TCR_Public/140709.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, July 9, 2014, Vol. 18, No. 189

                            Headlines

38 STUDIOS: RI Law Firm Strikes $4.4M Deal To Exit Row
A G ASSOCIATES: Voluntary Chapter 11 Case Summary
ARCHDIOCESE OF SEATTLE: Settles Sexual-Abuse Lawsuits from 30 Men
ARIZONA LA CHOLLA: Files for Chapter 11 in Tucson
ATP OIL: Case Converted to Chapter 7 Liquidation

B.S. QUARRIES: Seeks Authority to Use Cash Collateral
B.S. QUARRIES: Seeks to Employ Flaster/Greenberg as Counsel
B.S. QUARRIES: Prepetition Lender Wants Ch. 11 Case Dismissed
B.S. QUARRIES: Seeks Extension of Schedules Filing Date
B.S. QUARRIES: Seeks Authority to Pay $100,000 to Critical Vendors

BERNARD L. MADOFF: High Court Rejects Bid To Sue Big Banks
BRILL MEDIA: Ind. Court Boots Suit Over Townsquare Radio Buys
BUCCANEER ENERGY: Files Reorganization Plan
CACTUS WELLHEAD: S&P Assigns 'B' CCR & Rates $350MM Loan 'B'
CAMPUS HABITAT: Bankruptcy Court Dismisses Chapter 11 Case

CHRYSLER GROUP: Daimler Unit Sues Ch. 11 Trust Over Tax Deal
CLEAREDGE POWER: Committee Taps Brown Rudnick as Counsel
CLEAREDGE POWER: Committee Taps Teneo Securities as Fin'l Advisor
CLEAREDGE POWER: Files Schedules of Assets and Liabilities
CLEAREDGE POWER: July 11 Hearing on Bid to Assign Contracts

CNG HOLDINGS: Moody's Lowers CFR & Sr. Secured Rating to Caa1
DBK INVESTMENTS: Hearing on Stay Motion Subject to Property Sale
DBK INVESTMENTS: Court Okays Supple Law Office as Bankr. Counsel
DETROIT, MI: Syncora Emerges as Nemesis in Bankruptcy Proceedings
EDGENET INC: Buyer Funds Severance for Fired Workers

DEWEY & LEBOUEF: Mediator Needs Court's Help in Collecting Fees
EDISON MISSION: Wins Approval Of $23M Retiree Settlement
ENERGY FUTURE: Texas Lawmaker Warns v. Hedge Funds "Flipping" Unit
ENERGY FUTURE: Lenders Seeking Direct Appeal
ENERGY FUTURE: Creditors Balk at Loan Teeing up Future Sale

FERRO CORP: Moody's Affirms Ba3 CFR & Rates 1st Lien Debt Ba3
FERRO CORP: S&P Affirms 'B+' CCR & Rates $500MM Facilities 'B+'
FIDELITY & GUARANTY: Moody's Hikes Sr. Unsec. Debt Rating to Ba3
FISKER AUTOMOTIVE: WARN Claimants Say Plan Shortchanges Them
FOREST LABORATORIES: S&P Raises $3BB Sr. Notes' Rating From BB+

FREEDOM INDUSTRIES: Told to Keep Public Better Informed
FRESH & EASY: Deal with Class Plaintiffs Gets Final Approval
FRESH & EASY: Employee Wage Settlement Approved
GRAND TRAVERSE: S&P Alters Outlook to Neg, Affirms BB+ Bond Rating
HDOS ENTERPRISES: Finds Buyer for Employee-Owned Chain

HOSTESS BRAND: Wants Wash. Labor Department's Claim Estimated
INDUSTRIA DE ALIMENTOS: Trustee Cleared To Root Out US Assets
IRISH BANK: Blasts Developer's Bid To Review Fla. Mall Sale Plan
KEY SAFETY: Moody's Assigns B1 CFR & Rates $500MM Sr. Debt B2
LIGHTSQUARED INC: Falcone's Exit Portends Peace

LIGHTSQUARED INC: Judge Says Ergen Didn't Mediate in Good Faith
LUXLAS FUND: Moody's Affirms 'B2' Term Loan Rating After Add-On
LUXLAS FUND: S&P Affirms 'BB-' Term Loan Rating After $75MM Add-on
LYONDELL CHEMICAL: D&Os Clinch Key Holdings In Excess Coverage Row
MACLELLAN PARTNERS: Case Summary & 8 Largest Unsecured Creditors

MD AMERICA ENERGY: Moody's Gives Caa2 CFR, Rates $525MM Loan Caa2
METRORIVERSIDE LLC: Access to Cash Collateral to Expire July 10
MOMENTIVE PERFORMANCE: Plan Ruling Expected by September
NATIONAL HERITAGE: 4th Circ. Says 3rd-Party Release Won't Fly
NEW DESIGNS: S&P Lowers on Revenue Bonds Rating to 'BB+'

NEW ENGLAND LAND: Case Summary & 19 Largest Unsecured Creditors
OCEAN 4660: Ch.11 Trustee to Pay Comerica's $1.85MM Claim in Full
ORMET CORP: Court Approves Sale of Mineral Rights for $22.3MM
OVERSEAS SHIPHOLDING: Court Approves Amendment to MEBA CBA
OVERSEAS SHIPHOLDING: Solicitation Period Extended to July 14

OVERSEAS SHIPHOLDING: Inks Additional Agreements with PWC
OVERSEAS SHIPHOLDING: OSG International Files Amended Schedules
PHH CORPORATION: Moody's Lowers Corporate Family Rating to Ba3
PIONEER POINT: Administrators Wants Chapter 15 Case Closed
PRETTY GIRL: 27-Store Women's Wear Retailer Seeks Bankruptcy

PROSPECT SQUARE: Has Access to Cash Collateral Until July 31
PUERTO RICO: New Debt Law Usurps Congress, Funds Say
QUANTUM FOODS: Allowed To Access Old Plant
RESIDENTIAL CAPITAL: Judge Affirms Morrison's $4.2M Award For Fees
RINCON BEACH: Case Summary & Largest Unsecured Creditors

ROSSCO HOLDINGS: Kelly Hart, Beard Kultgen Say Ch. 11 Axes Suit
SAXON ENTERPRISES: Moody's Withdraws B1 Corporate Family Rating
SCRANTON, PA: Receiver Can't Stop Parking Auth. Union Arbitration
STANFORD GROUP: High Court Rejects Appeal On Receiver's Powers
STARR PASS: Gust Rosenfeld Approved as Local Bankruptcy Counsel

SUPER BUY FURNITURE: Files for Chapter 11 with $27MM Debt
SUPER BUY FURNITURE: Closing 12 of 23 Stores
SUPER BUY FURNITURE: Proposes O'Neill & Borges as Counsel
SUPER BUY FURNITURE: Proposes Carrasquillo as Fin'l Consultant
WPLM ACQUISITION: Moody's Assigns B3 Corporate Family Rating

WRIGLEYVILLE LLC: Case Summary & 7 Largest Unsecured Creditors

* Secrecy in Pensions Triggers Legislative Brawl in North Carolina

* BNP Paribas's U.S. Settlement to Cap Troublesome Period
* Dark Pool Greed Drove Barclays to Lie to Clients, N.Y. Says

* Argentina Euro Bondholders Seek Exemption From US Courts
* Excess Cash Drives Hedge Funds To Feast On Distressed Cos.
* World's Biggest Debt Load Lures Distressed Funds to China

* Covenant-Lite Loans Surge as Default Rates Rise
* Credit Card Lenders Pursue Riskier Borrowers
* N.J. Governor Wins Legal Battle Over Cuts to Pension System
* President's Recess-Appointment Power Cut by Supreme Court
* Treasury Begins Push to Revive U.S. Mortgage-Bond Market
* U.S. House Votes to Loosen Derivatives' Regulations w/ CFTC Bill

* Leading NY Bankruptcy Lawyer Joins Grant & Eisenhofer


                             *********


38 STUDIOS: RI Law Firm Strikes $4.4M Deal To Exit Row
------------------------------------------------------
Law360 reported that a Rhode Island law firm will pay roughly $4.4
million to settle claims that it failed, as the state's counsel,
to refute misrepresentations over a taxpayer-backed $75 million
loan for ex-Major League Baseball ace Curt Schilling's now-
bankrupt video game venture, according to a joint petition filed
in state court.  According to the report, the joint petition
requests court approval of a settlement between Moses Afonso Ryan
Ltd., lawyer Antonio Afonso Jr. and the Rhode Island Commerce
Corp.'s board of directors, as the parties had reached a deal --
the first in the high-profile litigation over Schilling's 38
Studios.

The case is Rhode Island Economic Development Corp. v. Wells Fargo
Securities LLC et al., case number PB12-5616, in the Superior
Court of the State of Rhode Island.

38 Studios LLC, a video-game developer founded by former Boston
Red Sox pitcher Curt Schilling, filed for liquidation on June 8,
2012, without attempting to reorganize.  Although based in
Providence, Rhode Island, the company filed the Chapter 7 petition
in Delaware (Case No. 12-11743).


A G ASSOCIATES: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: A.G. Associates, Inc.
        200 Beacham Street
        Chelsea, MA 02150

Case No.: 14-13239

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: July 7, 2014

Court: United States Bankruptcy Court
       District of Massachusetts (Boston)

Judge: Hon. William C. Hillman

Debtor's Counsel: Joseph G. Butler, Esq.
                  LAW OFFICE OF JOSEPH G. BUTLER
                  355 Providence Highway
                  Westwood, MA 02090
                  Tel: (781) 636-3638
                  Email: JGButlerlaw@gmail.com

Total Assets: $850,000

Total Liabilities: $1.16 million

The petition was signed by Stephen S. Guttadauro, president,
treasurer, and director.

The Debtor did not file a list of its largest unsecured creditors
when it filed the petition.


ARCHDIOCESE OF SEATTLE: Settles Sexual-Abuse Lawsuits from 30 Men
-----------------------------------------------------------------
Paige Cornwell, writing for Seattle Times, reported that the
Archdiocese of Seattle has agreed to pay $12.125 million to 30?
men who say they were sexually abused as students decades ago at
Seattle's O'Dea High School and Briscoe Memorial School in Kent.

According to the report, in lawsuits filed in King County Superior
Court, the men alleged the archdiocese failed to protect them from
known abusers, including two former O'Dea teachers who were
members of the Roman Catholic Christian Brothers order, which
filed for bankruptcy in April 2011.  The cases involved abuse at
the two schools from the early 1950s to 1984, the report related.


ARIZONA LA CHOLLA: Files for Chapter 11 in Tucson
-------------------------------------------------
Arizona La Cholla, L.L.C., filed a Chapter 11 bankruptcy petition
(Bankr. D. Ariz. Case No. 14-10254) in Tucson, Arizona, on July 2,
2014, without stating a reason.  The Debtor estimated assets and
debt of $10 million to $50 million.  John F. Battaile, Esq., at
Altfeld & Battaile P.C., in Tucson, Arizona, serves as counsel to
the Debtor.


ATP OIL: Case Converted to Chapter 7 Liquidation
------------------------------------------------
Judge Marvin Isgur of the U.S. Bankruptcy Court for the Southern
District of Texas, Houston Division, issued an order on June 26
converting ATP Oil & Gas Corporation's Chapter 11 case to one
under Chapter 7 of the Bankruptcy Code.

According to Bill Rochelle, the bankruptcy columnist for Bloomberg
News, ATP's liquidating Chapter 11 plan was unusual because it
didn't promise full payment to creditors with priority claims who
are entitled to payment in full.  Instead, the plan depended on
consent from priority creditors to accept less than what they're
owed, Mr. Rochelle noted.  At least one priority creditor refused
to go along, prompting the company to make an oral request for the
Chapter 7 conversion, Mr. Rochelle related.

ATP's $1.5 billion in 11.875 percent second-lien notes traded at
2:10 p.m. on June 27 for 1.5 cents on the dollar, the Bloomberg
report said, citing Trace, the bond-price reporting system of the
Financial Industry Regulatory Authority.

                        About ATP Oil

Houston, Texas-based ATP Oil & Gas Corporation is an international
offshore oil and gas development and production company focused
in the Gulf of Mexico, Mediterranean Sea and North Sea.

ATP Oil & Gas filed a Chapter 11 petition (Bankr. S.D. Tex. Case
No. 12-36187) on Aug. 17, 2012.  Attorneys at Mayer Brown LLP,
serve as bankruptcy counsel.  Munsch Hardt Kopf & Harr, P.C., is
the conflicts counsel.  Motley Rice LLC and Fayard & Honeycutt,
APC serve as special counsel.  Opportune LLP is the financial
advisor and Jefferies & Company is the investment banker.
Kurtzman Carson Consultants LLC is the claims and notice agent.

ATP disclosed assets of $3.6 billion and $3.5 billion of
liabilities as of March 31, 2012.  Debt includes $365 million on a
first-lien loan where Credit Suisse AG serves as agent.  There is
$1.5 billion on second-lien notes with Bank of New York Mellon
Trust Co. as agent.  ATP's other debt includes $35 million on
convertible notes and $23.4 million owing to third parties for
their shares of production revenue.  Trade suppliers have claims
for $147 million, ATP said in a court filing.

An official committee of unsecured creditors has been appointed in
the case.  Evan R. Fleck, Esq., at Milbank, Tweed, Hadley &
McCloy, in New York, represents the Creditors Committee as
counsel.

A seven-member panel of equity security holders has also been
appointed in the case.  Kyung S. Lee, Esq., and Charles M. Rubio,
Esq. of Diamond McCarthy LLP, in Houston, Texas, serve as counsel
to the Equity Committee.


B.S. QUARRIES: Seeks Authority to Use Cash Collateral
-----------------------------------------------------
B.S. Quarries, Inc., seeks authority from the U.S. Bankruptcy
Court for the Middle District of Pennsylvania to utilize cash
collateral securing their prepetition indebtedness from WM Capital
Partners XXXIX, LLC, and HSK Funding, Inc., in order to finance
its ongoing business operations.  As of the Petition Date, the
Debtor was indebted to WM in an aggregate amount in excess of
$25 million.

The Debtor tells the Court that the Lenders are adequately
protected for any Cash Collateral the Debtor may use.  As adequate
protection for any interest in Cash Collateral which the Lenders
have, the Debtor is willing to grant replacement liens in the
Debtor's postpetition Cash Collateral, to the same extent,
priority and validity as their respective prepetition liens, if
any, and only to the extent that the Debtor diminishes the Cash
Collateral.  The proposed replacement liens will provide
sufficient adequate protection to prevent any diminution in value
to the creditors.

The Debtor's cash collateral request was met with objections from
WM, and Peoples Security Bank and Trust Company, a prepetition
lender.  WM complains that the cash collateral motion contains no
budget, no cash flow projection, no explanation concerning the
adequate protection, if any, which is being proposed and no
pertinent information whatsoever which justifies the entry of an
order authorizing the Debtor to use cash collateral.  PSBT
complains that the Debtor does not provide sufficient detail to
allow the Court or PSBT to determine whether the cash collateral
in which PSBT claims an interest will be expended consistent with
the standard for preliminary use of cash collateral, which is
irreparable harm, when the Debtor's short-term operations are
tenable and whether PSBT is adequately protected as required by
Section 363(e) of the Bankruptcy Code.

WM is represented by:

         Jeffrey Kurtzman, Esq.
         KLEHR, HARRISON, HARVEY, BRANZBURG LLP
         1835 Market Street, Suite 1400
         Philadelphia, PA 19103
         Tel: (215) 569-4493

PSBT is represented by:

         Myles R. Wren, Esq.
         NOGI, APPLETON, WEINBERGER & WREN, P.C.
         415 Wyoming Avenue
         Scranton, PA 18503
         Tel: (570) 963-8880

B.S. Quarries, Inc., filed a Chapter 11 bankruptcy petition
(Bankr. M.D. Pa. Case No. 14-02954) on June 25, 2014.  Timothy
Smith signed the petition as president.  The Debtor estimated
assets and liabilities of between $10 million to $50 million.
Flaster/Greenberg, P.C., serves as the Debtor's counsel.  The case
is assigned to Judge John J Thomas.


B.S. QUARRIES: Seeks to Employ Flaster/Greenberg as Counsel
-----------------------------------------------------------
B.S. Quarries, Inc., seeks authority from the U.S. Bankruptcy
Court for the Middle District of Pennsylvania to employ
Flaster/Greenberg, P.C., as its attorneys.

The firm will render the following services:

   (a) provide legal advice with respect to the Debtor's powers
       and duties as a debtor-in-possession in the continued
       operation of its business and management of its property;

   (b) take necessary action to protect and preserve the Debtor's
       estate, including the prosecution of actions on behalf of
       the Debtor and the defense of any actions commenced against
       the Debtor;

   (c) prepare, present and respond to, on behalf of the Debtor,
       necessary applications, motions, answers, orders, reports
       and other legal papers in connection with the
       administration of its estate;

   (d) negotiate and prepare, on the Debtor's behalf, plans of
       reorganization, disclosure statements, and all related
       agreements and/or documents, and take any necessary action
       on behalf of the Debtor to obtain confirmation of the plan;

   (e) attend meetings and negotiations with representatives of
       creditors and other parties-in-interest and advising and
       consulting on the conduct of the case;

   (f) advise the Debtor with respect to bankruptcy law aspects of
       any proposed sale or other disposition of assets as well as
       any efforts to obtain financing; and

   (g) perform any other legal services for the Debtor in
       connection with the Chapter 11 case, except those requiring
       specialized expertise or for other reasons, for which
       special counsel will be retained.

The firm will be paid the following hourly rates: $375 to $695 for
shareholders, $250 to $340 for associates, and $175 to $255 for
paralegals.  The firm will also be reimbursed for any necessary
out-of-pocket expenses.

The firm assures the Court that it is a "disinterested person" as
the term is defined in Section 101(14) of the Bankruptcy Code and
does not represent any interest adverse to the Debtors and their
estates.

The firm received advance payment retainers totaling $86,717 paid
prior to the Petition Date.  The firm applied $15,330 of the
retainer to pay its invoice for services rendered prepetition.
This resulted in the firm holding a remaining retainer of $71,387
as of the Petition Date.

B.S. Quarries, Inc., filed a Chapter 11 bankruptcy petition
(Bankr. M.D. Pa. Case No. 14-02954) on June 25, 2014.  Timothy
Smith signed the petition as president.  The Debtor estimated
assets and liabilities of between $10 million to $50 million.
Flaster/Greenberg, P.C., serves as the Debtor's counsel.  The case
is assigned to Judge John J Thomas.


B.S. QUARRIES: Prepetition Lender Wants Ch. 11 Case Dismissed
-------------------------------------------------------------
WM Capital Partners XXXIX, LLC, filed a motion asking the U.S.
Bankruptcy Court for the Middle District of Pennsylvania to issue
an order vacating the automatic stay or, in the alternative,
dismissing the Chapter 11 case of B.S. Quarries, Inc.

WM, the Debtor's principal secured lender, tells the Court that
the Debtor's Chapter 11 filing is "a desperate attempt to hold
onto assets in which it has no equity and to perpetuate a case in
which it cannot formulate a feasible plan of reorganization within
any timeframe, much less a reasonable one."

Jeffrey Kurtzman, Esq., at Klehr, Harrison, Harvey, Branzburg LLP,
in Philadelphia, Pennsylvania, on behalf of WM, points out that
the timing of the commencement of the Debtor's Chapter 11 case
clearly evidences an attempt to use the automatic stay as a
litigation tactic to stall WM's realization of the value of its
collateral by means of a sheriff's sale.  In addition, the Debtor
entered Chapter 11 on June 25, 2014, while the sheriff's sale was
actually in progress, Mr. Kurtzman says.

B.S. Quarries, Inc., filed a Chapter 11 bankruptcy petition
(Bankr. M.D. Pa. Case No. 14-02954) on June 25, 2014.  Timothy
Smith signed the petition as president.  The Debtor estimated
assets and liabilities of between $10 million to $50 million.
Flaster/Greenberg, P.C., serves as the Debtor's counsel.  The case
is assigned to Judge John J Thomas.


B.S. QUARRIES: Seeks Extension of Schedules Filing Date
-------------------------------------------------------
B.S. Quarries, Inc., asks the U.S. Bankruptcy Court for the Middle
District of Pennsylvania to extend until Aug. 8, 2014, the time by
which it must file its schedules of assets and liabilities and
statements of financial affairs.  The Debtor says in court papers
that the requested extension will provide sufficient time to
prepare and file all necessary schedules.  In the interim period
of time, the Debtor is focusing on its business operations,
employee issues, and maintenance of its customer base, the Debtor
adds.

Roberta A. DeAngelis, the U.S. Trustee assigned to the Debtor's
Chapter 11 case, objects to the requested extension, arguing that
the Debtor has not sufficiently established cause for a 44-day
extension of time.  An extension of time through Aug. 8 is both
excessive and prejudicial to creditors given that the U.S. Trustee
has scheduled the meeting of creditors for Aug. 1, the U.S.
Trustee says in court papers.  The U.S. Trustee, however, said she
will not oppose an extension of time for the Debtor to file its
Schedules through and including July 28.

The U.S. Trustee is represented by:

         Gregory B. Schiller, Esq.
         Trial Attorney
         United States Department of Justice
         Office of the United States Trustee
         Middle District of Pennsylvania
         228 Walnut Street, Suite 1190
         Harrisburg, PA 17101
         Tel: (717) 221-4515
         Fax: (717) 221-4554
         Email: Gregory.B.Schiller@usdoj.gov

B.S. Quarries, Inc., filed a Chapter 11 bankruptcy petition
(Bankr. M.D. Pa. Case No. 14-02954) on June 25, 2014.  Timothy
Smith signed the petition as president.  The Debtor estimated
assets and liabilities of between $10 million to $50 million.
Flaster/Greenberg, P.C., serves as the Debtor's counsel.  The case
is assigned to Judge John J Thomas.


B.S. QUARRIES: Seeks Authority to Pay $100,000 to Critical Vendors
------------------------------------------------------------------
B.S. Quarries, Inc., seeks authority from the U.S. Bankruptcy
Court for the Middle District of Pennsylvania to pay $100,000 for
prepetition obligations in connection with certain critical
vendors and service providers.

The Critical Vendors primarily consist of those entities which
provide the Debtor with services and goods, which are crucial to
the Debtor's continuation of its business and would be difficult
and expensive to replace, if in fact the Debtor were even able to
replace them.  Payment of the claims of the Critical Vendors is
vital to the Debtor's reorganization efforts because (a) the goods
and services provided by the Critical Vendors are often the only
source from which the Debtor can produce those goods or services;
(b) failure to pay the Critical Vendor Claims would, in the
business judgment of the Debtor, result in the Critical Vendor
refusing to provide goods and/or services to the Debtor; (c) the
Critical Vendors provide goods and services to the Debtor on
advantageous terms; and/or (d) the Critical Vendors would
themselves be irreparably damaged by the Debtor's failure to pay
their prepetition claims, resulting in the Debtor's being forced
to obtain goods or services elsewhere that would either be at a
higher price or not of the quantity or quality required by the
Debtor.

The Debtor seeks authority to pay up to $100,000 in Critical
Vendor Claims.  While the Debtor reserves the right to seek Court
authority at a later date to increase the Critical Vendor Cap, the
Debtor believes that payment of the amount would allow it to
obtain those goods and services that are absolutely necessary to
the Debtor's postpetition operations.

Roberta A. DeAngelis, the U.S. Trustee assigned in the Chapter 11
case of the Debtor, complains that the Critical Vendor Motion is
plainly insufficient as filed since it offers no detail in support
of the Debtor's request for blanket authority to pay up to
$100,000 in prepetition claims.  At a minimum, the Debtor should
be required to identify the creditors that it wishes to designate
as critical vendors, the relationship of those creditors to the
Debtor and the prepetition amounts sought to be paid to each
creditor.

B.S. Quarries, Inc., filed a Chapter 11 bankruptcy petition
(Bankr. M.D. Pa. Case No. 14-02954) on June 25, 2014.  Timothy
Smith signed the petition as president.  The Debtor estimated
assets and liabilities of between $10 million to $50 million.
Flaster/Greenberg, P.C., serves as the Debtor's counsel.  The case
is assigned to Judge John J Thomas.


BERNARD L. MADOFF: High Court Rejects Bid To Sue Big Banks
----------------------------------------------------------
Law360 reported that the U.S. Supreme Court has declined to hear
an appeal filed by the trustee liquidating Bernard L. Madoff's
estate, leaving the trustee unable to pursue common law claims
against banks including UBS AG and HSBC PLC over allegations that
they helped the fraudster carry out his epic Ponzi scheme.
According to the report, Irving H. Picard, the trustee appointed
by the Securities Investor Protection Corp. to wind down Madoff's
operation and compensate his victims, had been seeking to overturn
a Second Circuit opinion from last June that blocked him from
suing the banks.

Jonathan Stempel, writing for Reuters, reported that the Supreme
Court did not give reasons for its decision, which leaves intact a
June 2013 ruling in the Madoff case by the federal appeals court
in New York.  Reuters related that Amanda Remus, a spokeswoman for
Picard, said the trustee respected the decision in the Madoff
case, and will still pursue $3.5 billion of bankruptcy claims
against international banks such as Switzerland's UBS AG and
Britain's HSBC Holdings Plc.

Bill Rochelle, the bankruptcy columnist for Bloomberg News, said
the Supreme Court's decision was a victory for HSBC Holdings Plc,
UBS AG and UniCredit SpA, because the trustee won't be able to
reinstate $10.6 billion in lawsuits against the banks.  Mr.
Rochelle related that the better part of the trustee's suits were
knocked out on two theories: (1) the so-called in pari delicto
doctrine, where Picard was deemed to be a participant in Madoff's
fraud and therefore barred from suing anyone else involved in the
scheme; and the theory that Picard can't sue based on claims that
belonged to individual creditors.

                     About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff
orchestrated the largest Ponzi scheme in history, with losses
topping US$50 billion.  On Dec. 15, 2008, the Honorable Louis A.
Stanton of the U.S. District Court for the Southern District of
New York granted the application of the Securities Investor
Protection Corporation for a decree adjudicating that the
customers of BLMIS are in need of the protection afforded by the
Securities Investor Protection Act of 1970.  The District Court's
Protective Order (i) appointed Irving H. Picard, Esq., as trustee
for the liquidation of BLMIS, (ii) appointed Baker & Hostetler LLP
as his counsel, and (iii) removed the SIPA Liquidation proceeding
to the Bankruptcy Court (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789)
(Lifland, J.).  Mr. Picard has retained AlixPartners LLP as claims
agent.

On April 13, 2009, former BLMIS clients filed an involuntary
Chapter 7 bankruptcy petition against Bernard Madoff (Bankr.
S.D.N.Y. 09-11893).  The petitioning creditors -- Blumenthal &
Associates Florida General Partnership, Martin Rappaport
Charitable Remainder Unitrust, Martin Rappaport, Marc Cherno, and
Steven Morganstern -- assert US$64 million in claims against Mr.
Madoff based on the balances contained in the last statements they
got from BLMIS.

On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff
Securities International Limited in London under bankruptcy
protection pursuant to Chapter 15 of the U.S. Bankruptcy Code
(Bankr. S.D. Fla. 09-16751).

The Chapter 15 case was later transferred to Manhattan.  In June
2009, Judge Lifland approved the consolidation of the Madoff SIPA
proceedings and the bankruptcy case.

Judge Denny Chin of the U.S. District Court for the Southern
District of New York on June 29, 2009, sentenced Mr. Madoff to
150 years of life imprisonment for defrauding investors in United
States v. Madoff, No. 09-CR-213 (S.D.N.Y.).

