardy & Bacon LLP agreed
on Sept. 6 to pay $5 million to settle claims by a bankruptcy
trustee that it aided and abetted former University of Miami
booster Nevin Shapiro, who was convicted in 2010 of running a $930
million Ponzi scheme.

The firm denied any wrongdoing, according to a proposed settlement
filed in Florida bankruptcy court, the report related.  The
settlement includes a $1.7 million fee to law firm Tabas Freedman
Solof Brown & Rigali PA for its service as the bankruptcy trustee,
the report added.

                     About Capitol Investments

Bradley Associates Limited Partnership, South Beach Chicago, LLC,
South Beach Chicago 2008, LLC, Relianz Mortgage, Inc., and Victor
Gonzalez filed an involuntary chapter 7 petition (Bankr. S.D. Fla.
Case No. 09-36408) against Capitol Investments USA, Inc., on
Nov. 30, 2009.  The Court appointed Joel L. Tabas as the trustee
on Dec. 16, 2009, and entered an order for relief on Dec. 30,
2009.

A federal grand jury indicted Nevin Shapiro, the former owner and
Chief Executive Officer of Capitol Investments USA, for allegedly
overseeing a $930 million Ponzi scheme linked to the Debtors'
purported wholesale grocery distribution business.  Mr. Shapiro,
42, is serving a 20-year prison sentence.

A Delaware bankruptcy judge gave his OK on Tuesday to Orchard
Supply Hardware Stores Corp.'s up-to $3 million executive bonus
plan over the objections of the U.S. Trustee's Office, which
argued the key goal to land a potential buyer was already met when
the retail chain entered bankruptcy.


CASA CASUARINA: Owners Aim to Void Lease Ahead of Auction
---------------------------------------------------------
Law360 reported that the bankrupt owners of the famed Versace
mansion in Miami Beach urged a Florida bankruptcy judge Sept. 9 to
terminate their lease with restaurant tenant Barton G at the Ocean
Drive property after prospective bidders expressed concern that
the lease may bind the purchaser.

According to the report, the property is set to be sold at a Sept.
17 auction, but the debtor, Casa Casuarina LLC, hopes to obtain a
declaration that Barton G has no possessory rights to the property
before that date.

                       About Casa Casuarina

Casa Casuarina, LLC, filed a Chapter 11 petition (Bankr. S.D. Fla.
Case No. 13-25645) in Miami on July 1, 2013.  Peter Loftin signed
the petition as manager.  Judge Laurel M. Isicoff presides over
the case.  The Debtor estimated assets of at least $50 million and
debts of at lease $10 million.  Joe M. Grant, Esq., at Marshall
Socarras Grant, P.L., serves as the Debtor's counsel.


CE-SCI CORPORATION: Incurs $4.4-Mil. Net Loss in June 30 Quarter
----------------------------------------------------------------
CEL-SCI Corporation filed its quarterly report on Form 10-Q,
reporting a net loss of $4.45 million on $113,728 of grant and
other income for the three months ended June 30, 2013, compared
with a net loss of $835,446 on $35,000 of grant and other income
for the three months ended June 30, 2012.

The Company reported a net loss of $7.47 million on $144,133 of
grant and other income for the nine months ended June 30, 2013,
compared with a net loss of $12.91 million on $146,567 of grant
and other income for the nine months ended June 30, 2012.

The Company's balance sheet at June 30, 2013, showed
$14.75 million in total assets, $6.95 million in total
liabilities, and stockholders' equity of $7.80 million.

"The condensed financial statements have been prepared assuming
that the Company will continue as a going concern, but due to
recurring losses from operations and future liquidity needs, there
is substantial doubt about the Company's ability to continue as a
going concern."

A copy of the Form 10-Q is available at http://is.gd/vqtIew

Vienna, Va.-based CEL-SCI Corporation (NYSE MKT: CVM) is dedicated
to research and development directed at improving the treatment of
cancer and other diseases by utilizing the immune system, the
body's natural defense system.  Its lead investigational therapy
is Multikine (Leukocyte Interleukin, Injection), currently being
studied in a pivotal global Phase III clinical trial.  CEL-SCI is
also investigating an immunotherapy (LEAPS-H1N1-DC) as a possible
treatment for H1N1 hospitalized patients and as a vaccine (CEL-
2000) for Rheumatoid Arthritis (currently in preclinical testing)
using its LEAPS technology platform.


CENGAGE LEARNING: Blasts Creditors' Bid to Pursue Disputed Claims
-----------------------------------------------------------------
Law360 reported that Cengage Learning Inc. on Sept. 9 urged a New
York bankruptcy judge to deny creditors' efforts to pursue claims
on behalf of the bankrupt textbook publisher's estate, saying they
are trying to obtain undue leverage in the case and have no
standing to do so.

According to the report, the official committee of unsecured
creditors have requested permission to file suit on behalf of the
estate to track down certain copyright claims and causes of action
related to disputed collateral.  In a court filing, Cengage called
the motion "audacious," the report related.

                     About Cengage Learning

Stamford, Connecticut-based Cengage Learning --
http://www.cengage.com/-- provides innovative teaching, learning
and research solutions for the academic, professional and library
markets worldwide.  Cengage Learning's brands include
Brooks/Cole, Course Technology, Delmar, Gale, Heinle, South
Western and Wadsworth, among others.  Apax Partners LLP bought
Cengage in 2007 from Thomson Reuters Corp. in a $7.75 billion
transaction.  The acquisition was funded in part with $5.6 billion
in new debt financing.

Cengage Learning Inc. filed a petition for Chapter 11
reorganization (Bankr. E.D.N.Y. Case No. 13-bk-44106) on July 2,
2013, in Brooklyn, New York, after signing an agreement where
holders of $2 billion in first-lien debt agree to support a
reorganization plan.  The plan will eliminate more than $4 billion
of $5.8 billion in debt.

First-lien lenders who signed the so-called plan-support agreement
include funds affiliated with BlackRock Inc., Franklin Mutual
Adviser LLC, KKR & Co. and Oaktree Capital Management LP.  Second-
lien creditors and holders of unsecured notes aren't part of the
agreement.

The Debtors have tapped Kirkland & Ellis LLP as counsel, Lazard
Freres & CO. LLC as financial advisor, Alvarez & Marsal North
America, LLC, as restructuring advisor, and Donlin, Recano &
Company, Inc., as claims and notice agent.

A nine-member official committee of unsecured creditors has been
appointed in the Debtors' Chapter 11 cases.  Arent Fox LLP is the
proposed counsel for the Committee.  FTI Consulting, Inc., serves
as financial advisor to the Committee.  Moelis & Company LLC
serves as investment banker to the Committee.


CENGAGE LEARNING: Seeks Mediator for Plan Dispute
-------------------------------------------------
BankruptcyData reported that Cengage Learning filed with the U.S.
Bankruptcy Court a motion for entry of an order (a) approving
appointment of a mediator and scheduling mediation in connection
with confirmation of the Debtors' Plan, (b) scheduling certain
hearing dates and deadlines in connection with confirmation of the
Debtors' Plan and (c) scheduling certain hearing dates and
deadlines in connection with certain contested issues relating to
the Debtors' Plan.

The motion explains, "While progress is being made, the Debtors
believe that further progress requires that a clear and definitive
process be established for the Debtors and all parties in interest
to address the critical issues in these chapter 11 cases. And this
needs to be done in an efficient and expeditious manner. The
Debtors' position is and has been clear in these chapter 11 cases:
the Debtors need to emerge from bankruptcy expeditiously, while
preserving and protecting the rights of all parties in interest In
the Committee's Adjournment Motion (the 'Adjournment Motion'), the
Committee requested that the hearing to on the Disclosure
Statement occur no earlier than October 25, 2013 and that the
confirmation hearing be scheduled no earlier than December 10,
2013. This timeframe achieves the Debtors' need of emerging from
chapter 11 by year end, while assuring that all parties' rights
are preserved and protected. However, the Debtors firmly believe
that this can only be accomplished if a definitive schedule is set
and a mediator is appointed. The Debtors do not believe the issues
in this case are particularly unique or complicated and that the
parties should be able to work through the outstanding issues on
their proposed timeline, especially with the assistance of a
mediator."

Separately, the Debtor's also filed a motion to shorten the time
period with respect to this motion.

                     About Cengage Learning

Stamford, Connecticut-based Cengage Learning --
http://www.cengage.com/-- provides innovative teaching, learning
and research solutions for the academic, professional and library
markets worldwide.  Cengage Learning's brands include
Brooks/Cole, Course Technology, Delmar, Gale, Heinle, South
Western and Wadsworth, among others.  Apax Partners LLP bought
Cengage in 2007 from Thomson Reuters Corp. in a $7.75 billion
transaction.  The acquisition was funded in part with $5.6 billion
in new debt financing.

Cengage Learning Inc. filed a petition for Chapter 11
reorganization (Bankr. E.D.N.Y. Case No. 13-bk-44106) on July 2,
2013, in Brooklyn, New York, after signing an agreement where
holders of $2 billion in first-lien debt agree to support a
reorganization plan.  The plan will eliminate more than $4 billion
of $5.8 billion in debt.

First-lien lenders who signed the so-called plan-support agreement
include funds affiliated with BlackRock Inc., Franklin Mutual
Adviser LLC, KKR & Co. and Oaktree Capital Management LP.  Second-
lien creditors and holders of unsecured notes aren't part of the
agreement.

The Debtors have tapped Kirkland & Ellis LLP as counsel, Lazard
Freres & CO. LLC as financial advisor, Alvarez & Marsal North
America, LLC, as restructuring advisor, and Donlin, Recano &
Company, Inc., as claims and notice agent.

A nine-member official committee of unsecured creditors has been
appointed in the Debtors' Chapter 11 cases.  Arent Fox LLP is the
proposed counsel for the Committee.  FTI Consulting, Inc., serves
as financial advisor to the Committee.  Moelis & Company LLC
serves as investment banker to the Committee.


COMMODORE PLAZA: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: Commodore Plaza Parking, LC
        3138 Commodore Plaza
        Coconut Grove, FL 33133

Bankruptcy Case No.: 13-31332

Chapter 11 Petition Date: September 6, 2013

Court: U.S. Bankruptcy Court
       Southern District of Florida (Miami)

Judge: Robert A. Mark

Debtor's Counsel: Robert C. Meyer, Esq.
                  ROBERT C. MEYER, P.A.
                  2223 Coral Way
                  Miami, FL 33145
                  Tel: (305) 285-8838
                  Fax: (305) 285-8919
                  E-mail: meyerrobertc@cs.com

Estimated Assets: $1,000,001 to $10,000,000

Estimated Debts: $1,000,001 to $10,000,000

The Company did not file a list of creditors together with its
petition.

The petition was signed by Manuel Alonso-Poch, managing member.


CONSOLIDATED CAPITAL: Incurs $69,000 Net Loss in Second Quarter
---------------------------------------------------------------
Consolidated Capital Institutional Properties/2, LP, filed its
quarterly report on Form 10-Q, reporting a net loss of $69,000 on
$669,000 of total revenues for the three months ended June 30,
2013, compared with a net loss of $111,000 on $647,000 of total
revenues for the corresponding period last year.

The Partnership reported a net loss of $226,000 on $1.31 million
of total revenues for the six months ended June 30, 2013, compared
with a net loss of $246,000 on $1.25 million of total revenues for
the same period in 2012.

The Partnership's balance sheet at June 30, 2013, showed
$8.75 million in total assets, $11.59 million in total
liabilities, and a partners' deficit of $2.84 million.

"The Partnership Agreement provides that the Partnership is to
terminate on Dec. 31, 2013, unless terminated prior to such date.
Since the Partnership's term will expire on Dec. 31, 2013, and the
term cannot be extended, the General Partner began marketing the
Partnership's investment property for sale in 2013.  However,
there can be no assurance that the General Partner will be
successful in its attempt to sell the property during 2013.  The
2013 financial statements do not include any adjustments to
reflect the possible future effects on the recoverability and
classification of assets or the amounts and classification of
liabilities that may result from the outcome of this uncertainty."

A copy of the Form 10-Q is available at http://is.gd/aw5QCJ

Greenville, South Carolina-based Consolidated Capital
Institutional Properties/2, LP's investment property consists of
one apartment complex in Wood Ridge, Illinois.  The general
partner of the Partnership is ConCap Equities, Inc.


COUNTRY HOMES: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Country Homes Building & Design Group, Inc.
        3250 Hedwig Lane
        Collegeville, PA 19426

Bankruptcy Case No.: 13-17794

Chapter 11 Petition Date: September 6, 2013

Court: U.S. Bankruptcy Court
       Eastern District of Pennsylvania (Philadelphia)

Judge: Magdeline D. Coleman

Debtor's Counsel: Arsen Kashkashian, Esq.
                  KASHKASHIAN & ASSOCIATES
                  10 Canal Street
                  Bristol, PA 19007
                  Tel: (215) 781-9500
                  E-mail: kashlaw@aol.com

Estimated Assets: $1,000,001 to $10,000,000

Estimated Debts: $1,000,001 to $10,000,000

The Company did not file a list of creditors together with its
petition.

The petition was signed by Christopher Condello, president.


DALLAS ROADSTER: Wants More Time to Confirm Plan
------------------------------------------------
Dallas Roadster Limited and Ieda Enterprise, Inc., asked the U.S.
Bankruptcy Court for the Eastern District of Texas to extend the
deadline to confirm a Plan of Reorganization.

This is the Debtors' second request for exclusivity extension.
On July 12, 2013, the Court entered an order establishing
Sept. 30, 2013, as the deadline for Debtors to confirm a plan of
reorganization, subject to extensions for cause.

According to the Debtors, presuming the disclosure statement is
approved on Sept. 9, there is insufficient time for a confirmation
hearing to be scheduled prior to the current Sept. 30 deadline.

The Debtor did not mention in its court pleading until when the
extension would be.

J. Bennett White, Esq. at J. Bennett White, P.C represents the
Debtors.

           About Dallas Roadster and IEDA Enterprises

Dallas Roadster, Limited, owns and operates an auto dealership
with locations in both Richardson and Plano, Texas.  IEDA
Enterprises, Inc., is the general partner of Roadster.

Dallas Roadster and IEDA Enterprises filed for Chapter 11
bankruptcy (Bankr. E.D. Tex. Case Nos. 11-43725 and 11-43726) on
Dec. 12, 2011.  Chief Judge Brenda T. Rhoades oversees both cases.
J. Bennett White, P.C., replaced DeMarco Mitchell, PLLC, as the
Debtors' bankruptcy counsel.  Dallas Roadster disclosed $9,407,469
in assets and $4,554,517 in liabilities as of the Chapter 11
filing.

The Debtors' assets were placed under the care of a receiver on
Nov. 16, 2011, pursuant to a state court action by Texas Capital
Bank, National Association.

No trustee has been appointed in the Chapter 11 cases.


DALLAS ROADSTER: Files Fourth Amended Plan Outline
--------------------------------------------------
Dallas Roadster Limited and Ieda Enterprise, Inc., on Aug. 30
submitted to the U.S. Bankruptcy Court for the Eastern District
of Texas a Fourth Amended Disclosure Statement explaining the
Chapter 11 Plan.

According to the Amended Disclosure Statement, as Dallas
Roadster's general partner, IEDA Enterprise, is liable for all
debts of Dallas Roadster.  Thus, to the extent claims against
Dallas Roadster are addressed by the Plan, IEDA Enterprise's
liability on those claims will be resolved.  The claims addressed
by IEDA Enterprise include only those claims that have not been
asserted against Dallas Roadster.

The Plan is based on Dallas Roadster continuing its operations as
it has in the past.  Payment of all claims against Dallas Roadster
is made from revenue generated by the Debtor's operations.  The
Plan proposes full payment of all Allowed Claims.

The Plan also contemplates that onerous operating restrictions
imposed by Texas Capital Bank will be removed, thus providing
Dallas Roadster with a greater opportunity to return to its
previous profitability than has been available to it while this
Bankruptcy Case has been pending.

A copy of the Disclosure Statement is available for free at
http://bankrupt.com/misc/DALLAS_ROADSTER_4ds.pdf

           About Dallas Roadster and IEDA Enterprises

Dallas Roadster, Limited, owns and operates an auto dealership
with locations in both Richardson and Plano, Texas.  IEDA
Enterprises, Inc., is the general partner of Roadster.

Dallas Roadster and IEDA Enterprises filed for Chapter 11
bankruptcy (Bankr. E.D. Tex. Case Nos. 11-43725 and 11-43726) on
Dec. 12, 2011.  Chief Judge Brenda T. Rhoades oversees both cases.
J. Bennett White, P.C., replaced DeMarco Mitchell, PLLC, as the
Debtors' bankruptcy counsel.  Dallas Roadster disclosed $9,407,469
in assets and $4,554,517 in liabilities as of the Chapter 11
filing.

The Debtors' assets were placed under the care of a receiver on
Nov. 16, 2011, pursuant to a state court action by Texas Capital
Bank, National Association.

No trustee has been appointed in the Chapter 11 cases.


DETROIT, MI: Leaders Say City Tried to Avoid Bankruptcy
-------------------------------------------------------
Katy Stech, writing for Daily Bankruptcy Review, reported that
facing "rapidly dwindling" cash that threatened Detroit's public
health and safety, city leaders said that they had no choice but
to place the 700,000-resident city under bankruptcy protection in
July before wrapping up negotiations that could have cut the
city's roughly $18 billion debtload.

                    About Detroit, Michigan

The city of Detroit, Michigan, weighed down by more than
$18 billion in accrued obligations, sought municipal bankruptcy
protection on July 18, 2013, by filing a voluntary Chapter 9
petition (Bankr. E.D. Mich. Case No. 13-53846).  Detroit listed
more than $1 billion in both assets and debts.

Kevyn Orr, who was appointed in March 2013 as Detroit's emergency
manager, signed the petition.  Detroit is represented by
lawyers at Jones Day and Miller Canfield Paddock and Stone PLC.

Michigan Governor Rick Snyder authorized the bankruptcy filing.

The filing makes Detroit the largest American city to seek
bankruptcy, in terms of population and the size of the debts and
liabilities involved.

The city's $18 billion in debt includes $5.85 billion in special
revenue obligations, $6.4 billion in post-employment benefits,
$3.5 billion for underfunded pensions, $1.13 billion on secured
and unsecured general obligations, and $1.43 billion on pension-
related debt, according to a court filing.  Debt service consumes
42.5 percent of revenue.  The city has 100,000 creditors and
20,000 retirees.

Detroit is represented by David G. Heiman, Esq., and Heather
Lennox, Esq., at Jones Day, in Cleveland, Ohio; Bruce Bennett,
Esq., at Jones Day, in Los Angeles, California; and Jonathan S.
Green, Esq., and Stephen S. LaPlante, Esq., at Miller Canfield
Paddock and Stone PLC, in Detroit, Michigan.

Sharon Levine, Esq., at Lowenstein Sandler LLP, is representing
the American Federation of State, County and Municipal Employees
and the International Union.

Babette Ceccotti, Esq., at Cohen, Weiss & Simon LLP, is
representing the United Automobile, Aerospace and Agricultural
Implement Workers of America.

A nine-member official committee of retired workers was appointed
in the case.  The Retirees' Committee is represented by Dentons US
LLP.


DETROIT, MI: Says Ch. 9 Opponents Are Inventing Requirements
------------------------------------------------------------
Law360 reported that lawyers for Detroit hit back Sept. 6 at the
100-plus objections to its Chapter 9 eligibility bid, saying the
unions, pensions and bondholders challenging its bankruptcy are
ignoring key facts and inventing standards for bankruptcy
protection that don't exist.

According to the report, the city, which will argue its case for
eligibility before a Michigan bankruptcy judge next week, said in
a consolidated response to the objections that it has met the
criteria for obtaining Chapter 9 relief.

                    About Detroit, Michigan

The city of Detroit, Michigan, weighed down by more than
$18 billion in accrued obligations, sought municipal bankruptcy
protection on July 18, 2013, by filing a voluntary Chapter 9
petition (Bankr. E.D. Mich. Case No. 13-53846).  Detroit listed
more than $1 billion in both assets and debts.

Kevyn Orr, who was appointed in March 2013 as Detroit's emergency
manager, signed the petition.  Detroit is represented by
lawyers at Jones Day and Miller Canfield Paddock and Stone PLC.

Michigan Governor Rick Snyder authorized the bankruptcy filing.

The filing makes Detroit the largest American city to seek
bankruptcy, in terms of population and the size of the debts and
liabilities involved.

The city's $18 billion in debt includes $5.85 billion in special
revenue obligations, $6.4 billion in post-employment benefits,
$3.5 billion for underfunded pensions, $1.13 billion on secured
and unsecured general obligations, and $1.43 billion on pension-
related debt, according to a court filing.  Debt service consumes
42.5 percent of revenue.  The city has 100,000 creditors and
20,000 retirees.

Detroit is represented by David G. Heiman, Esq., and Heather
Lennox, Esq., at Jones Day, in Cleveland, Ohio; Bruce Bennett,
Esq., at Jones Day, in Los Angeles, California; and Jonathan S.
Green, Esq., and Stephen S. LaPlante, Esq., at Miller Canfield
Paddock and Stone PLC, in Detroit, Michigan.

Sharon Levine, Esq., at Lowenstein Sandler LLP, is representing
the American Federation of State, County and Municipal Employees
and the International Union.

Babette Ceccotti, Esq., at Cohen, Weiss & Simon LLP, is
representing the United Automobile, Aerospace and Agricultural
Implement Workers of America.

A nine-member official committee of retired workers was appointed
in the case.  The Retirees' Committee is represented by Dentons US
LLP.


DETROIT, MI: State Argues Governor and Others Have Privileged Info
------------------------------------------------------------------
Alissa Priddle, writing for The Detroit Free Press, reported that
testimony by Gov. Rick Snyder and other state officials on
Detroit's eligibility for bankruptcy is not relevant and involves
privileged information, the Attorney General's Office said in a
document filed late Sept. 9.

U.S. Bankruptcy Judge Stephen Rhodes will oversee a hearing Sept.
10 that could be politically charged with the question of whether
unions have the right to depose the state's governor and others
prior to the Oct. 23 hearing on whether the city is eligible for
bankruptcy protection, according to the report.

Lawyers for the Michigan Council 25 of the American Federation of
State, County & Municipal Employees as well as the UAW say they
must be able to take discoveries of key officials, under oath, to
cover all the issues of their objections to the city's eligibility
for Chapter 9, the report related.  Depositions were also sought
for top Snyder adviser Richard Baird, Auditor General Thomas
McTavish and Frederick Headen, legal adviser for the Michigan
Department of Treasury. The unions also seek additional documents
from the state.

Attorneys for the Michigan Attorney General's Office filed a
motion Aug. 30 to quash the subpoenas, arguing that the state
officials would not provide additional insight into the
eligibility question, the report related.  The lawyers called them
"outside the scope of discovery allowed" and said they constitute
an "unnecessary and undue burden."

The latest brief from Attorney General Bill Schuette's office
repeats the belief the depositions and document requests are
annoying, unnecessary and time-consuming -- the information sought
can be found in public documents as well as the deposition of
emergency manager Kevyn Orr and others, the report further
related.

                    About Detroit, Michigan

The city of Detroit, Michigan, weighed down by more than
$18 billion in accrued obligations, sought municipal bankruptcy
protection on July 18, 2013, by filing a voluntary Chapter 9
petition (Bankr. E.D. Mich. Case No. 13-53846).  Detroit listed
more than $1 billion in both assets and debts.

Kevyn Orr, who was appointed in March 2013 as Detroit's emergency
manager, signed the petition.  Detroit is represented by
lawyers at Jones Day and Miller Canfield Paddock and Stone PLC.

Michigan Governor Rick Snyder authorized the bankruptcy filing.

The filing makes Detroit the largest American city to seek
bankruptcy, in terms of population and the size of the debts and
liabilities involved.

The city's $18 billion in debt includes $5.85 billion in special
revenue obligations, $6.4 billion in post-employment benefits,
$3.5 billion for underfunded pensions, $1.13 billion on secured
and unsecured general obligations, and $1.43 billion on pension-
related debt, according to a court filing.  Debt service consumes
42.5 percent of revenue.  The city has 100,000 creditors and
20,000 retirees.

Detroit is represented by David G. Heiman, Esq., and Heather
Lennox, Esq., at Jones Day, in Cleveland, Ohio; Bruce Bennett,
Esq., at Jones Day, in Los Angeles, California; and Jonathan S.
Green, Esq., and Stephen S. LaPlante, Esq., at Miller Canfield
Paddock and Stone PLC, in Detroit, Michigan.

Sharon Levine, Esq., at Lowenstein Sandler LLP, is representing
the American Federation of State, County and Municipal Employees
and the International Union.

Babette Ceccotti, Esq., at Cohen, Weiss & Simon LLP, is
representing the United Automobile, Aerospace and Agricultural
Implement Workers of America.

A nine-member official committee of retired workers was appointed
in the case.  The Retirees' Committee is represented by Dentons US
LLP.


DIAMONDBACK ENERGY: Moody's Rates Proposed $450MM Notes 'Caa1'
--------------------------------------------------------------
Moody's Investors Service assigned first time ratings to
Diamondback Energy, Inc., including a B3 Corporate Family Rating,
a Caa1 rating to the company's proposed $450 million senior
unsecured notes, and an SGL-2 Speculative Grade Liquidity Rating
reflecting good liquidity through mid-2014. The rating outlook is
stable.

Net proceeds from the note issue will be used to finance a $440
million acquisition of mineral interests in Midland County, Texas
that was announced on September 3, 2013.

Founded in October 2007, Diamondback became a public company
following an IPO in October 2012, and is 25.2% owned by Wexford
Capital LP, an SEC registered investment advisor, and 12.1% owned
by Gulfport Energy Corporation.

Assignments:

Issuer: Diamondback Energy, Inc.

Corporate Family Rating, Assigned B3

Probability of Default Rating, Assigned B3-PD

Speculative Grade Liquidity Rating, Assigned SGL-2

Senior Unsecured Regular Bond/Debenture, Assigned Caa1
(LGD4, 67%)

Ratings Rationale:

"Diamondback's B3 CFR reflects its relatively small scale upstream
operations, high leverage in terms of production and proved
developed (PD) reserves following the Midland acquisition,
concentrated geographic presence, and significant capital
requirements through 2014 as it develops its reserves," commented
Sajjad Alam, Moody's Analyst. "The CFR is supported by
Diamondback's liquids-rich production platform (74% oil,15% NGLs
in the second quarter of 2013), prolific Permian Basin acreage,
predictable geological risks and long production history of the
Wolfberry play where most of its development efforts are underway,
and the high degree (99%) of operational control over its
leasehold acreages that should allow flexible capital allocation
and development."

The proposed unsecured notes are notched below the B3 CFR given
the significant size of the priority claim senior secured
revolving credit facility in the liability structure. The $180
million borrowing base revolver has first-lien claims to
substantially all of Diamondback's assets. The Caa1 note rating
reflects both the overall probability of default of Diamondback,
to which Moody's assigned a PDR of B3-PD, and a loss given default
of LGD4 (67%), under Moody's Loss Given Default Methodology.

While Diamondback's core assets are located in one of the most
productive and oil-endowed US basins featuring multiple stacked
pay zones, where horizontal drilling and completion technologies
can be applied to enhance production, recovery and returns, the
company will have to spend a significant amount of capital through
2014 to develop these assets, de-risk acreage, retain leases and
move toward break-even cash flow.

Notwithstanding its growth potential, Diamondback's current pro
forma production base of about 9,600 barrels of oil equivalent per
day (boe/d) and proved reserves of 58 million boe are small
compared to higher rated E&P companies. The assumption of
significant acquisition related debt will also keep leverage
metrics weak through 2014. Pro forma for the $450 million debt
issue and recent acquisitions, Diamondback's debt to average daily
production of approximately $47,000 per boe and debt to PD
reserves $17.50 per boe -- considered high for the B3 rating
level.

Diamondback should have good liquidity to cover its cash needs
through mid-2014, which is captured in Moody's SGL-2 Speculative
Grade Liquidity Rating. The company had approximately $69 million
of pro forma cash (after factoring in payments for recently
announced acquisitions) and full availability under its $180
million borrowing base revolver at June 30, 2013. Diamondback is
in negotiations with its lending banks and the borrowing base will
likely be increased to $275-$300 million and the maturity date
will be extended (from October 15, 2014) following the completion
of the acquisitions and the note offering in October 2013. The
company will outspend cash flow through 2014, which can be managed
with available cash and revolver borrowings. However, if
Diamondback accelerates capital expenditures or acquires
meaningful additional assets, the company will need external
funding beyond 2014. There should be sufficient headroom under the
financial covenants governing the credit facility to provide
access to the revolver.

The stable outlook assumes that production will grow steadily from
the 8,000 boe/d level and leverage will improve in the coming
quarters.

An upgrade will be considered if production volumes approach
18,000 boe/d with a debt to average daily production ratio under
$35,000 boe/d.

A downgrade is possible if debt to average daily production
remains above $50,000 per boe over a sustained period. Weak
liquidity could also prompt a negative rating action.

The principal methodology used in rating this issuer was the
Global Independent Exploration and Production Industry Methodology
published in December 2011. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.

Based in Midland, Texas, Diamondback Energy, Inc. is an oil and
gas exploration and production company with primary focus on the
Wolfberry play of the Permian Basin in West Texas.


DIGITAL ANGEL: Has $16,000 Loss from Continuing Operations in Q2
----------------------------------------------------------------
Digital Angel Corporation filed its quarterly report on Form 10-Q,
reporting net income of $2,000 for the three months ended June 30,
2013, compared with net loss of $846,000 for the same period last
year.  It reported no revenue or gross profit from continuing
operations for the quarters ended June 30, 2013 and 2012.

The Company reported a net loss of $76,000 for the six months
ended June 30, 2013, compared with a net loss of $4.69 million for
the six months ended June 30, 2012.

The Company reported no revenue or gross profit from continuing
operations for the three and six months ended June 30, 2013, and
2012, respectively.

During the quarters ended June 30, 2013, and 2012, the Company
reported a loss from continuing operations of $16,000 and
$455,000, respectively.

During the six months ended June 30, 2013, and 2012, the Company
reported a loss from continuing operations of $356,000 and
$1.36 million, respectively.

The Company's balance sheet at June 30, 2013, showed $1.52 million
in total assets, $3.51 million in total liabilities, and a
stockholders' deficit of $1.99 million.

"Our historical sources of liquidity have included proceeds from
the sale of businesses and assets, the sale of common stock and
preferred shares and proceeds from the issuance of debt.  In
addition to these sources, other sources of liquidity may include
the raising of capital through additional private placements or
public offerings of debt or equity securities, as well as joint
ventures.  However, going forward some of these sources may not be
available, or if available, they may not be on favorable terms.
If we were unable to obtain the funds necessary to fund VeriTeQ's
operations, it would have a material adverse effect on our
financial condition, results of operations and cash flows and
could result in our inability to continue operations as a going
concern.  These conditions indicate that there is substantial
doubt about our ability to continue operations as a going concern,
as we may be unable to generate the funds necessary to pay our
obligations in the ordinary course of business."

A copy of the Form 10-Q is available at http://is.gd/QRyBHJ

Delray Beach, Florida-based Digital Angel Corporation's operations
now consist primarily of the VeriTeQ Acquisition Corporation.
VeriTeQ is engaged in the business of radio frequency
identification, technologies for implantable medical device
identification and dosimeter technologies for use in radiation
therapy treatment.  On May 3, 2013, the Company sold its mobile
game business to MGT Capital Investments, Inc., and has accounted
for its mobile games division as discontinued operations.


DPL INC: Poor Performance Cues Moody's to Downgrade CFR to Ba2
--------------------------------------------------------------
Moody's Investors Service downgraded the senior unsecured rating
of DPL Inc. to Ba2 from Ba1 and the Issuer Rating of its regulated
utility subsidiary, The Dayton Power & Light Company, to Baa3 from
Baa2. These actions conclude the reviews for possible downgrade
that were initiated on November 9th, 2012. The rating outlooks for
DPL and DP&L are stable.

Ratings Rationale:

"The one-notch downgrades reflect a greater-than-expected decline
in DPL's key consolidated financial metrics as well as additional
anticipated pressure on metrics going forward" said Moody's Vice
President Scott Solomon. "The stable rating outlook is supported
by a somewhat supportive regulatory outcome of the company's
electric security plan or ESP providing for a predictable
incremental revenue stream through at least 2016" added Solomon.

The decline in consolidated financial metrics has been driven by
higher-than-anticipated customer shopping within DP&L's service
territory. Approximately 65% of DP&L's retail electric volume has
switched to a competitive electric retail service provider or CRES
as of June 30, 2013, an amount larger than the 50% previously
anticipated. While DPLER, an affiliated company that is one of the
registered CRES providers operating in DP&L's service territory,
has acquired 63% of the switched load, the loss of customers and
reduced margins from customer shopping have pressured DPL's
consolidated operating margins and cash flows.

Consequently, DPL's consolidated metrics of cash flow from
operations pre-changes in working capital (CFO pre-WC) to debt and
interest coverage were approximately 10% and 3 times,
respectively, for the twelve months ended June 30, 2013. Moody's
had expected these specific metrics to range between 10-12% and to
be in excess of 3 times, respectively, following the company's
acquisition by The AES Corporation (AES: Ba3 CFR, stable) that was
completed in November 2011.

Moreover, Moody's expects DPL's consolidated cash flow and key
financial metrics to decline further from current levels. Drivers
for this expected trend include continued customer shopping and a
reduction in DP&L's standard service offer or SSO, the authorized
electric price charged to DP&L's retail customers that continue to
retain generation service from DP&L. Specifically, DPL's key
consolidated financial metrics of CFO pre-WC to debt and interest
coverage are now expected to be in the range of 8-10% and 2-3
times, respectively, through 2015, ranges that Moody's considers
more indicative of a Ba2 rating.

These credit negatives are offset in part by a service stability
rider approved in DP&L's recent ESP that will provide $110 million
of annual pre-tax revenue beginning 2014 through at least 2016.
DP&L had requested approval to collect the service stability rider
for a five-year transition period.

This rating action also took into consideration the uncertainty of
DP&L and DPL's financial profile upon expiration of the ESP. The
forecasted consolidated financial metrics for DPL and DP&L would
be substantially weaker without the collection of this rider.
Consequently, it is critical that DPL reduce its operating costs
and leverage profile over the next three years to improve its
competitive position.

The ESP requires DP&L to effectuate the separation of its
generating assets from its transmission and distribution
operations no later than May 31, 2017. Terms in DP&L's existing
financing documents prevent it from achieving separation without
either repaying in full $884 million of DP&L debt currently
secured by the company's first mortgage or amending the first
mortgage by obtaining the required consents.

The business and financial risks profiles of DPL and DP&L upon
corporate separation will be dependent on several external factors
including DP&L's allowed capital structures, DPL's consolidated
leverage position and market conditions for unregulated power at
that time all of which could potentially precipitate subsequent
rating consequences.

DP&L's rating is currently constrained by DPL's highly leveraged
balance sheet. In addition to the approximate $900 million in
long-term debt at DP&L, there is $1,470 million of long-term
holding company debt at DPL. Funds to meet DPL's debt service are
primarily derived from DP&L; therefore, the rating action at DPL
triggered similar action at DP&L.

DPL and DP&L's ratings could be downgraded should customer
shopping levels exceed Moody's revised expectations such that
DPL's key consolidated financial metrics of CFO pre-WC to debt and
interest coverage fall below 8% and 2 times, respectively, over
the near-term. Moreover, signs that DPL will be unable to provide
competitive generation services in an unregulated environment may
also trigger negative rating action.

An upgrade of DPL and/or DP&L is not currently anticipated. That
said, a reduction in consolidated debt levels in a manner that
provides for DPL's consolidated CFO pre-WC to debt and interest
coverage to exceed 12% and 3 times, respectively, could trigger
upward movement in DPL and DP&L's ratings.

Issuer: DPL Inc.

Ratings Downgraded:

Senior Unsecured Rating to Ba2 from Ba1

Outlook Actions:

Outlook, Changed to Stable

Issuer: The Dayton Power and Light Company

Ratings Downgraded:

Senior Secured Bonds to Baa1 from A3

Issuer Rating and Senior Unsecured Debt to Baa3 from Baa2

Preferred Stock to Ba2 from Ba1

Outlook Actions:

Outlook, Changed to Stable


EASTMAN KODAK: Amends Stock Purchase Agreement with KPP Trustees
----------------------------------------------------------------
Eastman Kodak Company entered into an agreement amending and
restating the Stock and Asset Purchase Agreement, dated as of
April 26, 2013, between the Company, KPP Trustees Limited and the
other parties.

The Amended KPP Purchase Agreement amends the Original KPP
Purchase Agreement by providing for, among other things, a series
of deferred closings that will take place in certain foreign
jurisdictions following the initial closing under the Amended KPP
Purchase Agreement.  These deferred closings implement the legal
transfer of the Personalized Imaging and Document Imaging
businesses to KPP subsidiaries in these foreign jurisdictions in
accordance with local law.  Pursuant to the Amended KPP Purchase
Agreement, the Company will operate the Business in the deferred
closing jurisdictions, subject to certain covenants, and will
deliver to (or receive from) a KPP subsidiary at each deferred
closing a true-up payment reflecting the actual economic benefit
(or detriment) to the Business in the applicable deferred closing
jurisdictions from the time of the initial closing through the
time of the applicable deferred closing.

The Amended KPP Purchase Agreement further provides that at the
initial closing the Company will cause promissory notes issued by
a Company subsidiary to be delivered to KPP or its subsidiaries in
consideration for the portion of the purchase price payable by KPP
or its subsidiaries at the initial closing allocated to the
portion of the Business that otherwise would be transferred at the
initial closing but will instead be transferred at the deferred
closings.  These promissory notes will be used by KPP or its
subsidiaries for the purpose of funding any local currency payment
required to be made by KPP or its subsidiaries to the Company's
foreign subsidiaries under local law in these foreign
jurisdictions at a deferred closing.

                         About Eastman Kodak

Rochester, New York-based Eastman Kodak Company and its U.S.
subsidiaries on Jan. 19, 2012, filed voluntarily Chapter 11
petitions (Bankr. S.D.N.Y. Lead Case No. 12-10202) in Manhattan.
Subsidiaries outside of the U.S. were not included in the filing
and are expected to continue to operate as usual.

Kodak, founded in 1880 by George Eastman, was once the world's
leading producer of film and cameras.  Kodak sought bankruptcy
protection amid near-term liquidity issues brought about by
steeper-than-expected declines in Kodak's historically profitable
traditional businesses, and cash flow from the licensing and sale
of intellectual property being delayed due to litigation tactics
employed by a small number of infringing technology companies
with strong balance sheets and an awareness of Kodak's liquidity
challenges.

