TCR_Public/140104.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

             Saturday, January 4, 2014, Vol. 18, No. 3

                            Headlines

AGFEED INDUSTRIES: December 2013 M.O.R. Filed
CENGAGE LEARNING: Posts November Net Loss on Chapter 11 Costs
CHINA NATURAL: November 2013 M.O.R. Filed
GMX RESOURCES: Posts $6.02 Million Net Loss in November
GREEN FIELD ENERGY: Reports $7.96 Million Net Loss at Nov. 30

INTERFAITH MEDICAL: Incurs Net Loss of $4.43 Million in November
LIFECARE HOLDINGS: September and November M.O.R. Filed
OCZ TECHNOLOGY: Projects $442,000 Cash for January 2014
SCOOTER STORE: Ends November with $5.02 Million Net Loss
VERTIS HOLDINGS: November 2013 M.O.R. Filed


                            *********

AGFEED INDUSTRIES: December 2013 M.O.R. Filed
---------------------------------------------
BankruptcyData reported that AgFeed Industries filed with the U.S.
Bankruptcy Court a monthly operating report for December 2013.

For the period, the Company reported a net loss of $2.7 million.
Cash at the beginning of the month was $791,999 and $46.4 million
at the end of the month (as a result of the $45.8 million China
sale transaction). The Company paid $287,874 in restructuring
professional fees and $3.0 million in total reorganization
expenses during the period.

                      About AgFeed Industries

AgFeed Industries, Inc., has 21 farms and five feed mills in China
producing more than 250,000 hogs annually. In the U.S., the
business included 10 sow farms in three states and two feed mills
producing more than one million hogs a year. AgFeed's revenue in
2012 was $244 million.

AgFeed and its affiliates filed voluntary petitions under Chapter
11 of the Bankruptcy Code (Bankr. D. Del. Case No. 13-11761) on
July 15, 2013, with a deal to sell most of its subsidiaries to The
Maschhoffs, LLC, for cash proceeds of $79 million, absent higher
and better offers.  The Debtors estimated assets of at least $100
million and debts of at least $50 million.

Keith A. Maib signed the petition as chief restructuring officer.
Hon. Brendan Linehan Shannon presides over the case.  Donald J.
Bowman, Jr., and Robert S. Brady, Esq., at Young, Conaway,
Stargatt & Taylor, serve as the Debtors' counsel.   BDA Advisors
Inc. acts as the Debtors' financial advisor.  The Debtors' claims
and noticing agent is BMC Group, Inc.

The U.S. Trustee has appointed a five-member official committee of
unsecured creditors to the Chapter 11 cases.  The Creditors'
Committee tapped Lowenstein Sandler as lead bankruptcy counsel and
Greenberg Traurig, LLP, as co-counsel.  CohnReznick LLP serves as
the Creditors' Committee's financial advisor.

An official committee of equity security holders was also
appointed to the Chapter 11 cases.  The Equity Committee tapped
Sugar Felsenthal Grais & Hammer LLP and Elliott Greenleaf as
co-counsel.


CENGAGE LEARNING: Posts November Net Loss on Chapter 11 Costs
-------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Cengage Learning Inc., the college textbook
publisher, reported operating income of $5.4 million in November
on revenue of $100 million.

According to the report, the month's net loss was $6.5 million,
after $12.3 million in Chapter 11 expenses, according to the
operating report filed with the U.S. Bankruptcy Court in Brooklyn,
New York.

The company's Chapter 11 plan is up for approval at a Feb. 24
confirmation hearing. How unsecured creditors fare under the plan
depends on whether first-lien lenders have valid security
interests in all their claimed collateral.

The main question is whether the lien extends to $273.9 million in
a money-market account. The creditors' committee also seeks to
challenge the validity of liens on 15,500 copyrights.

The lenders say the contention about copyrights is "frivolous."
Cengage said an attack on the validity of copyright liens would be
"frivolous and wasteful litigation."

The plan would reduce debt for borrowed money by $4.3 billion.
Assuming their liens are all valid, senior secured creditors will
take the new equity and a $1.5 billion term loan.

                       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.

