TCR_Public/140722.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Tuesday, July 22, 2014, Vol. 18, No. 202

                            Headlines

231 FOURTH AVENUE: Judge Won't Revisit Order Lifting Bankr. Stay
ALPHA NATURAL: Bank Debt Trades at 4% Off
ALSOL CORP: Denied Jury Trial In Suit Over $3M Superfund Cleanup
AMERICAN RESOURCE: Involuntary Chapter 7 Petition Dismissed
ANESTHESIA HEALTHCARE: Can Hire Carl Marks as Consultant

ASTON ESCROW: Moody's Assigns 'B3' Corporate Family Rating
AVIS BUDGET: Moody's Raises Corporate Family Rating to 'Ba3'
BAY INDUSTRIAL: Bankruptcy Stays "Attaway" Lawsuit
BEAVERWORKS LLC: Voluntary Chapter 11 Case Summary
BERNARD L. MADOFF: Facing Life In Prison, Aide Requests 8-10 Yrs

BIOHEALTH COLLEGE: Voluntary Chapter 11 Case Summary
BOART LONGYEAR: S&P Lowers CCR to 'CCC' on Eroding Liquidity
BOBBY D. CURTIS: 5th Cir. Affirms Conviction
BROOKSTONE HOLDINGS: Chapter 11 Plan Declared Effective
BUFFET PARTNERS: Gets Approval to Settle Dispute With ARC

BUFFET PARTNERS: Gets Approval to Settle Dispute With 505 Cordova
CAESARS ENTERTAINMENT: Bank Debt Trades at 6% Off
CERIDIAN LLC: S&P Rates New $1.15-Bil. Debt 'B-'
CLIFFORD WOERNER: Reconsideration of Pro-Snax Standard Urged
COLDWATER CREEK: Committee, Term Lenders Reach Settlement

COLLEGE OF NEW ROCHELLE: Moody's Withdraws 'Ba1' Bonds Rating
CORDON SELECTIONS: Case Summary & 20 Largest Unsecured Creditors
CORINTHIAN COLLEGES: Court Order to Warn Students, Closings Sought
CRUMBS BAKE SHOP: Seeks to Sell Assets to DIP Lender
CRUMBS BAKE SHOP: Closes Stores, Rejects 21 Leases

CRUMBS BAKE SHOP: Schedules Filing Date Extended to Aug. 8
CRUMBS BAKE SHOP: Court Issues Joint Administration Order
DEMCO INC: Sec. 341 Creditors' Meeting Set for Nov. 11
DETROIT, MI: Signs Deal to Resolve DPOA's Plan Objections
DOMUM LOCIS: Enters Into Lease Agreements with Managing Member

DUBIN BROTHERS: Pension Trust Fund Wins Summary Judgment Bid
EASTSIDE COMMERCIAL: 13th Bank Failure This Year
ELLINGTON MUTUAL: A.M. Best Lowers Issuer Credit Rating to 'bb-'
ENERGY FUTURE: Sidley, Kirkland Put Under Microscope
EPWORTH VILLA: Voluntary Chapter 11 Case Summary

ERIC HEYWOOD POOKRUM: Loses Appeal Over Rejection of Plan
FELICIANO GONZALEZ: Chapter 22 Petition May Be Dismissed
FELICIANO GONZALEZ: Can't Pay Bankr. Filing Fee in Installments
FIDELITY & GUARANTY: S&P Affirms 'BB-' Counterparty Credit Rating
FLORIDA GAMING: Morrison Brown to Prepare 2012 & 2013 Tax Returns

FRANKLIN PIERCE: S&P Lowers Long-Term Rating to 'CCC'; Outlook Neg
FREEDOM INDUSTRIES: West Va. Chemical Spill Claims Trickling In
FREEDOM INDUSTRIES: Court OKs ARCADIS as Environmental Consultant
FURNITURE BRANDS: Liquidation Plan Confirmed
GINGKO ROSE: Case Summary & 8 Unsecured Creditors

GLOBAL GEOPHYSICAL: Taps UHY LLP as Independent Auditor
GSE ENVIRONMENTAL: Hires BDO USA as Independent Auditors
GSE ENVIRONMENTAL: Expands Scope of Alvarez & Marsal's Employment
HILLSHIRE BRANDS: Fitch Raises Issuer Default Rating From 'BB'
HOWREY LLP: Suits v. Jones Day, Seyfarth Stay in Bankr. Court

HRK HOLDINGS: Cushman & Wakefield Approved as Real Estate Broker
IRISH BANK: Urges Court to Nix Late Bid for Tampa Mall
JEH COMPANY: Withdraws Bid to Use Frost Bank's Cash Collateral
JUNIPER GENERATION: Fitch Affirms BB+ Rating on $206MM Sec. Notes
KEHE DISTRIBUTORS: S&P Lowers CCR to 'B' on Leveraged Acquisition

KIDS BRANDS: Hires Lowenstein Sandler as Counsel
KIOR INC: Biofuel Maker Misses Payments, Looks for Buyer
KOSMOS ENERGY: Fitch Assigns 'B' Issuer Default Rating
KUAKINI HEALTH: S&P Revises Outlook & Affirms 'BB+' Rating
LAKEHEAD MARINE: Files for Bankruptcy in Ontario

LATEX FOAM: Files Schedules of Assets and Liabilities
LATEX FOAM: July 29 Hearing on Duff & Phelps as Investment Banker
LATEX FOAM: Taps St. Onge Steward Johnston as IP Counsel
LATEX FOAM: Zeisler & Zeisler Approved as General Legal Counsel
LEHI ROLLER MILLS: Utah Judge Confirms Liquidating Plan

LONGVIEW POWER: Slowed by First American Title Lawsuit
M.V. JADRAN: "Captain John's" Ship to Be Sold July 31 in Toronto
M&S HOSPITALITY: Case Summary & 8 Largest Unsecured Creditors
MF GLOBAL: Vacation Time Claims Granted Class Status
MICHIGAN COMMERCIAL: A.M. Best Lowers Then Withdraws B(fair) ICR

MONARCH HOSPITALITY: Case Summary & 20 Top Unsecured Creditors
NATROL INC: Sec. 341 Creditors' Meeting Rescheduled to July 29
NETBANK INC: Supreme Court Wants FDIC Papers in Tax Refund Case
NEW ENGLAND COMPOUNDING: Settlement Prompts Victim Objections
NORTHERN BEEF: Can Hire Karl Wagner as Chief Financial Officer

OHCMC-OSWEGO LLC: Court Dismisses PNC Bank Suit
ORBITAL SCIENCES: S&P Retains 'BB+' CCR on CreditWatch Negative
ORMET CORP: Sale of Hannibal Smelter Okayed
OXFORD FINE: Case Summary & 6 Largest Unsecured Creditors
PSL-NORTH AMERICA: To Change Sale Plan Over Creditor Concerns

PUERTO RICO: Ex-Boxing Champ Sues to Recover Losses from Bonds
QIMONDA AG: Ch. 15 Courts Not Bound By Foreign IP Law
QUIZNOS: Ex-Brass Want to Be Protected From Lawsuits
REVEL AC: Can Proceed with Aug. 7 Auction
ROGERS LEE BROWN: Southern Bank's Suit Dismissed

RUE21 INC: Bank Debt Trades at 13.4% Off
SEARS METHODIST: HUD Tries To Block Cash Use for Ch. 11
S.B. RESTAURANT: To Have Aug. 4 Auction
SCYTHES INC: Files for Bankruptcy in Toronto
STANDARD PACIFIC: Moody's Raises Corporate Family Rating to B1

SURGERY CENTER: S&P Assigns 'B' CCR Over Symbion Deal
SURGERY CENTER: Moody's Affirms 'B3' CFR Over Symbion Deal
SYNERGY LOGISTICS: Case Summary & Largest Unsecured Creditor
TQ WELLNESS: Case Summary & 8 Largest Unsecured Creditors
UNITED CUSTOM FABRICATING: UC Fab of Fla. Dragged in Union Suit

WALTER ENERGY: Bank Debt Trades at 4.05% Off
WHITING PETROLEUM: S&P Retains 'BB+' CCR & Positive Outlook
WINDSOR PETROLEUM: Has Interim Authority to Use Cash Collateral
WINDSOR PETROLEUM: Has Interim OK to Pay Managers & Vendors Claims

* Ninth Circuit Allows Extraterritorial Reach of U.S. Law
* Despite Exposure of Madoff Fraud, New Ponzi Schemes Emerge
* Interventions Still Varies Following Bankruptcies, Fitch Says
* Ace Cash Express to Pay $10MM over Debt-Collection Practices

* Fischer Says Financial Stability Panel Needs More Power
* Regulators Ready Money-Fund Rules
* Small Second-Quarter Rise in Number of Low-Rated Junk Companies

* Mike Wyse Joins Donlin, Recano & Company as Executive Director

* Large Companies With Insolvent Balance Sheet


                             *********


231 FOURTH AVENUE: Judge Won't Revisit Order Lifting Bankr. Stay
----------------------------------------------------------------
Chief Bankruptcy Judge Carla E. Craig denied the request of 231
Fourth Avenue Lyceum, LLC, to reargue the Court's decision and
order granting the motion of P.B. #7 LLC to lift the automatic
stay in the Debtor's case.  The Court said the Debtor's Motion for
Reconsideration fails to provide grounds for relief under Federal
Rule of Civil Procedure 60(b); and raises arguments already
considered and rejected.

231 Fourth Avenue Lyceum, LLC, based in Brooklyn, filed for
Chapter 11 bankruptcy (Bankr. E.D.N.Y. Case No. 13-42125) on April
11, 2013.  Judge Carla E. Craig presides over the case.  David M.
Blum, Esq., serves as the Debtor's counsel.  In its petition, the
Debtor estimated $1 million to $10 million in both assets and
debts.  The petition was signed by Eric Richmond, president.

Mr. Richmond, meanwhile, is a debtor in a pro se Chapter 13
bankruptcy proceeding (Bankr. E.D.N.Y. Case No. 14-41678), also
before Judge Craig.

231 Fourth Avenue Lyceum's principal asset is real property
located at 227-231 4th Avenue, Brooklyn, New York, which is
encumbered by a mortgage held by P.B.  The Debtor defaulted on the
mortgage and P.B. obtained a judgment of foreclosure and sale on
September 28, 2012.  The amount of P.B.'s secured claim,
calculated in accordance with the Foreclosure Judgment, is
approximately $6.6 million.

The Debtor filed for bankruptcy on the eve of the foreclosure
sale.

The Court on November 1, 2013, entered an order designating the
Debtor as a single asset real estate Debtor and directing the
Debtor to comply with the provisions of Sec. 362(d)(3) by filing
"a plan of reorganization that has a reasonable possibility of
being confirmed within a reasonable time", or by commencing
monthly payments that "are in an amount equal to the then
applicable nondefault contract rate of interest on the value of
the creditor's interest in the real estate."  On November 22,
2013, the Debtor filed a first amended chapter 11 plan and
disclosure statement (its initial disclosure statement having been
rejected as insufficient by order dated November 1, 2013), as well
as a motion seeking approval of the first amended disclosure
statement and plan, which motion was amended on November 25, 2013.

The Debtor filed a second amended chapter 11 Plan, a second
amended proposed disclosure statement and an affirmation in
further support of the Disclosure Statement and Plan on December
18, 2013.

P.B. filed an objection to the Debtor's first amended disclosure
statement and filed a motion seeking relief from the stay.  The
United States Trustee also objected to the first amended
disclosure statement.

A hearing was held on December 18, 2013.

On March 3, 2014, the Court entered a decision and order granting
the Lift Stay Motion.  The Decision found that the Debtor had
failed to file a plan of reorganization that has a reasonable
possibility of being confirmed within a reasonable time, as
required by Sec. 362(d)(3), because no evidence was provided to
show that the Debtor would be able to meet its obligations under
the Plan, and because the record showed that the Debtor could not
meet its obligations under the Plan.  The Court rejected the
Debtor's argument that the New York State Supreme Court, Kings
County lacked jurisdiction to enter the Foreclosure Judgment.  The
Court also held that the Rooker-Feldman doctrine and res judicata
prevented the Court from reviewing the validity of the Foreclosure
Judgment.

A copy of Judge Craig's July 17 Decision is available at
http://is.gd/3EN2z6from Leagle.com.

In Mr. Richmond's Chapter 13 case, Judge Craig granted P.B. #7 LLC
relief from the automatic stay to allow it to exercise its rights
and remedies under applicable law with respect to the Property.  A
copy of the decision also dated July 17, is available at
http://is.gd/4hCNCtfrom Leagle.com.

Counsel for P.B. #7 LLC is:

     Glenn P. Warmuth, Esq.
     STIM & WARMUTH, P.C.
     2 Eighth Street
     Farmingville, NY 11738
     Tel: 631-732-2000
     Fax: 631-732-2662


ALPHA NATURAL: Bank Debt Trades at 4% Off
-----------------------------------------
Participations in a syndicated loan under which Alpha Natural
Resources is a borrower traded in the secondary market at 96.38
cents-on-the-dollar during the week ended Friday, July 11, 2014,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in The Wall Street Journal.  This represents a decrease
of 0.08 percentage points from the previous week, The Journal
relates.  Alpha Natural Resources pays 275 basis points above
LIBOR to borrow under the facility.  The bank loan matures on May
31, 2020, and carries Moody's Ba2 rating and Standard & Poor's BB-
rating.  The loan is one of the biggest gainers and losers among
205 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.


ALSOL CORP: Denied Jury Trial In Suit Over $3M Superfund Cleanup
----------------------------------------------------------------
Law360 reported that a New Jersey federal judge ruled that the
bankrupt Alsol Corp. and several affiliates can't challenge a $3
million U.S. Environmental Protection Agency lawsuit before a
jury, saying no right to a jury trial exists under the law
governing the cost of remediating a New Jersey Superfund site.

According to the report, U.S. Magistrate Judge Cathy L. Waldor
granted the government's motion to strike Alsol's request for a
jury trial, backing the government's argument.

The case is UNITED STATES OF AMERICA v. ALSOL CORPORATION et al,
Case No. 2:13-cv-00380 (D.N.J.).

Morristown, New Jersey-based Alsol Corporation filed a voluntary
petition under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J.
Case No. 13-12689) on Feb. 11, 2013.  The case is assigned to
Judge Rosemary Gambardella.  Alsol's petition disclosed $1 million
to $10 million in assets and liabilities.  The Debtor is
represented by Morris S. Bauer, Esq. -- msbauer@nmmlaw.com -- at
Norris McLaughlin & Marcus, in Bridgewater, New Jersey.


AMERICAN RESOURCE: Involuntary Chapter 7 Petition Dismissed
-----------------------------------------------------------
Minnesota Bankruptcy Judge Gregory F. Kishel dismissed the
involuntary Chapter 7 bankruptcy petition (Bankr. D. Minn. Case
No. 14-30262) commenced against American Resource & Energy, LLC.
The judge said Qingdao ARE Wind Power Equipment Co., Ltd.; Bestee
Resources Holdings, Limited.; and Charles Johnson did not qualify
under 11 U.S.C. Sec. 303(b)(1) to file a petition for bankruptcy
relief against ARE when they filed the petition that commenced the
bankruptcy case on Jan. 24, 2014.  He also held that the joinder
of Polaris Industries, LLC to the petition would not satisfy the
debt threshold of 11 U.S.C. Sec. 303(b)(2) to allow that party to
maintain the petition even if putative debtor ARE had fewer than
12 creditors in all.

"For want of qualified petitioning creditors holding claims in a
sufficient amount against putative debtor ARE, the petition, and
this case as a whole, are dismissed," Judge Kishel said.

ARE was formed to function in a newer sector of the energy
industry, electricity generation from wind power.  St. Paul,
Minn.-based ARE's contemplated business was the design and sale of
wind turbine towers, foundations, and raising systems.  The
manufacture of this equipment, however, was to be done overseas.
ARE transacted with persons and entities in the People's Republic
of China for the fabrication; ARE designed the product and later
sold it in markets outside China.  The China-based parties to
these transactions included two of the Petitioners, plus
individuals associated with them.

Dion Johnson is a principal in ARE. He had the status of its chief
executive officer when the bankruptcy case was commenced.

A copy of the Court's July 15, 2014 Order is available at
http://is.gd/pLcyz1from Leagle.com.

Joseph W. Dicker represents the Petitioners.  He may be reached
at:

     Joseph W Dicker, Esq.
     1406 W Lake Street
     Minneapolis, MN 55408
     Tel: (612) 827-5941

ARE is represented by:

     Marc M. Berg, Esq.
     J. SELMER LAW PA
     500 Washington Avenue South, Suite 2010
     Minneapolis, MN 55415
     Tel: 612-338-6005
     Fax: 612-338-4120
     E-mail: mberg@jselmerlaw.com


ANESTHESIA HEALTHCARE: Can Hire Carl Marks as Consultant
--------------------------------------------------------
Anesthesia Healthcare Partners, Inc. sought and obtained
permission from the U.S. Bankruptcy Court to employ Carl Marks
Advisory Group, LLC to serve as the Debtors' financial and
management consultant in connection with these chapter 11 cases,
and the appointment of Carl Marks partner F. Duffield Meyercord as
the Debtors' Chief Restructuring Officer, in each case nunc pro
tunc as of June 5, 2014.

F. Duffield Meyercord attests that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the
Bankruptcy Code.

Carl Marks will, among other things, render these services:

    (i) assisting Debtors with preparing five-year financial
        models for the go-forward business.