In recent years, Kodak has been working to transform itself from
a business primarily based on film and consumer photography to a
smaller business with a digital growth strategy focused on the
commercialization of proprietary digital imaging and printing
technologies.  Kodak has 8,900 patent and trademark registrations
and applications in the United States, as well as 13,100 foreign
patents and trademark registrations or pending registration in
roughly 160 countries.

Attorneys at Sullivan & Cromwell LLP and Young Conaway Stargatt &
Taylor, LLP, serve as counsel to the Debtors.  FTI Consulting,
Inc., is the restructuring advisor.   Lazard Freres & Co. LLC, is
the investment banker.  Kurtzman Carson Consultants LLC is the
claims agent.

The Official Committee of Unsecured Creditors has tapped Milbank,
Tweed, Hadley & McCloy LLP, as its bankruptcy counsel.

Michael S. Stamer, Esq., David H. Botter, Esq., and Abid Qureshi,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represent the
Unofficial Second Lien Noteholders Committee.

The Retirees Committee has hired Haskell Slaughter Young &
Rediker, LLC, and Arent Fox, LLC as Co-Counsel; Zolfo Cooper,
LLC, as Bankruptcy Consultants and Financial Advisors; and the
Segal Company, as Actuarial Advisors.

Robert J. Stark, Esq., Andrew Dash, Esq., and Neal A. D'Amato,
Esq., at Brown Rudnick LLP, represent Greywolf Capital Partners
II; Greywolf Capital Overseas Master Fund; Richard Katz, Kenneth
S. Grossman; and Paul Martin.

Kodak completed the $527 million sale of digital-imaging
technology on Feb. 1, 2013.  Kodak intends to reorganize by
focusing on the commercial printing business.

At the end of April 2013, Kodak filed a proposed reorganization
plan offering 85 percent of the stock to holders of the remaining
$375 million in second-lien notes.  The other 15 percent is for
unsecured creditors with $2.7 billion in claims and retirees who
have a $635 million claim from the loss of retirement benefits.


EDGE PRODUCTS: Car Electronics Maker Files for Bankruptcy
---------------------------------------------------------
Reuters reported that Edge Products LLC, a manufacturer of
electronics for vehicle manufacturers, filed for chapter 11
bankruptcy, a court filing showed.

According to the report, company estimated liabilities of between
$100 million and $500 million and assets of $50 million to $100
million.

For the 12 months ended July 31, the company generated about $8.2
million in net revenue, the filing showed, the report related.

Edge Products makes products such as ignition systems and monitors
for major vehicle manufacturers, the report said.

The case is in re Edge Products LLC, Case No. 13-12295, U.S.
Bankruptcy Court, District of Delaware.


ENERGAE LP: Suit Asking Receivership in Limbo
---------------------------------------------
AGWEEK reports that a lawsuit by two North Dakota investors
seeking to put an Iowa renewable energy company into receivership
is on indefinite hold.

On Aug. 5, Robert Hylden and Darren Sheldon of Fargo asked a Cerro
Gordo County district court to appoint a receiver to control
Energae LP of Clear Lake, Iowa, according to AGWEEK.

The report relates that Darrell Duane Smith of Forest City, Iowa,
who had been active in acquiring investments and loans for the
company, this summer, was permanently stripped of his insurance
and investment licenses in Iowa.  Mr. Smith also promoted the
company for its tax credits, some of which have been used in North
Dakota, and in March 2012 promoted a sugar beet-to-ethanol process
in Grafton, N.D., that has since been mothballed, the report
notes.

The report discloses that Alan Rosca, a Cleveland lawyer, who is
one of several lawyers working with law firms in New Orleans and
Iowa, says an Aug. 27 hearing was cancelled.  Mr. Rosca said the
suit was technically dismissed at the plaintiffs' request, but
"without prejudice," meaning it can be reactivated at any time,
the report notes.

Mr. Rosca, the report relays, says the firm is in negotiations
attempting to settle on a solution outside of court.

The report notes that the initial action asked the court to
appoint the receiver or at least freeze all of the company's funds
until Smith was "permanently removed."

Mr. Rosca said that the overall strategy is to get someone new
running the company.

Jon Alexandres is currently listed as the "general partner" for
the company.

In the petition, Mr. Hylden said he invested $8,000 in Energae or
its I-Lenders affiliate, the report relays.  Mr. Sheldon invested
$39,000, including $7,000 for a "green energy" tax credit, the
report notes.

They said a May 20, letter from Energae indicates the company lost
money in 2012, 2011 and 2010. Hylden and Sheldon had asked for
unspecified compensatory and punitive damages, as well as legal
costs, the report relays.

Separately, the Chapman LLC law firm in Cleveland on July 16 filed
claims with the Financial Industry Regulatory Authority against
Smith's former securities employer, the report discloses.

The report notes that the FINRA claim said Denver-based Cetera LLC
(formerly Multi-Financial Securities) is "liable for investor
losses because it failed to detect and stop Smith's fraudulent and
illegal sales of those investments."

Mr. Johnson said 15 Iowa individuals are demanding a total of more
than $1 million in compensation, plus attorney fees and punitive
damages, the report says.

John S. Chapman, of Chapman LLC, says no hearing or trial with
three arbitrators has been scheduled, but he hopes one can be
scheduled for July under an "accelerated calendar," the report
notes.

Mr. Chapman said he asked FINRA for an accelerated process in part
because of the advanced age of some plaintiffs, the report adds.


ENERGY FUTURE: Moody's Says Bankruptcy Looms at Year's End
----------------------------------------------------------
Energy Future Holdings Corp. is likely to announce a material
restructuring by the end of the year in a bankruptcy filing that
could be one of the 10 largest non-financial corporate
bankruptcies in the US since 1980, says Moody's Investors Service
in the report "Energy Future Holdings Corp.: What a Bankruptcy
Would Mean for Investors."

Although it is most likely that the financially distressed
subsidiary Texas Competitive Electric Holdings and its
intermediate subsidiary holding company Energy Future Competitive
Holdings will file for bankruptcy, Moody's says that when they do,
it is probable that Energy Future Holdings and Energy Future
Intermediate Holdings will also file for bankruptcy; however,
under no scenario does Oncor, the regulated utility in the EFH
family or its holding company, Oncor Electric Delivery Holdings,
file for bankruptcy.

"Regardless of which entities file, we think the restructuring
will be relatively amenable and organized," says Moody's Associate
Managing Director Jim Hempstead, in the report.

Moody's is most confident that Texas Competitive Electric Holdings
and Energy Future Competitive Holdings will file for bankruptcy
because they have roughly $30 billion in debt but only $15 billion
in perceived value.

"The $15 billion needs to be spread across a complex corporate and
capital structure, choked by multiple classes of secured and
unsecured debt, intercompany guarantees and indenture amendments,"
says Moody's Hempstead.

Moody's Lost Given Default methodology for assessing potential
losses points to average losses of roughly 50% on debt of both
these entities as well as on the roughly $8.3 billion of debt
outstanding at Energy Future Holdings and Energy Future
Intermediate Holdings if they were to also file for bankruptcy.

Senior secured first-lien lenders would fare best, while senior
unsecured lenders at EFH and EFCH would see very low recoveries.

As for collateralized loan obligations that own EFH debt, the
impact of a bankruptcy should be minimal. Ratings on the CLOs
already account for the likelihood of default and assume low
recovery values, says Moody's.


ENGLOBAL CORP: Reports $1.59-Mil. Net Loss in 2nd Quarter
---------------------------------------------------------
ENGlobal Corporation filed its quarterly report on Form 10-Q,
reporting a net loss of $1.59 million on $50.65 million of
revenues for the three months ended June 29, 2013, compared with a
net loss of $9.83 million on $59.15 million of revenues for the
three months ended June 30, 2012.

The Company reported net income of $350,000 on $100.41 million of
revenues for the six months ended June 29, 2013, compared with a
net loss of $9.99 million on $118.32 million of revenues for the
six months ended June 30, 2012.

The Company's balance sheet at June 29, 2013, showed
$59.37 million in total assets, $33.64 million in total
liabilities, and stockholders' equity of $25.74 million.

"For most of 2012, the Company had operated under difficult
circumstances.  For the year ended Dec. 29, 2012, the Company
reported a net loss of approximately $33.6 million that included a
non-cash charge of approximately $16.9 million related to a
goodwill impairment and a non-cash charge of approximately
$6.8 million related to a valuation allowance established in
connection with the Company's deferred tax assets.  During 2012,
its net borrowings under its revolving credit facilities increased
approximately $10.5 million to fund its operations.  Due to
challenging market conditions, its revenues and profitability
declined during 2012.  Although the Company implemented a profit
improvement plan in the fourth quarter of 2012, the results of
that plan are not expected to be fully realized until later this
year.  These circumstances raised substantial doubt about the
Company's ability to continue as a going concern."

A copy of the Form 10-Q is available at http://is.gd/A3mXNS

Houston-based ENGlobal Corporation (Nasdaq: ENG) is a provider of
engineering and related project services primarily to the energy
sector throughout the United States and internationally.  ENGlobal
operates through two business segments: Automation and
Engineering.  ENGlobal's Automation segment provides services
related to the design, fabrication and implementation of advanced
automation, control, instrumentation and process analytical
systems.  The Engineering segment provides consulting services for
the development, management and execution of projects requiring
professional engineering, construction management, and related
support services.


ENGLOBAL CORP: Inks Third Amendment to PNC Bank Loan Agreement
--------------------------------------------------------------
ENGlobal Corporation, ENGlobal U.S., Inc., ENGlobal International,
Inc., ENGlobal Government Services, Inc., entered into the Third
Amendment to Revolving Credit and Security Agreement and Limited
Consent, with PNC Bank, National Association, as administrative
agent for the lenders, on Aug. 30, 2013.

Under the terms of the Third Amendment, the Lenders waived all
existing events of default, consented to the Company's sale of its
Gulf Coast Operations and further amended the Company's Revolving
Credit and Security Agreement dated as of May 29, 2012, with the
Lenders to extend credit to the Borrowers in the form of loans on
a revolving basis of up to $10 million, including a sub-facility
for standby or trade letters of credit up to an amount not to
exceed $1.5 million.

Any Loans will bear interest at (a) the sum of the Alternate Base
Rate (defined as a fluctuating rate equal to the highest of (x)
the commercial lending rate of Agent as publicly announced and in
effect on that day, (y) the daily federal funds open rate as
quoted by ICAP North America, Inc., in effect on that day plus 1/2
of 1 percent, and (z) the Daily Libor Rate plus 1 percent (with
the Daily LIBOR Rate determined by taking the LIBOR rate published
in the Wall Street Journal and dividing it by a number equal to 1
minus the reserve percentage on that day as determined by the
Board of Governors of the Federal Reserve), plus 2.75 percent or
(b) the sum of the Eurodollar Rate (defined as a fluctuating rate
determined by Agent by dividing the quoted LIBOR rate (as selected
from a variety of sources) by a number equal to 1 minus the
reserve percentage on that day as determined by the Board of
Governors of the Federal Reserve), plus 3.75 percent.

The Borrowers will pay PNC Bank, on behalf of the Lenders, a fee
for issuing each letter of credit in the amount equal to the daily
amount available to be drawn under such letter of credit
multiplied by 3.75 percent.  Those fees to the Agent will be
payable quarterly in arrears.  The Borrowers will also pay to the
issuer of each letter of credit a fronting fee of 0.25 percent per
annum together with all administrative expenses associated with
issuing the letter of credit.

All Loans and all other obligations outstanding under the Loan
Agreement will be payable in full on Sept. 30, 2014, unless
otherwise terminated pursuant to the terms of the Loan Agreement.

Although the Company is no longer required to comply with a
Tangible Net Worth covenant, the Company is required to comply
certain financial covenants.

A copy of the Third Amendment is available for free at:

                       http://is.gd/FL8Mjp

                          About ENGlobal

Headquartered in Houston, Texas, ENGlobal --
http://www.ENGlobal.com-- is a provider of engineering and
related project services principally to the energy sector
throughout the United States and internationally.  ENGlobal
operates through two business segments: Automation and Engineering
& Construction.  ENGlobal's Automation segment provides services
related to the design, fabrication and implementation of process
distributed control and analyzer systems, advanced automation, and
related information technology.  The Engineering & Construction
segment provides consulting services relating to the development,
management and execution of projects requiring professional
engineering as well as inspection, construction management,
mechanical integrity, field support, quality assurance and plant
asset management.  ENGlobal currently has approximately 1,400
employees in 11 offices and 9 cities.

The Company's balance sheet at March 30, 2013, showed
$70.79 million in total assets, $43.51 million in total
liabilities, all current, and $27.28 million in total
stockholders' equity.

                          Going Concern

"The Company has been operating under difficult circumstances
since the beginning of 2012.  For the year ended December 29,
2012, the Company reported a net loss of approximately $33.6
million that included a non-cash charge of approximately $16.9
million relating to a goodwill impairment and a non-cash charge of
approximately $6.8 million relating to a valuation allowance
established in connection with the Company's deferred tax assets.
During 2012, our net borrowings under our revolving credit
facilities increased approximately $10.5 million to fund our
operations.  Due to challenging market conditions, our revenues
and profitability declined during 2012 and continued to weaken
through the first quarter of 2013.  As a result, we have failed to
comply with several financial covenants under our credit
facilities resulting in defaults.  Although we have sold assets,
reduced debt and decreased personnel in an attempt to improve our
liquidity position, we cannot assure you that we will be
successful in obtaining the cure or waiver of the defaults under
our credit facilities.  If we fail to obtain the cure or waiver of
the defaults under the facilities, the lenders may exercise any
and all rights and remedies available to them under their
respective agreements, including demanding immediate repayment of
all amounts then outstanding or initiating foreclosure or
insolvency proceedings.  In such event and if we are unable to
obtain alternative financing, our business will be materially and
adversely affected, and we may be forced to sharply curtail or
cease our operations.  As a part of our efforts to improve our
cash flow and restore our financial relationship with our lenders
under the PNC Credit Facility, we engaged an investment banking
firm to pursue strategic alternatives on behalf of the Company and
a consulting firm to assist the Company with cost cutting efforts.

These circumstances raise substantial doubt about the Company's
ability to continue as a going concern," according to the
Company's quarterly report for the period ended March 30, 2013.


EXCEL MARITIME: Committee's Bid to Terminate Exclusivity Denied
---------------------------------------------------------------
For reasons stated on record during the hearing held Aug. 29,
2013, Judge Robert D. Drain of the U.S. Bankruptcy Court for the
Southern District of New York denied the Official Committee of
Unsecured Creditors' motion to terminate the exclusive plan filing
and solicitation periods of Excel Maritime Carriers LTD., et al.

As previously reported, the Committee asserted that the Chapter 11
cases cannot afford to be held hostage to the Debtors' pre-
petition self-serving decisions and should not be forced to bear
the consequences of the Debtors' inappropriate pre- and post-
petition conduct.  If the Debtors' projections are accurate, these
cases will have one opportunity to pursue confirmation of a plan,
the Committee also asserted.  Based on the infirmities contained
in the Debtors' Plan and the fact that the Committee is prepared
to file a confirmable plan, terminating exclusivity will move
these cases forward materially, the Committee said.

The Debtors and their Senior Lenders objected to the Committee's
motion, arguing that there is no basis to terminate the exclusive
periods and that even though the Ivory Shipping Transaction is an
integral part of the reorganization plan and the Debtors' overall
restructuring, it is somehow immunized from having to comply with
the Bankruptcy Code and applicable Supreme Court precedent
including the market test requirement.  The Debtors and the Senior
Lenders also asserted that the Committee has made insufficient
progress on a competing equity investment and on an alternative
plan to warrant termination of the exclusive periods, and
terminating exclusivity will delay the plan process and materially
increase expense.

                       About Excel Maritime

Based in Athens, Greece, Excel Maritime Carriers Ltd. --
http://www.excelmaritime.com/-- is an owner and operator of dry
bulk carriers and a provider of worldwide seaborne transportation
services for dry bulk cargoes, such as iron ore, coal and grains,
as well as bauxite, fertilizers and steel products.  Excel owns a
fleet of 40 vessels and, together with 7 Panamax vessels under
bareboat charters, operates 47 vessels (5 Capesize, 14 Kamsarmax,
21 Panamax, 2 Supramax and 5 Handymax vessels) with a total
carrying capacity of approximately 3.9 million DWT.  Excel Class A
common shares have been listed since Sept. 15, 2005, on the New
York Stock Exchange (NYSE) under the symbol EXM and, prior to that
date, were listed on the American Stock Exchange (AMEX) since
1998.

The company blamed financial problems on low charter rates.

The balance sheet for December 2011 had assets of $2.72 billion
and liabilities totaling $1.16 billion.  Excel owes $771 million
to secured lenders with liens on almost all assets.  There is $150
million owing on 1.875 percent unsecured convertible notes.

Excel Maritime, filed a Chapter 11 petition (Bankr. S.D.N.Y. Case
No. 13-bk- 23060) on July 1, 2013, in New York after signing an
agreement where secured lenders owed $771 million support a
reorganization plan filed alongside the petition.

Excel, which sought bankruptcy with a number of affiliates, has
tapped Skadden, Arps, Slate, Meagher & Flom LLP, as counsel;
Miller Buckfire & Co. LLC, as investment banker; and Global
Maritime Partners Inc., as financial advisor.

A five-member official committee of unsecured creditors was
appointed by the U.S. Trustee.  The Creditors' Committee is
represented by Michael S. Stamer, Esq., Sean E. O'Donnell, Esq.,
and Sunish Gulati, Esq., at AKIN GUMP STRAUSS HAUER & FELD LLP, in
New York; and Sarah Link Schultz, Esq., at AKIN GUMP STRAUSS HAUER
& FELD LLP, in Dallas, Texas.


EXCEL MARITIME: Oct. 18 Set as Last Day to File Proofs of Claim
---------------------------------------------------------------
Judge Robert D. Drain of the U.S. Bankruptcy Court for the
Southern District of New York entered an order (a) establishing
(i) Oct. 18, 2013 at 5:00 p.m. (Eastern Time), as the deadline for
each person or entity other than a "Governmental Unit" to file a
proof of claim against any Debtor to assert any claim that arose
prior to July 1, 2013; and (ii) Dec. 30, 2013 at 5:00 p.m.
(Eastern Time) as the deadline for each Governmental Unit to file
a Proof of Claim to assert any Claim.

                       About Excel Maritime

Based in Athens, Greece, Excel Maritime Carriers Ltd. --
http://www.excelmaritime.com/-- is an owner and operator of dry
bulk carriers and a provider of worldwide seaborne transportation
services for dry bulk cargoes, such as iron ore, coal and grains,
as well as bauxite, fertilizers and steel products.  Excel owns a
fleet of 40 vessels and, together with 7 Panamax vessels under
bareboat charters, operates 47 vessels (5 Capesize, 14 Kamsarmax,
21 Panamax, 2 Supramax and 5 Handymax vessels) with a total
carrying capacity of approximately 3.9 million DWT.  Excel Class A
common shares have been listed since Sept. 15, 2005, on the New
York Stock Exchange (NYSE) under the symbol EXM and, prior to that
date, were listed on the American Stock Exchange (AMEX) since
1998.

The company blamed financial problems on low charter rates.

The balance sheet for December 2011 had assets of $2.72 billion
and liabilities totaling $1.16 billion.  Excel owes $771 million
to secured lenders with liens on almost all assets.  There is $150
million owing on 1.875 percent unsecured convertible notes.

Excel Maritime, filed a Chapter 11 petition (Bankr. S.D.N.Y. Case
No. 13-bk- 23060) on July 1, 2013, in New York after signing an
agreement where secured lenders owed $771 million support a
reorganization plan filed alongside the petition.

Excel, which sought bankruptcy with a number of affiliates, has
tapped Skadden, Arps, Slate, Meagher & Flom LLP, as counsel;
Miller Buckfire & Co. LLC, as investment banker; and Global
Maritime Partners Inc., as financial advisor.

A five-member official committee of unsecured creditors was
appointed by the U.S. Trustee.  The Creditors' Committee is
represented by Michael S. Stamer, Esq., Sean E. O'Donnell, Esq.,
and Sunish Gulati, Esq., at Akin Gump Strauss Hauer & Feld LLP, in
New York; and Sarah Link Schultz, Esq., at Akin Gump Strauss Hauer
& Feld LLP, in Dallas, Texas.


EXIDE TECHNOLOGIES: Incurs $91.2-Mil. Net Loss in June 30 Quarter
-----------------------------------------------------------------
Exide Technologies filed its quarterly report on Form 10-Q,
reporting a net loss of $91.2 million on $682 million of net sales
for the three months ended June 30, 2013, compared with a net loss
of $106 million on $693.44 million of net sales for the three
months ended June 30, 2012.

Loss before reorganization items, net was $51.4 million for the
three months ended June 30, 2013, compared to $14.3 million for
the three months ended June 30, 2012.

Reorganization items for the three months ended June 30, 2013,
totaled $39.54 million, including professional fees of
$24.03 million.

Loss before income taxes was $90.91 million for the three months
ended June 30, 2013, compared to $14.66 million for the three
months ended June 30, 2012.

Income tax expense was $309,000 for the three months ended
June 30, 2013, compared to $91.81 million for the three months
ended June 30, 2012.

"The income tax expense for the three month period ended June 30,
2012, included the recognition of taxes on income and losses in
almost all of the Company's jurisdictions with the exception of
the United States, Spain and the United Kingdom, on which full
valuation allowances are recorded.  The Company established a full
valuation allowance for the United States in the quarter after
determining that it was not more likely than not that the Company
would realize all deductible temporary differences and
carryforwards in the forseeable future.  This discrete item
resulted in an $87.6 million charge to expense.  In addition, the
effective tax rate for the first three months was affected by the
recognition of $10.8 million in valuation allowances on current
period tax benefits."

The Company's balance sheet at June 30, 2013, showed
$1.996 billion in total assets, $1.926 billion in total
liabilities, and stockholders' equity of $69.94 million.

A copy of the Form 10-Q is available at http://is.gd/LIPsGy

                     About Exide Technologies

Milton, Georgia-based Exide Technologies -- http://www.exide.com/
-- manufactures and distributes lead acid batteries and other
related electrical energy storage products.

Exide first sought Chapter 11 protection (Bankr. Del. Case No.
02-11125) on April 14, 2002 and exited bankruptcy two years after.
Matthew N. Kleiman, Esq., and Kirk A. Kennedy, Esq., at Kirkland &
Ellis, and James E. O'Neill, Esq., at Pachulski Stang Ziehl &
Jones LLP represented the Debtors in their successful
restructuring.

Exide returned to Chapter 11 bankruptcy (Bankr. D. Del. Case No.
13-11482) on June 10, 2013.

For the new case, Exide has tapped Anthony W. Clark, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP, and Pachulski Stang
Ziehl & Jones LLP as counsel; Alvarez & Marsal as financial
advisor; Sitrick and Company Inc. as public relations consultant
and GCG as claims agent.

The Debtor disclosed $1.89 billion in assets and $1.14 billion in
liabilities as of March 31, 2013.

Exide's international operations were not included in the filing
and will continue their business operations without supervision
from the U.S. courts.

The Official Committee of Unsecured Creditors is represented by
Lowenstein Sandler LLP and Morris, Nichols, Arsht & Tunnell LLP as
co counsel.  Zolfo Cooper, LLC serves as its bankruptcy
consultants and financial advisors.


FIELDWOOD ENERGY: Moody's Assigns 'B1' CFR; Outlook Stable
----------------------------------------------------------
Moody's Investors Service assigned first time ratings to Fieldwood
Energy LLC, including a B1 Corporate Family Rating, a Ba2 rating
to the proposed $900 million first lien term loan, a B2 rating to
the proposed $1.7 billion second lien term loan and a SGL-2
Speculative Grade Liquidity Rating. Fieldwood's rating outlook is
stable.

Net proceeds from the senior secured credit facilities, along with
$100 million in drawings under the revolving credit facility and
equity investment by Riverstone Holdings LLC, will be used to
finance its acquisition of Apache Corporation's shallow Gulf of
Mexico (GoM) assets for approximately $3.75 billion (excluding
$1.5 billion of assumed plugging and abandonment (P&A)
liabilities).

"While Fieldwood has the largest asset base of any pure play GoM
operator, geographic concentration in and risks of operating
offshore constrain its ratings," commented Saulat Sultan, Moody's
Vice President. "There is also limited opportunity for credit
accretion through early 2015 due to significant P&A related
funding obligations."

Rating Assignments:

  Corporate Family Rating of B1

  Probability of Default Rating of B1-PD

  Speculative Grade Liquidity Rating, Assigned SGL-2

  $900 million first lien senior secured term loan, rated Ba2
  (LGD2, 22%)

  $1.7 billion second lien senior secured term loan, rated B2
  (LGD5 75%)

Rating Rationale:

Fieldwood's B1 Corporate Family Rating is underpinned by its large
scale in the GoM shelf with mostly proved developed reserves (PD)
that are diversified across multiple fields. Fieldwood's
management and Riverstone have previously partnered successfully
on shallow water GoM operator Dynamic Offshore, which Moody's
views as a credit positive along with the fact that the company
would be retaining most members of Apache's GoM engineering and
management team.

However, Fieldwood's ratings are constrained by geographic
concentration in the GoM and unique challenges associated with
operating there, relatively high leverage, weak free cash flow
generation through the end of 2014 primarily due to large P&A
related outflows, lack of operating history and audited financials
as a standalone business, and risks associated with ownership by
private equity sponsors.

The proposed first lien term loan is rated Ba2, two notches above
the CFR, because it has an all-asset pledge (pari passu with the
revolving credit facility) and a priority claim over second lien
obligations. The proposed second lien term loan is rated B2, or
one notch below the CFR, due to the priority claims of the
revolving facility and first lien term loan. The assigned B2
rating on the second lien facility also reflects a 1-notch
override to the outcome under Moody's Loss Given Default
Methodology (LGD). The override acknowledges the strong underlying
value of Fieldwood's assets. The P&A liabilities have a junior
security claim compared to the proposed senior secured credit
facilities.

Fieldwood should have good liquidity to cover its cash needs
through the end of 2014 which is captured in the assigned SGL-2
rating. The company will produce slightly breakeven free cash flow
in this period, mainly due to large P&A spending obligations.
Fieldwood will issue letters of credit as part of its P&A
obligations (per the decommissioning agreement with Apache), which
along with borrowings under the revolving credit facility, result
in revolver availability of just under $400 million. The company's
alternate liquidity is limited given all of its assets are
encumbered by its secured credit facilities. Moody's expects
Fieldwood to remain in compliance of covenants under its credit
faculties.

The stable outlook assumes Fieldwood will grow its production and
reserves base over time while maintaining a conservative leverage
profile and use excess cash flow to pay down debt. Growing
production, increased cash flow generation and lower leverage
could result in a positive ratings action. An upgrade is possible
with longer operating history as a standalone entity and improving
leverage metrics (excluding P&A liabilities), with debt / average
daily production and debt / PD approaching $25,000 and $13.00,
respectively. The CFR could be downgraded if leverage increases
from current levels for a sustained period or if liquidity weakens
materially (debt / average daily production and debt / PD
sustained above $35,000 and $15.00, respectively). Primarily debt-
funded acquisitions that pressure leverage metrics or liquidity
could also lead to a negative ratings action.

The principal methodology used in rating Fieldwood was the Global
Independent Exploration and Production Industry Methodology
published in December 2011. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.

Fieldwood Energy LLC is an independent oil and gas exploration and
production company headquartered in Houston, Texas.


FLORIDA GAMING: Obtains Order Establishing Trading Procedures
-------------------------------------------------------------
The U.S. Bankruptcy Court has entered an order establishing
procedures for trading in Florida Gaming Corporation's common
stock that are designed to assist the company in preserving its
net operating losses.

On Aug. 30, 2013, the U.S. Bankruptcy Court for the Southern
District of Florida granted a motion and entered an order on the
docket, designed to assist the company in preserving its net
operating losses by prohibiting certain transfers of equity
interests in the company.  The order will remain in effect until
the Bankruptcy Court holds a hearing to reconsider the
appropriateness of the interim relief.

In general, the order requires that any person seeking to acquire
ownership of more than 4.9 percent of the Company's common stock,
before that acquisition, file with the Bankruptcy Court and serve
on the "Notice Parties" named in the order (i) a Declaration of
Intent to Purchase, Acquire or Otherwise Accumulate Common Stock
and (ii) a motion to approve any such contemplated transaction.
The company (or any other interested party) would then have the
right to object to the proposed acquisition.

A copy of the Order is available for free at:

                        http://is.gd/fUMeAj

                        About Florida Gaming

Florida Gaming Centers Inc. filed for Chapter 11 bankruptcy
(Bankr. S.D. Fla. Case No. 13-29597) in Miami on Aug. 19, 2013.
Florida Gaming Centers operates a casino and jai-alai frontons in
Miami.  The Company listed debt of $138.3 million and assets of
$180 million in its petition.

Its parent, Florida Gaming Corp. (FGMG:US), and two other
affiliates also sought court protection.

Florida Gaming previously negotiated a sale of virtually all its
assets to casino operator Silvermark LLC for $115 million in cash
and $14 million in assumed liabilities.  A provision in the
financing agreement required Florida Gaming to make an additional
payment to the lender -- ABC Funding -- if the assets are sold to
third party.  Jefferies LLC was hired to determine that amount,
about $26.8 million, and valued the company at more than $180
million.

Luis Salazar, Esq., Esq., at Salazar Jackson in Miami, represents
Florida Gaming.

ABC Funding, LLC, as Administrative Agent for a consortium of
prepetition lenders, and the prepetition lenders are represented
by Dennis Twomey, Esq., and Andrew F. O'Neill, Esq., at SIDLEY
AUSTIN LLP, in Chicago, Illinois; and Drew M. Dillworth, Esq., and
Marissa D. Kelley, Esq., at STEARNS WEAVER MILLER WEISSLER
ALHADEFF & SITTERSON, P.A., in Miami, Florida.  The Prepetition
Lenders are Summit Partners Subordinated Debt Fund IV-A, L.P.,
Summit Partners Subordinated Debt Fund IV-B, L.P., JPMorgan Chase
Bank, N.A., Locust Street Funding LLC, Canyon Value Realization
Fund, L.P., Canyon Value Realization Master Fund, L.P., Canyon
Distressed Opportunity Master Fund, L.P., and Canyon-GRF Master
Fund II, L.P.


FTS INTERNATIONAL: S&P Affirms 'B-' CCR; Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B-'
corporate credit rating on Ft. Worth, Texas-based FTS
International Services LLC (FTS) and revised the outlook to stable
from negative.

At the same time, we affirmed our 'B+' issue-level rating (two
notches higher than the corporate credit rating) on the company's
senior unsecured debt.  The recovery rating remains '1',
indicating S&P's expectation of very high (90% to 100%) recovery
for bondholders in the event of a payment default.

S&P also placed its 'CCC+' issue-level rating on the company's
structurally subordinated term loan, held at parent company FTS
International Inc., on CreditWatch with positive implications,
reflecting the possibility that the company will use asset sale
proceeds to pay down its unsecured notes, thereby benefiting
recovery prospects for the term loan holders.  The recovery rating
on this debt is '5', indicating S&P's expectation for modest (10%
to 30%) recovery in the event of a payment default.

"Our stable outlook on FTS reflects our expectation that asset
sale proceeds will be used to reduce debt to levels more
appropriate for the rating category and that liquidity will remain
adequate," said Standard & Poor's credit analyst Carin Dehne-
Kiley.

S&P could downgrade the company if liquidity deteriorates
materially, which could occur if the company's EBITDA margins fall
to less than 8% for a sustained period, likely due to either a
drop in demand or further increases in fracking capacity.

S&P could raise the rating on FTS if the company reduced leverage
to less than 5x for a sustained period.  This would most likely
occur if U.S. fracking market conditions improve more than S&P
currently expects, or if the company can meaningfully reduce debt,
either from an IPO, additional asset sales or an equity infusion
by a strategic investor.


GLW EQUIPMENT: Withdraws Application to Hire Financial Consultant
-----------------------------------------------------------------
GLW Equipment Leasing, LLC, withdrew its application to employ
GuideSource as its financial consultant.  The Debtor did not state
the reason of that withdrawal.

GLW Equipment Leasing, LLC, filed a bare-bones Chapter 11 petition
(Bankr. D. Minn. Case No. 13-44202) in Minneapolis, Minnesota, on
Aug. 27, 2013.  Warren Cadwallader signed the petition as
president.  The Debtor estimated at least $10 million in assets
and liabilities.  Michael F. McGrath, Esq. -- E-mail:
mfmcgrath@ravichmeyer.com -- at Ravich Meyer Kirkman Mcgrath
Nauman & Tansey, P.A., Minneapolis, MN, serves as the Debtor's
counsel.  Judge Katherine A. Constantine presides over the case.


GREEN FIELD: Payment Default Triggers Moody's Rating Downgrades
---------------------------------------------------------------
Moody's Investors Service downgraded Green Field Energy Services,
Inc.'s Corporate Family Rating to Ca and Probability of Default
Rating to Ca-PD / LD. The $250 million senior secured notes rating
was also downgraded to C from Caa2. Green Field's liquidity is
weak and the rating outlook is negative.

"The downgrade of Green Field's ratings reflects its default of
principal payment on its credit facility with Shell, which in turn
triggered a cross default under the senior secured notes," said
Saulat Sultan, Moody's Vice President. "The company's business
model is unproven and its survival remains predicated on new
equity contributions and further concessions from debtholders."

Downgrades:

  Corporate Family Rating, Downgraded to Ca from Caa2

  Probability of Default Rating, Downgraded to Ca-PD/
  LD from Caa2-PD

  Senior Secured Notes Due 2016, Downgraded to C (LGD 5/72%)
  from Caa2 (LGD 4 / 60%)

Outlook Change:

  Changed to Negative from Stable

Ratings Rationale:

Green Field's Ca CFR reflects its default on its credit facility
with Shell Western Exploration and Production Inc. (not rated), a
subsidiary of Royal Dutch Shell plc (Shell, Aa1 stable) and its
senior secured notes. The company also did not receive the
committed preferred stock investment from its owner and CEO (Mr.
Michael Moreno, who owns 93% of the company).

The company has weak liquidity. Cash and cash flow are
insufficient to fund sizable obligations relating to its, interest
expense, mandatory debt amortization and capital expenditures In
the absence of new equity investment from existing or new capital
providers, Green Field has significant "going concern" issues.

The $250 million senior secured notes are rated one notch below
the CFR due to their lower ranking than the Shell facility in the
capital structure and expected weak recovery in the event of a
restructuring.

The negative outlook reflects Moody's view that Green Field's debt
servicing obligations are unsustainable and will likely need to be
restructured. A downgrade will occur if Green Field files for
creditor protection or restructures its debt in a manner
economically detrimental to the full claims of its lenders. The
rating is unlikely to be upgraded.

The principal methodology used in rating Green Field Energy was
the Global Oilfield Services Industry Methodology published in
December 2009. Other methodologies used include Loss Given Default
for Speculative-Grade Non-Financial Companies in the U.S., Canada
and EMEA published in June 2009.

Green Field Energy Services, Inc. is headquartered in Lafayette,
Louisiana.


HARVEST NATURAL: Incurs $2.92-Mil. Net Loss in Second Quarter
-------------------------------------------------------------
Harvest Natural Resources, Inc., filed its quarterly report on
Form 10-Q, reporting a net loss of $2.92 million for the three
months ended June 30, 2013, compared with net income of
$10.77 million for the three months ended June 30, 2012.

The Company reported net income of $43.11 million for the six
months ended June 30, 2013, compared with net income of
$13.05 million for the six months ended June 30, 2012.

The Company currently does not have any revenue or operating cash
inflow.  Petrodelta, S.A., currently represents the Company's only
source of earnings.

Loss from continuing operations before net income from equity
affiliate was $10.20 million for the three months ended June 30,
2013, compared to loss from continuing operations before net
income from equity affiliate of $9.91 million for the three months
ended June 30, 2012.

Loss from continuing operations before net income from equity
affiliate was $13.30 million for the six months ended June 30,
2013, compared to loss from continuing operations before net
income from equity affiliate of $19.11 million for the six months
ended June 30, 2012.

The Company's balance sheet at June 30, 2013, showed
$613.16 million in total assets, $92.29 million in total
liabilities, and stockholders' equity of $520.87 million.

According to the regulatory filing, the Company's primary ongoing
source of cash has been dividends from Petrodelta and the sale of
oil and gas properties.  However, due to the lack of receipt of
dividends from Petrodelta, the Company's current source of cash is
expected to be generated by accessing debt and/or equity markets,
asset sales, and/or farm-downs.

"While we believe the issuance of additional equity securities,
short- or long-term debt financing, farm-downs, delay of the
discretionary portion of our capital spending to future periods
and/or operating cost reductions could be put into place which
would not jeopardize our operations and future growth plans, these
circumstances raise substantial doubt about our ability to
continue to operate as a going concern."

A copy of the Form 10-Q is available at http://is.gd/3afd1H

                  About Harvest Natural Resources

Houston-based Harvest Natural Resources, Inc., is an independent
energy company engaged in the acquisition, exploration,
development, production and disposition of oil and natural gas
properties since 1989, when it was incorporated under Delaware
law.

The Company has acquired and developed significant interests in
the Bolivarian Republic of Venezuela.  The Company's Venezuelan
interests are owned through Harvest-Vinccler Dutch Holding, B.V.,
a Dutch private company with limited liability.  The Company's
ownership of Harvest Holding is through HNR Energia, B.V., in
which the Company has a direct controlling interest.  Through HNR
Energia, the Company indirectly owns 80 percent of Harvest Holding
and the Company's partner, Oil & Gas Technology Consultants
(Netherlands) Cooperatie U.A., a controlled affiliate of
Venezolana de Inversiones y Construcciones Clerico, C.A.
("Vinccler"), indirectly owns the remaining 20 percent interest of
Harvest Holding.  The Company does not have a business
relationship with Vinccler outside of Venezuela.  Harvest Holding
owns, indirectly through wholly owned subsidiaries, 40 percent of
Petrodelta, S.A.

As the Company indirectly owns 80 percent of Harvest Holding, it
indirectly owns a net 32 percent interest in Petrodelta, S.A., and
Vinccler indirectly owns eight percent.


HIGH REV: Case Summary & 9 Unsecured Creditors
----------------------------------------------
Debtor: High Rev Power, LLC
        1170 Corporate Drive, Suite 204
        Arlington, TX 76006

Bankruptcy Case No.: 13-42193

Chapter 11 Petition Date: September 7, 2013

Court: United States Bankruptcy Court
       Eastern District of Texas (Sherman)

Debtor's Counsel: Eric A. Liepins, Esq.
                  ERIC A. LIEPINS P.C.
                  12770 Coit Road, Suite 1100
                  Dallas, TX 75251
                  Tel: (972) 991-5591
                  E-mail: eric@ealpc.com

Estimated Assets: $0 to $50,000

Estimated Debts: $1,000,001 to $10,000,000

A copy of the Company's list of its nine unsecured creditors,
filed together with the petition, is available for free at
http://bankrupt.com/misc/txeb13-42193.pdf

The petition was signed by Zhiyao Zhang, president.