From recoveries in lawsuits coupled with money advanced by SIPC,
Mr. Picard has paid about 58 percent of customer claims totaling
$17.3 billion.  The most recent distribution was in March 2013.

Mr. Picard has collected about $9.35 billion, not including an
additional $2.2 billion that was forfeit to the government and
likewise will go to customers.  Picard is holding almost
$4.4 billion he can't distribute on account of outstanding
appeals and disputes.  The largest holdback, almost $2.8 billion,
results from disputed claims.


BRILL MEDIA: Ind. Court Boots Suit Over Townsquare Radio Buys
-------------------------------------------------------------
Law360 reported that an Indiana appeals court declined to revive a
media company's lawsuit against Townsquare Media Inc., saying a
lower court was correct to dismiss claims that Townsquare used
embargoed information to submit a winning bid for its radio
stations at a 2002 bankruptcy auction.

According to the report, a three-judge panel ruled that two
confidentiality agreements between Townsquare and Brill Media Co.
LP that the companies entered during failed negotiations for a
sale aimed at helping Brill avoid insolvency contained no language
that would barred Townsquare from bidding at the auction. The
court also found there was no evidence to prove Townsquare used
information it acquired during the talks to help submit its
winning bid at the auction.

The case is Brill et al. v. Regent Communications Inc., case
number 82A01-1304-PL-174, in the Court of Appeals of the State of
Indiana.


BUCCANEER ENERGY: Files Reorganization Plan
-------------------------------------------
BankruptcyData reported that Buccaneer Energy Limited filed with
the U.S. Bankruptcy Court a Chapter 11 Plan of Reorganization and
related Disclosure Statement.

According to the BData, the Disclosure Statement provides that:
"The Debtors' assets are being marketed for sale with the
assistance of a sales agent based on prior authorization from the
Bankruptcy Court. The Debtors anticipate that the majority of
their oil and gas properties and interests will be sold at an
auction to be held several days prior to the hearing on the Plan.
The Plan will not become effective until after the closing of this
sale....Plan proposes the orderly liquidation of the Debtors'
assets. All of the assets of the Debtors including the net
proceeds from the sale...any remaining unsold assets, rights to
receivables and refunds, and the Debtors' Causes of Action against
third parties will be transferred to a Liquidating Trust."

                      About Buccaneer Energy

Buccaneer Resources, LLC, and eight affiliates, including
Buccaneer Energy Ltd. sought Chapter 11 bankruptcy protection in
Victoria, Texas (Bankr. S.D. Tex. Lead Case No. 14-60041) on
May 31, 2014.

Founded in 2006, Buccaneer Energy, Ltd. is a publicly traded
independent oil and gas company listed on the Australian
Securities Exchange under the symbol "BCC".  Although BCC is an
Australian listed entity, the company operates exclusively through
its eight U.S. subsidiary debtors, each of which are headquartered
in the U.S. and which maintain offices in Houston and Dallas,
Texas, and Kenai and Anchorage, Alaska.

The Debtors' primary business is the exploration for and
production of oil and natural gas in North America.  Operations
have historically focused on both onshore and offshore
opportunities in the Cook Inlet of Alaska as well as the
development of offshore projects in the Gulf of Mexico and onshore
oil opportunities in Texas and Louisiana.

CEO Curtis Burton was terminated in May 2014.  Manning the
Debtors' operations is Conway MacKenzie senior managing director
John T. Young, who was appointed chief restructuring officer in
March 2014.

The bankruptcy cases are assigned to Judge David R Jones.  The
Debtors have sought and obtained an order authorizing joint
administration of their Chapter 11 cases.

The Debtors have tapped Robert Andrew Black, Esq., Jason Lee
Boland, Esq., Robert Bernard Bruner, and William R Greendyke,
Esq., at Fulbright Jaworski LLP as counsel.  Norton Rose Fulbright
Australia will render legal services related to cross-border
insolvency and general corporate and litigation matters to
Buccaneer Energy Ltd.  Epiq Systems is the claims and notice
agent.


CACTUS WELLHEAD: S&P Assigns 'B' CCR & Rates $350MM Loan 'B'
------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B'
corporate credit rating to Cactus Wellhead LLC.  The outlook is
stable.  At the same time, S&P assigned its 'B' issue-level rating
(the same as the corporate credit rating) to the company's
proposed $350 million first-lien term loan due 2020, with a
recovery of '3', indicating S&P's expectation for meaningful (50%
to 70%) recovery for lenders in the event of default.

"The stable outlook reflects our view that Cactus will continue to
grow by expanding its presence near well-established U.S. shale
plays, with associated capital spending largely funded within
operating cash flows," said Standard & Poor's credit analyst Ben
Tsocanos.

S&P could lower the rating if it no longer view liquidity as being
adequate.  This could occur if the company pursued debt-funded
expansion that did not result in incremental business, or if
margins deteriorated meaningfully due to increased competition.

While unlikely in the near term, given the company's limited size,
S&P could raise the rating if Cactus increased its scale such that
EBITDA and cash flow were comparable to higher-rated peers, while
maintaining strong profit margins, adequate liquidity, and
moderate financial leverage.


CAMPUS HABITAT: Bankruptcy Court Dismisses Chapter 11 Case
----------------------------------------------------------
The Bankruptcy Court dismissed the Chapter 11 case of Campus
Habitat 15 LLC.

The Court also ordered that any subsequent bankruptcy petition
filed by the Debtor will be filed in the U.S. Bankruptcy Court for
the District of Wyoming.

As reported in the Troubled Company Reporter on May 28, 2014, in
its motion, Campus Habitat said it intends "to enter into a
workout with its creditors" after the case gets dismissed.  The
company further said it will pay the U.S. trustee overseeing its
case quarterly fees prior to or concurrently with the dismissal of
the case.

The move came after the company withdrew its Chapter 11
reorganization plan filed on March 31 with the U.S. Bankruptcy
Court for the District of Wyoming.

The plan proposed to pay the claims of its creditors, which were
classified into three classes.  Under the plan, Deutsche Bank
Trust Co. Americas' Class 1 secured claim would be paid from the
proceeds of the sale of Campus Habitat's housing complex.  The
bank would be paid a 25 year amortization with 5.24% interest with
a "balloon payment."

Gertch-Baker's Class 2 secured claim would be paid in full 30 days
after the effective days of the plan with the statutory judgment
interest rate while Class 3, which consists of unsecured claims,
would be paid with 5% interest over a period of 60 months,
according to the plan.

As for the equity security holders, they would retain their
ownership interests, according to the plan.

On April 15, the bankruptcy court conditionally approved the
company's disclosure statement and set a hearing for June 4 to
consider approval of the disclosure statement and confirmation of
the plan.

                       About Campus Habitat

Campus Habitat 15, LLC, aka University Lodge, sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. Wyo. Case No.
13-21179) on Dec. 29, 2013.  The case is assigned to Judge Peter
J. McNiff.  The Debtor is represented by Paul Hunter, Esq., in
Cheyenne, Wyoming.


CHRYSLER GROUP: Daimler Unit Sues Ch. 11 Trust Over Tax Deal
------------------------------------------------------------
Law360 reported that two North American Daimler AG units sued the
old Chrysler company's liquidation trust in bankruptcy court,
saying the trust is violating an agreement to hand over to the
German automaker millions of dollars in tax refunds dating back to
2007.  According to the report, Daimler Investments US Corp. and
Daimler North America Finance Corp. argue in their amended
complaint that after three years of complying with the terms of
the deal, the liquidation trust of Old Carco LLC adopted a new
interpretation of the settlement in June 2012.

                       About Chrysler Group

Chrysler Group LLC, formed in 2009 from a global strategic
alliance with Fiat Group, produces Chrysler, Jeep(R), Dodge, Ram
Truck, Mopar(R) and Global Electric Motorcars (GEM) brand vehicles
and products.  Headquartered in Auburn Hills, Michigan, Chrysler
Group LLC's product lineup features some of the world's most
recognizable vehicles, including the Chrysler 300, Jeep Wrangler
and Ram Truck.  Fiat will contribute world-class technology,
platforms and powertrains for small- and medium-sized cars,
allowing Chrysler Group to offer an expanded product line
including environmentally friendly vehicles.

Chrysler LLC and 24 affiliates on April 30, 2009, sought Chapter
11 protection from creditors (Bankr. S.D.N.Y (Mega-case), Lead
Case No. 09-50002).  The U.S. and Canadian governments provided
Chrysler LLC with $4.5 billion to finance its bankruptcy case.

In connection with the bankruptcy filing, Chrysler reached an
agreement to sell all assets to an alliance between Chrysler and
Italian automobile manufacturer Fiat.  Under the terms approved by
the Bankruptcy Court, the company formerly known as Chrysler LLC
in June 2009, formally sold substantially all of its assets to the
new company, named Chrysler Group LLC.

In January 2014, the American car manufacturer officially became
100% Italian when Fiat Spa completed its deal to purchase the 40%
it did not already own of Chrysler.  Fiat has shared ownership of
Chrysler with the health care fund of the United Automobile
Workers unions since Chrysler emerged from bankruptcy in 209.

                           *     *     *

Standard & Poor's Ratings Services raised its ratings on U.S.-
based auto manufacturer Chrysler Group LLC, including the
corporate credit rating to 'BB-' from 'B+' in mid-January 2014.
The outlook is stable.


CLEAREDGE POWER: Committee Taps Brown Rudnick as Counsel
--------------------------------------------------------
The Official Committee of Unsecured Creditors in the Chapter 11
cases of ClearEdge Power, Inc., et al., asks the Bankruptcy Court
for permission to retain Brown Rudnick LLP as its counsel.

The engagement will be headed by the firm's partners and their
hourly rates are:

          Howard L. Siegel                   $1,060
          Cathrine M. Castaldi                 $700
          Sunni P. Beville                     $790

The partners intend to manage the team of Brown Rudnick associates
and paraprofessionals who will be involved on a regular basis in
carrying out the engagement so as to achieve an optimum cost
effective blended hourly rate in the range of $500 for the overall
engagement.   The hourly rates of other firm personnel are:

         Attorneys                         $355 - $1,190
         Paraprofessional                  $310 -   $370

To the best of the Committee's knowledge, Brown Rudnick is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

The firm can be reached at:

         Catherine M. Castaldi, Esq.
         Howard L. Siegel, Esq.
         Sunni P. Siegel, Esq.
         BROWN RUDNICK LLP
         211 Michelson Drive, Seventh Floor
         Irvine, CA 92612
         Tel: (949) 752-7100
         Fax: (949) 252-1514
         E-mails: ccastaldi@brownrudnick.com
                  hsiegel@brownrudnick.com
                  sbelville@brownrudnick.com

On May 22, Tracy Hope Davis, U.S. Trustee for Region 17, appointed
five creditors to serve in the Committee, which is consist of:

      1. Metro Mold & Design LLC
         ATTN: Tim Holland
         20600 County Rd. No. 81
         Rogers, MN 55374

      2. ABB, Inc.
         ATTN: Galit Mizrahi
         8585 Trans-Canada Highway
         Saint-Laurent, QC Canada H45126

      3. Johnson Matthey Fuel Cells Limited
         ATTN: Kevin Fothergill
         5th Floor, 25 Farringdon Street
         London EC4A 4AB
         UK

      4. Estes Express Lines
         ATTN: Nicole Washington
         3901 West Broad Street
         Richmond, VA 23230

      5. Kelly Services, Inc.
         ATTN: Jody McLeod
         999 West Big Beaver
         Troy MI, 48084

                      About ClearEdge Power

Sunnyvale, California-based ClearEdge Power Inc. and two other
affiliates filed for Chapter 11 bankruptcy protection (Bankr. N.D.
Cal. Lead Case No. 14-51955) on May 1, 2014, in San Jose.
Affiliates ClearEdge Power, LLC, and ClearEdge Power International
Service, LLC, are based in South Windsor, Connecticut, where the
manufacturing operations are located.

Privately held ClearEdge designs, manufactures, sells and services
distributed generation fuel cell systems for commercial,
industrial, utility and residential applications.  ClearEdge
bought United Technologies Corp.'s UTC Power division in late
2012.  ClearEdge sought bankruptcy protection just a week after
shutting operations.

John Walshe Murray, Esq., at Dorsey and Whitney LLP, serves as
counsel to the Debtors.  Insolvency Services Group, Inc., serves
as noticing and claims agent.

ClearEdge Power disclosed $31,271,670 in assets and $67,414,779 in
liabilities as of the Chapter 11 filing.

Power Inc. estimated $100 million to $500 million in both assets
and debts.

The petitions were signed by David B. Wright, chief executive
officer.


CLEAREDGE POWER: Committee Taps Teneo Securities as Fin'l Advisor
-----------------------------------------------------------------
The Official Committee of Unsecured Creditors in the Chapter 11
cases of ClearEdge Power Inc., et al., asks the Bankruptcy Court
for permission to retain Teneo Securities LLC as its financial
advisor nunc pro tunc to May 30, 2014.

Teneo will, among other things:

   a. review and analyze the Company's operations, assets,
      financial condition, business plan, strategy, and operating
      forecasts;

   b. evaluate the assets and liabilities of the Company and
      evaluate the Company's strategic and financial
      alternatives; and

   c. assist in the evaluation of asset sale process, including
      the identification of the potential buyer.

The Debtor will pay Teneo on an hourly basis based upon the time
incurred by Teneo professional in providing the services.  Teneo
will be compensated at the blended hourly rate of $475.

To the best of the Committee's knowledge, Teneo is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

                      About ClearEdge Power

Sunnyvale, California-based ClearEdge Power Inc. and two other
affiliates filed for Chapter 11 bankruptcy protection (Bankr. N.D.
Cal. Lead Case No. 14-51955) on May 1, 2014, in San Jose.
Affiliates ClearEdge Power, LLC, and ClearEdge Power International
Service, LLC, are based in South Windsor, Connecticut, where the
manufacturing operations are located.

Privately held ClearEdge designs, manufactures, sells and services
distributed generation fuel cell systems for commercial,
industrial, utility and residential applications.  ClearEdge
bought United Technologies Corp.'s UTC Power division in late
2012.  ClearEdge sought bankruptcy protection just a week after
shutting operations.

John Walshe Murray, Esq., at Dorsey and Whitney LLP, serves as
counsel to the Debtors.  Insolvency Services Group, Inc., serves
as noticing and claims agent.

ClearEdge Power disclosed $31,271,670 in assets and $67,414,779 in
liabilities as of the Chapter 11 filing.

Power Inc. estimated $100 million to $500 million in both assets
and debts.

The petitions were signed by David B. Wright, chief executive
officer.

On May 22, 2014, the U.S. Trustee for Region 17 appointed five
creditors to serve in the Committee.


CLEAREDGE POWER: Files Schedules of Assets and Liabilities
----------------------------------------------------------
ClearEdge Power Inc., filed with the U.S. Bankruptcy Court for the
Northern District of California its schedules of assets and
liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                        $0
  B. Personal Property           $31,271,670
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                               $30,945,650
  E. Creditors Holding
     Unsecured Priority
     Claims                                        $7,619,661
  F. Creditors Holding
     Unsecured Non-Priority
     Claims                                      $28,849,468
                                 -----------      -----------
        Total                    $31,271,670     $67,414,779

A copy of the schedules is available for free at
http://bankrupt.com/misc/CLEAREDGEPOWER_70_sal.pdf

                      About ClearEdge Power

Sunnyvale, California-based ClearEdge Power Inc. and two other
affiliates filed for Chapter 11 bankruptcy protection (Bankr. N.D.
Cal. Lead Case No. 14-51955) on May 1, 2014, in San Jose.
Affiliates ClearEdge Power, LLC, and ClearEdge Power International
Service, LLC, are based in South Windsor, Connecticut, where the
manufacturing operations are located.

Privately held ClearEdge designs, manufactures, sells and services
distributed generation fuel cell systems for commercial,
industrial, utility and residential applications.  ClearEdge
bought United Technologies Corp.'s UTC Power division in late
2012.  ClearEdge sought bankruptcy protection just a week after
shutting operations.

John Walshe Murray, Esq., at Dorsey and Whitney LLP, serves as
counsel to the Debtors.  Insolvency Services Group, Inc., serves
as noticing and claims agent.

ClearEdge Power disclosed $31,271,670 in assets and $67,414,779 in
liabilities as of the Chapter 11 filing.

Power Inc. estimated $100 million to $500 million in both assets
and debts.

The petitions were signed by David B. Wright, chief executive
officer.

On May 22, 2014, the U.S. Trustee for Region 17 appointed five
creditors to serve in the Committee.


CLEAREDGE POWER: July 11 Hearing on Bid to Assign Contracts
-----------------------------------------------------------
The Bankruptcy Court will convene a hearing on July 11, 2014, at
4:00 p.m., to consider ClearEdge Power, Inc., et al.'s motion to
authorize the assumption and assignment of executory contracts and
unexpired leases in connection with the sale of certain of their
assets in an auction led by Doosan Corporation.

The Debtors and Doosan have negotiated and entered into an asset
purchase agreement dated June 26, 2014, subject to overbid and
Court approval, which provides the terms of the sale.  Under the
purchase agreement, Doosan has agreed to act as the stalking horse
bidder.

In this connection, the Debtors seeks authorization to assume and
assign certain executory contracts and unexpired leases to the
successful purchaser(s).

Under the terms of the purchase agreement, Doosan has agreed to
pay the cure costs with respect to the executory contracts it
intends to assume up to the aggregate amount of $12,899,000.

                      About ClearEdge Power

Sunnyvale, California-based ClearEdge Power Inc. and two other
affiliates filed for Chapter 11 bankruptcy protection (Bankr. N.D.
Cal. Lead Case No. 14-51955) on May 1, 2014, in San Jose.
Affiliates ClearEdge Power, LLC, and ClearEdge Power International
Service, LLC, are based in South Windsor, Connecticut, where the
manufacturing operations are located.

Privately held ClearEdge designs, manufactures, sells and services
distributed generation fuel cell systems for commercial,
industrial, utility and residential applications.  ClearEdge
bought United Technologies Corp.'s UTC Power division in late
2012.  ClearEdge sought bankruptcy protection just a week after
shutting operations.

John Walshe Murray, Esq., at Dorsey and Whitney LLP, serves as
counsel to the Debtors.  Insolvency Services Group, Inc., serves
as noticing and claims agent.

ClearEdge Power disclosed $31,271,670 in assets and $67,414,779 in
liabilities as of the Chapter 11 filing.

Power Inc. estimated $100 million to $500 million in both assets
and debts.

The petitions were signed by David B. Wright, chief executive
officer.

On May 22, 2014, the U.S. Trustee for Region 17 appointed five
creditors to serve in the Committee.


CNG HOLDINGS: Moody's Lowers CFR & Sr. Secured Rating to Caa1
-------------------------------------------------------------
Moody's Investors Service downgraded CNG Holdings, Inc.'s
corporate family rating and Senior Secured notes rating to Caa1
from B3. Moody's also changed the rating outlook to negative from
stable.

Ratings Rationale

The downgrade reflects the anticipated deterioration in CNG's
credit metrics as a result of substantial restructuring costs
related to the company's recent suspension of lending activities
in the U.K., as well as sizeable losses from its majority stake in
the specialty finance business WhyNot Leasing, LLC (WNL).

CNG voluntarily suspended lending in the U.K. after it concluded
that it would not be able to comply with the requirements imposed
by the Financial Conduct Authority (FCA), which assumed regulatory
responsibility for the consumer credit industry earlier this year.
The company expects to resume lending in early 2015, provided that
the improvements it makes to its lending policies and procedures
are satisfactory to the FCA. CNG's recently announced
restructuring plan entails a significant reduction in the total
number of operating stores in the U.K. (approximately 300, or two-
thirds of total stores in the U.K.). The company expects to incur
$25 million of cash charges associated with this restructuring,
most of which would relate to reductions in workforce and
termination of occupancy obligations.

Worse than anticipated performance of WNL's fourth quarter 2013
lease vintages have resulted in substantial losses in this
business to date.  The higher-than-expected leasing volumes
resulting from the addition of a large client stressed WNL's
customer service and collections infrastructure and exposed
vulnerabilities in its underwriting and fraud prevention
capabilities.

The negative outlook reflects the uncertainty related to CNG's
ongoing restructuring efforts in the U.K. as well as to the
turnaround of the financial performance of WNL.

CNG's high financial leverage and absence of capital cushion are
indicative of a Caa rating. In addition to the negative
developments described above, the rating also reflects a number of
credit challenges facing the company, including ongoing regulatory
risks in the U.S. payday lending business, as well as execution
risks related to the company's installment product expansion.
CNG's credit strengths include its extensive and well-established
retail network in the U.S., with satisfactory underlying demand
fundamentals for short-term and installment loan products.

CNG's ratings are unlikely to be upgraded given the negative
outlook. The outlook could return to stable if the company
demonstrates cost containment in its U.K. business, as well a
sustained improvement in the financial performance of WNL. Ratings
could be downgraded should costs related to the U.K. restructuring
escalate above expectations, or WNL's financial performance fail
to meaningfully improve. Further, a legislative action which would
severely impact CNG's franchise positioning and profitability in
the U.S. could also have negative rating implications.

The principal methodology used in this rating was Finance Company
Global Rating Methodology published in March 2012.


DBK INVESTMENTS: Hearing on Stay Motion Subject to Property Sale
----------------------------------------------------------------
In the Chapter 11 case of DBK Investments and Development Corp.,
the Bankruptcy Court continued the hearing on City National Bank
of West Virginia's motion to lift, modify or terminate the
automatic stay, until such time as CNB requests a final hearing on
the motion.

The Court also directed the Debtor to pursue the sale of the
property -- 1939 Harper Road, Beckley, Raleigh County, West
Virginia.

The Court held hearings on the motion on Feb. 19 and Jan. 28.

On Jan. 28, CNB asked the Court for relief from the automatic stay
and for abandonment of property.

According to CNB, the Debtor and a related entity, Springmore II,
LLC, on August 21, 2008, entered into a commercial loan
transaction with CNB, to pay the principal sum of $1,410,000, and
agreed to repay the indebtedness.  The indebtedness was secured by
a deed of trust also dated August 21, 2008, whereby the Debtor
granted and conveyed, in trust, to William H. File as trustee, all
those certain tracts or parcels of land West Virginia.  The
property was appraised on June 29, 2012, and has an appraised
value of $1,100,000.

The Debtor, CNB said, has defaulted on the payments.

CNB is represented by:

         Sarah C. Ellis, Esq.
         Arthur M. Standish, Esq.
         STEPTOE & JOHNSON, PLLC
         P.O. Box 1588
         Charleston, WV 25326-1588
         Tel: (304) 353-8000

           About DBK Investments and Development Corp.

Hillsville, Virginia-based DBK Investments and Development Corp.
filed for Chapter 11 protection (Bankr. S.D. W.Va. Case No. 14-
50033) on Feb. 11, 2014.  Bankruptcy Judge Ronald G. Pearson
presides over the case.  The Debtor estimated assets and debts at
$1 million to $10 million.  The petition was signed by Bettye J.
Morehead, secretary.  The Debtor is represented by Joe M. Supple,
Esq., at Supple Law Office, PLLC.


DBK INVESTMENTS: Court Okays Supple Law Office as Bankr. Counsel
----------------------------------------------------------------
According to DBK Investments and Development Corp.'s case docket,
the Bankruptcy Court has authorized the Debtors to employ Joe M.
Supple as its co-counsel.

Mr. Supple will, among other things:

   a. provide legal advice to the Debtor in matters arising in the
administration of the Chapter 11 proceedings;

   b. assist the Debtor in formulating a Plan of Reorganization
including the liquidation of assets to fund the plan and to
represent the Debtor in efforts to negotiate terms for
reorganization in the best interest of all creditors and
parties-in-interest; and

   c. provide other matters as properly require the services of
counsel in connection with the case and in the best interest of
the noted parties-in-interest.

The Debtor disclosed in court papers that Bettye J. Morehead is
the president and holder of 50% of the issued and outstanding
shares of DBK.  The estate of Don Springman, deceased, also owns
50% of DBK's stock.

Ms. Morehead initially sought to employ both Joe Supple and George
Lemon as co-counsel for the Debtor.  However, because Don
Springman would not affirmatively agree to the bankruptcy filing,
nor did he object, Joe Supple agreed to file an involuntary
petition for Ms. Morehead and two other petitioning creditors.
The Debtor then applied for authority to employ George L. Lemon,
which was approved by the Court.

The Debtor agreed to employ Mr. Supple on an hourly basis at the
rate of $250 per hour for attorney services, with paralegal
support being billed at the rate of $75 per hour.

Mr. Supple was paid directly by Ms. Morehead for preparing and
filing the involuntary petition and received not retainer from the
Debtor.

Mr. Supple can be reached at:

         Joe M. Supple, Esq.
         SUPPLE LAW OFFICE, PLLC
         801 Viand Street
         Point Pleasant, WV 25550
         Tel: (304) 675-6249

          About DBK Investments and Development Corp.

Hillsville, Virginia-based DBK Investments and Development Corp.
filed for Chapter 11 protection (Bankr. S.D. W.Va. Case No. 14-
50033) on Feb. 11, 2014.  Bankruptcy Judge Ronald G. Pearson
presides over the case.  The Debtor estimated assets and debts at
$1 million to $10 million.  The petition was signed by Bettye J.
Morehead, secretary.


DETROIT, MI: Syncora Emerges as Nemesis in Bankruptcy Proceedings
-----------------------------------------------------------------
Karen Pierog, writing for Reuters, reported that bond insurer
Syncora Guarantee Inc. has emerged as Detroit's chief nemesis in
the city's historic bankruptcy case and is fighting as if its
financial life depends on a decent recovery on its $400 million
exposure to the city.  According to Reuters, Syncora's latest
pleading demands information on the current assets and income of
all Detroit's retired workers -- some 20,000 of them.  In one of
Syncora's filing in Detroit's bankruptcy case, the bond insurer
demanded for details relating to the City's rare art collection.
Judge Steven Rhodes, the bankruptcy judge overseeing the City's
Chapter 9 proceeding, however, denied the request, Law360 said.

Bill Rochelle, the bankruptcy columnist for Bloomberg News,
pointed out that Syncora was dealt a series of defeats in
bankruptcy court on June 26, after the bankruptcy judge approved
his bus tour of the city and after the bankruptcy judge prohibited
the bond insurer from examining Michigan Attorney General Bill
Schuette.  Moreover, Judge Rhodes blocked Syncora from seeing
records from confidential mediation that led to the so-called
grand bargain where workers would suffer fewer losses on their
pensions in return for supporting the plan.

In other news, Joe Guillen, writing for Detroit Free Press,
reported that the judge overseeing Detroit's bankruptcy case said
he plans to take a three-hour bus tour for an up-close view of the
blight and other conditions many of the city's residents endure
every day.  Details must be kept confidential, U.S. bankruptcy
Judge Steven Rhodes said in court, the Free Press related.

Moreover, Law360 reported that American Federation of State,
County and Municipal Employees Council 25, Detroit's largest
union, has ratified a new labor contract with the city that will
implement raises for members over the course of five years and
provide the city with support of its proposed debt restructuring
plan.  Under the deal, the union members will receive 5 percent
wage increases on July 1 and 2.5 percent increases in 2016, 2017
and 2018, and will also receive a 2.5 percent bonus in 2015,
Law360 said.