   (ii) assisting Debtors with preparing by-site financial
        analysis to identify sites to sell and/or close; and

  (iii) assisting Debtors with preparing weekly cash flow
        Modeling.

For the services to be provided by Carl Marks to the Debtors
during the term of its engagement, and subject only to this
Court's approval of this Application, the Debtors will pay to Carl
Marks a Monthly Fee of $90,000.00, payable on the terms and
schedule set forth in the Agreement, and shall also reimburse Carl
Marks for its reasonable expenses incurred in connection with
providing such services to the Debtors.

The firm may be reached at:

     F Duffield Meyercord
     CARL MARKS ADVISORY GROUP LLC
     PO Box 1005
     Bedminster, NJ 07921-1005
     Tel: (908) 234-2373
     Fax: (908) 781-6210

Anesthesia Healthcare Partners, Inc., filed a bare-bones Chapter
11 petition (Bankr. N.D. Ga. Case No. 14-59631) in Atlanta on
May 15, 2014.  The case is assigned to Judge Wendy L. Hagenau.
The Debtor is represented by Theodore N. Stapleton, Esq., at
Theodore N. Stapleton, P.C., in Atlanta.

Sean Lynch of Suwannee, Georgia, the CEO of the company, owns
100% of the common stock.  In its schedules, the Debtor listed
$19,632,440 in total assets and $11,827,716 in total liabilities.


ASTON ESCROW: Moody's Assigns 'B3' Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service assigned a B3 Corporate Family Rating
and a B3-PD Probability of Default rating to Aston Escrow
Corporation in connection with the acquisition of Transworld
Systems, Inc. ("TSI", a carve-out of Expert Global Solutions,
Inc.), by Platinum Equity Advisors ("Platinum"). Moody's also
assigned a B3-LGD4 rating to a proposed, $440 million senior
secured notes issuance, the proceeds from which, along with cash
equity from Platinum, will be used to purchase TSI and pay related
fees and expenses. At the closing of the transaction, Aston will
merge with and into TSI, which will be the borrower post-merger.
The rating outlook is stable.

Ratings Rationale

A handful of uncertainties surrounding Platinum's acquisition of
TSI pressures the credit rating of what is otherwise a not overly
aggressive purchase of a soundly profitable target company, albeit
one that faces real business risks. Those risks include customer
concentration, a stagnant revenue base that is susceptible to
regulatory changes, and the lack of an operating track record as a
standalone entity that would give investors comfort with TSI's
post-carveout cost structure. The B3 rating allows for weaker than
anticipated performance at TSI, whose top line has been spotty in
the recent past, and which will now be overseen by a private
equity firm with leeway to pursue shareholder-friendly financial
policies.

Platinum's modest equity contribution may not represent a large
vote of confidence in the acquired business. The company is being
sold at a notably low multiple, only about 6.0 times, leading us
to wonder if operating weaknesses are more apparent from
Platinum's vantage point than they are to debt investors. Still,
Moody's recognize not only that overall debt to EBITDA, at about
5.5 times (including Moody's standard adjustment) is moderate, but
also that Platinum has had considerable success in acquiring small
divested businesses from larger multinational firms, often for low
multiples, and wresting incremental value from them. Moreover,
over the past three years TSI has generated healthy free cash
flows, averaging $46 million annually, an amount that, relative to
post-acquisition debt, is strong for a B3 rating.

If the company can continue at or near the recent trajectory of
free cash flow generation, TSI will build up a substantial cash
balance. However, the combination of private-equity ownership and
the absence of required debt amortization makes us skeptical about
the prospects for deleveraging, even though Moody's expect the
company will have ample capacity to do so.

The stable outlook reflects Moody's expectations that increasing
defaulted-student-loan volumes, rising absolute and out-of-pocket
expenses for health care, and favorable trends generally for the
outsourcing of collections services will drive revenue growth in
the low single digits, although the landscape for both sectors is
uncertain given the possible impacts from regulatory reform.
Moody's could upgrade the ratings if TSI grows revenue at or
better than the modest levels expected, such that leverage can be
sustained at less than 5.0 times. Moody's could downgrade the
ratings if revenues weaken abruptly, reflective, perhaps, of the
loss of a significant customer, and if greater than anticipated
operating expenses pressure profitability such that leverage and
liquidity worsen materially.

With Moody's-expected 2014 revenues of $335 million, TSI is an
accounts-receivable management and debt-collections-services
provider to the educational, healthcare, government, and legal
industries. The privately held company is headquartered in
Horsham, PA and conducts its operations primarily within the
United States.

Issuer: Aston Escrow Corporation

Assignments:

  Corporate Family Rating, Assigned B3

  Probability of Default Rating, Assigned B3-PD

  Senior Secured Notes due 2021, Assigned B3, LGD4

The principal methodology used in this rating was the Global
Business and Consumer Services Methodology published in October
2010. Other methodologies used include Loss Given Default for
Speculative Grade Non-Financial Companies in the US, Canada, and
EMEA, published in June 2009.


AVIS BUDGET: Moody's Raises Corporate Family Rating to 'Ba3'
------------------------------------------------------------
Moody's Investors Service upgraded all of the debt ratings of Avis
Budget Group Inc. including: Corporate Family Rating (CFR) to Ba3
from B1; Probability of Default Rating to Ba3-PD from
B1-PD; senior secured to Baa3 LGD2 from Ba1 LGD2; and senior
unsecured to B1 LGD4 from B2 LGD5. The Speculative Grade Liquidity
rating is affirmed at SGL-3. The rating outlook is stable.

Ratings Rationale

The upgrade reflects Moody's expectation that Avis will maintain
an increasingly competitive business model in the global car
rental industry. In addition, the company will benefit from
favorable long-term industry fundamentals in the North American
market. These factors should enable Avis to generate stronger and
more sustainable operating performance. Finally, Moody's
anticipate that Avis will manage future share repurchases in a
prudent manner, sized based on its ability to generate free cash
flow after the financing of its vehicle fleet, and that the
company will maintain an adequate liquidity profile.

Given Avis' significant reliance on debt to fund its annual fleet
purchases, it is critical for the company to maintain an adequate
liquidity profile. This profile is supported by a $1.65 billion
committed revolving credit facility that matures in November 2015,
approximately $4 billion in committed ABS funding programs with
maturities beyond 2015; and approximately $841 million in cash (at
March 2014). These resources, combined with ongoing access to the
term ABS market, should enable Avis to comfortably fund its
seasonal fleet buildup.

Notwithstanding these operational and financial strengths, Avis
will continue to face challenges and risks factors that include:
leverage that remains high with year-end 2013 debt/EBITDA at 4.4x;
a sizable amount of corporate debt ($3.4 billion at year-end 2013
which represents 32% of total funded debt of $10.7 billion), and
ongoing cyclicality within the sector. In addition, despite Avis'
adequate liquidity profile, its heavy reliance on capital market
access to fund its fleet purchases is an ongoing risk factor.

The stable rating outlook reflects Moody's expectation that Avis'
sound competitive position in the car rental sector, combined with
supportive industry fundamentals, will enable the company to
sustain operating performance and credit metrics that are solidly
supportive of the Ba3 CFR.

There could be positive movement in the rating if Avis is
successful in expanding its margins through cost reductions and
revenue enhancing initiatives. Metrics that could point toward
upward rating action include EBIT/interest sustained above 2x,
retained cash flow to debt in the low- to mid- 20% range, or a
likelihood that debt/EBITDA will remain in the mid- to high- 3.0x
range. Additional considerations in any upward movement in Avis'
rating will include: the ability of Avis and its peers to manage
vehicle purchases and fleet size in line with demand; the degree
to which the company maintains a healthy liquidity profile; a
demonstration that share repurchases will be managed prudently;
and progress in strengthening margins and return measures.

The rating would most likely come under pressure as a result of a
significant slowdown in the US or European economies, or
aggressive vehicle over fleeting by the major rental companies.
Credit metrics that could indicate downward rating pressure
include EBIT/interest remaining near 1x or debt/EBITDA exceeding
4.5x.

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


BAY INDUSTRIAL: Bankruptcy Stays "Attaway" Lawsuit
--------------------------------------------------
Proceedings in the lawsuit, JUSTIN ATTAWAY, et al., Plaintiffs, v.
BAY INDUSTRIAL SAFETY SERVICES INC., et al., Defendants, Case No.
11-CV-803-SCW (S.D. Ill.), are stayed against Bay Industrial
Services following its Chapter 11 bankruptcy filing.

Magistrate Judge Stephen C. Williams said the stay will remain
effective until the parties notify the Court that the bankruptcy
proceedings have been resolved and that the stay may be lifted, or
until this Court is notified that the claim may proceed with the
approval of the bankruptcy court.  The judge directed counsel for
Bay Industrial Services to submit notices to the Court every
October and April, beginning in October 2014, regarding that
status of the bankruptcy proceeding, unless events warrant the
filing of an earlier report.

A copy of the Court's July 9, 2014 Order is available at
http://is.gd/grwchhfrom Leagle.com.

Based in Robinson, Illinois, Bay Industrial Safety Services Inc.,
filed for Chapter 11 bankruptcy (Bankr. S.D. Ill. Case No. 14-
60259) on July 3, 2014.  Judge Laura K. Grandy presides over the
bankruptcy case.  Robert E. Eggmann, Esq., at Desai Eggmann Mason
LLC, serves as the Debtor's counsel.  In its petition, the Debtor
listed total assets of $581,239 and total liabilities of $1.78
million.  The petition was signed by Glenn Parker, president.  A
list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/ilsb14-60259.pdf


BEAVERWORKS LLC: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: Beaverworks, LLC
        10-14 Corey Street
        Melrose, MA 02176

Case No.: 14-13407

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: July 18, 2014

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

Judge: Hon. William C. Hillman

Debtor's Counsel: Laurel E. Bretta, Esq.
                  BRETTA AND GRIMALDI, PA
                  77 Mystic Avenue
                  Medford, MA 02155
                  Tel: 781-395-0090
                  Email: bglaw@lbretta.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Margaret H. Nuytkens, manager.

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


BERNARD L. MADOFF: Facing Life In Prison, Aide Requests 8-10 Yrs
----------------------------------------------------------------
Law360 reported that Annette Bongiorno, a former close aide to
Bernie Madoff who faces up to life in prison for her role in the
epic Ponzi scheme, asked a New York federal judge late to issue a
lighter sentence of between eight and 10 years.  According to the
report, Bongiorno, 65, was convicted in March along with four
other former employees of Bernard L. Madoff Investment Securities
LLC. Under U.S. sentencing guidelines, she could spend the rest of
her life in jail, according to the court filing.  Sentencing for
the five defendants is scheduled for the last week of July, the
report related.

The case is U.S. v. O'Hara et al., case number 1:10-cr-00228, in
the U.S. District Court for the Southern District of New York.

                     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.


BIOHEALTH COLLEGE: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: Biohealth College, Inc.
           dba Bryman College
        2665 N. First Street, #102
        San Jose, CA 95134-2033

Case No.: 14-53057

Chapter 11 Petition Date: July 18, 2014

Court: United States Bankruptcy Court
       Northern District of California (San Jose)

Judge: Hon. Arthur S. Weissbrodt

Debtor's Counsel: David A. Boone, Esq.
                  LAW OFFICES OF DAVID A. BOONE
                  1611 The Alameda
                  San Jose, CA 95126
                  Tel: (408) 291-6000
                  Email: ecfdavidboone@aol.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Sam Shirazi, CEO.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/canb14-53057.pdf


BOART LONGYEAR: S&P Lowers CCR to 'CCC' on Eroding Liquidity
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on South Jordan, Utah-based Boart Longyear Ltd. to 'CCC'
from 'CCC+'.  The outlook is negative.

At the same time, S&P lowered its issue level rating on subsidiary
Boart Longyear Management Pty Ltd.'s secured notes to 'B-' from
'B' and its senior unsecured notes to 'CCC' from 'CCC+'.  S&P
maintained the '1' recovery rating on the secured notes, which
indicates its expectation for very high (90% to 100%) recovery and
the '4' recovery rating on the unsecured notes, which indicates
S&P's expectation for average (30% to 50%) recovery in the event
of a payment default.

"The downgrade reflects our view that the company's capital
structure is unsustainable in the current environment and
potential exists for some form of restructuring in the next year,"
said Standard & Poor's credit analyst David Kuntz.  "It also
incorporates our view that its liquidity will continue to erode
over the next year because of weak performance.  We believe that
covenant cushion is thin and that a violation of the company's
financial performance covenants over the next year is a likely
event."

S&P could lower the rating if it believes that a default,
distressed debt exchange, or some other form of capital
restructuring appears to be inevitable within six months, absent
unanticipated significantly favorable changes in the company's
circumstances.

S&P do not believe an upgrade is a likely scenario over the next
year given its view of the company's unsustainable capital
structure and eroding liquidity position.


BOBBY D. CURTIS: 5th Cir. Affirms Conviction
--------------------------------------------
Bobby D. Curtis was indicted for and pled guilty to concealment of
bankruptcy estate assets valued at more than $942,000.  After
unsuccessfully moving to withdraw his guilty plea, Curtis filed a
motion to vacate his conviction under 28 U.S.C. Sec. 2255, arguing
that his court-appointed counsel rendered ineffective assistance.
Curtis argues that Smith rendered ineffective assistance because
he advised Curtis to plead guilty without reviewing discovery
documents or really understanding what Curtis was pleading guilty
to.  A magistrate judge recommended granting relief but was
overruled by the district court.  A three-judge panel of the
United States Court of Appeals, Fifth Circuit, affirmed in a July
15, 2014 Opinion, available at http://is.gd/APcEiLfrom
Leagle.com.

The case is, UNITED STATES OF AMERICA, Plaintiff-Appellee, v.
BOBBY D. CURTIS, Defendant-Appellant, No. 12-30819 (5th Cir.).

Curtis formed the company Gen-I-Tech, Inc. in early January 2002
for the purpose of installing computer and internet equipment in
public schools Fand libraries pursuant to the Universal Service
Administrative Company's School and Libraries Program, commonly
referred to as the federal E-Rate Program.  The E-Rate Program
provides discounts to qualifying schools and libraries on eligible
telecommunication or internet services by paying a percentage of
the fee for such services.

On May 24, 2002, Curtis filed for personal bankruptcy under
Chapter 13, listing as a personal asset his stock in Gen-I-Tech,
valued at $2000.  On August 29, 2002, Curtis converted to Chapter
11 bankruptcy, followed by a conversion to Chapter 7 bankruptcy on
February 12, 2003.  The bankruptcy court discharged Curtis from
bankruptcy on July 23, 2003.  Rocky Willson, Esq., represented
Curtis throughout his bankruptcy case.


BROOKSTONE HOLDINGS: Chapter 11 Plan Declared Effective
-------------------------------------------------------
Brookstone Holdings Corp., et al., notified the U.S. Bankruptcy
Court for the District of Delaware that the effective date of
their Second Modified Joint Chapter 11 Plan of Reorganization
occurred on July 7, 2014.  The Plan was confirmed on June 24.

The May 7 version of the Plan provides, among other things, that
"general unsecured claim fund" is defined as "$1,250,000 in Cash,"
and "GUC Excess Amount" to mean 15% of the increase in the
aggregate value of the consideration under a winning bid, after
payment of the break-up fee and expense reimbursement, subject to
a cap of $1,500,000.  The May 7 version, according to Bill
Rochelle, the bankruptcy columnist for Bloomberg News, explained a
settlement negotiated in April resolving opposition to plans for
distributing sale proceeds.  The May 7 version showed general
unsecured creditors with a recovery from 11.4 percent to 30.5
percent, Mr. Rochelle said.

The May 16 version of the Plan modified the definition of "GUC
Excess Amount" to mean 15% of the increase in the effective date
net distributable cash as a result of the winning bid, after
payment of the break-up fee and expense reimbursement, subject to
a cap of $1,500,000.

                    About Brookstone Holdings

Brookstone Holdings Corp. and its affiliated debtors on April 3,
2013, filed for relief under Chapter 11 (Bankr. D. Del. Lead Case
No. 14-10752) with a plan to sell its business to another
retailer.

Specialty retailer Brookstone operated 242 retail stores across 40
states and Puerto Rico as of Feb. 1, 2014.  Of those stores, 195
are generally located near "center court" in America's top
retail centers and 47 are located in airports.  Brookstone
also operates an e-commerce business that includes the Brookstone
catalog and http://www.Brookstone.com/

An affiliate of Spencer Spirit Holdings Inc., the parent of gift-
shop chain Spencer's, has signed a deal to pay $147 million in
exchange for 100% of the reorganized debtor's equity, absent
higher and better offers from other parties.  As of Dec. 31, 2013,
Spencer operated 644 stores in 49 states and Canada.

As of the bankruptcy filing, the Debtors owe more than $50 million
on a senior secured prepetition credit facility ($34.1 million on
a revolver, $12.3 million on a term loan and $4.7 million on
account of letters of credit), and $137.3 million to holders of
junior notes.  The Debtors estimate that their unsecured debt is
between $75 million and $85 million.

The agreement with Spencer contemplates that Brookstone,
headquartered in New Hampshire, will continue to operate its mall
and airport stores, catalog, website, and wholesale channels,
under the Brookstone brand with current employees remaining at
their respective locations.

The Debtors have tapped K&L Gates LLP and Landis Rath & Cobb LLP
as attorneys, Deloitte Financial Advisory Services LLP as their
financial advisors, Jefferies LLC as their investment banker, and
Kurtzman Carson Consultants as claims agent.

The DIP lenders are represented by Stroock & Stroock & Lavan LLP
and Young Conaway Stargatt & Taylor LLP.