HOWREY LLP: Hits 3 More Ex-Partners With Clawback Claims
--------------------------------------------------------
Law360 reported that the trustee for folded law firm Howrey LLP
launched a lawsuit against three former partners on Sept. 9,
seeking to claw back $596,183 in distributions made to the lawyers
while Howrey was insolvent, allegedly in violation of Howrey's
partnership agreement.

According to the report, the new suit comes less than two weeks
after a California bankruptcy judge approved a settlement
resolving approximately $515,000 in unfinished business claims
between Howrey, McDermott Will & Emery LLP and a former Howrey
partner who left to join McDermott in 2010.

                         About Howrey LLP

Three creditors filed an involuntary Chapter 7 petition (Bankr.
N.D. Cal. Case No. 11-31376) on April 11, 2011, against the
remnants of the Washington-based law firm Howrey LLP.  The filing
was in San Francisco, where the firm had an office.  The firm
previously was known as Howrey & Simon and Howrey Simon Arnold &
White LLP.  The firm at one time had more than 700 lawyers in 17
offices.  The partners voted to dissolve in March 2011.

The firm specialized in antitrust and intellectual-property
matters.  The three creditors filing the involuntary petition
together have $36,600 in claims, according to their petition.

The involuntary chapter 7 petition was converted to a chapter 11
case in June 2011 at the request of the firm.  In its schedules
filed in July, the Debtor disclosed assets of $138.7 million and
liabilities of $107.0 million.

Representing Citibank, the firm's largest creditor, is Kelley
Cornish, Esq., a partner at Paul, Weiss, Rifkind, Wharton &
Garrison.  Representing Howrey is H. Jason Gold, Esq., a partner
at Wiley Rein.

The Official Committee of Unsecured Creditors is represented in
the case by Bradford F. Englander, Esq., at Whiteford, Taylor And
Preston LLP.

In September 2011, Citibank sought conversion of the Debtor's case
to Chapter 7 or, in the alternative, appointment of a Chapter 11
Trustee.  The Court entered an order appointing a Chapter 11
Trustee. In October 2011, Allan B. Diamond was named as Trustee.


IBAHN CORP: Wins Approval for $1.5-Mil. Ch. 11 Loan
---------------------------------------------------
Law360 reported that a Delaware bankruptcy judge gave the interim
nod Sept. 9 to a slew of first-day motions in global hotel
Internet provider iBahn Corp.'s Chapter 11 case, including a
crucial $1.5 million post-petition loan to help keep the company
afloat through the process.

According to the report, U.S. Bankruptcy Judge Peter J. Walsh made
little comment when signaling his approval at a hearing in
Wilmington for the debtor-in-possession loan, which is combined
with a bid for the company to continue using cash collateral to
fund its case.

Salt Lake City, Utah-based IBahn Corp., a provider of Internet
services to hotels, sought bankruptcy protection (Bankr. D. Del.
Case No. 13-12285), citing a loss of contracts with largest
customer Marriott International Inc. and patent litigation costs.
IBahn Chief Financial Officer Ryan Jonson said the company had
assets of $13.6 million and it listed liabilities of as much as
$50 million in the Chapter 11 filing on Sept. 6.


IBAHN CORP: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: iBAHN Corporation
        2755 E. Cottonwood Parkway, Suite 400
        Salt Lake City, UT 84121

Bankruptcy Case No.: 13-12285

Chapter 11 Petition Date: September 6, 2013

Court: U.S. Bankruptcy Court
       District of Delaware (Delaware)

Judge: Peter J. Walsh

Debtors' Counsel: Timothy P. Cairns, Esq.
                  PACHULSKI STANG YOUNG & JONES, LLP
                  919 N. Market Street, 17th Floor
                  Wilmington, DE 19801
                  Tel: (302) 652-4100
                  Fax: (302) 652-4400
                  E-mail: tcairns@pszjlaw.com

                         - and ?

                  Bruce Grohsgal, Esq.
                  PACHULSKI, STANG, ZIEHL YOUNG & JONES, LLP
                  919 N. Market Street, 16th Floor
                  Wilmington, DE 19899-8705
                  Tel: (302) 778-6403
                  Fax: (302) 652-4400
                  E-mail: bgrohsgal@pszyj.com

                         - and ?

                  Laura Davis Jones, Esq.
                  PACHULSKI, STANG, ZIEHL YOUNG & JONES, LLP
                  919 N. Market Street, 17th Floor
                  Wilmington, DE 19899-8705
                  Tel: (302) 652-4100
                  Fax: (302) 652-4400
                  E-mail: ljones@pszjlaw.com

                         - and ?

                  James E. O'Neill, Esq.
                  PACHULSKI, STANG, ZIEHL YOUNG & JONES, LLP
                  919 North Market Street, 17th Floor
                  P.O. Box 8705
                  Wilmington, DE 19899-8705
                  Tel: (302) 652-4100
                  Fax: (302) 652-4400
                  E-mail: jo'neill@pszjlaw.com

Debtors'
Claims and
Noticing Agent:   EPIQ BANKRUPTCY SOLUTIONS

Estimated Assets: $0 to $50,000

Estimated Debts: $10,000,001 to $50,000,000

Affiliates that simultaneously filed for Chapter 11:

        Debtor                     Case No.
        ------                     --------
iBAHN General Holdings Corp.       13-12287
iBAHN Leasing LLC.                 13-12290

iBAHN Corporation did not file a list of creditors together with
its petition.

The petitions were signed by Ryan Jonson, chief financial officer.


ICON HEALTH: S&P Revises Outlook to Negative & Affirms 'B-' CCR
---------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its rating
outlook on Logan, Utah-based fitness equipment maker ICON Health &
Fitness, Inc. to negative from stable.  At the same time, S&P
affirmed all ratings, including its 'B-' corporate credit rating,
on the company.

"The outlook revision to negative from stable reflects our belief
that, in the absence of meaningful EBITDA improvement over the
next few quarters, ICON will be unable to internally fund fixed
charges in fiscal 2014," said Standard & Poor's credit analyst
Ariel Silverberg. (ICON's fiscal year ends May 31.)

S&P affirmed its 'B-' corporate credit rating based on the
company's successful reduction in inventory balances in 2013 from
abnormally high levels in fiscal 2012.  S&P believes that reduced
inventory levels could translate into less product discounting and
improved gross margin in 2014.

The 'B-' rating reflects S&P's assessment of ICON's financial risk
profile as "highly leveraged", and its assessment of its business
risk profile as "vulnerable", according to its criteria.  Based on
its likely sources and uses of cash over the next 12 to 18 months
and incorporating S&P's performance expectations, ICON has a less-
than-adequate liquidity profile, according to its criteria.

The negative outlook reflects the risk that ICON would be unable
to internally fund fixed charges in the absence of significant
EBITDA growth in fiscal 2014, which could further decrease excess
availability under the company's asset-based revolver.

Lower ratings are likely if there is a lack of EBITDA growth by
the second fiscal quarter, which would increase risks that ICON
would not be able to fund fixed charges on an ongoing basis.  This
scenario would be aligned with a 'CCC' category rating.

S&P could consider returning the outlook to stable if it believes
ICON can maintain EBITDA coverage of interest in the low-1x area.


INKIA ENERGY: Fitch Rates US$100-Mil. Unsecured Notes
-----------------------------------------------------
Fitch Ratings rates Inkia Energy Ltd.'s USD150 million reopening
senior unsecured notes due 2021. The company expects to use the
proceeds to finance its growth strategy.

Inkia' ratings are supported by the solid credit profile of its
most important subsidiary, Kallpa, which is an 870 MW (megawatt)
Peruvian thermoelectric generation company.  Kallpa's credit
quality is supported by its contractual position and competitive
cost structure; Inkia has a 75% participation in Kallpa. Inkia's
ratings also incorporate the geographic diversification of its
assets, large expansion project, and expected improvements in its
financial profile following the completion of these projects.

Key Rating Drivers

Credit Profile Linked to Kallpa

Kallpa's credit quality is supported by its competitive cost
structure and its contracted position. Kallpa has entered into
several power purchase agreements (PPAs). These PPAs total
approximately 1,063 MW of annual contracted capacity and add to
cash flow stability and predictability given the fixed capacity
payments and fuel cost pass-through clauses. The PPA's are also
linked to U.S. dollar, reducing the company's exposure to foreign
exchange risk, as the bulk of the company's debt is denominated in
dollars.

In August 2012, Kallpa completed its expansion project, which
increased the plant's installed capacity to 870 MW from 581 MW and
improved its efficiency through the installation of a 289 MW
combined-cycle unit. Kallpa's financial profile improved as a
result of this expansion. This company is expected to represent
approximately 60% of Inkia's consolidated EBITDA and 40% of cash
flow distributions. Kallpa's EBITDA should increase by
approximately USD100 million to USD150 million and decrease
leverage at this subsidiary to between 2.5 - 3.0x by year-end
2013.

High Leverage During Expansion

Inkia's stand-alone financial profile has historically been weak
for the rating category. Following the completion of Kallpa's
expansion project, Inkia's consolidated financial profile started
improving to a level consistent with the assigned rating. As of
June 2013, Inkia's consolidated leverage, as measured by total
senior debt to EBITDA, decreased to 3.8x from 4.8x at the end of
2012. During the next two to three years, the company's leverage
metrics are expected to weaken as the company issues debt, mostly
to finance its Cerro del Aguila project. Consolidated leverage
metrics are then expected to return to between 3.5x and 4.0x, in
line with the assigned rating category.

As of the last twelve months (LTM) ended June 2013, Inkia's
consolidated EBITDA (plus dividends) and net cash flow from
operations (CFO) were USD215 million and USD202 million,
respectively. Inkia had total consolidated debt of USD919 million
as of June 2013. After giving equity credit to a USD161 million
intercompany loan from its parent, Israel Corp., Inkia's adjusted
debt was USD818 million. Inkia's debt as of June 2013 was composed
of approximately USD292 million at the holding company level and
the balance was debt at its subsidiaries.

Adequate Liquidity Position

Inkia's liquidity position is adequate. As of June 30, 2013, the
company's consolidated cash position amounted to USD161 million,
of which approximately USD77 million was at the holding company
and USD84 million was at consolidated subsidiaries. The company's
liquidity position is supported by its cash on hand, readily
monetizable assets, as well as dividends and disbursements, which
range between USD20 million and USD30 million, from its different
subsidiaries. Inkia owns 21% of Edegel, which is the largest
generation company in Peru, with a current market capitalization
of approximately USD2.2 billion.

The company also benefits from favorable access to the local
capital markets to finance investment projects at the
subsidiaries' level. Currently, the company has been able to
secure through banks 100% of the required funds to finance the
construction of the Cerro del Aguila hydroelectric generation
plant. Inkia also benefits from the financial flexibility provided
by intercompany debt with its ultimate shareholder as this
subordinated debt does not carry a fixed amortization schedule and
does not share collateral (shares on assets) with Inkia's bonds.

Asset Diversification

Inkia's ratings also take into consideration the company's
geographic diversification. Excluding its Peruvian operations, the
company generated approximately 35% of its 2012 consolidated
EBITDA (plus dividends) from assets located in Bolivia (rated 'BB-
' by Fitch), Chile (rated 'A+'), the Dominican Republic (rated
'B') and El Salvador (rated 'BB-'). Over the past few years, cash
flow from these assets was of strategic importance for Inkia.
After the completion of Kallpa's expansion, these assets are
expected to represent smaller portion of cash distributions to the
holding company starting in 2013.

The consolidated credit metrics of Inkia should continue to be
characterized by relatively high leverage ratios in the medium
term, as the company continues its expansion strategy and finances
growth with debt at project level and to a lesser extent at the
holding company level.

Debt Structurally Subordinated

Inkia's debt is structurally subordinated to debt at the operating
companies. As of June 30, 2013, total debt at the subsidiary level
amounted to approximately USD526 million or 64% of total
consolidated adjusted debt. The bulk of this debt is represented
by notes issued by Kallpa to fund the capacity expansion. This
project-finance-like debt has a standard covenants package
including dividend restrictions and limitations on additional
indebtedness. Specifically, Kallpa is restricted from making
dividend payments to Inkia if its debt service coverage ratio
(DSCR) falls below 1.2x. Fitch's expects Kallpa's DSCR to reach
its lowest point in 2014 at 1.5x.

Rating Sensitivities

A negative rating action could be triggered by a combination of
the following factors:

  - Consolidated leverage does not decrease below 4.0x after Cerro
    del Aguila commence operations;

  - Inkia pursues additional opportunities in generation without
    an adequate amount of additional equity;

  - the company implements a dividends policy while leverage is
    high; or

  - the company's asset portfolio becomes more concentrated in
    countries with high political and economic risk.

Although a positive rating action is not expected in the near
future, any combination of the following factors could be
considered:

  - The Peruvian operation's cash flow contribution increases
    beyond current expectations; and/or

  - Leverage declines materially.


INVENT VENTURES: Incurs $243K Net Loss in Second Quarter
--------------------------------------------------------
INVENT Ventures, Inc., filed its quarterly report on Form 10-Q,
reporting a net decrease in net assets from operations of $242,508
on total revenues of $38,642 for the three months ended June 30,
2013, compared with net increase in net assets from operations of
$105,563 on total revenues of $31,500 for the same period last
year.

The Company reported a net decrease in net assets from operations
of $408,348 on $71,838 of total revenues for the six months ended
June 30, 2013, compared with a net decrease in net assets from
operations of $1.36 million on total revenues of $42,987 for the
corresponding period in 2012.

The Company's Statements of Net Assets at June 30, 2013, showed
$11.00 million in total assets, $1.05 million in total
liabilities, and net assets of $9.95 million.

A copy of the Form 10-Q is available at http://is.gd/yA4KTN

                       About INVENT Ventures

Las Vegas, Nevada-based INVENT Ventures, Inc., formerly known as
Los Angeles Syndicate of Technology, Inc., is a technology venture
fund that creates, builds, and invests in web and mobile
technology companies.  The Company develops businesses in the
consumer Internet, mobile and biotechnology markets, and owns six
companies at different stages of development.

                           *     *     *

As reported in the TCR on April 11, 2013, Paritz & Company, P.A.,
in Hackensack, New Jersey, expressed substantial doubt about
INVENT Ventures' ability to continue as a going concern, citing
that the Company will need to raise capital through sales of
Company stock to provide sufficient cash flow to fund the
Company's operations.


JUMP OIL: Lion Petroleum Buys 32 Gas Stations
---------------------------------------------
Jeffrey Tomich, writing for The St. Louis Post-Dispatch, reports
that Lion Petroleum has purchased 32 gas stations from Jump Oil
Co., including a dozen in the St. Louis metro area, according to
the Richmond, Va.-based investment bank that marketed the
properties.  The Post-Dispatch did not report on the financial
terms of the deal.

According to the report, Bankruptcy Judge Kathy A. Surratt-States
approved the sale of 48 Jump stations earlier this summer.
Casey's General Stores Inc. purchased four of the stores and 12
were sold to other buyers.

According to a report by the Troubled Company Reporter, the
Bankruptcy Court on July 9 issued an order approving the sales.
Colonial Pacific Leasing and CRE Venture 2011-1, LLC, the holders
of first priority liens and security interests in the assets
subject to the sale, consented to the deals.  The list of the
approved purchasers of the Property is available at
http://bankrupt.com/misc/jumpoil.doc182.pdf

                      About Jump Oil Company

Jump Oil Company owns 42 parcels of real property throughout the
state of Missouri, on which gas and service stations are operated
by various third-party lessees pursuant to lease agreements with
Debtor.  The gas stations are Phillips 66 branded stations,
pursuant to a branding and licensing agreement.

Jump Oil Company filed a Chapter 11 petition (Bankr. E.D.Mo.) on
Feb. 14, 2013, in St. Louis, Missouri to sell its gas stations
pursuant to 11 U.S.C. Sec. 363.  The Debtor disclosed $17,603,456
in assets and $26,276,060 in liabilities as of the Chapter 11
filing.

The Debtor has tapped Goldstein & Pressman, P.C. as counsel; HNWC
as financial consultants; Matrix Private Equities, Inc. as
financial advisor; Mariea Sigmund & Browning, LLC as special
counsel; and Wolff & Taylor, PC as accountants.

The Debtor's combined indebtedness as of the Petition Date, both
secured and unsecured, is $22.5 million.  Colonial Pacific Leasing
Station is owed $17.9 million secured by a perfected security
interest and liens 37 of the gas stations.  CRE Venture 2011-1,
LLC is owed $716,000 allegedly secured by three of the Debtor's
sites.  Lindell Bank is owed $347,000 allegedly secured by
interest in two of the Debtor's sites.


K-V PHARMACEUTICAL: Files Copy of Confirmation Order With SEC
-------------------------------------------------------------
K-V Pharmaceutical Company and its affiliates filed with the U.S.
Securities and Exchange Commission a copy of the order confirming
their Sixth Amended Joint Chapter 11 Plan of Reorganization.
As previously disclosed, the Bankruptcy Court approved the
Disclosure Statement for the Plan on July 17, 2013.  Consummation
of the Plan is subject to certain conditions precedent to
effectiveness, which the Debtors expect to satisfy on or about
Sept. 13, 2013.

The Plan provides that the holders of the Company's Senior Secured
Notes will receive payment in full of their claims for prepetition
principal and interest owing under the Senior Secured Notes in an
aggregate amount equal to approximately $230 million.  The
Debtors' existing debtor-in-possession financing will be repaid in
full.  The Plan provides that each holder of the Company's
Convertible Subordinated Notes will receive its pro rata share of
7 percent of the common stock, par value $0.01, of the reorganized
Company.  Each holder of an Allowed General Unsecured Claim will
receive its pro rata share of $10.25 million.  The Plan provides
for the modification of payments under certain prepetition
settlement agreements related to a criminal action against ETHEX
Corporation, a former subsidiary of the Company, and an action
pursuant to the qui tam provisions of the False Claims Act.

In addition, the Company conducted a $238 million Rights Offering
of the New Common Stock to holders of Convertible Subordinated
Notes that were accredited investors and voted to accept the Plan.
The Rights Offering, which was almost fully subscribed, is
"backstopped" by the Investor Parties and Silver Point.  The
consummation of the Rights Offering will occur on the Effective
Date of the plan.

In connection with a litigation between certain holders of Senior
Secured Notes and the Senior Secured Notes Indenture Trustee, on
the one hand, and the Convertible Subordinated Notes Indenture
Trustee and the Creditors' Committee, as intervenor, on the other
hand, the Bankruptcy Court determined that postpetition interest
was not due from the Convertible Subordinated Noteholders to the
Senior Secured Noteholders under the terms of the Convertible
Subordinated Notes Indenture.  To the extent the PPI Plaintiffs
appeal that decision, until such time there is a Final Order, the
Company is required to escrow the Postpetition Interest Amount and
Postpetition Accreted OID Amount.  Those escrowed funds will be
released consistent with the Final Order pertaining to the
determination of the Postpetition Interest Amount, if any.

The distributions under the Plan will be funded principally by:
(1) the proceeds of a $37 million equity financing pursuant to (i)
a Second Amended and Restated Stock Purchase and Backstop
Agreement dated June 6, 2013, and (ii) a Share Purchase Agreement
dated June 21, 2013; (2) the $238 million Rights Offering pursuant
to the "Stock Purchase Plan", as to which certain investors have
agreed to standby purchase commitments; and (3) a new first lien
term loan facility of up to $100 million pursuant to a credit
agreement to be entered into on the Effective Date of the Plan.

As of Sept. 5, 2013, 56,673,453, 6,818,601 and 40,000 shares of
the Company's Class A Common Stock, Class B Common Stock and 7
percent Cumulative Convertible Preferred Stock are issued and
outstanding, respectively.  On the Effective Date, all of the
Existing Securities, and the warrants and options exercisable
therefor, will be cancelled and extinguished in accordance with
the Plan.  The Debtors expect that an aggregate of 15,625,000
shares of New common stock will be issued under the Plan.

Following the Effective Date, the reorganized Company intends to
take action to deregister the Existing Securities registered under
the Securities Exchange Act of 1934, as amended, as soon
reasonably practicable in accordance with the Exchange Act.
Deregistration will make certain provisions of the Exchange Act,
such as the requirement to file periodic reports and proxy
statements with the Securities and Exchange Commission,
inapplicable to the reorganized Company and will reduce the
information that the reorganized Company will make available to
the public, its stockholders and the SEC.  The New Common Stock to
be issued in accordance with the Plan will not be registered with
the SEC or listed for public trading on any securities exchange.

All of the equity interests of the other Debtors will continue in
place following the Effective Date, solely for the purpose of
maintaining the existing corporate structure of the Reorganized
Debtors.

A copy of the Confirmation Order is available for free at:

                       http://is.gd/c6pwad

                     About K-V Pharmaceutical

K-V Pharmaceutical Company (NYSE: KVa/KVb) --
http://www.kvpharmaceutical.com/-- is a fully integrated
specialty pharmaceutical company that develops, manufactures,
markets, and acquires technology-distinguished branded and
generic/non-branded prescription pharmaceutical products.  The
Company markets its technology distinguished products through
ETHEX Corporation, a subsidiary that competes with branded
products, and Ther-Rx Corporation, the company's branded drug
subsidiary.

K-V Pharmaceutical Company and certain domestic subsidiaries on
Aug. 4, 2012, filed voluntary Chapter 11 petitions (Bankr.
S.D.N.Y. Lead Case No. 12-13346, under K-V Discovery Solutions
Inc.) to restructure their financial obligations.

K-V employed Willkie Farr & Gallagher LLP as bankruptcy counsel,
Williams & Connolly LLP as special litigation counsel, and SNR
Denton as special litigation counsel.  In addition, K-V tapped
Jefferies & Co., Inc., as financial advisor and investment banker.
Epiq Bankruptcy Solutions LLC is the claims and notice agent.

The U.S. Trustee appointed five members to serve in the Official
Committee of Unsecured Creditors.  Kristopher M. Hansen, Esq.,
Erez E. Gilad, Esq., and Matthew G. Garofalo, Esq., at Stroock &
Stroock & Lavan LLP, represent the Creditors Committee.

Weil, Gotshal & Manges LLP's Robert J. Lemons, Esq., and Lori R.
Fife, Esq., represent an Ad Hoc Senior Noteholders Group.


KEMET CORP: Former EVP Global Sales to Get $859,000 as Settlement
-----------------------------------------------------------------
Marc Kotelon and KEMET Corporation entered into a release
agreement under which Mr. Kotelon will be entitled to receive a
lump-sum payment within 21 days of the date of the Release
Agreement.  Mr. Kotelon, formerly served as the Company's
executive vice president, global sales, agreed to, among other
things, a general release of the Company and related persons from
all claims, including but not limited to, claims arising from his
employment with or termination from the Company.

On Sept. 3, 2013, Mr. Kotelon and KEMET Electronics SAS, a wholly
owned subsidiary of the Company, entered into a settlement
agreement.  As a result of the Settlement Agreement, Mr. Kotelon
is entitled to a lump sum payment; has agreed to a general
settlement and release of all claims relating to his employment
with or termination from KES; and, is no longer bound by any non-
competition covenants in his agreements with the Company and its
subsidiaries.  In connection with the Agreements, and including
aggregate statutory severance payments of approximately $641,877
required under French law based on Mr. Kotelon's position,
compensation and years of service with KES, the Company and its
subsidiaries expect to pay an aggregate of approximately
$1,116,743.  After deducting approximately $257,689 relating to
statutory employer and employee social contributions, Mr. Kotelon
is expected to receive approximately $859,054.  Pursuant to the
laws of France, and consistent with the understanding of the
parties, the Agreements become effective on Sept. 6, 2013.  A
portion of the amounts payable will be made in EUROs, and those
amounts have been converted to US dollars based on the exchange
rate in effect on Sept. 4, 2013.

                            About KEMET

KEMET, based in Greenville, South Carolina, is a manufacturer and
supplier of passive electronic components, specializing in
tantalum, multilayer ceramic, film, solid aluminum, electrolytic,
and paper capacitors.  KEMET's common stock is listed on the NYSE
under the symbol "KEM."

As of June 30, 2013, the Company had $881.17 million in total
assets, $636.80 million in total liabilities and $244.36 million
in total stockholders' equity.

                            *     *     *

As reported by the TCR on March 26, 2013, Moody's Investors
Service downgraded KEMET Corp.'s Corporate Family Rating to Caa1
from B2 and the Probability of Default Rating to Caa1-PD from B2-
PD based on Moody's expectation that KEMET's liquidity will be
pressured by maturing liabilities and negative free cash flow due
to the interest burden and continued operating losses at the Film
and Electrolytic segment.

As reported by the TCR on Aug. 9, 2013, Standard & Poor's Ratings
Services lowered its corporate credit rating on Simpsonville,
S.C.-based KEMET Corp. to 'B-' from 'B+'.

"The downgrade is based on continued top-line and margin pressures
and lagging results from the restructuring of the Film &
Electrolytic [F&E] business, which combined with cyclical weak
end-market demand, has resulted in sustained, elevated leverage
well in excess of 5x, persistent negative FOCF, and diminishing
liquidity," said Standard & Poor's credit analyst Alfred
Bonfantini.


LAND SECURITIES: Files Amended Plan Disclosures
-----------------------------------------------
Land Securities Investors, Ltd., et al., filed on Sept. 3, 2013,
an amended disclosure statement for their Chapter 11 Joint Plan of
Reorganization dated May 24, 2013.

The cases are jointly administered but they are not substantively
consolidated.  The Plan is designed so that all creditors in all
three cases are paid in full.

The Debtors will restructure their debts and obligations and will
continue to operate in the ordinary course of business.  Funding
for the Plan will be from income derived from ongoing operations
and asset sales.

A copy of the Amended Disclosure Statement is available at:

http://bankrupt.com/misc/landsecurities.doc226.pdf

                      About Land Securities

Land Securities Investors, Ltd., LSI Retail II, LLC, and Conifer
Town Center, LLC, sought Chapter 11 protection (Bankr. D. Colo.
Case Nos. 13-11167, 13-1113, and 13-11135) in Denver on Jan. 29,
2013.  Land Securities disclosed $46,978,954.37 in total assets
and $29,616,097.77 in total liabilities.

The Debtors are real estate developers and investors.

The Office of the U.S. Trustee for Region 19 said that it was
unable to appoint an official committee of unsecured creditors.

Lee M. Kutner, Esq. -- lmk@kutnerlaw.com -- of Kutner Miller
Brinen, P.C., in Denver, Colorado, acts as legal counsel to Land
Securities Investors, Ltd.  Jeffrey A. Weinman, Esq. --
weinman@weinmanpc.com -- of Weinman & Associates, P.C., in Denver,
Colorado, acts as legal counsel to LSI Retail II, LLC and Conifer
Town Center, LLC.


LAND SECURITIES: Court Approves Stipulation With State Farm
-----------------------------------------------------------
On Sept. 3, 2013, the U.S. Bankruptcy Court for the District of
Colorado approved the stipulation entered into by and among Land
Securities Investors, Ltd., et al., and State Farm Insurance
Company, with respect to objections to the Debtor's disclosure
statement and the Debtors' motion to employ Colliers International
as brokerage firm to lease and/or sell the Debtor's real property
located at 8351-8357 N. Rampart Range Rd., in Littleton, Colo.

The Court ordered:

   1. State Farm is authorized until the date set for the filing
of objections to an Amended Joint Disclosure Statement to file an
objection to the Joint Disclosure Statement.

   2. State Farm is authorized until the date set for the filing
of objections to an Amended Joint Disclosure Statement to file an
objection to the employment of Colliers International as brokerage
firm to the Debtor's bankruptcy estate.

   3. The Debtor will not file a certificate of non-contested
matter nor seek a hearing on the same until after such time as
State Farm has had an opportunity to object.

                      About Land Securities

Land Securities Investors, Ltd., LSI Retail II, LLC, and Conifer
Town Center, LLC, sought Chapter 11 protection (Bankr. D. Colo.
Case Nos. 13-11167, 13-1113, and 13-11135) in Denver on Jan. 29,
2013.  Land Securities disclosed $46,978,954.37 in total assets
and $29,616,097.77 in total liabilities.

The Debtors are real estate developers and investors.

The Office of the U.S. Trustee for Region 19 said that it was
unable to appoint an official committee of unsecured creditors.

Lee M. Kutner, Esq. -- lmk@kutnerlaw.com -- of Kutner Miller
Brinen, P.C., in Denver, Colorado, acts as legal counsel to Land
Securities Investors, Ltd.  Jeffrey A. Weinman, Esq. --
weinman@weinmanpc.com -- of Weinman & Associates, P.C., in Denver,
Colorado, acts as legal counsel to LSI Retail II, LLC and Conifer
Town Center, LLC.


LEHMAN BROTHERS: Committee Drops Bid to Probe Ernst & Young
-----------------------------------------------------------
Lehman Brothers Holdings Inc.'s official committee of unsecured
creditors withdrew, without prejudice, its motion to investigate
Ernst & Young LLP.

The motion was filed in April 2010 after Anton Valukas, the
examiner who made an investigation into Lehman's bankruptcy
filing, found that the company used accounting techniques known
as "repos" and was able to hide $50 billion or GBP32 billion of
debts from regulators despite checks by its auditor, E&Y.

A repo transaction is an artificial sale and buy-back deal that
enabled Lehman to hide billions of debts from regulators and
allowed the company to look healthier and less risky when it
reported quarterly financial data.

In its motion, the creditors' committee requested Judge James
Peck to force E&Y to turn over documents regarding Lehman's use
of the accounting technique, valuation of the company's assets,
and the accounting firm's audits and reviews of the company's
financial statements.

The creditors committee is represented by:

     Dennis F. Dunne, Esq.
     Evan R. Fleck, Esq.
     Dennis C. O'Donnell, Esq.
     MILBANK, TWEED, HADLEY & McCLOY LLP
     1 Chase Manhattan Plaza
     New York, NY 10005
     Tel: (212) 530-5000
     Email: ddunne@milbank.com
            efleck@milbank.com
            dodonnell@milbank.com

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y.
Case No. 08-13555) on Sept. 15, 2008.  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion.  Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees.  Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  The Chapter 11 plan for the Lehman companies other than
the broker was confirmed in December 2011.

Lehman made its first payment of $22.5 billion to creditors in
April 2012, a second payment of $10.2 billion on Oct. 1, 2012, and
a third distribution of $14.2 billion on April 4, 2013.  The
brokerage is yet to make a first distribution to non-customers,
although customers are being paid in full.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.


LEHMAN BROTHERS: Giants Stadium Seeks to Serve Subpoenas
--------------------------------------------------------
Giants Stadium LLC filed a motion seeking court approval to serve
subpoenas against former employees of Lehman Brothers Holdings
Inc. and its special financing unit in connection with the
investigation of its claims against the companies.

The former Lehman employees mentioned in the court filing include
David Lo, Robert Taylor and Sean Teague.  The stadium company
wants the former employees to appear for deposition, saying they
have "first-hand knowledge of key events and information
concerning the claims."

"The proposed depositions will assist the parties in narrowing
the issues on which there is disagreement and promote the
efficient and proper resolution of the claims," Giants Stadium
said in the court filing.

The claims stemmed from the swap deal the stadium company entered
into with Lehman's special financing unit in connection with the
$700 million of auction-rate bonds it issued to finance the
construction of the New Meadowlands stadium.

Giants Stadium terminated the swap deal after the Lehman units
filed for bankruptcy protection in September 2008.

Judge James Peck will hold a hearing on Oct. 23 to consider
approval of the motion.  Objections are due by Sept. 26.

Giants Stadium is represented by:

     Bruce E. Clark, Esq.
     Matthew A. Schwartz, Esq.
     SULLIVAN & CROMWELL LLP
     125 Broad Street
     New York, NY 10004
     Tel: (212) 558-4000
     Fax: (212) 558-3588
     E-mail: clarkb@sullcrom.com
             schwartzmatthew@sullcrom.com

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y.
Case No. 08-13555) on Sept. 15, 2008.  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion.  Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees.  Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  The Chapter 11 plan for the Lehman companies other than
the broker was confirmed in December 2011.

Lehman made its first payment of $22.5 billion to creditors in
April 2012, a second payment of $10.2 billion on Oct. 1, 2012, and
a third distribution of $14.2 billion on April 4, 2013.  The
brokerage is yet to make a first distribution to non-customers,
although customers are being paid in full.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.


LEHMAN BROTHERS: Wins OK of Agreements to Resolve Default Swaps
---------------------------------------------------------------
Lehman Brothers Holdings Inc. and its special financing unit
obtained court approval of their agreements with U.S. Bank N.A.
and several other companies, which partially resolve disputes
related to a credit default swap transaction.

The companies include Pebble Creek LCDO 2006-1 Ltd., Pebble Creek
LCDO 2006-1 Corp., Exum Ridge CBO 2006-2 Ltd., Exum Ridge CBO
2006-2 Corp., Exum Ridge CBO 2006-4 Ltd., Exum Ridge CBO 2006-4
Corp., Exum Ridge CBO 2006-5 Ltd., Exum Ridge CBO 2006-5 Corp.,
Exum Ridge CBO 2007-1 Ltd., and Exum Ridge CBO 2007-1 Corp.

Each of the companies entered into a swap deal with Lehman
Brothers Special Financing Inc., under which they agreed to pay
the latter for losses incurred with respect to certain
obligations in exchange for periodic payments from the Lehman
unit.

The settlement agreements require the parties to take actions to
cause certain assets held in respect of the collateral securing
the swap deals to be redeemed or liquidated, and to distribute
the proceeds pursuant to the agreements.

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y.
Case No. 08-13555) on Sept. 15, 2008.  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion.  Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees.  Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  The Chapter 11 plan for the Lehman companies other than
the broker was confirmed in December 2011.

Lehman made its first payment of $22.5 billion to creditors in
April 2012, a second payment of $10.2 billion on Oct. 1, 2012, and
a third distribution of $14.2 billion on April 4, 2013.  The
brokerage is yet to make a first distribution to non-customers,
although customers are being paid in full.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.


LEHMAN BROTHERS: City-Yuwa et al. Seek $217,000 in Fees
-------------------------------------------------------
City-Yuwa Partners, Norton Rose Fulbright LLP, and Schick &
Associates LLC filed their applications for payment of fees and
work-related expenses for legal services they provided to the
trustee of Lehman Brothers Holdings Inc.'s brokerage.

The documents show that the firms earned $217,385 in fees and
incurred $52,270 in expenses.  Of the total fees, Norton Rose
earned $157,643.

The fee application of City-Yuwa Partners covers the period
Nov. 1, 2011 to July 31, 2013, while Norton Rose's application
covers the period May 1 to July 30, 2013.  Schick & Associates'
application covers the period Feb. 12 to July 31, 2013.

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y.
Case No. 08-13555) on Sept. 15, 2008.  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion.  Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees.  Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  The Chapter 11 plan for the Lehman companies other than
the broker was confirmed in December 2011.

Lehman made its first payment of $22.5 billion to creditors in
April 2012, a second payment of $10.2 billion on Oct. 1, 2012, and
a third distribution of $14.2 billion on April 4, 2013.  The
brokerage is yet to make a first distribution to non-customers,
although customers are being paid in full.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.


LEHMAN BROTHERS: Creditors Defend Extra Attorneys' Fees
-------------------------------------------------------
Law360 reported that Bank of New York Mellon Corp. and other large
creditors of Lehman Brothers Holdings Inc. on Sept. 9 defended $26
million in extra attorneys' fees that went to Sheppard Mullin
Richter & Hampton LLP and other firms under Lehman's bankruptcy
plan, arguing they deserve the money despite complaints from the
U.S. trustee.

According to the report, a lawyer for the creditors defended a
court order upholding the fee award at oral argument before U.S.
District Judge Richard Sullivan in Manhattan federal court.

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y.
Case No. 08-13555) on Sept. 15, 2008.  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion.  Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees.  Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  The Chapter 11 plan for the Lehman companies other than
the broker was confirmed in December 2011.

Lehman made its first payment of $22.5 billion to creditors in
April 2012, a second payment of $10.2 billion on Oct. 1, 2012, and
a third distribution of $14.2 billion on April 4, 2013.  The
brokerage is yet to make a first distribution to non-customers,
although customers are being paid in full.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.


LETICIA INC: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Leticia, Inc.
        640 Irvington Avenue
        Hillside, NJ 07205

Bankruptcy Case No.: 13-29590

Chapter 11 Petition Date: September 6, 2013

Court: U.S. Bankruptcy Court
       District of New Jersey (Newark)

Judge: Novalyn L. Winfield

Debtor's Counsel: Bruce H. Levitt, Esq.
                  LEVITT & SLAFKES, P.C.
                  76 S. Orange Avenue, Suite 305
                  South Orange, NJ 07079
                  Tel: (973) 313-1200
                  E-mail: blevitt@levittslafkes.com

Estimated Assets: $0 to $50,000

Estimated Debts: $1,000,001 to $10,000,000

A copy of the Company's list of its 20 largest unsecured creditors
filed with the petition is available for free at:
http://bankrupt.com/misc/njb13-29590.pdf

The petition was signed by Leticia Rojas, president.


LICHTIN/WADE: ERGS II Wins Favorable Ruling on Secured Claim
------------------------------------------------------------
Bankruptcy Judge Randy D. Doub ruled that ERGS II, L.L.C., has an
allowed secured claim in the Chapter 7 case of Lichtin/Wade, LLC,
of $40,958,700 as of Aug. 20, 2013.  The Court also finds that
ERGS is entitled to recover postpetition interest at the
contractually agreed to default rate of 8.25% (which consists of
the contract rate of interest at 5% plus the default rate of
interest at 3.25%).

The Bankruptcy Court notes the Chapter 7 Trustee's proposed sale
of the Debtor's assets will net a return of approximately
$45,750,000 from the proposed stalking horse purchaser.
Accordingly, ERGS is an oversecured creditor.  Based on the terms
of the promissory note, the Joint Accounting submitted by the
parties, and the oversecured status of ERGS, the Court finds that
the contract default rate interest of 8.25% is reasonable.

ERGS also has sought attorneys' fees of $2,077,779 and costs of
$363,109 through July 31, 2013.  The hearing on the attorneys'
fees issue is continued until Sept. 20, 2013.  ERGS is directed to
file detailed accounts regarding its attorneys' fees and costs
requests with the Court under seal.  Further, ERGS is directed to
provide detailed accounts to requesting parties who sign a
Confidentiality Agreement. Any objection as to the attorneys' fees
of ERGS shall be filed on or before Sept. 13, 2013.

The Debtor entered into four promissory notes with Branch Banking
and Trust Company.  The Notes were secured by all of the Debtor's
real property, assignments of leases and rents, and other
collateral documents to secure indebtedness due or to become due
under the Notes. The four Notes matured on Dec. 15, 2011.  BB&T
declared the promissory notes in default on Jan. 30, 2012.