In a separate report by Reuters, the news agency said Detroit and
a group of hold-out creditors will meet over one of the last
unresolved major issues in the city's bankruptcy case, which issue
involves the $1.4 billion of certificates of participation the
city sold in 2005 and 2006 to boost funding for its two retirement
systems.  Judge Rhodes, on July 1, issued an order blocking
initial attempts to stop the city from trying to invalidate the
$1.4 billion of debt, saying the pension debt was "a significant
factor in later forcing the city into bankruptcy," and that the
corporations sued -- the Detroit General Retirement System Service
Corporation and the Detroit Police and Fire Retirement System
Service Corporation -- were the proper defendants in the case.  To
recall, Detroit filed the lawsuit in January, claiming that
because the pension COPs were illegally sold the court should void
the city's obligation to pay them off, Reuters related.

                  About City of 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.

The Hon. Steven Rhodes oversees the bankruptcy case.  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.  Lazard Freres & Co. LLC serves as the Retiree Committee's
financial advisor.


EDGENET INC: Buyer Funds Severance for Fired Workers
----------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the buyers of Edgenet Inc.'s business agreed to fund
$150,000 in severance for workers they didn't hire as a result of
the sale of the business.  Anything not spent on severance goes
back to the buyer, a group of former managers who paid almost $8
million for the business, which provides cloud-based applications
and services, according to the report.  The group of former
managers include the chief executive and chief financial officer,
the Bloomberg report said.

                       About Edgenet Inc.

Edgenet, Inc., and Edgenet Holding Corp. are providers of cloud-
based content and applications that enable companies to sell more
products and services with greater ease across multiple channels
and devices.  Edgenet has three business locations: Waukesha, WI,
Brentwood, TN, and its main office in Atlanta, GA.  The Company
has 80 employees.

Edgenet Inc. and Edgenet Holding filed for Chapter 11 bankruptcy
protection in Delaware (Lead Case No. 14-10066) on Jan. 14, 2014.

Edgenet Inc. estimated assets of at least $10 million and
liabilities of $100 million to $500 million.

Raymond Howard Lemisch, Esq., at Klehr Harrison Harvey Branzburg
LLP, in Wilmington, Delaware, serves as counsel to the Debtors;
Glass Ratner Advisory & Capital Group LLC is the financial
advisor; JMP Securities, LLC, is the investment banker, and Phase
Eleven Consultants, LLC, is the claims and noticing agent.

The U.S. Trustee has been unable to appoint an official unsecured
creditors committee as no sufficient interest has been generated
from creditors.

Fred Marxer, Timothy Choate and Davis Carr, individuals and
holders of a segment of the promissory notes issued in 2004 that
have been referred to by Edgenet, Inc., et al., requested that the
Court issue an order appointing an official committee of Seller
Noteholders, or in the alternative, an official committee of
unsecured creditors, with members appointed from the Seller
Noteholders who agree to waive any continued security interest
arising from the Seller Notes.

Roberta A. DeAngelis, the U.S. Trustee for Region 3, appointed on
March 13, 2014, five noteholders to serve on the Official
Committee of Note Holders.  In May, Bankruptcy Judge Brendan L.
Shannon denied Edgenet Inc., et al.'s motion to disband the
Noteholders Committee.

The Noteholders Committee has retained Morris James LLP's Jeffrey
R. Waxman, Esq.; and Cooley LLP's Cathey Hershcopf, Esq., and
Jeffrey L. Cohen, Esq., as co-counsel to the Committee.


DEWEY & LEBOUEF: Mediator Needs Court's Help in Collecting Fees
---------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Richard S. Toder, a bankruptcy lawyer who has
practiced for almost 50 years and conducted more than 30
mediations, sought the help of the bankruptcy court to collect a
fee for the preparation and conduct of a mediation in the
liquidation proceeding of defunct law firm Dewey & LeBoeuf LLP.

According to the report, Mr. Toder, who graduated from Harvard Law
School in 1965 and was co-chairman of Morgan, Lewis & Bockius
LLP's bankruptcy and restructuring practice, successfully mediated
a $1.4 million dispute in January in which the liquidating trustee
of Dewey & LeBoeuf sought to collect an unpaid fee from the law
firm's former client Moinian Group.  The fee to prepare for and
conduct the mediation was $26,223, and Dewey's liquidating trustee
promptly paid his half, but, five months later, Moinian still
hadn't paid its share despite, numerous demands, the report
related.

The report said, in addition to Moinian's split of mediation
costs, Mr. Toder wants an additional $7,160 for more than eight
hours spent writing demand letters, speaking to Moinian's counsel
and preparing his June 25 request for the court's debt collection
assistance.

                      About Dewey & LeBoeuf

Dewey & LeBoeuf LLP sought Chapter 11 bankruptcy (Bankr. S.D.N.Y.
Case No. 12-12321) to complete the wind-down of its operations.
The firm had struggled with high debt and partner defections.
Dewey disclosed debt of $245 million and assets of $193 million in
its chapter 11 filing late evening on May 29, 2012.

Dewey & LeBoeuf LLP operated as a prestigious, New York City-
based, law firm that traced its roots to the 2007 merger of Dewey
Ballantine LLP -- originally founded in 1909 as Root, Clark & Bird
-- and LeBoeuf, Lamb, Green & MacCrae LLP -- originally founded in
1929.  In recent years, more than 1,400 lawyers worked at the firm
in numerous domestic and foreign offices.

At its peak, Dewey employed about 2,000 people with 1,300 lawyers
in 25 offices across the globe.  When it filed for bankruptcy,
only 150 employees were left to complete the wind-down of the
business.

Dewey's offices in Hong Kong and Beijing are being wound down.
The partners of the separate partnership in England are in process
of winding down the business in London and Paris, and
administration proceedings in England were commenced May 28.  All
lawyers in the Madrid and Brussels offices have departed.  Nearly
all of the lawyers and staff of the Frankfurt office have
departed, and the remaining personnel are preparing for the
closure.  The firm's office in Sao Paulo, Brazil, is being
prepared for closure and the liquidation of the firm's local
affiliate.  The partners of the firm in the Johannesburg office,
South Africa, are planning to wind down the practice.

The firm's ownership interest in its practice in Warsaw, Poland,
was sold to the firm of Greenberg Traurig PA on May 11 for
$6 million.  The Pension Benefit Guaranty Corp. took $2 million of
the proceeds as part of a settlement.

Judge Martin Glenn oversees the case.  Albert Togut, Esq., at
Togut, Segal & Segal LLP, represents the Debtor.  Epiq Bankruptcy
Solutions LLC serves as claims and notice agent.  The petition was
signed by Jonathan A. Mitchell, chief restructuring officer.

JPMorgan Chase Bank, N.A., as Revolver Agent on behalf of the
lenders under the Revolver Agreement, hired Kramer Levin Naftalis
& Frankel LLP.  JPMorgan, as Collateral Agent for the Revolver
Lenders and the Noteholders, hired FTI Consulting and Gulf
Atlantic Capital, as financial advisors.  The Noteholders hired
Bingham McCutchen LLP as counsel.

The U.S. Trustee formed two committees -- one to represent
unsecured creditors and the second to represent former Dewey
partners.  The creditors committee hired Brown Rudnick LLP led by
Edward S. Weisfelner, Esq., as counsel.  The Former Partners hired
Tracy L. Klestadt, Esq., and Sean C. Southard, Esq., at Klestadt &
Winters, LLP, as counsel.

FTI Consulting, Inc. was appointed secured lender trustee for the
Secured Lender Trust.  Alan Jacobs of AMJ Advisors LLC, was named
Dewey's liquidation trustee.  Scott E. Ratner, Esq., Frank A.
Oswald, Esq., David A. Paul, Esq., Steven S. Flores, Esq., at
Togut, Segal & Segal LLP, serve as counsel to the Liquidation
Trustee.

Dewey's liquidating Chapter 11 plan was approved by the bankruptcy
court in February 2013 and implemented in March.  The plan created
a trust to collect and distribute remaining assets.  The firm
estimated that midpoint recoveries for secured and unsecured
creditors under the plan would be 58.4 percent and 9.1 percent,
respectively.


EDISON MISSION: Wins Approval Of $23M Retiree Settlement
--------------------------------------------------------
Law360 reported that bankrupt Edison Mission Energy won court
approval for a settlement with its retirees, allowing the company
to pay off their claims for $22.9 million, or less than a third of
what the retirees demanded.  According to the report, in a brief
order, U.S. Bankruptcy Judge Jacqueline P. Cox signed off on the
settlement agreement, saying it is fair and in the parties' best
interest.

The Troubled Company Reporter, citing Law360, previously reported
that Edison Mission announced the settlement with its retirees
that allows the company to pay off their claims for $22.9 million,
less than a third of what the retirees have demanded, and unload
obligations to pay their benefits.  The reorganization trust for
EME, which recently sold its assets to NRG Energy Inc. after a
stint in bankruptcy, will stop paying for non-unionized retirees'
benefits through the last day of the month following the month in
which the deal is approved by a judge.

                      About Edison Mission

Santa Ana, California-based Edison Mission Energy is a holding
company whose subsidiaries and affiliates are engaged in the
business of developing, acquiring, owning or leasing, operating
and selling energy and capacity from independent power production
facilities.  EME also engages in hedging and energy trading
activities in power markets through its subsidiary Edison Mission
Marketing & Trading, Inc.

EME was formed in 1986 and is an indirect subsidiary of Edison
International.  Edison International also owns Southern California
Edison Company, one of the largest electric utilities in the
United States.

EME and its affiliates sought Chapter 11 protection (Bankr. N.D.
Ill. Lead Case No. 12-49219) on Dec. 17, 2012.

EME has reached an agreement with the holders of a majority of
EME's $3.7 billion of outstanding public indebtedness and its
parent company, Edison International EIX, that, pursuant to a plan
of reorganization and pending court approval, would transition
Edison International's equity interest to EME's creditors, retire
existing public debt and enhance EME's access to liquidity.

The Company's balance sheet at Sept. 30, 2012, showed
$8.17 billion in total assets, $6.68 billion in total liabilities
and $1.48 billion in total equity.

In its schedules, Edison Mission Energy disclosed total assets of
assets of $5,721,559,170 and total liabilities of $6,202,215,094
as of the Petition Date.

The Debtors, other than Camino Energy Company, are also
represented by James H.M. Sprayregen, P.C., Sarah Hiltz Seewer,
Esq., and Seth A. Gastwirth, Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois; and Joshua A. Sussberg, Esq., at Kirkland &
Ellis LLP, in New York.  Debtor Camino Energy Company is
represented by David A. Agay, Esq., and Joshua Gadharf, Esq., at
McDonald Hopkins LLC, in Chicago, Illinois.

Perella Weinberg Partners is acting as the Debtors' financial
advisor and McKinsey & Company Recovery and Transformation
Services is acting as restructuring advisor.  GCG, Inc., is the
claims and notice agent.

An official committee of unsecured creditors has been appointed in
the case and is represented by Ira S. Dizengoff, Esq., Stephen M.
Baldini, Esq., Arik Preis, Esq., and Robert J. Boller, Esq., at
Akin Gump Strauss Hauer & Feld LLP in New York; James Savin, Esq.,
and Kevin M. Eide, Esq., at Akin Gump Strauss Hauer & Feld LLP in
Washington, DC; and David M. Neff, Esq., and Brian Audette, Esq.,
at Perkins Coie LLP.  The Committee also has tapped Blackstone
Advisory Partners as investment banker and FTI Consulting as
financial advisor.

EME's Joint Plan of Reorganization was confirmed on March 11,
2014.  The Plan provides for: (a) the sale to NRG Energy, Inc. and
NRG Energy Holdings, Inc. of substantially all of EME's assets for
approximately $2.635 billion, subject to certain adjustments
provided in the Acquisition Agreement, and assumption of so-called
PoJo Leases, as modified; (b) a settlement with Edison
International -- EIX -- and certain EME noteholders pursuant
to which EME will emerge from bankruptcy free of liabilities but
will remain an indirect wholly-owned subsidiary of EIX; and (c)
the transfer of substantially all remaining assets and liabilities
of EME that are not otherwise discharged in the bankruptcy or
transferred to NRG to the Reorganization Trust.  Once consummated,
the Plan will result in recoveries of over 80% for holders of
unsecured claims against EME and payment in full in cash of claims
against EME's subsidiaries.  The Plan was declared effective on
April 1, 2014.


ENERGY FUTURE: Texas Lawmaker Warns v. Hedge Funds "Flipping" Unit
------------------------------------------------------------------
Tom Halls, writing for Reuters, reported that a powerful Texas
state senator warned against a takeover by hedge funds of the
power distribution unit of bankrupt Energy Future Holdings and
said the state would prefer an owner with a long-term view.

According to Reuters, Senator Troy Fraser told Reuters that Texas
prefers that the new owner of the power distribution unit, Oncor,
invest cash in the business, and would be concerned about any deal
that increases debt levels.  Fraser is chairman of the Texas
Senate Committee on Natural Resources, and he opposed the 2007
leveraged buyout that loaded Energy Future, then known as TXU
Corp, with much of the $41 billion in debt it carried into
bankruptcy in April, Reuters said.

Law360 reported that Energy Future has urged a Delaware bankruptcy
judge to bless a $1.9 billion debtor-in-possession facility and a
settlement with junior noteholders, drawing fire from an array of
creditors involved in the mammoth Chapter 11 case.  Reuters, in a
separate report, said Energy Future's creditors urged the
bankruptcy judge to slow the Chapter 11 case and warned if a key
refinancing proposal was approved it might block better deals from
being considered.  Creditors not involved in financing the DIP
loan have called it "unprecedented" because it will convert into a
stake of about 60 percent of Energy Future when the company exits
bankruptcy, the Reuters report said.

Law360, in a July 1 report, related that the Delaware bankruptcy
judge said the power giant needs to offer additional evidence
justifying its intent to take on a $1.9 billion debtor-in-
possession facility to pay off a group of junior noteholders.
Following a second straight day of proceedings in Wilmington,
Delaware, U.S. Bankruptcy Judge Christopher S. Sontchi said that
going forward, he wants to hear more about how the DIP was
marketed to potential lenders and why the $1.9 billion package
should be approved, Law360 said.

            About Energy Future Holdings, fka TXU Corp.

Energy Future Holdings Corp., formerly known as TXU Corp., is a
privately held diversified energy holding company with a portfolio
of competitive and regulated energy businesses in Texas.  Oncor,
an 80 percent-owned entity within the EFH group, is the largest
regulated transmission and distribution utility in Texas.

The Company delivers electricity to roughly three million delivery
points in and around Dallas-Fort Worth.  EFH Corp. was created in
October 2007 in a $45 billion leverage buyout of Texas power
company TXU in a deal led by private-equity companies Kohlberg
Kravis Roberts & Co. and TPG Inc.

On April 29, 2014, Energy Future Holdings and 70 affiliated
companies sought Chapter 11 bankruptcy protection (Bankr. D. Del.
Lead Case No. 14-10979) after reaching a deal with some key
financial stakeholders to keep its businesses operating while
reducing its roughly $40 billion in debt.

The Debtors' cases have been assigned to Judge Christopher S.
Sontchi (CSS).  The Debtors are seeking to have their cases
jointly administered for procedural purposes.

As of Dec. 31, 2013, EFH Corp. reported total assets of $36.4
billion in book value and total liabilities of $49.7 billion.  The
Debtors have $42 billion of funded indebtedness.

EFH's legal advisor for the Chapter 11 proceedings is Kirkland &
Ellis LLP, its financial advisor is Evercore Partners and its
restructuring advisor is Alvarez & Marsal.  The TCEH first lien
lenders supporting the restructuring agreement are represented by
Paul, Weiss, Rifkind, Wharton & Garrison, LLP as legal advisor,
and Millstein & Co., LLC, as financial advisor.

The EFIH unsecured creditors supporting the restructuring
agreement are represented by Akin Gump Strauss Hauer & Feld LLP,
as legal advisor, and Centerview Partners, as financial advisor.
The EFH equity holders supporting the restructuring agreement are
represented by Wachtell, Lipton, Rosen & Katz, as legal advisor,
and Blackstone Advisory Partners LP, as financial advisor.  Epiq
Systems is the claims agent.

Wilmington Savings Fund Society, FSB, the successor trustee for
the second-lien noteholders owed about $1.6 billion, is
represented by Ashby & Geddes, P.A.'s William P. Bowden, Esq., and
Gregory A. Taylor, Esq., and Brown Rudnick LLP's Edward S.
Weisfelner, Esq., Jeffrey L. Jonas, Esq., Andrew P. Strehle, Esq.,
Jeremy B. Coffey, Esq., and Howard L. Siegel, Esq.

An Official Committee of Unsecured Creditors has been appointed in
the case.  The Committee represents the interests of the unsecured
creditors of ONLY of Energy Future Competitive Holdings Company
LLC; EFCH's direct subsidiary, Texas Competitive Electric Holdings
Company LLC; and EFH Corporate Services Company, and of no other
debtors.  The Committee has selected Morrison & Foerster LLP and
Polsinelli PC for representation in this high-profile energy
restructuring.  The lawyers working on the case are James M. Peck,
Esq., Brett H. Miller, Esq., and Lorenzo Marinuzzi, Esq., at
Morrison & Foerster LLP; and Christopher A. Ward, Esq., Justin K.
Edelson, Esq., Shanti M. Katona, Esq., and Edward Fox, Esq., at
Polsinelli PC.


ENERGY FUTURE: Lenders Seeking Direct Appeal
--------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that CSC Trust Co., representing holders of 10 percent
first-lien notes issued by an Energy Future Holdings Corp.
subsidiary wants the U.S. Court of Appeals to review a June 10
ruling by the bankruptcy court approving a settlement with first-
lien noteholders.

According to the report, CSC called the bankruptcy judge's action
unprecedented, saying he approved a tender offer that hadn't been
sanctioned by any court or reviewed by the U.S. Securities and
Exchange Commission.  The indenture trustee likewise faulted the
process because it entailed paying off pre-bankruptcy debt long
before adoption of a Chapter 11 plan, the report related.

U.S. Bankruptcy Judge Christopher Sontchi will decide at a July 18
hearing in Delaware whether to recommend a direct appeal to the
circuit court, bypassing the federal district court in Wilmington,
the report further related.


ENERGY FUTURE: Creditors Balk at Loan Teeing up Future Sale
-----------------------------------------------------------
Tom Hals, writing for Reuters, reported that Energy Future
Holdings' novel plan to sell itself through a loan provision has
Texas's largest power company in hot water with creditors, who
accuse it of trying to skirt a public sale process and hiding its
true value.  According to the report, other creditors have cried
foul over the proposed $2 billion loan, saying Energy Future
hasn't considered competing offers and is selling itself without a
traditional court-supervised bankruptcy auction.

            About Energy Future Holdings, fka TXU Corp.

Energy Future Holdings Corp., formerly known as TXU Corp., is a
privately held diversified energy holding company with a portfolio
of competitive and regulated energy businesses in Texas.  Oncor,
an 80 percent-owned entity within the EFH group, is the largest
regulated transmission and distribution utility in Texas.

The Company delivers electricity to roughly three million delivery
points in and around Dallas-Fort Worth.  EFH Corp. was created in
October 2007 in a $45 billion leverage buyout of Texas power
company TXU in a deal led by private-equity companies Kohlberg
Kravis Roberts & Co. and TPG Inc.

On April 29, 2014, Energy Future Holdings and 70 affiliated
companies sought Chapter 11 bankruptcy protection (Bankr. D. Del.
Lead Case No. 14-10979) after reaching a deal with some key
financial stakeholders to keep its businesses operating while
reducing its roughly $40 billion in debt.

The Debtors' cases have been assigned to Judge Christopher S.
Sontchi (CSS).  The Debtors are seeking to have their cases
jointly administered for procedural purposes.

As of Dec. 31, 2013, EFH Corp. reported total assets of $36.4
billion in book value and total liabilities of $49.7 billion.  The
Debtors have $42 billion of funded indebtedness.

EFH's legal advisor for the Chapter 11 proceedings is Kirkland &
Ellis LLP, its financial advisor is Evercore Partners and its
restructuring advisor is Alvarez & Marsal.  The TCEH first lien
lenders supporting the restructuring agreement are represented by
Paul, Weiss, Rifkind, Wharton & Garrison, LLP as legal advisor,
and Millstein & Co., LLC, as financial advisor.

The EFIH unsecured creditors supporting the restructuring
agreement are represented by Akin Gump Strauss Hauer & Feld LLP,
as legal advisor, and Centerview Partners, as financial advisor.
The EFH equity holders supporting the restructuring agreement are
represented by Wachtell, Lipton, Rosen & Katz, as legal advisor,
and Blackstone Advisory Partners LP, as financial advisor.  Epiq
Systems is the claims agent.

Wilmington Savings Fund Society, FSB, the successor trustee for
the second-lien noteholders owed about $1.6 billion, is
represented by Ashby & Geddes, P.A.'s William P. Bowden, Esq., and
Gregory A. Taylor, Esq., and Brown Rudnick LLP's Edward S.
Weisfelner, Esq., Jeffrey L. Jonas, Esq., Andrew P. Strehle, Esq.,
Jeremy B. Coffey, Esq., and Howard L. Siegel, Esq.

An Official Committee of Unsecured Creditors has been appointed in
the case.  The Committee represents the interests of the unsecured
creditors of ONLY of Energy Future Competitive Holdings Company
LLC; EFCH's direct subsidiary, Texas Competitive Electric Holdings
Company LLC; and EFH Corporate Services Company, and of no other
debtors.  The Committee has selected Morrison & Foerster LLP and
Polsinelli PC for representation in this high-profile energy
restructuring.  The lawyers working on the case are James M. Peck,
Esq., Brett H. Miller, Esq., and Lorenzo Marinuzzi, Esq., at
Morrison & Foerster LLP; and Christopher A. Ward, Esq., Justin K.
Edelson, Esq., Shanti M. Katona, Esq., and Edward Fox, Esq., at
Polsinelli PC.


FERRO CORP: Moody's Affirms Ba3 CFR & Rates 1st Lien Debt Ba3
-------------------------------------------------------------
Moody's Investors Service affirmed Ferro Corporation's Ba3
Corporate Family Rating (CFR) and assigned Ba3 ratings to its new
$300 million first lien term loan B and $200 million first lien
revolving credit facility. Proceeds from the new term loan and
revolver will be used to refinance existing debt of a commensurate
size. The credit agreement for the new bank debt is expected to
include provisions to allow for the planned divestiture of Ferro's
Polymer Additives business, which was announced in June 2014. The
Speculative Grade Liquidity rating was upgraded to SGL-2 from SGL-
3. The outlook is stable.

Recently, Ferro's announced the closure of the Specialty Plastics
sale on July 1, 2014, for $88 million in net proceeds, which will
be used primarily to reduce debt. Residual cash from the
transaction is available to support the next steps in Ferro's
strategic initiatives to focus on its core expertise in functional
coatings and color solutions. A small acquisition of porcelain
enamel distribution assets in Turkey, announced July 1, 2014, is
evidence that Ferro is beginning to execute on this strategy, as
this purchase will enhance access to a fast growing market.

"The refinanced debt and resulting interest savings mark another
positive step in Ferro's restructuring efforts," said Lori Harris,
Moody's Analyst, "while restructuring costs and elevated capex
will impact cash flows in 2014, Moody's  expect Ferro to realize
earnings and margin gains as the strategic initiatives are
executed."

Ratings Assigned:

Issuer: Ferro Corporation

$300 million Senior Secured Term Loan B at Ba3, LGD3

$200 million Senior Secured Revolving Credit Facility at Ba3, LGD3

Ratings Upgraded:

Speculative Grade Liquidity Rating (SGL), to SGL-2 from SGL-3

Ratings Affirmed:

Issuer: Ferro Corporation

Corporate Family Rating, Ba3

Probability of Default Rating, Ba3-PD

7.875% Senior Notes due 2018 at B1, LGD4 *

The outlook is stable

* Rating will be withdrawn upon completion of refinancing

Ratings Rationale

Ferro's Ba3 CFR reflects the company's improved leverage resulting
from increased margins and improving, but still somewhat weak,
cash flows. Factors supporting the Ba3 rating include the
favorable debt refinancing and related long-term interest expense
savings, reduced usage of precious metals lease lines, as well as
successful restructuring efforts thus far. Moody's expectation for
continued success in cost cutting and efficiency initiatives is
also factored in the rating. The business divestitures have
reduced Ferro's business size and diversity, but the remaining
core businesses, specifically those in Performance Materials,
provide higher margins and earnings stability. Because of its
smaller size, Moody's would expect Ferro to achieve strong credit
metrics for the rating category (3.5x Debt/EBITDA and 15% Retained
Cash Flow/Debt -- RCF/Debt).

The outlook is stable as a result of the progress under the
restructuring programs and cost cutting measures that have
resulted in Debt/EBITDA of 3.5x, EBITDA margins of 10%, and
Retained Cash Flow/Debt of 10%.

While there is limited upside to the rating at this time because
of continuing restructuring activities, if revenues expand,
Debt/EBITDA is sustainably below 3.0x, EBITDA margins reach the
mid-teens, and if 20% RCF/Debt is sustainably realized, Moody's
would contemplate a higher rating. Conversely, given the smaller
revenue base, Moody's expects the credit metrics to be strong for
the rating category, such that the rating could come under
pressure if Debt/EBITDA under 3.5x and RCF/Debt over 15% is not
realized by 2015. Additionally, Moody's could contemplate negative
rating actions if the precious metals leases trigger for
collateralization or if a sizable acquisition or other
unanticipated event were to increase leverage to over 4.0x. (All
ratios include Moody's Standard Adjustments.)

Ferro's Speculative Grade Liquidity of SGL-2 reflects the positive
cash generation and a cash balance of $41 million as of March 31,
2014. The SGL-2 is supported by liquidity improvements which
include the reduction in precious metals lease arrangements to
$30.1 million, as of March 31 ,2014, and an additional $88 million
in proceeds from the sale of the Specialty Plastics business.
Ferro is expected to have minimal outstandings under its new $200
million revolver.

The principal methodology used in this rating was the Global
Chemical Industry Rating Methodology published in December 2013.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

Ferro Corporation, (Ferro) headquartered in Cleveland, Ohio, is a
global producer of an array of specialty materials and chemicals
including coatings, enamels, pigments, and specialty chemicals for
use in industries ranging from construction to automotive to
telecommunications. Ferro operates through two groups; Performance
Materials and Performance Chemicals which contribute 69% and 31%
to revenues, respectively. Revenues were $1.6 billion for the LTM
ended March 31, 2014. (Pro forma for the July 1, 2014 sale of the
Specialty Plastics business, revenues for the LTM ending March 31,
2014 are approximately $1.4 billion.)


FERRO CORP: S&P Affirms 'B+' CCR & Rates $500MM Facilities 'B+'
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Mayfield Heights, Ohio-based chemical company
Ferro Corp.  At the same time, S&P assigned a 'B+' issue-level
rating to the company's proposed $500 million senior secured
credit facilities.  The recovery rating is '3', indicating S&P's
expectation for meaningful (50% to 70%) recovery in the event of a
payment default.  The outlook is stable.

The proposed senior secured credit facilities, which include a
$200 million revolving credit facility due 2019 and a $300 million
term loan B due 2021, will be used to refinance existing
indebtedness, and pay transaction fees and expenses.  S&P expects
to withdraw the ratings on the outstanding $250 million senior
unsecured notes once they have been repaid following the
transaction.

"The ratings on Ferro Corp. reflect our assessment of the
company's business risk profile as 'weak' and financial risk
profile as 'aggressive'," said Standard & Poor's credit analyst
Daniel Krauss.  Ferro produces a variety of performance materials
and chemicals for use primarily in the construction, appliances,
automotive, household furnishings, and electronics end markets.
Some specific products include glazes, enamels, pigments,
dinnerware decoration colors, coatings, and porcelain enamel.