BUFFET PARTNERS: Gets Approval to Settle Dispute With ARC
---------------------------------------------------------
Buffet Partners, L.P. received court approval for a deal that
would resolve its dispute with ARC CAFE001, LLC.

Under the agreement, Buffet will assume its lease contract with
ARC and assign it to Chatham Credit Management III LLC, secured
lender and the purchaser of substantially all of the company's
assets.

ARC will receive payment of $36,985 as a condition to Buffet's
assumption of the lease to "cure" its default under the lease.  A
full-text copy of the agreement is available without charge at
http://is.gd/2XXZ8T

The contract dated December 28, 2007 allowed Buffet to lease from
ARC a real property located in Garland, Dallas County, Texas.

In March, Buffet proposed to assume the lease in connection with
the sale of its assets to Chatham, and proposed to pay ARC
$139,263 to cure any defaults under the lease.  ARC opposed the
proposed amount, saying Buffet owed the company $192,531.

                      About Buffet Partners

Buffet Partners, L.P., owns and operates Furr's Fresh Buffet, a
restaurant chain with 29 restaurants in Arizona, Arkansas, New
Mexico, Oklahoma and Texas.  With a 65+ year operating history,
Furr's -- http://www.furrs.net/-- operates straight-line and
scatter-bar buffet units that feature a variety of all-you-can-eat
and home-cooked foods served at an affordable price.  Buffet
Partners was formed to purchase Furr's in September 2003.

Headquartered in Plano, Texas, Buffet Partners and an affiliate
sought Chapter 11 protection in Dallas (Bankr. N.D. Tex. Case No.
Case No. 14-30699) on Feb. 4, 2014.

Attorneys at Baker & McKenzie LLP serve as counsel to the Debtors.
Bridgepoint Consulting is the financial advisor.

Buffet Partners disclosed $33,281,729 in assets and $48,926,256 in
liabilities as of the Chapter 11 filing.

William T. Neary, U.S. Trustee for Region 6, appointed five
creditors to serve in the Official Committee of Unsecured
Creditors.  Bradford J. Sandler, Esq., at Pachulski Stang Ziehl &
Jones LLP serves as its counsel.  Mesirow Financial Consulting,
LLC, serves as its financial advisors.

The restaurant was founded in 1946 by Roy Furr, and expanded to
approximately 60 locations as a family-owned business for over 35
years.  In 1980, it was acquired by Kmart Corporation.  Kmart
ultimately sold Furr's in a leveraged buy-out which subsequently
went public in 1986.  Following a take-private transaction, the
Company entered a period of decline due to its debt burden,
culminating in a restructuring and reorganization under chapter 11
in 2003 in Dallas, Texas.


BUFFET PARTNERS: Gets Approval to Settle Dispute With 505 Cordova
-----------------------------------------------------------------
U.S. Bankruptcy Judge Harlin DeWayne Hale approved a deal that
would resolve Buffet Partners, L.P.'s dispute with 505 Cordova,
LLC over the assumption of their lease contract.

Under the deal, Buffet will assume and assign the lease to Chatham
Credit Management III LLC, secured lender and the purchaser of
substantially all of the company's assets.

Both sides also agreed that the "cure amount" that Buffet owes to
Cordova as of May 31 is $36,692.  A full-text copy of the
agreement is available without charge at http://is.gd/CMU6w1

The contract allowed Buffet to lease from Cordova a commercial
space in a shopping center located in Santa Fe, New Mexico.

In March, Buffet proposed to assume the lease in connection with
the sale of its assets to Chatham, and proposed to pay $18,440 to
cure any defaults under the lease.  Cordova opposed the proposed
amount, saying it was owed $88,112.

                      About Buffet Partners

Buffet Partners, L.P., owns and operates Furr's Fresh Buffet, a
restaurant chain with 29 restaurants in Arizona, Arkansas, New
Mexico, Oklahoma and Texas.  With a 65+ year operating history,
Furr's -- http://www.furrs.net/-- operates straight-line and
scatter-bar buffet units that feature a variety of all-you-can-eat
and home-cooked foods served at an affordable price.  Buffet
Partners was formed to purchase Furr's in September 2003.

Headquartered in Plano, Texas, Buffet Partners and an affiliate
sought Chapter 11 protection in Dallas (Bankr. N.D. Tex. Case No.
Case No. 14-30699) on Feb. 4, 2014.

Attorneys at Baker & McKenzie LLP serve as counsel to the Debtors.
Bridgepoint Consulting is the financial advisor.

Buffet Partners disclosed $33,281,729 in assets and $48,926,256 in
liabilities as of the Chapter 11 filing.

William T. Neary, U.S. Trustee for Region 6, appointed five
creditors to serve in the Official Committee of Unsecured
Creditors.  Bradford J. Sandler, Esq., at Pachulski Stang Ziehl &
Jones LLP serves as its counsel.  Mesirow Financial Consulting,
LLC, serves as its financial advisors.

The restaurant was founded in 1946 by Roy Furr, and expanded to
approximately 60 locations as a family-owned business for over 35
years.  In 1980, it was acquired by Kmart Corporation.  Kmart
ultimately sold Furr's in a leveraged buy-out which subsequently
went public in 1986.  Following a take-private transaction, the
Company entered a period of decline due to its debt burden,
culminating in a restructuring and reorganization under chapter 11
in 2003 in Dallas, Texas.


CAESARS ENTERTAINMENT: Bank Debt Trades at 6% Off
-------------------------------------------------
Participations in a syndicated loan under which Caesars
Entertainment Inc. is a borrower traded in the secondary market at
93.61 cents-on-the-dollar during the week ended Friday, July 11,
2014, according to data compiled by LSTA/Thomson Reuters MTM
Pricing and reported in The Wall Street Journal.  This represents
an increase of 0.42 percentage points from the previous week, The
Journal relates.  Caesars Entertainment Inc. pays 525 basis points
above LIBOR to borrow under the facility.  The bank loan matures
on Jan. 1, 2018, and carries Moody's B3 rating and Standard &
Poor's B- rating.  The loan is one of the biggest gainers and
losers among 205 widely quoted syndicated loans with five or more
bids in secondary trading for the week ended Friday.


CERIDIAN LLC: S&P Rates New $1.15-Bil. Debt 'B-'
------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B-'
corporate credit rating on Minneapolis-based Ceridian LLC.  The
outlook is stable.

At the same time, S&P assigned a 'B-' issue rating with a recovery
rating of '3' to Ceridian LLC's proposed $673 million of term loan
B-1 tranche due 2017, co-issued with its subsidiary Comdata Inc.
In addition, S&P assigned a 'B-' rating with a recovery rating of
'3' to Ceridian LLC's proposed $702 million term loan B-2 tranche
due 2020 and the proposed $125 million traveling Ceridian HCM
revolver due as late as 2019 co-issued with its subsidiary
Ceridian HCM Holding Inc.  The '3' recovery rating indicates S&P's
expectations of meaningful recovery (50%-70%) in the event of a
payment default.

S&P also affirmed all issue-level ratings on the company's
existing debt.

"Our 'B-' corporate credit rating on Ceridian reflects the
company's 'fair' business risk profile based on its moderate
position in a highly competitive market, and its 'highly
leveraged' financial risk profile based on its high level of
debt," said Standard & Poor's credit analyst Jacob Schlanger.

S&P adjusted the 'b' anchor score downward one notch because of
the company's high leverage compared to other 'B' rated peer
companies.

The stable rating outlook reflects S&P's expectation that
improving economic conditions and the company's ongoing business
transition will continue to have a positive impact on the
company's revenue and margins.

A highly leveraged financial position limits the possibility of an
upgrade in the near to medium term, excluding the impact of a
Comdata IPO.

S&P could lower the rating if competitive pressures were to lead
to a decline in margins and EBITDA so that the company would not
have sufficient covenant headroom.  Over the longer term, if the
company is unable to address the 2017 maturity wall, S&P could
lower the rating as well.


CLIFFORD WOERNER: Reconsideration of Pro-Snax Standard Urged
------------------------------------------------------------
BARRON & NEWBURGER, P.C., Appellant, v. TEXAS SKYLINE, LIMITED;
PECOS & 15TH, LIMITED; UNITED STATES TRUSTEE; SKYLINE INTERESTS,
L.L.C., Appellees, No. 13-50075 (5th Cir.), concerns a bankruptcy
court's order reducing the fees a debtor's counsel received under
11 U.S.C. Sec. 330.  On May 13, 2010, on the eve of a major state
court judgment against him, Clifford Woerner filed a voluntary
petition under Chapter 11 of the Bankruptcy Code.  Woerner filed a
joint petition with his wife Gail Woerner, but Gail was
subsequently dismissed from the case.  The law firm of Barron &
Newburger represented Woerner as Chapter 11 counsel.  On April 20,
2011, the bankruptcy court converted the case to Chapter 7.  Its
services terminated, Barron & Newburger filed an application for
fees in excess of $130,000.  The bankruptcy court awarded the
expenses in full, but only $19,409.00 in fees, an 85% reduction.
The bankruptcy court cited In re Pro-Snax Distributors, Inc., 157
F.3d 414 (5th Cir. 1998), in its ruling on April 11, 2012.  The
bankruptcy court held that additional fees were unreasonable.

The district court affirmed.  Barron & Newburger appeals,
contending that the bankruptcy court misapplied precedent and 11
U.S.C. Sec. 330 in reducing the fees awarded to it.

"We affirm," a three-judge panel of the Fifth Circuit held in a
ruling penned by Circuit Judge Edward C. Prado, and available at
http://is.gd/ABgwKbfrom Leagle.com.

Judge Prado also noted that, "Even though we find no error in the
bankruptcy court's use of the Pro-Snax standard to resolve the
attorney fee application in this case, I write separately to note
that the Pro-Snax standard may be misguided. It appears to
conflict with the language and legislative history of [Sec.] 330,
diverges from the decisions of other circuits, and has sown
confusion in our circuit."

Section 330 gives a bankruptcy court discretion to determine the
amount of reasonable compensation.  But, according to Judge Prado,
the statute also constrains that discretion by requiring the court
to "tak[e] into account" a set of listed factors, including
"whether the services were necessary to the administration of, or
beneficial at the time at which the service was rendered."

"We urge reconsideration of the standard in Pro-Snax by this court
sitting en banc," Judge Prado said.

Austin, Texas-based Clifford Joseph Woerner, aka C.J. Woerner and
Woerner Interests, and Gail Suzanne Woerner, filed for Chapter 11
bankruptcy (Bankr. W.D. Tex. Case No. 10-11365) on May 13, 2010.
Barbara M. Barron, Esq. -- bbarron@bnpclaw.com -- at Barron &
Newburger, P.C., served as the Debtors' counsel.  In the joint
petition, the Woerners estimated $1 million to $10 million in
assets and debts.  A list of the Woerners' 20 largest unsecured
creditors filed together with the petition is available for free
at http://bankrupt.com/misc/txwb10-11365.pdf

The case was later converted to Chapter 7 on April 20, 2011.


COLDWATER CREEK: Committee, Term Lenders Reach Settlement
---------------------------------------------------------
BankruptcyData reported that Coldwater Creek filed with the U.S.
Bankruptcy Court a motion to approve compromise approving a global
settlement agreement and release that follows a period of arms'
length negotiations involving substantial concessions by parties
including the Official Committee of Unsecured Creditors, the Term
Loan Lenders, and the Debtors' officers and directors.  According
to BData, under the terms of the Settlement Agreement, the Term
Loan Lenders' claims will be reduced by the amount of $4,400,000,
and, provided that payment on account of those claims is made on
or before July 21, 2014, the Term Loan Lenders will waive all
unpaid interest that accrued from July 1, 2014 through and
including the date of repayment.  In the aggregate, the economic
value of the Settlement Agreement to unsecured creditors of the
Debtors' estates is estimated to be $5,362,914.55 above the
amounts that would otherwise be available for distribution to
them, BData said.

Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reported that the Committee opposed provisions in the
reorganization plan to preclude lawsuits against company managers,
secured lenders and owners.

Mr. Rochelle also related that Coldwater has found buyers for
leases at 21 of its stores, generating about $1.8 million for
creditors.  Successful bids for each location ranged from $20,000
to $346,000, Mr. Rochelle said, citing auction results filed with
the bankruptcy court in Delaware July 9.  Successful bidders
include once-bankrupt retailer J. Jill Group Inc. and the retail
arm of Forever 21 Inc., Mr. Rochelle added.

                     About Coldwater Creek

Coldwater Creek is a multi-channel retailer that offers its
merchandise through retail stores across the country, its catalog
and its e-commerce Web site, http://www.coldwatercreek.com/
Originally founded in Sandpoint, Idaho in 1984 as a direct,
catalog-based marketer, Coldwater evolved into a multi-channel
specialty retailer operating 334 premium retail stores, 31 factory
outlet stores and seven day spa locations throughout the United
States.

As of the bankruptcy filing, the Debtors domestically employ a
total of approximately 5,990 employees throughout their retail
locations, corporate headquarters and distribution, design and
call centers.

Coldwater Creek Inc. and its debtor-affiliates sought Chapter 11
bankruptcy protection (Bankr. D. Del. Lead Case No. 14-10867) on
April 11, 2014, to liquidate their assets.

Coldwater Creek Inc. disclosed assets of $721,468,388 plus
undetermined amount and liabilities of $425,475,739 plus
undetermined amount.  Affiliate Coldwater Creek U.S. Inc.
estimated $100 million to $500 million in assets and liabilities.

The Debtors have drawn $37.5 million and have approximately
$10 million in letters of credit outstanding under a senior
secured credit facility (ABL facility) provided by lenders led by
Wells Fargo Bank, National Association, as agent.  The Debtors
also owe $96 million, which includes accrued interest and
approximately $23 million representing a prepayment premium
payable, under a term loan from lenders led by CC Holding Agency
Corporation, as agent.  Aside from the funded debt, the Debtors
have accumulated a significant amount of accrued and unpaid trade
and other unsecured debt in the normal course of their business.

The Debtors have tapped Young Conaway Stargatt & Taylor, LLP, and
Shearman & Sterling LLP as attorneys, Perella Weinberg Partners LP
as financial advisor, Alvarez & Marsal as restructuring advisor,
and Prime Clerk LLC as claims and noticing agent.

The U.S. Trustee for Region Three named seven creditors to serve
on the official committee of unsecured creditors.  Lowenstein
Sandler LLP represent the Committee.


COLLEGE OF NEW ROCHELLE: Moody's Withdraws 'Ba1' Bonds Rating
-------------------------------------------------------------
Moody's Investors Service withdraws the College of New Rochelle's
Ba1 underlying rating on the Civic Facility Revenue Bonds Series
1999 and Revenue Bonds Series 2008. The rating action affects $57
million of debt. The Series 1999 bonds were issued through the New
Rochelle Industrial Development Agency and the Series 2008 bonds
were issued through the Dormitory Authority of the State of New
York, NY.

The enhanced A3/VMIG 2 rating on the Dormitory Authority of the
State of New York, NY, Revenue Bonds (The College of New Rochelle
Project) Series 2008 is unaffected by the action because it is
based on a direct pay letter of credit from Citizen's Bank, N.A.
(rated A3 negative; P-2).

Summary Rating Rationale

The rating withdrawal reflects the College's transition to serving
a different population of primarily adult learners for which there
are few comparables. Moody's has withdrawn the rating because it
believes it has insufficient or otherwise inadequate information
to support the maintenance of the rating.


CORDON SELECTIONS: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Cordon Selections Inc
        4136 First Ave S
        Seattle, WA 98134

Case No.: 14-15445

Chapter 11 Petition Date: July 18, 2014

Court: United States Bankruptcy Court
       Western District of Washington (Seattle)

Judge: Hon. Timothy W. Dore

Debtor's Counsel: John R Rizzardi, Esq.
                  CAIRNCROSS & HEMPELMANN, P.S.
                  524 2nd Ave Ste 500
                  Seattle, WA 98104-2323
                  Tel: 206-254-4444
                  Email: jrizzardi@cairncross.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Kenneth C. Avedisian, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/wawb14-15445.pdf


CORINTHIAN COLLEGES: Court Order to Warn Students, Closings Sought
------------------------------------------------------------------
Karen Gullo, writing for Bloomberg News, reported that Corinthian
Colleges Inc., the for-profit owner of career schools that will
sell or shut them in the biggest collapse in U.S. higher
education, may be ordered to warn students of its financial woes.

According to the report, California Attorney General Kamala Harris
filed a lawsuit seeking to require disclosures in the company's
ads and on its websites.  The report related that Mr. Harris
accuses Corinthian of misrepresenting its job placement rates,
advertising non-existent programs and using unlawful debt
collection practices on student loans. She said the Santa Ana,
California-based company also fails to tell consumers it's been
suspended from enrolling veterans and is at substantial risk of
financial collapse, the report further related.

The case is People of the State of California v. Heald Colleges
LLC, CGC-13-534793, California Superior Court (San Francisco).


CRUMBS BAKE SHOP: Seeks to Sell Assets to DIP Lender
----------------------------------------------------
Crumbs Bake Shop, Inc., et al., have entered into an asset
purchase agreement with Lemonis Fischer Acquisition Company, LLC,
the Debtors' DIP Lender.  LFAC will credit bid in exchange for the
Debtors' assets, and assume certain liabilities, cure costs that
need to be paid arising from assumed contracts, unpaid
administrative expenses in an amount up to $150,000, and any
transfer taxes.