On March 27, 2012, BB&T entered into an agreement with ERGS,
whereby ERGS purchased from BB&T all of its rights, title, and
interests in and to the Notes.  ERGS holds a valid and perfected
first secured lien against the Debtor's real property.

On May 2, 2012, ERGS filed Proof of Claim No. 10 in the secured
amount of $39,236,631 representing principal, interest, and fees.
On May 29, 2012, the Debtor filed the Objection to Claim,
objecting to ERGS's Proof of Claim.

On Aug. 8, 2012, the Court entered an order determining that
ERGS's claim as of the petition date (exclusive of attorney fees
and future interest) totaled $39,063,661.  The Order disallowed
any claim for default rate interest prior to Jan. 30, 2012, the
date of a demand letter just a few days prior to the petition
date.  The Court did not consider, whether the post-petition
interest rate for the ERGS claim should be allowed at the default
rate of 8.25% or the contract rate of 5%.

ERGS filed a Notice of Appeal as to the Order on Aug. 16, 2012.
The appeal was later voluntarily dismissed with the agreement of
the Chapter 7 Trustee after the Debtor's conversion to Chapter 7.
Altogether three appeals of bankruptcy court orders were filed in
the District Court, (5:12-CV-689-FL; 5:12-CV-688-FL; 5:13-CV-207-
FL.) All three appeals have been dismissed, following conversion
of the bankruptcy case from Chapter 11 to Chapter 7.

On Aug. 5, 2013, the Chapter 7 Trustee filed his Motion for an
Order (I)(A) Establishing Bidding Procedures, (B) Approving
Stalking Horse Bidder, (C) Approving Form and Manner of Notices,
(D) Scheduling a Hearing Date to Consider Final Approval of Sale
and Treatment of Executory Contracts and Unexpired Leases, and (E)
Granting Related Relief; and (II)(A) Approving Sale Free and Clear
of All Liens, Claims and Encumbrances; and (B) Authorizing the
Assumption and Assignment of Certain Executory Contracts and
Unexpired Leases.  The Trustee sought to approve a stalking horse
purchaser and certain bidding procedures for purposes of a public
auction of substantially all of the Debtor's assets. The Sale
Motion provides the proposed stalking horse purchaser agreed to
pay $45,750,000 for the Debtor's assets. The Trustee also disputed
the amount of ERGS's secured claim within the Sale Motion.

On Aug. 7, 2013, ERGS filed a limited objection to the Chapter 7
Trustee's Sale Motion objecting to among other things, the Trustee
representing he would pay the "undisputed" portion of the ERGS
claim, but would not pay the "disputed" portion of the ERGS claim
upon the closing of the sale. In response, ERGS filed the motion
to determine value of claim secured by liens.

A copy of the Court's Sept. 9, 2013 Order is available at
http://is.gd/FDtygwfrom Leagle.com.

                         About Lichtin/Wade

Lichtin/Wade LLC filed for Chapter 11 bankruptcy (Bankr. E.D.N.C.
Case No. 12-00845) on Feb. 2, 2012, amid efforts to refinance
$39 million in construction-related loans and other debts
connected to two office buildings built in 2008 at 5420 and 5430
Wade Park Blvd.  Lichtin/Wade, based in Wake County, North
Carolina, owns and operates the office park known as the Offices
at Wade, comprised of two Class A office buildings and vacant land
approved for additional office buildings.  The buildings are known
as Wade I and Wade.  Each building is over 90% leased, with only
three vacant spaces remaining between the two buildings.

Judge Randy D. Doub presides over the case.  Trawick H. Stubbs,
Jr., Esq., and Laurie B. Biggs, Esq., at Stubbs & Perdue, P.A.,
serve as the Debtor's counsel.

The Debtor disclosed $47,053,923 in assets and $52,548,565 in
liabilities as of the Petition Date.

The petition was signed by Harold S. Lichtin, president of Lichtin
Corporation, the Debtor's manager.

On May 3, 2013, the case was converted to a proceeding under
Chapter 7 of the Bankruptcy Code and Joseph N. Callaway was
appointed as the Chapter 7 Trustee.


LUCID INC: Incurs $1.27-Mil. Net Loss in Second Quarter
-------------------------------------------------------
Lucid, Inc., filed its quarterly report on Form 10-Q, reporting a
net loss of $1.27 million on $516,000 of revenue for the three
months ended June 30, 2013, compared with a net loss of
$2.34 million on $572,000 of revenue for the corresponding period
last year.

The Company reported a net loss of $2.32 million on $1.57 million
of revenues for the six months ended June 30, 2013, compared with
a net loss of $5.72 million on $889,558 of revenues for the
corresponding period of 2012.

The Company's balance sheet at June 30, 2013, showed $4.86 million
in total assets, $14.8 million in total liabilities, and a
stockholders' deficit of $9.91 million.

Lucid said in the regulatory filing, "The Company has incurred net
losses of approximately $2.3 million and $5.7 million for the six
months ended June 30, 2013, and 2012, respectively.  In addition,
the Company had a stockholders' deficit balance of approximately
$9.9 million at June 30, 2013, and $7.7 million at Dec. 31, 2012.
Furthermore, the Company's current forecast for fiscal 2013
projects a significant net loss and projects a need to raise
additional capital to fund operations beyond 2013.

"The Company will need to raise additional capital in the fourth
quarter of 2013 and beyond, and such capital may not be available
at that time or on favorable terms, if at all.  The Company may
seek to raise these funds through public or private equity
offerings, debt financings, credit facilities, or partnering or
other corporate collaborations and licensing arrangements.  If
adequate funds are not available or are not available on
acceptable terms, the Company's ability to fund its operations,
take advantage of opportunities, develop products and
technologies, and otherwise respond to competitive pressures could
be significantly delayed or limited, and operations may need to be
downsized or halted.

"There can be no assurance that the Company will be successful in
its plans described above or in attracting alternative debt or
equity financing.  These conditions have raised substantial doubt
about the Company's ability to continue as a going concern."

A copy of the Form 10-Q is available at http://is.gd/yxrswE

Rochester, N.Y.-based Lucid, Inc., is a medical device company
that designs, manufactures and sells non-invasive cellular imaging
devices enabling physicians to image and diagnose skin disease in
real time without an invasive or surgical biopsy.


MARITIME TELECOMMUNICATIONS: S&P Puts 'B' CCR on CreditWatch Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it placed its 'B'
corporate credit rating and 'BB-' senior secured debt rating on
Miramar, Fla.-based satellite telecommunications provider Maritime
Telecommunications Network Inc. on CreditWatch with negative
implications.

"The CreditWatch placement follows MTN's recent notification from
Carnival Corp. that it decided not to renew its existing contract
with MTN," said Standard & Poor's credit analyst Allyn Arden.

Carnival is one of MTN's largest customers.  The company's current
agreement with Carnival will expire on Sept. 30, 2013, although
Carnival had the option and elected to extend the existing
contract for an additional six months.

Carnival's decision comes less than two years after another large
cruise line, Royal Caribbean, also elected not to renew its
contract with MTN at the end of 2012 and moved its business to
Harris.  While MTN has made efforts to diversify its revenue base
to other business lines, including satellite telecommunications
services for yachts and the U.S. government, S&P believes that
Carnival represents a substantial portion of MTN's revenue and
EBITDA, and this customer concentration iss a dominant factor in
S&P's "weak" business risk profile for the company.

S&P believes with the loss of Carnival revenues that MTN could be
in danger of falling out of compliance with its financial
maintenance covenants in 2014, which include a 2.5x total leverage
covenant (net of $10 million of cash) that tightens to 2.25x in
the second quarter of 2014.

S&P plans to resolve the CreditWatch placement within a few weeks
after examining the likely impact of this contract loss on the
company's cash flow and liquidity.  A downgrade, if any, could
exceed one notch, depending on the impact on liquidity and S&P's
analysis of potential replacement business or growth of its newer
business lines.


MAXCOM TELECOMUNICACIONES: Court Confirms Prepackaged Ch. 11 Plan
----------------------------------------------------------------
Maxcom Telecomunicaciones, S.A.B. de C.V. disclosed that the U.S.
Bankruptcy Court for the District of Delaware on Sept. 10 entered
an order confirming the Company's prepackaged Chapter 11 plan of
reorganization.  Confirmation of the Plan was fully-consensual:
the only class of creditors entitled to vote overwhelmingly voted
in favor of the Plan and no party objected to confirmation of the
Plan.

Confirmation of the Plan paves the way for Maxcom to effectuate
its previously announced comprehensive recapitalization and debt
restructuring, consistent with Maxcom's expectations to emerge
from Chapter 11 by early fall.

Under the confirmed Plan, subject to the conditions set forth in
the recapitalization agreement and the restructuring and support
agreement, Maxcom will complete a recapitalization and debt
restructuring that is expected to significantly reduce Maxcom's
debt service expense and position Maxcom for growth with a US$45
million capital infusion.  The Plan's restructuring of the
Company's funded debt obligations and the parallel out-of-court
transactions (i.e., the proposed tender offer and new capital
contribution) to be effectuated in accordance with applicable
Mexican and United States law will enable Maxcom to emerge from
Chapter 11 with a healthy, sustainable balance sheet and a new
capital contribution from the new owners of a substantial portion
of Maxcom's equity.  This capital will permit the Debtors to
continue to upgrade and expand their telecommunications network,
thereby solidifying the Debtors' long-term growth prospects and
operating performance.

As anticipated, the restructuring has not adversely affected
Maxcom's customers, employees, or vendors.  All telecommunications
services have continued without change or interruption, and
employees and vendors have been paid in the ordinary course of
business.

  Previously Announced Recapitalization and Debt Restructuring

Maxcom, private equity firm Ventura Capital Privado, S.A. de C.V.,
an ad hoc group holding an aggregate amount of approximately US$86
million of Maxcom's 11% Senior Notes due 2014, and certain of its
current equity holders have reached agreement on the terms of the
restructuring and support agreement, recapitalization agreement,
and agreements to tender.  Pursuant to the recapitalization
agreement, Ventura and certain related parties have agreed to make
a capital contribution of US$45.0 million dollars and conduct a
tender offer to acquire for cash, at a price equal to Ps.$2.90
(two pesos and 90/100) per CPO, up to 100% (one hundred percent)
of the issued and outstanding shares of Maxcom, subject to the
terms of the recapitalization agreement.  The Purchasers'
obligation to consummate the tender offer and make the capital
contribution is subject to a number of conditions, including:
receiving legal and regulatory approvals from the Mexican Banking
and Securities Commission (Comision Nacional Bancaria y de
Valores), the Mexican Ministry of Communications and
Transportation (Secretaria de Comunicaciones y Transportes), and
the Mexican Antitrust Commission (Comision Federal de
Competencia); the absence of certain material adverse effects; and
that the bankruptcy court order confirming the Plan has become
final.

Pursuant to the terms of the Plan, all classes of creditors are
unimpaired and will be paid in full under the Plan, except for the
Senior Notes claims, which will receive (1) the step-up senior
notes (which include the capitalized interest amount for unpaid
interest accrued on the Senior Notes from (and including) April
15, 2013 through (and excluding) June 15, 2013, at the rate of 11%
per annum), (2) cash in the amount of unpaid interest accrued on
the Senior Notes (A) from (and including) December 15, 2012
through (and excluding) April 15, 2013, at the rate of 11% per
annum, and (B) from (and including) June 15, 2013 through (and
excluding) the effective date of the Plan at the rate of 6% per
annum, and (3) rights to purchase equity that is unsubscribed by
the Company's current equity holders pursuant to the terms of the
Plan.  The step-up senior notes will:  (a) be issued in an
aggregate principal amount of US$200 million, minus the amount of
Senior Notes held in treasury by the Company, plus the capitalized
interest amount; (b) bear interest (i) from the date of issuance
until June 14, 2016, at the annual rate of 6% per annum, (ii) from
June 15, 2016 until June 14, 2018, at the annual rate of 7% per
annum, and (iii) from June 15, 2018 until the maturity date, at
the annual rate of 8% per annum; (c) have a maturity date of
June 15, 2020; (d) be secured by the same collateral that
currently secures the Senior Notes; and (e) be unconditionally
guaranteed, jointly and severally and on a senior unsecured basis,
by all of Maxcom's direct and indirect subsidiaries, excluding
Fundacion Maxcom, A.C.

As of the voting deadline on July 23, 2013, over 98 percent in
amount and over 94 percent in number of the holders of Senior
Notes that cast ballots voted to accept the Plan.  These results
exceed the amount required for the court to approve the Plan, and
were certified and filed with the U.S. Bankruptcy Court by GCG,
Inc., Maxcom's proposed notice, claims, and balloting agent.

As previously announced, the Company engaged Lazard and its
alliance partner Alfaro, Davila y Rios, S.C. as its financial
advisor and Kirkland & Ellis LLP and Santamarina y Steta, S.C. as
its U.S. and Mexican legal advisors in connection with its
restructuring proceedings and potential Chapter 11 case.  The Ad
Hoc Group has retained Cleary Gottlieb Steen & Hamilton LLP and
Cervantes Sainz, S.C., as its U.S. and Mexican legal advisors.
Ventura has retained VACE Partners as its financial advisor, and
Paul Hastings LLP and Jones Day as its U.S. and Mexican legal
advisors, respectively.

                           About Maxcom

Maxcom Telecomunicaciones, S.A.B. de C.V., headquartered in Mexico
City, Mexico, is a facilities-based telecommunications provider
using a "smart-build" approach to deliver last-mile connectivity
to micro, small and medium-sized businesses and residential
customers in the Mexican territory.  Maxcom launched commercial
operations in May 1999 and is currently offering local, long
distance, data, value-added, paid TV and IP-based services on a
full basis in greater metropolitan Mexico City, Puebla, Tehuacan,
San Luis, and Queretaro, and on a selected basis in several cities
in Mexico.

In June 2013, Maxcom didn't make an $11 million interest payment
on the notes.

Maxcom sought bankruptcy protection (Bankr. D. Del. Case No.
13-11839) in Wilmington, Delaware, on July 23, 2013.

Maxcom listed $11.1 billion in assets and $402.3 million in debt.
The company had assets valued at 4.98 billion pesos ($394 million)
in the quarter ended March 31, according to an April 26 regulatory
filing.  The company reached a restructuring agreement with
Ventura Capital, a group holding about $86 million, or 48.7
percent, of the senior notes and about 44 percent of its equity
holders, court papers show.

The Company has engaged Lazard Freres & Co. LLC and its alliance
partner Alfaro, Davila y Rios, S.C., as its financial advisor and
Kirkland & Ellis LLP and Santamarina y Steta, S.C. as its U.S. and
Mexican legal advisors in connection with its restructuring
proceedings and potential Chapter 11 case.  The Ad Hoc Group has
retained Cleary Gottlieb Steen & Hamilton LLP and Cervantes Sainz,
S.C., as its U.S. and Mexican legal advisors.  Ventura has
retained VACE Partners as its financial advisor, and Paul Hastings
LLP and Jones Day as its U.S. and Mexican legal advisors,
respectively.


METRO-GOLDWYN-MAYER: Overhaul of Studio Appears to Be Moneymaker
----------------------------------------------------------------
Brooks Barnes, writing for The New York Times, reported that for
much of the last decade, Metro-Goldwyn-Mayer has been troubled by
financial turmoil and infuriating production stops and starts,
including a debacle in which Tom Cruise helped run its United
Artists label.

Is it possible, just maybe, that the studio finally has its act
together? It certainly appears that way, even as some questions
remain.

According to the report, shares of MGM Holdings' thinly traded
over-the-counter stock have risen 50 percent since April, to about
$58.50. R evenue almost tripled in the last quarter, to $339
million, according to the company.  Helped by repeated Standard &
Poor's upgrades over the last three years, MGM now has access to
revolving lines of credit totaling $750 million.

"The company was on death's doorstep and now has effectively no
debt and is generating a ton of cash," said Kevin Ulrich, co-
founder of Anchorage Capital Group, a New York investment firm
that is MGM's largest single owner, with a 30 percent stake, the
report related.  "That's an outstanding turnaround."

Most important, new movies are flowing from the studio, the report
said.  A remake of "Carrie" arrives on Oct. 18, while the
blockbuster "Hobbit" series returns in December.  "RoboCop," "22
Jump Street" and "Hercules" come next year.  MGM's James Bond
franchise returns in 2015 and remakes of "Ben-Hur" and
"Poltergeist" are in the works.

                 About Metro-Goldwyn-Mayer Studios

Metro-Goldwyn-Mayer Studios Inc. -- http://www.mgm.com/-- is
actively engaged in the worldwide production and distribution of
motion pictures, television programming, home video, interactive
media, music, and licensed merchandise.  The company owns the
world's largest library of modern films, comprising around 4,100
titles.  Operating units include Metro-Goldwyn-Mayer Studios Inc.,
Metro-Goldwyn-Mayer Pictures Inc., United Artists Films Inc., MGM
Television Entertainment Inc., MGM Networks Inc., MGM Distribution
Co., MGM International Television Distribution Inc., Metro-
Goldwyn-Mayer Home Entertainment LLC, MGM ON STAGE, MGM Music, MGM
Consumer Products and MGM Interactive.  In addition, MGM has
ownership interests in domestic and international TV channels
reaching over 130 countries.

As of September 30, 2010, the Debtors' unaudited consolidated
financial statements, as prepared in accordance with accounting
principles generally accepted in the United States for interim
financial statements, included $2,673,772,000 in total assets and
$3,451,493,000 in total liabilities

Metro-Goldwyn-Mayer Inc. and 160 of its affiliates on November 3
filed Chapter 11 cases (Bankr. S.D.N.Y. Lead Case No. 10-15774),
to seek confirmation of their "pre-packaged" plan of
reorganization.

Jay M. Goffman, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP,
in New York, served as bankruptcy counsel to the Debtors.  Klee,
Tuchin, Bogdanoff & Stern LLP was the legal counsel.  Moelis &
Company was the financial advisor.  Donlin Recano & Company, Inc.,
is the claims and notice agent.  CAIR Management, LLC, Stephen F.
Cooper, and Zolfo Cooper Management LLC, was the Debtors'
management service providers.

In mid-December 2011, Metro-Goldwyn-Mayer Inc. restructuring
became effective, with exit financing of $500 million in place.
The Company's "pre-packaged" plan of reorganization was confirmed
on December 2, 2010, by the Bankruptcy Court.


MICROVISION INC: Incurs $3.44-Mil. Net Loss in Second Quarter
-------------------------------------------------------------
MicroVision, Inc., filed its quarterly report on Form 10-Q,
reporting a net loss of $3.44 million on $1.87 million of total
revenue for the three months ended June 30, 2013, compared with a
net loss of $4.97 million on $1.30 million of revenue for the same
period last year.

The Company reported a net loss of $7.09 million on $3.67 million
of total revenue for the six months ended June 30, 2013, compared
with a net loss of $14.77 million on $3.03 million of total
revenue for the corresponding period of 2012.

The Company's balance sheet at June 30, 2013, showed $10.6 million
in total assets, $10.4 million in total liabilities, and
stockholders' equity of $202,000.

A copy of the Form 10-Q is available at http://is.gd/MBNelb

Headquartered in Redmond, Washington, MicroVision, Inc. (NASDAQ:
MVIS) is thye creator of PicoP(R) display technology, an ultra-
miniature laser projection solution for mobile consumer
electronics, automotive head-up displays and other applications.


MIDLAND PROPERTIES: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Midland Properties, LLC
        P.O. Box 45121
        Omaha, NE 68145

Bankruptcy Case No.: 13-81894

Chapter 11 Petition Date: September 6, 2013

Court: U.S. Bankruptcy Court
       District of Nebraska (Omaha Office)

Judge: Thomas L. Saladino

Debtor's Counsel: David Grant Hicks, Esq.
                  POLLAK & HICKS, P.C.
                  6910 Pacific Street, #216
                  Omaha, NE 68106
                  Tel: (402) 345-1717
                  E-mail: dhickslaw@aol.com

Estimated Assets: $1,000,001 to $10,000,000

Estimated Debts: $1,000,001 to $10,000,000

The Company's list of its 20 largest unsecured creditors filed
with the petition is available for free at:
http://bankrupt.com/misc/neb13-81894.pdf

The petition was signed by Jerry Morgan, agent/managing member.


MONTREAL MAINE: Bernstein Shur Approved as Trustee's Attorneys
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Maine authorized
Robert J. Keach, Esq., Chapter 11 trustee for Montreal, Maine &
Atlantic Railway Ltd., to employ Bernstein, Shur, Sawyer, and
Nelson, P.A. as his counsel.

As reported in the Troubled Company Reporter on Aug. 28, 2013, as
counsel, Bernstein Shur will, among other things, provide these
services:

   (a) advising the Chapter 11 Trustee with respect to his powers
       and duties in the Chapter 11 Trustee's continued management
       and operation of the Debtor's business and property;

   (b) representing the Trustee at all hearings and matters
       pertaining to the Trustee's affairs as Trustee; and

   (c) attending meetings and negotiating with representatives of
       the Debtor's creditors and other parties-in-interest, as
       well as responding to creditor inquiries.

To the best of the Chapter 11 Trustee's knowledge, Bernstein Shur
is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code.

                       About Montreal Maine

Montreal, Maine & Atlantic Railway Ltd., the railway company that
operated the train that derailed and exploded in July 2013,
killing 47 people and destroying part of Lac-Megantic, Quebec,
sought bankruptcy protection in U.S. Bankruptcy Court in Bangor,
Maine (Case No. 13-10670) on Aug. 7, 2013, with the aim of selling
its business.  Its Canadian counterpart, Montreal, Maine &
Atlantic Canada Co., meanwhile, filed for protection from
creditors in Superior Court of Quebec in Montreal.

Robert J. Keach, Esq., at Bernstein, Shur, Sawyer, and Nelson,
P.A., has been named as chapter 11 trustee.  His firm serves as
his chapter 11 bankruptcy counsel.  Development Specialists, Inc.,
serves as his financial advisor.

U.S. Bankruptcy Judge Louis H. Kornreich has been assigned to the
U.S. case.  The Maine law firm of Verrill Dana serves as counsel
to MM&A.

Justice Martin Castonguay oversees the case in Canada.


MONTREAL MAINE: DSI Okayed as Ch. 11 Trustee's Financial Advisor
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Maine, in an amended
order, authorized Robert J. Keach, Esq., Chapter 11 trustee for
Montreal, Maine & Atlantic Railway Ltd., to employ Development
Specialists, Inc., as his financial advisor.

DSI will, among other things:

   a) analyze and comment on operating and cash flow projections,
operating results, financial statements, other documents and
information provided by the Debtor, and other data pursuant to the
trustee's request;

   b) advise and assist the Trustee in reviewing the Debtor's
supporting information relating to any historical financial
information, financial projections and underlying assumptions; and

   c) advising and assist the trustee with respect to evaluation
of whether liabilities are pre- or post-petition.

To the best of the trustee's knowledge, William A. Brandt, Jr.,
and the firm of DSI are "disinterested persons" as that term is
defined in Section 101(14) of the Bankruptcy Code.

                       About Montreal Maine

Montreal, Maine & Atlantic Railway Ltd., the railway company that
operated the train that derailed and exploded in July 2013,
killing 47 people and destroying part of Lac-Megantic, Quebec,
sought bankruptcy protection in U.S. Bankruptcy Court in Bangor,
Maine (Case No. 13-10670) on Aug. 7, 2013, with the aim of selling
its business.  Its Canadian counterpart, Montreal, Maine &
Atlantic Canada Co., meanwhile, filed for protection from
creditors in Superior Court of Quebec in Montreal.

Robert J. Keach, Esq., at Bernstein, Shur, Sawyer, and Nelson,
P.A., has been named as chapter 11 trustee.  His firm serves as
his chapter 11 bankruptcy counsel.  Development Specialists, Inc.,
serves as his financial advisor.

U.S. Bankruptcy Judge Louis H. Kornreich has been assigned to the
U.S. case.  The Maine law firm of Verrill Dana serves as counsel
to MM&A.

Justice Martin Castonguay oversees the case in Canada.


MONTREAL MAINE: Trustee May Hire Kugler Kandestin as Counsel
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Maine, in an amended
order, authorized Robert J. Keach, Esq., Chapter 11 trustee for
Montreal, Maine & Atlantic Railway Ltd., to employ Kugler
Kandestin, LLP as his special counsel to perform necessary legal
services on the trustee's behalf.

To the best of the trustee's knowledge, Kugler Kandestin does not
represent or hold any interest adverse to the Debtor or the estate
in the matters upon which Kugler Kandestin is to be engaged.

The trustee agreed to pay Kugler Kandestin its customary hourly
rates for representation of parties in reorganization cases.
Kugler Kandestin's hourly rates are set at a level designed to
compensate it for the work of its attorneys and paralegals, and to
cover fixed and routine overhead expenses.  Hourly rates vary with
the experience and seniority of the individuals assigned.

                       About Montreal Maine

Montreal, Maine & Atlantic Railway Ltd., the railway company that
operated the train that derailed and exploded in July 2013,
killing 47 people and destroying part of Lac-Megantic, Quebec,
sought bankruptcy protection in U.S. Bankruptcy Court in Bangor,
Maine (Case No. 13-10670) on Aug. 7, 2013, with the aim of selling
its business.  Its Canadian counterpart, Montreal, Maine &
Atlantic Canada Co., meanwhile, filed for protection from
creditors in Superior Court of Quebec in Montreal.

Robert J. Keach, Esq., at Bernstein, Shur, Sawyer, and Nelson,
P.A., has been named as chapter 11 trustee.  His firm serves as
his chapter 11 bankruptcy counsel.  Development Specialists, Inc.,
serves as his financial advisor.

U.S. Bankruptcy Judge Louis H. Kornreich has been assigned to the
U.S. case.  The Maine law firm of Verrill Dana serves as counsel
to MM&A.

Justice Martin Castonguay oversees the case in Canada.


MONTREAL MAINE: Sept. 13 Hearing on Continued Cash Use
------------------------------------------------------
The U.S. Bankruptcy Court for the District of Maine, in a third
interim order, authorized Robert J. Keach as the Chapter 11
trustee for Montreal Maine & Atlantic Railway, Ltd., to use cash
collateral which Wheeling & Lake Erie Railway Company claims an
interest.

The trustee would use the cash collateral for ordinary course
operations.

As adequate protection from any diminution in value of the
lender's collateral, the trustee will grant replacement liens in
all accounts, inventory, and proceeds of accounts acquired by the
Debtor on or after the Petition Date to the same extent that W&LER
had a security interest prior to the Petition Date.

A further hearing on the trustee's request to use cash collateral
will be held on Sept. 13, 2013, at 10 a.m.  Objections, if any,
are due Sept. 11, at 12 p.m.

                       About Montreal Maine

Montreal, Maine & Atlantic Railway Ltd., the railway company that
operated the train that derailed and exploded in July 2013,
killing 47 people and destroying part of Lac-Megantic, Quebec,
sought bankruptcy protection in U.S. Bankruptcy Court in Bangor,
Maine (Case No. 13-10670) on Aug. 7, 2013, with the aim of selling
its business.  Its Canadian counterpart, Montreal, Maine &
Atlantic Canada Co., meanwhile, filed for protection from
creditors in Superior Court of Quebec in Montreal.

Robert J. Keach, Esq., at Bernstein, Shur, Sawyer, and Nelson,
P.A., has been named as chapter 11 trustee.  His firm serves as
his chapter 11 bankruptcy counsel.  Development Specialists, Inc.,
serves as his financial advisor.

U.S. Bankruptcy Judge Louis H. Kornreich has been assigned to the
U.S. case.  The Maine law firm of Verrill Dana serves as counsel
to MM&A.

Justice Martin Castonguay oversees the case in Canada.


MORTGAGE FUND '08: Greenberg Accused of Aiding Fraud Scheme
-----------------------------------------------------------
Law360 reported that Greenberg Traurig LLP was hit Sept. 6 with a
malpractice suit in California by the trustee of a bankrupt
mortgage fund who claims the firm breached its fiduciary duty and
abetted fraud by helping the fund's managers bypass the
restrictions of a Wells Fargo & Co. loan.

According to the report, the lawsuit, filed by Mortgage Fund '08
trustee Susan Uecker, claims that when Mortgage Fund's
predecessor, RE Loan, faced severe debts in 2007, the family that
ran the real estate investment company hired Greenberg Traurig for
help.

An involuntary Chapter 7 petition was filed against Mortgage Fund
'08 LLC (Bankr. N.D. Calif. Case No. 11-49803) on Sept. 12, 2011.
The case was converted to chapter 11 on Sept. 28, 2011, pursuant
to a stipulation between the Debtor and the petitioning creditors.

Cecily A. Dumas, Esq. -- cdumas@friedumspring.com -- at Friedman
Dumas & Springwater LLP appeared on behalf of the Debtor.  Iain A.
MacDonald, Esq., at MacDonald & Associates appeared on behalf of
the Committee.

Bankruptcy Judge Roger L. Efremsky confirmed the Joint Combined
Chapter 11 Plan and Disclosure Statement dated Dec. 21, 2011,
filed by Mortgage Fund '08 LLC and the Official Committee of
Unsecured Creditors, pursuant to a Feb. 3, 2012 findings of fact
and conclusions of law.


MSD PERFORMANCE: Files for Chapter 11 to Sell Assets
----------------------------------------------------
MSD Performance, Inc. and its affiliates filed voluntary petitions
in the United States Bankruptcy Court for the District of Delaware
under Chapter 11 of the U.S. Bankruptcy Code to address liquidity
needs and facilitate a restructuring, the company and its U.S.
subsidiaries.

The filing does not include the company's non-U.S. entities.

MSDP has determined that the best way to preserve value for its
stakeholders is through an orderly sale of substantially all of
its assets.  To ensure the most efficient sales process possible
and to optimize the potential results for all parties, the Company
has decided to execute this sale process under the protection of
the U.S. Bankruptcy Code.

Through the Chapter 11 filing, MSDP seeks to preserve continuity,
to the greatest extent possible, for its customers, employees and
business partners while it continues discussions with potential
buyers to secure the highest and best outcome for its businesses.

"As an industry leader in the performance ignition systems market
for over 40 years, MSDP brings significant value to customers,
suppliers and potential buyers based on our long-standing customer
relationships, robust product offering and proven focus on quality
performance," said Ron Turcotte, Chairman and CEO.

"Selling operations on a going concern basis in an orderly sale
through Chapter 11 is the best way to preserve as many jobs as
possible, best serve our customers and will allow our operations
to emerge from bankruptcy in a relatively short time frame," said
Turcotte. "The operations we are selling have strong product
portfolios, advanced technologies and continue to perform well
operationally."

Under the bankruptcy sale process, the proposed transaction is
subject to the execution of a definitive asset purchase agreement,
court approval and other customary conditions.  Interested parties
will have an opportunity to submit higher or better offers for
MSDP's assets.

The Company restructured its debt in 2009 following the financial
downturn as well as a series of acquisitions by prior management,
which burdened it with excessive debt.  Since that time, the
Company has reduced operating costs, introduced award-winning
products and accelerated marketing initiatives.

The decision to file under Chapter 11 is necessary to facilitate
this transaction, which positions MSDP to take advantage of
emerging growth opportunities.  To fund its continuing operations
MSDP has received the consent of the lenders under its existing
secured credit facility to use the Company's cash collateral.
Subject to Court approval, the Company's cash collateral will be
used for the company's normal working capital requirements.
Employees will continue to be paid as usual, including their
healthcare and other benefits and no layoffs or facility closings
are anticipated. Customers will receive their orders as usual and
the Company anticipates that there will be no changes in
warranties or other customer programs.  Additionally, suppliers
will be paid for goods and services after the filing date in
accordance with existing terms and contracts.

                       About MSD Performance

MSD Performance, Inc., headquartered in El Paso, Texas, operates
in the power sports enthusiast and professional racer markets
where the company maintains leading market share positions across
all of its product categories under the MSD Ignition(R),
Racepak(R) and Powerteq(R) brands.  The company's facilities
encompass over 220,000 square feet in six buildings, five of which
are located across the U.S. and one in Shanghai, China.

MSD Performance and its U.S. affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case NO. 13-12286) on Sept. 6,
2013.

MSDP's restructuring counsel is Jones Day. Its investment banker
is SSG Advisors, LLC. MSDP is also represented by Richards Layton
and Finger, as local counsel.  Logan & Co. is the claims and
notice agent.


MSD PERFORMANCE: Wins Approval of First Day Motions
---------------------------------------------------
MSD Performance, Inc., sought bankruptcy protection Friday and
this week won interim approval of its first day motions.

The Debtors had sought approval to, among other things, use their
lenders' cash collateral, continue their cash management system,
pay prepetition wages of employees, and pay prepetition taxes.

Secured lenders are owed $91.9 million in principal under a senior
credit facility.  There is also $930,000 outstanding under a
consulting and non-compete agreement with Michael Short.
Unsecured trade debt total $4.6 million.

The Debtors said that at as of the Petition Date, they have $4.6
million of cash collateral on hand.  Z Capital Special Situations
Fund II, L.P., is the agent for the first lien lenders.  The
Debtors propose to have access to cash collateral until October 6,
2013.  The Debtors will grant replacement liens, superpriority
claims and adequate protection payments to the lenders.

A final hearing of the Debtors' request to use cash collateral
is slated for October 1, 2013 at 9:30 a.m.  Objections are due
Sept. 24.

The Debtors said that they have pursued a number of alternatives.
However, given the lack of consensus among the secured lenders,
the Company has decided that the best path forward is a court-
supervised sale and marketing process.

Although MSD stated that a timely sale process is critical, it has
not yet selected a lead bidder for the bankruptcy auction.

A copy of the CEO Ron Turcotte's declaration in support of the
first day pleadings is available for free at
http://bankrupt.com/misc/MSD_Turcotte_Affidavit.pdf

Law360 reported that a group of senior secured creditors for
bankrupt high-performance auto parts maker MSD Performance Inc.
said Sept. 9 that they would oppose a going-concern sale and might
seek the Delaware bankruptcy court's permission to submit their
own debt reorganization plan for the firm.

According to the report, during MSD Performance's first-day
hearing in Wilmington, Del., an attorney for a group of secured
lenders led by Madison Capital Funding LLC said a bankruptcy sale
would heap a huge tax burden onto the estate.

                       About MSD Performance

MSD Performance, Inc., headquartered in El Paso, Texas, operates
in the power sports enthusiast and professional racer markets
where the company maintains leading market share positions across
all of its product categories under the MSD Ignition(R),
Racepak(R) and Powerteq(R) brands.  The company's facilities
encompass over 220,000 square feet in six buildings, five of which
are located across the U.S. and one in Shanghai, China.

MSD Performance and its U.S. affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 13-12286) on Sept. 6,
2013, to facilitate a sale of the assets.

MSDP's restructuring counsel is Jones Day. Its investment banker
is SSG Advisors, LLC. MSDP is also represented by Richards Layton
and Finger, as local counsel.  Logan & Co. is the claims and
notice agent.


MSD PERFORMANCE: Wins Approval to Hire Logan as Claims Agent
------------------------------------------------------------
MSD Performance, Inc. and its debtor-affiliates obtained Court
approval to employ Logan & Company, Inc., as claims and notice
agent.

The Debtors said that by appointing Logan as the claims and
noticing agent, the distribution of notices and the processing of
claims will be expedited, and the office of the Clerk of the
Logan will send out certain designated notices, to maintain claims
files, and maintain a claims register.

Logan will be compensated in accordance with the pricing schedule
agreed by the parties.

The Debtors have provided Logan a retainer of $5,000.

The Debtors will file a separate application to employ Logan as an
administrative advisor.

                       About MSD Performance

MSD Performance, Inc., headquartered in El Paso, Texas, operates
in the power sports enthusiast and professional racer markets
where the company maintains leading market share positions across
all of its product categories under the MSD Ignition(R),
Racepak(R) and Powerteq(R) brands.  The company's facilities
encompass over 220,000 square feet in six buildings, five of which
are located across the U.S. and one in Shanghai, China.

MSD Performance and its U.S. affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 13-12286) on Sept. 6,
2013, to facilitate a sale of the assets.

MSDP's restructuring counsel is Jones Day. Its investment banker
is SSG Advisors, LLC. MSDP is also represented by Richards Layton
and Finger, as local counsel.  Logan & Co. is the claims and
notice agent.


MSD PERFORMANCE: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: MSD Performance, Inc.
          aka MSD Performance
        1490 Henry Brennan Drive
        El Paso, TX 79936

Bankruptcy Case No.: 13-12286

Affiliates that simultaneously filed for Chapter 11:

        Debtor                     Case No.
        ------                     --------
Autotronic Controls Corporation    13-12288
Superchips, Inc.                   13-12289
Competition Systems, Inc.          13-12291
MSD Brink Acquisition, Inc.        13-12292
Edge Parent, LLC                   13-12293
Racing Services, Inc.              13-12294
Edge Products, LLC                 13-12295

Chapter 11 Petition Date: September 6, 2013

Court: U.S. Bankruptcy Court
       District of Delaware (Delaware)

Judge: Peter J. Walsh

Debtors'
Local Counsel:    Daniel J. DeFranceschi, Esq.
                  RICHARDS, LAYTON & FINGER, P.A.
                  One Rodney Square, P.O. Box 551
                  Wilmington, DE 19899
                  Tel: (302) 651-7700
                  Fax: (302) 651-7701
                  E-mail: defranceschi@rlf.com

                         - and ?

                  Paul N. Heath, Esq.
                  RICHARDS, LAYTON & FINGER, P.A.
                  One Rodney Square, P.O. Box 551
                  Wilmington, DE 19899
                  Tel: (302) 651-7700
                  Fax: (302) 651-7701
                  E-mail: heath@rlf.com

                         - and ?

                  Zachary I. Shapiro, Esq.
                  RICHARDS, LAYTON & FINGER, P.A.
                  920 North King Street, P.O. Box 551
                  Wilmington, DE 19801
                  Tel: (302) 651-7700
                  Fax: (302) 651-7701
                  E-mail: shapiro@rlf.com

                         - and ?

                  Amanda R. Steele
                  RICHARDS, LAYTON AND FINGER, P.A.
                  920 N. King Street
                  Wilmington, DE 19801
                  Tel: (302) 651-7838
                  Fax: (302) 428-7838
                  E-mail: steele@rlf.com

Debtors'
Counsel:          Amy Edgy Ferber, Esq.
                  JONES DAY
                  1420 Peachtree Street, N.E.
                  Suite 800
                  Atlanta, GA 30309-3053
                  Tel: (404) 581-3939
                  Fax: (404) 581-8330

                         - and ?

                  Thomas A. Howley, Esq.
                  JONES DAY
                  717 Texas St.
                  Suite 3300
                  Houston, TX 77002
                  Tel: (832) 239-3939
                  Fax: (832) 239-3600

Debtors'
Financial
Advisors:         SSG CAPITAL ADVISORS, LLC

Debtors'
Claims Agent:     LOGAN & COMPANY

Lead Debtor's
Estimated Assets: $50,000,001 to $100,000,000

Lead Debtor's
Estimated Debts: $100,000,001 to $500,000,000

The petitions were signed by Ron Turcotte, CEO.