On July 1, 2014, Ferro completed the divestiture of nearly all of
its specialty plastics business to A. Schulman Inc. (unrated) for
$91 million.  The company also announced that it has launched a
process to sell its polymer additives segment, which generated
revenues of nearly $300 million in 2013.  S&P believes that these
initiatives reflect the company's continued shift to focus on the
higher growth performance materials side of the business and
better aligns with Ferro's core competencies in glass and color
technologies.  S&P expects that the proceeds from the plastics and
potential polymer additives divestitures should provide liquidity
for the company to look at bolt-on acquisitions in the performance
materials space.  While the company has not completed an
acquisition in several years, S&P believes opportunities are
present, particularly in some of the more highly fragmented
industries it competes in.  S&P's base-case scenario does not
factor in any transformational acquisitions, and it would have to
reassess the ratings and outlook if the company meaningfully
increased debt to fund an acquisition.

The outlook is stable.  S&P's base case assumes that earnings in
the performance materials businesses will improve modestly in 2014
and 2015.  This is supported by Standard & Poor's outlook for
modest global GDP growth and increased consumer spending, along
with our view that the company's ongoing restructuring actions
should lead to a pickup in EBITDA.  Based on S&P's scenario
forecasts, it expects that the company will maintain the FFO to
debt ratio at about 15%, which is in line with S&P's expectations
at the current rating.

"We could raise the ratings if high-single-digit percent revenue
growth, coupled with EBITDA margin improvement of 200 basis points
beyond our expectations.  We could also consider a one-notch
upgrade if the company generated stronger free cash flow than
expected or if we gained comfort that the company would be able to
pursue its growth initiatives while maintaining a financial risk
profile that we assess as "significant".  In our upside scenario,
we would expect the company to maintain an FFO to total debt ratio
of 20% to 25%," S&P noted.

S&P could lower the ratings if revenue growth stalls or turns
negative and unexpected business challenges reduce the company's
EBITDA margins by 200 basis points or more from S&P's
expectations, resulting in FFO to total adjusted debt declining to
about 12%.  S&P could also consider a downgrade if liquidity were
to come under pressure resulting from either EBITDA cushions under
the covenants declining to about 10% or free cash flow turning
negative for an extended period of time.


FIDELITY & GUARANTY: Moody's Hikes Sr. Unsec. Debt Rating to Ba3
----------------------------------------------------------------
Moody's Investors Service has upgraded the senior unsecured debt
rating of Fidelity & Guaranty Life Holdings, Inc. (FGLH), a wholly
owned subsidiary of Fidelity & Guaranty Life (FGL, NYSE:FGL,
unrated, formerly Harbinger F&G, LLC), to Ba3 from B1. Moody's
also upgraded the insurance financial strength (IFS) rating of
FGLH's primary operating company, Fidelity & Guaranty Life
Insurance Company (FGLIC), to Baa3. The outlook on the ratings is
stable.

Ratings Rationale

Commenting on the upgrade, Moody's Vice President and Senior
Credit Officer Ann Perry, said, "FGLIC's improved financial
profile reflects good asset quality, higher investment yields
resulting from a recent portfolio repositioning and strong
capital, which is resilient under a stress scenario." The rating
agency said that the upgrade also reflects improving profitability
driven by healthy sales expansion and low asset impairments.
According to Moody's, two 2013 capital markets transactions,
FGLH's issuance of $300 million of new debt and FGL's initial
public offering (IPO), which provided net proceeds of
approximately $172 million, have increased financial flexibility
for the company with the proceeds available for additional capital
infusion to support new business growth, if needed. The reduction
of Harbinger Group Inc.'s (B2 senior secured debt) stake in
ownership of FGL as a result of the IPO also improves financial
flexibility as a more broad ownership structure limits the
potential of a single owner to de-capitalize the company to shore
up its own capital in a stress scenario.

Moody's commented that the stable rating outlook reflects the
expectation that FGLIC's sales will likely continue to be highly
concentrated in annuity products in the near-term, with currently
more than three quarters in fixed index annuities (FIAs) and the
balance in deferred fixed annuities. According to Moody's, FIAs
incorporate hedging challenges and the need to carefully manage
actuarial assumptions. Substantial or rapid organic growth would
present challenges of managing the capital strain of new business
growth and would present risks relating to competitive pricing
and/or overly aggressive product features, which would weaken the
credit profile of the company.

According to Moody's the following could place upward pressure on
FGLH's and FGLIC's ratings: 1) a growth strategy that allows the
NAIC RBC ratio (company action level) to remain above 375%; 2)
sustained statutory return on capital exceeding 6%; 3) more
balanced growth in profitably priced new FIA business and life
insurance. Conversely, the following could place downward pressure
on FGLH's and its operating subsidiary's ratings: 1) adjusted
financial leverage above 30%; 2) sustained statutory return on
capital less than 4%; 3) significant use of reinsurance to finance
growth; 4) NAIC RBC ratio declines below 350%.

FGLH is an insurance holding company headquartered in Baltimore,
Maryland. As of March 31, 2014, FGLH reported total assets of
about $23 billion and shareholders' equity of approximately $1.4
billion.

The principal methodology used in this rating was Global Life
Insurers published in December 2013.


FISKER AUTOMOTIVE: WARN Claimants Say Plan Shortchanges Them
------------------------------------------------------------
Law360 reported that the class of former employees suing the
Fisker Automotive Holdings Inc. bankruptcy estate over their
terminations blasted the defunct electric carmaker's Chapter 11
plan, arguing that it doesn't set aside enough money to pay their
claims and could immunize the debtor's ex-leadership from
liability.  According to the report, Sven Etzelsberger,
representing nearly 160 ex-Fisker employees asserting claims under
the U.S. Worker Adjustment and Retraining Notification Act, stated
its arguments in a motion before the Delaware bankruptcy court.

                     About Fisker Automotive

Fisker Automotive Holdings, Inc., developer of the Karma plug-in
hybrid electric sedan, filed a petition for Chapter 11 protection
(Bankr. D. Del. Case No. 13-13087) on Nov. 22, 2013.

Fisker estimated assets of more than $100 million and listed debt
of $500 million in its bankruptcy petition.  The assets include an
assembly plant purchased for $21 million from General Motors Corp.
The plant never operated.  The cars were assembled in Finland.

Fisker received a $529 million loan from the Department of
Energy's Advanced Technology Vehicles Manufacturing Loan Program
and drew down about $192 million before the department froze the
loan after Fisker failed to hit several development targets.  The
company defaulted on its loan in April 2013.

Bankruptcy Judge Kevin Gross presides over the case.  The Debtors
have tapped James H.M. Sprayregen, P.C., Esq., Anup Sathy, P.C.,
Esq., and Ryan Preston Dahl, Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, as co-counsel; Laura Davis Jones, Esq., James
E. O'Neill, Esq., and Peter J. Keane, Esq., at Pachulski Stang
Ziehl & Jones LLP, in Wilmington, Delaware, as co-counsel;
Beilinson Advisory Group as restructuring advisors; and Rust
Consulting/Omni Bankruptcy, as notice and claims agent and
administrative advisor.

On Nov. 5, 2013, the Official Committee of Unsecured Creditors
was appointed. The members are: (a) David M. Cohen; (b) Sven
Etzelsberger; (c) Kuster Automotive Door Systems GmbH; (d) Magna
E-Car USA, LLC; (e) Supercars & More SRL; and (f) TK Holdings Inc.
The Committee is represented by William R. Baldiga, Esq., and
Sunni P. Beville, Esq., at Brown Rudnick LLP; and Mark Minuti,
Esq., at Saul Ewing LLP.  Emerald Capital Advisors Corp. is the
financial advisors for the Committee.

Fisker sought bankruptcy protection to pursue a private sale of
its business to Hybrid Tech Holdings, LLC.  The Committee,
however, wants a sale public sale, and has identified Wanxiang
America Corporation as stalking horse bidder.

Hybrid was initially under contract to buy Fisker in exchange for
$75 million of the $168.5 million government loan it acquired
immediately before the Debtor's Chapter 11 filing.  Hybrid later
raised its offer by adding an additional $1 million cash and
agreeing to share proceeds from the sale of a facility in Delaware
it doesn't intend to operate.  Hybrid also offered to pay real
estate taxes on the Delaware plant.  Hybrid also will waive $90
million in deficiency claims that otherwise would dilute unsecured
creditors' recovery.

Wanxiang, as stalking horse bidder, initially offered $25.8
million in cash.  However, Wanxiang has said it has raised its
offer by $10 million and is willing to go higher.

After the hearings on Jan. 10 and 13, the Court directed a public
auction, and capped Hybrid's credit bid to $25 million.

In response, Hybrid raised its offer to $55 million.

Hybrid is represented by Tobias Keller, Esq., and Peter
Benvenutti, Esq., at Keller & Benvenutti LLP, in San Francisco,
California.

Wanxiang, which bought A123 Systems, Inc., a manufacturer of
lithium-ion batteries used in electric vehicles such as the Fisker
Karma, in a bankruptcy auction early in 2013 for $256.6 million,
is represented in Fisker's case by Sidley Austin LLP's Bojan
Guzina, Esq., and Andrew F. O'Neill, Esq.; and Young Conaway
Stargatt & Taylor, LLP's Edmon L. Morton, Esq., Robert S. Brady,
Esq., and Kenneth J. Enos, Esq.

On Feb. 19, 2014, the Bankruptcy Court approved the sale of
Fisker's assets to Wanxiang America Corporation.  The sale closed
on March 24.  The sale to Wanxiang is valued at approximately $150
million, Fisker said in a news statement.

On March 27, 2014, the Court authorized Fisker Automotive Holdings
to change its name to FAH Liquidating Corp. and its affiliate,
Fisker Automotive Inc., to FA Liquidating Corp., following the
sale.


FOREST LABORATORIES: S&P Raises $3BB Sr. Notes' Rating From BB+
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised the issue-
level ratings on Forest Laboratories Inc.'s $3 billion of senior
unsecured notes due 2019 and 2021 to 'BBB-' from 'BB+'.  S&P
removed the ratings from CreditWatch, where it placed them on
June 16, 2014.  The upgrade follows Actavis PLC's assumption and
guarantee of Forest Laboratories Inc.'s senior unsecured debt.
Concurrent with the completion of the acquisition, Forest
Laboratories Inc. was renamed Forest Laboratories LLC and became a
subsidiary of Actavis PLC.

At the same time, S&P is withdrawing the 'BB+' corporate credit
rating on New York City,-based Forest Laboratories Inc.  The
withdrawal follows the completion of Forest's acquisition by
Actavis PLC on July 1, 2014.  S&P is also withdrawing the '4'
recovery rating on the unsecured debt.

The corporate credit rating on Dublin-based Actavis PLC is 'BBB-'
and S&P's rating outlook is stable.  The ratings on this generic
drug maker reflect S&P's "satisfactory" business risk profile and
"significant" financial risk profile assessments.  S&P's view of
the company's business risk reflects Actavis' well-established
position as one of the largest companies in the competitive
generic drug industry and its growing portfolio of specialty
branded products.

The just-completed acquisition of Forest Laboratories adds to the
company's higher-margin specialty pharmaceutical portfolio.
Actavis' patent-protected specialty pharmaceutical franchise
somewhat insulates the company from the intense price competition
in the generic drug segment.

S&P's assessment of Actavis' "significant" financial risk profile
reflects its view of pro forma leverage near 4x.  Its leverage is
the result of heightened acquisition activity, the most recent of
which is the acquisition of Forest Laboratories.  S&P expects the
company to use strong free cash flow generation to repay debt,
with leverage falling below 3.5x by mid-2015.  Still, S&P expects
a stronger focus on acquisition-based growth will likely keep
leverage in the 3x-4x range.

RATINGS LIST

Rating Raised

Forest Laboratories LLC
$3B senior unsecured notes    BBB-      BB+/Watch Pos
due 2019 and 2021
  Recovery Rating              NR        4

Rating Withdrawn

Forest Laboratories Inc.
Corporate Credit Rating       NR        BB+/Stable/--


FREEDOM INDUSTRIES: Told to Keep Public Better Informed
-------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Freedom Industries Inc., whose leaking chemical tank
made much of West Virginia's water undrinkable early this year,
must keep the public better informed about the bankruptcy and site
cleanup if it wants more time to propose a liquidating plan.

According to the report, Freedom didn't prepare adequately for
predicted heavy rainstorms in mid-June, U.S. Bankruptcy Judge
Ronald G. Pearson in Charleston, West Virginia said in an order he
signed.  As result, there were "unfortunate containment breaches,"
the judge said, the report related.  Judge Pearson said in his
order that Freedom can retain the exclusive right to propose a
Chapter 11 plan only if there is better disclosure to the public
going forward, and, to assure the public that environmental issues
are being dealt with responsibly, required the restructuring
officer to attend all hearings unless excused beforehand and to
hold press conferences or issue bulletins to the public, the
report further related.

                      About Freedom Industries

Freedom Industries Inc., is engaged principally in the business of
producing specialty chemicals for the mining, steel and cement
industries.  The Debtor operates two production facilities located
in (a) Nitro, West Virginia; and (b) Charleston, West Virginia.

The company, connected to a chemical spill that tainted the water
supply in West Virginia, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. W.Va. Case No. 14-bk-20017) on Jan.
17, 2014.  The case is assigned to Judge Ronald G. Pearson.  The
petition was signed by Gary Southern, president.

The Debtor is represented by Mark E Freedlander, Esq., at McGuire
Woods LLP, in Pittsburgh, Pennsylvania; and Stephen L. Thompson,
Esq., at Barth & Thompson, in Charleston, West Virginia.

On Dec. 31, 2013, four companies merged under the umbrella of
Freedom Industries: Freedom Industries Inc., Etowah River Terminal
LLC, Poca Blending LLC and Crete Technologies LLC.

As reported in the Troubled Company Reporter on Feb. 20, 2014,
Kate White, writing for The Charleston Gazette, reported that the
Debtor disclosed $16 million in assets and $6 million in
liabilities when it filed for bankruptcy.

On Feb. 5, 2014, the U.S. Trustee appointed an official committee
of unsecured creditors.  The Committee retained Frost Brown Todd
LLC as counsel.

On March 18, the Bankruptcy Court approved the hiring of Mark
Welch at MorrisAnderson in Chicago as Freedom's chief
restructuring officer.


FRESH & EASY: Deal with Class Plaintiffs Gets Final Approval
------------------------------------------------------------
The Bankruptcy Court approved, on a final basis, the California
Wage and Hour Class settlement and release agreement between
Old FENM Inc, et al., and the California Wage and Hour Class
Plaintiffs.

The Court also certified a class of wage and hour employee
claimants for settlement purposes only.

As reported in the Troubled Company Reporter on April 15, 2014,
the Court approved the appointment of The Cooper Law Firm P.C. and
Blumenthal Nordrehaug & Bhowmik as co-lead class counsel; and the
law firms of (a) The Carter Law Firm, (b) Aegis Law Firm, P.C.,
(c) Mahoney Law Group, and (d) Jose Garay, APLC as class counsel;
and Deanna Weatherspoon, Rene F. Lina, Yessenia Martinez and
Dandre Jackson as class representatives.

The Class is comprised of all non-exempt, non-managerial employees
who worked at or reported to any of the Debtors' California Retail
Stores or the Debtors' Food Production Facility, Campus Kitchen
Facility or Distribution Center in Riverside, California between
April 9, 2006 and Nov. 26, 2013 and who will not timely request to
opt out of the Class.

Pursuant to the settlement agreement, class counsel sought fees in
the amount of $660,000, representing 33% of the gross settlement
amount.  The settlement agreement also allows for Class Counsel to
seek up to $100,000 in collective costs and expenses.

                  About Fresh & Easy Neighborhood

Fresh & Easy Neighborhood Market Inc., and its affiliate filed
Chapter 11 petitions (Bankr. D. Del. Case Nos. 13-12569 and
13-12570) on Sept. 30, 2013.  The petitions were signed by James
Dibbo, chief financial officer.  Judge Kevin J. Carey presides
over the case.

Fresh & Easy owes $738 million to Cheshunt, England-based Tesco,
the U.K.'s biggest retailer. Fresh & Easy never made a profit and
lost an average of $22 million a month in the 12 months ended in
February, according to court papers.

Jones Day serves as lead bankruptcy counsel.  Richards, Layton &
Finger, P.A., serves as local Delaware counsel.  Alvarez & Marsal
North America, LLC, serves as financial advisors, and Alvarez &
Marsal Securities, LLC, serves as investment banker.  Prime Clerk
LLC acts as the Debtors' claims and noticing agent.  Gordon
Brothers Group, LLC, and Tiger Capital Group, LLC, serves as the
Debtors' consultant. The Debtors estimated assets of at least $100
million and liabilities of at least $500 million.

Roberta A. DeAngelis, U.S. Trustee for Region 3, appointed five
creditors to serve in the Official Committee of Unsecured
Creditors in the Chapter 11 cases of Fresh & Easy Neighborhood
Market Inc., et al.  Pachulski Stang Ziehl & Jones LLP serves as
counsel to the Committee. FTI Consulting, Inc. serves as its
financial advisor.

The Debtors closed, on or about Nov. 26, 2013, the sale of about
150 supermarkets plus a production facility in Riverside,
California, to Ron Buckle's Yucaipa Cos.  Pursuant to the sale
terms, the bankruptcy company changed its name, and the name of
the case, to Old FENM Inc.


FRESH & EASY: Employee Wage Settlement Approved
-----------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Fresh & Easy Neighborhood Market Inc., the former
supermarket operator, obtained approval from the U.S. Bankruptcy
Court in Delaware of a settlement with a class representing
workers who alleged violation of California labor law.

According to the report, the company is paying $2 million for a
release of all claims up until the time the business was sold last
year.  Lawyers representing the employee class get $660,000, plus
$61,500 for their expenses, while giving notice to the class
members is costing another $65,000, the report related.

                       About Fresh & Easy

Fresh & Easy Neighborhood Market Inc., and its affiliate filed
Chapter 11 petitions (Bankr. D. Del. Case Nos. 13-12569 and
13-12570) on Sept. 30, 2013.  The petitions were signed by James
Dibbo, chief financial officer.  Judge Kevin J. Carey presides
over the case.

Fresh & Easy owes $738 million to Cheshunt, England-based Tesco,
the U.K.'s biggest retailer. Fresh & Easy never made a profit and
lost an average of $22 million a month in the 12 months ended in
February, according to court papers.

Jones Day serves as lead bankruptcy counsel.  Richards, Layton &
Finger, P.A., serves as local Delaware counsel.  Alvarez & Marsal
North America, LLC, serves as financial advisors, and Alvarez &
Marsal Securities, LLC, serves as investment banker.  Prime Clerk
LLC acts as the Debtors' claims and noticing agent.  Gordon
Brothers Group, LLC, and Tiger Capital Group, LLC, serves as the
Debtors' consultant. The Debtors estimated assets of at least $100
million and liabilities of at least $500 million.

Roberta A. DeAngelis, U.S. Trustee for Region 3, appointed five
creditors to serve in the Official Committee of Unsecured
Creditors in the Chapter 11 cases of Fresh & Easy Neighborhood
Market Inc., et al.  Pachulski Stang Ziehl & Jones LLP serves as
counsel to the Committee. FTI Consulting, Inc. serves as its
financial advisor.

The Debtors closed, on or about Nov. 26, 2013, the sale of about
150 supermarkets plus a production facility in Riverside,
California, to Ron Buckle's Yucaipa Cos.  Pursuant to the sale
terms, the bankruptcy company changed its name, and the name of
the case, to Old FENM Inc.

Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District
of Delaware on July 2, 2014, issued an order confirming Old FENM,
Inc., et al.'s second amended joint Chapter 11 plan of
reorganization.


GRAND TRAVERSE: S&P Alters Outlook to Neg, Affirms BB+ Bond Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook to negative
from stable and affirmed its 'BB+' long-term rating on Grand
Traverse Academy (GTA), Mich.'s series 2007 public school academy
revenue and refunding bonds.

"The outlook revision reflects our view of GTA's two years of
deficits, resulting in maximum annual debt service coverage of
less than 1x in fiscal 2013 and possibly in fiscal 2014," said
Standard & Poor's credit analyst Duncan Manning.  "The outlook
revision also reflects our view of GTA's relatively recent
transition to new management in March of this year," Mr. Manning
added.


HDOS ENTERPRISES: Finds Buyer for Employee-Owned Chain
------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Hot Dog on a Stick restaurants will be sold to Los
Angeles-based private-equity firm LB Advisors LLC under a contract
valued at $16.2 million unless a better offer turns up at auction
proposed to be held on July 18.

According to the report, if the Los Angeles bankruptcy judge
agrees at a July 10 hearing, competing bids, which must be at
least $17 million, will be due July 16.  A hearing to approve the
sale will occur on July 29, the report related.  The company says
the sale, which isn't opposed by secured creditors, will allow it
to propose and confirm a plan of reorganization, the report
further related.

                     About Hot Dog On A Stick

Established in 1946 in Southern California, Hot Dog On A Stick --
http://www.hotdogonastick.com-- is known for its fair-inspired
menu of corn dogs, lemonades, and a sampling of other menu items
such as cheese on a stick, hot dog in a bun, fries, and funnel
cake sticks.  HDOS is owned by its employees.

HDOS Enterprises sought protection under Chapter 11 of the
Bankruptcy Code on Feb. 3, 2014 (Case No. 14-12028, Bankr. C.D.
Cal.).  The case is assigned to Judge Neil W. Bason.

The Debtor's counsel is represented by Jerome Bennett Friedman,
Esq., Stephen F. Biegenzahn, Esq., and Michael D. Sobkowiak, Esq.,
at Friedman Law Group, P.C., in Los Angeles, California.  Rust
Consulting Omni Bankruptcy, a division of Rust Consulting, serves
as claims, noticing and balloting agent.  The Law Offices of Brian
H. Cole serves as special counsel.  The petition was signed by Dan
Smith, president and CEO.

The U.S. Trustee has appointed three members to an official
committee of unsecured creditors.  The Committee retained
Jeffrey N. Pomerantz, Esq., at Pachulski Stang Ziehl & Jones LLP,
in Los Angeles, California, as counsel.


HOSTESS BRAND: Wants Wash. Labor Department's Claim Estimated
-------------------------------------------------------------
The Bankruptcy Court was set to convene a hearing July 8, 2014, at
10:00 a.m., to consider a motion by Old HB, Inc., formerly known
as Hostess Brands, Inc., et al. for estimation of the claim of the
Department of Labor and Industries of the State of Washington.

The Debtors, in their motion, stated that prior to the bankruptcy
cases, they posted a bond in the amount of $4,557,000, to obtain
authorization to be a self-insured employer in the State of
Washington, the beneficiary of which was the Department.  The Bond
was meant to cover obligations that the Debtors incurred as self-
insured employers for workers' compensation claims in the State of
Washington in the event that the Debtors did not satisfy these
obligations.

Under Washington law, when the Debtors' bankruptcy cases were
commenced, the Debtors had a contingent property interest in the
form of a right to reduction or cancellation of the Bond and a
return of the Bond collateral once all valid workers' compensation
claims were paid.  However, when the Debtors became unable to
continue paying these claims due to restrictions imposed on their
use of cash collateral by their secured lenders, the Department
declared the Debtors to be in default, drew on the entire amount
of the Bond, and asserted that the Department alone had title to
the proceeds.  At no point did the Department seek relief from the
automatic stay to declare the default and divest the Debtors of
their contingent property interest.

                         About Hostess Brands

Founded in 1930, Irving, Texas-based Hostess Brands Inc., is known
for iconic brands such as Butternut, Ding Dongs, Dolly Madison,
Drake's, Home Pride, Ho Hos, Hostess, Merita, Nature's Pride,
Twinkies and Wonder.  Hostess has 36 bakeries, 565 distribution
centers and 570 outlets in 49 states.

Hostess filed for Chapter 11 bankruptcy protection early morning
on Jan. 11, 2011 (Bankr. S.D.N.Y. Case Nos. 12-22051 through
12-22056) in White Plains, New York.  Hostess Brands disclosed
assets of $982 million and liabilities of $1.43 billion as of the
Chapter 11 filing.

The bankruptcy filing was made two years after predecessors
Interstate Bakeries Corp. and its affiliates emerged from
bankruptcy (Bankr. W.D. Mo. Case No. 04-45814).

In the new Chapter 11 case, Hostess has hired Jones Day as
bankruptcy counsel; Stinson Morrison Hecker LLP as general
corporate counsel and conflicts counsel; Perella Weinberg Partners
LP as investment bankers, FTI Consulting, Inc. to provide an
interim treasurer and additional personnel for the Debtors, and
Kurtzman Carson Consultants LLC as administrative agent.

Matthew Feldman, Esq., at Willkie Farr & Gallagher, and Harry
Wilson, the head of turnaround and restructuring firm MAEVA
Advisors, are representing the Teamsters union.

Attorneys for The Bakery, Confectionery, Tobacco Workers and Grain
Millers International Union and Bakery & Confectionery Union &
Industry International Pension Fund are Jeffrey R. Freund, Esq.,
at Bredhoff & Kaiser, P.L.L.C.; and Ancela R. Nastasi, Esq., David
A. Rosenzweig, Esq., and Camisha L. Simmons, Esq., at Fulbright &
Jaworski L.L.P.

The official committee of unsecured creditors selected New York
law firm Kramer Levin Naftalis & Frankel LLP as its counsel. Tom
Mayer and Ken Eckstein head the legal team for the committee.

Hostess Brands in mid-November 2012 opted to pursue the orderly
wind down of its business and sale of its assets after the Bakery,
Confectionery, Tobacco and Grain Millers Union (BCTGM) commenced a
nationwide strike.  The Debtor failed to reach an agreement with
BCTGM on contract changes.

Hostess Brands sold its businesses and most of the plants to five
different buyers for an aggregate of $860 million.  Hostess still
has some plants, depots and other facilities the buyers didn't
acquire.

The bankruptcy estate has changed its name to Old HB Inc.


INDUSTRIA DE ALIMENTOS: Trustee Cleared To Root Out US Assets
-------------------------------------------------------------
Law360 reported that a Florida bankruptcy judge granted
recognition of a foreign main proceeding to the trustee of a
bankrupt Brazilian dairy company so that it can investigate
possible assets the company's owner allegedly hid by transferring
them into the United States.  According to the report, the request
came from Dr. Alexandre Borges Leite, the court-appointed judicial
administrator and foreign representative for Industria de
Alimentos Nilza SA, which indicated in court filings that it has
assets and liabilities both ranging from $100 million to $500
million.

Dr. Alexandre Borges Leite sought protection for Industria de
Alimentos Nilza, SA, under Chapter 15 of the U.S. Bankruptcy Code
on May 30, 2014.  The case is In re Industria de Alimentos Nilza,
SA, Case No. 14-22549 (Bankr. S.D. Fla.).  The case is assigned to
Judge Robert A. Mark.  The Chapter 15 Petitioner's counsel are
Gregory S. Grossman, Esq., Edward H. Davis, Jr. Esq., and Daniel
M. Coyle, Esq., at Astigarraga Davis Mullins & Grossman, P.A., in
Miami, Florida.


IRISH BANK: Blasts Developer's Bid To Review Fla. Mall Sale Plan
----------------------------------------------------------------
Law360 reported that Chapter 15 debtor Irish Bank Resolution Corp.
urged a Delaware bankruptcy judge to reject a real estate
developer's request that the court review bidding procedures for
IBRC's interest in a Florida shopping mall, claiming the developer
is actually trying to revive a dead deal.  According to the
report, Liberty Channelside LLC filed a motion earlier in June
asking the court to examine how the sale process for the Tampa,
Florida, mall has been run, a move IBRC claims has little to do
with the purported fairness and transparency of its bidding
procedures, according to its objection.