The sale of the Debtors' assets will be subject to competing bids.
If bidding procedures are approved by Judge Michael B. Kaplan of
the U.S. Bankruptcy Court for the District of New Jersey, an
eligible bidder must submit a competiting bid by Aug. 19, so that
if more than one bid, other than the stalking horse bid, is
received, an auction will follow on Aug. 21, at the offices of
Cole, Schotz, Meisel, Forman & Leonard, P.A., in Hackensack, New
Jersey.  The competiting bids must provide a purchase price
greater than the minimum cash component of $6,514,245, plus a
minimum overbid amount of $445,427, which represents (a) a
reimbursement of actual, reasonable and necessary expenses of the
Proposed Purchaser in the amount of $150,000, (b) a break-up fee
in favor of the Proposed Purchaser in the amount of 3% of the cash
component of the Purchase Price, and (c) an overbid in the amount
of $100,000.  The Debtors propose that the Court convene a hearing
on Aug. 27 to consider approval of the sale of the assets to the
successful bidder.

Crumbs Bake Shop, Inc., and 22 of its affiliates filed separate
Chapter 11 bankruptcy petitions (Bankr. D. N.J. Lead Case No. 14-
24287) on July 11, 2014.  John D. Ireland signed the petitions as
chief financial officer.  Crumbs Bake Shop estimated assets of $10
million to $50 million and the same range of liabilities.

Cole, Schotz, Meisel, Forman & Leonard, P.A., acts as the Debtors'
counsel.  Prime Clerk LLC is the Debtors' claims and noticing
agent.  Judge Michael B. Kaplan oversees the jointly administered
cases.


CRUMBS BAKE SHOP: Closes Stores, Rejects 21 Leases
--------------------------------------------------
Crumbs Bake Shop, Inc., et al., obtained authority from Judge
Michael B. Kaplan of the U.S. Bankruptcy Court for the District of
New Jersey to reject 21 leases as of the later of (i) to the
Petition Date and (ii) the date upon which the premises have been
surrendered to the landlord, but in no event later than July 23,
2014.

The leases are for properties located at:

   * Burlington Mall, in Burlington, Massachusetts,
   * Natick Mall, in Natick, Massachusetts,
   * Pheasant Lane Mall, in Nashua, New Hampshire,
   * South Shore Plaza, in Braintree, Massachusetts,
   * Mall at Rockingham Park, in Salem, New Hampshire,
   * Northshore Mall, in Peabody, Massachusetts,
   * Providence Place, in Providence, Rhode Island,
   * Danbury Fair Mall, in Danbury, Connecticut,
   * Suburban Plaza, in Ardmore, Pennsylvania,
   * Deptford Mall, in Deptford, New Jersey,
   * Freehold Raceway Mall, in Freehold, New Jersey,
   * King of Prussia, in Pennsylvania,
   * Christiana Mall, in Newark, New Jersey,
   * Columbia Mall, in Columbia, Maryland,
   * Cherry Hill, Mall, in Cherry Hill, New Jersey,
   * Park City Center, in Lancaster, Pennsylvania,
   * Towson Town Center, in Towson, Maryland,
   * White Marsh Mall, in Baltimore, Maryland,
   * Garden State Plaza, in Paramus, New Jersey,
   * Rockaway Mall, in Rockaway, New Jersey, and
   * Palisades Center, in West Nyack, New York.

Crumbs Bake Shop, Inc., and 22 of its affiliates filed separate
Chapter 11 bankruptcy petitions (Bankr. D. N.J. Lead Case No. 14-
24287) on July 11, 2014.  John D. Ireland signed the petitions as
chief financial officer.  Crumbs Bake Shop estimated assets of $10
million to $50 million and the same range of liabilities.

Cole, Schotz, Meisel, Forman & Leonard, P.A., acts as the Debtors'
counsel.  Prime Clerk LLC is the Debtors' claims and noticing
agent.  Judge Michael B. Kaplan oversees the jointly administered
cases.


CRUMBS BAKE SHOP: Schedules Filing Date Extended to Aug. 8
----------------------------------------------------------
Judge Michael B. Kaplan of the U.S. Bankruptcy Court for the
District of New Jersey Crumbs extended until Aug. 8, 2014, the
time within which Bake Shop, Inc., et al., must file their
schedules of assets and liabilities and statements of financial
affairs.

Crumbs Bake Shop, Inc., and 22 of its affiliates filed separate
Chapter 11 bankruptcy petitions (Bankr. D. N.J. Lead Case No. 14-
24287) on July 11, 2014.  John D. Ireland signed the petitions as
chief financial officer.  Crumbs Bake Shop estimated assets of $10
million to $50 million and the same range of liabilities.

Cole, Schotz, Meisel, Forman & Leonard, P.A., acts as the Debtors'
counsel.  Prime Clerk LLC is the Debtors' claims and noticing
agent.  Judge Michael B. Kaplan oversees the jointly administered
cases.


CRUMBS BAKE SHOP: Court Issues Joint Administration Order
---------------------------------------------------------
Judge Michael B. Kaplan of the U.S. Bankruptcy Court for the
District of New Jersey issued an order directing the joint
administration and procedural consolidation of the Chapter 11
cases of Crumbs Bake Shop, Inc., et al., under the lead case Case
No. 14-24287.

Crumbs Bake Shop, Inc., and 22 of its affiliates filed separate
Chapter 11 bankruptcy petitions (Bankr. D. N.J. Lead Case No. 14-
24287) on July 11, 2014.  John D. Ireland signed the petitions as
chief financial officer.  Crumbs Bake Shop estimated assets of $10
million to $50 million and the same range of liabilities.

Cole, Schotz, Meisel, Forman & Leonard, P.A., acts as the Debtors'
counsel.  Prime Clerk LLC is the Debtors' claims and noticing
agent.  Judge Michael B. Kaplan oversees the jointly administered
cases.


DEMCO INC: Sec. 341 Creditors' Meeting Set for Nov. 11
------------------------------------------------------
The U.S. Trustee Joseph W. Allen will convene a meeting of
creditors pursuant to 11 U.S.C. 341(a) in the Chapter 11 case of
Demco, Inc., aka Decommissioning & Environmental Management
Company, on Nov. 11, 2012, at 2:00 p.m.  The meeting will be held
at Buffalo UST - Olympic Towers.

                         About Demco Inc.

Demco, Inc., aka Decommissioning & Environmental Management
Company, is a specialty trade contractor based in West Seneca, New
York, which provides demolition services, nuclear work,
environmental clean-up, disaster response and a variety of other
services throughout the United States and, on a project-by-project
basis, internationally.  Some of Demco's better known demolition
projects in the past have included the Rocky Flats Nuclear Power
Plant, Yankee Stadium, the Orange Bowl, Buffalo Memorial
Auditorium, and the Sunflower Army Ammunition Plant.

Demco filed for Chapter 11 protection (Bankr. W.D.N.Y. Case No.
12-12465) on Aug. 6, 2012.  Bankruptcy Judge Michael J. Kaplan
presides over the case.  Daniel F. Brown, Esq., at Andreozzi,
Bluestein, Fickess, Muhlbauer Weber, Brown, LLP, represents the
Debtor in its restructuring effort.  Freed Maxick CPAs, P.C.
serves as its accountants, and Horizons Consulting, LLC, serves as
its tax consultants.  The petition was signed by Michael J.
Morin, controller.

Tracy Hope Davis, the U.S. Trustee for Region 2, appointed three
creditors to serve on the Official Committee of Unsecured
Creditors.  The Committee retained Amigone, Sanchez & Mattrey, LLP
as its counsel.

First Niagara Bank, the cash collateral lender, is represented by
William F. Savino, Esq., at Damon Morey.


DETROIT, MI: Signs Deal to Resolve DPOA's Plan Objections
---------------------------------------------------------
A judge overseeing Detroit's bankruptcy case approved a deal that
would resolve its dispute with the Detroit Police Officers
Association.

U.S. Bankruptcy Judge Steven Rhodes on July 10 signed an order
approving the deal under which the police union agreed to drop its
objections to the city's debt-cutting plan and vote in favor of
the plan.

The DPOA can re-file its objections if the union and the city
leaders fail to ratify a collective bargaining agreement by July
25.

In case the police union casts its ballots on time but no
collective bargaining agreement is ratified, those ballots won't
be counted, according to the deal.

A full-text copy of the agreement is available without charge at
http://is.gd/k9bdmt

Separately, Judge Rhodes approved another agreement between
Detroit and Michigan Attorney General Bill Schuette.

The agreement requires the attorney general to file and serve his
statement with respect to the plan and Michigan's pension clause
no later than July 22 if either Class 10 or 11 votes to reject the
plan.

                          Plan Objections

In a related development, a group led by a certain Carl Williams
objected to the confirmation of Detroit's debt-cutting plan,
saying the bankruptcy court "lacks jurisdiction."

The group also questioned the filing of the Chapter 9 petition,
saying it doesn't have the approval of either the city or its
creditors.

Kevyn Orr, who was appointed in March 2013 as Detroit's emergency
financial manager, signed the petition filed in July last year.
The filing was authorized by Michigan Governor Rick Snyder after
determining that the financial emergency in Detroit "cannot be
successfully addressed" outside of a Chapter 9 filing

Judge Rhodes will hold a hearing on July 24 to consider
confirmation of the plan.  The confirmation hearing may be
continued from time to time, without further notice.

                  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.


DOMUM LOCIS: Enters Into Lease Agreements with Managing Member
--------------------------------------------------------------
Domum Locis LLC seeks authority from the U.S. Bankruptcy Court
Central District of California, Los Angeles Division, to enter
into lease agreements with Michael J. Kilroy, the managing member
of the Debtor, for the residential real properties located at
1308-1312 N. Flores Street and 8313-A-8319A Fountain Ave., in West
Hollywood, California, and at 424 W. Vista Chino, in Palm Springs,
California.

The Debtor says entry into the lease agreements is good business
judgment because the proposed rent is equal to or higher than the
fair market rate as evidenced by the rental rates on the
comparable properties and will bring additional annual income of
$163,900 into the Debtor's estate.  To provide additional
protection to the estate, Mr. Kilroy agrees that if during the
term of the lease, any creditor or party-in-interest can identify
a tenant who is ready, willing and able to enter into a lease
agreement for the North Flores and Vista Chino Properties and pay
a higher monthly rental than the rate under the lease agreements,
then the Debtor will promptly file a motion seeking approval of
the new lease and Mr. Kilroy will either (i) have the right to
match or increase the proposed new monthly rent amount, or (ii) be
required to vacate the properties within 60 days of the Court
order approving the new lease agreements.

Domum Locis LLC filed a Chapter 11 bankruptcy petition (Bankr.
C.D. Calif. Case No. 14-23301) on July 11, 2014.  Michael J.
Kilroy signed the petition as managing member.  The Debtor
estimated assets and liabilities of at least $10 million.  Cypress
LLP serves as the Debtor's counsel.  Judge Robert N. Kwan presides
over the case.


DUBIN BROTHERS: Pension Trust Fund Wins Summary Judgment Bid
------------------------------------------------------------
WILLIAM J. EINHORN, Administrator of the Teamsters Pension Trust
Fund of Philadelphia and Vicinity, Plaintiff, v. DUBIN BROTHERS
LUMBER CO., INC., Defendant, CIVIL ACTION NO. 12-6814 (JBS/JS)
(D.N.J. November 2, 2012), seeks to collect amounts due pursuant
to Sections 502(g)(2) and 4301(e) of the Employee Retirement
Income Security Act of 1974, for withdrawal liability in a total
of $209,956.78, as well as amounts due pursuant to a May 18, 2011
Settlement Agreement.  The primary issues presented are whether
withdrawal liability under ERISA is properly discharged under a
Chapter 11 bankruptcy filed seven years before an employer
withdraws completely from the fund, and whether an employer's
failure to challenge the amount or existence of withdrawal
liability through arbitration precludes the employer from arguing
in a civil action to collect withdrawal liability that a portion
of that liability was discharged through bankruptcy.

Mr. Einhorn has been the Administrator of the Teamsters Pension
Trust Fund of Philadelphia and Vicinity.  The Fund is a
multiemployer pension plan and an employee pension benefit plan
maintained to provide retirement and related benefits.

Mr. Einhorn argues that he is entitled to summary judgment as to
amounts owed by Dubin Brothers to the Fund pursuant to a 2011
settlement agreement between the parties, as well as to amounts
owed as the result of withdrawal liability under Sections
502(g)(2) and 4301(e) of ERISA.  The Defendant opposed.

In a July 16 Opinion available at http://is.gd/0REKlGfrom
Leagle.com, Chief District Judge Jerome B. Simandle in New Jersey
granted Plaintiff's motion for summary judgment.  He said
Plaintiff's motion is granted to the extent it seeks from
Defendant the withdrawal liability as assessed in the letter dated
April 18, 2012 in the amount of $209,956.78 and to the extent it
seeks unpaid retroactive payments under the Settlement Agreement,
in the amount of $4,218.97.  The Court will also award Plaintiff
$12,415.15 in interest on Defendant's 2011 withdrawal liability
and liquidated damages in the amount of $41,991.36, plus
reasonable attorney's fees and costs to which Plaintiff is
entitled under 29 U.S.C. Sec. 1132(g)(2).

Attorney for Plaintiff William J. Einhorn, Administrator of the
Teamsters Pension Trust Fund of Philadelphia and Vicinity, is:

     Matthew D. Areman, Esq.
     MARKOWITZ & RICHMAN
     123 S. Broad Street, Suite 2020
     Philadelphia, PA 19109
     Tel: 267-528-0121
     Toll Free: 800-590-4561
     Fax: 215-790-0668

Attorney for Defendant Dubin Brothers Lumber Co., Inc., is:

     Liam Y. Braber, Esq.
     JACOBY DONNER, PC
     East Gate Center
     309 Fellowship Road, Suite 200
     Mt. Laurel, NJ 08054
     Tel: 609-278-2500
     Fax: 609-278-0505
     E-mail: lbraber@jacobydonner.com

Dubin Brothers Lumber Co., Inc., filed a voluntary Chapter 11
petition (Bankr. D.N.J. Case No. 02-14096) on April 23, 2002.  The
Bankruptcy Court entered an Order Confirming Chapter 11 Plan on
February 5, 2004.


EASTSIDE COMMERCIAL: 13th Bank Failure This Year
------------------------------------------------
Eastside Commercial Bank from Conyers, Georgia, was taken over by
regulators on July 18, becoming the 13th bank to fail this year,
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reported.  The failed bank had deposits of $161.6 million and will
cost the Federal Deposit Insurance Corp. an estimated $33.9
million, the report related.


ELLINGTON MUTUAL: A.M. Best Lowers Issuer Credit Rating to 'bb-'
----------------------------------------------------------------
A.M. Best Co. has downgraded the financial strength rating to
B- (Fair) from B (Fair) and the issuer credit rating to "bb-" from
"bb" of Ellington Mutual Insurance Company (EMIC) (Hortonville,
WI).  The outlook for both ratings remains negative.
Concurrently, A.M. Best has withdrawn the ratings due to
management's request to no longer participate in A.M. Best's
interactive rating process.

These rating actions are based on A.M. Best's concerns regarding
EMIC's overall enterprise risk management (ERM), as well as its
five-year trend of underwriting and operating losses, overall
pricing adequacy, declining risk-adjusted capitalization and
policyholders' surplus.  Furthermore, the ratings reflect its
dependence on one reinsurer, increased common stock investment
leverage, concentrated business profile that has exposed the
company to frequent and severe wind and hail events and
management's inability to reverse operating loss trends in the
near term.  Despite these negative attributes, EMIC has adequate
risk-adjusted capitalization, a history of adequate loss-reserving
practices, long-standing agency relationships and an historic
presence writing property business in underserved rural areas of
central Wisconsin.


ENERGY FUTURE: Sidley, Kirkland Put Under Microscope
----------------------------------------------------
Law360 reported that the trustee for second-lien noteholders owed
$1.6 billion in the Energy Future Holdings Corp. bankruptcy is
pressing ahead with plans to scrutinize the debtors' counsel
Kirkland & Ellis LLP and Sidley Austin LLP over any past ties with
the equity holders that bought out the energy giant in 2007,
according to court papers.  The report related that a pair of
amended subpoena notices indicate that the noteholders' trustee
Wilmington Savings Fund Society FSB intends to depose Kirkland and
Sidley representatives in New York on July 22.

           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.


EPWORTH VILLA: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Central Oklahoma United Methodist Retirement
        Facility, Inc.
           dba Epworth Villa
        14901 N. Pennsylvania Ave.
        Oklahoma City, OK 73134

Case No.: 14-12995

Type of Business: Health Care

Chapter 11 Petition Date: July 18, 2014

Court: United States Bankruptcy Court
       Western District of Oklahoma (Oklahoma City)

Judge: Hon. Sarah A. Hall

Debtor's Counsel: Brandon Craig Bickle, Esq.
                  Sidney K. Swinson, Esq.
                  Mark D.G. Sanders, Esq.
                  GABLE & GOTWALS, P.C.
                  1100 ONEOK Plaza
                  100 West Fifth Street
                  Tulsa, OK 74103-4217
                  Tel: 918-595-4800
                  Fax: 918-595-4990
                  Email: bbickle@gablelaw.com
                         sswinson@gablelaw.com
                         msanders@gablelaw.com

                     - and -

                  G. Blaine Schwabe, III, Esq.
                  GABLE & GOTWALS, P.C.
                  One Leadership Square, 15th Floor
                  211 North Robinson
                  Oklahoma City, OK 73102
                  Tel: (405) 235-5500
                  Fax: (405) 235-2875
                  Email: gschwabe@gablelaw.com

Estimated Assets: $100 million to $500 million

Estimated Liabilities: $100 million to $500 million

The petition was signed by John Harned, president and CEO.