MSD Performance, Inc.'s List of Its 20 Largest Unsecured
Creditors:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
Mike Short                         Consulting and         $930,000
1441 S. Grant Street               Non-competition
Longwood, FL 32750                 Agreement

Inovar, Inc.                       Trade                  $883,664
1073 West 1700 North
Logan, UT 84321

Ningbo Daiko Auto Parts C          Trade                  $179,474
Ditang Street
Yuyao City
Zhejiang Province
315490 China

American Express                   Trade                  $144,893

American Precision Machining, Inc. Trade                  $143,793

Forecast Products                  Trade                  $116,692

International Corrugated           Trade                  $112,167

Salt Lake Cable                    Trade                  $104,483

Cadic Kunsham Auto Electric        Trade                   $92,386

Las Cruces Machine Co.             Trade                   $75,890

US Micro Products                  Trade                   $74,075

Cavist Manufacturing               Trade                   $70,783

Powermaster                        Trade                   $70,243

Taro Manufacturing Co.             Trade                   $69,658

Arburg, Inc.                       Trade                   $69,380

Ningbo Guangming Rubber & Plastic  Trade                   $68,071

Ningbo (AMGEE) Fengya Imp          Trade                   $64,765

Schiefer Media Inc.                Trade                   $64,223

FlexTron Circuit Assembly          Trade                   $62,348

QVS Marketing, Inc.                Trade                   $59,200


NATIONAL PROMOTERS: Puerto Rico Court Bars Use of Rent Proceeds
---------------------------------------------------------------
Bankruptcy Judge Enrique S. Lampotte denied the request of debtor
National Promoters and Services Inc. to set aside the bankruptcy
court's prior order prohibiting the debtor's use of cash
collateral and to show cause.  The main controversy hinges on
whether creditor LSREF2 Island Holdings Ltd. has a valid lien over
the Debtor's rent proceeds.  The Court rules that a valid lien was
properly constituted over the Debtor's rent proceeds in favor of
Island Holdings.

Island Holdings is the successor in interest to the claim filed
FirstBank.  On April 19, 2013, Island Holdings filed a Transfer
of Claim informing that FirstBank had transferred to it Claim No.
7-1.

The Court directs the Debtor, within 14 days of the order, to:

     (a) forward all proceeds from the rental contracts to Island
         Holdings;

     (b) turn over any cash collateral of Island Holdings that is
         in the possession, custody or control of the Debtor or
         any of the Insiders of the Debtor (as such term is
         defined in 11 U.S.C. Sec. 101);

     (c) account for all cash collateral received by or for the
         benefit of the Debtor since the petition date; and

     (d) permit Island Holdings immediate access to the books
         and records of the Debtor, including all electronic
         records on any company computers, to make electronic
         copies, photocopies or abstracts of the business records
         of the Debtor.

A copy of the Court's Sept. 9, 2013 Opinion and Order is available
at http://is.gd/sfheHUfrom Leagle.com.

National Promoters and Services, Inc., based in San Juan, Puerto
Rico, sought Chapter 11 bankruptcy protection (Bankr. D.P.R. Case
No. 12-01076) on Feb. 15, 2012.  Carmen D. Conde Torres, Esq., at
C. Conde & Assoc., serves as the Debtor's counsel.  In its
petition, National Promoters estimated $1 million to $10 million
in both assets and debts.  A list of the Company's 15 largest
unsecured creditors, filed with the petition, is available for
free at http://bankrupt.com/misc/prb12-01076.pdf The petition was
signed by Carlos Benitez Rivera, president.


NATURAL PORK: Wants Plan Exclusivity Extended Until Jan. 7
----------------------------------------------------------
Natural Pork Production II, LLP, asks the U.S. Bankruptcy Court
for the Southern District of Iowa to extend its exclusive period
to file a plan until Jan. 7, 2014.

This is the Debtor's third motion to extend its exclusive period
to file a plan.

According to the Debtor, much of its attention and that of its
counsel, during the third 120 days of this case were devoted
primarily to sale of the properties held by the Debtor and three
(3) of its wholly owned subsidiaries.  "The Debtor continues to
sell and otherwise liquidate its remaining assets in an orderly
manner."

"The Court is also aware that there are seven pending adversary
proceedings in the case that seek resolution of several legal and
factual issues that are fundamental, if not critical, to the
formulation of a disclosure statement and plan," the Debtor adds.
"Although the Debtor does not concede at this time these matters
must be resolved prior to its being able to prepare and submit a
disclosure statement and plan, it would be somewhat difficult to
propose same."

                        About Natural Pork

Hog raiser Natural Pork Production II, LLP, filed for Chapter 11
bankruptcy (Bankr. S.D. Iowa Case No. 12-02872) on Sept. 11,
2012, in Des Moines.  The Company formerly did business as Natural
Pork Production, LLC.  It does business as Crawfordsville, LLC,
Brayton, LLC, South Harlan, LLC, and North Harlan, LLC.  The
Debtor disclosed $31.9 million in asset and $27.9 million in
liabilities, including $7.49 million of secured debt in its
schedules.

Bankruptcy Judge Anita L. Shodeen oversees the case.  Donald F.
Neiman, Esq., and Jeffrey D. Goetz, Esq., at Bradshaw, Fowler,
Proctor & Fairgrave, P.C., in Des Moines, Iowa, represent the
Debtor as general reorganization counsel.  Attorneys at Davis,
Brown, Koehn, Shors & Roberts, P.C., in Des Moines, Iowa,
represent the Debtor as special litigation counsel.

Attorneys at Sugar, Felsenthal Grais & Hammer LLP, in Chicago,
represent the Official Committee of Unsecured Creditors.  Robert C
Gainer, Esq. at Cutler Law Firm, P.C., in West Des Moines, Iowa,
represent the Committee as associate counsel. Conway MacKenzie,
Inc., serves as its financial advisor.

Gary W. Koch, Esq., and Michael S. Dove, Esq., represent AgStar
Financial Services, ACA, and AgStar Financial Services, FLCA, as
counsel.

Michael P. Mallaney, Esq., at Hudson Mallaney Schindler &
Anderson, in West Des Moines, Iowa, represents the IC Committee as
counsel.


NATURAL RESOURCE: S&P Assigns 'B+' CCR; Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B+'
corporate credit rating to Houston-based Natural Resource Partners
L.P.  The outlook is stable.

At the same time, S&P assigned a 'B' (one notch lower than the
corporate credit rating) issue-level rating to Natural Resource
Partners L.P.'s proposed $300 million senior unsecured notes co-
issued by Natural Resource Partners L.P. and NRP Finance Corp.
The recovery rating on the proposed notes is '5', indicating S&P's
expectation for modest (10% to 30%) recovery in the event of
payment default.

The notes are being sold pursuant to Rule 144A with registration
rights.  The company plans to use proceeds from the proposed notes
to repay existing indebtedness and for other general partnership
purposes.

"The stable outlook reflects our view that NRP will maintain
leverage of about 4x and FFO to debt of about 20%, which we would
consider to be in line with the 'B+' corporate credit rating and
aggressive financial profile.  We also expect liquidity to remain
adequate to cover future acquisitions that NRP may undertake as
well as its shareholder distributions," said Standard & Poor's
credit analyst Megan Johnston.

S&P could lower the rating if leverage rose to and was sustained
about 5x, which could occur with a continued, sustained decline in
the coal markets, or if NRP were to increase debt to pursue future
acquisitions.  S&P could also lower the ratings if it deemed
liquidity to be less than adequate; this could occur if headroom
under the company's covenants deteriorated, or if the company
needed to fund future shareholder distributions with its revolving
credit facility.

A higher rating is unlikely over the next year or two given S&P's
view of NRP's small size and scope and aggressive financial risk
profile; however, one could occur over time if the company were to
strengthen its business by continuing to diversify into new
markets while keeping leverage less than 4x.


NESBITT PORTLAND: Hilton Says Licenses Bar Ch. 11 Sale Plan
-----------------------------------------------------------
Law360 reported that Hilton Worldwide Inc. on Sept. 6 objected to
a Chapter 11 reorganization plan from a group of bankrupt Embassy
Suites hotel operators that calls for selling off seven Embassy
Suites-branded hotels, saying the plan runs afoul of its licensing
agreements with the operators.

According to the report, two affiliates of the hotel giant, HLT
Existing Franchise Holding LLC and Embassy Suites Franchise LLC
argue there is no legal basis for the court to require Hilton to
alter the terms of its licensing agreements with the debtors,
which are eight companies owned by Nesbitt Portland Property, LLC.

              About Nesbitt Portland Property et al.

Windsor Capital Group Inc. CEO Patrick M. Nesbitt sent hotel-
companies to Chapter 11 bankruptcy to stop a receiver named by
U.S. Bank National Association from taking over eight hotels,
seven of which are operated as Embassy Suites brand hotels.  The
eighth hotel, located in El Paso, Texas, was previously operated
as an Embassy Suites hotel, but lost its franchise agreement.
The eight hotels were pledged by the Debtors as collateral for the
loans with U.S. Bank.

According to http://www.wcghotels.com/Santa Monica-based Windsor
Capital owns and/or operates 23 branded hotels in 11 states across
the U.S.  Windsor Capital is the largest private owner and
operator of Embassy Suites hotels.

In the case U.S. Bank vs. Nesbitt Bellevue Property LLC, et al.
(S.D.N.Y. 12 Civ. 423), U.S. Bank obtained approval from the
district judge in June to name Alan Tantleff of FTI Consulting,
Inc., as receiver for:

* Embassy Suites Colorado Springs in Colorado;
* Embassy Suites Denver Southeast in Colorado;
* Embassy Suites Cincinnati - Northeast in Blue Ash, Ohio;
* Embassy Suites Portland - Washington Square in Tigard, Oregon;
* Embassy Suites Detroit - Livornia/Novi in Michigan;
* Embassy Suites El Paso in Texas;
* Embassy Suites Seattle - North/Lynwood in Washington; and
* Embassy Suites Seattle - Bellevue in Washington

The receiver obtained district court permission to engage Crescent
Hotels and Resorts LLC to manage the eight hotels.  But before Mr.
Adam could take physical possession of the properties and take
control of the Hotels, the eight borrowers filed Chapter 11
petitions (Bankr. C.D. Cal. Lead Case No. 12-12883) on
July 31, 2012, in Santa Barbara, California.

The debtor-entities are Nesbitt Portland Property LLC; Nesbitt
Bellevue Property LLC; Nesbitt El Paso Property, L.P.; Nesbitt
Denver Property LLC; Nesbitt Lynnwood Property LLC; Nesbitt
Colorado Springs Property LLC; Nesbitt Livonia Property LLC; and
Nesbitt Blue Ash Property LLC.

Bankruptcy Judge Robin Riblet presides over the cases.  The
Jonathan Gura, Esq., and Peter Susi, Esq., at Susi & Gura, PC; and
Joseph M. Sholder, Esq., at Griffith & Thornburgh LLP, represent
the Debtor as counsel.  Alvarez & Marsal North American, LLC,
serves as financial advisors.

Attorneys at Kilpatrick Townsend & Stockton LLP represented the
Debtors in the receivership case.

U.S. Bank National Association, as Trustee and Successor in
Interest to Bank of America, N.A., as Trustee for Registered
Holders of GS Mortgage Securities Corporation II, Commercial
Mortgage Passthrough Certificates, Series 2006-GG6, acting by and
through Torchlight Loan Services, LLC, as special servicer, are
represented in the case by David Weinstein, Esq., and Lawrence P.
Gottesman, Esq., at Bryan Cave LLP.

On Sept. 5, 2012, the Debtors filed with the Court their schedules
of assets and liabilities.  Nesbitt Portland scheduled
$29.4 million in assets and $192.3 million in liabilities.
Nesbitt Portland's hotel property is valued at $27.19 million, and
secures a $191.9 million debt to U.S. Bank.


NNN PARKWAY: 400 26 LLC Loses Plan Exclusivity
----------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois
denied NNN Parkway 400 26, LLC's motion for extension of the
exclusive periods to file its plan and solicit acceptances.

The Court, in its order, said that the exclusivity is still on the
remaining 27 cases.

NNN Parkway 400 has replied to the objection filed by WBCMT 2007-
C31 Amberpark Office Limited Partnership, stating that the
lender's objection fails to acknowledge the significance of its
own unlawful conduct and the resolution of the issue to the
overall case.

Christine E. Baur, Esq., -- christine@baurbklaw.com -- at Law
Office Of Christine E. Baur, and Evan D. Smiley, Esq. --
esmiley@wgllp.com -- at Weiland, Golden, Smiley, Wang Ekvall &
Strok, LLP, represent the Debtors.

                    About NNN Cypresswood Drive

NNN Cypresswood Drive 25, LLC, filed a Chapter 11 petition (Bankr.
N.D. Ill. Case No. 12-50952) on Dec. 31, 2012, in Chicago.  The
Debtor, a Single Asset Real Estate as defined in 11 U.S.C. Sec.
101(51B), has principal assets located at 9720 & 9730 Cypresswood
Drive, in Houston, Texas.  The Debtor valued its assets and
liabilities at less than $50 million.  In its schedules, the
Debtor disclosed assets of Unknown amount and $35,181,271 in
liabilities as of the Chapter 11 filing.

Michael L. Gesas, Esq., at Arnstein & Lehr LLP, in Chicago,
represent the Debtor as counsel.  Mubeen M. Aliniazee and
Highpoint Management Solutions, LLC, serve as the Debtor's
financial consultant.

No trustee, examiner, or statutory creditors' committee has been
appointed in this chapter 11 case.


OGX PETROLEO: Batista May Seek Arbitration Against OGX Put Option
-----------------------------------------------------------------
Luciana Magalhaes, writing for Daily Bankruptcy Review, reported
that Brazilian businessman Eike Batista may seek arbitration
against the decision made by his oil and gas company OGX Petroleo
e Gas Participacoes SA management, which on Sept. 6 demanded
$1 billion in new capital from the controlling shareholder.

                       About OGX Petroleo

Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participaaoes
S.A. is an independent exploration and production company with
operations in Latin America.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 17, 2013, Moody's Investors Service downgraded OGX Petroleo e
Gas Participaaoes S.A.'s Corporate Family Rating to Ca from Caa2
and OGX Austria GmbH's senior unsecured notes ratings to Ca from
Caa2.  The rating outlook remains negative.


ONDOVA LTD: Ch. 7 Trustee Seeks to Intervene in Domain Suit
-----------------------------------------------------------
Law360 reported that the Chapter 7 trustee for the principal of
bankrupt Ondova Ltd. on Sept. 6 asked a Texas federal judge in a
contract suit for leave to oppose a bid by two related companies
to regain control of bank accounts and about 153,000 domain names
that were placed in receivership, arguing those assets are
property of the bankruptcy estate.

According to the report, John H. Litzler, the Chapter 7 trustee
for Ondova principal Jeffrey Baron's estate, petitioned the Dallas
federal court for permission to intervene in a case originally
brought against Baron.

The case is Netsphere Inc et al v. Baron et al., Case No. 3:09-cv-
00988 (N.D. Tex.) before Judge Royal Furgeson.

                    About Ondova Limited Company

Carrollton, Texas-based Ondova Limited Company, a former Internet
domain name registrar, filed a voluntarily Chapter 11 bankruptcy
case (Bankr. N.D. Tex. Case No. 09-34784) on July 27, 2009, at a
time when Ondova was still controlled by Ondova's former president
and sole equity owner, Jeffrey Baron.  Ondova Limited Company, dba
Compana, LLC, and dba budgetnames.com, performed a "middle man"
registration activity pursuant to a license it had from the
Internet Corporation for Assigned Names and Numbers -- which is,
essentially, a creature of the United States Department of
Commerce -- and also pursuant to an agreement with Verisign, Inc.,
which is a private corporation that essentially acts as the
operator of the huge ".com" and ".net" registries.  Verisign is
not in any way related to Ondova.

Edwin Paul Keiffer, Esq., at Wright Ginsberg Brusilow, PC, serves
as Ondova's bankruptcy counsel.  In its petition, Ondova estimated
$1 million to $10 million in both assets and debts.  The petition
was signed by Mr. Baron.

A Plan of Liquidation was confirmed in the Chapter 11 case.  The
Joint Plan contemplates approval and implementation of (a) a so-
called "Plan Settlement" between the Ondova bankruptcy estate and
the Receivership Entities; (b) a sale of significant assets
contributed to the Joint Plan by the Receivership; (c) the
creation of a Liquidating Trust to accept substantially all the
assets and liabilities of both the Ondova bankruptcy estate and
the Receivership, which Liquidating Trust would resolve and pay
all remaining claims of and against the Receivership and the
Debtor, with a return of residual funds or assets to Mr. Baron
after the satisfaction of all claims; and (d) certain releases of
parties and professionals.


ORCHARD SUPPLY: Sells Majority of Assets to Lowe's for $205-Mil.
----------------------------------------------------------------
Orchard Supply Hardware Stores Corporation completed the sale of a
majority of its assets to Orchard Supply Company, LLC, a company
affiliated with Lowe's Companies, Inc., on Aug. 30, 2013.

In consideration for the sale of its assets, the Company received
$205,000,000 in cash, subject to a working capital adjustment.  In
addition, the Purchaser assumed specified liabilities as set forth
in the Asset Purchase Agreement, including payables owed to nearly
all of the Company's suppliers.

Effective as of the closing of the sale of the Company's assets,
Mark R. Baker, Chris D. Newman and Steve L. Mahurin each resigned
from their officer positions with the Company, and Messrs. Baker,
Mahurin and Bogage each resigned as a member of the Company's
Board of Directors.

Following the resignations, Board member Kevin R. Czinger was
appointed as the president and chief executive officer of the
Company and Board member Susan L. Healy was appointed as the chief
financial officer and secretary of the Company.

Mr. Czinger, 54, has been a director of the Company since December
2011 and is co-founder and CEO of Independent Power Works, LLC, a
distributed power generation company.  He was the senior strategic
advisor of CODA Automotive, Inc., an electric car and battery
company from January 2011 to January 2012.  From January 2008 to
December 2010, Mr. Czinger served as co-founder, president and
chief executive officer of CODA Automotive, where he oversaw the
management and strategic direction of the company.  From October
2005 to April 2007, he was a co-founder and managing principal of
San Shan Partners Limited, a private equity fund based in China.
Previously, he served as a partner and senior managing director at
Fortress Private Equity, an alternative asset management firm and
an Entrepreneur-in-Residence at Benchmark Capital.

Ms. Healy, 47, has been a director of the Company since December
2011.  Ms. Healy was the chief financial officer at Virent Energy
Systems, Inc., from June 2010 to February 2011, and from April
2006 to August 2009 she was senior vice president and chief
financial officer at Lands' End, Inc.  From December 2004 to April
2006, Ms. Healy served as the chief financial officer of East
Coast Power LLC and as co-Chief Financial Officer of Cogentrix
Energy, Inc.  From January 2004 to April 2006, she served as a
vice president of J. Aron and Company, a subsidiary of The Goldman
Sachs Group Inc., and from September 2000 to January 2004, Ms.
Healy worked as a vice president, Corporate Treasury at Goldman
Sachs.  From April 1998 to September 2000, she worked as a Vice
President, Investment Banking and from August 1994 to April 1998
as an Associate at Goldman Sachs.

                        About Orchard Supply

San Jose, Cal.-based Orchard Supply Hardware Stores Corporation
operates neighborhood hardware and garden stores focused on paint,
repair and the backyard.  It was spun off from Sears Holdings
Corp. in 2012.

Orchard Supply and two affiliates sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 13-11565) on June 16 to facilitate a
restructuring of the company's balance sheet and a sale of its
assets for $205 million in cash to Lowe's Companies, Inc., absent
higher and better offers.  In addition to the $205 million cash,
Lowe's has agreed to assume payables owed to nearly all of
Orchard's supplier partners.

Bankruptcy Judge Christopher S. Sontchi oversees the case.
Michael W. Fox signed the petitions as senior vice president and
general counsel.  The Debtors disclosed total assets of
$441,028,000 and total debts of $480,144,000.

Stuart M. Brown, Esq., at DLA Piper LLP (US), in Wilmington,
Delaware; and Richard A. Chesley, Esq., Chun I. Jang, Esq., and
Daniel M. Simon, Esq., at DLA Piper LLP (US), in Chicago,
Illinois, are the Debtors' counsel.  Moelis & Company LLC serves
as the Debtors' investment banker.  FTI Consulting, Inc., serves
as the Debtors' financial advisors.  A&G Realty Partners, LLC,
serves as the Debtors' real estate advisors.  BMC Group Inc. is
the Debtors' claims and noticing agent.

The Official Committee of Unsecured Creditors appointed in case
has retained Pachulski Stang Ziehl & Jones LLP as counsel, and
Alvarez & Marsal as financial advisors.


OSIRUS INC: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Osirus, Inc.
          dba Osirus Food Service
        1866 Grandstand
        San Antonio, TX 78238

Bankruptcy Case No.: 13-52445

Chapter 11 Petition Date: September 6, 2013

Court: U.S. Bankruptcy Court
       Western District of Texas (San Antonio)

Judge: Ronald B. King

Debtor's Counsel: Ronald J. Smeberg, Esq.
                  THE SMEBERG LAW FIRM, PLLC
                  11550 IH-10 W, Suite 180
                  San Antonio, TX 78230
                  Tel: (210) 695-6684
                  Fax: (210) 598-7357
                  E-mail: ron@smeberg.com

Estimated Assets: $0 to $50,000

Estimated Debts: $1,000,001 to $10,000,000

A copy of the Company's list of its 20 largest unsecured creditors
filed with the petition is available for free at:
http://bankrupt.com/misc/txwb13-52445.pdf

The petition was signed by Elizabeth Cardenas, CEO.


PARK SIDE: To Seek Confirmation of Liquidating Plan Oct. 8
----------------------------------------------------------
Park Side Estates LLC is now a step closer to emerging from
Chapter 11 protection after a bankruptcy judge approved the
outline of its plan of liquidation.

U.S. Bankruptcy Judge Robert Drain approved last week the so-
called disclosure statement or the outline of the company's
liquidation plan, which calls for the sale of its New York
property to Classon Estates One LLC.

In a four-page order, Judge Drain held that the disclosure
statement contains "adequate information" for creditors to decide
on whether to support the proposed plan.  He overruled all
objections that have not been withdrawn or resolved.

The bankruptcy judge also gave Park Side the go-signal to begin
the solicitation of votes from creditors.  The company needs to
obtain a majority of votes accepting the liquidation plan, and a
court order confirming the plan to finally emerge from bankruptcy
protection.

The deadline for creditors to vote for or against the liquidation
plan is Oct. 3, which is also the last day to file objections to
the confirmation of the plan.  A court hearing to consider
approval of the plan is scheduled for Oct. 8.

Park Side's plan provides for the sale of its real property
located at 143-159 Classon Avenue, in Brooklyn, New York, to
Classon, and thereafter the liquidation of the company.  The
purchaser will assume the existing Classon mortgage in the agreed
upon reduced amount of $17.25 million, which includes the
$2,414,500 obligation in a loan participation agreement.

Plan payments will be funded from the cash component of the
purchase price of the property, which includes the amounts
required to satisfy professional fees and the U.S. trustee's fees,
payment of real estate taxes, and the so-called estate
contribution.

The sale contract between the companies defines the estate
contribution as consisting of $400,000 on the effective date of
the liquidation plan and $425,000 within five business days of the
issuance of certificates of occupancy for the Brooklyn property
and the closing of not less than three condominiums located in the
building commonly known as 159 Classon Avenue.

Classon has also agreed to contribute the sum of $50,000 towards
funding of the plan.  Park Side estimates that the estate
contribution in the amount of $825,000 plus Classon's contribution
will result in a 100% distribution to holders of administrative
claims, priority claims, and priority tax claims and the pro rata
distribution to holders of unsecured claims.

Pursuant to the liquidation plan, equity interests in Park Side
will be canceled upon the effective date of the plan.  After the
effective date, Classon will be responsible for advancing the
balance of the estate contribution in the amount of $425,000 for
distribution to creditors in accordance with the priorities
established by U.S. bankruptcy law.

                  Park Side Amends Plan Outline

Park Side also revised last week its disclosure statement in which
the company provided additional information about the claims filed
by 159 creditors who assert more than $2.17 million.

The company noted that agreements have not yet been reached with
the 159 claimants with respect to the building commonly known as
159 Classon Avenue, Brooklyn, New York.  Park Side said it does
not believe that they hold valid claims against the company, and
that it has not considered their claims in the disclosure
statement.

To the extent the company's pending objections to claims of the
159 creditors are fully adjudicated and a final determination is
made that their claims are valid, those creditors will be entitled
to vote on the plan in the appropriate class and participate in
any distribution, Park Side said in the court filing.

To the extent an objection to any filed claim has not been fully
adjudicated, such claimant must file the appropriate estimation
motion for temporary allowance for voting purposes in order to
participate in the plan solicitation process, according to the
company.

Park Side also disclosed that Classon and the 159 claimants are
participating in settlement negotiations but no final agreement
has been reached.  It is not anticipated that the settlement will
have any impact on the distributions as set forth in the plan as
any settlement will be funded by a non-debtor party, the company
noted in the disclosure statement.

Under the revised disclosure statement, the estimated amount of
unsecured claims increased by $135,128 to $2,218,265.  Park Sides
estimates a 7% to 10% distribution to unsecured creditors
dependent upon the resolution of the company's objections to those
claims.

The estimated amount of administrative claim asserted by Classon
Estates V, LLC increased by $2,000 while the amount of
administrative claims for professional compensation increased by
$25,000.

A full-text copy of Park Side's Amended Disclosure Statement is
available for free at http://is.gd/Ee781O

                      About Park Side Estates

Monsey, New York-based Park Side Estates, LLC, sought Chapter 11
bankruptcy protection (Bankr. S.D.N.Y. Case No. 13-22198) in White
Plains on Feb. 7, 2013, estimating assets and liabilities in
excess of $10 million.

The Debtor owns the real property located at 143-159 Classon
Avenue, Brooklyn, New York, improved by two buildings with 37
residential units, commercial units and parking.  It said that its
principal asset is located at 143-159 Classon Avenue, in Brooklyn.

The Debtor sought bankruptcy to trigger the automatic stay to stop
the auction.

The petition was signed by Moshe Junger as managing member.
Arnold Mitchell Greene, Esq., at Robinson Brog Leinwand Greene
Genovese & Gluck, P.C., serves as the Debtor's counsel.  The
Debtor estimated assets and debts of at least $10 million as of
the Petition Date.  Judge Robert D. Drain presides over the case.


PATRIOT COAL: Court Approves VEBA Trust Proposed by Retiree Panel
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Missouri has
approved the Veba Trust proposed by the Official Committee of
Salaried Retirees of Patriot Coal Corporation, et al., so that it
may obtain and subsequently distribute the monetary benefits
negotiated in the Court's Non-Union Retiree Order entered April
26, 2013.

The Retiree Committee is authorized to turn over funds received
from the Debtors (or reorganized Debtors) to the VEBA Trust and/or
cause funds to be turned over to the VEBA Trust to implement same.

A copy of the Sept. 10, 2013 Order is available at:

         http://bankrupt.com/misc/patriotcoal.doc4613.pdf

As reported in the TCR on Aug. 2, 2013, an Order was entered by
the Court reflecting a settlement of the dispute (on whether
welfare benefit plans were vested or not) between the Retiree
Committee and the Debtors.  That order, in part, reflected that
$250,000 would be contributed to a VEBA Trust to be set up by the
Retiree Committee and that $3,750,000 of cash or equity would be
provided to the same VEBA Trust upon the effective date of a plan
of reorganization.

The April 26, 2013, order also provides that the Debtors cooperate
toward the reallocation of the remaining non-Union life insurance
benefit obligations to other types of welfare benefits.  In
accordance with the same, the Retiree Committee said it has since
determined that all such funds, including the monies currently
being directed for life insurance premiums, should be redirected
and made available solely for health insurance benefit purposes as
soon as possible.

According to the Retiree Committee, having recently received the
required information (about the affected retirees from the Debtors
to enable the creation of a VEBA Trust and to design an equitable
welfare plan to cost effective provide said benefits) it has
caused a Voluntary Employee Beneficiary Trust to be created to
serve as a mechanism for the Debtors and the Reorganized Debtors
to provide the negotiated financial obligations reflected in the
April 26 order on a income tax free basis.

A complete text of the Court's April 26 order is available at:

          http://bankrupt.com/misc/patriotcoal.doc3849.pdf

                        About Patriot Coal

St. Louis-based Patriot Coal Corporation (NYSE: PCX) is a producer
and marketer of coal in the eastern United States, with 13 active
mining complexes in Appalachia and the Illinois Basin.  The
Company ships to domestic and international electricity
generators, industrial users and metallurgical coal customers, and
controls roughly 1.9 billion tons of proven and probable coal
reserves.

Patriot Coal and nearly 100 affiliates filed voluntary Chapter 11
petitions in U.S. bankruptcy court in Manhattan (Bankr. S.D.N.Y.
Lead Case No. 12-12900) on July 9, 2012.  Patriot said it had
$3.57 billion of assets and $3.07 billion of debts, and has
arranged $802 million of financing to continue operations during
the reorganization.

Davis Polk & Wardwell LLP serves as lead restructuring counsel.
Bryan Cave LLP serves as local counsel to the Debtors.  Blackstone
Advisory Partners LP is serving as financial advisor, and AP
Services, LLC is providing interim management services to Patriot
in connection with the reorganization.  Ted Stenger, a Managing
Director at AlixPartners LLP, the parent company of AP Services,
has been named Chief Restructuring Officer of Patriot, reporting
to the Chairman and CEO.  GCG, Inc. serves as claims and noticing
agent.

The U.S. Trustee appointed a seven-member creditors committee.
Kramer Levin Naftalis & Frankel LLP serves as its counsel.
HoulihanLokey Capital, Inc., serves as its financial advisor and
investment banker.  Epiq Bankruptcy Solutions, LLC, serves as its
information agent.

On Nov. 27, 2012, the New York bankruptcy judge moved Patriot's
bankruptcy case to St. Louis.  The order formally sending the
reorganization to Missouri was signed December 19 by the
bankruptcy judge.  The New York Judge in a Jan. 23, 2013 order
denied motions to transfer the venue to the U.S. Bankruptcy Court
for the Southern District of West Virginia.

Patriot Coal Corporation on Sept. 6 filed a Plan of Reorganization
with the U.S. Bankruptcy Court for the Eastern District of
Missouri as contemplated by the terms of Patriot's Debtor-in-
Possession financing.

The Company anticipates filing its Disclosure Statement with the
Bankruptcy Court this week, which will contain additional details
about the proposed Plan.


PATRIOT COAL: To Idle Logan County Thermal Coal Complex
-------------------------------------------------------
Patriot Coal Corporation on Sept. 10 announced plans to idle its
Logan County complex located near Man, West Virginia, reducing
thermal coal production by approximately two million annual tons.
Pursuant to the WARN Act, the Company gave 60-day notice today to
affected employees. The operations expected to be idled include
the Guyan surface mine and the Fanco preparation plant and rail
loadout -- with a total of approximately 250 employees being
impacted.  Efforts are being made to place employees into open
positions at other Patriot subsidiary operations, and the Company
currently anticipates that about 50 employees will be offered jobs
at those locations.

This is an unfortunate but necessary step to align Patriot's
production with expected sales," said Patriot President and Chief
Executive Officer Bennett K. Hatfield.  "Despite the substantial
progress being made in the Patriot reorganization, we still have
to contend with the industry-wide challenge of coal prices that
have fallen well below production costs at many Central
Appalachian mines.  Thermal coal markets are extremely weak due to
low natural gas prices and costly regulatory changes that have
reduced coal-fueled electricity generation capacity."

                       About Patriot Coal

St. Louis-based Patriot Coal Corporation (NYSE: PCX) is a producer
and marketer of coal in the eastern United States, with 13 active
mining complexes in Appalachia and the Illinois Basin.  The
Company ships to domestic and international electricity
generators, industrial users and metallurgical coal customers, and
controls roughly 1.9 billion tons of proven and probable coal
reserves.

Patriot Coal and nearly 100 affiliates filed voluntary Chapter 11
petitions in U.S. bankruptcy court in Manhattan (Bankr. S.D.N.Y.
Lead Case No. 12-12900) on July 9, 2012.  Patriot said it had
$3.57 billion of assets and $3.07 billion of debts, and has
arranged $802 million of financing to continue operations during
the reorganization.

Davis Polk & Wardwell LLP serves as lead restructuring counsel.
Bryan Cave LLP serves as local counsel to the Debtors.  Blackstone
Advisory Partners LP is serving as financial advisor, and AP
Services, LLC is providing interim management services to Patriot
in connection with the reorganization.  Ted Stenger, a Managing
Director at AlixPartners LLP, the parent company of AP Services,
has been named Chief Restructuring Officer of Patriot, reporting
to the Chairman and CEO.  GCG, Inc. serves as claims and noticing
agent.

The U.S. Trustee appointed a seven-member creditors committee.
Kramer Levin Naftalis & Frankel LLP serves as its counsel.
HoulihanLokey Capital, Inc., serves as its financial advisor and
investment banker.  Epiq Bankruptcy Solutions, LLC, serves as its
information agent.

On Nov. 27, 2012, the New York bankruptcy judge moved Patriot's
bankruptcy case to St. Louis.  The order formally sending the
reorganization to Missouri was signed December 19 by the
bankruptcy judge.  The New York Judge in a Jan. 23, 2013 order
denied motions to transfer the venue to the U.S. Bankruptcy Court
for the Southern District of West Virginia.


PATRIOT COAL: UMWA Reacts to Pending Logan County Complex Closure
-----------------------------------------------------------------
United Mine Workers of America International President Cecil E.
Roberts made the following statement on Sept. 10:

"[Tues]day's announcement by Patriot is very disappointing, though
not unexpected.  The company had already announced its intention
to close this complex in the near term, however the continued
depression in the coal market led to this action being taken
sooner.

"There will be jobs available for some of our members at the Hobet
mine in Boone County, others are eligible for retirement and will
choose that route.

"This makes it even more important that we continue our fight to
secure the long-term retirement health care benefits our members
have earned.  This is a former Arch Coal mine, and Arch made the
promise of retiree health care to these miners and their spouses.
We will continue to work in Congress, argue in court, and march in
the streets until our struggle for fairness and justice is won,
and we have a long-term funding solution for their benefits."

                        About Patriot Coal

St. Louis-based Patriot Coal Corporation (NYSE: PCX) is a producer
and marketer of coal in the eastern United States, with 13 active
mining complexes in Appalachia and the Illinois Basin.  The
Company ships to domestic and international electricity
generators, industrial users and metallurgical coal customers, and
controls roughly 1.9 billion tons of proven and probable coal
reserves.

Patriot Coal and nearly 100 affiliates filed voluntary Chapter 11
petitions in U.S. bankruptcy court in Manhattan (Bankr. S.D.N.Y.
Lead Case No. 12-12900) on July 9, 2012.  Patriot said it had
$3.57 billion of assets and $3.07 billion of debts, and has
arranged $802 million of financing to continue operations during
the reorganization.

Davis Polk & Wardwell LLP serves as lead restructuring counsel.
Bryan Cave LLP serves as local counsel to the Debtors.  Blackstone
Advisory Partners LP is serving as financial advisor, and AP
Services, LLC is providing interim management services to Patriot
in connection with the reorganization.  Ted Stenger, a Managing
Director at AlixPartners LLP, the parent company of AP Services,
has been named Chief Restructuring Officer of Patriot, reporting
to the Chairman and CEO.  GCG, Inc. serves as claims and noticing
agent.

The U.S. Trustee appointed a seven-member creditors committee.
Kramer Levin Naftalis & Frankel LLP serves as its counsel.
HoulihanLokey Capital, Inc., serves as its financial advisor and
investment banker.  Epiq Bankruptcy Solutions, LLC, serves as its
information agent.

On Nov. 27, 2012, the New York bankruptcy judge moved Patriot's
bankruptcy case to St. Louis.  The order formally sending the
reorganization to Missouri was signed December 19 by the
bankruptcy judge.  The New York Judge in a Jan. 23, 2013 order
denied motions to transfer the venue to the U.S. Bankruptcy Court
for the Southern District of West Virginia.


PERSONAL COMMUNICATIONS: Creditors Slam Proposed $105MM Sale
------------------------------------------------------------
Law360 reported that creditors of telecommunications company
Personal Communications Devices LLC on Sept. 6 urged the
bankruptcy judge overseeing its Chapter 11 proceeding to reject
its proposed $105.3 million asset sale and allow time to explore
other offers.

According to the report, arguing that the proposed sale to
stalking horse bidder Quality One Wireless LLC benefits only
secured lenders and insiders, the official committee of unsecured
creditors asked U.S. Bankruptcy Judge Alan S. Trust to deny the
company's motion to approve bidding procedures for an auction.

                    About Personal Communications

Personal Communications Devices LLC and an affiliate, Personal
Communications Devices Holdings, LLC, filed for Chapter 11
bankruptcy (Bankr. E.D.N.Y. Case No. 13-74303) on Aug. 19, 2013,
in Central Islip, N.Y., estimating between $100 million
and $500 million in both assets and liabilities.  Bankruptcy Judge
Alan S. Trust oversees the case.  The petitions were signed by
Raymond F. Kunzmann as chief financial officer.

Attorneys at Goodwin Procter, LLP and Togut, Segal & Segal, LLP
serve as counsel to the Debtors.  Epiq Bankruptcy Solutions, LLC,
is the claims and notice agent.  BG Strategic Advisors, LLC, is
the financial advisor.   Richter Consulting, Inc., is the
investment banker.

PCD has a proposal in place to sell itself to Quality One Wireless
LLC for $105.3 million, subject to higher bids.  The Company is
asking the Court to approve guidelines to govern the bidding and
sale process.

PCD is advised in this transaction by Richter Consulting Inc., BG
Strategic Advisors, and Goodwin Procter LLP.  Q1W is advised by
Raymond James and Associates, Inc. and Munsch Hardt Kopf & Harr,
P.C.

A three-member official committee of unsecured creditors was
appointed in the Chapter 11 case.

PCD -- http://www.pcdphones.com-- provides both carriers and
manufacturers an array of product life cycle management services
that includes planning and development; inventory; technical
testing; quality control; forward and reverse logistics; sell-in
and sell-thru, marketing & warranty support.  Its extensive
portfolio of high-quality and versatile wireless devices includes
feature phones, smartphones, tablets, mobile hotspots, modems,
routers, fixed wireless, M2M, GPS, and other innovative wireless
connectivity devices and accessories.  PCD is based in Hauppauge,
New York; and maintains operations facilities in Brea, California;
and Toronto, CA.


PRM FAMILY: Has Access to Cash Collateral Until Oct. 6
------------------------------------------------------
The Hon. Sarah S. Curley of the U.S. Bankruptcy Court for the
District of Arizona, in an amended order, authorized PRM Family
Holding Company, L.L.C., et al.'s continued access to cash
collateral until Oct. 6, 2013.