The Debtors filed a Joint Plan of Reorganization and Disclosure
Statement dated Oct. 3, 2013, which provides that the Debtors took
extreme care to advance and protect the interest of unsecured
creditors -- including seeking to protect four primary sources of
potential recoveries for unsecured creditors and providing them
with appropriate time to conduct diligence, and discuss their
conclusions on, among other things, the value of those sources of
potential recoveries.


CHINA NATURAL: November 2013 M.O.R. Filed
-----------------------------------------
BankruptcyData reported that China Natural Gas filed with the U.S.
Bankruptcy Court a monthly operating report for the month of
November 2013. During the period, the Company reported its total
disbursement for third quarter fees for the U.S. Trustee assigned
to the case as $325. The balance sheet submitted with the monthly
operating report indicates all fields as undetermined, with the
exception of pre-petition accounts payable, which is reported as
$64.5 million.  China Natural Gas also reported zero cash at both
the beginning and end of the month.

                      About China Natural

Headquartered in Xi'an, Shaanxi Province, P.R.C., China Natural
Gas, Inc., was incorporated in the State of Delaware on March 31,
1999.  The Company through its wholly owned subsidiaries and
variable interest entity, Xi'an Xilan Natural Gas Co., Ltd., and
subsidiaries of its VIE, which are located in Hong Kong, Shaanxi
Province, Henan Province and Hubei Province in the People's
Republic of China ("PRC"), engages in sales and distribution of
natural gas and gasoline to commercial, industrial and residential
customers through fueling stations and pipelines, construction of
pipeline networks, installation of natural gas fittings and parts
for end-users, and conversions of gasoline-fueled vehicles to
hybrid (natural gas/gasoline) powered vehicles at 0ptmobile
conversion sites.

On Feb. 8, 2013, an involuntary petition for bankruptcy was filed
against the Company by three of the Company's creditors, Abax
Lotus Ltd., Abax Nai Xin A Ltd., and Lake Street Fund LP (Bankr.
S.D.N.Y. Case No. 13-10419).  The Petitioners claimed that they
have debts totaling $42,218,956.88 as a result of the Company's
failure to make payments on the 5% Guaranteed Senior Notes issued
in 2008.  Adam P. Strochak, Esq., at Weil, Gotshal & Manges, LLP,
in Washington, D.C., represents the Petitioners as counsel.

China Natural Gas, Inc., sought dismissal of the involuntary
petition but in July 2013, it consented to the entry of an
order for relief under Chapter 11 of the U.S. Code.

The last regulatory filing listed assets as of June 30 of $29.5
million and liabilities totaling $82.5 million.


GMX RESOURCES: Posts $6.02 Million Net Loss in November
-------------------------------------------------------
GMX Resources Inc. filed with the U.S. Securities and Exchange
Commission its monthly operating report for the month ended
November 30, 2013.

The Debtor incurred a net loss of $6.02 million on total revenues
of $2.35 million for the month.

At November 30, the Debtor reported $321.15 million in total
assets, $526.74 million in total liabilities, and $205.58 million
total shareholders' deficit.

At the beginning of the month, the Debtor had a cash balance of
$1.55 million.  It reported total receipts of $14.23 million and
total disbursements of $8.49 million.  The Debtor paid $1.68
million in professional fees.  Thus, at the end of November, the
Debtor had $7.28 million.

A copy of the monthly operating report is available at the SEC at:

                         http://is.gd/qRVA1H

                        About GMX Resources

GMX Resources Inc. -- http://www.gmxresources.com/-- is an
independent natural gas production company headquartered in
Oklahoma City, Oklahoma.  GMXR has 53 producing wells in Texas &
Louisiana, 24 proved developed non-producing reservoirs, 48 proved
undeveloped locations and several hundred other development
locations.  GMXR has 9,000 net acres on the Sabine Uplift of East
Texas.  GMXR has 7 producing wells in New Mexico.

GMX filed a Chapter 11 petition in its hometown (Bankr. W.D. Okla.
Case No. 13-11456) on April 1, 2013, so secured lenders can buy
the business in exchange for $324.3 million in first-lien notes.
GMX listed assets for $281.1 million and liabilities totaling
$458.5 million.

GMX missed a payment due in March 2013 on $51.5 million in second-
lien notes.  Other principal liabilities include $48.3 million in
unsecured convertible senior notes.