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


ERIC HEYWOOD POOKRUM: Loses Appeal Over Rejection of Plan
---------------------------------------------------------
Eric Heywood Pookrum and Robbin Camille Johnson took an appeal
from an October 3, 2013 Order by Bankruptcy Judge Wendelin I. Lipp
that denied their Second Restated Joint Plan of Reorganization
under Chapter 11 of the U.S. Bankruptcy Code.  Bank of America,
N.A. moved to dismiss the appeal as moot.

In a July 16, 2014 Memorandum Opinion available at
http://is.gd/j35Pc9from Leagle.com, District Judge Roger W. Titus
said Bank of America's motion will be denied, and the Bankruptcy
Court's Order denying confirmation will be affirmed.

In 2005, Pookrum and Johnson received financing from Bank of
America to engage in the construction of improved real property in
Prince George's County, Maryland.  According to Bank of America,
Pookrum and Johnson "defaulted on their payment obligations under
the Subject Loan" on June 16, 2009, and Bank of America
subsequently initiated foreclosure proceedings in January 2010.
Bank of America made a claim against Pookrum and Johnson for more
than $1.5 million.  On September 10, 2010, Pookrum and Johnson
filed for relief under Chapter 11 of the U.S. Bankruptcy Code.

Pookrum and Johnson filed a Second Restated Chapter 11 Plan on
July 12, 2013.  At a hearing on September 25, 2013, Bankruptcy
Judge Lipp considered the plan, and on October 3, 2013, entered an
Order denying confirmation of the Debtors' Second Restated Chapter
11 Plan without leave to amend.

Pookrum and Johnson appealed.  They failed in their bid to stay
the Court's ruling.

On October 28, 2013, Judge Lipp entered an Order granting a motion
by the United States Trustee to convert the bankruptcy case from
Chapter 11 to Chapter 7 pursuant to 11 U.S.C. Sec. 1112(b).
Pookrum and Johnson did not appeal this order.

The case before the District Court is, ERIC HEYWOOD POOKRUM, et
al., Appellants, v. BANK OF AMERICA, N.A., Appellee, CASE NO. RWT
13-CV-3117 (D. Md.).

Pookrum and Johnson are represented by James M Greenan, Esq., and
Steven Lewis Goldberg, Esq., at McNamee Hosea Jernigan Kim Greenan
and Lynch PA.

Bank of America, N.A., is represented by:

     Scott Randal Robinson, Esq.
     THE FISHER LAW GROUP PLLC
     9440 Pennsylvania Avenue, Suite 350
     Upper Marlboro, MD 20772
     Tel: 301-599-7700, ext. 128
     E-mail: srobinson@first-legal.com

Eric Heywood Pookrum in Suitland, Maryland, filed for Chapter 11
bankruptcy (Bankr. D. Md. Case No. 10-30909) on September 10,
2010.  Bankruptcy Judge Wendelin I. Lipp presides over the case.
Pookrum estimated $500,001 to $1 million in assets and $1 million
to $10 million in liabilities.  A list of the Debtor's 20 largest
unsecured creditors filed together with the petition is available
for free at http://bankrupt.com/misc/mdb10-30909.pdf


FELICIANO GONZALEZ: Chapter 22 Petition May Be Dismissed
--------------------------------------------------------
Bankruptcy Judge Enrique S. Lamoutte in Puerto Rico directed
Feliciano Gonzalez Construction, Inc., to show cause by July 30,
2014, why its second Chapter 11 bankruptcy filing in the past 35
days should not be dismissed with a bar to re-filing for one year.

Among other things, Judge Lamoutte said that corporations in
Puerto Rico are not allowed to appear pro se in judicial
proceedings and can only do so through a licensed attorney.

Feliciano Gonzalez Construction is a Puerto Rico corporation
dedicated to construction and claims to be a small business debtor
as defined in 11 U.S.C. Sec. 101(51D).  The Company's first
Chapter 11 petition (Bankr. D.P.R. Case No. 14-04931) was
dismissed on June 23, 2014.  The so-called Chapter 22 petition
(Case No. 14-05790) was filed by the Debtor pro se on July 15,
2014.

A copy of the Court's July 16, 2014 Opinion and Order is available
at http://is.gd/n3YfOQfrom Leagle.com.


FELICIANO GONZALEZ: Can't Pay Bankr. Filing Fee in Installments
---------------------------------------------------------------
Bankruptcy Judge Enrique S. Lamoutte in Puerto Rico said Feliciano
Gonzalez Construction, Inc., is not qualified as an "individual
debtor" for purposes under Section 109, Fed. R. Bankr. P.
1006(b)(1) and LBR 9006-1(a).  Therefore, its "Application for
Individuals to Pay the Filing Fee in Installments" is denied as
the Debtor is a corporation, not an individual.  The Debtor is
ordered to pay the complete Chapter 11 fee within 14 days.
Failure to do so may result in the dismissal of the case with a
bar to re-filing for a period of one year.

Feliciano Gonzalez Construction is a Puerto Rico corporation
dedicated to construction and claims to be a small business debtor
as defined in 11 U.S.C. Sec. 101(51D).  The Company's first
Chapter 11 petition (Bankr. D.P.R. Case No. 14-04931) was
dismissed on June 23, 2014.  The so-called Chapter 22 petition
(Case No. 14-05790) was filed by the Debtor pro se on July 15,
2014.

A copy of the Court's July 16, 2014 Opinion and Order is available
at http://is.gd/yiVsZZfrom Leagle.com.


FIDELITY & GUARANTY: S&P Affirms 'BB-' Counterparty Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB-'
long-term counterparty credit and senior debt ratings of Fidelity
& Guaranty Life Holdings Inc. (FGL).  S&P also affirmed its 'BBB-'
long-term counterparty credit and financial strength ratings on
Fidelity & Guaranty Life Insurance Co. and Fidelity & Guaranty
Life Insurance Co. of New York and revised all outlooks to stable
from positive.

The ratings are based on an adequate competitive position with
growing fixed-indexed and deferred annuity sales and national
insurance marketing organization partnerships.  Management has
been successful in implementing its growth strategy and raising
both debt and equity capital while under Harbinger control.
However, capital has not grown at the pace S&P previously expected
and it do not expect it to reach its 'BBB' capital adequacy
targets in the near term.  S&P projects total adjusted capital
falling about 1% short of its 'BBB' target for the company for
Dec. 31, 2014, but falling farther from that target during the
next two years.

The company has also increased its holdings of noninvestment-grade
assets including collateralized loan obligations and corporate
loans.  High-risk assets as of Dec. 31, 2013, represented 224% of
total adjusted capital.  S&P views FGL as having a higher risk
profile for its high-risk assets and for the refinancing risk it
will face in seven years when $300 million in senior notes that
are supporting current insurance capital needs mature.  Offsetting
these concerns, S&P thinks the company has adequate financial
flexibility and good fixed-charge coverage.

The stable outlook reflects S&P's prospective view of FGL's
relatively stable sales, operating performance, and
capitalization.  S&P expects FGL's indexed annuity and life sales
growth to be at least consistent with industry trends so it
maintains its top-15 position in fixed-index annuities.  FGL will
continue to benefit from realized gains in 2014.  Excluding
investment gains and losses and other one-time items, S&P expects
adjusted generally accepted accounting principles EBIT of around
$110 million in 2014 and $160 million in 2015, driven by higher
premiums, fees, and amortization of deferred acquisition costs.

S&P could raise the rating if operating performance continues to
improve and either:

   -- Capitalization becomes sustainably consistent with S&P's
      'BBB' targets as measured by its model, with excess capital
      to offset the higher-risk asset strain, or

   -- FGL reduces the level of below-investment-grade corporate
      bonds, loans, or structured securities it currently holds so
      that high-risk assets drop to less than 100% of total
      adjusted capital.

S&P could lower the rating if capital adequacy under its model
declines to substantially less than its 'BBB' targets as a result
of faster sales than expected or returns of capital to
shareholders.  S&P could also lower the ratings if FGL's
investment risk increases or if its competitive position weakens.


FLORIDA GAMING: Morrison Brown to Prepare 2012 & 2013 Tax Returns
-----------------------------------------------------------------
Florida Gaming Centers, Inc., et al. sought and obtained
permission from the U.S. Bankruptcy Court to employ Manuel E.
Pravia as tax consultant, and expand the scope of employment of
Morrison, Brown, Argiz & Farra, LLC.

The Debtors, in their application, requested for the expansion of
MBAF's employment to include tax services.  Specifically, MBAF
will prepare the tax returns for the years ended Dec. 31, 2012,
and Dec. 31, 2013 for Florida Gaming Corporation.

MBAF has advised the Debtors that the estimated fees for the
additional services to be provided will be $45,000, as:

   Service Provided                             Fees
   ----------------                             ----
   Tax Return - Tax Year 2012                  $25,000
   Tax Return - Tax Year 2013                  $20,000

Manuel E. Pravia, a principal of MBAF, aasures the Court that MBAF
is a "disinterested person" as that term is defined in Section
101(14) of the Bankruptcy Code.

On March 18, 2013, David Jonas as receiver for Florida Gaming
Centers, Inc., the wholly-owned subsidiary, and primary operating
asset, of Florida Gaming Corporation, appointed MBAF as the new
accountants to perform the audit of Centers for its fiscal year
ended Dec. 31, 2012.

King + Company, P.S.C., has been the Company's independent auditor
since 1994, and in connection with King's work on the Dec. 31,
2012, audit, the Company, in consultation with King and Morrison,
determined that, because Morrison will audit substantially all of
the Company's consolidated revenue and assets in connection with
its audit of Centers, Morrison would be the Company's "principal
accountant".

On March 27, 2013, the sole member of the Company's Audit
Committee, Dr. George Galloway, met with representatives of
Morrison and of King.  Following these meetings, the Audit
Committee recommended the ratification and approval of Morrison's
appointment as the Company's principal accountant for the Dec. 31,
2012 audit.

On March 27, Company's board of directors ratified and approved
Morrison's appointment as Company's principal accountant.

Before its appointment as Centers' auditor, Morrison was
previously engaged by Centers on Oct. 12, 2012, to act as an
expert witness on Centers' behalf in the previously disclosed case
filed in the Circuit Court of the Eleventh Judicial Circuit in and
for Miami-Dade County, Florida styled ABC Funding, LLC, as
Administrative Agent for Summit Partners Subordinated Debt Fund
IV-A, L.P., Summit Partners Subordinated Debt Fund IV-B, L.P.,
JPMorgan Chase Bank, N.A., Locust Street Funding LLC, Canyon Value
Realization Fund, L.P., Canyon Value Realization Master Fund,
L.P., Canyon Distressed Opportunity Master Fund, L.P., and Canyon-
GRF Master Fund II, L.P., vs. Florida Gaming Centers, Inc., a
Florida corporation, and Florida Gaming Corporation, a Delaware
corporation.  Morrison resigned from the expert witness engagement
prior to accepting the audit engagement.

                       About Florida Gaming

Florida Gaming Centers Inc. filed for Chapter 11 bankruptcy
(Bankr. S.D. Fla. Case No. 13-29597) in Miami on Aug. 19, 2013.
Florida Gaming Centers operates a casino and jai-alai frontons in
Miami.  The Company disclosed debt of $138.3 million and assets of
$180 million in its petition.  Its parent, Florida Gaming Corp.
(FGMG:US), and two other affiliates also sought court protection.

Bankruptcy Judge Robert A. Mark oversees the case.  The Debtors
are represented by Luis Salazar, Esq. and Jesse R. Cloyd, Esq. at
Salazar Jackson, LLP of Miami, Florida.

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

Counsel to the Official Joint Committee of Unsecured Creditors are
Glenn D. Moses, Esq., and Paul J. Battista, Esq., at Genovese
Joblove & Battista, P.A., in Miami, Florida.

                           *     *     *

The Debtors have sold their assets to Fronton Holdings, LLC, an
entity established by ABC Funding.  The $140,000,000 purchase
price consisted of a credit bid of $99,907,336 on account
of the Loan Claim and cash in the amount of $40,092,664.  The
Bankruptcy Court approved the sale on April 7, 2014.  The parties
consummated the 363 Sale on April 30.

The Debtors have submitted to the Bankruptcy Court a Disclosure
Statement explaining their Second Amended Joint Plan of
Liquidation dated June 16, 2014.  The Plan serves as a separate
plan of liquidation for each of the Debtors.  The Plan does not
seek to effect a substantive consolidation or other combination of
the separate estates of each Debtor but instead provides that
creditors of each Debtor will be permitted to assert their claims
only against the Debtor(s) which they hold Allowed Claims.


FRANKLIN PIERCE: S&P Lowers Long-Term Rating to 'CCC'; Outlook Neg
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term rating to
'CCC' from 'B' on New Hampshire Health & Educational Facilities
Authority's debt, issued for Franklin Pierce University (FPU).
The outlook is negative.

"The downgrade and negative outlook assignment reflects our
assessment of Franklin Pierce's failure to make a required monthly
deposit to the Trustee-held debt service fund on April 20, 2014
and the loss of its line of credit in September 2013, coupled with
heavy reliance on bank lines for seasonal cash flow," said
Standard & Poor's credit analyst Ashley Ramchandani.  "In
addition, the rating action reflects our view of FPU's issuance of
a $1.86 million loan and a $5 million line of credit with a bank
in May 2014 that includes a priority lien on gross revenues, which
effectively subordinates bondholder security," added Ms.
Ramchandani.

Pursuant to S&P's 'CCC' rating criteria, with very limited
unrestricted assets available to meet obligations, weak operating
liquidity, and violation of covenants; it is S&P's opinion that
Franklin Pierce is currently vulnerable to nonpayment and
dependent on favorable business conditions to meet its financial
obligations and could default within the next 12 months.


FREEDOM INDUSTRIES: West Va. Chemical Spill Claims Trickling In
---------------------------------------------------------------
Jacqueline Palank, writing for The Wall Street Journal, reported
that Freedom Industries Inc. expected a deluge of bankruptcy
claims from the 300,000 some West Virginians whose water supply
was contaminated as a result of the chemical spill.  But the
deluge never happened because as of July 3, just 70 claims were on
file in the company's bankruptcy case, the according to the
Journal, citing court papers.  An Aug. 1 deadline is set for
individuals and businesses affected by the spill must stake their
claims for compensation from Freedom, which has shut down since
entering Chapter 11, the Journal said.

                      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.


FREEDOM INDUSTRIES: Court OKs ARCADIS as Environmental Consultant
-----------------------------------------------------------------
Freedom Industries, Inc. sought and obtained authorization from
the U.S. Bankruptcy Court for the Southern District of West
Virginia to employ ARCADIS U.S., Inc. as environmental consultant
for the Debtor, effective July 2, 2014.

The responsibilities of ARCADIS will include, inter alia,
overseeing the remediation subcontractor, serving as a liaison
between the West Virginia Department of Environmental Protection
and the Debtor, assisting with structural and remediation design
changes to the Etowah Facility, and providing any other assistance
requested by the CRO.  Recognizing the need to fully implement the
Remediation Plan and the terms of the WVDEP Consent Order
promptly, efficiently and effectively as possible, the Debtor
sought expedited relief in connection with the Application and the
retention agreement attached to the Declaration.

ARCADIS' current customary hourly rates for the individuals
expected to participate in these cases range from $55 to $200 per
hour.

Pursuant to the terms of the Engagement Letter submitted by
ARCADIS, the total cost of time and expenses charged to the Debtor
for its retention in this bankruptcy case shall not exceed
$166,345.

ARCADIS will also be reimbursed for reasonable out-of-pocket
expenses incurred.

The CRO has paid ARCADIS on behalf of the Debtor a retainer of
$100,000 which will be held by ARCADIS and applied against the
final $100,000 fees and expenses invoiced by ARCADIS.

David Jason Manzo, certified project manager of ARCADIS, assured
the Court that the firm 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.

ARCADIS can be reached at:

       ARCADIS U.S., Inc.
       630 Plaza Drive, Suite 200
       Highlands Ranch, CO 80126-2377
       Tel: +1 (720) 344-3500
       Fax: +1 (720) 344-3535

                    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.


FURNITURE BRANDS: Liquidation Plan Confirmed
--------------------------------------------
Judge Christopher Sontchi of the U.S. Bankruptcy Court for the
District of Delaware on July 14 issued an order confirming the
Second Amended Joint Plan of Liquidation of FBI Wind Down, Inc.,
f/k/a Furniture Brands International, Inc., and its debtor
affiliates.

The Plan filed by Furniture Brands, which sold its business to KPS
Capital Partners LP, incorporates both a global settlement between
the furniture maker and the Official Committee of Unsecured
Creditors resolving issues that "materially impact" creditor
recoveries and a settlement with the Pension Benefit Guaranty
Corp., Mr. Rochelle said.  The company then obtained the
Committee's support of the Plan because of the settlement,
BankruptcyData reported.  General unsecured creditors will recover
3.4 percent to 13.9 percent on as much as $370 million owed,
depending on which of the Furniture Brands companies owes the
debt, Mr. Rochelle added.

                      About Furniture Brands

Furniture Brands International (NYSE:FBN) --
http://www.furniturebrands.com-- engaged in the designing,
manufacturing, sourcing and retailing home furnishings. Furniture
Brands markets products through a wide range of channels,
including company owned Thomasville retail stores and through
interior designers, multi-line/ independent retailers and mass
merchant stores.  Its brands include Thomasville, Broyhill, Lane,
Drexel Heritage, Henredon, Pearson, Hickory Chair, Lane Venture,
Maitland-Smith and LaBarge.