                    About Irish Bank Resolution

Irish Bank Resolution Corp., the liquidation vehicle for what was
once one of Ireland's largest banks, filed a Chapter 15 petition
(Bankr. D. Del. Case No. 13-12159) on Aug. 26, 2013, to protect
U.S. assets of the former Anglo Irish Bank Corp. from being
seized by creditors.  Irish Bank Resolution sought assistance
from the U.S. court in liquidating Anglo Irish Bank Corp. and
Irish Nationwide Building Society.  The two banks failed and were
merged into IBRC in July 2011.  IBRC is tasked with winding them
down and liquidating their assets.  In February, when Irish
lawmakers adopted the Irish Bank Resolution Corp., IBRC was
placed into a special liquidation in the Irish High Court to
complete liquidation and distribution of the two banks' assets.

IBRC's principal asset as of June 2012 was a loan portfolio
valued at some EUR25 billion (US$33.5 billion). About 70 percent
of the loans were to Irish borrowers. Some 5 percent of the
portfolio was under U.S. law, according to a court filing.  Total
liabilities in June 2012 were about EUR50 billion, according
to a court filing.

Most assets in the U.S. have been sold already.  IBRC is involved
in lawsuits in the U.S.

IBRC was granted protection under Chapter 15 of the U.S.
Bankruptcy Code in December 2013.

Kieran Wallace and Eamonn Richardson of KPMG have been named the
special liquidators.


KEY SAFETY: Moody's Assigns B1 CFR & Rates $500MM Sr. Debt B2
-------------------------------------------------------------
Moody's Investors Service assigned public ratings to new Key
Safety Systems, Inc. -- Corporate Family Rating at B1 and
Probability of Default Rating at B1-PD. In a related action,
Moody's assigned a Ba2 rating to the new $500 million first lien
senior secured bank credit facility, and assigned a B2 to the $100
million second lien senior secured term loan. The rating outlook
is stable.

The rating assignment follows the announcement that FountainVest
Partners ("FountainVest") has entered into a definitive agreement
to acquire a 67.9% majority stake in Key Safety from Crestview
Partners ("Crestview"). As part of the transaction, FountainVest
will contribute cash equity of approximately $205 million, and the
company will enter into a new $420 million first lien senior
secured term loan and a new $100 million second lien senior
secured term loan. Proceeds from the above, along with cash on
hand will be used to fund FountainVest's investment in Key Safety,
repay existing debt, and pay related fees and expenses.

The following ratings were assigned:

Corporate Family Rating, B1;

Probability of Default, B1-PD;

Ba2 (LGD2), to the new $80 million first lien senior secured
revolving credit facility;

Ba2 (LGD2), to the new $420 million first lien senior secured term
loan;

B2 (LGD5), to the new $100 million second lien senior secured term
loan.

The ratings for Key Safety under its prior ownership structure
will be withdrawn following the closing of the current
transaction.

Ratings Rationale

Key Safety's B1 Corporate Family Rating reflects the company's
increased leverage following the FountainVest transaction balanced
by the company's established market position within its core
markets and improving operating performance. Pro forma for the
transaction, the company's leverage increases to about 4.7x for
the last-twelve-months period ending March 31, 2014 (including
Moodys' standard adjustments), up from about 3.3x. While high for
the assigned rating, this metric remains within previously
established downward rating drivers. Supporting the rating is Key
Safety's long history in the automotive parts supplier industry as
a supplier of airbags, seatbelts and steering wheels. While Key
Safety is rather modest in scale with 2013 revenues of $1.2
billion, the company's EBITA margin at about 7.6% compares
favorably to other similarly rated auto parts suppliers, and is up
from about 5.1% in 2012. Through May 2014 management indicates
that new business wins appear to be well positioned to track
strong levels achieved in 2013 at about $2.1 billion.

The stable outlook incorporates Key Safety's increased leverage
following the transaction and Moody's expectation that the company
will continue to strengthen its credit metrics within the assigned
rating category over the next 12 to 18 months.

An improvement in Key Safety's rating or outlook would be driven
by an improvement in credit metrics and free cash flow generation
used to reduce debt. A consideration for a higher rating or
outlook could result from EBITA/Interest sustained above 3.3x and
Debt/EBITDA approaching 3.5x while demonstrating a financial
policy that is focused on debt reduction rather than shareholder
returns.

A lower outlook or rating could result from weakening global
automotive demand or inefficiencies resulting from the company's
new business backlog. A consideration for a lower rating or
outlook could result from EBITA margins falling below 4%,
EBIT/Interest approaching 1.5x and debt/EBITDA approaching 5.0x. A
deteriorating liquidity profile or the initiation of large
shareholder distributions could also lower the company's rating or
outlook.

The principal methodology used in this rating was Global
Automotive Supplier Industry published in May 2013. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Key Safety Systems, Inc., headquartered in Sterling Heights,
Michigan, primarily designs, engineers and manufactures airbags
and inflators, seat belts, and steering wheels for the global
automotive industry.


LIGHTSQUARED INC: Falcone's Exit Portends Peace
-----------------------------------------------
Law360 reported that LightSquared Inc.'s bankruptcy has been long,
unpredictable and extremely contentious, but the recent departure
of the man driving much of the conflict, Philip Falcone, from the
company's board suggests that a resolution could be just around
the corner.  According to the report, Falcone -- who owns
Harbinger Capital Partners LLC, the controlling shareholder of
LightSquared -- has spent the two-year-long bankruptcy fighting to
stay in control of the telecommunications company, which he
insists will be worth billions once it receives federal regulatory
approval to license certain wireless spectrum.

                     About LightSquared Inc.

LightSquared Inc. and 19 of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No. 12-12080) on
May 14, 2012, to resolve regulatory issues that have prevented it
from building its coast-to-coast integrated satellite 4G wireless
network.

LightSquared had invested more than $4 billion to deploy an
integrated satellite-terrestrial network.  In February 2012,
however, the U.S. Federal Communications Commission told
LightSquared the agency would revoke a license to build out the
network as it would interfere with global positioning systems used
by the military and various industries.  In March 2012, the
Company's partner, Sprint, canceled a master services agreement.
LightSquared's lenders deemed the termination of the Sprint
agreement would trigger cross-defaults under LightSquared's
prepetition credit agreements.

LightSquared and its prepetition lenders attempted to negotiate a
global restructuring that would provide LightSquared with
liquidity and runway necessary to resolve its issues with the FCC.
Despite working diligently and in good faith, however,
LightSquared and the lenders were not able to consummate a global
restructuring on terms acceptable to all interested parties.

Lawyers at Milbank, Tweed, Hadley & McCloy LLP serve as counsel to
the Debtors.  Alvarez & Marsal North America, LLC, is the
financial advisor.  Kurtzman Carson Consultants LLC serves as
claims and notice agent.


LIGHTSQUARED INC: Judge Says Ergen Didn't Mediate in Good Faith
---------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that U.S. Bankruptcy Judge Robert Drain, who presides over
a court-ordered mediation in the Chapter 11 case of LightSquared
Inc., said that Charles Ergen and his company SP Special
Opportunities, LLC, a secured creditor of the communications
system developer, "have not participated in the mediation in good
faith and have wasted the parties' and the mediator's time."

According to Bloomberg, Judge Drain said in his report that Ergen
left the June 23 mediation session "without my permission,"
although Ergen's attorney remained.  Judge Drain reported in a
court filing on June 23 that the parties aside for Ergen agreed on
"key business terms" of a plan which Judge Drain believes can be
confirmed, or approved by the parties and Chapman, without support
from Ergen, the report related.

                     About LightSquared Inc.

LightSquared Inc. and 19 of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No. 12-12080) on
May 14, 2012, to resolve regulatory issues that have prevented it
from building its coast-to-coast integrated satellite 4G wireless
network.

LightSquared had invested more than $4 billion to deploy an
integrated satellite-terrestrial network.  In February 2012,
however, the U.S. Federal Communications Commission told
LightSquared the agency would revoke a license to build out the
network as it would interfere with global positioning systems used
by the military and various industries.  In March 2012, the
Company's partner, Sprint, canceled a master services agreement.
LightSquared's lenders deemed the termination of the Sprint
agreement would trigger cross-defaults under LightSquared's
prepetition credit agreements.

LightSquared and its prepetition lenders attempted to negotiate a
global restructuring that would provide LightSquared with
liquidity and runway necessary to resolve its issues with the FCC.
Despite working diligently and in good faith, however,
LightSquared and the lenders were not able to consummate a global
restructuring on terms acceptable to all interested parties.

Lawyers at Milbank, Tweed, Hadley & McCloy LLP serve as counsel to
the Debtors.  Alvarez & Marsal North America, LLC, is the
financial advisor.  Kurtzman Carson Consultants LLC serves as
claims and notice agent.


LUXLAS FUND: Moody's Affirms 'B2' Term Loan Rating After Add-On
---------------------------------------------------------------
Moody's Investors Service affirmed the B1 Corporate Family Rating
and B1-PD Probability of Default Rating of Luxlas Fund Limited
Partnership (d.b.a. Clement Pappas and Company or "CPC"), a
subsidiary of Canadian parent Lassonde Industries, Inc.

At the same time, Moody's affirmed the B2 rating on the company's
upsized $230 million senior secured term loan due 2017. The rating
outlook is maintained at stable. Luxlas will increase its existing
term loan, which is currently estimated to have $155 million
outstanding, by $75 million via an accordion feature. The term
loan together with $5 million of ABL borrowings and $75 million of
equity from the parent will be used to acquire Apple & Eve (A&E),
a US branded juice manufacturer, for $150 million plus fees and
expenses.

Moody's views the acquisition of A&E favorably because it will
enhance CPC's size, improve its pricing power with retailers
through A&E's well-established branded juice offerings, and
broaden its scale on the purchasing front, primarily for key input
apple juice concentrate.

According to Moody's Analyst Brian Silver, "post-transaction the
company remains small and before considering upward rating
pressure Moody's  would need to see a more significant increase in
the company's size and better top-line growth, smooth integration
of A&E, and leverage to come down and be sustained at lower levels
for a few quarters".

The following ratings have been affirmed (with point estimate
changes) subject to the review of final documentation:

B1 Corporate Family Rating;

B1-PD Probability of Default Rating; and

$230 million senior secured term loan (including $75 million add-
on) due 2017 at B2 (LGD4, 58%) from B2 (LGD4, 60%).

The outlook is maintained at stable

Ratings Rationale

The B1 Corporate Family Rating reflects CPC's relatively small
size in terms of revenues, top-line growth challenges, moderate
leverage at approximately 3.7 times (Moody's adjusted at March 29,
2014), and material exposure to apple concentrate and cranberry
price fluctuations. At the same time, the rating also considers
the company's favorable track record of debt repayment via free
cash flow and strong position in the roughly $1 billion niche US
private label shelf stable juice and non-CSD beverage category
dominated by two players, CPC and Cliffstar (owned by Cott
Corporation).

CPC's credit profile is strengthened by its longstanding and well-
diversified customer base, which is enhanced by the acquisition of
Apple & Eve (A&E). A&E also increases the company's scale and
purchasing power while strengthening its pricing power at retail
due to the branded nature of A&E's offerings. Although CPC lacks
category diversification, Moody's  believe limited competition in
the private label space creates a somewhat rational competitive
environment. The rating anticipates that free cash flow will
largely be directed toward debt reduction over the next twelve to
eighteen months, that there will be limited integration issues
associated with the acquisition of A&E, and that CPC will remain
conservative with respect to its financial policies.

The stable outlook reflects Moody's expectation that the company
will achieve moderate top line and EBITDA growth largely driven by
volume increases, partially offset by ongoing pricing pressure.
Further, the outlook anticipates that credit metrics will improve
as free cash flow is allocated to debt reduction over the next
twelve to eighteen months, which should result in leverage
trending below 3.0 times.

An upgrade is not anticipated until CPC increases its size
materially while continuing to maintain conservative financial
policies. Moody's would expect debt-to-EBITDA to be sustained
below 3.5 times for several quarters prior to considering a change
in the outlook and/or positive rating action. In addition, weak
top-line growth continues to be viewed as a limiting factor to
near-term ratings momentum. Alternatively, although not expected
in the near term, a meaningful deterioration in the company's
earnings, in its ability to generate cash or in its liquidity
profile could have negative rating implications. Given CPC's size
and limited category diversification, Moody's  would likely lower
the ratings if leverage were sustained above 5.0 times for several
quarters.

The principal methodology used in this rating was the Global Soft
Beverage Industry published in May 2013. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.

Luxlas Fund Limited Partnership is the borrowing entity for
subsidiary Clement Pappas and Company, Inc. (CPC), both of which
are subsidiaries of ultimate Canadian parent Lassonde Industries
(TSX: LAS.A). Clement Pappas and Company, Inc. (CPC) is primarily
a leading manufacturer and supplier of private label, shelf-stable
juices in the US. The company produces fruit juices, fruit drinks,
organic juices and cranberry sauces. CPC sells its product through
grocery, mass merchant, club, dollar, drug, natural and
foodservice channels while also performing co-packing services.
CPC was acquired by Lassonde Industries Inc. (TSX: LAS.A), the
Pappas family and the Lassonde Family for approximately $400
million in August 2011. In July 2014 CPC announced the proposed
acquisition of Apple & Eve (A&E), an independent branded juice
company in the US for approximately $150 million. Pro-forma for
the elimination of A&E net of sales to CPC for co-packing
arrangements, revenues for the combined CPC and A&E entities were
in excess of $580 million for the twelve months ended March 29,
2014.


LUXLAS FUND: S&P Affirms 'BB-' Term Loan Rating After $75MM Add-on
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' issue-level
rating on Quebec-based Luxlas Fund Limited Partnership's senior
secured term loan due 2017 following the add-on of $75 million.
The '3' recovery rating, which is unchanged, reflects S&P's
expectation for meaningful (50% to 70%) recovery in the event of a
payment default.  Proceeds, along with an equity contribution from
its ultimate parent, Lassonde Industries (unrated), and from its
minority owner, 3346625 Canada Inc., will fund the recently
announced acquisition of Apple & Eve, a U.S.-based branded juice
company.

The rating on Luxlas includes S&P's assessment that Luxlas is
"core" to its ultimate parent, Lassonde, as per S&P's group rating
methodology.  S&P assess the group credit profile (Consolidated
Lassonde) as 'bb-'.  In accordance with S&P's group rating
methodology, the corporate credit rating of a core entity is
generally at the group credit profile level.

S&P's assessment of the business risk profile is "fair" and
financial risk profile is "intermediate."  S&P's intermediate
financial risk profile reflects the group's credit metrics
(including S&P's adjustments) that S&P believes is currently
consistent with indicative measures for that descriptor.  This
includes funds from operations to debt in the 30% to 45% range and
leverage of 2x to 3x.

A negative comparable rating analysis had a one-notch negative
adjustment to the stand-alone credit profile.  This reflects S&P's
view the credit ratios will be on the weak end of the
"intermediate" ratio ranges.  Other modifiers had no impact on the
rating outcome.

Key credit factors in our "weak" business risk profile assessment
include the company's narrow business and geographic focus, its
participation in the mature, low-growth, and concentrated North
American branded and private-label juice and drink markets, and
its exposure to volatile commodity costs, as well as to negative
publicity in the category.

Ratings List

Luxlas Fund Limited Partnership
Corporate Credit Rating              BB-/Stable/--

Issue Ratings Affirmed; Recovery Ratings Unchanged

Luxlas Fund Limited Partnership
Senior secured
  $305 mil. term loan due 2017        BB-
   Recovery Rating                    3


LYONDELL CHEMICAL: D&Os Clinch Key Holdings In Excess Coverage Row
------------------------------------------------------------------
Law360 reported that a New York state judge has rejected four
insurers' efforts to apply an interrelated acts provision in a
dispute over excess coverage for an adversary proceeding in
bankruptcy court targeting Lyondell Chemical Co.'s former
directors and officers over the company's acquisition by Basell AF
SCA.  According to the report, the court was not swayed by the
insurers' argument that more policyholder-friendly language
adopted in 2009 doesn't apply to coverage for the adversary
proceeding because the underlying case was related to a
shareholder class action launched in 2007 -- well before the new
language was adopted.

The case is American Casualty Co. of Reading, Pa. et al. v. Morris
Gelb et al., case number 653280-2011, in the Supreme Court of New
York, New York County.

                       About Lyondell Chemical

LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies.  Luxembourg-based Basell AF
and Lyondell Chemical Company merged operations in 2007 to form
LyondellBasell Industries, the world's third largest independent
chemical company.  LyondellBasell became saddled with debt as
part of the US$12.7 billion merger.  Len Blavatnik's Access
Industries owned the Company prior to its bankruptcy filing.

On Jan. 6, 2009, LyondellBasell Industries' U.S. operations,
led by Lyondell Chemical Co., and one of its European holding
companies -- Basell Germany Holdings GmbH -- filed voluntary
petitions to reorganize under Chapter 11 of the U.S. Bankruptcy
Code to facilitate a restructuring of the company's debts.  The
case is In re Lyondell Chemical Company, et al., Bankr. S.D.N.Y.
Lead Case No. 09-10023).  Seventy-nine Lyondell entities filed
for Chapter 11.  Luxembourg-based LyondellBasell Industries AF
S.C.A. and another affiliate were voluntarily added to Lyondell
Chemical's reorganization filing under Chapter 11 protection on
April 24, 2009.

Deryck A. Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in
New York, served as the Debtors' bankruptcy counsel.  Evercore
Partners served as financial advisors, and Alix Partners and its
subsidiary AP Services LLC, served as restructuring advisors.
AlixPartners' Kevin M. McShea acted as the Debtors' Chief
Restructuring Officer.  Clifford Chance LLP served as
restructuring advisors to the European entities.

LyondellBasell emerged from Chapter 11 bankruptcy protection in
May 2010, with a plan that provides the Company with US$3 billion
of opening liquidity.  A new parent company, LyondellBasell
Industries N.V., incorporated in the Netherlands, is the
successor of the former parent company, LyondellBasell Industries
AF S.C.A., a Luxembourg company that is no longer part of
LyondellBasell.  LyondellBasell Industries N.V. owns and operates
substantially the same businesses as the previous parent company,
including subsidiaries that were not involved in the bankruptcy
cases.  LyondellBasell's corporate seat is Rotterdam,
Netherlands, with administrative offices in Houston and
Rotterdam.


MACLELLAN PARTNERS: Case Summary & 8 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Maclellan Partners, LLC
        219 Boulevard NE
        Gainesville, GA 30501

Case No.: 14-12913

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: July 7, 2014

Court: United States Bankruptcy Court
       Eastern District of Tennessee (Chattanooga)

Judge: Hon. John C. Cook

Debtor's Counsel: Justin M. Sveadas, Esq.
                  BAKER, DONELSON, BEARMAN ET AL.
                  1800 Republic Centre
                  633 Chestnut Street
                  Chattanooga, TN 37450
                  Tel: (423) 209-4184
                  Email: jsveadas@bakerdonelson.com

Total Assets: $4.35 million

Total Liabilities: $2.87 million

The petition was signed by Bentley J. Parker, member.

A list of the Debtor's eight largest unsecured creditors is
available for free at http://bankrupt.com/misc/tneb14-12913.pdf


MD AMERICA ENERGY: Moody's Gives Caa2 CFR, Rates $525MM Loan Caa2
-----------------------------------------------------------------
Moody's Investors Service assigned first time ratings to MD
America Energy, LLC (MD America), including a Caa2 Corporate
Family Rating (CFR) and a Caa2 rating to its proposed $525 million
senior secured term loan due 2019. Moody's also assigned a SGL-3
Speculative Grade Liquidity Rating to MD America. The proceeds
from the proposed term loan will be used to repay revolver
drawings, repay its existing senior secured and PIK notes and to
add cash to the balance sheet for general corporate purposes. The
rating outlook is positive.

"MD America's ratings are constrained by its small size and
limited drilling inventory, as well as execution risk related to
its need to do acquisitions," commented Gretchen French, Moody's
Vice President. "These risks offset the benefits of the company's
high unleveraged cash margins and the financial sponsorship of its
Chinese-based parent company, Meidu."

Rating Assignments:

$525 Million Secured Term Loan due in 2019, Rated Caa2
(LGD 3, 49%)

Corporate Family Rating of Caa2

Probability of Default Rating of Caa2-PD

Speculative Grade Liquidity Rating of SGL-3

Ratings Rationale

MD America's Caa2 Corporate Family Rating (CFR) reflects its small
scale, with geographic concentration in east Texas and a limited
drilling inventory. The company's short drilling inventory
necessitates the need for acquisitions in order for it to offset
production declines anticipated by the fourth quarter of 2015.
Acquisition risk, in turn, creates ongoing event risk at the
company, with attendant execution and financing risks. These risks
factors are elevated when considering the company's limited
operating history and high initial financial leverage in terms of
debt/production and debt/proved developed reserves.

The CFR is supported by MD America's relatively high liquids
exposure of its production profile, which has supported strong
unleveraged cash margins, the operator status for most of its
property base, the improving results the company has exhibited on
its drilling program, and the financial sponsorship of its China-
based owner, Meidu Holding Co., Ltd. (Meidu). Meidu has
contributed $297 million in equity to MD America to date. In
addition, Meidu has committed a further $288 million in equity to
the company, which the company expects to receive in the third
quarter of 2014. This additional equity will be used for MD
America's growth capital spending and could be a source of funding
for potential acquisitions.

The Caa2 rating on the proposed $525 million term loan reflects
both the overall probability of default of the company, to which
Moody's assigns a Probability of Default Rating of Caa2-PD, and a
Loss Given Default of LGD 3 (24%). The proposed term loan will be
guaranteed by all domestic subsidiaries of MD America and its
immediate parent company, MD America Holdings, LLC. The term loan
will be secured by essentially all the assets of the company and
guarantors, but with a priority first lien carve-out for a future
first lien revolving credit facility the greater of $75 million or
a conforming borrowing base provided by traditional lenders. MD
America's pro forma capital structure does not include a senior
secured revolving credit facility, and therefore, the proposed
term loan is rated the same as the CFR under Moody's Loss Given
Default Methodology. If MD America were to put in place a $75
million revolver, it is not expected to impact the notching of the
term loan relative to the CFR, as the term loan would continue to
comprise the majority of MD America's capital structure. However,
if the company's credit facility were to become substantially
larger relative to the term loan, there could be downward notching
pressure on the term loan's rating.

MD America's SGL-3 Speculative Grade Liquidity Rating reflects an
adequate liquidity profile through mid-2015. Liquidity is deemed
adequate in order to maintain current production levels, based on
cash on the balance sheet ($75 million, pro forma for the term
loan), a manageable proposed financial covenant of the term loan
(minimum senior secured coverage of at least 1.25x of the PV-10
value at December 31, 2014, but stepping up to 1.5x as of June 30,
2015 and thereafter), and a supportive oil price environment and
the high margin oil production of the company. However,
alternative liquidity is weak and inadequate in order to support
the company's production growth targets. MD America has a heavy
$409 million capital drilling program for 2014, which is expected
to outstrip operating cash flow by $206 million in 2014. The
company has no revolving credit facility, with the only available
source of liquidity outside of its cash balances being future
potential equity contributions by its parent company Meidu. In
absence of equity funding from Meidu, MD America would need to cut
back its drilling program severely, hampering its production
growth prospects.

The positive rating outlook is based on Moody's  expectation that
MD America will raise adequate financing through equity
sponsorship from its parent company and execute on its development
plans in Woodbine formation, which would result in higher
production levels and lower leverage on debt/production from
current high values, and provide additional capital to fund
potential acquisitions.

Moody's could upgrade the ratings if the company is able to raise
adequate equity financing from its parent and deepen its drilling
inventory while maintaining improving financial leverage
(debt/average daily production less than $40,000 barrels of oil
equivalent per day).

Moody's could downgrade the ratings if there is a significant
deterioration in liquidity or if the company is not able to
execute on its development plans.

The principal methodology used in this rating was the Global
Independent Exploration and Production Industry 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.

MD America Energy, LLC is an independent oil and gas exploration
and production company headquartered in Fort Worth, Texas. The
company is a wholly-owned subsidiary of Meidu Holding Co., Ltd., a
public real estate and energy company listed on the Shanghai Stock
Exchange and headquartered in Hangzhou, China.


METRORIVERSIDE LLC: Access to Cash Collateral to Expire July 10
---------------------------------------------------------------
MetroRiverside, LLC, interim authority to use $390,901 of cash
collateral is slated to expire July 10, 2014, absent an extension.

Pursuant to the Bankruptcy Court's interim Cash Collateral order,
as adequate protection from any diminution in value of the
lender's collateral, the Debtor will grant City of Riverside
replacement liens against postpetition assets of the same nature,
extent, priority and validity as its prepetition liens.

As reported in the Troubled Company Reporter on June 20, 2014, the
Debtor sought to use cash collateral in the ordinary course of
business consistent with a budget for the months of June 2014
through September 2014.  For approximately three to four weeks
pending the final hearing on the request, the Debtor seeks to pay
ordinary expenses up to $390,901 per month, with a variance of
plus or minus $19,030 (less than 5%).

The City of Riverside, as successor agency to the former
Redevelopment Agency of the City, holds liens against the Debtor's
real and personal property in the estimated claim amount of
$20.6 million.

The Debtor sought to use cash collateral pending the earlier of
(1) Sept. 1, 2014, or (2) the effective date of a chapter 11 plan,
dismissal or conversion of the within case, appointment of a
trustee, sale of substantially all assets, abandonment of
substantially all assets, entry of an order granting of relief
from the automatic stay to foreclose a lien against substantially
all assets or further order of this Court, as the case may be.

The Debtor is represented by:

         Iain A. Macdonald, Esq.
         Reno F.R. Fernandez III, Esq.
         Matthew J. Olson, Esq.
         Roxanne Bahadurji, Esq.
         MACDONALD | FERNANDEZ LLP
         221 Sansome Street, Third Floor
         San Francisco, CA 94104
         Tel: (415) 362-0449
         Fax: (415) 394-5544

                    About MetroRiverside, LLC

MetroRiverside, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. N.D. Calif. Case No. 14-30901) on June 12, 2014.  The
petition was signed by Siavash Barmand as manager.  The Debtor
disclosed total assets of $18.79 million and total liabilities of
$21.80 million.  MacDonald Fernandez LLP serves as the Debtor's
counsel.  Judge Dennis Montali oversees the case.

The Debtor operates a Hyatt Place hotel, franchised from Hyatt
Place Franchising LLC.  The Hotel is located at 3500 Market
Street, Riverside, California.


MOMENTIVE PERFORMANCE: Plan Ruling Expected by September
--------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that U.S. Bankruptcy Judge Robert D. Drain has formally
approved the disclosure statement explaining Momentive Performance
Inc.'s plan of reorganization and indicated that he expects to
rule on the plan by mid-September.

According to the report, Judge Drain said the confirmation hearing
to approve the plan will run from Aug. 18 to Aug. 22, with one day
off.  At the same time, Judge Drain will hear evidence and
argument on three lawsuits to determine the pecking order among
noteholders, the report related.

The $635 million in 9 percent second-lien notes due 2021 traded at
10:41 a.m. New York time on June 27 for 83 cents on the dollar,
according to Trace, the Bloomberg report said, citing bond-price
reporting system of the Financial Industry Regulatory Authority.
The senior subordinated notes traded at 12:38 a.m. on June 27 for
28.784 cents on the dollar, according to Trace, the report
related.