The DIP financing provided by senior noteholders requires court
approval of a sale within 75 days following approval of sale
procedures. The lenders and principal senior noteholders include
Chatham Asset Management LLC, GSO Capital Partners, Omega Advisors
Inc. and Whitebox Advisors LLC.

David Zdunkewicz, Esq., Timothy A. Davidson II, Esq., and Joseph
Rovira, Esq., at ANDREWS KURTH LLP, serves as the Debtors'
counsel.  Special Local Counsel, Conflicts Counsel and Litigation
Counsel for the Debtors are William H. Hoch, Esq., and Christopher
M. Staine, Esq., at CROWE & DUNLEVY, P.C.

Counsel to Backstop Lenders under DIP Financing and Steering
Committee of Holders of Senior Secured Notes are Brian Hermann,
Esq., and Sarah Harnett, Esq., at PAUL, WEISS, RIFKIND, WHARTON &
GARRISON LLP.

Counsel to the Unsecured Creditors Committee is Jason Brookner,
Esq., at LOOPER REED & MCGRAW P.C.  Looper Reed is substituted as
counsel for the Official Committee of Unsecured Creditors in place
of Winston & Strawn LLP, effective as of April 25, 2013.  The
Committee tapped Conway MacKenzie, Inc., as financial advisor.

On Dec. 4, 2013, the Bankruptcy Court approved the Company's First
Amended Disclosure Statement to accompany the First Amended Joint
Plan of Reorganization of GMX Resources Inc. and its Debtor
Subsidiaries under Chapter 11 of the Bankruptcy Code.  A copy of
the Disclosure Statement is available at http://is.gd/XGTsMr

The Court has set Jan. 21, 2014 at 1:30 p.m. central time, as the
date and time for hearing on confirmation of the Plan and to
consider any objections to the Plan.


GREEN FIELD ENERGY: Reports $7.96 Million Net Loss at Nov. 30
-------------------------------------------------------------
Green Field Energy Services, Inc., et al, on Dec. 23, 2013, filed
their monthly operating report for the period from October 28 to
November 30, 2013.

The Debtors' consolidated statement of operations showed a net
loss from continuing operations of $7.96 million with revenues of
$719,069 for the period.

At November 30, the Debtors had $337.44 million in total assets,
$468.81 million in total liabilities, and a -($131.37 million)
total shareholders' deficit.

The Debtors reported total operating receipts of $33.44 million
and total disbursements of $7.29 million.

A copy of the monthly operating report is available at:

          http://bankrupt.com/misc/GREENFIELDoctnovmor.pdf

                      About Green Field Energy

Green Field Energy Services, Inc., is an independent oilfield
services company that provides a wide range of services to oil and
natural gas drilling and production companies to help develop and
enhance the production of hydrocarbons.  The Company's services
include hydraulic fracturing, cementing, coiled tubing, pressure
pumping, acidizing and other pumping services.

Green Field Energy and two affiliates filed Chapter 11 petitions
in Delaware on Oct. 27, 2013, after defaulting on an $80 million
credit provided by an affiliate of Royal Dutch Shell Plc (Bankr.
D. Del. Case No. 13-bk-12783).

The Debtors are represented by Michael R. Nestor, Esq., and Kara
Hammon Coyle, Esq., at Young Conaway Stargatt & Taylor, LLP, in
Wilmington, Delaware; and Josef S. Athanas, Esq., Caroline A.
Reckler, Esq., Sarah E. Barr, Esq., and Matthew L. Warren, Esq.,
at Latham & Watkins LLP, in Chicago, Illinois.

The Debtors' investment banker is Carl Marks Advisory Group LLC.
Thomas E. Hill, from Alvarez & Marsal North America, LLC, serves
as the Debtors' chief restructuring officer.

In its schedules, Green Field disclosed $306,960,039 in total
assets and $447,199,869 in total liabilities.

Roberta A. Deangelis, The U.S. Trustee for Region 3, appointed six
members to the official committee of unsecured creditors in the
Chapter 11 cases of Green Field Energy Services, Inc., et al.

Green Field's bankruptcy is being financed with a $30 million loan
from BG Credit Partners LLC and ICON Capital LLC.