The balance sheet at June 29, 2013, showed $546.73 million in
total assets against $550.13 million in total liabilities.

On Sept. 9, 2013, Furniture Brands International, Inc. and 18
affiliated companies sought Chapter 11 protection (Bankr. D. Del.
Lead Case No. 13-12329).

Attorneys at Paul Hastings LLP and Young Conaway Stargatt &
Taylor, LLP, serve as counsel to the Debtors.  Alvarez and Marsal
North America, LLC, is the restructuring advisors.  Miller
Buckfire & Co., LLC is the investment Banker.  Epiq Systems Inc.
dba Epiq Bankruptcy Solutions is the claims and notice agent.

The official creditor's committee is comprised of the Pension
Benefit Guaranty Corp., Milberg Factors Inc. and five suppliers.
The Committee tapped Blank Rome LLP as co-counsel, Hahn &
Hessen LLP as lead counsel, BDO Consulting as financial advisor,
and Houlihan Lokey Capital, Inc., as investment banker.

In November 2013, Furniture Brands won bankruptcy court approval
to sell the business to KPS Capital Partners LP for $280 million.
Private-equity investor KPS formed a new company named Heritage
Home Group LLC to operate the business.  Furniture Brands changed
its name to FBI Wind Down, Inc., following the sale.


GINGKO ROSE: Case Summary & 8 Unsecured Creditors
-------------------------------------------------
Debtor: Gingko Rose Ltd.
        19528 Ventura Blvd. #184
        Tarzana, CA 91356

Case No.: 14-13456

Chapter 11 Petition Date: July 18, 2014

Court: United States Bankruptcy Court
       Central District of California (San Fernando Valley)

Judge: Hon. Victoria S. Kaufman

Debtor's Counsel: Alan W Forsley, Esq.
                  FREDMAN LIEBERMAN LLP
                  1875 Century Park East, Ste 2200
                  Los Angeles, CA 90067
                  Tel: 310-284-7350
                  Fax: 310-432-5999
                  Email: awf@fl-lawyers.net

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by David Darwish, managing member, Logerm
LLC, managing partner of Gingko Rose.

A list of the Debtor's eight largest unsecured creditors is
available for free at http://bankrupt.com/misc/cacb14-13456.pdf


GLOBAL GEOPHYSICAL: Taps UHY LLP as Independent Auditor
-------------------------------------------------------
Global Geophysical Services, Inc. and its debtor-affiliates ask
for permission from the Hon. Richard Schmidt of the U.S.
Bankruptcy Court for the Southern District of Texas to employ UHY
LLP as independent auditor, nunc pro tunc to June 9, 2014.

Financial Statement Audit Services

Subject to further Court order and the Debtors' right to
terminate, UHY will provide a variety of audit-related services to
the Debtors, including:

   -- auditing the Debtors' consolidated financial statements;

   -- conducting quarterly reviews of the Debtors' unaudited
      interim financial information; and

   -- auditing the Debtors' internal controls over financial
      reporting.

UHY will provide the Financial Statement Audit Services to the
Debtors at its standard hourly rates and will seek reimbursement
of all reasonable and necessary out-of-pocket expenses as set
forth in the Financial Statement Engagement Letter and the
Declaration.  UHY's fee estimate:

   -- Integrated audit of the financial statements, and the
      effectiveness of internal control over the Company's
      financial reporting and review of SEC Form 10-K as of and
      for the year ending Dec. 31, 2014: estimated $480,000 to
      $520,000.

   -- Review of quarterly financial statements included in SEC
      Form 10-Q in accordance with Public Company Accounting
      Oversight Board standards for the quarters ending Mar. 31,
      2014, June 30, 2014, and Sept. 30, 2014: estimated $65,000
      per quarter.

401(k) Audit Services

Subject to further Court order and the Debtors' right to
terminate, UHY will provide 401(k) audit services to the Debtors,
including:

   -- audit the financial statements of the Global Geophysical
      Services, Inc. 401(k) Plan; and

   -- perform certain procedures directed at considering
      compliance by the Global Geophysical Services, Inc. 401(k)
      Plan with applicable Internal Revenue Service requirements
      for tax exempt status and ERISA plan qualification
      requirements.

UHY will provide the 401(k) Audit Services at its standard hourly
rates and will seek reimbursement of all reasonable and necessary
out-of-pocket expenses as set forth in the 401(k) Engagement
Letter and the Declaration.  UHY's fee estimate for the 401(k)
Audit Services is approximately $13,500, exclusive of
administrative and other out-of-pocket expenses.

Fees for services under both the Financial Statement Fee Structure
and the 401(k) Fee Structure will generally be based on time
expended at UHY's standard hourly rates.  The range of UHY's
standard hourly rates is:

       Partner                $535-$560
       Principal              $425-$515
       Senior Manager         $340-$400
       Manager                $245-$285
       Seniors                $180-$200
       Senior Staff           $155-$165
       Staff                  $140-$150

On April 30, 2014, the Debtors paid UHY a cure payment in the
amount of $777,000, the amount necessary to cure the defaults
under and to assume the agreement.  After such payment, UHY had no
claim against the Debtors related to its provision of prepetition
auditing and tax services.

Mark Anderson, partner of UHY, assured the Court that the firm 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 Court for the Southern District of Texas will hold a hearing
on the application on July 22, 2014, at 10:00 a.m.

UHY can be reached at:

       Mark Anderson
       UHY LLP
       2929 Allen Parkway, 20th Floor
       Houston, TX 77019-7100
       Tel: (713) 561-6500
       Fax: (713) 960-9549

            About Global Geophysical, Autoseis et al.

Global Geophysical Services Inc., a provider of seismic data for
the oil and gas drilling industry, sought bankruptcy protection,
intending to reorganize on its own with additional capital or
explore a sale or other transaction.

Based in Missouri City, Texas, Global Geophysical disclosed assets
of $468.7 million and liabilities totaling $407.3 million as of
Sept. 30, 2013.  Liabilities include $81.8 million on a secured
term loan owing to TPG Specialty Lending Inc. and Tennenbaum
Capital Partners LLC.  TPG is the lenders' agent.  Global also
owes $250 million on two issues of 10.5 percent senior unsecured
notes, with Bank of New York Mellon Trust Co. as indenture
trustee.

Global Geophysical and five affiliates, including Autoseis, Inc.
(lead debtor), filed Chapter 11 petitions in Corpus Christi, Texas
(Bankr. S.D. Tex. Lead Case No. 14-20130) on March 25, 2014.

The Debtors are represented by C. Luckey McDowell, Esq., Omar
Alaniz, Esq., and Ian E. Roberts, Esq., at Baker Botts, LLP, in
Dallas, Texas; and Shelby A. Jordan, Esq., and Nathanial Peter
Holzer, Esq., at Jordan, Hyden, Womble, Culbreth, & Holzer, PC in
Corpus Christi, Texas.  Alvarez & Marsal serves as the Debtors'
restructuring advisors, Fox Rothschild Inc. as financial advisor,
and Prime Clerk as claims and noticing agent.

Judy A. Robbins, the U.S. Trustee for Region 7, has selected seven
creditors to the Official Committee of Unsecured Creditors.  The
Committee tapped Greenberg Traurig, LLP as counsel; and Lazard
Freres & Co. LLC and Lazard Middle Market LLC, as financial
advisors and investment bankers.

The Ad Hoc Group of Noteholders and the DIP Lenders are
represented by Marty L. Brimmage, Jr., Esq., Charles R. Gibbs,
Esq., Michael S. Haynes, Esq., and Lacy M. Lawrence, Esq., at Akin
Gump Strauss Hauer & Feld LLP.

Prepetition secured lender TPG is represented by David M. Bennett,
Esq., Tye C. Hancock, Esq., and Joseph E. Bain, Esq., at Thompson
& Knight LLP; and Adam C. Harris, Esq., Lawrence V. Gelber, Esq.,
David M. Hillman, Esq., and Brian C. Tong, Esq., at Schulte Roth &
Zabel LLP.


GSE ENVIRONMENTAL: Hires BDO USA as Independent Auditors
--------------------------------------------------------
GSE Environmental, Inc. and its debtor-affiliates seek
authorization from the U.S. Bankruptcy Court for the District of
Delaware to employ BDO USA, LLP as independent auditors, nunc pro
tunc to May 4, 2014 petition date.

The Debtors require BDO to:

   (a) audit the Debtors' consolidated financial statements for
       the fiscal year ending Dec. 31, 2014; and

   (b) review the Debtors' condensed consolidated quarterly
       financial statements for the quarters ending Mar. 31, 2014,
       Jun. 30, 2014 and Sept. 30, 2014 to be included in filings
       with the Securities and Exchange Commission.

In addition, BDO may provide such other consulting, advice,
research, planning, and analysis related to the auditing services,
consistent with the Engagement Letter, as may be requested from
time to time by the Debtors.

The Engagement Letter provides for the following compensation for
BDO:

   -- Audit Services. Audit services are provided to the Debtors
      using estimated fee amounts, which are included in the
      Engagement Letter and summarized below, none of which have
      been paid prior to the Petition Date.

      Audit Service 2014     Estimated Fee
      ------------------     -------------
      Annual Audit           $482,000
      Quarterly Reviews      $90,000

      The fee estimates are based on the time required by
      individuals assigned to the engagement to complete the
      engagement and are calculated using BDO's previous
      experience performing similar work for the Debtors since
      2007.  In the event circumstances arise which may cause
      BDO's audit fee to exceed or fall short of its estimate, BDO
      will notify the Debtors in advance of invoicing the Debtors;
      and

   -- Other Services. If operational, accounting, or other
      auditing matters arise which fall outside the scope of the
      foregoing auditing services but within the scope of the
      Engagement Letter, BDO shall perform such work at the
      Debtors' request on an hourly basis in accordance with
      BDO's ordinary and customary hourly rates in effect on the
      date such services are rendered. BDO has informed the
      Debtors that its hourly rates as of Feb. 28, 2014, which
      are applicable to the professionals and staff members
      assigned to rendering accounting tax advisory services,
      range as follows:

      Billing Category                      Hourly Rate
      ----------------                      -----------
      Partners/Managing Directors           $475-$795
      Directors/Senior Managers             $325-$550
      Managers/Vice Presidents              $325-$425
      Seniors/Analysts                      $200-$350
      Staffs                                $100-$225

   -- Costs. In addition to any fees payable to BDO, the Debtors
      propose to reimburse BDO for all reasonable and documented
      out-of-pocket expenses, which will be charged at actual
      costs incurred by BDO personnel in connection with providing
      the services described herein.

In the 90 days before the petition date, the Debtors paid BDO
approximately $344,937 for fees and $40,228 for reimbursement of
expenses.  As of the petition date, the Debtors do not owe BDO any
fees for services performed or expenses incurred.

Michael Grubbs, an assurance partner in BDO, assured the Court
that the firm 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.

BDO can be reached at:

       Michael Grubbs
       BDO USA, LLP
       333 Clay Street
       Houston, TX 77002
       Tel: (713) 659-6551
       Fax: (713) 659-3238

                      About GSE Environmental

GSE Environmental -- http://www.gseworld.com-- is a global
manufacturer and marketer of geosynthetic lining solutions,
products and services used in the containment and management of
solids, liquids and gases for organizations engaged in waste
management, mining, water, wastewater and aquaculture.
Headquartered in Houston, Texas, USA, GSE maintains sales offices
throughout the world and manufacturing facilities in the US,
Chile, Germany, Thailand, China and Egypt.

GSE Environmental, Inc. and its affiliates filed for Chapter 11
bankruptcy protection (Bankr. D. Del. Lead Case No. 14-11126) on
May 4, 2014 as part of a restructuring support agreement with
their lenders.  The Debtors are seeking joint administration of
their Chapter 11 cases.

GSE announced an agreement with its lenders to restructure its
balance sheet by converting all of its outstanding first lien debt
to equity, leaving the Company well-positioned for long-term
growth and profitability.

The Company has tapped Kirkland & Ellis LLP and Pachulski Stang
Ziehl & Jones LLP as counsel, Alvarez & Marsal North America, LLC,
as restructuring advisor, and Moelis & Company, as financial
advisor.  The first lien lenders are represented by Wachtell,
Lipton, Rosen & Katz.  Prime Clerk is the Debtors' claims agent.

Cantor Fitzgerald Securities as agent for a consortium of DIP
lenders is represented by Nathan Z. Plotkin, Esq., at Shipman &
Goodwin LLP, in Hartford, Connecticut.  The DIP Lenders are
represented by Scott K. Charles, Esq., Emily D. Johnson, Esq., and
and Neil K. Chatani, Esq., at Wachtell, Lipton, Rosen & Katz, in
New York.  The local Delaware counsel to the DIP Lenders and the
DIP Agent is Russell C. Silberglied, Esq., at Richards, Layton &
Finger, P.A., in Wilmington, Delaware.

GSE Environmental's non-U.S. subsidiaries are not included in the
U.S. Chapter 11 filings and will continue to operate in the
ordinary course without interruption.

                           *     *     *

The Bankruptcy Court has approved the disclosure statement filed
by GSE Environmental Inc. for its plan of reorganization.  The
hearing at which the Court will consider confirmation of the Plan
will commence at 10:30 a.m., prevailing Eastern Time, on July 25,
2014.


GSE ENVIRONMENTAL: Expands Scope of Alvarez & Marsal's Employment
-----------------------------------------------------------------
GSE Environmental, Inc. and its debtor-affiliates seek
authorization from the U.S. Bankruptcy Court for the District of
Delaware to expand the scope of Alvarez & Marsal North America,
LLC's retention nunc pro tunc to June 4, 2014 to initiate the
Quality Earnings Update, on the terms set forth in the Engagement
Letter.

The Debtors also ask for permission to utilize, in their
discretion and without further Court order, additional Alvarez &
Marsal Personnel as required to assist in the completion of the
Quality Earnings Update, subject to the compensation and
disclosure provision set forth in the retention order.

As reported in the Troubled Company Reporter, the Debtor and its
affiliates sought and obtained permission to employ Alvarez &
Marsal North America, LLC and the firm's Dean E. Swick as the
Debtors' Vice President for Finance, nunc pro tunc to May 4, 2014
petition date.

On June 4, 2014, at the request of the first lien credit facility
lenders and the Debtors, the Vice President, Finance directed
certain additional Alvarez & Marsal Personnel to begin to update
Alvarez & Marsal's review of key revenue and expense components of
the Debtors' business (the "Quality of Earnings Update").  The
Quality of Earnings Update continues the work initiated by certain
Alvarez & Marsal Personnel in the Fall of 2013 and tracks the
Debtors' internal accounting and financial reporting results.
Additionally, the Quality of Earnings Update entails analyzing
certain financial trends to determine the Debtors' progress on
various operational and financial initiatives, including a broad
cost-cutting effort designed to streamline the Debtors' business
and reduce inefficiencies.

Work on the Quality of Earnings Update will be performed on an
hourly basis and is estimated by Alvarez & Marsal to total
approximately $80,000 in additional fees.

The Court for the District of Delaware will hold a hearing on the
application on July 25, 2014, at 10:30 a.m.  Objections were due
July 18, 2014.

Alvarez & Marsal can be reached at:

       Dean E. Swick
       ALVAREZ & MARSAL NORTH AMERICA, LLC
       600 Madison Avenue, 8th Floor
       New York, NY 10022
       Tel: +1 (212) 759-4433
       Fax: +1 (212) 759-5532

                    About GSE Environmental

GSE Environmental -- http://www.gseworld.com-- is a global
manufacturer and marketer of geosynthetic lining solutions,
products and services used in the containment and management of
solids, liquids and gases for organizations engaged in waste
management, mining, water, wastewater and aquaculture.
Headquartered in Houston, Texas, USA, GSE maintains sales offices
throughout the world and manufacturing facilities in the US,
Chile, Germany, Thailand, China and Egypt.

GSE Environmental, Inc. and its affiliates filed for Chapter 11
bankruptcy protection (Bankr. D. Del. Lead Case No. 14-11126) on
May 4, 2014 as part of a restructuring support agreement with
their lenders.  The Debtors are seeking joint administration of
their Chapter 11 cases.

GSE announced an agreement with its lenders to restructure its
balance sheet by converting all of its outstanding first lien debt
to equity, leaving the Company well-positioned for long-term
growth and profitability.

The Company has tapped Kirkland & Ellis LLP and Pachulski Stang
Ziehl & Jones LLP as counsel, Alvarez & Marsal North America, LLC,
as restructuring advisor, and Moelis & Company, as financial
advisor.  The first lien lenders are represented by Wachtell,
Lipton, Rosen & Katz.  Prime Clerk is the Debtors' claims agent.

Cantor Fitzgerald Securities as agent for a consortium of DIP
lenders is represented by Nathan Z. Plotkin, Esq., at Shipman &
Goodwin LLP, in Hartford, Connecticut.  The DIP Lenders are
represented by Scott K. Charles, Esq., Emily D. Johnson, Esq., and
and Neil K. Chatani, Esq., at Wachtell, Lipton, Rosen & Katz, in
New York.  The local Delaware counsel to the DIP Lenders and the
DIP Agent is Russell C. Silberglied, Esq., at Richards, Layton &
Finger, P.A., in Wilmington, Delaware.

GSE Environmental's non-U.S. subsidiaries are not included in the
U.S. Chapter 11 filings and will continue to operate in the
ordinary course without interruption.