                   About Momentive Performance

Momentive Performance is one of the world's largest producers of
silicones and silicone derivatives, and is a global leader in the
development and manufacture of products derived from quartz and
specialty ceramics.  Momentive has a 70-year history, with its
origins as the Advanced Materials business of General Electric
Company.  In 2006, investment funds affiliated with Apollo Global
Management, LLC, acquired the company from GE.

As of Dec. 31, 2013, the Company had 4,500 employees worldwide, of
which 46% of the Company's employees are members of a labor union
or are represented by workers' councils that have collective
bargaining agreements.

Momentive Performance Materials Inc., Momentive Performance
Materials Holdings Inc., and their affiliates sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 14-22503) on April 14,
2014, with a deal with noteholders on a balance-sheet
restructuring.

As of Dec. 31, 2013, the Debtors had $4.114 billion of
consolidated outstanding indebtedness, including payments due
within the next 12 months and short-term borrowings.  The Debtors
said that the restructuring will eliminate $3 billion in debt.

The Debtors have tapped Willkie Farr & Gallagher LLP as bankruptcy
counsel with regard to the filing and prosecution of these chapter
11 cases; Sidley Austin LLP as special litigation counsel; Moelis
& Company LLC as financial advisor and investment banker;
AlixPartners, LLP as restructuring advisor; PricewaterhouseCoopers
as auditor; and Crowe Horwath LLP as benefit plan auditor.
Kurtzman Carson Consultants LLC is the notice and claims agent.

The U.S. Trustee for Region 2 appointed seven members to serve on
the Official Committee of Unsecured Creditors of the Debtors'
cases.   Klee, Tuchin, Bogdanoff & Stern LLP serves as its
counsel.  FTI Consulting, Inc., serves as its financial advisor.
Rust Consulting Omni Bankruptcy serves as its information agent.


NATIONAL HERITAGE: 4th Circ. Says 3rd-Party Release Won't Fly
-------------------------------------------------------------
Law360 reported that the Fourth Circuit affirmed a lower court's
finding that a provision of National Heritage Foundation Inc.'s
Chapter 11 reorganization plan releasing certain third parties
from liability is unenforceable, saying the foundation failed to
meet its burden to show that the release is justified.   According
to Law360, a three-judge panel upheld a ruling by U.S. District
Judge Anthony J. Trenga, which affirmed a bankruptcy court
decision declaring the nondebtor release unenforceable. The
release prevented potential claimants from asserting claims
against NHF and certain officers and directors, as well as the
official committee of unsecured creditors.

Bill Rochelle, the bankruptcy columnist for Bloomberg News, said
the opinion would bar the currently popular practice in Delaware
and New York of handing out so-called third-party release in
tandem with Chapter 11 reorganization plans.  To decide if a
third-party release can be included in a plan, the Fourth Circuit
said it follows a 2002 decision by the U.S. Court of Appeals in
Cincinnati in a case called Dow Corning.

The case if National Heritage Foundation Inc. v. Highbourne
Foundation et al., case number 13-1608, in the U.S. Court of
Appeals for the Fourth Circuit.

                 About National Heritage Foundation

Falls Church, Virginia-based National Heritage Foundation, Inc. --
http://www.nhf.org/-- is a non-profit tax-exempt charitable
institution.  The Company filed for Chapter 11 bankruptcy
protection (Bankr. E.D. Va. Case No. 09-10525) on Jan. 24, 2009.
Alan Michael Noskow, Esq., at Patton Boggs LLP, assisted the
Company in its restructuring effort.  The Company estimated more
than $100 million in assets and $1 million to $100 million in
debts.

The Bankruptcy Court entered an Order confirming the Debtor's
Fourth Amended and Restated Plan of Reorganization on Oct. 16,
2009.


NEW DESIGNS: S&P Lowers on Revenue Bonds Rating to 'BB+'
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating to 'BB+'
from 'BBB-' on California School Finance Authority's series 2012A,
2012B, and 2012C educational facilities revenue bonds issued for
New Designs Charter School (NDCS).  In addition, S&P assigned its
'BB+' rating to the authority's series 2014A and taxable series
2014B educational facility revenue bonds, also issued for New
Designs Charter School for its Watts Campus Project.  The outlook
is stable.

"The revised, 'BB+' rating reflects NDCS' historic variability and
weak liquidity over the past three years," said Standard & Poor's
credit analyst Debra Boyd.  "It also reflects the issuance of
additional debt, which increases the maximum annual debt service
burden to 19.5% of fiscal 2013 expenditures or 23% including
expected 2016 lease payments in fiscal 2013," added Ms. Boyd.

The stable outlook reflects S&P's view of New Design's
consistently positive operating performance on a consolidated
basis and positive historic enrollment growth.  Given the
improvement in the state's funding environment, including a
reduction in deferrals and an increase in charter school funding,
S&P expects that during the next two years, NDCS will improve its
liquidity and balance sheet metrics, continue to remain positive
on a full-accrual basis, manage its existing cost structure so as
to maintain at least 1.2x lease-adjusted maximum annual debt
service (MADS) coverage, and reduce its lease-adjusted MADS burden
as projected.


NEW ENGLAND LAND: Case Summary & 19 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: New England Land and Lumbar Corporation
        18 Butterworth Road
        Holland, MA 01521

Case No.: 14-30687

Chapter 11 Petition Date: July 7, 2014

Court: United States Bankruptcy Court
       District of Massachusetts (Springfield)

Judge: Hon. Henry J. Boroff

Debtor's Counsel: Henry E. Geberth, Jr.
                  HENDEL & COLLINS, P.C.
                  101 State Street
                  Springfield, MA 01103-2006
                  Tel: (413) 734-6411
                  Email: hgeberth@hendelcollins.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Michel J. Bergeron, president.

A list of the Debtor's 19 largest unsecured creditors is available
for free at http://bankrupt.com/misc/mab14-30687.pdf


OCEAN 4660: Ch.11 Trustee to Pay Comerica's $1.85MM Claim in Full
-----------------------------------------------------------------
The Hon. John K. Olson of the U.S. Bankruptcy Court for the
Southern District of Florida authorized on June 13, 2014, Maria M.
Yip, the Chapter 11 trustee for Ocean 4660 LLC, to pay Comerica
Bank $1,850,000 in full, complete, and final satisfaction of the
secured claim.

The court also approved the parties' settlement agreement.

As reported in the Troubled Company Reporter on June 5, 2014,
according to the Chapter 11 trustee, the Debtor owed Comerica
$14,002,108 in principal, interest, default interest, attorney's
fees and costs under the terms of a secured loan.  Comerica has
filed proof of claim 13-1 in the case.

The Chapter 11 trustee said it marketed the Debtor's property for
sale, which was eventually sold for $17.0 million.  In connection
with closing, the Chapter 11 trustee disbursed $11,941,376 to
Comerica which sum satisfied the principal amount due on the
secured loan along with other amounts advanced by Comerica to
protect and preserve its interest in the Property as allowable
under a secured loan documents.  After payment of the sums to
Comerica, as well as other claims and expenses relating to the
sale, the estate retained approximately $3.6 million in net
proceeds from the sale of the property.

The Chapter 11 trustee related it is in the process of reconciling
claims against the estate as well as investigating whether there
are any viable avoidance actions to pursue for the benefit of
the estate.  The Chapter 11 trustee seeks to compromise and pay
any and all remaining claims asserted by Comerica in this case.

The Chapter 11 trustee told the Court that it believes that one
alleged creditor, Ken Frank, may object to the settlement.

                      About Ocean 4660

Ocean 4660, LLC filed a Chapter 11 petition (Bankr. S.D. Fla. Case
No. 13-23165) in its hometown on June 2, 2013.  Rick Barreca
signed the petition as chief restructuring officer.  The Company
disclosed $15,762,871 in assets and $16,587,678 in liabilities as
of the Chapter 11 filing.

Judge John K. Olson presides over the case.  The Debtor tapped RKJ
Hotel Management, LLC, as hotel manager and RKJ's Rick Barreca as
the CRO.

The Debtor tapped Genovese Joblove & Battista, P.A. as counsel.
Irreconcilable differences prompted the firm to withdraw as
counsel in July 2013.

The Court approved the appointment of Maria Yip, of Coral Gables,
Florida, as Chapter 11 trustee.  Drew M. Dillworth, Esq., at the
law firm of Stearns Weaver Miller Weissler Alhadeff & Sitterson,
P.A. serves as his counsel.  Kerry-Ann Rin, CPA, and the
consulting firm of Yip Associates serve as financial advisor, and
accountant.

The U.S. Trustee has not appointed an official committee of
unsecured creditors.


ORMET CORP: Court Approves Sale of Mineral Rights for $22.3MM
-------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Ormet Corp. received court approval to sell mineral
rights on property it owns in Monroe County, Ohio, and Wetzel
County, West Virginia, for $22.3 million to a Magnum Hunter
Resources Corp. subsidiary.

According to Mr. Rochelle, the sale of the mineral rights to Triad
Hunter LLC without an auction was almost upset by Viper Energy
Partners LLC, which said it was interested in submitting a higher
offer.  Viper Energy ultimately declined to bid and withdrew its
objection to the private sale to Triad on the day of the approval
hearing, Mr. Rochelle said.

Meanwhile, Mr. Rochelle said U.S. Bankruptcy Judge Mary Walrath in
Delaware is waiting to decide whether she will approve Ormet's
sale of its shuttered aluminum smelter in Hannibal, Ohio,
following objections from the steelworkers union and others.
Law360 reported that Judge Walrath said she would not approve
Ormet's $25 million sale of the Hannibal plant, citing concerns
about waived pension liability for the former and a rival suitor
for the latter.  Judge Walrath, according to Law360, said she was
"uncomfortable" approving the sale of the defunct aluminum
company's plant to property developer Niagara Worldwide LLC after
a representative from the Steelworkers Pension Trust objected to
the transaction.

BankruptcyData said Ormet filed with the Bankruptcy Court a notice
of an extension of the bid deadline related to the sale of all or
substantially all of the Debtors' assets.

                       About Ormet Corp.

Aluminum producer Ormet Corporation, along with affiliates, filed
for Chapter 11 protection (Bankr. D. Del. Case No. 13-10334) on
Feb. 25, 2013, with a deal to sell the business to a portfolio
company owned by private investment funds managed by Wayzata
Investment Partners LLC.

Headquartered in Wheeling, West Virginia, Ormet --
http://www.ormet.com/-- is a fully integrated aluminum
manufacturer, providing primary metal, extrusion and thixotropic
billet, foil and flat rolled sheet and other products.

Ormet disclosed assets of $406.8 million and liabilities totaling
$416 million.  Secured debt of about $180 million includes $139.5
million on a secured term loan and $39.3 million on a revolving
credit.

Affiliates that separately filed Chapter 11 petitions are Ormet
Primary Aluminum Corporation; Ormet Aluminum Mill Products
Corporation; Specialty Blanks Holding Corporation; and Ormet
Railroad Corporation.

Ormet emerged from a prior bankruptcy in April 2005.  Lender
Wayzata Investment Partners LLC is among existing owners.  Others
are UBS Willow Fund LLC and Fidelity Leverage Company Stock Fund.

In the 2013 case, Ormet is represented in the case by Morris,
Nichols, Arsht & Tunnell LLP's Erin R. Fay, Esq., Robert J.
Dehney, Esq., Daniel B. Butz, Esq.; and Dinsmore & Shohl LLP's Kim
Martin Lewis, Esq., Patrick D. Burns, Esq.  Kurtzman Carson
Consultants is the claims and notice agent.  Evercore's Lloyd
Sprung and Paul Billyard serve as investment bankers to the
Debtor.

An official committee of unsecured creditors was appointed in the
case in March 2013.  The Committee is represented by Rafael X.
Zahralddin, Esq., Shelley A. Kinsella, Esq., and Jonathan M.
Stemerman, Esq., at Elliott Greenleaf; and Sharon Levine, Esq., S.
Jason Teele, Esq., and Cassandra M. Porter, Esq., at Lowenstein
Sandler LLP.

In October 2013, the U.S. Trustee filed papers saying the
bankruptcy instead should be converted to a liquidation in
Chapter 7.  The U.S. Trustee said there is no budget and no
financing for a wind-down in Chapter 11.

In November 2013, the Bankruptcy Court approved on an interim
basis Ormet's motion for (a) an interim plan to wind down the
Debtors' businesses and protections for certain employees
implementing the wind down, (b) authorizing the Debtors to modify
employee benefit plans consistent with the wind down plan, and (c)
authorizing the Debtors to take any and all actions necessary to
implement the wind down plan.

In December 2013, Ormet completed a previously approved sale of
its alumina smelter in Burnside, Louisiana, to Almatis Inc. for
$39.4 million.  There was no auction.  Completion of a court-
approved sale of the business to lender and part owner Wayzata
Investment Partners LLC became impossible when Ohio utility
regulators refused in October to grant reductions in electricity
prices. Wayzata would have acquired the business largely in
exchange for debt.

Ormet also has sold 32,000 metric tons of alumina for $8.4 million
to Glencore AG, and its rights and interests in and to 17,086 MT
baked carbon anodes, located at the Debtors' Hannibal, Ohio
location, and its rights and interest in and to 34,755 MT baked
carbon anodes, located in a storage in Baltimore, Maryland, to
Alcoa Materials Management, Inc.

In 2014, the Bankruptcy Court issued several interim orders
related to the wind-down plan.  Those orders authorize the Debtors
to make payments through a certain date, as part of implementing
the wind-down plan.


OVERSEAS SHIPHOLDING: Court Approves Amendment to MEBA CBA
----------------------------------------------------------
The Bankruptcy Court entered an order authorizing Overseas
Shipholding Group, Inc., et al., to (i) enter into an amendment to
the Jan. 4, 2012 memorandum of understanding modifying the
collective bargaining agreement between the District No. 1 -
Pacific Coast District, Marine Engineers Union and the Debtors;
and (ii) assume and perform their obligations under the MEBA CBA,
as amended.

Pursuant to the MEBA Amendment, the Debtors are authorized to pay
the pension contribution with retroactive effect to June 1, 2014.

The MEBA Amendment also provides that there is no monetary or non-
monetary cure or compensation owed by the Debtors in connection
with the assumption of the MEBA CBA.  Moreover, no adequate
assurance of future performance is required as a condition to or
in connection with the assumption of the MEBA CBA.

The Debtors related that the Amendment will provide MEBA tanker
engineers with an annual pension contribution -- calculated for
each MEBA Engineer as 50% of the amount that such MEBA Engineer
currently contributes to his or her MEBA-provided pension plan.

The practical effect of the Pension Contribution will be to reduce
the amount of pension plan contributions that each MEBA Engineer
is responsible for, thus effecting a net increase in the
engineers' take-home wages.  The Debtors anticipate that the
Pension Contribution will entail a cost of approximately $179 per
tanker per day, or an annual cost of approximately $900,000.

Pursuant to the MEBA Amendment, in exchange for the Pension
Contribution, MEBA has committed to fill OSG's open tanker
engineer positions.  Thus, in exchange for a modest payment, the
Debtors will reaffirm their ability to fill U.S. Flag tanker
engineer positions with top-grade engineers, ensuring that they
can maintain the high caliber of engineer service that has been
crucial to their past success in the U.S. Flag and Jones Act
business segments and bolstering their prospects for a successful
emergence.

                    About Overseas Shipholding

Overseas Shipholding Group, Inc. (OTC: OSGIQ), headquartered in
New York, is one of the largest publicly traded tanker companies
in the world, engaged primarily in the ocean transportation of
crude oil and petroleum products.  OSG owns or operates 111
vessels that transport oil and petroleum products throughout the
world.

Overseas Shipholding Group and 180 affiliates filed voluntary
Chapter 11 petitions (Bankr. D. Del. Lead Case No. 12-20000) on
Nov. 14, 2012, disclosing $4.15 billion in assets and $2.67
billion in liabilities.  Greylock Partners LLC Chief Executive
John Ray serves as chief reorganization officer.  James L.
Bromley, Esq., and Luke A. Barefoot, Esq., at Cleary Gottlieb
Steen & Hamilton LLP serve as OSG's Chapter 11 counsel.  Derek C.
Abbott, Esq., Daniel B. Butz, Esq., and William M. Alleman, Jr.,
at Morris, Nichols, Arsht & Tunnell LLP, serve as local counsel.
Chilmark Partners LLC serves as financial adviser.  Kurtzman
Carson Consultants LLC is the claims and notice agent.

The Export-Import Bank of China, owed $312 million used for the
construction of five tankers, is represented by Louis R. Strubeck,
Jr., Esq., and Kristian W. Gluck, Esq., at Fulbright & Jaworski
LLP in Dallas; David L. Barrack, Esq., and Beret Flom, Esq., at
Fulbright & Jaworski in New York; and John Knight, Esq., and
Christopher Samis, Esq., at Richards Layton & Finger PA.  Chilmark
Partners, LLC serves as financial and restructuring advisor.

Akin Gump Strauss Hauer & Feld LLP, and Pepper Hamilton LLP, serve
as co-counsel to the official committee of unsecured creditors.
FTI Consulting, Inc., is the financial advisor and Houlihan Lokey
Capital, Inc., is the investment banker.

U.S. Bank National Association is the successor administrative
agent under the $1.5 billion credit agreement, dated as of
February 9, 2006 by and among (a) OSG, OSG Bulk Ships, Inc., and
OSG International, Inc., as joint and several borrowers, (b) the
Administrative Agent and (c) various lenders party thereto.
Counsel to the Administrative Agent are Milbank, Tweed, Hadley &
McCloy LLP; Holland & Knight LLP; and Drinker Biddle & Reath LLP.
Lazard Freres & Co. LLC serves as advisor to the Administrative
Agent.

An official committee of Equity Security Holders has been
appointed in the case.  It is represented by Brown Rudnick LLP's
Steven D. Pohl, Esq., James W. Stoll, Esq. and Jesse N. Garfinkle,
Esq.; Fox Rothschild LLP's Jeffrey M. Schlerf, Esq., John H.
Strock, Esq. and L. John Bird, Esq.

                           *     *     *

In May 2014, the Debtors won Bankruptcy Court approval of the
disclosure statement explaining their amended plan of
reorganization that effectuates the terms of an alternative plan
received from the parties under an Equity Commitment Agreement.
Those parties include certain holders of existing equity interests
of the Company representing approximately 30% of the existing
common stock of OSG.

The plan confirmation hearing is on July 18, 2014, at 9:30 a.m.,
prevailing Eastern Time.  Confirmation objections are due July 11.


OVERSEAS SHIPHOLDING: Solicitation Period Extended to July 14
-------------------------------------------------------------
The Hon. Peter J. Walsh of the U.S. Bankruptcy Court for the
District of Delaware, in a fifth order, extended until July 14,
2014, Overseas Shipholding Group, Inc., et al.'s time to solicit
acceptances for a plan of reorganization.

As reported in the Troubled Company Reporter on June 20, 2014,
Daniel B. Butz, Esq., at Morris, Nichols, Arsht & Tunnell LLP, in
Wilmington, Delaware, related that the Debtors are poised to
confirm their reorganization plan, which generally provides for
the payment of all allowed unsecured claims in full, the
reinstatement of certain unsecured notes, and a substantial return
to holders of common stock. The plan represents the culmination of
months of work to ensure the highest possible value for
stakeholders.

On May 28, 2014, the Court set forth procedures that govern the
solicitation of Plan votes.  Creditors and interest holders were
given until July 7 to return completed ballots and rights offering
solicitation materials.

However, the exclusive solicitation period was set to expire June
30, 2014.  Overseas Shipholding requested a final extension of the
exclusive solicitation period by two weeks to allow the
solicitation of Plan votes to continue uninterrupted.

Mr. Butz pointed out that if extension is not granted, it would
only serve to distract Overseas Shipholding and their
professionals and sow potential confusion among creditors and
stakeholders at the most crucial phase of these cases.

                    About Overseas Shipholding

Overseas Shipholding Group, Inc. (OTC: OSGIQ), headquartered in
New York, is one of the largest publicly traded tanker companies
in the world, engaged primarily in the ocean transportation of
crude oil and petroleum products.  OSG owns or operates 111
vessels that transport oil and petroleum products throughout the
world.

Overseas Shipholding Group and 180 affiliates filed voluntary
Chapter 11 petitions (Bankr. D. Del. Lead Case No. 12-20000) on
Nov. 14, 2012, disclosing $4.15 billion in assets and $2.67
billion in liabilities.  Greylock Partners LLC Chief Executive
John Ray serves as chief reorganization officer.  James L.
Bromley, Esq., and Luke A. Barefoot, Esq., at Cleary Gottlieb
Steen & Hamilton LLP serve as OSG's Chapter 11 counsel.  Derek C.
Abbott, Esq., Daniel B. Butz, Esq., and William M. Alleman, Jr.,
at Morris, Nichols, Arsht & Tunnell LLP, serve as local counsel.
Chilmark Partners LLC serves as financial adviser.  Kurtzman
Carson Consultants LLC is the claims and notice agent.

The Export-Import Bank of China, owed $312 million used for the
construction of five tankers, is represented by Louis R. Strubeck,
Jr., Esq., and Kristian W. Gluck, Esq., at Fulbright & Jaworski
LLP in Dallas; David L. Barrack, Esq., and Beret Flom, Esq., at
Fulbright & Jaworski in New York; and John Knight, Esq., and
Christopher Samis, Esq., at Richards Layton & Finger PA.  Chilmark
Partners, LLC serves as financial and restructuring advisor.

Akin Gump Strauss Hauer & Feld LLP, and Pepper Hamilton LLP, serve
as co-counsel to the official committee of unsecured creditors.
FTI Consulting, Inc., is the financial advisor and Houlihan Lokey
Capital, Inc., is the investment banker.

U.S. Bank National Association is the successor administrative
agent under the $1.5 billion credit agreement, dated as of
February 9, 2006 by and among (a) OSG, OSG Bulk Ships, Inc., and
OSG International, Inc., as joint and several borrowers, (b) the
Administrative Agent and (c) various lenders party thereto.
Counsel to the Administrative Agent are Milbank, Tweed, Hadley &
McCloy LLP; Holland & Knight LLP; and Drinker Biddle & Reath LLP.
Lazard Freres & Co. LLC serves as advisor to the Administrative
Agent.

An official committee of Equity Security Holders has been
appointed in the case.  It is represented by Brown Rudnick LLP's
Steven D. Pohl, Esq., James W. Stoll, Esq. and Jesse N. Garfinkle,
Esq.; Fox Rothschild LLP's Jeffrey M. Schlerf, Esq., John H.
Strock, Esq. and L. John Bird, Esq.

                           *     *     *

In May 2014, the Debtors won Bankruptcy Court approval of the
disclosure statement explaining their amended plan of
reorganization that effectuates the terms of an alternative plan
received from the parties under an Equity Commitment Agreement.
Those parties include certain holders of existing equity interests
of the Company representing approximately 30% of the existing
common stock of OSG.

The plan confirmation hearing is on July 18, 2014, at 9:30 a.m.,
prevailing Eastern Time.  Confirmation objections are due July 11.


OVERSEAS SHIPHOLDING: Inks Additional Agreements with PWC
---------------------------------------------------------
Overseas Shipholding Group., et al., notified the Bankruptcy Court
that it entered into additional agreements in the form of a letter
agreement dated April 13, 2014, with PricewaterhouseCoopers LLP.

On March 21, 2013, the Court authorized the employment PwC as
independent auditor, accountant and tax advisor.

In accordance with the procedures set forth in the PwC retention
order, the Debtors said the additional agreement with PwC will
allow PwC to audit the financial statements of Aframax
International at Dec. 31, 2013, and for the year then ending.

A copy of the PwC agreements is available for free at:

                       http://is.gd/vvBcxP

The Debtors are represented by:

         James L. Bromley, Esq.
         Luke A. Barefoot, Esq.
         CLEARY GOTTLIEB STEEN & HAMILTON LLP
         One Liberty Plaza
         New York, NY 10006
         Tel: (212) 225-2000
         Fax: (212) 225-3999

              - and -

         William M. Alleman, Jr., Esq.
         Derek C. Abbott, Esq.
         Daniel B. Butz, Esq.
         MORRIS, NICHOLS, ARSHT & TUNNELL LLP
         1201 North Market Street
         P.O. Box 1347
         Wilmington, DE 19801
         Tel: (302) 658-9200
         Fax: (302) 658-3989

                    About Overseas Shipholding

Overseas Shipholding Group, Inc. (OTC: OSGIQ), headquartered in
New York, is one of the largest publicly traded tanker companies
in the world, engaged primarily in the ocean transportation of
crude oil and petroleum products.  OSG owns or operates 111
vessels that transport oil and petroleum products throughout the
world.

Overseas Shipholding Group and 180 affiliates filed voluntary
Chapter 11 petitions (Bankr. D. Del. Lead Case No. 12-20000) on
Nov. 14, 2012, disclosing $4.15 billion in assets and $2.67
billion in liabilities.  Greylock Partners LLC Chief Executive
John Ray serves as chief reorganization officer.  James L.
Bromley, Esq., and Luke A. Barefoot, Esq., at Cleary Gottlieb
Steen & Hamilton LLP serve as OSG's Chapter 11 counsel.  Derek C.
Abbott, Esq., Daniel B. Butz, Esq., and William M. Alleman, Jr.,
at Morris, Nichols, Arsht & Tunnell LLP, serve as local counsel.
Chilmark Partners LLC serves as financial adviser.  Kurtzman
Carson Consultants LLC is the claims and notice agent.

The Export-Import Bank of China, owed $312 million used for the
construction of five tankers, is represented by Louis R. Strubeck,
Jr., Esq., and Kristian W. Gluck, Esq., at Fulbright & Jaworski
LLP in Dallas; David L. Barrack, Esq., and Beret Flom, Esq., at
Fulbright & Jaworski in New York; and John Knight, Esq., and
Christopher Samis, Esq., at Richards Layton & Finger PA.  Chilmark
Partners, LLC serves as financial and restructuring advisor.

Akin Gump Strauss Hauer & Feld LLP, and Pepper Hamilton LLP, serve
as co-counsel to the official committee of unsecured creditors.
FTI Consulting, Inc., is the financial advisor and Houlihan Lokey
Capital, Inc., is the investment banker.

U.S. Bank National Association is the successor administrative
agent under the $1.5 billion credit agreement, dated as of
February 9, 2006 by and among (a) OSG, OSG Bulk Ships, Inc., and
OSG International, Inc., as joint and several borrowers, (b) the
Administrative Agent and (c) various lenders party thereto.
Counsel to the Administrative Agent are Milbank, Tweed, Hadley &
McCloy LLP; Holland & Knight LLP; and Drinker Biddle & Reath LLP.
Lazard Freres & Co. LLC serves as advisor to the Administrative
Agent.

An official committee of Equity Security Holders has been
appointed in the case.  It is represented by Brown Rudnick LLP's
Steven D. Pohl, Esq., James W. Stoll, Esq. and Jesse N. Garfinkle,
Esq.; Fox Rothschild LLP's Jeffrey M. Schlerf, Esq., John H.
Strock, Esq. and L. John Bird, Esq.

                           *     *     *

In May 2014, the Debtors won Bankruptcy Court approval of the
disclosure statement explaining their amended plan of
reorganization that effectuates the terms of an alternative plan
received from the parties under an Equity Commitment Agreement.
Those parties include certain holders of existing equity interests
of the Company representing approximately 30% of the existing
common stock of OSG.

The plan confirmation hearing is on July 18, 2014, at 9:30 a.m.,
prevailing Eastern Time.  Confirmation objections are due July 11.