Bank of America, N.A., as administrative agent, and Grocers
Capital Company consented to the use of the cash collateral.

As of the Petition Date, the agent alleges each Debtor is jointly
and severally liable to the agent, on behalf of the lenders, for
prepetition indebtedness in the aggregate amount of at least
$48,212,029.

The Debtors' use of cash collateral is limited to payment of the
authorized expenses and for no other purpose without: (i) the
prior written consent of the agent; or (ii) further order of the
Court after due and proper notice and opportunity to object.

As adequate protection from any diminution in value of the
lenders' collateral, the Debtor will grant the lender replacement
liens and super-priority claims, subject to carve out on certain
expenses.

In a separate filing, BofA stipulated to continue the hearing on
these matters set for Sept. 5, at 10 a.m. to Oct. 3, at 10 a.m.:

   1. Agent's objection to the Debtors' retention of HG Capital
      Partners as financial advisor; motion for reconsideration;

   2. the motion to obtain postpetition financing; and

   3. the emergency motion to approve use of cash collateral.

                        About PRM Family

PRM Family Holding Company, L.L.C., operator of 11 Pro's Ranch
Markets grocery stores in Arizona and Texas and New Mexico, sought
Chapter 11 protection (Bankr. D. Ariz. Case No. 13-09026) on May
28, 2013.

As of the bankruptcy filing, PRM Family Holding operates seven
grocery stores in Phoenix, two in El Paso, Texas, and two in New
Mexico.  Its corporate office is in California and it has
warehouses and distribution facilities in California and Phoenix.
Its Pro's Ranch Markets feature produce, baked goods and other
general grocery items with a Hispanic flair and theme.  The
company has more than 2,200 employees.

PRM Family blamed its woes on, among other things, the adverse
effect of the perception in Arizona towards immigrants including
the passage of SB 1070 and an immigration audit to which no other
competitor was subjected.  It also blamed a decline in the U.S.
economy and an increase competition from other grocery store
chains.

Bank of America, the secured lender, declared a default in
February 2013.

PRM Family estimated liabilities in excess of $10 million.

Judge Sarah Sharer Curley oversees the case.  Michael McGrath,
Esq., Scott H. Gan, Esq., Frederick J. Petersen, Esq., Kasey C.
Nye, Esq., David J. Hindman, Esq., and Isaac D. Rothschild, Esq.,
at Mesch, Clark & Rothschild, P.C., serve as the Debtor's counsel.

HG Capital Partners' Jim Ameduri serves as financial advisor.

Attorneys at Freeborn & Peters LLP, in Chicago, Ill., represent
the Official Committee of Unsecured Creditors as lead counsel.
Attorneys at Schian Walker, P.L.C., in Phoenix, Arizona, represent
the Committee as local counsel.  O'Keefe & Associates Consulting,
LLC, serves as financial advisor to the Committee.

Robert J. Miller, Esq., Bryce A. Suzuki, Esq., and Justin A.
Sabin, Esq., at Bryan Cave LLP, in Phoenix, serve as counsel for
Bank of America, N.A., as administrative agent and a lender under
an amended and restated credit agreement dated July 1, 2011.


PRM FAMILY: Court OKs Hiring of Liquor License Broker
-----------------------------------------------------
The Bankruptcy Court entered an order authorizing PRM Family
Holding Company, L.L.C., and its debtor-affiliates to employ
A.L.I.C. Enterprises, LLC, dba Arizona Liquor Industry
Consultants, as their liquor license broker, effective as of
Sept. 4, 2013, to be compensated at the rate of 7.5 percent of the
sales price of any license sold.

As reported by the TCR on Sept. 9, 2013, the Debtors are the
owners of certain and various liquor licenses certain of which are
no longer needed in the operation of their business, and not
necessary to an effective reorganization.  The Debtor desires to
sell these liquor licenses.

Any contracts for sale of the Licenses will be submitted to the
Court for approval, and will be subject to higher and better bids.

                        About PRM Family

PRM Family Holding Company, L.L.C., operator of 11 Pro's Ranch
Markets grocery stores in Arizona and Texas and New Mexico, sought
Chapter 11 protection (Bankr. D. Ariz. Case No. 13-09026) on May
28, 2013.

As of the bankruptcy filing, PRM Family Holding operates seven
grocery stores in Phoenix, two in El Paso, Texas, and two in New
Mexico.  Its corporate office is in California and it has
warehouses and distribution facilities in California and Phoenix.
Its Pro's Ranch Markets feature produce, baked goods and other
general grocery items with a Hispanic flair and theme.  The
company has more than 2,200 employees.

PRM Family blamed its woes on, among other things, the adverse
effect of the perception in Arizona towards immigrants including
the passage of SB 1070 and an immigration audit to which no other
competitor was subjected.  It also blamed a decline in the U.S.
economy and an increase competition from other grocery store
chains.

Bank of America, the secured lender, declared a default in
February 2013.

PRM Family estimated liabilities in excess of $10 million.

Judge Sarah Sharer Curley oversees the case.  Michael McGrath,
Esq., Scott H. Gan, Esq., Frederick J. Petersen, Esq., Kasey C.
Nye, Esq., David J. Hindman, Esq., and Isaac D. Rothschild, Esq.,
at Mesch, Clark & Rothschild, P.C., serve as the Debtor's counsel.

HG Capital Partners' Jim Ameduri serves as financial advisor.

Attorneys at Freeborn & Peters LLP, in Chicago, Ill., represent
the Official Committee of Unsecured Creditors as lead counsel.
Attorneys at Schian Walker, P.L.C., in Phoenix, Arizona, represent
the Committee as local counsel.  O'Keefe & Associates Consulting,
LLC, serves as financial advisor to the Committee.

Robert J. Miller, Esq., Bryce A. Suzuki, Esq., and Justin A.
Sabin, Esq., at Bryan Cave LLP, in Phoenix, serve as counsel for
Bank of America, N.A., as administrative agent and a lender under
an amended and restated credit agreement dated July 1, 2011.


RADIAN GROUP: Mortgage Unit Releases August Delinquency Data
------------------------------------------------------------
Radian Guaranty Inc., the mortgage insurance subsidiary of Radian
Group Inc., on Sept. 9 released data for primary mortgage
insurance delinquencies for August 2013.

These details may also be found on Radian's website at:

           http://www.radian.biz/page?name=NewsReleases

Previously released historical data is also available on the
website at:

http://www.radian.biz/page?name=FinancialReportsMortgageInsurance

The information below regarding new delinquencies and cures is
reported to Radian from loan servicers.  Default reporting,
particularly on a monthly basis, may be affected by several
factors, including the date on which the report is generated and
transmitted to Radian, updated information submitted by servicers
and by the timing of servicing transfers.

August 2013

Primary New Insurance Written ($ in billions)          $4.67

Beginning Primary Delinquent Inventory (# of loans)    77,142

Less: Freddie Mac Agreement Loans (1)                 (9,756)

Plus: New Delinquencies                                4,457

Less: Cures                                           (4,909)

Less: Paids                                           (1,635)
(including those charged to a deductible or captive)

Plus: Rescissions and Denials (2)                          128

Ending Primary Delinquent Inventory (# of loans)        65,427

(1) Represents loans related to the August 29, 2013, Master
Transaction Agreement with Freddie Mac that were delinquent as of
July 31, 2013, and for which Radian Guaranty no longer has claim
exposure.  As a result, activity with regard to new delinquencies,
cures, paids and rescissions and denials excludes any impact from
loans subject to the Agreement.  For additional details on the
Agreement, refer to the press release and 8-K filed on August 29,
2013.

(2) Rescissions and Denials are net of actual reinstatements for
the period.  For additional details on reinstatement trends, refer
to Slide 21 of Radian's Second Quarter 2013 Presentation Slides
available in the Investors section of Radian's website at
http://www.radian.biz

                       About Radian Group

Headquartered in Philadelphia, Radian Group Inc. --
http://www.radian.biz-- provides private mortgage insurance and
related risk mitigation products and services to mortgage lenders
nationwide through its principal operating subsidiary, Radian
Guaranty Inc.  These services help promote and preserve
homeownership opportunities for homebuyers, while protecting
lenders from default-related losses on residential first mortgages
and facilitating the sale of low-downpayment mortgages in the
secondary market.

                           *     *     *

As reported by the Troubled Company Reporter on March 4, 2013,
Standard & Poor's Ratings Services said that it has affirmed all
of its ratings on Radian Group Inc.  At the same time, S&P revised
the outlook to stable from negative.  S&P also assigned its 'CCC+'
senior unsecured debt rating to the company's proposed
$350 million convertible senior notes.

As reported by the Troubled Company Reporter on Oct. 17, 2012,
Standard & Poor's Rating Services raised its long-term issuer
credit ratings on Radian Group Inc. (RDN) to 'CCC+' from 'CCC-'
and MGIC Investment Corp. (MTG) to 'CCC+' from 'CCC'. The
financial strength ratings for both RDN's and MTG's respective
operating companies are unchanged.  The outlook on both companies
is negative.

"The outlook for each company is negative, reflecting the
continuing risk of significant adverse reserve development; the
current trajectory of operating performance; and the expected
impact ongoing losses will have on their capital positions," S&P
said in October 2012.  "We expect operating performance to
deteriorate for the rest of the year for both companies,
reflecting the affect of normal adverse seasonality on new notices
of delinquency and cure rates, and the lack of greater improvement
in the job markets."


RECINE MATERIALS: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: Recine Materials Corp.
        147 East 2nd Street, Suite 101
        Mineola, NY 11501

Bankruptcy Case No.: 13-74630

Chapter 11 Petition Date: September 6, 2013

Court: U.S. Bankruptcy Court
       Eastern District of New York (Central Islip)

Judge: Alan S. Trust

Debtor's Counsel: Jonathan S. Pasternak, Esq.
                  DELBELLO DONNELLAN WEINGARTEN
                  WISE & WIEDERKEHR, LLP
                  One North Lexington Avenu
                  White Plains, NY 10601
                  Tel: (914) 681-0200
                  Fax: (914) 684-0288
                  E-mail: jpasternak@ddw-law.com

Estimated Assets: $1,000,001 to $10,000,000

Estimated Debts: $1,000,001 to $10,000,000

The Company did not file a list of creditors together with its
petition.

The petition was signed by Luciano Recine, president.


RESERVE PRIMARY: Ex-Fund Owners Reach $10MM Deal in Fraud Suit
--------------------------------------------------------------
Law360 reported that the former owners of Reserve Primary Fund,
the world's first money market fund, agreed Friday to settle a
class action alleging they deceived investors during the financial
downturn, saying they would add $10 million to the fund and back
off on $42 million in indemnity and legal claims.

According to the report, the settlement marks the final chapter in
years of costly litigation pitting fund owners Bruce Bent Sr. and
his son Bruce Bent II against former investors led by Third Avenue
Institutional International Value Fund LP.

The case is In re: The Reserve Primary Fund Securities &
Derivative Class Action Litigation, Case No. 1:08-cv-08060
(S.D.N.Y.) before Judge Paul G. Gardephe.

Managed by Reserve Management Company, Inc., the Reserve Primary
Fund is a large money market mutual fund that is currently in
liquidation.  On Sept. 16, 2008, during the global financial
crisis, it lowered its share price below $1 because of exposure to
Lehman Brothers debt securities.  This resulted in demands from
investors to return their funds as the financial crisis mounted.
The Reserve had multiple other funds frozen because of this
failure.


RESIDENTIAL CAPITAL: Syncora Balks at Bid to Get Servicing Deals
----------------------------------------------------------------
Syncora Guarantee Inc., opposes Residential Capital's request to
assume certain servicing-related agreements for trusts insured by
Syncora and assign those agreements to Ocwen Loan Servicing, LLC.

Representing Syncora, Gary T. Holtzer, Esq. --
gary.holtzer@weil.com -- at Weil Gotshal & Manges LLP, in New
York, states, "Last November, the Debtors strategically withdrew
Syncora's contracts from the sale of their servicing platform
assets because they knew that Syncora's valid objections to their
proposed sale order could jeopardize the Sale.  They did the same
with other objecting parties' contracts, and the Court entered the
order approving the sale to Ocwen without having to address the
major objections to it.  Now having obtained approval of the Sale
Order, consummated the Sale, entered into a plan support agreement
with major parties, and filed a plan and disclosure statement, the
Debtors are hoping to use that momentum to force the ill-fitting
Sale Order on Syncora by fully incorporating it into a proposed
order granting the Assignment Motion, notwithstanding Syncora's
objection on the record to such Sale Order."

The Court should deny the Assignment Motion, because Ocwen has not
met its burden of providing adequate assurance of future
performance, Mr. Holtzer argues.  He points out that first and
foremost, Ocwen does not have the history, experience, and track
record of performing well on the specific distressed types of
mortgage loan portfolios in the trusts that Syncora insures.
Indeed, since the Sale, additional events have transpired which
confirm and amplify Syncora's deep apprehensions about Ocwen, Mr.
Holtzer adds.  Secondly, Ocwen has not agreed to adequately
perform Syncora's contracts post-closing -- instead, it has agreed
only to perform at most some of the obligations in the contracts,
Mr. Holtzer further points out.

If the Court is going to approve the assignment to Ocwen, it
should do so not under the existing Sale Order, which Syncora
found to be problematic, but under a plain vanilla order, which
provides Syncora the protections that section 365 of the
Bankruptcy Code guarantees to contract counterparties, Mr. Holtzer
tells Judge Glenn.

Syncora is also represented by Bruce S. Meyer, Esq. --
bruce.meyer@weil.com -- and Ronit J. Berkovich, Esq. --
ronit.berkovich@weil.com -- at WEIL, GOTSHAL & MANGES LLP, in New
York.

Wells Fargo Bank, N.A., as Master Servicer for each of the Trusts,
as to which Syncora issued financial guaranty insurance policies,
reserves all of its rights under the applicable agreements
relating to each of the Trusts, including any insurance policies
issued to either of the Trusts by Syncora.

Wells Fargo is represented by John C. Weitnauer, Esq., Michael E.
Johnson, Esq., and William Hao, Esq., at ALSTON & BIRD LLP, in New
York.

                   About Residential Capital

Residential Capital LLC, the unprofitable mortgage subsidiary of
Ally Financial Inc., filed for bankruptcy protection (Bankr.
S.D.N.Y. Lead Case No. 12-12020) on May 14, 2012.  Neither Ally
Financial nor Ally Bank is included in the bankruptcy
filings.

ResCap, one of the country's largest mortgage originators and
servicers, was sent to Chapter 11 with 50 subsidiaries amid
"continuing industry challenges, rising litigation costs and
claims, and regulatory uncertainty," according to a company
statement.

ResCap disclosed $15.68 billion in assets and $15.28 billion in
liabilities at March 31, 2012.

Centerview Partners LLC and FTI Consulting are acting as financial
advisers to ResCap.  Morrison & Foerster LLP is acting as legal
adviser to ResCap.  Curtis, Mallet-Prevost, Colt & Mosle LLP is
the conflicts counsel.  Rubenstein Associates, Inc., is the public
relations consultants to the Company in the Chapter 11 case.
Morrison Cohen LLP is advising ResCap's independent directors.
Kurtzman Carson Consultants LLP is the claims and notice agent.

Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York, serves
as counsel to Ally Financial.

ResCap sold most of the businesses for a combined $4.5 billion.
The Bankruptcy Court in November 2012 approved ResCap's sale of
its mortgage servicing and origination platform assets to Ocwen
Loan Servicing, LLC and Walter Investment Management Corporation
for $3 billion; and its portfolio of roughly 50,000 whole loans to
Berkshire Hathaway for $1.5 billion.

The bankruptcy court approved disclosure materials so creditors
can vote on ResCap's reorganization plan. There will be a Nov. 19
confirmation hearing for approval of the plan, funded in part by a
$2.1 billion settlement payment from Ally. The settlement gives
Ally freedom from most lawsuits, although not from those brought
by the FHFA.

Bankruptcy Creditors' Service, Inc., publishes RESIDENTIAL CAPITAL
BANKRUPTCY NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by affiliates of Residential Capital LLC and its
affiliates (http://bankrupt.com/newsstand/or 215/945-7000).


RESIDENTIAL CAPITAL: Impac Has Issues With Transfer of Deals
------------------------------------------------------------
Impac Funding Corporation and Impac Mortgage Holdings, Inc., state
that they do not oppose the assumption and assignment to Ocwen
Loan Servicing, LLC, of their servicing agreement with Residential
Capital LLC and its affiliates.  Impac, however, objects to
certain material terms and conditions under which the Debtors
propose to effect the assignment, and to the Debtors' proposed
Cure Amount.

Impac objects to the terms and conditions under which Debtors
propose to effect the assignment because Debtors: (1) seek to
immediately enjoy the benefits of assumption without committing to
also assume the burdens of assumption by either (i) paying the
Cure Amount to Impac simultaneously with assumption or (ii)
irrevocably escrowing the disputed Cure Amount pending resolution
of the cure dispute; (2) purport to retain the right to decide to
reject the Excluded Agreements after assumption and after
confirmation of the Plan in violation of Section 365 of the
Bankruptcy Code; and (3) propose to expunge Impac's $8 million
unsecured claim.

Impac further objects to Debtors' proposed Cure Amount because it
does not include: (1) at least $2,562,255 in damages for breaches
of the Excluded Agreements by Debtors and by Ocwen; and, (2)
Impac's attorneys' fees and expenses.

To the extent that the objectionable provisions are not remedied,
Impac asks the Court to deny the motion.

A hearing on the Debtors' motion will be on Sept. 11, 2013 at
10:00 a.m. (ET).  Objections were due Aug. 29.

Christopher F. Graham, Esq. -- cgraham@mckennalong.com -- and Alan
F. Kaufman, Esq. -- akaufman@mckennalong.com -- at MCKENNA LONG &
ALDRIDGE LLP, in New York; and David E. Gordon, Esq. --
dgordon@mckennalong.com -- at MCKENNA LONG & ALDRIDGE LLP, in
Atlanta, Georgia, also represent Impac.

                   About Residential Capital

Residential Capital LLC, the unprofitable mortgage subsidiary of
Ally Financial Inc., filed for bankruptcy protection (Bankr.
S.D.N.Y. Lead Case No. 12-12020) on May 14, 2012.  Neither Ally
Financial nor Ally Bank is included in the bankruptcy
filings.

ResCap, one of the country's largest mortgage originators and
servicers, was sent to Chapter 11 with 50 subsidiaries amid
"continuing industry challenges, rising litigation costs and
claims, and regulatory uncertainty," according to a company
statement.

ResCap disclosed $15.68 billion in assets and $15.28 billion in
liabilities at March 31, 2012.

Centerview Partners LLC and FTI Consulting are acting as financial
advisers to ResCap.  Morrison & Foerster LLP is acting as legal
adviser to ResCap.  Curtis, Mallet-Prevost, Colt & Mosle LLP is
the conflicts counsel.  Rubenstein Associates, Inc., is the public
relations consultants to the Company in the Chapter 11 case.
Morrison Cohen LLP is advising ResCap's independent directors.
Kurtzman Carson Consultants LLP is the claims and notice agent.

Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York, serves
as counsel to Ally Financial.

ResCap sold most of the businesses for a combined $4.5 billion.
The Bankruptcy Court in November 2012 approved ResCap's sale of
its mortgage servicing and origination platform assets to Ocwen
Loan Servicing, LLC and Walter Investment Management Corporation
for $3 billion; and its portfolio of roughly 50,000 whole loans to
Berkshire Hathaway for $1.5 billion.

The bankruptcy court approved disclosure materials so creditors
can vote on ResCap's reorganization plan. There will be a Nov. 19
confirmation hearing for approval of the plan, funded in part by a
$2.1 billion settlement payment from Ally. The settlement gives
Ally freedom from most lawsuits, although not from those brought
by the FHFA.

Bankruptcy Creditors' Service, Inc., publishes RESIDENTIAL CAPITAL
BANKRUPTCY NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by affiliates of Residential Capital LLC and its
affiliates (http://bankrupt.com/newsstand/or 215/945-7000).


RESIDENTIAL CAPITAL: Syncora Defends $800-Mil. Claim
----------------------------------------------------
Residential Capital LLC and its affiliates object to, and ask the
Court to disallow and expunge, Claim No. 2781 filed by Syncora
Guarantee Inc. f/k/a XL Capital Assurance Inc. against GMAC
Mortgage, LLC, with respect to its servicing of the loans in (1)
Bear Stearns Second Lien Trust 2007-SV1; (2) Greenpoint Mortgage
Funding Trust 2006-HE1; and (3) Suntrust Acquisition Closed-End
Second Trust, Series 2007-1.  The Debtors move to disallow and
expunge the Proof of Claim because it is unsubstantiated and fails
to state a claim.

Syncora argues that the Debtors' objection should be denied
because the Debtors have failed to meet their high burden to
refute the presumptive validity of the proof of claim.

Paul R. DeFilippo, Esq., at Wollmuth Maher & Deutsch LLP, in New
York, argues that Syncora's claim describes in great detail, with
citation to relevant contractual provisions, a summary of facts
supporting the claim, and a calculation of damages.  Mr. DeFilippo
adds that Syncora's amended proof of claim is a proper amendment,
which also describes with greater particularity Syncora's claims.

A hearing on the Debtors' objection will be held on Sept. 11,
2013, at 10:00 a.m. (EST).

Syncora is also represented by Paul R. DeFilippo, Esq., at
Wollmuth Maher & Deutsch LLP, in New York.

                   About Residential Capital

Residential Capital LLC, the unprofitable mortgage subsidiary of
Ally Financial Inc., filed for bankruptcy protection (Bankr.
S.D.N.Y. Lead Case No. 12-12020) on May 14, 2012.  Neither Ally
Financial nor Ally Bank is included in the bankruptcy
filings.

ResCap, one of the country's largest mortgage originators and
servicers, was sent to Chapter 11 with 50 subsidiaries amid
"continuing industry challenges, rising litigation costs and
claims, and regulatory uncertainty," according to a company
statement.

ResCap disclosed $15.68 billion in assets and $15.28 billion in
liabilities at March 31, 2012.

Centerview Partners LLC and FTI Consulting are acting as financial
advisers to ResCap.  Morrison & Foerster LLP is acting as legal
adviser to ResCap.  Curtis, Mallet-Prevost, Colt & Mosle LLP is
the conflicts counsel.  Rubenstein Associates, Inc., is the public
relations consultants to the Company in the Chapter 11 case.
Morrison Cohen LLP is advising ResCap's independent directors.
Kurtzman Carson Consultants LLP is the claims and notice agent.

Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York, serves
as counsel to Ally Financial.

ResCap sold most of the businesses for a combined $4.5 billion.
The Bankruptcy Court in November 2012 approved ResCap's sale of
its mortgage servicing and origination platform assets to Ocwen
Loan Servicing, LLC and Walter Investment Management Corporation
for $3 billion; and its portfolio of roughly 50,000 whole loans to
Berkshire Hathaway for $1.5 billion.

The bankruptcy court approved disclosure materials so creditors
can vote on ResCap's reorganization plan. There will be a Nov. 19
confirmation hearing for approval of the plan, funded in part by a
$2.1 billion settlement payment from Ally. The settlement gives
Ally freedom from most lawsuits, although not from those brought
by the FHFA.

Bankruptcy Creditors' Service, Inc., publishes RESIDENTIAL CAPITAL
BANKRUPTCY NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by affiliates of Residential Capital LLC and its
affiliates (http://bankrupt.com/newsstand/or 215/945-7000).


RESIDENTIAL CAPITAL: Objects to R. Sweeting's $158.3MM Claims
-------------------------------------------------------------
Residential Capital LLC and its affiliates object to, and ask the
Bankruptcy Court to disallow and expunge Proof of Claim No. 1360
and Proof of Claim No. 1361 each filed by Robert Sweeting against
Debtor GMAC Mortgage, LLC, on the grounds that the Claims (a) fail
to state a basis for liability against the Debtors, and (b) lack
sufficient documentation in support of the alleged claims against
the Debtors.

The Claims filed against GMAC Mortgage, each of which alleges
$79,170,000 in claims, have been dismissed twice with prejudice in
the lawsuit pending in the Superior Court of the State of
California, Orange County, Norman S. Rosenbaum, Esq., at Morrison
& Foerster LLP, in New York, relates.  The Claimant is a borrower
whose loan was serviced by GMAC.

A hearing on the Debtors' objection will be on Oct. 2, 2013 at
10:00 a.m. (Prevailing Eastern Time).  Response deadline is
Sept. 16.

The Debtors are also represented by Gary S. Lee, Esq., Melissa A.
Hager, Esq., and Erica J. Richards, Esq., at MORRISON & FOERSTER
LLP, in New York; and Jonathan D. Dykstra, Esq. -- jd@severson.com
-- at SEVERSON & WERSON P.C., in Irvine, California.

                   About Residential Capital

Residential Capital LLC, the unprofitable mortgage subsidiary of
Ally Financial Inc., filed for bankruptcy protection (Bankr.
S.D.N.Y. Lead Case No. 12-12020) on May 14, 2012.  Neither Ally
Financial nor Ally Bank is included in the bankruptcy
filings.

ResCap, one of the country's largest mortgage originators and
servicers, was sent to Chapter 11 with 50 subsidiaries amid
"continuing industry challenges, rising litigation costs and
claims, and regulatory uncertainty," according to a company
statement.

ResCap disclosed $15.68 billion in assets and $15.28 billion in
liabilities at March 31, 2012.

Centerview Partners LLC and FTI Consulting are acting as financial
advisers to ResCap.  Morrison & Foerster LLP is acting as legal
adviser to ResCap.  Curtis, Mallet-Prevost, Colt & Mosle LLP is
the conflicts counsel.  Rubenstein Associates, Inc., is the public
relations consultants to the Company in the Chapter 11 case.
Morrison Cohen LLP is advising ResCap's independent directors.
Kurtzman Carson Consultants LLP is the claims and notice agent.

Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York, serves
as counsel to Ally Financial.

ResCap sold most of the businesses for a combined $4.5 billion.
The Bankruptcy Court in November 2012 approved ResCap's sale of
its mortgage servicing and origination platform assets to Ocwen
Loan Servicing, LLC and Walter Investment Management Corporation
for $3 billion; and its portfolio of roughly 50,000 whole loans to
Berkshire Hathaway for $1.5 billion.

The bankruptcy court approved disclosure materials so creditors
can vote on ResCap's reorganization plan. There will be a Nov. 19
confirmation hearing for approval of the plan, funded in part by a
$2.1 billion settlement payment from Ally. The settlement gives
Ally freedom from most lawsuits, although not from those brought
by the FHFA.

Bankruptcy Creditors' Service, Inc., publishes RESIDENTIAL CAPITAL
BANKRUPTCY NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by affiliates of Residential Capital LLC and its
affiliates (http://bankrupt.com/newsstand/or 215/945-7000).


REYNOLDS & REYNOLDS: Moody's Eyes Upgrade After Sale Cancellation
-----------------------------------------------------------------
Moody's Investors Service has placed Dealer Computer Services,
Inc. (dba Reynolds & Reynolds Company -- "Reynolds") B3 corporate
family rating and B3-PD probability of default rating on review
for possible upgrade. The rating action follows the news that the
company will not pursue a broad recapitalization of the company's
balance sheet, which was to include a sale of over 20% ownership
in the company to Centre College and a capital payout to
shareholders, which would have increased debt by $3.4 billion.

Rating Rationale

Although Reynolds' credit profile is expected to be strong,
Moody's believes that the cancellation of the substantial debt
recapitalization is likely a temporary event, and that Reynolds'
controlling shareholder the Brockman trust (Spanish Steps) is
likely pursue another capital event in the future. Therefore, the
conclusion of the review is unlikely to restore the company's
corporate family rating at the previous Ba2 level. Moody's review
will focus on management's long term plans to manage it debt
profile, Spanish Steps' opportunities to monetize its holdings in
Reynolds and the potential for the previously contemplated
donation to Centre College to be revived. As a result, the
existing credit facilities totaling about $900 million will remain
in place, and have been placed on review for downgrade, as the
existing instrument ratings will likely mirror the corporate
family rating upon the conclusion of the review. The ratings
recently assigned to the refinancing credit facilities will be
withdrawn.

Rating actions:

  Corporate Family Rating - B3 placed under review for upgrade

  Probability of Default - B3-PD placed under review for upgrade

  First Lien Senior Secured Ba2, LGD-3, 31% B3 placed under
  review for downgrade

  First Lien Revolving Credit Facility - withdrawn from Ba3,
  LGD-2, 22%

  First Lien Term Loans - withdrawn from Ba3, LGD2, 22%

  Second Lien Term Loan - withdrawn from Caa1, LGD4, 66%

The Reynolds and Reynolds Company, headquartered in Dayton, Ohio,
is an automotive dealership computer services and forms management
company.

The principal methodology used in this rating was Global Business
& Consumer Service Industry Rating Methodology published in
October 2010. Other methodologies used include Loss Given Default
for Speculative-Grade Non-Financial Companies in the U.S., Canada
and EMEA published in June 2009.


RIVER'S BEND GOLF: Files Chapter 11 to Avoid Foreclosure Auction
----------------------------------------------------------------
River's Bend Golf Course LLC, operator of a golf course in
Chester, Virginia, filed a Chapter 11 bankruptcy petition (Bankr.
E.D. Va. Case No. 13-34848) on Sept. 8., 2013.  It listed
$1 million to $10 million in both assets and debts.  James E.
Kane, Esq. -- jkane@kaneandpapa.com -- at Kane & Papa, P.C.,
serves as the bankruptcy counsel.  Ronald K. Kelley, managing
member, signed the petition.

Michael Schwartz, writing for Richmond BizSense, reports that the
eleventh-hour bankruptcy filing helped save the local golf course
from the auction block.  The report notes a tax auction was
scheduled for Monday.

According to the report, Mr. Kelley said he continues to work on a
plan to solidify River's Bend's finances and those of his other
course, Prince George Golf Club, which has been in Chapter 11
since February after its lender pushed to foreclose.  Kane & Papa
also represents Prince George Golf Club as counsel.

The report notes about 20 onlookers showed up Monday as the 177-
acre, semi-private course was set to be auctioned by Chesterfield
County on the courthouse steps.  The property has been appraised
at $3 million.

According to the report, River's Bend came up for auction as a
result of a lawsuit filed in May by the county. Localities can
force properties to be sold after two years of unpaid real estate
taxes.  Yorktown attorney Jim Elliott had been hired by
Chesterfield County to handle the auction.

The report also relates that First Community Bank, the lender to
Prince George Golf Club, is pushing for the ability to foreclose
despite the Chapter 11 filing. The bank argued in August that it
should be able to take back its collateral due to a lack of
progress in the case.  The court has not ruled on the bank's
motion.


RIVER'S BEND: Case Summary & 3 Unsecured Creditors
--------------------------------------------------
Debtor: River's Bend Golf Course, LLC
        11700 Hogans Alley
        Chester, VA 23836

Bankruptcy Case No.: 13-34848

Chapter 11 Petition Date: September 8, 2013

Court: United States Bankruptcy Court
       Eastern District of Virginia (Richmond)

Judge: Kevin R. Huennekens

Debtor's Counsel: James E. Kane, Esq.
                  KANE & PAPA, PC
                  1313 East Cary Street
                  P.O. Box 508
                  Richmond, VA 23218-0508
                  Tel: (804) 225-9500
                  Fax: (804) 225-9598
                  E-mail: jkane@kaneandpapa.com

Estimated Assets: $1,000,001 to $10,000,000

Estimated Debts: $1,000,001 to $10,000,000

A copy of the Company's list of its three unsecured creditors,
filed together with the petition, is available for free at
http://bankrupt.com/misc/vaeb13-34848.pdf

The petition was signed by Ronald K. Kelley, managing member.


ROCK POINTE: Stipulates to Postponement of Election Date to Oct. 4
------------------------------------------------------------------
On Aug. 29, 2013, DMARC 2206-CD2 Corporate Center, LLC, and debtor
Rock Pointe Holdings, by and through John D. Munding, as duly
appointed and acting Chapter 11 Trustee for the Debtor, agree and
stipulate to:

    * The postponement of the Election Date (for the purpose of
electing a Chapter 11 Trustee in the Debtor's bankruptcy case)
from Aug. 30, 2013, to Oct. 4, 2013.  The parties may, by mutual
written agreement, further extend the Election Date and that such
postponement(s) will not constitute a waiver of DMARC's right to
an election under 11 U.S.C. 1104(B);

    * The Second Interim Order re Adequate Protection Payment and
Cash Collateral (Docket No. 80) entered on Jan. 30, 2012 (the
"Cash Collateral Order") will be amended pursuant to the terms
agreed upon by the parties;

    * The Second Interim Order to Excuse Compliance with 11 U.S.C.
Sections 543(a) and (b) and Setting Final Evidential Hearing
(Docket No. 81) entered on Jan. 30, 2012 (the "Excused Turnover
Order") will be amended such that all references to a "final
hearing" will be amended to reflect that turnover will be excused
until such time as certain conditions are satisfied.

A copy of the Second Interim Cash Collateral Order is available
for free at http://bankrupt.com/misc/rockpointe.doc80.pdf

A copy of the Stipulations regarding modifications to: 1) the Cash
Collateral Order; and 2) the second interim order to excuse
compliance with 11 U.S.C. Sections 543(A) and (B) setting final
evidential hearing, is available at:

          http://bankrupt.com/misc/rockpointe.doc292.pdf

                    About Rock Pointe Holdings

Rock Pointe Holdings Company LLC owns the Rock Pointe Corporate
Center in Spokane, Washington.  The Company filed for Chapter 11
protection (Bankr. E.D. Wash. Case No. 11-05811) on Dec. 2, 2011.
The Debtor estimated both assets and debts of between $50 million
and $100 million.

Kenneth W. Gates, Esq., is the counsel for the Debtor's Unsecured
Creditors Committee.

Attorneys at Southwell & O'Rourke, P.S., in Spokane, Wash.,
represent the Debtor as counsel.  Brett L. Wittner, at Kent &
Wittner PS, in Tacoma, Wash., represents the Debtor as co-counsel.

John D Munding, Esq., at Crumb & Munding, P.S., represents himself
as Chapter 11 trustee for the Debtor.


ROGERS BANCHARES: Sept. 20 Hearing on Carl Marks' Employment
------------------------------------------------------------
The Bankruptcy Court will convene a hearing on Sept. 20, 2013,
at 9 a.m., to consider approval of the motion to alter and amend a
prior order authorizing the employment of Carl Marks Advisory
Group LLC as financial advisors to the Official Committee of
Unsecured Creditors in the Chapter 11 case of Rogers Bancshares
Inc., nunc pro tunc to July 19, 2013.

On Aug. 21, the Court set aside the order granting the motion to
amend entered Aug. 20, as the order was improvidently granted.

On Aug. 20, the Court entered an order granting the Debtor's
motion relating to Carl Marx' employment.  The order provided
that, among other things:

   1. CMAG is being employed solely pursuant to Section 1103 (not
Section 328) and, as such, the fees and expenses of CMAG will be
subject to review under the standards of Section 330 at the
conclusion of the Bankruptcy Case;

   2. CMAG may charge or accrue $60,000 per month, however, the
Debtor will not pay monthly fee until approved by a fee
application under Section 330;

   3. the monthly fee will end on Sept. 12, 2013, the date
scheduled by the Court for the Section 363 sale hearing, unless
such Monthly Fee is extended by the Court, for cause, after notice
and a hearing.

The Committee has requested for the amendment of the July 8 order
authorizing employment of CMAG.

The Committee requested that the Court require the fees be accrued
and paid only when funds are available.

                    About Rogers Bancshares Inc.

Little Rock, Arkansas-based Rogers Bancshares Inc., filed for
Chapter 11 relief (Bankr. E.D. Ark. Case No. 13-13838) on July 5,
2013.

Bankruptcy Judge James G. Mixon presides over the case.  Samuel M.
Stricklin, Esq. -- sam.stricklin@bgllp.com -- at Bracewell &
Giuliani, LLP represents the Debtor in its restructuring efforts.
The Debtor estimated $10 million to $50 million in assets and
debts.  Rogers owes $41.3 million on three issues of junior
subordinated debentures and $39.6 million on four issues of
preferred stock. The petition was signed by Susan F. Smith,
secretary.

The Official Committee of Unsecured Creditors has hired Hunton &
Williams LLP and James F. Dowden PA as counsel; and Carl Marks
Advisory Group LLC as financial advisors.


SOMERSET MEDICAL: Moody's Confirms 'Ba2' Rating on $80MM Bonds
--------------------------------------------------------------
Moody's Investors Service has confirmed the Ba2 long-term bond
rating assigned to Somerset Medical Center's $80.1 million of
outstanding bonds issued by the New Jersey Health Care Facilities
Financing Authority. The outlook is stable. The confirmation
reflects the recent signing of a definitive agreement with Robert
Wood Johnson University Hospital. This action concludes the review
for downgrade initiated on August 14, 2013.

Rating rationale:

The confirmation of the Ba2 rating is due to SMC's recently signed
definitive agreement with Robert Wood Johnson University Hospital
(RWJUH, rated A2, stable). Failure to complete this merger over
the next 11 months will likely result in downward rating action,
as an event of default was added to SMC's letter of credit
reimbursement agreement for failure to consummate a merger by
August 7, 2014. The due diligence process on behalf of both
hospitals was completed prior to signing the definitive agreement,
but the merger needs state and federal approval which is expected
to take several months. The stable outlook reflects SMC's
stabilized financial performance in fiscal year (FY) 2012 and
year-to-date FY 2013.

Strengths:

-- SMC recently signed a definitive agreement with RWJUH with
    the structure of the transaction being a full asset merger of
    SMC into RWJUH. SMC's outstanding debt is expected to be
    secured by RWJUH's obligated group upon completion of the
    merger.

-- Although modest, SMC's operating performance improved in FY
    2012 and remained stable through six months of FY 2013.

-- SMC has a conservative investment allocation with 59%
    invested in fixed income securities and remainder in cash and
    cash equivalents, which should help to preserve cash on SMC's
    balance sheet.

Challenges:

-- SMC has a debt structure that includes 21% of debt in
    variable rate demand bonds (VRDBs) supported by a letter of
    credit (LOC). The LOC bank recently added an event of default
    to the reimbursement agreement for failure to sign a letter
    of intent by August 31, 2013 and for failure to consummate a
    merger by August 7, 2014. In addition, SMC has very limited
    headroom under the 50 days cash on hand covenant under the
    bank agreement which increases the possibility of
    acceleration risk by the liquidity provider in the event the
    covenant falls below the minimum requirement.

-- Weak liquidity balances with days cash on hand of 58 days as
    of fiscal year-end (FYE) 2012. SMC's letter of credit
    covenant of 50 days is measured semi-annually. Moody's
    expects continued weak cash flow generation will prohibit
    growth of cash on the balance sheet.