INTERFAITH MEDICAL: Incurs Net Loss of $4.43 Million in November
----------------------------------------------------------------
Interfaith Medical Center, Inc., on Dec. 20, 2013, filed its
monthly operating report for November 2013.

The Debtor reported a net loss of $4.43 million on revenues of $12
million for the month.

At Nov. 30, the Debtor had $122.41 million in total assets,
$358.39 million in total liabilities, and a -($235.98 million)
total shareholders' deficit.

In its cash flow statement for the January to November 2013
period, the Debtor had $13.51 million cash at the beginning of the
year.  About $13.68 million cash was used in operating activities,
$2.57 million was used in investing activities and $1.92 million
was used in financing activities.  At Nov. 30, the Debtor had
$4.32 million in cash and cash equivalents.

A copy of the monthly operating report is available at:

        http://bankrupt.com/misc/INTERFAITHMEDICALnovmor.pdf

                   About Interfaith Medical Center

Headquartered in Brooklyn, New York, Interfaith Medical Center,
Inc., operates a 287-bed hospital on Atlantic Avenue in Bedford-
Stuyvesant and an ambulatory care network of eight clinics in
central Brooklyn, in Crown Heights and Bedford-Stuyvesant.

The Company filed for Chapter 11 protection (Bankr. E.D. N.Y.
Case No. 12-48226) on Dec. 2, 2012.  The Debtor disclosed
$111,872,972 in assets and $193,540,998 in liabilities as of the
Chapter 11 filing.  Liabilities include $117.9 million owing to
the New York State Dormitory Authority on bonds secured by the
assets.

Alan J. Lipkin, Esq., at Willkie Farr & Gallagher LLP, serves as
bankruptcy counsel to the Debtor.  Nixon Peabody LLP is the
special corporate and healthcare counsel.  CohnReznick LLP serves
as financial advisor.  Donlin, Recano & Company, Inc. serves as
administrative agent.

The Official Committee of Unsecured Creditors tapped Alston & Bird
LLP as its counsel, and CBIZ Accounting, Tax & Advisory of New
York, LLC as its financial advisor.

Eric M. Huebscher, the patient care ombudsman, tapped the law firm
of DiConza Traurig LLP, as his counsel.


LIFECARE HOLDINGS: September and November M.O.R. Filed
------------------------------------------------------
BankruptcyData reported that LifeCare Holdings filed with the U.S.
Bankruptcy Court monthly operating reports for September and
November 2013. For the periods, the total hospitals reported zero
in disbursement activities. The reports also indicate that no
assets have been sold or transferred outside the normal course of
business during both reporting periods.

                          About LifeCare

LCI Holding Company, Inc., and its affiliates, doing business as
LifeCare Hospitals, operate eight "hospital within hospital"
facilities and 19 freestanding facilities in 10 states.  The
hospitals have about 1,400 beds at facilities in Louisiana, Texas,
Pennsylvania, Ohio and Nevada.  LifeCare is controlled by Carlyle
Group, which holds 93.4% of the stock following a
$570 million acquisition in August 2005.

LCI Holding Company, Inc., and its affiliates, including LifeCare
Holdings Inc., sought Chapter 11 protection (Bankr. D. Del. Lead
Case No. 12-13319) on Dec. 11, 2012, with plans to sell assets to
secured lenders.

The Debtors are represented by Anthony W. Clark, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP, in Wilmington, Delaware;
Kenneth S. Ziman, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, in New York; and Felicia Gerber Perlman, Esq., and Matthew N.
Kriegel, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in
Chicago, Illinois.  Rothschild Inc. is the financial advisor.
Huron Management Services LLC will provide the Debtors an interim
chief financial officer and certain additional personnel; and (ii)
designate Stuart Walker as interim chief financial officer.

The steering committee of lenders is represented by attorneys at
Akin Gump Strauss Hauer & Feld LLP and Blank Rome LLP.  The agent
under the prepetition and postpetition secured credit facility is
represented by Simpson Thacher & Barlett LLP.