HILLSHIRE BRANDS: Fitch Raises Issuer Default Rating From 'BB'
--------------------------------------------------------------
Fitch Ratings has removed The Hillshire Brands Co.'s (Hillshire;
NYSE: HSH) ratings from Rating Watch Evolving and upgraded the
ratings following Hillshire's July 2, 2014 definitive agreement to
be acquired by Tyson Foods, Inc. (Tyson; NYSE: TSN) for $63 per
share in cash or $8.6 billion, including net debt and preliminary
financing details.

Hillshire's ratings are upgraded as follows:

   -- Long-term Issuer Default Rating (IDR) to 'BBB' from 'BB';
   -- Senior unsecured notes to 'BBB' from 'BB';
   -- Bank credit facility to 'BBB' from 'BB';
   -- Short-term IDR to 'F2' from 'B';
   -- Commercial paper to 'F2' from 'B'.

The Ratings Outlook is Stable.  At March 29, 2014, Hillshire had
$942 million of total debt.

KEY RATING DRIVERS:

Upgraded Due to Pending Buyout by Tyson

The upgrade reflects Fitch's view that there is a high probability
that Tyson's acquisition of Hillshire will be completed, Tyson's
solid credit profile, the expectation of strong operational and
strategic ties between the two entities, and Fitch's Parent and
Subsidiary Rating Linkage criteria.  Fitch currently rates Tyson
'BBB/F2' with a Stable Outlook.  The Boards of Directors for both
companies have unanimously approved the transaction, which is
expected to close by Sept. 27, 2014, the last day of Tyson's
fiscal year.

The buyout represents a 69% premium over Hillshire's stock price
on May 9, the day prior to Hillshire's agreement to acquire
Pinnacle Foods Inc. (Pinnacle; NYSE: PF), which was later
terminated.  The transaction value includes a $163 million payment
Tyson will pay Pinnacle for the termination of Pinnacle's merger
agreement with Hillshire.  Pursuant to the definitive agreement,
HMB Holdings, Inc., a subsidiary of Tyson, commenced a tender
offer for 100% of the outstanding shares of Hillshire's common
stock on July 16 with closing of the tender offer subject to
standard regulatory conditions being met.

Credit Measures:

Hillshire's total debt-to-EBITDA was 1.7x, EBITDA-to-interest
expense was 10.9x, funds from operations (FFO) interest coverage
was 7.1x and free cash flow (FCF) was $96 million for the latest
12 month (LTM) period ended March 29, 2014.  Tyson's total debt-
to-EBITDA was 0.9x, EBITDA-to-interest expense was 16.3x, FFO
interest coverage was 12.2x and FCF was $704 million for the LTM
period ended March 29,2014.  Tyson's pro forma leverage will be
approximately 3.1x and Fitch estimates that FCF could average $800
million annually for the combined entity.

Debt Structure:

Hillshire is expected to become a wholly owned subsidiary of
Tyson.  Hillshire's debt, consisting mainly of $400 million 2.75%
2015 notes, $278 million 4.1% 2020 notes and $152 million 6.125%
2032 notes, is likely to remain at the Hillshire corporate level.
The company also has $102 million of current maturities which
primarily consist of zero coupon notes due in 2014.  Terms for all
bonds, except those due in 2032, include a provision for both a
change of control and downgrades to non-investment grade by three
rating agencies, which is not anticipated.

Hillshire is likely to become a material subsidiary of Tyson, as
defined by Tyson's debt agreements, and terms of Tyson's debt
include cross-default language to material subsidiaries.  An event
of default would occur for Tyson's term loans, which would become
due immediately, if Hillshire fails to perform on its obligations.

Liquidity:

At March 29, 2014, Hillshire had $219 million of cash, $170
million of short-term investments, and $747 million of
availability, excluding $3 million of letters of credit, under its
$750 million revolving credit facility expiring June 2017.
Hillshire's quarter-end liquidity does not reflect $165 million of
cash to finance its recent acquisition of Van's Natural Foods
which closed in May 2014.

RATING SENSITIVITIES:

Future developments that may, individually or collectively, lead
to a positive rating action include:

   -- Any upgrade will be predicated on Tyson's ratings, given
      Fitch's Parent and Subsidiary Rating Linkage criteria.

   -- Due to Tyson's increase in leverage to finance the
      acquisition a positive rating action is not likely to occur
      during the next 18 months.  It is Fitch's expectation that
      Tyson's leverage will decline to the 2.0x-2.5x range within
      18-24 months of the transaction close.

Future developments that may, individually or collectively, lead
to a negative rating action include:

   -- Hillshire's ratings are not likely to be downgraded in the
      near-to-intermediate term, given Fitch's 'BBB/F2' rating on
      Tyson.

   -- Although not currently anticipated, ratings could be
      negatively affected by a downgrade in Tyson's ratings.


HOWREY LLP: Suits v. Jones Day, Seyfarth Stay in Bankr. Court
-------------------------------------------------------------
The adversary proceedings commenced by Allan B. Diamond, the
Chapter 11 bankruptcy trustee for Howrey LLP, against law firms
Jones Day and Seyfarth Shaw LLP will stay in bankruptcy court
after District Judge Saundra Brown Armstrong denied Jones Day's
and Seyfarth's separate requests to withdraw bankruptcy court
reference of those lawsuits.

Mr. Diamond has filed multiple adversary proceedings against
numerous law firms, including Jones Day and Seyfarth, seeking to
recover profits from unfinished business that Howrey's partners
brought with them to their new law firms under the theory that the
profits were fraudulent transfers.

The Trustee filed a complaint against Jones Day on May 10, 2013.
The complaint alleges that, shortly before dissolution, Howrey's
partners amended their partnership agreement to adopt a so-called
"Jewel Waiver," which provides that, in the event of dissolution,
"neither the Partners nor the Partnership shall have any claim or
entitlement to clients, cases or matters ongoing at the time of
dissolution other than the entitlement for collections of amounts
due for work performed by the Partners and other Partnership
personnel on behalf of the Partnership prior to the earlier of
their respective departure dates from the Partnership or the date
of dissolution of the Partnership."  The complaint asserts claims
against Jones Day under state and federal law seeking to avoid
fraudulent transfers.  Mr. Diamond seeks to recover the profits
Jones Day earned by completing Howrey's unfinished business that
former Howrey partners took with them to Jones Day after leaving
Howrey.

Following the filing of Jones Day's motion to withdraw the
bankruptcy reference, Bankruptcy Judge Montali issued an order
recommending that withdrawal of the reference be deferred until
all pretrial proceedings are completed in the bankruptcy court. In
support of his recommendation, Judge Montali stated that the
following factors support deferring withdrawal of reference until
all pretrial matters have been completed:

     (1) the bankruptcy court's docket is not heavy and permits
all pretrial matters to be completed as soon as the parties are
ready;

     (2) this action might be settled before trial;

     (3) this action might be resolved by motion before trial;

     (4) completing all pretrial proceedings in the bankruptcy
court will reduce the burden on the district court2; and

     (5) the bankruptcy court has considerable expertise regarding
fraudulent conveyance law and the particular issues presented in
this law firm bankruptcy, including the Trustee's theory of the
case and Jones Day's defenses.

The cases are ALLAN B. DIAMOND, Chapter 11 Trustee for Howrey LLP,
Plaintiff, v. JONES DAY, Defendant, AND RELATED CASES, CASE NO. C
13-3910 SBA, RELATED CASE NO. C 13-03905 SBA, CASE NO. C 13-03906
SBA., C 13-03907 SBA, C 13-03909 SBA, C 13-03911 SBA, C 13-03912
SBA, C 14-2255 SBA, C 14-2256 SBA, C 14-2375 SBA (N.D. Cal.).  A
copy of the Court's July 15, 2014 Order is available at
http://is.gd/ujy0U8from Leagle.com.

                         About Howrey LLP

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

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

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

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

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

In September 2011, Citibank sought conversion of the Debtor's case
to Chapter 7 or, in the alternative, appointment of a Chapter 11
Trustee.  The Court entered an order appointing a Chapter 11
Trustee. In October 2011, Allan B. Diamond was named as Trustee.
He is represented by Andrew Baxter Ryan, Esq., and Stephen Todd
Loden, Esq., at Diamond McCarthy LLP as counsel.


HRK HOLDINGS: Cushman & Wakefield Approved as Real Estate Broker
----------------------------------------------------------------
HRK Holdings, LLC, and HRK Industries, LLC sought and obtained
authorization from the Hon. K. Rodney May of the U.S. Bankruptcy
Court for the Middle District of Florida to employ Cushman &
Wakefield of Florida, Inc. as real estate broker with respect to
potential sale of land located in Manatee County, Florida.

Cushman & Wakefield will be compensated 5% of the total sales
price.  If a co-broker is utilized, then 7% of the total sales
price, to be split 50/50, including Cushman & Wakefield brokers
not on the listing team.  Court papers filed by the Debtor further
disclosed that in the event all or a portion of the Property is
purchased by so-called Carve-out parties identified on Exhibit A
of the Debtors' filing, then the commission to Cushman & Wakefield
brokers will be reduced to 2.5% of the total sales price.  All
commission must be approved by the Bankruptcy Court.

Bruce K. Erhardt, real estate broker and executive director of
Cushman & Wakefield, assured the Court that the firm 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.

Cushman & Wakefield can be reached at:

       Bruce K. Erhardt
       CUSHMAN & WAKEFIELD OF FLORIDA, INC.
       One Tampa City Center, Ste. 3600
       Tampa, FL 33602
       Tel: (813) 223-6300
       Fax: (813) 221-9166

HRK Holdings and HRK Industries LLC filed for Chapter 11
protection (Bankr. M.D. Fla. Case Nos. 12-09868 and 12-09869) on
June 27, 2012.  Judge K. Rodney May oversees the case.  Barbara A.
Hart, Esq., and Scott A. Stichter, Esq., at Stichter, Riedel,
Blain & Prosser, P.A., represents the Debtors.

HRK Holdings disclosed $33,366,529 in assets and $26,092,559
in liabilities in its revised schedules.

According to the Debtors, the bankruptcy filing was necessitated
by the immediate need to sell a portion of the remaining property
to create liquidity for (a) funding the urgent management of the
site-related environmental concerns; the benefit of creditors;
funding a litigation filed by the Debtors; and funding of expenses
related to additional sales of the remaining property.

HRK Holdings is selling real property assets to Allied Universal
Corp. and Mayo Fertilizer, Inc.  The Court allowed HRK and the
purchasers to enter into any modifications to the agreements
without need of further Court approval, provided that no
amendments will occur without prior consent of Regions Bank.


IRISH BANK: Urges Court to Nix Late Bid for Tampa Mall
------------------------------------------------------
Law360 reported that the foreign representatives for Chapter 15
debtor Irish Bank Resolution Corp. urged the Delaware bankruptcy
court to reject a late $10 million offer for a Florida shopping
mall from developer Liberty Channelside LLC and declare Tampa Bay
Lightning owner Jeff Vinik winner of an auction for the complex's
lease.  According to the report, in a motion before the Delaware
bankruptcy court, foreign representatives for the successor to
failed Anglo Irish Bank Eamonn Richardson and Kieran Wallace said
that Liberty doesn't have standing to challenge the sale process.

                    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.


JEH COMPANY: Withdraws Bid to Use Frost Bank's Cash Collateral
--------------------------------------------------------------
JEH Company withdrew its motion to use the cash collateral of its
lender Frost Bank.

The motion was filed in May last year in U.S. Bankruptcy Court for
the Northern District of Texas.

JEH's lawyer, Mark Petrocchi, Esq., at Griffith Jay & Michel LLP,
in Fort Worth, Texas, said the lender has already been paid in
full and it is "no longer necessary to request the continued use
of cash."

                        About JEH Company

JEH Company, JEH Stallion Station, Inc., and JEH Leasing Company,
Inc. filed bare-bones Chapter 11 petitions (Bankr. N.D. Tex. Case
Nos. 13-42397 to 13-42399) in Ft. Worth, Texas on May 22, 2013.
Mark Joseph Petrocchi, Esq., at Griffith, Jay & Michel, LLP, in
Ft. Worth, serves as counsel to the Debtors.

JEH Company was organized in 1982 by Jim and Marilyn Helzer.
According to http://www.jehroofingcompany.com/,JEHCO buys roofing
material directly from the manufacturer and sell it to
contractors, builders, and homeowners.  JEH Leasing owns and
leases equipment and vehicles primarily for use in the business of
JEHCO.  Stallion is in the quarter horse and thoroughbred horse
business.

In its schedules, JEH Company disclosed $13,606,753 and
$18,351,290 in liabilities as of the Petition Date.  JEH Stallion
Station, Inc., disclosed $364,007 in assets and $3,982,012 in
liabilities. JEH Leasing Company, Inc., disclosed $1,242,187 in
assets and $155,216 in liabilities.


JUNIPER GENERATION: Fitch Affirms BB+ Rating on $206MM Sec. Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed Juniper Generation, LLC's $206 million
($4.23 million outstanding) senior secured notes due December 2014
at 'BB+'.  The Rating Outlook remains Stable.

The rating affirmation is based upon Fitch's view that Juniper is
likely to generate adequate cash flow to meet its final scheduled
debt service payment without drawing on its debt service reserve
backed by a letter of credit equal to six months of debt service.

KEY RATING DRIVERS

Revenue Risk: Weaker

Revenues are fully contracted with capacity and energy payments
from investment grade utility offtaker, Pacific Gas and Electric
(PG&E, IDR 'BBB+' with a Stable Outlook).  Exposure to
fluctuations in power pricing is mitigated by established heat
rates under the short run avoided cost (SRAC) formula.  The
project, however, remains exposed to fluctuations in gas prices,
which also affect the power prices.  Amid an environment of
continuing low gas prices, dispatch can be reduced to minimize
negative margins.

Operating Risk: Midrange

Operating performance has been generally adequate as Juniper has
met offtaker requirements to be available during peak periods
(May-October).  Some of the plants, however, have experienced
intermittent extended forced outages from 2011 through 2014
outside peak month periods.  Decline in portfolio diversification
exacerbates the project's exposure to event risks such as forced
outages.

Supply Risk: Midrange

The plants are able to secure adequate fuel supply at market
price.

Debt Structure: Midrange

The fixed-rate, fully amortizing debt is a typical project
financing structure.  The declining debt profile mitigates fewer
assets remaining in the portfolio.

Financial Results

Fitch projects a 2014 debt service coverage ratio (DSCR) of 1.46x
under Fitch's base case expectations and 1.19x under Fitch's
rating case financial scenario of low power prices and higher
operating costs.  The 2014 projected rating case DSCR is low for
the current rating level but sufficient to meet the last debt
service payment.

Peer Comparison

Juniper's DSCR profile is similar to Lea Power ('BB+', Outlook
Stable) but Juniper is exposed to market price risk while Lea
Power has been challenged to control its cost profile.  CE Gen
('BB-', Outlook Negative) is exposed to market pricing like
Juniper but CE Gen's lower rating is attributable to its
structural subordination to project-level debt, resulting in DSCRs
that are lower than Juniper's.

RATING SENSITIVITIES

Negative - Severely Weakened Operations: An extended forced outage
that compromises the ability to meet the final payment could lead
to a downgrade but is mitigated by the availability of the debt
service reserve.

Positive: A rating upgrade is unlikely.

CREDIT UPDATE

Of the nine assets that originally formed the Juniper Generation
portfolio, only Bear Mountain and Corona remain.  As expected,
individual plants have been removed from the note's collateral as
their respective PPAs expired.  These projects no longer
contribute equity distributions to service Juniper's debt
obligations.  Support for Juniper's debt is also derived from
equity distributions from the WCAC operating company, which
provides operations and maintenance services to Juniper's assets.

Bear Mountain's 2013 performance was low compared to historical
performance with availability and capacity factors at 62.3% and
55%, respectively.  Bear Mountain's availability and capacity
factors through May 2014 improved to 91% and 76.8% respectively.
Bear Mountain's output was affected by management reducing
dispatch amid low power prices as well as timing of equipment
deliveries and needed repairs.  In November 2012, Bear Mountain
incurred an outage due to power turbine bearing failure, returning
to service in April 2013.  Since the plant was not ordered to be
dispatched during this time, Bear Mountain received its full
capacity payments from PG&E.  In 2014, the operator repaired a
transformer at Bear Mountain ending a one-month outage in
February.

The June 2014 DSCR was 1.43x and the annual 2013 senior DSCR was
1.44x, lower than the 2012 level of 1.58x.  Solid DSCR coverage in
the first half of 2014 (1H'14) and 2013 is mainly attributable to
distributions from the WCAC operating company, Bear Mountain
achieving full capacity payments despite outages, and management's
flexibility to minimize dispatch during uneconomic, low-power
price periods.  Fitch expects Juniper to generate sufficient cash
flow through the remainder of the year to meet its final debt
service payment and retire the rated debt.

Juniper is a special purpose company created solely to issue the
secured notes and hold a portfolio of equity interests in nine
gas-fired cogeneration plants and two service companies.  The
facilities, located in southern California, sell energy and
capacity to PG&E and Southern California Edison (SCE; IDR 'A-'
with a Stable Outlook) under PPAs expiring through 2018.  There is
no debt at the individual projects' level.


KEHE DISTRIBUTORS: S&P Lowers CCR to 'B' on Leveraged Acquisition
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Romeoville, Ill.-based KeHE Distributors Holdings LLC
(KeHE) to 'B' from 'B+'.  The outlook is stable.