-- SMC experienced sizeable inpatient volume declines in FY 2012
    across almost all major service categories. Inpatient volumes
    declined by 4.4% in FY 2012 and 8.2% decline though the first
    six months of FY 2013

-- Despite a favorable payer mix, SMC has a history of modest
    operating performance (FY 2012 is the tenth consecutive year
    of posting an operating loss before investment income) and
    cash flow generation that has barely offset annual debt
    service requirements and resulted in weak coverage levels.

-- The organization has a leveraged balance sheet measured by
    weak cash-to-debt of 37% at FYE 2012 and high debt to cash
    flow of 8.2 times in FY 2012.

Outlook:

The stable outlook reflects SMC's modestly improved financial
performance and Moody's expectation that cash levels will remain
steady over the next year.

What Could Make The Rating Go Up?

A successfully completed merger of SMC with RWJUH would likely
result in an upgrade of SMC's bonds, as the debt would be secured
by a higher rated entity.

What Could Make The Rating Go Down?

The failure of SMC to consummate a merger with RWJUH would result
in a rating downgrade, potentially by multiple notches. Other
factors that could drive the rating down include further volume
declines, reduction in liquidity, downturn in financial
performance, acceleration of SMC's variable rate demand bonds.

The principal methodology used in this rating was Not-for-Profit
Healthcare Rating Methodology published in March 2012.


STONEVILLE FURNITURE: Case Summary & 6 Unsecured Creditors
----------------------------------------------------------
Debtor: Stoneville Furniture Properties, Inc.
        100 Europa Drive, Suite 455
        Chapel Hill, NC 27517

Bankruptcy Case No.: 13-05648

Chapter 11 Petition Date: September 6, 2013

Court: U.S. Bankruptcy Court
       Eastern District of North Carolina (Wilson)

Judge: Stephani W. Humrickhouse

Debtor's Counsel: Trawick H. Stubbs, Jr., Esq.
                  STUBBS & PERDUE, P.A.
                  P.O. Drawer 1654
                  New Bern, NC 28563
                  Tel: (252) 633-2700
                  Fax: (252) 633-9600
                  E-mail: efile@stubbsperdue.com

Scheduled Assets: $4,258,020

Scheduled Liabilities: $3,468,417

A copy of the Company's list of its six unsecured creditors filed
with the petition is available for free at:
http://bankrupt.com/misc/nceb13-05648.pdf

The petition was signed by Peter L. Coker, president.


SUNSHINE MARINE: Case Summary & 18 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Sunshine Marine, LLC
          dba Culver Marine
        9066 SW Feather Drive
        Culver, OR 97734

Bankruptcy Case No.: 13-35695

Chapter 11 Petition Date: September 6, 2013

Court: U.S. Bankruptcy Court
       District of Oregon

Judge: Trish M. Brown

Debtor's Counsel: David Thomas Johnson, Esq.
                  OLSEN DAINES, P.C.
                  P.O. Box 12829
                  Salem, OR 97309
                  Tel: (503) 362-9393
                  E-mail: djohnson@olsendaines.com

Estimated Assets: $500,001 to $1,000,000

Estimated Debts: $1,000,001 to $10,000,000

A copy of the Company's list of its 18 largest unsecured creditors
filed with the petition is available for free at:
http://bankrupt.com/misc/orb13-35695.pdf

The petition was signed by Donald Lee, managing member.


SURTRONICS INC: Files for Bankruptcy Protection
-----------------------------------------------
Surtronics, Inc., filed a Chapter 11 bankruptcy petition in
Wilson, North Carolina (Bankr. E.D.N.C. Case No. 13-05672) on
Sept. 9 and will seek approval of its first day motions on
Sept. 12.

Surtronics, founded in 1965, is a North Carolina corporation in
the business of providing electroplating and anodizing services to
base-metal alloys for use across various industries, including but
not limited to aerospace, defense, medical, telecommunications,
and automotive.  Surtronics' primary production facility and
corporate office are located in a series of buildings at 4001 and
4025 Beryl Drive, and 508 Method Road, Raleigh, North Carolina.

The company said it has sought bankruptcy protection to facilitate
the reorganization and continuation of its business.  The Debtor
intends to address a major fire loss claim, resolve certain
environmental obligations, seek contribution from co-obligated
parties in connection with the environmental obligations, resolve
real estate ownership issues, and restructure its debts, all in
order to emerge as a healthier company capable of operating for
another 50 years.

The Debtor has filed a motion to use cash collateral.  The Debtor
believes that First Citizens Bank & Trust Co. will assert a lien
on the Debtor's cash collateral from its operations. First
Citizens has not yet consented to the use of the cash collateral.

In addition, the Debtor seeks authority to compensate its sole
salaried officer and general manager, Angela Stanley and Lee
Bradshaw.  Ms. Stanley, 100% owner, the president and chief
executive officer of the Debtor, will be paid a gross amount equal
to $10,000 per month and will receive reimbursement of ordinary
business-related expenses.  Mr. Bradshaw, the general manager,
will receive a gross amount equal to $8,750.00 per month plus
reimbursement of expenses.

The Debtor also filed a motion for an order (i) confirming
administrative expense status to obligations arising from
prepetition delivery of goods received within 20 days of the
commencement of this chapter 11 case, (ii) confirming
administrative expense status to obligations arising from
postpetition delivery of goods, supplies, products and materials,
and (iii) authorizing, but not directing, the Debtor to pay such
obligations in the ordinary course of business.  The Debtor said
in court filings that there's likelihood that it will pay all
trade creditors in full in connection with the allowed amounts of
their unsecured claims.

David A. Matthews, Esq., at Shumaker, Loop & Kendrick, LLP, in
Charlotte, serves as counsel.


SURTRONICS INC: Files Schedules of Assets and Liabilities
---------------------------------------------------------
Surtronics, Inc., filed its schedules of assets and liabilities
disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                $1,450,000
  B. Personal Property            14,850,878
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                $1,843,448
  E. Creditors Holding
     Unsecured Priority
     Claims                                           $19,740
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                         1,573,167
                                 -----------      -----------
        TOTAL                    $16,300,878       $3,436,355

A copy of the schedules is available for free at:

     http://bankrupt.com/misc/Surtronics_Schedules.pdf

                         About Surtronics

Surtronics, Inc., filed a Chapter 11 bankruptcy petition in
Wilson, North Carolina (Bankr. E.D.N.C. Case No. 13-05672) on
Sept. 9, 2013.

Surtronics, founded in 1965, is a North Carolina corporation in
the business of providing electroplating and anodizing services to
base-metal alloys for use across various industries, including but
not limited to aerospace, defense, medical, telecommunications,
and automotive.  Surtronics' primary production facility and
corporate office are located in a series of buildings at 4001 and
4025 Beryl Drive, and 508 Method Road, Raleigh, North Carolina.

The company said it has sought bankruptcy protection to facilitate
the reorganization and continuation of its business.  Through this
case, the Debtor intends to address a major fire loss claim,
resolve certain environmental obligations, seek contribution from
co-obligated parties in connection with the environmental
obligations, resolve real estate ownership issues, and restructure
its debts, all in order to emerge as a healthier company capable
of operating for another 50 years.

David A. Matthews, Esq., at Shumaker, Loop & Kendrick, LLP, in
Charlotte, serves as counsel.


SURTRONICS INC: Sec. 341(a) Meeting of Creditors on Oct. 23
-----------------------------------------------------------
There's a meeting of creditors of Surtronics, Inc, on Oct. 23,
2013, at 10:00 a.m. at Raleigh 341 Meeting Room.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.  All
creditors are invited, but not required, to attend.  This meeting
of creditors offers the one opportunity in a bankruptcy proceeding
for creditors to question a responsible office of the Debtor under
oath about the company's financial affairs and operations that
would be of interest to the general body of creditors.

The last day to file complaint is Dec. 23, 2013.  Proofs of claim
are due by Jan. 21, 2014.  Governmental units are required to
submit proofs of claim by March 8, 2014.

                         About Surtronics

Surtronics, Inc., filed a Chapter 11 bankruptcy petition in
Wilson, North Carolina (Bankr. E.D.N.C. Case No. 13-05672) on
Sept. 9, 2013.

Surtronics, founded in 1965, is a North Carolina corporation in
the business of providing electroplating and anodizing services to
base-metal alloys for use across various industries, including but
not limited to aerospace, defense, medical, telecommunications,
and automotive.  Surtronics' primary production facility and
corporate office are located in a series of buildings at 4001 and
4025 Beryl Drive, and 508 Method Road, Raleigh, North Carolina.

The company said it has sought bankruptcy protection to facilitate
the reorganization and continuation of its business.  Through this
case, the Debtor intends to address a major fire loss claim,
resolve certain environmental obligations, seek contribution from
co-obligated parties in connection with the environmental
obligations, resolve real estate ownership issues, and restructure
its debts, all in order to emerge as a healthier company capable
of operating for another 50 years.

David A. Matthews, Esq., at Shumaker, Loop & Kendrick, LLP, in
Charlotte, serves as counsel.


TAIGOD 3: Case Summary & Unsecured Creditor
-------------------------------------------
Debtor: Taigod 3, LLC.
        1601 S. 6th Street
        Alhambra, CA 91803

Bankruptcy Case No.: 13-32409

Chapter 11 Petition Date: September 6, 2013

Court: U.S. Bankruptcy Court
       Central District of California (Los Angeles)

Judge: Robert N. Kwan

Debtor's Counsel: Paul P. Cheng, Esq.
                  LAW OFFICES OF PAUL P. CHENG
                  301 N. Lake Avenue, Suite 810
                  Pasadena, CA 91101
                  Tel: (626) 356-8880
                  Fax: (888) 213-8196
                  E-mail: fax@paulchenglaw.com

Estimated Assets: $1,000,001 to $10,000,000

Estimated Debts: $500,001 to $1,000,000

The petition was signed by Ken Lai, managing partner.

The Company's list of its largest unsecured creditors filed with
the petition contains only one entry:

        Entity                     Nature of Claim    Claim Amount
        ------                     ---------------    ------------
Ken Lai                            Personal Loan          $230,000
1601 S. 6th Street
Alhambra, CA 91803


TENET HEALTHCARE: Fitch Rates New $1.8BB Sr. Secured Notes 'BB'
---------------------------------------------------------------
Fitch Ratings has assigned a 'BB/RR1' rating to Tenet Healthcare
Corporation's proposed $1.8 billion senior secured notes and a 'B-
/RR5' rating to the proposed $2.8 billion senior unsecured notes.
The proceeds will be used to fund Tenet's planned acquisition of
Vanguard Health Systems (Vanguard). Tenet's ratings remain on
Negative Watch. Fitch placed Tenet's ratings on Negative Watch in
June following the company's announcement that it will acquire
Vanguard. A full list of ratings follows at the end of this press
release. The ratings apply to approximately $5.6 billion of debt
at June 30, 2013.

Key Rating Drivers:

-- Tenet plans to acquire Vanguard in an all-cash deal for a
   total consideration of $4.7 billion, including the purchase
   of Vanguard's public equity for $1.7 billion and the assumption
   of $3.0 billion of Vanguard's outstanding debt. Pending
   regulatory approvals, the transaction is expected to close
   during 4Q'13.

-- The transaction will be entirely debt funded, contributing to
   total debt-to-EBITDA of above 5.5x for the combined entity at
   the end of 2013. Maintenance of the 'B' IDR will require an
   expectation of debt declining to or below 5.0x by the close of
   2014.

-- Although the targeted debt leverage is somewhat low relative
   to the 'B' IDR, the ratings are constrained by the combined
   company's weak free cash flow (FCF) and industry-lagging
   profitability, coupled with poor organic operating trends in
   the for-profit hospital industry.

-- An expectation of lower leverage at the end of 2014 primarily
   relies upon organic EBITDA growth (as opposed to the
   realization of synergies or debt reduction). Potential growth
   drivers include the implementation of the Affordable Care Act
   (ACA) and the scheduled opening of in-progress capital
   expansion projects.

Lagging FCF and Profitability a Risk To Consolidated Credit
Profile:

The Negative Watch primarily reflects risks inherent in the
companies' operating profiles, the most important of which is
strained FCF generation and industry-lagging profitability. On a
stand-alone basis, both companies are highly leveraged (Tenet
June 30, 2013 total debt-to-EBITDA of 4.6x and Vanguard 5.2x), and
Fitch expects Vanguard to produce negative FCF (cash from
operations less dividends and capital expenditures) in 2013-2014.

Given the combined company's somewhat limited financial
flexibility and the high degree of operating leverage inherent in
hospital companies operating profiles, the persistently weak
growth in organic patient utilization in the for-profit hospital
sector is a concern. The implementation of the insurance expansion
elements of the ACA will likely provide a boost to hospital
industry volumes, but will not ameliorate the slow rate of
underlying utilization growth.

It is worth noting, however, that Vanguard's negative FCF profile
is primarily the result of capital investment in some of its
recently acquired markets. The funding of these projects will
support growth in EBITDA over the longer term. Most important,
some recent projects at Detroit Medical Center are scheduled to
open in early 2014, in time to coincide with the insurance
expansion elements of the ACA.

Tenet's weak, though improving, FCF generation is a legacy of the
company's industry-lagging profitability and relatively high
interest rates on its debt obligations. Fitch notes that the
company has recently been successful in refinancing some of its
higher cost debt, which will contribute to better FCF generation.
However, Tenet's recently more aggressive capital deployment is a
risk to the credit profile. The company has become more aggressive
in returning cash to shareholders and management has indicated
that it will not scale back share repurchase activity after the
Vanguard acquisition.

Solid Strategic Rationale Supported By Healthcare Reform:
Fitch does view the Vanguard transaction as strategically
compelling for Tenet because it will enhance the geographic scope
of the company's portfolio of care delivery assets and add
operational diversification through Vanguard's health plan
operations. The strategic rationale for consolidation in the
healthcare provider industry is encouraged by reforms favoring
larger, integrated systems of care delivery, including the ACA.

Fitch believes the implementation of the insurance expansion
elements of the ACA will be a positive catalyst for EBITDA growth
for the hospital industry in 2014, primarily because of a
reduction in uninsured patient volumes and the associated burden
of bad-debt expense. However, modeling the ACA's effects for a
combined Tenet/Vanguard is difficult because of uncertainties in
the assumptions of the legislation's effects on the industry.

Toward the end of 2013 there will be better visibility into the
effects of the insurance expansion component of the ACA in several
areas that will affect the operation of the industry. The most
important will include the decision by state governments on
whether to participate in the Medicaid expansion plan, rates
negotiated by hospital providers with respect to insurance
products to be offered in the state-run health insurance
exchanges, and rate of participation in the exchanges.

Rating Sensitivities:
Fitch expects to resolve the Rating Watch during 4Q'13.
Maintenance of the 'B' IDR will require an expectation of debt-to-
EBITDA of below 5.0x at the end of 2014. There could be a
tolerance for higher leverage at the 'B' IDR (up to 5.5x total
debt-to-EBITDA) assuming the expectation of improvement in the FCF
profile.

An expectation of an improving FCF profile could be supported by
more clarity on the key variables of the ACA that will influence
the hospital industry beginning in 2014, as well as evidence of
some stabilization of organic operating trends in the combined
company's largest hospital markets.

A clear plan for achieving operating synergies would also be
supportive of the ratings. There is operational risk inherent in
the integration of a company the size of Vanguard. While Fitch
sees the rationale for the $200 million in operating synergies
Tenet expects to achieve by the second year post the transaction,
the company does not have a recent track record of integrating
inpatient hospital acquisitions.

Debt Issue Ratings:

Fitch has the following ratings on Tenet:

-- IDR 'B';
-- Senior secured credit facility and senior secured notes
    'BB/RR1';
-- Senior unsecured notes 'B-/RR5'.

The Recovery Ratings (RRs) reflect Fitch's expectation that the
enterprise value of Tenet will be maximized in a restructuring
scenario (going concern), rather than a liquidation. At June 30,
2013, Fitch uses a 6.5x distressed enterprise value (EV) multiple
and stresses LTM EBITDA by 35%, considering post-restructuring
estimates for interest and rent expense and maintenance level
capital expenditure. Fitch includes Vanguard's LTM EBITDA in the
stressed pro forma EBITDA calculation.

Based on these assumptions including the contribution of
Vanguard's EBITDA, Fitch estimates Tenet's distressed EV in
restructuring to be approximately $7.6 billion. The 'BB/RR1'
rating for the senior secured bank facility and senior secured
notes reflects Fitch's expectations for 100% recovery for these
creditors. The 'B-/RR5' rating on the unsecured notes reflects
Fitch's expectations for recovery of 16% of outstanding principal.

Total debt of $5.6 billion at June 30, 2013 consisted primarily
of:

Senior unsecured notes:
-- $60 million due 2014;
-- $474 million due 2015;
-- $300 million due 2020;
-- $750 million due 2020;
-- $430 million due 2031.

Senior secured notes:
-- $1.041 billion due 2018;
-- $500 million due 2020;
-- $850 million due 2021
-- $1.05 billion due 2021.


TENET HEALTHCARE: Moody's Rates $1.8-Bil. Senior Notes 'Ba3'
------------------------------------------------------------
Moody's Investors Service assigned a Ba3 (LGD 3, 31%) and a B3
(LGD 5, 82%) rating to Tenet Healthcare Corporation's proposed
$1.8 billion senior secured notes and $2.8 billion senior
unsecured notes, respectively. Moody's also confirmed the existing
ratings of Tenet, including the B1 Corporate Family Rating and B1-
PD Probability of Default Rating. The outlook for the ratings is
stable. These rating actions conclude Moody's review of the
ratings that was initiated on June 24, 2013 following Tenet's
announcement that it had signed a definitive agreement to acquire
Vanguard Health Systems, Inc.

Concurrently, Moody's downgraded Tenet's Speculative Grade
Liquidity Rating to SGL-3 from SGL-2. The downgrade of the
Speculative Grade Liquidity Rating reflects the anticipated cash
need associated with the upcoming maturity of $474 million of
senior unsecured notes in the first quarter of 2015 and the
springing maturity of the company's revolver in late 2014 if a
considerable portion of those notes are not refinanced or repaid
prior to that time. Moody's also believes that Tenet's liquidity
will be constrained in the near term by significant capital
spending requirements that could require increased reliance on the
revolver.

Moody's understands that the proceeds of the proposed offerings
will be used to fund Tenet's previously announced acquisition of
Vanguard, including the refinancing of approximately $3.0 billion
of Vanguard's debt. Therefore, Moody's expects to withdraw the
ratings of Vanguard Health Systems, Inc. and Vanguard Health
Holding Company II, LLC, including the B2 Corporate Family Rating
and B2-PD Probability of Default Rating, upon the closing of the
transaction.

Following is a summary of Moody's rating actions.

Ratings assigned:

$1.8 billion senior secured notes at Ba3 (LGD 3, 31%)

$2.8 billion senior unsecured notes at B3 (LGD 5, 82%)

Ratings confirmed / LGD assessments revised:

Senior secured notes at Ba3 (LGD 3, 31%) from Ba3 (LGD 3, 38%)

Senior unsecured notes at B3 (LGD 5, 82%) from B3 (LGD 5, 86%)

Corporate Family Rating, B1

Probability of Default Rating, B1-PD

Rating downgraded:

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

Ratings Rationale:

Tenet's B1 Corporate Family Rating reflects Moody's expectation
that debt to EBITDA will be high following the acquisition of
Vanguard but will return to a level approaching 5.0 times by the
end of 2014. Moody's anticipates that improvement in credit
metrics will result from a combination of realized synergies and
benefits from the implementation of the provisions of the
Affordable Care Act. Offsetting some of the benefit of healthcare
reform is Moody's expectation that certain industry challenges
will likely continue, including pricing pressure from changes in
Medicare reimbursement, slower growth in healthcare utilization as
co-pay and deductible amounts increase and increases in expenses
associated with physician alignment initiatives. The rating also
incorporates Moody's expectation that the company will remain
disciplined in the use of incremental leverage for acquisitions or
shareholder initiatives until leverage is reduced from the pro
forma acquisition level. Finally, Moody's anticipates that free
cash flow will be modest in the near term given significant
capital spending requirements and will limit the ability to
meaningfully repay debt.

The stable outlook reflects Moody's expectation that EBITDA growth
will result in improvements in pro forma credit metrics. Moody's
anticipates that the company's margins will benefit from lower bad
debt expense as individuals gain coverage under the Affordable
Care Act. Moody's also expects synergies from the combination of
the two companies to begin to be realized in 2014 but that
reinvestment in the business through capital expenditures and
continued pursuit of acquisitions will limit free cash flow.

Given that Moody's anticipates improvement in the credit metrics
from pro forma levels throughout 2014, an upgrade of the rating in
the near term is not expected. However, the rating could be
upgraded if the company is able to reduce and maintain leverage
below 4.0 times.

Moody's could downgrade the rating if the company fails to see the
expected improvements in operating performance, experiences
disruptions in the integration of the Vanguard operations or
increases leverage for acquisitions or shareholder initiatives
such that debt to EBITDA will be sustained above 5.0 times.
Moody's could also downgrade the rating if free cash flow, prior
to discretionary reinvestment in the business, is expected to be
negative.

The principal methodology used in this rating was the Global
Healthcare Service Providers published in December 2011. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Tenet, headquartered in Dallas, Texas, is one of the largest for-
profit hospital operators by revenues. At June 30, 2013 the
company's subsidiaries operated 49 hospitals as well as 126
outpatient centers. The company also offers other services,
including revenue cycle management, health care information
management and patient communications services. Tenet generated
revenue of approximately $9.4 billion for the twelve months ended
June 30, 2013 after considering the provision for doubtful
accounts.

Vanguard owns and operates 28 acute care and specialty hospitals
and complementary facilities and services in metropolitan Chicago,
Illinois; metropolitan Phoenix, Arizona; metropolitan Detroit,
Michigan; San Antonio, Texas; Harlingen and Brownsville, Texas;
and Worcester and metropolitan Boston, Massachusetts. Vanguard
Health recognized revenue, net of the provision for bad debt, of
approximately $6.0 billion for the fiscal year ended June 30,
2013.


TENET HEALTHCARE: S&P Rates New $1.8BB Sr. Secured Notes 'B+'
-------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B+'
issue-level rating to Tenet Healthcare Corp.'s proposed
$1.8 billion senior secured notes due 2019, with a '2' recovery
rating, indicating prospects of substantial recovery (70%-90%) of
principal in the event of a default.  In addition, S&P assigned
its 'CCC+' rating to Tenet's proposed $2.8 billion senior
unsecured notes due 2021, with a '6' recovery rating, indicating
prospects of negligible recovery (0%-10%)of principal in the event
of a default.  The 'B' corporate credit rating is unchanged.  S&P
affirmed this rating on June 26, 2013, after Tenet announced its
pending acquisition of Vanguard Health Systems Inc.  The new
notes, which will finance the company's pending acquisition of
Vanguard, will increase debt leverage to about 6x.

S&P's ratings on Dallas-based Tenet reflect its "weak" business
risk profile highlighted by reimbursement risk and some reliance
on its top three states for nearly half of total revenues.  In
addition, Tenet operates in several large markets that S&P
believes are competitive.

S&P incorporated its expectation that adjusted debt leverage will
remain above 5x into its revision of the company's financial risk
profile to "highly leveraged" from "aggressive".  Significant
capacity on its revolving credit facility and lack of covenant
pressure support its "adequate" liquidity.

RATINGS LIST

Tenet Healthcare Corp.
Corporate credit rating            B/Stable/--

New Ratings

Tenet Healthcare Corp.

$1.8B senior secured notes
due 2019                         B+
  Recovery rating                 2

$2.8B senior unsecured notes
due 2021                         CCC+
  Recovery rating                 6


TRIAD GUARANTY: Court Enters Order on Equity Transfer Procedures
----------------------------------------------------------------
Womble Carlyle Sandridge & Rice, LLP on Sept. 10 disclosed that
the United States Bankruptcy Court for the District of Delaware
has entered a second interim order that establishes procedures for
certain transfers of equity interests in Triad Guaranty Inc. and
the taking or implementing of certain other actions affecting the
interests of Triad Guaranty Inc.  A copy of the second interim
order is available at the website of the United States Bankruptcy
Court for the District of Delaware at http://www.deb.uscourts.gov
(a PACER login and password is required).  The case number for
Triad Guaranty Inc.'s bankruptcy case is 13-11452 (MFW).

                       About Triad Guaranty

Winston-Salem, N.C-based Triad Guaranty Inc. (OTC BB: TGIC)
-- http://www.triadguaranty.com/-- is a holding company that
historically provided private mortgage insurance coverage in the
United States through its wholly-owned subsidiary, Triad Guaranty
Insurance Corporation.  TGIC is a nationwide mortgage insurer
pursuing a run-off of its existing in-force book of business.

In December 2012, the Company's mortgage insurer subsidiary, Triad
Guaranty Insurance Corporation, was placed into rehabilitation,
whereby the Illinois Department of Insurance was vested with
possession and control over all of TGIC's assets and operations.

On May 30, 2013, the magistrate judge for the U.S. District Court
of the Middle District of North Carolina issued an order denying
the Company's motion to dismiss a class action lawsuit against the
company and two of its former officers. Shareholders filed the
class action suit in 2009, claiming the company misled investors
about poor financial results caused by improper underwriting
procedures.

Triad Guaranty Inc. filed a Chapter 11 petition (Bankr. D. Del.
Case No. 13-11452) on June 3, 2013.  The Company estimated assets
of at least $100 million and liabilities of less than $50,000.
Attorneys at Womble Carlyle Sandridge & Rice, LLP, serve as
counsel to the Debtor.

The Debtor said in court filings that it has no significant
operating activities, and has limited remaining cash and other
assets on hand.  The Debtor has been exploring various strategic
alternatives, and will continue to do so from and after the
Petition Date.

The Debtor said that expenses primarily consist of legal fees,
fees paid to its board, annual premiums for directors' and
officers' liability insurance and general operating expenses.  The
expenses range from $100,000 to $500,000 per quarter.  Unless the
expenses are reduced, the Debtor expects to deplete all of its
remaining cash by the end of 2013 or earlier.


UNIVAR INC: Moody's Revises Outlook to Negative Over High Debt
--------------------------------------------------------------
Moody's Investors Service has changed the outlook on Univar Inc.'s
ratings to negative and affirmed the B2 Corporate Family Rating
and term loan ratings. The change in outlook reflects further
weakness in its operating performance, which will prevent credit
metrics from returning to levels that fully support the B2 CFR in
the near-term.

The following summarizes the ratings activity:

Univar Inc.

Ratings Affirmed:

Corporate Family Rating -- B2

Probability of Default Rating -- B2-PD

Senior Secured Term Loan B due 2017 -- B2 (LGD4, 51%) from B2
(LGD4, 50%)

Senior Secured Euro Term Loan B due 2017 -- B2 (LGD4, 51%) from
B2 (LGD4, 50%)

Outlook changed to Negative from Stable

Rating Rationale:

The move to a negative outlook reflects the company's high
leverage, which it is not likely to reduce to levels more typical
of a B2 CFR in the near-term, a lagging economic environment and
declines in certain key markets that have impacted Univar's
revenue growth and pressured profit margins. The company has
lowered its calendar year 2013 profit estimates after reporting
each of the first and second quarters operating results. To
improve profitability, Univar is now focused on cutting costs,
organic growth opportunities and integration of the Magnablend and
Quimicompuestos acquisitions. Implementation of a new ERP system
has been put on hold as have further potential acquisitions. The
ratings could be downgraded if Univar does not demonstrate
meaningful improvement in profitability over the next six months,
reversing the trend of year over year declines in profits
experienced in the first half 2013. Univar's ratings could also be
downgraded if there is a meaningful and sustained decline in
liquidity.

Univar has good liquidity supported by its cash flow from
operations, cash balances ($204 million as of June 30, 2013) and
unused capacity under its revolver. Cash flow from operations
(before Moody's standard analytical adjustments) was $173 million
for the twelve months ended June 30, 2013. The company's $1.4
billion ABL revolver due 2018, used by its US and Canadian
operations, had $817 million of unused availability as of June 30,
2013. Under the revolving credit agreement, the company has a
springing fixed charge coverage ratio (FCCR). In order to have
access to the last 12.5% of the face amount of the US facility or
combined borrowing base, the company would be required to maintain
a FCCR in excess of 1.00:1.00 (1.1x as of June 30, 2013). The
company believes it will maintain a ratio in excess of 1.0x
through 2013-2014. Currently, the ABL revolver due 2018 and the
term loan agreement do not have maintenance financial covenants.
The company has a favorable debt maturity profile, with no near-
term debt maturities and amortization payments totaling
approximately $28 million per year on the term loan. Additionally,
the term loan agreement requires that excess cash flow be used to
repay the term loan; the applicable percentage is a function of
the leverage. Capital expenditures are expected to decline in the
second half 2013 as a result of the company halting the
implementation of a new ERP system.

Univar's B2 CFR reflects its modest operating margins (albeit
typical for a chemicals distributor) that allow for a minimal
cushion in its highly leveraged situation, an underperforming
European business with regional concentration, a product mix in
the US weighted towards commodity chemicals, its history of
inconsistent free cash flow generation (as cash flow has been
invested in working capital to support sales growth), and working
capital seasonality associated with the company's agricultural
chemicals distribution business in Canada that will require the
company to borrow additional funds on a seasonal basis. The
ratings favorably recognize Univar's leading market share in North
America and large market share in Europe, economies of scale,
long-lived customer and supplier relationships with minimal
concentration, favorable industry trends in outsourcing to
distributors that has resulted in the distribution business
growing faster than overall chemicals sales, the relatively stable
nature of the firm's historical EBITDA generation, and relatively
modest maintenance capital expenditure requirements.

The principal methodology used in rating Univar was the Global
Chemical Industry Methodology published in December 2009. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Univar Inc. is one of the largest distributors of industrial
chemicals and providers of related services, operating
approximately 260 distribution centers to service a diverse set of
end markets in the US, Canada and Europe. The company was taken
private in October 2007, and is currently majority owned by funds
managed by CVC Capital Partners and Clayton, Dubilier & Rice, LLC.
The company had revenues of $9.9 billion for the twelve months
ended June 30, 2013.


VANTAGE PIPELINE: Moody's Rates New $225MM Senior Term Loan 'Ba2'
-----------------------------------------------------------------
Following the successful placement of Vantage Pipeline Canada ULC
and Vantage Pipeline US LP 's $225 million 7 year senior secured
term loan (Term Loan B) and the review of the final documentation,
Moody's Investors Service assigned a definitive senior secured
rating of Ba2 to Vantage Pipeline Term Loan B; the outlook is
stable.

Vantage Pipeline Canada ULC and Vantage Pipeline US LP cross
guarantee each other's debt and the combined debt will be serviced
from the combined net cash flows of both companies.

Vantage Pipeline's Ba2 senior secured rating reflects the fact
that, until additional ethane transportation contracts are entered
into, 100% of Vantage Pipeline's revenues will be derived from
NOVA Chemicals Corporation (LT Corporate Family Rating Ba1, stable
outlook) and thus NOVA's rating acts as a constraint. Moody's
expects that Vantage Pipeline will be well positioned to attract
additional transportation agreements given that it connects an
area of increasing ethane supply with one of growing supply
shortages. In the meantime, NOVA has contracted for minimum
volumes to be transported on the pipeline which, together with
largely unsecured termination payments, should be sufficient to
retire all the debt being issued by the end of the NOVA 10-year
ethane transportation contract. While Vantage Pipeline remains
exposed to some risks including an escalation of operating costs,
availability risk, higher interest rates, and refinancing risk,
Vantage Pipeline's ability to repay all the debt before the expiry
of the NOVA contract is resilient to a number of downside
scenarios due to the cash sweep mechanisms being implemented.
Construction risk is deemed to be manageable given that a
substantial portion of the pipeline is already built and that the
asset is not complex to build.

The outlook is stable reflecting the expectation that the
construction will be completed on time and budget, the equity
sponsors will continue to support the project in case of
construction cost overruns and the minimum contracted volumes will
underpin a stable debt service coverage ratio (DSCR) once the
asset is in operations.

The rating is unlikely to be upgraded until additional ethane
transportation agreements are signed up and until the construction
is completed.

The rating could be downgraded if construction is delayed beyond
December 31, 2013 without a corresponding agreement with NOVA to
extend the construction completion deadline and without additional
equity injections. Once in operation, the rating could be
downgraded if the DSCR falls below 1.50x.

The principal methodology used in this rating was the Generic
Project Finance Methodology published in December 2010.

Vantage Pipeline Canada ULC and Vantage Pipeline US LP together
are constructing and own a pipeline to source ethane produced in
North Dakota's Williston Basin and transport it to Alberta where
it will be used as feedstock by NOVA at its Joffre petrochemical
complex. Both entities are indirectly owned by Riverstone/Carlyle
Global Energy and Power Fund IV L.P. (99%) and by management (1%).


W.R. GRACE: FCR Wins Approval to Hire Orrick as Counsel
-------------------------------------------------------
Roger Frankel, the court-appointed legal representative for
future W.R. Grace claimants, received the green light from Judge
Kevin Carey to hire Orrick Herrington & Sutcliffe LLP as his
counsel.

Mr. Frankel tapped the firm in connection with his appointment as
legal representative for victims of asbestos exposure who may
file claims against the company.

Orrick will provide legal advice to Mr. Frankel concerning his
duties as legal representative, prepare court papers on his
behalf, and represent him at court hearings or other proceedings.

The firm will also advise him concerning Grace's Chapter 11
reorganization plan, or any other plans that may be proposed in
connection with the appeal of the court orders confirming the
company's restructuring plan.

                         About W.R. Grace

Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally.

The company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
David M. Bernick, P.C., Esq., at Kirkland & Ellis, LLP, and Laura
Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP,
represent the Debtors in their restructuring efforts.  The Debtors
hired Blackstone Group, L.P., for financial advice.
PricewaterhouseCoopers LLP is the Debtors' accountant.

Stroock & Stroock & Lavan, LLP, and Duane Morris, LLP, represent
the Official Committee of Unsecured Creditors.  The Creditors
Committee tapped Capstone Corporate Recovery LLC for financial
advice.

Roger Frankel serves as legal representative for victims of
asbestos exposure who may file claims against W.R. Grace.  Mr.
Frankel, a partner at Orrick Herrington & Sutcliffe LLP, replaces
David Austern, who was appointed to that role in 2004.  Mr.
Frankel has served as legal counsel for Mr. Austern who passed
away in May 2013.

Herrington & Sutcliffe LLP and Phillips Goldman & Spence, PA.
Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, and Marla
R. Eskin, Esq., at Campbell & Levine, LLC, represent the Official
Committee of Asbestos Personal Injury Claimants.  The Asbestos
Committee of Property Damage Claimants tapped Scott Baena, Esq.,
and Jay M. Sakalo, Esq., at Bilzin Sumberg Baena Price & Axelrod,
LLP, to represent it.  Thomas Moers Mayer, Esq., at Kramer Levin
Naftalis & Frankel, LLP, represents the Official Committee of
Equity Security Holders.

W.R. Grace obtained confirmation of a plan co-proposed with the
Official Committee of Asbestos Personal Injury Claimants, the
Official Committee of Equity Security Holders, and the Asbestos
Future Claimants Representative.   The Chapter 11 plan is built
around an April 2008 settlement for all present and future
asbestos personal injury claims, and a subsequent settlement for
asbestos property damage claims.  Implementation of the Plan has
been held up by appeals in District Court from various parties,
including a group of prepetition bank lenders and the Official
Committee of Unsecured Creditors.

District Judge Ronald Buckwalter on Jan. 31, 2012, entered an
order affirming the bankruptcy court's confirmation of the Plan.
Bankruptcy Judge Judith Fitzgerald had approved the Plan on
Jan. 31, 2011.

The plan can't be implemented because pre-bankruptcy secured bank
lenders filed an appeal currently pending in the U.S. Court of
Appeals in Philadelphia.

Bankruptcy Creditors' Service, Inc., publishes W.R. Grace
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by W.R. Grace, W.R. Grace Co. - Conn. and their
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000).


W.R. GRACE: FCR Has Consent for Phillips as Co-Counsel
------------------------------------------------------
Roger Frankel, the court-appointed legal representative for
future W.R. Grace claimants, received the go-signal from Judge
Kevin Carey to hire Phillips Goldman & Spence, P.A., as his
Delaware co-counsel.

Phillips will assist Orrick Herrington & Sutcliffe LLP, the firm
tapped by Mr. Frankel to be his primary legal counsel, in
preparing court papers in connection with W.R. Grace & Co.'s
bankruptcy case.

The firm will also provide legal advice to Mr. Frankel concerning
his duties, and advise him concerning the company's Chapter 11
reorganization plan or any other plan that may be proposed.

                         About W.R. Grace

Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally.

The company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
David M. Bernick, P.C., Esq., at Kirkland & Ellis, LLP, and Laura
Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP,
represent the Debtors in their restructuring efforts.  The Debtors
hired Blackstone Group, L.P., for financial advice.
PricewaterhouseCoopers LLP is the Debtors' accountant.

Stroock & Stroock & Lavan, LLP, and Duane Morris, LLP, represent
the Official Committee of Unsecured Creditors.  The Creditors
Committee tapped Capstone Corporate Recovery LLC for financial
advice.

Roger Frankel serves as legal representative for victims of
asbestos exposure who may file claims against W.R. Grace.  Mr.
Frankel, a partner at Orrick Herrington & Sutcliffe LLP, replaces
David Austern, who was appointed to that role in 2004.  Mr.
Frankel has served as legal counsel for Mr. Austern who passed
away in May 2013.

Herrington & Sutcliffe LLP and Phillips Goldman & Spence, PA.
Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, and Marla
R. Eskin, Esq., at Campbell & Levine, LLC, represent the Official
Committee of Asbestos Personal Injury Claimants.  The Asbestos
Committee of Property Damage Claimants tapped Scott Baena, Esq.,
and Jay M. Sakalo, Esq., at Bilzin Sumberg Baena Price & Axelrod,
LLP, to represent it.  Thomas Moers Mayer, Esq., at Kramer Levin
Naftalis & Frankel, LLP, represents the Official Committee of
Equity Security Holders.

W.R. Grace obtained confirmation of a plan co-proposed with the
Official Committee of Asbestos Personal Injury Claimants, the
Official Committee of Equity Security Holders, and the Asbestos
Future Claimants Representative.   The Chapter 11 plan is built
around an April 2008 settlement for all present and future
asbestos personal injury claims, and a subsequent settlement for
asbestos property damage claims.  Implementation of the Plan has
been held up by appeals in District Court from various parties,
including a group of prepetition bank lenders and the Official
Committee of Unsecured Creditors.

District Judge Ronald Buckwalter on Jan. 31, 2012, entered an
order affirming the bankruptcy court's confirmation of the Plan.
Bankruptcy Judge Judith Fitzgerald had approved the Plan on
Jan. 31, 2011.

The plan can't be implemented because pre-bankruptcy secured bank
lenders filed an appeal currently pending in the U.S. Court of
Appeals in Philadelphia.