The Debtors disclosed assets of $422 million and liabilities
totaling $575.9 million as of Sept. 30, 2012.  As of the
bankruptcy filing, total long-term obligations were $482.2 million
consisting of, among other things, institutional loans and
unsecured subordinated loans.  A total of $353.4 million is owing
under the prepetition secured credit facility.  A total of
$128.4 million is owing on senior subordinated notes.  LifeCare
Hospitals of Pittsburgh, LLC, a debtor-affiliate disclosed
$24,028,730 in assets and $484,372,539 in liabilities as of the
Chapter 11 filing.

The Official Committee of Unsecured Creditors is represented by
Pachulski Stang Ziehl & Jones LLP.  FTI Consulting, Inc., serves
as its financial advisor.


OCZ TECHNOLOGY: Projects $442,000 Cash for January 2014
-------------------------------------------------------
OCZ Technology Group, Inc., et al, on Dec. 16, 2013, filed an
initial monthly operating report.

The Initial MOR includes a cash flow projection for the 7-week
period covering the week ended Dec. 6, 2013 through the week ended
Jan. 17, 2014.

At the week ended January 17, 2014, the Debtors project ending
cash balance of $442,000 and total disbursements of $3.39 million.

The Initial MOR also include a schedule of retainers paid to
professionals.  Among the Debtors' bankruptcy professionals are
Young Conaway Stargatt & Taylor, LLP and Mayer Brown, LLP.

A copy of the initial monthly operating report is available at:

          http://bankrupt.com/misc/OCZTECHNOLOGYmor.pdf

                              About OCZ

San Jose, Calif.-based OCZ Technology Group, Inc. (Nasdaq: OCZ)
designs, manufactures, and distributes high-performance solid-
state storage solutions and premium computer components.

OCZ and two affiliates on Dec. 2, 2013, filed for Chapter 11
protection (Bankr. D. Del. Lead Case No. 13-13126) with a deal to
sell all assets under 11 U.S.C. Sec. 363 to Toshiba Corporation
for $35 million.

As of the bankruptcy filing, the Debtors had funded indebtedness
of $29.3 million and general unsecured trade obligations of $31.4
million.

Young Conaway Stargatt & Taylor represents the Debtors as counsel.
Mayer Brown LLP serves as the Debtors' special counsel.  Deutsche
Bank is the Debtors' investment banker.  The Hon. Peter J. Walsh
presides over the case.


SCOOTER STORE: Ends November with $5.02 Million Net Loss
--------------------------------------------------------
The Scooter Store Holdings, Inc., et al., on Dec. 19, 2013, filed
their monthly operating report for November 2013.

The Debtors' consolidated statement of operations showed a net
loss from continuing operations of $5.02 million on revenues of
-($12,426) for the month.

At Nov. 30, the Debtors had $8.17 million in total assets, $124.16
million in total liabilities, and a -($115.17 million) total
shareholders' deficit.

At the beginning of the month, the Debtors had $7.16 million cash.
They had total receipts of $2.58 million, $1.99 million in total
disbursements, and $1.99 million in net revolver borrowing
repayments.  Thus, at month end, the Debtors had $5.80 million
cash.

A copy of the monthly operating report is available at:

           http://bankrupt.com/misc/SCOOTERSTOREnovmor.pdf

                      About The Scooter Store

The Scooter Store is a supplier of power mobility solutions,
including power wheelchairs, scooters, lifts, ramps, and
accessories.  The Scooter Store's products and services provide
today's seniors and disabled persons potential alternatives to
living in nursing homes or other care facilities.  Headquartered
in New Braunfels, Texas, the Scooter Store has a nationwide
network of distribution centers that service products owned or
leased by the Company's customers.  It has 57 distribution
centers in 41 states.

Scooter Store Holdings Inc., and 71 affiliates filed for
Chapter 11 bankruptcy (Bankr. D. Del. Lead Case No. 13-10904) in
Wilmington.  The closely held company listed assets of less than
$10 million and debt of more than $50 million.

Affiliates of private equity firm Sun Capital Partners, based in
Boca Raton, Florida, purchased a majority voting interest in the
debtors in 2011.  Scooter Store is 66.8 percent owned by Sun
Capital Partners Inc., owed $40 million on a third lien.  In
addition to Sun's debt and $25 million on a second lien owing to
Crystal Financial LLC, there is a $25 million first-lien revolving
credit owing to CIT Healthcare LLC as agent.  Crystal is providing
$10 million in financing for bankruptcy.