OVERSEAS SHIPHOLDING: OSG International Files Amended Schedules
---------------------------------------------------------------
OSG International, Inc., has filed with the Bankruptcy Court
amended schedules of assets and liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                        $0
  B. Personal Property        $3,863,497,291
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                              $279,998,833
  E. Creditors Holding
     Unsecured Priority
     Claims                                                $0
  F. Creditors Holding
     Unsecured Non-Priority
     Claims                                    $3,538,165,948
                              --------------   --------------
        Total                 $3,863,497,291   $3,818,164,781

As reported in the Troubled Company Reporter OSG International
Inc. disclosed $3,863,497,291 in assets and $3,818,201,151 in
liabilities.

A copy of the schedules is available for free at:

   http://bankrupt.com/misc/OVERSEASSHIPHOLDING_3439_sal.pdf

                    About Overseas Shipholding

Overseas Shipholding Group, Inc. (OTC: OSGIQ), headquartered in
New York, is one of the largest publicly traded tanker companies
in the world, engaged primarily in the ocean transportation of
crude oil and petroleum products.  OSG owns or operates 111
vessels that transport oil and petroleum products throughout the
world.

Overseas Shipholding Group and 180 affiliates filed voluntary
Chapter 11 petitions (Bankr. D. Del. Lead Case No. 12-20000) on
Nov. 14, 2012, disclosing $4.15 billion in assets and $2.67
billion in liabilities.  Greylock Partners LLC Chief Executive
John Ray serves as chief reorganization officer.  James L.
Bromley, Esq., and Luke A. Barefoot, Esq., at Cleary Gottlieb
Steen & Hamilton LLP serve as OSG's Chapter 11 counsel.  Derek C.
Abbott, Esq., Daniel B. Butz, Esq., and William M. Alleman, Jr.,
at Morris, Nichols, Arsht & Tunnell LLP, serve as local counsel.
Chilmark Partners LLC serves as financial adviser.  Kurtzman
Carson Consultants LLC is the claims and notice agent.

The Export-Import Bank of China, owed $312 million used for the
construction of five tankers, is represented by Louis R. Strubeck,
Jr., Esq., and Kristian W. Gluck, Esq., at Fulbright & Jaworski
LLP in Dallas; David L. Barrack, Esq., and Beret Flom, Esq., at
Fulbright & Jaworski in New York; and John Knight, Esq., and
Christopher Samis, Esq., at Richards Layton & Finger PA.  Chilmark
Partners, LLC serves as financial and restructuring advisor.

Akin Gump Strauss Hauer & Feld LLP, and Pepper Hamilton LLP, serve
as co-counsel to the official committee of unsecured creditors.
FTI Consulting, Inc., is the financial advisor and Houlihan Lokey
Capital, Inc., is the investment banker.

U.S. Bank National Association is the successor administrative
agent under the $1.5 billion credit agreement, dated as of
February 9, 2006 by and among (a) OSG, OSG Bulk Ships, Inc., and
OSG International, Inc., as joint and several borrowers, (b) the
Administrative Agent and (c) various lenders party thereto.
Counsel to the Administrative Agent are Milbank, Tweed, Hadley &
McCloy LLP; Holland & Knight LLP; and Drinker Biddle & Reath LLP.
Lazard Freres & Co. LLC serves as advisor to the Administrative
Agent.

An official committee of Equity Security Holders has been
appointed in the case.  It is represented by Brown Rudnick LLP's
Steven D. Pohl, Esq., James W. Stoll, Esq. and Jesse N. Garfinkle,
Esq.; Fox Rothschild LLP's Jeffrey M. Schlerf, Esq., John H.
Strock, Esq. and L. John Bird, Esq.

                           *     *     *

In May 2014, the Debtors won Bankruptcy Court approval of the
disclosure statement explaining their amended plan of
reorganization that effectuates the terms of an alternative plan
received from the parties under an Equity Commitment Agreement.
Those parties include certain holders of existing equity interests
of the Company representing approximately 30% of the existing
common stock of OSG.

The plan confirmation hearing is on July 18, 2014, at 9:30 a.m.,
prevailing Eastern Time.  Confirmation objections are due July 11.


PHH CORPORATION: Moody's Lowers Corporate Family Rating to Ba3
--------------------------------------------------------------
Moody's Investors Service downgraded PHH Corporation's corporate
family rating (CFR) and senior unsecured debt rating to Ba3 from
Ba2 and affirmed the Not Prime short term rating. The outlook is
stable.

Ratings Rationale

The rating action follows the closing of the sale of PHH's Fleet
Management Services business, PHH Arval, to Element Financial
Corporation to Element Financial Corporation.

The sale of the Fleet Management business weakens the company's
franchise strength and results in a more concentrated monoline
business solely focused on residential mortgage banking. The
mortgage business has significant reliance on the company's
Realogy, Merrill Lynch and Morgan Stanley relationships which
account for more than 60% of origination volume. In selling the
operationally and financially more stable and more profitable
fleet business, PHH becomes a cyclical, low margin, lower
franchise strength prime mortgage banking business.

The company has indicated that it will use the sale proceeds to
invest in its mortgage banking business, de-lever its balance
sheet, and return capital to shareholders. Nonetheless, it is
likely that it will take several years before the company can
reestablish acceptable levels of profitability. This is due in
part to the low origination volumes and gain-on-sale margins that
Moody's projects over the next several years.

The company's mortgage business profitability has been constrained
by a changing business mix in which its private label clients are
electing to keep an increasing percentage of their mortgage
originations. As a result, PHH is increasingly responsible for
administering the mortgage origination and servicing process while
its clients retain the more profitable mortgage and mortgage
servicing assets. According to the company, approximately 75% of
its private label mortgage contracts, or half of its mortgage
originations, are currently unprofitable on a fully allocated
basis.

The company's ratings could be upgraded in the event that the
company's franchise strength strengthens materially as
demonstrated by achieving strong, consistent and sustainable
profitability (e.g. net income to risk weighted assets above 5%)
while maintaining its current solid capital and adequate liquidity
profile.

The company's ratings could be downgraded if its liquidity profile
weakens, its core earnings materially deteriorate or if current
regulatory reviews result in material monetary exposures or other
consequences that weaken the company's franchise value.

The principal methodology used in this rating was Finance Company
Global Rating Methodology published in March 2012.


PIONEER POINT: Administrators Wants Chapter 15 Case Closed
----------------------------------------------------------
The Bankruptcy Court will convene a hearing on July 17, 2014, at
10:00 a.m., to consider the motion to close the Chapter 15 case of
Pioneer Point Limited.  Objections, if any, are due July 10 at
4:00 p.m.

Patrick O'Sullivan and David John Dunkley, administrators for the
Debtor's estate, said that on Sept. 8, 2012, Global Design
Strategies LLC (GDS) tendered a further invoice in the sum of
GBP407,000.  The Administrators requested that GDS provide further
information in respect of the work allegedly carried out by GDS
which led to the additional fees.  As of the Date on which the
Chapter 11 case was commenced, the administrators considered it a
possibility that disputes may arise as to the amount of monies
that were due to GDS, and whether or not the sums were to be
proved as an unsecured claim in the administration or paid as an
expense of the same.

Subsequent to the entry of the recognition order dated Dec. 30,
2012, the Administrators and GDS were able resolve amicably issues
related to GDS Invoice Dispute.

With the resolution of the GDS Invoice Dispute, and no further
activity in the proceeding anticipated, the administrators believe
that the proceeding has been fully administered.

The administrators are represented by:

         Michael J. Venditto, Esq.
         Christopher A. Lynch, Esq.
         REED SMITH LLP
         599 LEXINGTON Avenue
         New York, NY 10022
         Tel: (2120 521-5400
         Fax: (212) 521-5450

As reported in the Troubled Company Reporter on Nov. 20, 2012,
administrators filed a Chapter 15 bankruptcy petition in Manhattan
(Bankr. S.D.N.Y. Case No. 12-14615) to seek recognition of the
company's administration proceeding in the United Kingdom.

Formerly known as Empire (SPV) Limited, Pioneer is the owner of a
real estate development project in Ilford, England, consisting of
two towers containing approximately 290 residential units and
several ground floor commercial units.  Pioneer breached various
obligations to Landesbank Hessen-Thuringen Gironzentrale, which
was owed GBP108.2 million as of March 2012.  After talks for a
restatement of the facility broke down, Landesbank sought
appointment of administrators under the Insolvency Act 1986 of
the United Kingdom.

The administrators, namely Trevor Patrick O'Sullivan and David
John Dunckley, both from Grant Thornton UK LLP, filed the
Chapter 15 petition with a U.S. bankruptcy court to avoid and
resolve disputes with Global Design Strategies LLC.

Pursuant to an agreement dated Sept. 8, 2010, New York-based GDS
agreed to provide certain art and design consultancy services in
connection with the development of Pioneer's properties.

The administrators are concerned that, within the context of any
future dispute with GDS, GDS may commence legal or arbitral
proceedings against Pioneer in New York pursuant to the GDS
Agreement which endows the courts of New York with exclusive
jurisdiction over any such disputes.

The administrators say that the cost of defending any legal or
arbitral proceedings in New York would be prohibitively expensive
as well as disruptive to their efforts in the U.K. proceeding to
rehabilitate Pioneer.

By granting recognition, the U.S. Bankruptcy Court would empower
the administrators to deal with any action or proceeding
commenced in the United States.


PRETTY GIRL: 27-Store Women's Wear Retailer Seeks Bankruptcy
------------------------------------------------------------
Pretty Girl, Inc., which operates 27 price-friendly stores mostly
in New York and New Jersey, filed a Chapter 11 bankruptcy petition
after an employee won a $3.36 million judgment against the
company.

For the year ended June 30, 2014, the Debtor had net sales of
$17.1 million and generated a loss from operations of $4.33
million.  As of June 30, 2014, its books and records reflect
assets totaling $10.76 million and liabilities totaling
$12.27 million.

As of June 30, 2014, the Debtor's unsecured trade debt aggregated
$4.22 million.  The Debtor's only secured creditor is JPMorgan
Chase Bank, NA, which, as of the commencement of the chapter 11
case, has an undisputed claim in the amount of $2.75 million.

The formal schedules of assets and liabilities, statement of
financial affairs and other incomplete filings are due July 16,
2014.  The Chapter 11 plan and disclosure statement are due Oct.
30, 2014.  The initial case conference is due Aug. 1, 2014.

                         Road to Bankruptcy

Albert Nigri, the owner, disclosed in a court filing that the
Debtor's business has suffered as a result of the weak economic
recovery from the recession, which has particularly affected the
buying habits of the stores' cost-conscious customers.

In addition, Mr. Nigri added that a judgment was entered against
the Debtor on June 13, 2014 by the United States District Court
for the Eastern District of New York in the amount of $3,365,000.
The judgment arose from an action by an employee of one of the
stores which sought damages based upon claims of a "hostile work
environment," assault and battery, and negligence.

The Debtor commenced its chapter 11 case to afford it a
centralized forum for the restructuring of its various
obligations.  It also did so in order to avoid possible
precipitous action by the judgment creditor, among others, which
could have resulted in an ad hoc piecemeal exercise of remedies
that would have jeopardized the Debtor's enterprise value.

The Debtor believes chapter 11 will afford it the opportunity to
propose, confirm and consummate a plan of reorganization that will
be in the best interests of its estate and all of its creditors
and ensure the Debtor's health and growth for years to come.

                         About Pretty Girl

Pretty Girl, Inc., which was founded in 1985, manages 27
individually incorporated and operated retail stores that sell
fashionable junior, missy, and plus-size clothing, accessories,
and footwear to price-conscious women.  Twenty-five of the stores
are located in New York and New Jersey and one is located in each
of Chicago, IL and Philadelphia, PA.  Albert Nigri is the sole
officer, director and 100% shareholder of each of the Company.

Pretty Girl, Inc., filed a Chapter 11 bankruptcy petition (Bankr.
S.D.N.Y. Case No. 14-11979) in Manhattan on July 2, 2014.

The case is assigned to Judge Sean H. Lane.

The Debtor has tapped Rosen & Associates, P.C., in New York, as
counsel.


PROSPECT SQUARE: Has Access to Cash Collateral Until July 31
------------------------------------------------------------
The U.S. Bankruptcy Court, in a fourth interim order, authorized
Prospect Square 07 A, LLC, et al.'s access to cash collateral  in
which MSCI 20074-IQ16 Retail 9654 LLC asserts an interest.

The Debtor is authorized to use cash collateral until July 31,
2014, subject to 5% expense line item deviation.

The lender is also authorized to release from funds it holds in
the tax and insurance escrow fund and in suspense for the Debtor
the sum of $166,704 to Hamilton County, Ohio, on account of unpaid
real estate taxes for the project.

As adequate protection from any diminution value of the lender's
collateral, the Debtor will (i) grant replacement liens on all
postpetition rental income from the property, any and all
insurance proceeds from the project, etc.; and (ii) make adequate
protection payment of $30,428.

As reported in the Troubled Company Reporter on April 17, 2014, as
of the Petition Date, the Debtors owed MSCI in excess of
$18,000,000, including real estate taxes advanced by the MSCI, and
not reimbursed by the Debtors in the amount of $951,929.

                 About Prospect Square 07 A, LLC

Prospect Square 07 A, LLC, and related entities sought Chapter 11
bankruptcy protection from creditors (Bankr. D. Colo. Lead Case
No. 14-10896) in Denver on Jan. 29, 2014.

Prospect Square 07 A is a Single Asset Real Estate as defined in
11 U.S.C. Sec. 101(51B) with principal assets located at 9690
Colerain Avenue, Cincinnati, Ohio.  The Debtor listed $16 million
in assets and more than $12 million in liabilities.  Lee M.
Kutner, Esq., at Kutner Brinen Garber, P.C., in Denver, serves as
the Debtors' counsel.

Lender MSCI 2007-IQ16 Retail 9654, LLC, is represented by James T.
Markus, Esq., and Jeffery O. McAnallen, Esq., at Markus Williams
Young & Zimmermann LLC.


PUERTO RICO: New Debt Law Usurps Congress, Funds Say
----------------------------------------------------
Law360 reported that two investment firms sued the commonwealth of
Puerto Rico, saying the law its government enacted over the
weekend providing debt restructuring options for public agencies
violates the U.S. Constitution.  According to the report, a
lengthy list of funds overseen by Franklin Templeton Investments
and OppenheimerFunds Inc. are seeking a declaratory judgment from
the U.S. District Court for the District of Puerto Rico finding
the law unconstitutional, saying it blatantly ignores Congress'
authority to determine who may and who may not file for
bankruptcy.

The case is Franklin California Tax-Free Trust et al v.
Commonwealth of Puerto Rico et al., Case No. 3:14-cv-01518
(D.P.R.).

                           *     *     *

The Troubled Company Reporter, on July 4, 2014, reported that
Moody's Investors Service has downgraded the Commonwealth of
Puerto Rico to B2 from Ba2, affecting $14.4 billion of outstanding
general obligation (GO) bonds. Concurrently, commonwealth agencies
and public corporations have been downgraded, affecting about $46
billion of non-GO bonds, including $15.6 billion of senior- and
subordinate-lien bonds issued by the Sales-Tax Financing
Corporation (COFINA), which respectively were lowered to Ba3 and
B1. The Puerto Rico Electric Power Authority (PREPA) was
downgraded to Caa2 from Ba3, while the Puerto Rico Aqueduct and
Sewer Authority (PRASA) was downgraded to Caa1 from Ba3. The
Puerto Rico Highway and Transportation Authority (PRHTA) was
downgraded to Caa1 (senior 1998 resolution and 1968 resolution)
from Ba3, and to Caa2 from B1 (subordinate 1998 resolution). For
PREPA, PRHTA and PRASA, the newly lowered ratings remain under
review for possible further downgrade. The debt of the Government
Development Bank (GDB) was downgraded to B3 from Ba2, and the debt
of the University of Puerto Rico was downgraded to Caa1 and Caa2.
The outlook for the GDB as well as for commonwealth GO and related
debt remains negative.


QUANTUM FOODS: Allowed To Access Old Plant
------------------------------------------
Law360 reported that Quantum Foods LLC came to an agreement with
the purchaser of its equipment on the impasse over access to its
old meatpacking plant, but a Delaware bankruptcy judge pushed
consideration of any contempt order or sanctions to an
undetermined later date.  According to the report, at an emergency
hearing in Wilmington, U.S. Bankruptcy Judge Kevin J. Carey
approved an order that will allow the debtors and their
representatives access to their facilities, and permit them to
copy all the data it needs from its computers and servers.

Bill Rochelle, the bankruptcy columnist for Bloomberg News, said
Judge Carey gave Quantum access to the facility and the right to
copy files from the computer system through July 15 and barred
West Liberty from having access to Quantum's books and records.

Law360 related that Quantum Foods has asked the Delaware
bankruptcy court to let it access the meatpacking plants from
which it sold equipment to West Liberty, after it claimed the
buyer wouldn't allow the debtor access to its own records and had
its representatives escorted out by local police.

                        About Quantum Foods

Founded in 1990 and headquartered in Bolingbrook, Illinois,
Quantum Foods, LLC -- http://www.quantumfoods.com-- provides
protein products made from beef, poultry and pork.

Quantum Foods and its affiliates sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 14-10318) on Feb. 18, 2014, to
facilitate the sale of substantially all their business to
CTI Foods Holding Co., LLC.

The Debtors' primary secured indebtedness totals $50.2 million,
owing to lenders led by Crystal Financial, LLC, as administrative
and collateral agent.

Quantum Foods is being advised in its restructuring by Daniel J.
McGuire, Esq., Gregory M. Gartland, Esq., and Caitlin S. Barr,
Esq., at Winston & Strawn as counsel; M. Blake Cleary, Esq.,
Kenneth J. Enos, Esq., and Andrew Magaziner, Esq., at Young,
Conaway, Stargatt & Taylor, LLP, serve as local counsel.
City Capital Advisors is the investment banker.  FTI Consulting,
Inc.  also serves as advisor. BMC Group is the claims and notice
agent.

The U.S. Trustee for Region 3 appointed five members to the
official committee of unsecured creditors in the case. The
Committee is seeking to retain Triton Capital Partners, Ltd. as
financial advisor; and Mark D. Collins, Esq., Russell C.
Silberglied, Esq., Michael J. Merchant, Esq., Christopher M.
Samis, Esq., and Robert C. Maddox, Esq., at Richards, Layton &
Finger, P.A. as counsel.

Raging Bull is represented in the case by Van C. Durrer II, Esq.,
at Skadden Arps Slate Meagher & Flom LLP.  Crystal Finance LLC is
represented by David S. Berman, Esq., at Riemer & Braunstein LLP.


RESIDENTIAL CAPITAL: Judge Affirms Morrison's $4.2M Award For Fees
------------------------------------------------------------------
Law360 reported that a New York bankruptcy judge approved an award
of nearly $4.2 million in attorneys' fees to Morrison Cohen LLP
for its representation of Residential Capital LLC's independent
directors, rejecting accusations from the liquidating trust that
it was being billed for unnecessary work.  According to the
report, U.S. Bankruptcy Judge Martin Glenn said that due to the
number of related-party transactions between ResCap and its
nondebtor parent, Ally Financial Inc., ResCap's independent
directors had a decisive and important role in this case, which
warranted the separate representation by Morrison.

                    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.

Judge Martin Glenn in December 2013 confirmed the Joint Chapter 11
Plan co-proposed by Residential Capital and the Official Committee
of Unsecured Creditors.  The Plan became effective on Dec. 17,
2013.


RINCON BEACH: Case Summary & Largest Unsecured Creditors
--------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

     Debtor                                        Case No.
     ------                                        --------
     Rincon Beach Front, LLC                       14-51046
     41 Scenic Hill Road
     Trumbull, CT 06611

     Golden Beach Group, Inc.                      14-51047
     41 Scenic Hill Road
     Trumbull, CT 06611

Chapter 11 Petition Date: July 7, 2014

Court: United States Bankruptcy Court
       District of Connecticut (Bridgeport)

Debtors' Counsel: Elizabeth J. Austin, Esq.
                  PULLMAN AND COMLEY, LLC
                  850 Main Street
                  P.O. Box 7006
                  Bridgeport, CT 06601-7006
                  Tel: (203) 330-2000
                  Email: eaustin@pullcom.com

                     - and -

                  Jessica Grossarth, Esq.
                  PULLMAN & COMLEY, LLC
                  850 Main Street
                  P.O. Box 7006
                  Bridgeport, CT 06601-7006
                  Tel: (203) 330-2215
                  Fax: (203) 257-0993
                  Email: jgrossarth@pullcom.com

                                        Estimated      Estimated
                                          Assets      Liabilities
                                        ----------    -----------
Rincon Beach Front, LLC                 $1MM-$10MM    $1MM-$10MM
Golden Beach Group, Inc.                $1MM-$10MM    $1MM-$10MM

The petitions were signed by Glenn Tatangelo, managing member.

A list of Rincon Beach Front, LLC's four largest unsecured
creditors is available for free at:

              http://bankrupt.com/misc/ctb14-51046.pdf

A list of Golden Beach Group, Inc.'s 19 largest unsecured
creditors is available for free at:

              http://bankrupt.com/misc/ctb14-51047.pdf


ROSSCO HOLDINGS: Kelly Hart, Beard Kultgen Say Ch. 11 Axes Suit
---------------------------------------------------------------
Law360 reported that Beard Kultgen Brophy Bostwick Dickson &
Squires LLP asked a court to throw out a malpractice suit lodged
against it and Kelly Hart & Hallman LLP, arguing a real estate
holding company lacks standing to sue them because it failed to
properly reserve claims related to hotel foreclosures in a
bankruptcy proceeding.  According to the report, the two Texas
firms say Leonard M. Ross and his company Rossco Holdings Inc. --
which sells, leases and rents residential, commercial and
investment properties -- is procedurally barred from suing them.

The case is ROSSCO Holdings Incorporated et al v. McConnell et
al., Case No. 4:14-cv-00374 (N.D. Tex.).

College Station, Texas-based Rossco Holdings, Inc., filed for
Chapter 11 protection (Bankr. W.D. Tex. Case No. 10-60953) on
Aug. 2, 2010.  The new California Case No. of Rossco Holdings is
LA10-55951BB.  David J Richardson, Esq., and Laura L Buchanan,
Esq., at The Creditors' Law Group, represent the Debtor.  The
Debtor disclosed $28,415,681 in assets and $10,567,302 in
liabilities as of the Petition Date.

Affiliates Monte Nido Estates, LLC; LJR Properties, Ltd.; WM
Properties, Ltd.; Colony Lodging, Inc.; and Rossco Plaza, Inc.,
filed separate Chapter 11 petitions.

The Troubled Company Reporter reported that the U.S. Bankruptcy
Court for the Central District of California in March 2013 entered
a final decree closing the Chapter 11 cases of Rossco Holdings,
Inc., et al., after confirming the Debtors' Modified First Amended
Joint Plan of Reorganization.


SAXON ENTERPRISES: Moody's Withdraws B1 Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn all of its ratings
involving Saxon Enterprises LLC and its parent, SES Intermediate
Holdings Limited. The rating withdrawals follow Schlumberger Ltd's
(Aa3 stable) acquisition of the 50.5% of SES it did not already
own and the repayment and cancelation of Saxon's rated debt
facilities.

Ratings Withdrawn:

Issuer: SES Intermediate Holdings Limited

B1 Corporate Family Rating

B2-PD Probability of Default Rating

Issuer: Saxon Enterprises LLC

Ba3 Senior Secured Bank Credit Facility

Outlook Action:

Withdraw Ratings Under Review for Upgrade

Ratings Rationale

SES, through Saxon, provides land-based drilling and workover rigs
to global exploration and production companies. SES is
incorporated in the Cayman Islands with corporate headquarters in
Calgary, Alberta.

Schlumberger Limited is the industry's leading oilfield services
and technology company. It is registered in Curacao, Netherlands
Antilles, with principal offices located in Paris, The Hague, and
Houston, Texas.


SCRANTON, PA: Receiver Can't Stop Parking Auth. Union Arbitration
-----------------------------------------------------------------
Law360 reported that the Pennsylvania Commonwealth Court ruled
that unionized employees of the City of Scranton's parking
authority could pursue arbitration with their employer after they
were sacked by a fiscal receiver appointed by a county judge to
take over the entity's operations and right its troubled finances.
According to the report, an en banc panel of the court ruled that
a Lackawanna County judge had improperly granted a preliminary
injunction barring Teamsters Local 229 from pursuing arbitration
with the authority for alleged violations of their collective
bargaining agreement.


STANFORD GROUP: High Court Rejects Appeal On Receiver's Powers
--------------------------------------------------------------
Law360 reported that the U.S. Supreme Court refused to review the
Fifth Circuit's decision that the receiver for Robert Allen
Stanford's $7 billion Ponzi scheme cannot assert claims on behalf
of creditors, leaving in place what the receiver called an
existing "disarray" among the circuit courts.  According to
Law360, the high court left in place a Fifth Circuit ruling that
receiver Ralph Janvey's clawback suits against former employees
may be brought only on behalf of the Stanford entities themselves,
rejecting Janvey's contention that he could sue on behalf of
Stanford creditors.

Jonathan Stempel, writing for Reuters, reported that Kevin Sadler,
a lawyer for Janvey, said the receiver is disappointed with the
decision in the Stanford case, and will continue to press claims
on behalf of more than 18,000 victims against those who profited
from or aided Stanford's fraud.

The case is Ralph Janvey v. James Alguire, et al., Case No. 11-
10838 (5th Cir.).

                       About Stanford Group

The Stanford Financial Group was a privately held international
group of financial services companies controlled by Allen
Stanford, until it was seized by United States (U.S.) authorities
in early 2009.

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under
management or advisement.  Stanford Private Wealth Management
served more than 70,000 clients in 140 countries.

On Feb. 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and
records of Stanford International Bank, Ltd., Stanford Group
Company, Stanford Capital Management, LLC, Robert Allen Stanford,
James M. Davis and Laura Pendergest-Holt and of all entities they
own or control.  The February 16 order, as amended March 12,
2009, directs the Receiver to, among other things, take control
and possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The case in district court was Securities and Exchange Commission
v. Securities Investor Protection Corp., 11-mc-00678, U.S.
District Court, District of Columbia (Washington).

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas.  Mr. Stanford pleaded not
guilty to 21 charges of multi-billion dollar fraud, money-
laundering and obstruction of justice.  Assistant Attorney
General Lanny Breuer, as cited by Agence France-Presse News, said
in a 57-page indictment that Mr. Stanford could face up to 250
years in prison if convicted on all charges.  Mr. Stanford
surrendered to U.S. authorities after a warrant was issued for
his arrest on the criminal charges.


STARR PASS: Gust Rosenfeld Approved as Local Bankruptcy Counsel
---------------------------------------------------------------
Bankruptcy Judge Eileen W. Hollowell authorized Starr Pass
Residential, LLC to employ Gust Rosenfeld P.L.C. as local
bankruptcy counsel.

To the best of the Debtor's knowledge, the firm has no connection
"disinterested person" as that term is defined in Section 101(14)
of Bankruptcy Code.

The firm can be reached at:

         Jody A. Corrales, Esq.
         GUST ROSENFELD P.L.C.
         One South Church Ave., Suite 1900
         Tucson, AZ 85701-1627
         Tel: (520) 628-7070
         Fax: (520) 624-3849
         E-mail: jcorrales@gustlaw.com

                 About Starr Pass Residential LLC

Starr Pass Residential LLC, filed a Chapter 11 bankruptcy petition
(Bankr. D. Ariz. Case No. 14-09117) on June 12, 2014.  Christopher
Ansley signed the petition as authorized officer.  Gust Rosenfeld,
P.L.C., serves as the Debtor's counsel.  The Debtor disclosed
total assets of $7.40 million and total liabilities of
$145.86 million.