Bankruptcy Creditors' Service, Inc., publishes W.R. Grace
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by W.R. Grace, W.R. Grace Co. - Conn. and their
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000).


W.R. GRACE: FCR Wins Approval to Hire Lincoln as Adviser
--------------------------------------------------------
Judge Kevin Carey authorized Roger Frankel, the court-appointed
legal representative for future W.R. Grace claimants, to retain
Lincoln Partners Advisors LLC as his financial adviser.

Lincoln will assist Mr. Frankel in reviewing the conduct and
financial condition of W.R. Grace & Co.  The firm will also
advise him concerning the company's Chapter 11 reorganization
plan or any other plan, and evaluate the financial effect of the
implementation of that plan to the assets or securities of the
company.

                         About W.R. Grace

Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally.

The company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
David M. Bernick, P.C., Esq., at Kirkland & Ellis, LLP, and Laura
Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP,
represent the Debtors in their restructuring efforts.  The Debtors
hired Blackstone Group, L.P., for financial advice.
PricewaterhouseCoopers LLP is the Debtors' accountant.

Stroock & Stroock & Lavan, LLP, and Duane Morris, LLP, represent
the Official Committee of Unsecured Creditors.  The Creditors
Committee tapped Capstone Corporate Recovery LLC for financial
advice.

Roger Frankel serves as legal representative for victims of
asbestos exposure who may file claims against W.R. Grace.  Mr.
Frankel, a partner at Orrick Herrington & Sutcliffe LLP, replaces
David Austern, who was appointed to that role in 2004.  Mr.
Frankel has served as legal counsel for Mr. Austern who passed
away in May 2013.

Herrington & Sutcliffe LLP and Phillips Goldman & Spence, PA.
Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, and Marla
R. Eskin, Esq., at Campbell & Levine, LLC, represent the Official
Committee of Asbestos Personal Injury Claimants.  The Asbestos
Committee of Property Damage Claimants tapped Scott Baena, Esq.,
and Jay M. Sakalo, Esq., at Bilzin Sumberg Baena Price & Axelrod,
LLP, to represent it.  Thomas Moers Mayer, Esq., at Kramer Levin
Naftalis & Frankel, LLP, represents the Official Committee of
Equity Security Holders.

W.R. Grace obtained confirmation of a plan co-proposed with the
Official Committee of Asbestos Personal Injury Claimants, the
Official Committee of Equity Security Holders, and the Asbestos
Future Claimants Representative.   The Chapter 11 plan is built
around an April 2008 settlement for all present and future
asbestos personal injury claims, and a subsequent settlement for
asbestos property damage claims.  Implementation of the Plan has
been held up by appeals in District Court from various parties,
including a group of prepetition bank lenders and the Official
Committee of Unsecured Creditors.

District Judge Ronald Buckwalter on Jan. 31, 2012, entered an
order affirming the bankruptcy court's confirmation of the Plan.
Bankruptcy Judge Judith Fitzgerald had approved the Plan on
Jan. 31, 2011.

The plan can't be implemented because pre-bankruptcy secured bank
lenders filed an appeal currently pending in the U.S. Court of
Appeals in Philadelphia.

Bankruptcy Creditors' Service, Inc., publishes W.R. Grace
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by W.R. Grace, W.R. Grace Co. - Conn. and their
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000).


WHITING PETROLEUM: $1.8-Bil. Sr. Notes Get Moody's Ba2 Rating
-------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to Whiting
Petroleum Corporation's proposed $1.8 billion of senior unsecured
notes. At the same time, Moody's changed the rating outlook to
positive from stable. Moody's also affirmed Whiting's Ba2
Corporate Family Rating, Ba3 rated senior subordinated notes, and
Speculative Grade Liquidity (SGL) rating at SGL-2.

The proceeds from the proposed notes will be used to redeem
Whiting's existing $250 million senior subordinated notes on or
prior to their maturity on February 1, 2014, to repay all drawings
under its revolving credit facility, to fund a $260 million
acquisition in the Williston Basin, and to pre-fund its capital
expenditure program through 2014.

Assignments:

Issuer: Whiting Petroleum Corporation

Senior Unsecured Bonds, Assigned Ba2 (LGD4, 59%)

Affirmations:

Issuer: Whiting Petroleum Corporation

Corporate Family Rating, Affirmed at Ba2

Probability of Default Rating, Affirmed at Ba2-PD

Senior Subordinated Regular Bond, Affirmed at Ba3 (LGD5, 85%)

Speculative Grade Liquidity rating of SGL-2

Ratings Rationale:

"Whiting's positive outlook reflects the company's favorable
production and reserve growth outlook, with a high proportion of
high margin oil production," commented Gretchen French, Moody's
Vice President. "Although the proposed bond transaction will
increase Whiting's financial leverage, it will also improve its
liquidity profile, and we expect production and reserve growth
over the next 12-18 months will improve financial leverage metrics
to a level more commensurate with a Ba1 rating."

The Ba2 rating on the proposed senior unsecured notes reflects
both the overall probability of default of Whiting, to which
Moody's assigns a Probability of Default rating of Ba2-PD, and a
loss given default of LGD4 (59%). The rating on the proposed notes
are in line with the Ba2 CFR, reflecting the large size of this
notes offering relative to the reduced commitment size of the
revolving credit facility at $1.2 billion and the notes senior
position to Whiting's remaining $350 million in subordinated debt.

The Ba2 CFR is supported by Whiting's relatively geographically
diverse asset base, with different types of reservoirs and risk
profiles, in conjunction with its long reserve life and
demonstrated track record in growing production organically with
good returns. The rating is restrained by the company's persistent
negative free cash flow generation and increased debt levels.

In addition to repaying its $250 million senior subordinated notes
due February, 2014 and the outstanding borrowings under its
revolver, this notes offering will allow Whiting to fund its near
term capital spending program and its announced acquisition of
assets in the Williston Basin for $260 million, targeting the
Middle Bakken and Three Forks zones. These assets are very oily:
85% of the 17.1 million barrels of oil equivalent (boe) of
reserves in this acquisition are comprised of oil. Whiting will
outspend internally generated cash flows through 2014, but Moody's
expects that the proceeds from the notes offering will allow the
company to fund the shortfall with only nominal drawings on its
revolver.

Whiting's pro forma liquidity is good. At June 30, 2013, the
company had $23 million of cash on hand and $1.7 billion
outstanding on its borrowing base revolving credit facility. Pro
forma for the notes offering, the Williston Basin acquisition, and
the Postle asset sale, Whiting's revolver will be fully undrawn
with a commitment size of $1.2 billion (borrowing base of $2.15
billion). In addition, pro forma cash balances will increase to
$393 million. With capital expenditures expected to be in excess
of cash flow through 2014, Moody's expects Whiting to rely on pro
forma cash balances and its revolver to fund expected shortfalls.

Whiting's ratings could be upgraded if the company continues to
successfully grow reserves and production relative to debt levels.
Should average daily production meaningfully and consistently
exceed 100,000 boe per day and debt to average daily production
trending under $30,000 per boe.

Alternatively, the ratings could be downgraded if Whiting were to
experience weaker than expected reserve and production growth, or
if the company continues to outspend internally generated cash
flow, causing debt to average daily production to exceed $35,000
per boe on a consistent basis.

The principal methodology used in this rating was the Global
Independent Exploration and Production Industry Methodology
published in December 2011. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.

Whiting Petroleum Corporation is an independent exploration and
production company headquartered in Denver, Colorado.


WHITING PETROLEUM: S&P Rates $900MM Sr. Unsecured Notes 'BB+'
-------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'BB+'
issue-level rating (in line with the corporate credit rating) to
Denver, Co.-based oil and gas exploration and production company
Whiting Petroleum Corp.'s proposed $900 million senior unsecured
notes maturing in 2019 and its proposed $900 million in senior
unsecured notes maturing in 2021.  The recovery rating on both
issues is '4', indicating S&P's expectation of average (30% to
50%) recovery to creditors in the event of a payment default.  The
recovery valuation would allow Whiting to increase its offering to
a maximum of $2.5 billion without the potential of negatively
affecting senior unsecured ratings.

At the same time, S&P has lowered its issue-level rating on
Whiting's existing senior subordinated notes ($250 million
maturing in 2014 and $350 million maturing in 2018) to 'BB-' from
'BB+', reflecting the proposed issuance of higher priority debt.
The recovery rating on the subordinated notes has been revised to
'6' from '4', indicating S&P's expectation of negligible (0% to
10%) recovery in the event of a payment default.

Whiting intends to use the net proceeds to repay all amounts
borrowed under its credit facility ($1.1 billion as of Sept. 6,
2013), to fund its recently announced $260 million acquisition of
properties in the Williston Basin; to retire its $250 million of
senior subordinated notes maturing in 2014; and for general
corporate purposes, including capital expenditures.  Upon
completion of the offering, the company intends to reduce the
commitments under its credit facility to $1.2 billion from
$2.15 billion.

The ratings on Whiting reflect S&P's view of its "fair" business
risk, "intermediate" financial risk, and "adequate" liquidity.
The ratings reflect Whiting's large acreage position in the
Williston Basin (North Dakota), a production and reserve mix
weighted toward high-priced oil, a low percentage of proved
undeveloped (PUD) reserves, and the company's low debt leverage.
The ratings also reflect Whiting's above-average operating costs,
the risk of meaningful unfavorable oil price differentials in the
Williston Basin, and S&P's estimate that the company will outspend
funds from operations (FFO) in 2013 and 2014.

Ratings List

Whiting Petroleum Corp.
Corporate credit rating                         BB+/Stable/--

New Rating
$900 mil. sr unsecd notes due 2019              BB+
  Recovery rating                                4
$900 mil. sr unsecd notes due 2021              BB+
  Recovery rating                                4

                                                 To         From
Rating Lowered
Whiting Petroleum Corp.
$250 million sr subordinated notes due 2014      BB-        BB+
  Recovery rating                                6          4
$350 million sr subordinated notes due 2018)     BB-        BB+'
  Recovery rating                                6          4


WINDSTREAM HOLDINGS: S&P Assigns 'BB-' Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'BB-'
corporate credit rating to Windstream Holdings Inc., a newly-
formed parent entity of Little Rock, Ark.-based wireline
telecommunications provider Windstream Corp.  The outlook is
stable.  At the same time, S&P withdrew the corporate credit
rating on Windstream Corp. and affirmed all issue-level ratings on
the company's debt.

"The ratings on Windstream reflect our view of its fair business
risk profile and aggressive financial risk profile," said Standard
& Poor's credit analyst Allyn Arden.

Key business risk factors include its solid position as a provider
of local and long-distance telecommunications services in less-
competitive rural markets, modest growth from data services, and
good profitability.  These factors are at least partially
overshadowed by industry-wide competitive pressures from wireless
substitution and cable telephone.  S&P expects these industry-wide
pressures to continue to hurt Windstream's overall operating and
financial performance, despite modest growth in business services.
S&P's financial risk assessment is primarily based on the
company's aggressive shareholder-oriented financial policy with a
commitment to a substantial dividend, which limits debt reduction,
and high leverage with total debt to EBITDA of about 4.2x as of
June 30, 2013.  Moreover, the company has a track record of
partially funding acquisitions with debt.

The outlook is stable.  S&P expects operating trends to remain
steady over the next year, though it do not expect any improvement
in leverage given the company's aggressive financial policy,
including a dividend that consumes nearly all FOCF.  S&P could
lower the ratings if operating trends deteriorate.  This could
occur if, for example, access-line losses were to spike higher, if
revenues from DSL services or business customers started
declining, or if the company made a large debt-financed
acquisition that resulted in leverage rising to the 5x area on a
sustained basis.  A near-term upgrade is unlikely given
Windstream's financial policy, which includes a large dividend and
the potential for additional debt-financed acquisitions.  These
factors could make it challenging for the company to achieve
leverage in the low-3x area, a threshold that would support an
upgrade given S&P's current business risk assessment.


* Judge Calls for Expansion of Judicial Workforce
-------------------------------------------------
Judge Timothy M. Tymkovich, chair of the Judicial Conference
Committee on Judicial Resources, appeared before the Senate
Judiciary Subcommittee on Bankruptcy and the Courts, to testify on
the Article III judgeship needs of the federal Judiciary and the
process used to determine judgeship needs.

"Over the last 20 years the Judicial Conference has developed,
adjusted, and refined the process for evaluating and recommending
judgeship needs in response to both judiciary and congressional
concerns," Judge Tymkovich told the subcommittee.

Every other year, the Conference conducts a survey of the
judgeship needs of the courts of appeals and district courts. The
latest survey was completed in March 2013 and the Conference has
recommended that Congress establish 91 new judgeships in the
courts of appeals and district courts. The Conference also
recommended that eight existing temporary district court
judgeships be converted to permanent status.

"The Conference attempts to balance the need to control growth and
the need to seek resources that are appropriate to the Judiciary's
caseload,"? Judge Tymkovich said. "In an effort to implement that
policy, we have requested far fewer judgeships than the caseload
increases and other factors would suggest are now required."?

Nevertheless, many of the current judgeship recommendations
reflect needs that have existed since the last omnibus judgeship
bill was enacted in 1990.

Since that time, filings have risen 39 percent in federal district
courts, and 34 percent in the courts of appeals. There are 28
district courts with caseloads exceeding 500 weighted filings per
judgeship, and more than half of these courts have caseloads in
excess of 600 per judgeship. In each appellate court in which the
Conference recommends additional judgeships, the caseload levels
substantially exceed the standard, averaging over 700 adjusted
filings per panel.

Weighted filings statistics account for the different amounts of
time judges require to resolve various types of cases. However,
weighted filings alone do not determine where the Judicial
Conference recommends the creation of new judgeships.

"Before a judgeship recommendation is transmitted to Congress, it
undergoes careful consideration and review at six levels within
the Judiciary," Judge Tymkovich told the subcommittee. He
described a process in which courts requesting additional
judgeships are asked about their efforts to make use of all
available resources, including their use of senior and magistrate
judges, the assignment of judges from outside and within the
circuit to provide short-term relief, and the use of alternative
dispute resolution. Caseload statistics are considered and weighed
with other court-specific information to arrive at a sound
measurement of each court's judgeship needs.

"While the Judicial Conference feels strongly that each of these
judgeship recommendations are justified due to the growing
workload in these courts, Judge Tymkovich said, "it is cognizant
of the current economic realities and the prospective cost
associated with the proposal."? He acknowledged that
prioritization within the recommendations may be necessary.

The Federal Judgeship Act of 2013, S. 1385, was introduced July
30, 2013, by Senators Christopher Coons (D-Del.) and Patrick
Leahy(D-VT), and reflects the Judicial Conference Article III
judgeship recommendations transmitted to Congress


* Senator Requests Probe of New Bankruptcy Fee Rules
----------------------------------------------------
Jacqueline Palank, writing for The Wall Street Journal, reported
that Sen. Chuck Grassley (R., Iowa) is requesting a probe into the
Department of Justice's initiative to overhaul how attorneys are
paid in large Chapter 11 cases.

According to the report, starting Nov. 1, attorneys representing
large corporate debtors in Chapter 11 will be subject to
additional disclosures and rules when it comes time to submit
their legal fees for bankruptcy-court approval. The Justice
Department's bankruptcy watchdogs at the U.S. Trustee Program are
behind the fee guidelines, which officials hope will combat the
perception that lawyers take advantage of a company's crisis to
charge expensive fees.

In a letter dated Sept. 9, Mr. Grassley asked Congress's
investigative arm, the U.S. Government Accountability Office, to
review whether the new fee guidelines will "prevent excessive fees
in the future and, if not whether legislation is needed to address
this problem."

"It is imperative, in a court of equity like the bankruptcy court,
that Congress monitor whether large corporate cases are ?cash
cows' for certain professionals at the expense of creditors and
debtors alike, thereby subverting Congressional intent," Mr.
Grassley wrote in the letter, the WSJ report related.

Attorney fees are one of many hot-button issues in bankruptcy, and
Mr. Grassley's letter referenced another: venue, the report said.
Bankruptcy laws afford companies great flexibility to choose where
they seek protection, and critics say lawyers push companies to
file in a venue where $1,000 (or higher) hourly fees are the norm.
Mr. Grassley asked the GAO to review "whether certain
jurisdictions maintain lax standards that encourage excessive
fees."


* CFTC Signals It May Tighten Rules on High-Speed Trading
---------------------------------------------------------
Dina ElBoghdady, writing for The Washington Post, reported that
federal regulators signaled on Sept. 9 that they may more strictly
oversee the high-speed trading that's come to dominate financial
markets and impose risk controls in response to a series of
market-disrupting technology glitches.

According to the report, the 137-page "concept release" from the
Commodity Futures Trading Commission comes at a time when
regulators are struggling to cope with a technological revolution
that has transformed trading from a human-centric endeavor to one
driven by computers that execute orders at blink-of-an-eye speeds
-- sometimes with disastrous results.

One of the most harrowing was the May 2010 "flash crash," when the
stock market plunged nearly 1,000 points in minutes, then whipped
back up, the report related.  Other high-profile glitches ensued,
including the runaway trades linked to faulty computers at Knight
Capital last year. Technical problems halted trading in Nasdaq-
listed stocks for more than three hours two weeks ago, an issue
that the exchanges have been summoned by the Securities and
Exchange Commission to discuss Thursday.

All these disruptions were cited in the CFTC document, which took
nearly two years to complete, the report said.  The commission
unanimously approved it before releasing it to the public for
comment. The document solicits input on more than 100 questions,
including whether the government should intervene and impose risk
controls on the industry.

The commission acknowledged steps that the industry has taken to
address some of its vulnerabilities, the report further related.
But it said regulators should consider changes across the board.
CFTC Commissioner Scott D. O'Malia asked if the government should
"federalize" current industry practices.


* FDIC Adopts Rule Change for U.S. Bank Branches in U.K.
--------------------------------------------------------
Jesse Hamilton, writing for Bloomberg News, reported that the
Federal Deposit Insurance Corp. approved a rule responding to
concerns that commercial depositors in overseas branches of U.S.
banks could be disadvantaged in the event of a lender's collapse.

According to the report, FDIC board members meeting in Washington
on Sept. 10 voted to adopt a measure responding to U.K.
regulators' concern that U.S. banks favored domestic depositors
over foreign-based account holders. The agency in February
proposed that overseas branches of the U.S. companies make an
FDIC-estimated $1 trillion in deposits payable in either country.

"The final rule protects the Deposit Insurance Fund while at the
same time recognizing both the FDIC's commitment to maintaining
financial stability through the prompt payment of deposit
insurance and the evolving nature of the global banking system,"
Chairman Martin Gruenberg said in a prepared statement before the
unanimous vote, the report related.

One of the FDIC's chief concerns was writing a rule that walls off
the insurance fund from non-U.S. deposits, so the final proposal
maintained a clear barrier, the report said.  The adopted version
was virtually unchanged from the February proposal.

The rule is a revision of the agency's definition of "insured
deposit" to make overseas accounts of corporate customers also
payable in the U.S., the report further related.  It puts foreign
depositors who aren't covered by FDIC insurance in line ahead of
general creditors in a liquidation.  About 40 percent of such
deposits are in the U.K., according to the FDIC.


* Fitch: Global Cross Asset Default Activity Modest in 1st Half
---------------------------------------------------------------
Global default rates in the first half of 2013 were either in line
with or below first-half 2012 results across Fitch-rated major
global asset categories, according to Fitch Ratings.

Measured recovery in the U.S. and European housing markets as well
as an improving U.S. economy laid the groundwork for modest cross
asset default rates through the first half of this year.

Eight corporate finance defaults were recorded in the first six
months of 2013 - all speculative-grade issuers. The Fitch-rated
corporate default rate through June was 0.29%, with a speculative-
grade default rate of 0.95%.

Fitch's one recorded sovereign default through June was Jamaica -
the result of a distressed debt exchange (DDE). The sovereign
issuer default rate was 0.97%.

A missed payment on Detroit (MI) pension COPs (certificates of
participation) in June accounted for a single speculative-grade
default in the first half and brought the U.S. public finance
sector's default rate for the period to 0.03%. There were no
defaults among Fitch-rated international public finance issuers
during the same period.

The impairment rate across Fitch-rated global structured finance
securities improved in first-half 2013, registering 1.5% versus
2.8% during the same period last year. Across investment-grade
securities, the impairment rate was marginal, at 0.02%, compared
with 4.1% at the non-investment-grade level.

The complete study, 'Fitch Ratings Global Cross-Asset First-Half
2013 Default Update,' is available on Fitch's web site under
Credit Market Research. The study contains default rate results by
broad sector and region.


* Mortgage Lenders, Home Buyers Feel Rate Squeeze
-------------------------------------------------
Robin Sidel and Shayndi Raice, writing for The Wall Street Journal
reported that a rise in interest rates is slamming homeowners'
demand for mortgages, prompting large and midsize banks to cut
jobs and warn investors of declining profitability in the home-
loan business.

According to the report, Wells Fargo & Co., the nation's largest
mortgage company by loan value, on Sept. 9 told investors at a
conference that it expects mortgage originations to drop nearly
30% in the third quarter to roughly $80 billion, down from $112
billion in the second quarter.

J.P. Morgan Chase & Co., the largest U.S. bank as measured by
assets, said during the conference sponsored by Barclays PLC that
it expects to lose money on its mortgage-origination business in
the second half of the year, the report related.  On Aug. 29, Bank
of America Corp., BAC +1.14% notified about 2,100 employees that
they were being let go largely due to a decline in refinancing
activity, said a bank spokesman.

Mortgage originations include loans for home purchases and
refinancing, the report said.

Rates are rising on investor worries the Federal Reserve soon will
take steps toward reducing an $85-billion-a-month bond-buying
program designed to help stimulate the economy, the report further
related.


* Pressures on Smaller Spaces Offset Big Box Gains in Central NJ
----------------------------------------------------------------
After dropping from a 10-year high of 10.5% in 2011 to 9.1% in
2012, the retail vacancy rate along central New Jersey's major
shopping corridors increased again to 9.8% this summer, according
to R.J. Brunelli & Co., LLC, as progress in "big-box" spaces of
20,000 square feet or more was thwarted by growing closures of
smaller shops.

The Old Bridge-based retail real estate brokerage's 24th annual
study of the central New Jersey market uncovered 2.95 million
square feet of vacancies in the 30.22 million square feet of space
studied along State Highways 1, 9, 18 and 35 in Mercer, Middlesex
and Monmouth counties, and a small section of Ocean County.
Improvements on Routes 1 and 18 were countered by rising vacancies
along Routes 9 and 35.  Over the last 10 years, the four corridors
had their strongest performance in 2006, when the combined vacancy
factor stood at just 3.4%.

All told, availabilities were seen in 192 of the 796 sites visited
throughout the region during this year's second quarter.  The
study evaluated shopping centers and freestanding buildings
exceeding 2,000 square feet--including restaurants, auto service
facilities and vacant auto dealerships whose location and
configuration makes them viable for retail use.  Regional malls
and centers under construction or major redevelopment are
excluded.

When combined with the slight year-over-year decline in the
vacancy factor for six northern New Jersey highways reported last
week (to 8.1% from 8.2%), the overall vacancy rate for the 10
retail corridors surveyed by R.J. Brunelli in the central and
northern parts of the state increased to 9.0% from 8.7% in 2012.
The firm found a total of 5.35 million square feet of empty space
in the 59.71 million square feet reviewed, with big-box spaces
representing 2.15 million square feet, or 42.1%, of the vacancies.

"For central New Jersey, the encouraging news over the past 12
months was the net absorption of over 225,000 square feet of big-
box vacancies, including some that lingered on the market for
years," said Richard J. Brunelli, president of the firm.  "But
even as a still-too-high big-box inventory continues to shrink,
that positive trend is being countered by growing numbers of
smaller-store vacancies up and down the region's corridors.  As we
saw in northern New Jersey, much of the small-space woes can be
attributed to a combination of unprofitable or marginally
profitable tenants shutting their doors as leases expire and the
inability of small chains, mom & pops and franchisees to take
advantage of those vacancies because financing for new ventures or
business expansion remains so difficult to get.  Until the economy
improves and banks genuinely start to loosen the spigots, it will
be difficult to make much of a dent in the small store inventory."

In terms of the region's big-box inventory, a total of 1.09
million square feet remained available, amounting to 39.1% of the
corridors' vacant space, down from a 47.1% share in 2012 and 54.5%
in the firm's 2012 survey.  "Landlords have been able to find
newcomers for well-located properties, but others remain difficult
to fill, underscored by the fact that approximately 74% of the
region's vacant big-box space has been on the market for three
years or more," Mr. Brunelli noted.

Among the notable absorptions, two of the corridors' four Pathmark
sites were taken, with market newcomer Hobby Lobby opening in the
61,400-square-foot space at Marlboro Plaza on Route 9 and the new
Lowes Express concept debuting in 49,500 square feet on Route 35
in Wall Township.  Former Pathmarks on Route 1 in North Brunswick
and Route 35 in Middletown remain on the market.  Both of the
corridors' remaining Borders spaces were absorbed, with DSW Shoes
taking the 24,400-square-foot space on Route 35 in Eatontown in a
deal brokered by R.J. Brunelli and Buy Buy Baby leasing the
28,100-square-foot store in Nassau Park on Route 1 in the
Princeton area.  Buy Buy Baby, meanwhile, also opened in another
former bookstore, taking the 22,200-square Barnes & Noble space at
Consumer Square on Route 36 in West Long Branch.

Of the region's three remaining Linens 'n Things sites, Big Lots
leased the 40,900-square-foot store at Woodbridge Crossing on
Route 1 and the 28,800-square-foot space on the Freehold Raceway
Mall ring road on Route 9, leaving another Route 9 location in
Howell still on the block.  Rounding out the notable bog-box deals
completed over the last 12 months, Shop-Rite debuted in 80,000
square feet at Bayshore Plaza on Route 35 in Hazlet, combining the
center's former Foodtown with a long-vacant children's apparel
superstore; the 29,400-square-foot former P.C. Richard building in
Edison Woods on Route 1 was subdivided between two growing
national retailers: Dollar Tree and The Tile Shop; and Tuesday
Morning opened in the 21,600-square-foot former Office Depot space
on Route 9 in Howell.

These absorptions were partially offset by two 'big box' closures
over the past 12 months, both on Route 9: the 165,000-square-foot
Lowes in Old Bridge and a 20,700-square-foot A.C. Moore in Howell.
Another major space will become available On Route 9 in the months
ahead when Kmart completes the going-out-of-business sale at its
68,000-square-foot location in Howell.

Apart from the aforementioned problems with small spaces, the
central region's vacancy rate also took a hit from a number of
closures of operations in the 8,000- to 20,000-square-foot range,
including Sears Auto centers on Route 9 in Old Bridge, Route 35 in
Eatontown and Route 18 in East Brunswick (the latter, part of a
Kmart store).  Additionally, the January 2013 bankruptcy filing by
Big M. Inc. (parent of Mandee, Annie Sez and Afaze) and subsequent
acquisition of the chains by Canadian retailer YM Inc. led to
selective closures of under-performing locations, including an
Annie Sez at Woodbridge Crosspointe on Route 9 and Mandee stores
on Route 1 in North Brunswick and Route 36 in Eatontown.  Finally,
three Fashion Bug stores were closed along the corridors by early
this year after the new owners of Fashion Bug parent Charming
Shoppes, Inc. decided to shutter the entire low-priced chain.
These included locations in Hazlet, Freehold and Howell.

Results for central New Jersey's individual roadways are as
follows:

Route 1. With conditions continuing to improve, the vacancy rate
along the 30-mile corridor extending from Woodbridge to Trenton
declined for the fifth straight year to 6.7% from 7.9% in 2011.
The highway's vacancy factor over the past 10 years has ranged
from a low of 2.4% in both 2006 and 2007 to a high of 9.5% in
2009.

R.J Brunelli's 2013 study uncovered 577,266 square feet of
vacancies in 8.59 million square feet, with availabilities in 29
of the roadway's 127 retail sites.

With no new large store closings, the aforementioned deals for the
highway's empty Linens 'n Things, P.C. Richard and Borders sites
brought 'big-box' availabilities down to 296,772 square feet, or
51.4% of Route 1's total vacancies--well below the 65.5% ratio
posted in 2012. Notably, 100% of the available big-box space has
been on the market for at least three years.

"Indicative of what can happen with well-located big-boxes, as
part of its push into New Jersey, Hobby Lobby snapped up the
40,000-square-foot former Sports Authority space in Lawrenceville
that was not vacant in out 2012 survey," Mr. Brunelli noted.  R.J.
Brunelli represented the landlord on the Hobby Lobby transaction.

Route 18. The vacancy rate along the five-mile retail corridor in
East Brunswick dropped for the third consecutive year to 11.4%
from 12.9% in 2012 and the record-high of 22.1% in 2011.  Over the
last 10 years, the roadway has its best performance in 2005 with a
vacancy factor of 4.0%.

The firm's 2013 survey found 308,824 square feet of vacancies in
the roadway's 2.71 million square feet of space, with
availabilities in 24 of the 87 properties visited.

Hibachi Grill took approximately 14,000 square feet of the 32,500-
square-foot space that went dark in the 2012 study when
Car-Khuff's Furniture closed.  All of the 77,437 square feet of
'big-box' space left has been on the market for at least three
years.

In other news, work is under way on the redevelopment project that
will bring an approximate 150,000-square-foot Wal-Mart supercenter
to the site that previously housed 232,000 square-feet of vacant
space divided between Sam's Club (which relocated to a bigger
space on Route 1), the Route 18 Flea Market and an independent
furniture store.  Further south on Route 18, an additional Wal-
Mart is reportedly coming to a former golf driving range site in
Old Bridge.

Route 9. With the effects of growing small-store vacancies and the
aforementioned Lowes and A.C. Moore closings offsetting gains from
the Hobby Lobby, Big Lots and Tuesday Morning openings, the
vacancy rate along the 35-mile Woodbridge-to-Lakewood corridor
rose to 8.6% from the 7.0% posted in both 2012 and 2011.  Over the
last 10 years, the highway's vacancy factor ranged from a low of
3.6% in 2008 to a high of 7.6% in 2009.

R.J. Brunelli's latest study revealed 764,682 square feet of
vacancies in the 8.91 million square feet evaluated, with
availabilities seen in 63 of the 245 properties reviewed.  Empty
'big-boxes' accounted for 269,000 square feet, or 35.2% of the
roadway's vacancies, with 74% of those spaces empty for three
years or more.

On an encouraging note, Pagano Associates' long-awaited Marlboro
Commons is well under way, with exclusive leasing agent R.J.
Brunelli reporting that leases are signed or out for signature for
95% of the 100,000-square-foot center.  The first of the tenants,
a 14,500-square-foot Walgreens, opened this summer, with Ethan
Allen and Verizon scheduled to follow this fall.  Meanwhile, Whole
Foods just began construction on its 40,000-square-foot building.
The chain's first store in western Monmouth County is expected to
open next spring along with two other national tenants that have
leases out.

Route 35. Closings of small shops and other spaces below 20,000
square feet overwhelmed strong progress on the "big-box" front to
elevate the vacancy rate along the 25-mile Aberdeen to Brielle
corridor to 13.0% from 11.2% in 2012 and the previous peak of
12.2% set in 2011. Over the last 10 years, the vacancy factor had
been as low as 3.4% in 2006.

The firm's 2013 survey found 1.30 million square feet of vacancies
in the 10.0 million square feet studied, with availabilities in 76
of the 338 properties evaluated.  The study area--which includes a
section of Route 36, extending from its intersection with Route 35
in Eatontown, east to West Long Branch--has the most retail space
of the 10 corridors evaluated by the firm each year in central and
northern New Jersey.

In the absence of large-store closings, the aforementioned
openings of Shop-Rite, DSW. Lowes Express and Buy Buy Baby brought
the "big-box" inventory down to 446,663 square feet, or 34.3% of
the corridor's vacancies, compared with a 49.8% ratio in 2012.
All of the remaining 'big-box' space has been on the market for at
least three years.

"Looking ahead, the Eatontown area could see its biggest surge in
new space in years as proposed redevelopments of Fort Monmouth and
a site currently occupied by a golf course on Route 36 could
potentially add 500,000 square feet of retail in conjunction with
new housing, office space, hotels and other uses being considered
for the sites," said Mr. Brunelli.  "We believe these properties
will have few problems attracting interest from national big box
tenants who have been unable to find suitable available space in
the Eatontown area, which remains a very popular regional retail
hub."

For copies of R.J. Brunelli & Co.'s central or northern New Jersey
studies, contact R.J. Brunelli & Co., 400 Perrine Road, Suite 405,
Old Bridge, N.J., 08857; visit http://www.njretailrealty.comor
call (732) 721-5800.


* Jenner & Block Hires Ex-TARP Watchdog Barofsky
------------------------------------------------
Jenner & Block LLP is pleased to announce that Neil Barofsky, Esq.
-- nbarofsky@jenner.com -- a former federal prosecutor who served
as the chief watchdog of the historic $700 billion federal bailout
adopted in response to the 2008 financial crisis, has joined its
New York office as a partner in the firm's Litigation Department.
He will be a member of the firm's practice groups in White Collar
Defense and Investigations; Securities Litigation and Enforcement;
and Government Controversies and Public Policy Litigation.

Mr. Barofsky is an acclaimed trial lawyer who burnished a national
reputation as a staunch advocate for accountability in our
financial system.  Confirmed by the Senate as the first Special
Inspector General for the Troubled Asset Relief Program (TARP) in
late 2008, he oversaw the creation and expansion of a law
enforcement agency within the U.S. Treasury Department, which was
charged by Congress to conduct criminal and civil investigations
of fraud and abuse linked to the bailouts.  Since leaving that
post in 2011, Mr. Barofsky has been a noted commentator on a
variety of issues at the intersection of economics, law, business
and politics for Bloomberg TV and other media outlets.  He
documented his experiences in overseeing the TARP Program in his
best-selling book, Bailout.

Mr. Barofsky spent more than eight years as an Assistant United
States Attorney in the Southern District of New York (SDNY), where
he investigated and tried some of the most significant cases in
the United States, including the successful investigation, trial
and conviction of former Refco, Inc. officers of a $2.4 billion
securities and accounting fraud, for which he received the
Department of Justice's highest award for excellence in legal
performance.  He rose to be a Senior Trial Counsel and headed the
Mortgage Fraud Group, a prosecutorial team that investigated and
prosecuted all aspects of mortgage fraud, including those
concerning the most complex financial instruments at the heart of
the financial crisis.

"Neil is a great fit for Jenner & Block.  His background as a
senior federal prosecutor in Manhattan and the TARP's inspector
general has given him an unparalleled grasp of the most complex
financial transactions of the last decade.  He will undoubtedly
enhance the firm's capabilities in securities and other litigation
matters on behalf of hedge funds, private equity firms and other
entities litigating over complex financial instruments," said
Susan C. Levy, Esq. -- slevy@jenner.com -- Managing Partner of
Jenner & Block.

Jenner & Block's Chairman and the Examiner in the Lehman Brothers
bankruptcy, Anton R. Valukas, Esq. -- avalukas@jenner.com -- said,
"Neil's experience is simply unmatched.  He offers our clients the
judgment and credibility they require when dealing with the
Justice Department, the Treasury Department, Congress, the SEC and
other financial regulators.  I'm delighted to welcome Neil to the
firm."

As the first Special Inspector General for TARP, Mr. Barofsky
established an investigative office of more than 130 employees.
Under his leadership, the office's investigations led to the
recovery or avoided losses of more than $700 million, and to date
have led to more than 100 fraud convictions.  He implemented the
office's audit division, whose acclaimed reports helped protect
vital taxpayer interests.  He has testified before Congress more
than two dozen times.

"Jenner & Block is an ideal platform where my practice can
flourish because of its renowned litigation reputation, the iconic
role it has played in issues surrounding the financial crisis and
the firm's regular role in matters involving complex financial
instruments.  Most importantly, I wanted to work at a firm that
shares my commitment to zealous advocacy of its clients and, as
demonstrated in the Lehman examinership, a willingness to embrace
the most challenging matters against the most difficult
adversaries in the most demanding circumstances.  I look forward
to using my experiences as a prosecutor, as a financial regulator
and as a trial lawyer to assist and defend clients who find
themselves the subject of criminal and regulatory enforcement
matters and also to representing clients in civil litigation,
including those seeking redress for harm suffered in complex
financial transactions," said Mr. Barofsky, currently a Senior
Fellow for the Center on the Administration of Criminal Law at the
New York University Law School.  "I am also looking forward to
following in the firm's tradition of service through examinerships
and monitorships, as well as its demonstrated commitment to pro
bono and community service.  Jenner & Block is a perfect fit for
me."

Peter B. Pope, Esq.-- ppope@jenner.com -- co-chair of the firm's
White Collar Defense and Investigations Practice, said, "With a
focus on white collar defense and civil litigation -- particularly
involving complex financial instruments -- Neil is a strong
addition to our unique offering of a top-flight white collar
practice with a compelling track record in complex civil
litigation involving financial matters."

Mr. Barofsky is a 1995 magna cum laude graduate of the New York
University School of Law and a 1992 magna cum laude graduate of
the University of Pennsylvania where he received undergraduate
degrees from the Wharton School of Business and the College of
Arts and Sciences.

In the firm's New York Office, Mr. Barofsky will be joining
leading white collar defense practitioners Peter Pope, former head
of the New York State Attorney General's Criminal Division; Katya
Jestin, Esq. -- kjestin@jenner.com -- former Assistant United
States Attorney in Brooklyn; and Tony Barkow, Esq. --
abarkow@jenner.com -- former Assistant United States Attorney in
Manhattan and Washington, D.C.  In the arena of civil litigation
involving complex financial instruments, he joins Richard Ziegler,
Esq. -- rziegler@jenner.com -- the Office's Managing Partner, and
Stephen Ascher, Esq. -- sascher@jenner.com -- a co-chair of the
firm's Securities Litigation Practice.  In May 2013, Messrs.
Ziegler and Ascher won a civil trial against Bank of New York
Mellon Trust, permitting firm client Chesapeake Energy Corp. to
redeem $1.3 billion in high-yield bonds six years early, over the
indenture trustee's objection, and last month resolved four years
of litigation for firm client Brookfield Asset Management against
AIG Financial Products over whether AIG's 2008 financial crisis
terminated a $1.5 billion interest rate swap.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Oct. 3-5, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Wardman Park, Washington, D.C.
            Contact: http://www.turnaround.org/

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      20th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact: 240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact: 1-703-739-0800; http://www.abiworld.org/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday.  Submissions via
e-mail to conferences@bankrupt.com are encouraged.

Last Updated: Aug. 26, 2013



                            *********

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.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR.  Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

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.

For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911.  For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.

                           *********

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., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
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Fernandez, Christopher G. Patalinghug, and Peter A. Chapman,
Editors.

Copyright 2013.  All rights reserved.  ISSN: 1520-9474.

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are $25 each.  For subscription information, contact Peter A.
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