VERTIS HOLDINGS: November 2013 M.O.R. Filed
-------------------------------------------
BankruptcyData reported that Vertis Holdings filed with the U.S.
Bankruptcy Court a monthly operating report for November 2013. For
the period, the consolidated Debtors reported a net loss of $4.1
million (derived primarily from reorganization expenses) on zero
net sales.  The Company paid $8.2 million in professional fees and
$4.5 million in total reorganization expenses during the month.
Cash at the beginning of November was $8.6 million and $8.3
million at the end of the month, with negative net cash flow of
$256,790.

                        About Vertis Holdings

Vertis Holdings Inc. -- http://www.thefuturevertis.com/--
provides advertising services in a variety of print media,
including newspaper inserts such as magazines and supplements.

Vertis and its affiliates (Bankr. D. Del. Lead Case No. 12-12821),
returned to Chapter 11 bankruptcy on Oct. 10, 2012, this time to
sell the business to Quad/Graphics, Inc., for $258.5 million,
subject to higher and better offers in an auction.

As of Aug. 31, 2012, the Debtors' unaudited consolidated financial
statements reflected assets of approximately $837.8 million and
liabilities of approximately $814.0 million.

Bankruptcy Judge Christopher Sontchi presides over the 2012 case.
Vertis is advised by Perella Weinberg Partners, Alvarez & Marsal,
and Cadwalader, Wickersham & Taft LLP.  Quad/Graphics is advised
by Blackstone Advisory Partners, Arnold & Porter LLP and Foley &
Lardner LLP, special counsel for antitrust advice.  Kurtzman
Carson Consultants LLC is the Debtors' claims agent.

Quad/Graphics is a global provider of print and related
multichannel solutions for consumer magazines, special interest
publications, catalogs, retail inserts/circulars, direct mail,
books, directories, and commercial and specialty products,
including in-store signage. Headquartered in Sussex, Wis. (just
west of Milwaukee), the Company has approximately 22,000 full-time
equivalent employees working from more than 50 print-production
facilities as well as other support locations throughout North
America, Latin America and Europe.

Vertis first filed for bankruptcy (Bankr. D. Del. Case No. 08-
11460) on July 15, 2008, to complete a merger with American Color
Graphics.  ACG also commenced separate bankruptcy proceedings.  In
August 2008, Vertis emerged from bankruptcy, completing the
merger.

Vertis against filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y.
Case No. 10-16170) on Nov. 17, 2010.  The Debtor estimated its
assets and debts of more than $1 billion.  Affiliates also filed
separate Chapter 11 petitions -- American Color Graphics, Inc.
(Bankr. S.D.N.Y. Case No. 10-16169), Vertis Holdings, Inc. (Bankr.
S.D.N.Y. Case No. 10-16170), Vertis, Inc. (Bankr. S.D.N.Y. Case
No. 10-16171), ACG Holdings, Inc. (Bankr. S.D.N.Y. Case No. 10-
16172), Webcraft, LLC (Bankr. S.D.N.Y. Case No. 10-16173), and
Webcraft Chemicals, LLC (Bankr. S.D.N.Y. Case No. 10-16174).  The
bankruptcy court approved the prepackaged Chapter 11 plan on Dec.
16, 2010, and Vertis consummated the plan on Dec. 21.  The plan
reduced Vertis' debt by more than $700 million or 60%.

GE Capital Corporation, which serves as DIP Agent and Prepetition
Agent, is represented in the 2012 case by lawyers at Winston &
Strawn LLP.  Morgan Stanley Senior Funding Inc., the agent under
the prepetition term loan, and as term loan collateral agent, is
represented by lawyers at White & Case LLP, and Milbank Tweed
Hadley & McCloy LLP.

On Jan. 16, 2013, Quad/Graphics completed the acquisition of
Vertis Holdings for a net purchase price of $170 million.  This
assumes the purchase price of $267 million less the payment of $97
million for current assets that are in excess of normalized
working capital requirements.


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Monday's edition of the TCR delivers a list of indicative prices
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then-ending.

                           *********

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not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000 or Nina Novak at 202-241-8200.


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