The bankruptcy case was reassigned to Judge Eileen W. Hollowell
because Judge Brenda Moody Whinery recused herself from hearing
any matter on the Chapter 11 proceeding.


SUPER BUY FURNITURE: Files for Chapter 11 with $27MM Debt
---------------------------------------------------------
Super Buy Furniture, Inc., sought bankruptcy protection in Puerto
Rico, disclosing assets of $18 million and debt of almost $27
million.

Super Buy as of the bankruptcy filing operated 23 stores
throughout Puerto Rico under the business name of "Casa Pitusa
Muebles y Enseres".  The Company has lease agreements for
commercial spaces in Aguadilla, Cidra, Barranguitas, San
Sebastian, Utuado, Guaynabo, Barbosa, Villa Prades, Bayamon,
Guayama, Manati, Aercibo, Adjuntas, Cupey, Coamo, Cabo Rojo,
Ponce, Morovis, Iturregui, Mayaguez, Caguas, and Yauco.

The home furniture sales company disclosed in its schedules filed
together with the bankruptcy petition:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                        $0
  B. Personal Property           $18,209,692
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                        $0
  E. Creditors Holding
     Unsecured Priority
     Claims                                          $717,355
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                       $26,039,962
                                 -----------      -----------
        TOTAL                    $18,209,692      $26,757,317

Personal property assets are primarily comprised of inventory
worth $10.6 million and leasehold improvements of $5.18 million.

                     About Super Buy Furniture

Cidra, Puerto Rico-based Super Buy Furniture, Inc., operator of
furniture stores throughout Puerto Rico under the business name of
"Casa Pitusa Muebles y Enseres", filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 14-05523) in Old San Juan, Puerto
Rico, on July 3, 2014.

The Company disclosed $18.2 million in assets and $26.8 million in
debt in its schedules.

The Company has tapped the firm O'Neill & Borges, in San Juan,
Puerto Rico, as counsel, and CPA Luis R. Carrasquillo & Co.,
P.S.C., as financial consultant.


SUPER BUY FURNITURE: Closing 12 of 23 Stores
--------------------------------------------
Super Buy Furniture, Inc., sought bankruptcy protection and
immediately filed a motion to reject leases for 12 of 23 furniture
stores in Puerto Rico.

The Debtor's management, with the assistance of Chapter 11
professionals, concluded that it is in the best interest of the
Debtor's estate, creditors, and the Debtor's reorganization
efforts to reject lease agreements for 12 stores, and surrender
the premises to the respective landlords.

Other than the Yauco, Puerto Rico store, the Debtor will close the
stores and surrender the premises to their respective landlords on
July 31, 2014.  The Debtor did not disclose the exact closing date
of the Yauco store, only disclosing that it would be sometime
2014.

In its first omnibus motion to reject contracts, the Debtor
intends to reject these leases:

                          Store
  Landlord                Number    Location
  --------                ------    --------
K & W Investment, SE       205   Ave. Barbosa
                                 Esquina Francia
                                 Antiguo Local
                                 Carrillo Distr.
                                 Hato Rey, PR

Montvinas Soulmate, Inc.   219   Ave. SimĒn Madera
                                 Edif. 2
                                 Villa Prades
                                 Rio Piedras, PR

PR Retail Stores           211   Bo. Machete,
                                 Carr. No. 3
                                 Guayama, PR

PDCM Associates, SE        200   Adjuntas Plaza
                                 Shopping Center
                                 Sector el Desvio
                                 Carr. 5518,
                                 Km. 1 Hm. 4
                                 Adjuntas, PR

PDCM Associates, SE        209   Carr. No. 1 Km. 14.1
                                 Urb. Caribe
                                 Rio Piedras, PR

PDCM Associates, SE        206   Carr. No. 100, Km. 6.7
                                 Bo. Miradero
                                 Cabo Rojo, PR

PDCM Associates, SE        217   Calle Marin
                                 San Rafael Industrial Park
                                 Ant. Local Fondo del Seguro
                                 del Estado
                                 Ponce, PR

Regency Park Assoc., SE    212   Gurabo, PR

PDCM Associates, SE        202   Arecibo, PR

PDCM Associates, SE        214   Manati, PR

PDCM Associates, SE        208   Coamo, PR

Yabucoa Development, SE    220   Calle 25 de Julio
                                 Local No. 89
                                 Yauco, PR

The Debtor has conducted an extensive evaluation of each of the
lease agreements and concluded that each of the stores under the
respective lease agreement is operating at a net operating loss
and, therefore, the rejection of the lease agreements for the 12
stores is needed for the effective reorganization of the estate.
The Debtor does not intend to continue operating its business at
each of the stores.

                          Other Contracts

The Debtor filed a separate motion to reject an asset purchase
agreement dated Nov. 15, 2012, with P.F. Stores, Inc.  The Debtor
said it has conducted an evaluation of the contract and concluded
that it is unable to comply with its obligations under the
contract, as they are too onerous for Debtor's business
operations, considering the net operating losses incurred during
the prepetition period and, therefore, the rejection of the
contract is needed for the effective reorganization of the estate.

The Debtor also filed a motion to assume an executory contract for
the use of its trade name.  The contract pertains to a license
agreement dated Dec. 5, 2012, with Israel Kopel Amster.  The
Debtor has conducted an evaluation of the contract and concluded
that the same is beneficial for Debtor's business operations and,
therefore, the assumption of the contract will assist in the
effective reorganization of the estate.

                     About Super Buy Furniture

Cidra, Puerto Rico-based Super Buy Furniture, Inc., operator of
furniture stores throughout Puerto Rico under the business name of
"Casa Pitusa Muebles y Enseres", filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 14-05523) in Old San Juan, Puerto
Rico, on July 3, 2014.

The Company disclosed $18.2 million in assets and $26.8 million in
debt in its schedules.

The Company has tapped the firm O'Neill & Borges, in San Juan,
Puerto Rico, as counsel, and CPA Luis R. Carrasquillo & Co.,
P.S.C., as financial consultant.


SUPER BUY FURNITURE: Proposes O'Neill & Borges as Counsel
---------------------------------------------------------
Super Buy Furniture, Inc., seeks approval from the bankruptcy
court in Puerto Rico to employ O'Neill & Borges LLC as bankruptcy
counsel.

Subject to Court approval in accordance with Section 330(a) of the
Bankruptcy Code, compensation will be payable to OB on an hourly
basis, plus reimbursement of actual, necessary expenses incurred
in connection with the Debtor's chapter 11 case.

The attorneys presently designated to have primary responsibility
in representing the Debtor, and their standard hourly rates, are:

         Professional         Category    Hourly Rate
         ------------         --------    -----------
         Luis C. Marini       Member         $270
         Nayuan Zouairabani   Associate      $175

The hourly rates are subject to periodic adjustments.

Occasionally, other attorneys and paralegals may serve Debtor in
connection with its chapter 11 case as provided by Bankruptcy Rule
2014(b).  OB's associates' hourly rates range from $140 to $205
and members' hourly rates range from $180 to $345 per hour.

The Debtor has provided to OB prior to the Petition Date a
retainer in the amount of $35,000.

The Debtor believes that OB is a "disinterested person" within the
meaning of Sections 101(14) and 327 of the Bankruptcy Code.

                     About Super Buy Furniture

Cidra, Puerto Rico-based Super Buy Furniture, Inc., operator of
furniture stores throughout Puerto Rico under the business name of
"Casa Pitusa Muebles y Enseres", filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 14-05523) in Old San Juan, Puerto
Rico, on July 3, 2014.

The Company disclosed $18.2 million in assets and $26.8 million in
debt in its schedules.

The Company has tapped the firm O'Neill & Borges, in San Juan,
Puerto Rico, as counsel, and CPA Luis R. Carrasquillo & Co.,
P.S.C., as financial consultant.


SUPER BUY FURNITURE: Proposes Carrasquillo as Fin'l Consultant
--------------------------------------------------------------
Super Buy Furniture, Inc., seeks approval from the bankruptcy
court in Puerto Rico to employ CPA Luis R. Carrasquillo & Co.,
P.S.C., as financial consultant.

The Debtor needs a financial consultant to assist it in the
restructuring of its affairs by providing advice in strategic
planning and the preparation of amended schedules, plan of
reorganization, disclosure statement and business plan, and
participating in the Debtor's negotiations with creditors.

The Debtor has retained Carrasquillo on the basis of a $20,000
retainer, against which Carrasquillo will bill as per the hourly
billing rates.  The Debtor believes that Carrasquillo's hourly
billing rates are reasonable and fair, in line with services
comparable to hose performed on behalf of other clients.

Except that Carrasquillo has acted as financial consultant in
other bankruptcy cases in which Luis C. Marini Biaggi, Esq., and
O'Neill & Borges, LLC, the Debtor's counsel, has or is
representing certain creditors, Carrasquillo has no prior
connection with the Debtor and its creditors.

                     About Super Buy Furniture

Cidra, Puerto Rico-based Super Buy Furniture, Inc., operator of
furniture stores throughout Puerto Rico under the business name of
"Casa Pitusa Muebles y Enseres", filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 14-05523) in Old San Juan, Puerto
Rico, on July 3, 2014.

The Company disclosed $18.2 million in assets and $26.8 million in
debt in its schedules.

The Company has tapped the firm O'Neill & Borges, in San Juan,
Puerto Rico, as counsel, and CPA Luis R. Carrasquillo & Co.,
P.S.C., as financial consultant.


WPLM ACQUISITION: Moody's Assigns B3 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service assigned WPLM Acquisition Corp (aka ALM
Media, LLC) a B3 corporate family rating (CFR) and a B3-PD
probability of default rating (PDR). The proposed $215 million
first lien term loan and $22.5 million revolving credit facility
were assigned B2 facility ratings. The $50 million second lien
term loan was assigned a Caa2. The use of proceeds and $162
million of new equity will be used to fund the purchase of the
company by Wasserstein & Co, repay outstanding debt, and pay
transaction fees. The outlook is stable.

Initially, the borrower will be WPLM Acquisition Corp and
following the closing of the acquisition, the borrower will be ALM
Media, LLC (ALM).

Moody's took the following rating actions:

Borrower: WPLM Acquisition Corp and then ALM Media, LLC following
consummation of the merger

Corporate Family Rating, assigned B3

Probability of Default Rating, assigned B3-PD

$22.5 million 1st lien Revolving Credit Facility due 2020,
assigned B2, LGD3

$215 million 1st lien term loan due 2020, assigned B2 LGD3

$50 million 2nd lien term loan due 2021, assigned Caa2, LGD6

Outlook, Stable

The assigned ratings are subject to review of final documentation
and no material change in the terms and conditions of the
transaction as provided to Moody's.

Ratings Rationale

ALM Media LLC's B3 CFR reflects the company's high pro-forma
leverage of 5.3x (including Moody's standard adjustments), small
size, niche business focus, and the challenge of migrating print
based media to digital. The ratings receive support from ALM's
strong position in the legal media business that has been less
cyclical than other industries and the value of the content and
data provided by the firm. Moody's also anticipates that the
company will benefit from recent cost savings efforts and actions
to increase corporate subscription sales. Some of ALM's content is
licensed to a third party which adds stability to revenues and has
offset declines in other segments. The company also operates a
small real estate media division and a trade show business that,
while modest in size, offers some diversity to the company and
should benefit as the economy continues to improve.

Moody's anticipate the company will maintain good liquidity over
the next year and will benefit from the new $22.5 million revolver
in addition to good free cash flow. Moody's expects that free cash
flow will be directed to business reinvestment opportunities or
possible acquisitions. The first lien term loan is expected to be
covenant lite and the revolving facility is anticipated to be
subject to a Total Net Leverage Ratio only when the revolver is
more than 25% drawn and set at levels with a 25% cushion.

The stable outlook reflects Moody's expectations for flat to
modestly positive revenue and EBITDA growth aided by cost saving
opportunities that will lead to modest declines in leverage over
the next year. Moody's expects the company will look for
acquisitions to increase the scale and product offerings provided
by the company.

Given the high leverage and challenges transitioning print to
digital, a rating upgrade is unlikely in the near term. Positive
rating pressure could develop if leverage drops below 5x and the
sponsor intends to maintain leverage below this level on a
sustained basis, with positive revenue and EBITDA growth while
maintaining a good liquidity profile.

Ratings would face downward pressure if the debt-to-EBITDA ratio
increases above 6.5x due to declining subscribers or ad revenue.
Increased debt levels for shareholder friendly transactions or for
debt funded acquisitions that are not offset additional EBITDA
could also result in negative rating pressure.

The principal methodology used in this rating was the Global
Publishing Industry 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.

ALM Media, LLC is a media publishing and information services
business focused on the legal industry. The company also operates
a real estate information service and tradeshow business division.
Revenue for the LTM period ending March 31, 2014 was $178 million.


WRIGLEYVILLE LLC: Case Summary & 7 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Wrigleyville LLC
        3458 N Clark St.
        Chicago, IL 60657

Case No.: 14-25027

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: July 7, 2014

Court: United States Bankruptcy Court
       Northern District of Illinois (Chicago)

Judge: Hon. Jacqueline P. Cox

Debtor's Counsel: Jonathan D. Golding, Esq.
                  Richard N. Golding, Esq.
                  THE GOLDING LAW OFFICES, P.C.
                  500 N. Dearborn St., 2nd Fl.
                  Chicago, IL 60654
                  Tel: 312-832-7892
                  Fax: 312-755-5720
                  Email: jgolding@goldinglaw.net
                         RGOLDING@GOLDINGLAW.NET

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Timothy Collins, president.

A list of the Debtor's seven largest unsecured creditors is
available for free at http://bankrupt.com/misc/ilnb14-25027.pdf


* Secrecy in Pensions Triggers Legislative Brawl in North Carolina
------------------------------------------------------------------
Darrell Preston, Neil Weinberg and Margaret Newkirk, writing for
Bloomberg News, reported that a legislative fight between North
Carolina Treasurer Janet Cowell and a state employee association
is signaling growing tension over disclosure practices as public
pensions seek to improve returns with alternative investments.

According to the report, Cowell, a 45-year-old Democrat, opposed a
bill by the State Employees Association of North Carolina to
require more disclosure about deals with Wall Street firms hired
to manage alternatives to stocks and bonds for the $87 billion
pension she controls.  Cowell warned that giving out more
information would cost more than $1.8 billion for violating
secrecy agreements, and instead supported a bill that would
conceal details for five years after a contract is completed, the
report related.


* BNP Paribas's U.S. Settlement to Cap Troublesome Period
---------------------------------------------------------
David Gauthier-Villars, Christopher M. Matthews and Noemie
Bisserbe, writing for The Wall Street Journal, reported that the
landmark settlement between U.S. authorities and BNP Paribas SA
began to take shape last summer, after bank executives flew to New
York to share an embarrassing admission: The French bank had been
processing potentially illicit dollar transactions with countries
blacklisted by Washington years after the U.S. began investigating
the lender.

A separate report by the Journal said BNP Paribas sought to allay
concern about its ability to weather the $9 billion settlement, as
the French government refrained from fresh objections.  The bank
agreed to pay nearly $9 billion in penalties and plead guilty to
attempting to conceal $30 billion in transactions with sanctioned
countries.  The bank, according to the Journal, said the penalties
would shave a little more than a half a percentage point from its
core tier-one capital ratio, less than the full percentage point
most analysts had anticipated.


* Dark Pool Greed Drove Barclays to Lie to Clients, N.Y. Says
-------------------------------------------------------------
Keri Geiger, Sam Mamudi and Chris Dolmetsch, writing for Bloomberg
News, reported that Barclays Plc was so bent on lifting its
private trading venue to the upper ranks of Wall Street dark pools
that it lied to customers and masked the role of high-frequency
traders, according to New York's attorney general.  Barclays
falsified marketing materials to hide how much high-frequency
traders were buying and selling, the Bloomberg report, citing a
complaint filed on June 26 by Eric Schneiderman.


* Argentina Euro Bondholders Seek Exemption From US Courts
----------------------------------------------------------
Law360 reported that investment firms that hold restructured bonds
issued by Argentina that are denominated in euros asked a New York
federal court to find that foreign banks that process interest
payments on these bonds are outside the reach of U.S. courts.
According to Law360, the investment firms claim that the euro
bonds are governed by the laws of England and Wales, and are
processed in euros by foreign entities outside of U.S.
jurisdiction. As such, the court should clarify that prior
injunctions restricting payment on Argentina's restructured debt,
Law360 said, citing the investment firms.

Reuters reported that Argentina's Economy Minister Axel Kicillof
will head its mission to meet with a court-appointed mediator in
the country's dispute with holdout investors in its bonds.  The
economy ministry announced it would send a mission to New York to
meet with mediator Daniel Pollack, but said the composition of the
team had not been decided, raising questions over whether
Argentina would send an official with sufficient authority to
negotiate -- such as Kicillof, Reuters related.


* Excess Cash Drives Hedge Funds To Feast On Distressed Cos.
------------------------------------------------------------
Law360 reported that hedge funds have always been in the business
of buying distressed corporate debt, but the combination of new
banking regulations, an overabundance of available capital and the
increasingly high cost of Chapter 11 has recently caused an uptick
in their prebankruptcy acquisition activity.  According to the
report, the number of Chapter 11 filings has been dropping
steadily for the past few years, and while it would seem natural
to credit that trend to a slightly healthier economy,
restructuring experts say it's largely a result of the easily
accessible money.


* World's Biggest Debt Load Lures Distressed Funds to China
-----------------------------------------------------------
David Yong, writing for Bloomberg News, reported that distressed
debt funds are raising cash to seek greater opportunities in
China, where Standard & Poor's says corporate borrowing topped the
U.S. last year.  Planned commitments to funds investing in Chinese
and other Asian troubled assets are set to surpass $2 billion this
year, up from $303 million in 2013, the Bloomberg report said,
citing data from researcher Preqin Ltd.

Bloomberg, citing a June 15 S&P report, noted that China's
economic growth has slowed to the least in more than a decade even
as companies increased debt to $14.2 trillion as of Dec. 31,
surpassing the $13.1 trillion in the U.S.


* Covenant-Lite Loans Surge as Default Rates Rise
-------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the laws of gravity are catching up with "covenant-
lite" loans, which got good publicity for faring comparatively
well during the financial crisis.  According to Mr. Rochelle,
recently, default rates on those loans -- which don't allow
creditors to force a borrower into a restructuring as long as
interest is paid on time -- are now exceeding the rates on their
more conservatively written counterparts.

In a 2011 analysis of 15 covenant-lite defaults, Moody's Investors
Service said the 2.5-year cumulative default rate was 7.8 percent,
better than the 10.4 percent default rate for similarly rated
issuers in North America, the Bloomberg report related.  Even
though they were "viewed as risky and even reckless," covenant
lights' good performance fueled a jump in new issues, Moody's
said, the Bloomberg report further related.


* Credit Card Lenders Pursue Riskier Borrowers
----------------------------------------------
Annamaria Andriotis and Robin Sidel, writing for The Wall Street
Journal, reported that lenders are courting risky credit-card
borrowers more aggressively than they have since the financial
crisis in a bid to jolt revenue in a period of sluggish growth and
tight regulation.

Banks and other lenders issued 3.7 million credit cards to so-
called subprime borrowers during the first quarter, a 39% jump
from a year earlier and the most since 2008, according to data
provided exclusively to The Wall Street Journal by credit bureau
Equifax Inc.  About one-third of all credit cards issued in that
period were to subprime customers, the biggest share in six years,
the Journal, said citing Equifax.


* N.J. Governor Wins Legal Battle Over Cuts to Pension System
-------------------------------------------------------------
David Voreacos and Terrence Dopp, writing for Bloomberg News,
reported that New Jersey Governor Chris Christie won a key budget
battle when a judge ruled he had legal authority to cut payments
to the state pension system because he faced a fiscal emergency.

According to the report, Christie was confronted with "staggering"
shortfalls in his $33 billion budget for the year ending June 30,
Superior Court Judge Mary Jacobson said on June 26.  Christie
acted reasonably in paying $696 million to cover current
employees, while deferring $887 million to help close the gap left
by previous governors, the judge ruled, the report related.


* President's Recess-Appointment Power Cut by Supreme Court
-----------------------------------------------------------
Greg Stohr, writing for Bloomberg News, reported that the U.S.
Supreme Court curbed the president's power to make temporary
appointments without Senate approval, backing congressional
Republicans and dealing a blow to President Barack Obama.
According to the report, the justices ruled unanimously that Obama
exceeded his constitutional authority when he appointed three
members of the National Labor Relations Board in January 2012.
Four Republican-appointed justices would have gone even further in
limiting the appointment power, the report related.

The case is National Labor Relations Board v. Canning, 12-1281.


* Treasury Begins Push to Revive U.S. Mortgage-Bond Market
----------------------------------------------------------
Clea Benson and Jody Shenn, writing for Bloomberg News, reported
that the U.S. Treasury Department will start an initiative to
revive the market for mortgage securities without government
backing as part of an effort to aid recovery of the housing
market, Treasury Secretary Jacob J. Lew said.  The Treasury also
will begin offering financing for loans for affordable apartment
buildings and extend aid programs for troubled borrowers for an
additional year, Lew said in remarks prepared for a speech in
Washington, the report related.

According to the report, together the moves are designed to bring
more capital to the housing market to ease the crunch for those
most affected by tight credit and a dwindling supply of affordable
rentals, while aiding those still struggling with the aftermath of
the 2008 credit crisis.


* U.S. House Votes to Loosen Derivatives' Regulations w/ CFTC Bill
------------------------------------------------------------------
Douwe Miedema, writing for Reuters, reported that the U.S. House
of Representatives voted to weaken the Commodity Futures Trading
Commission's power to regulate swaps overseas and take other steps
likely to loosen regulation in derivatives markets, a shift
critics say could weaken market stability.

According to the report, the bill, which reauthorizes the agency's
mandate, would reverse the CFTC's tough rules on U.S. businesses'
swaps with counterparties abroad, requiring it to draw up a new
regime together with the Securities and Exchange Commission.  In
addition, the law would make the agency's staff responsible to the
full five-strong commission, not just its chairman, which critics
said would slow down decisions, Reuters said.


* Leading NY Bankruptcy Lawyer Joins Grant & Eisenhofer
-------------------------------------------------------
Leading financial litigation law firm Grant & Eisenhofer P.A.
announced that prominent creditor-side bankruptcy lawyer Gordon Z.
Novod has joined the firm to head its bankruptcy litigation
practice. Mr. Novod, who joins G&E's New York office as a
director, was previously a partner in the bankruptcy & corporate
restructuring practice of Brown Rudnick in New York. He also
formerly practiced in the corporate restructuring and bankruptcy
group of Kramer Levin Naftalis & Frankel.

With more than a decade of experience handling complex corporate
restructurings, Mr. Novod generally focuses on creditor-side
representations. He has advised official and ad hoc committees,
distressed investors, trustees, trade creditors and other
stakeholders in a number of high-profile restructurings that span
the automotive, chemical energy, entertainment, manufacturing,
retail and other sectors.

Among his noteworthy engagements, Mr. Novod represented Wilmington
Trust Company as indenture trustee for the subordinated debentures
in the Tribune Company's historic bankruptcy. He also represented
unsecured creditors' committees in the General Motors, Herbst
Gaming, Bethlehem Steel, Lyondell Chemical and other major Chapter
11 cases, as well as ad hoc creditor groups in Lehman Brothers,
Central European Distribution Corp., Charter Communications and
WCI Steel.

Mr. Novod's arrival complements Grant & Eisenhofer's work
litigating on behalf of domestic and foreign institutional
investors in securities class actions, corporate governance
matters and derivative suits. In recent years, G&E has broadened
its practice to represent plaintiffs in national whistleblower
suits, consumer class actions and private antitrust litigation.
The firm has recovered more than $13 billion for plaintiffs in the
last five years.

G&E is currently representing the estate of bankrupt futures
broker Refco Inc. and its administrator Marc Kirschner in a
lawsuit against financial services firm Cantor Fitzgerald and
senior executives, including Chairman and CEO Howard Lutnick. The
estate alleges that Cantor failed to compensate Refco for its 10%
stake in core technology supporting Cantor's Nevada gaming
businesses. Earlier this month, a federal judge in New York's
Southern District upheld key claims against Cantor, allowing the
case to move forward.

G&E co-founders and managing directors Stuart Grant and Jay
Eisenhofer said of Mr. Novod's arrival: "Gordon brings an
outstanding track record in handling complex bankruptcy matters
and working with creditors and administrators of major
restructurings. His litigation success fits extremely well with
our ongoing work on behalf of investor plaintiffs, including our
role in some of the biggest bankruptcy cases of the last dozen
years such as Delphi, Parmalat, Global Crossing and other
companies."

Mr. Novod commented: "Representing creditors and investors in
large Chapter 11 proceedings is the cornerstone of my practice,
and I'm pleased to be joining Grant & Eisenhofer's stellar
litigation platform. The firm is well-known for its successful
representation of plaintiffs in investor lawsuits and other
complex business litigation, and I am looking forward to further
expansion of its existing bankruptcy business."

Mr. Novod received his undergraduate degree from Emory University,
and his J.D. from Benjamin N. Cardozo School of Law.

Other recent bankruptcy-related litigation handled by G&E includes
representation of funds managed by Conseco Capital Management,
Credit Suisse Asset Management, Pilgrim American Funds and
Oppenheimer Funds in a securities action against bankrupt beauty
care product maker Styling Technology. G&E also represents a group
of institutional investors who collectively purchased over
$600 million of debt issued by Washington Mutual Bank, in a
securities fraud action and related bankruptcy claim stemming from
WaMu's dissolution.

G&E led litigation behind some of the largest investor recoveries
on record in securities cases, including serving as co-lead
counsel to investors in an epic class action against Tyco
International alleging accounting and other fraud that looted the
company under disgraced CEO Dennis Kozlowski.  The resulting $3
billion settlement struck in 2007 represented the largest payment
ever made by a corporate defendant in resolving a securities class
action. A separate $225 million payment was made by Tyco's former
auditor PricewaterhouseCoopers, itself a near-record payment by an
accounting firm.

Mr. Novod may be reached at:

         Gordon Z. Novod, Esq.
         GRANT & EISENHOFER P.A.
         485 Lexington Avenue
         New York, NY 10017
         Tel: (646) 722-8523
         E-mail: gnovod@gelaw.com

                  About Grant & Eisenhofer

Grant & Eisenhofer P.A. represents plaintiffs in a wide range of
complex financial litigation. G&E's clients include institutional
investors, whistleblowers and other stakeholders in bankruptcy
litigation, securities class actions, derivative lawsuits,
consumer class actions, antitrust suits, and cases involving the
False Claims Act. G&E has recovered more than $13 billion for
investors in the last five years and has consistently been cited
by RiskMetrics for securing the highest average investor recovery
in securities class actions. Grant & Eisenhofer has been named one
of the country's top plaintiffs' law firms by The National Law
Journal for the past ten years.



                             *********

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 by e-mail.

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 the nation's bankruptcy courts.  The
list includes links to freely downloadable of these small-dollar
petitions in Acrobat PDF documents.

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.

                           *********

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
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Ivy B. Magdadaro, Carlo Fernandez,
Christopher G. Patalinghug, and Peter A. Chapman, Editors.

Copyright 2014.  All rights reserved.  ISSN: 1520-9474.

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