"At the same time we lowered our issue-level rating on the
company's $200 million second-lien notes due 2021 to 'B-' from
'B'.  KeHE is the parent company of KeHE Distributors LLC and KeHE
Finance Corp., which are co-issuers of the second-lien notes.  The
'5' recovery rating is unchanged and reflects our expectation for
modest (10%-30%) recovery in the event of a payment default," S&P
said.

S&P also assigned a 'BB-' issue-level rating to KeHE's $400
million ABL revolving credit facility with a '1' recovery rating,
indicating S&P's expectation for very high (90%-100%) recovery in
the event of a payment default.  The company will finance the
entire transaction by drawing under its revolver.  The ABL has
been upsized to $400 million from $300 million and its maturity
remains unchanged from 2018.  The acquisition and increase to the
ABL are permitted under the company's existing note indenture.

"The downgrade reflects our expectation that KeHE's credit
protection measures will be weaker than previously anticipated
over the next two years as a result of the incurrence of
additional debt to finance the acquisition of Nature's Best," said
credit analyst Kristina Koltunicki. "We believe the acquisition
will broaden KeHE's geographic presence and strengthen its market
position as the second-largest specialty and natural and organic
(N&O) distributor, behind United Natural Foods Inc. (not rated).
However, the acquisition will double the company's reported debt,
leading to a moderate increase in leverage for at least the next
year."

The stable outlook reflects S&P's expectations that KeHE's
leverage will be above 5.0x for the next 12 months, mainly because
of increased debt associated with the Nature's Best acquisition.
S&P expects the positive fundamentals of the specialty segment of
grocery wholesale distribution to continue over the next year and
for credit protection measures to improve modestly.

Downside Scenario

S&P could lower its ratings over the next year if operating
performance is weaker than expected as a result of merger
integration, or significant customer attrition or greater
profitability pressure because of competition or shift to lower
margin products.  A downgrade could occur if total debt to EBITDA
approaches 7.5x, which could result from a 75-basis-point (bp)
decline in gross margin holding our revenue assumptions constant.
A lower rating could also result from more aggressive financial
policy to fund acquisition or shareholder returns with debt.

Upside Scenario

Although unlikely over the next 12 months given S&P's projections,
an upgrade could result if operating performance is significantly
better than expected such that total debt to EBITDA approaches
5.0x and FFO/debt is more than 12%.  This could occur if gross
margin improves 200 bps over our forecast.  One such scenario for
an upgrade would be if the company dedicates more of its cash flow
to debt reduction than S&P currently assumes.


KIDS BRANDS: Hires Lowenstein Sandler as Counsel
------------------------------------------------
Kids Brands, Inc. and its debtor-affiliates seek authorization
from the U.S. Bankruptcy Court for the District of New Jersey to
employ Lowenstein Sandler LLP as counsel, effective as of the June
18, 2014 petition date.

The professional services the Debtors anticipate Lowenstein
Sandler will render include, but are not limited to:

   (a) providing the Debtors with advice and preparing all
       necessary documents regarding debt restructuring,
       bankruptcy and asset dispositions;

   (b) taking all necessary actions to protect and preserve the
       Debtors' estates during the pendency of these Chapter 11
       Cases, including the prosecution of actions on the Debtors'
       behalf, the defense of actions commenced against the
       Debtors' negotiations concerning litigation in which the
       Debtors are involved and objecting to claims filed against
       the estates;

   (c) preparing on behalf of the Debtors, as debtors-in-
       possession, all necessary motions, applications, answers,
       orders, reports and papers in connection with the
       administration of these Chapter 11 Cases;

   (d) counseling the Debtors with regard to their rights and
       obligations as debtors-in-possession;

   (e) appearing in Court to protect the interests of the Debtors;
       and

   (f) performing all other legal services for the Debtors which
       may be necessary and proper in these proceedings and in
       furtherance of the Debtors' operations.

Lowenstein Sandler will be paid at these hourly rates:

       Partners                    $500-$985
       Sr. Counsel and Counsel     $385-$685
       Associates                  $275-$480
       Paralegals and
       Legal Assistants            $160-$270

Lowenstein Sandler will also be reimbursed for reasonable out-of-
pocket expenses incurred.

Lowenstein Sandler was retained in June 2014 to represent the
Debtors in these Chapter 11 Cases.  Lowenstein Sandler was paid a
retainer of $450,000 for its prepetition services in connection
with the Chapter 11 Cases.  In June 2014, in connection with its
retention as restructuring counsel to the Debtors, Lowenstein
Sandler agreed to waive approximately $214,851.31 of fees for
legal services rendered through May 21, 2014, in connection with
general corporate and litigation matters on which Lowenstein
Sandler had previously advised the Debtors.

S. Jason Teele, partner of Lowenstein Sandler, assured the Court
that the firm 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 Court for the District of New Jersey will hold a hearing on
the application on Jul. 24, 2014, at 10:00 a.m.  Objections were
due Jul. 17, 2014.

The Executive Office for United States Trustees recently adopted
new Guidelines for Reviewing Applications for Compensation and
Reimbursement of Expenses Filed under 11 U.S.C. Sec. 330 by
Attorneys in Larger Chapter 11 Cases -- so-called Appendix B
Guidelines. The Debtors and Lowenstein Sandler intend to make a
reasonable effort to comply with the U.S. Trustee's requests for
information and additional disclosures as set forth in the
Appendix B Guidelines both in connection with this application and
the interim and final fee applications to be filed by Lowenstein
Sandler in the course of its engagement.  It is the Debtors' and
Lowenstein Sandler's intention to work cooperatively with the U.S.
Trustee Program to address the concerns that prompted the EOUST to
adopt the Appendix B Guidelines; however, in doing so, the Debtors
and Lowenstein Sandler reserve all rights as to the relevance and
substantive legal effect of the Appendix B Guidelines in respect
of any application for employment or compensation in these cases
that falls within the ambit of the Appendix B Guidelines.

Lowenstein Sandler can be reached at:

       S. Jason Teele, Esq.
       LOWENSTEIN SANDLER LLP
       65 Livingston Avenue
       Roseland, NJ 07068
       Tel: (973) 597-2500
       Fax: (973) 597-2400

                          About Kid Brands

Based in Rutherford, New Jersey, Kid Brands, Inc., is a designer,
importer, marketer, and distributor of infant and juvenile
consumer products.  Its operating subsidiaries consist of Kids
Line, LLC, CoCaLo, Inc., Sassy, Inc., and LaJobi, Inc.  Providing
"everything but the baby" for a child's nursery, the company sells
infant bedding and accessories under the Kids Line and CoCaLo
brands; nursery furniture under the LaJobi brand; and baby care
items under the Kokopax and Sassy brands.

Citing their inability to raise capital due to contingent
liabilities and operational issues, Kid Brands and six of its U.S.
subsidiaries each filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. N.J. Lead Case No.
14-22582) on June 18, 2014.  To preserve the value of their
assets, the Debtors are pursuing a sale of the assets pursuant to
section 363 of the Bankruptcy Code.

As of April 30, 2014, the Debtors had $32.40 million in total
assets and $109.1 million in total liabilities.  As of the
Petition Date, unsecured debts totaled $54 million.

Judge Donald H. Steckroth oversees the cases.  The Debtors have
sought and obtained an order directing joint administration of
their Chapter 11 cases.

Lowenstein Sandler LLP serves as the Debtors' counsel.
PricewaterhouseCoopers LLP is the Debtors' financial advisor.  GRL
Capital Advisors acts as the Debtors' restructuring advisors.
Rust Consulting/Omni Bankruptcy is the Debtors' claims and
noticing agent.


KIOR INC: Biofuel Maker Misses Payments, Looks for Buyer
--------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Kior Inc., a producer of motor fuel from plant
material, failed to make a $1.88 million loan payment on June 30
and hired financial advisers to help with a restructuring or sale.
According to the report, the Pasadena, Texas-based company signed
a forbearance agreement with the state of Mississippi, whose
state-sponsored loan went into default.


KOSMOS ENERGY: Fitch Assigns 'B' Issuer Default Rating
------------------------------------------------------
Fitch Ratings has assigned US-based Kosmos Energy Ltd. (KOS) a
Long-term Issuer Default Rating (IDR) of 'B'.  The Outlook is
Stable.  Fitch has also assigned the company's proposed issue of a
senior secured bond an expected rating of 'B(EXP)'/'RR4' .  A
final bond rating will be assigned upon receipt of completed bond
documentation.

KOS is a small but growing oil and gas exploration and production
company focused on the offshore Atlantic margin with 2013 net
production of 23 thousand barrels per day (mbpd) from the offshore
Jubilee field in Ghana (B/Negative).  The Jubilee field itself, in
which the company has a 24.1% working interest, produces around
100mbpd.  In 2013 KOS generated USD645m in EBITDAX (EBITDA before
exploration expenses).

KOS's rating and Outlook are supported by its developed producing
asset base at Jubilee, fairly low production costs of around USD10
per barrel, competitive full-cycle development costs compared with
similarly sized peers and conservative leverage.  The rating is
constrained, however, by the company's small upstream-focused
operating scale and low diversification.

KEY RATING DRIVERS

Business Scale Determines Ratings

KOS's scale of operations and limited geographical diversification
are dominant drivers of the company's 'B' ratings.  Its business
profile is constrained by its limited market share relative to
other upstream exploration and production peers.  KOS intends to
boost production by developing two sites in close proximity to the
Jubliee field, TEN (Tweneboa, Enyenra, Ntomme) and MTA (Mahogany,
Teak, Akasa), but this is unlikely to dramatically change the
company's industry position in the medium term.

We now assume KOS's net production will not significantly exceed
40mbpd over the next three to five years.  KOS's closest Fitch-
rated peers are China- and Kazakhstan-focused MIE Holdings
(B/Stable, 2013 production: 15 thousand barrels of oil equivalent
per day (mboepd)), Nigeria- and Kurdistan-focused Afren plc
(B+/Stable; 47mboepd), and US-based Energy XXI Gulf Coast
(Delaware) (EXXI Gulf Coast; B/Stable; pro-forma for acquired
assets: 65mboepd).

Concentrated Production

KOS's production remains highly concentrated in offshore Ghana.
Jubilee now accounts for 100% of KOS's total production and booked
reserve base.  At end-2013 KOS had proved oil and gas reserves of
47 million barrels (mmboe), which translates into reserve life of
six years; lower than that of MIE Holdings (15 years) and Afren
(nine years).  However, Fitch estimates it should increase to
around nine years and will be on a par with that of Afren once KOS
has booked the TEN development reserves.  Fitch believes that
Ghana is likely to dominate KOS's output in the medium term
despite other exploration projects currently underway off the
coast of west Africa.  The concentration in Ghana and the
company's current reliance on the Jubilee field expose KOS to
elevated geological risks, as well as legal, political and tax
risks, in our view.

Elevated Country Risks

KOS is exposed to elevated country risks, as its operations are
concentrated in Ghana.  Ghana has a strong business environment
relative to that of other African countries, ranking 67 out of 189
in the World Bank's Doing Business Survey.  Also, it is safer
compared with some other parts of Africa such as the Niger Delta,
with local groups often attacking companies in the area leading to
interrupted production, and oil theft.  However, the country's
public finances are weak.

Fitch expects that the tax regime for oil companies in Ghana will
not change over the medium term, and KOS's tax burden will not
materially increase; however, this possibility cannot be ruled out
due to Ghana's high budget deficit.  Fitch also assumes that KOS's
operations would not necessarily be affected by capital controls
or other possible restrictive measures, since the company's
proceeds do not flow through Ghana, and its cash assets are kept
primarily outside Ghana.  Fitch therefore do not cap KOS's rating
at the sovereign rating or the Country Ceiling.  However, Fitch
may review this approach if the government attempts to revise the
tax regime in Ghana.

Substantive Exploration Portfolio

KOS has a wide exploration portfolio, including several licence
blocks in offshore west Africa, Suriname and Ireland.  This should
help KOS's replenishment of its reserves, given its fairly low
proved reserve life compared with other emerging market peers.
However, the company's exploration budget (around USD500m in 2014-
2016) may put a strain on its free cash flow, while the upside
from these investments is not guaranteed.  A failure to translate
exploration spending into increased proved reserves could
negatively affect the ratings.

Conservative Mid-Cycle Leverage

Fitch expects KOS's leverage will increase over the next two years
as its operating cash flows decrease because of rising cash taxes
and capital intensity.  Based on Fitch's conservative assumptions
Fitch expects the company's funds from operations (FFO) adjusted
net leverage to fluctuate around 2x-2.5x, compared with 1.1x in
2013. This is comparable to mid-cycle leverage of its peers such
as Afren (2.0x), EXXI Gulf Coast (2.1x), MIE Holdings (2.5x) and
Newfield Exploration Company (BB+/Stable; 2.0x).  Fitch also
believes KOS will continue to be free cash flow (FCF)-negative
until at least 2016-2017.  Fitch do not expect KOS to pay any
dividends in the medium term, as per its dividend policy.

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity

At March 31, 2014, KOS's liquidity position was strong.  The
company had no short-term debt, and available cash of USD528m.
Additional liquidity support is also available in the company's
USD1.5bn reserve base lending facility (RBF; USD700m undrawn) and
its undrawn USD300m revolving credit facility.

Upcoming Notes Rated 'B'

The proposed notes are subordinated to KOS's USD1.5bn RBF;
however, we do not notch down the rating of the notes from the
company's IDR given its fairly strong recovery prospects.

At March 31, 2014, the amount outstanding under the RBF was
USD800m, and we do not expect it to exceed USD1bn.  Moreover,
during financial distress KOS would not be able to draw down
additional funds under the facility as the available borrowing
base is reconsidered at least twice a year, and may be reassessed
at the request of the lender.  Fitch may, however, notch down the
upcoming notes' rating if the balance under the prior-ranking RBF
exceeds USD1bn.

RATING SENSITIVINESS

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

  -- Improvement to the upstream business profile (e.g. net
     production of at least 40mbpd per day)

   -- Enhanced asset quality (e.g. proved reserve life above nine
      years)

  -- Extremely conservative financial profile given the company's
     small scale (e.g. FFO adjusted net leverage consistently
     below 2x)

   -- Positive FCF on a sustained basis

   -- Organic reserve replacement ratio sustainably above 100%

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

   -- Significant project delays and cost overruns at the TEN and
      MTA blocks

   -- Exploration and development expenditure failing to produce a
      rising reserve base

   -- Deterioration in liquidity (e.g. cash and credit lines
      amounting to less than 50% of short-term debt)

   -- Leverage rising above expectations (e.g. consistently above
      3.5x), which would be a distress signal for a company of
      this size

   -- Unfavourable tax changes having a direct impact on KOS's
      cash generating ability

   -- Organic reserve replacement ratio significantly below 100%


KUAKINI HEALTH: S&P Revises Outlook & Affirms 'BB+' Rating
----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook to negative
from stable and affirmed its 'BB+' long-term rating on the Hawaii
State Department of Budget and Finance's special purpose revenue
bonds, issued on behalf of the  Kuakini Health System (Kuakini),
which operates facilities on the island of Oahu.

"The negative outlook reflects our view of Kuakini's persistent
operating losses, which have increased through the first three
quarters of fiscal 2014," said Standard & Poor's credit analyst
Geraldine Poon.  "Management indicates declining inpatient volumes
are the main driver of the operating losses," Ms. Poon added.

Founded in 1900 as the Japanese Charity Hospital in Oahu, Hawaii,
Kuakini Health System has grown to include a medical center, a
geriatric care center, and several other operations.  Due to
Kuakini's focus on the elderly population, Medicare represents
roughly 75% of admissions.


LAKEHEAD MARINE: Files for Bankruptcy in Ontario
------------------------------------------------
Lakehead Marine & Industrial Inc., commenced bankruptcy
proceedings on July 3, 2014.  A first meeting of its creditors was
held in the afternoon of July 16 at the Italian Cultural Centre,
at 132 S Algoma Street, Thunder Bay, Ontario, P7B 3B8.

The Trustee of the estate may be reached at:

     Ernst & Young Inc.
     Ernst & Young Tower
     Toronto-Dominion Centre
     PO Box 251, 222 Bay Street
     Toronto, ON M5K 1J7
     Contact: Marie Jackson
     Tel: 1-855-943-4472
     Fax: 416-943-3300


LATEX FOAM: Files Schedules of Assets and Liabilities
-----------------------------------------------------
Latex Foam International, LLC filed on July 2, 2014, with the U.S.
Bankruptcy Court for the District of Connecticut its schedules of
assets and liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                        $0
  B. Personal Property           $18,437,185
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                               $18,970,083
  E. Creditors Holding
     Unsecured Priority
     Claims                                          $104,156
  F. Creditors Holding
     Unsecured Non-Priority
     Claims                                       $11,268,687
                                 -----------      -----------
        Total                    $18,437,185      $30,342,926

A copy of the schedules is available for free at:

     http://bankrupt.com/misc/LATEXFOAM_88_sal.pdf

The Court scheduled a hearing for July 15, 2014, to consider the
second motion dated June 26, to extend the Debtors' time to file
statement of financial affairs, and statistical summary of
schedules summary of schedules.  The Court previously extended
until June 26 the Debtors' time to file their statement of
financial affairs, and statistical summary of schedules summary of
schedules.  In their June 13 motion, the Debtors requested for
extension to file their statements and schedules.

                    Shelton 2009 Lease Rejected

The Bankruptcy Court granted on July 7, 2014, Latex Foam
International, LLC, et al.'s amended motion for authorization to
reject a lease between the Debtors and Shelton 2009, LLC, as
successor-in-interest of First Treetops Limited Partnership
effective June 30, 2014.

According to the Debtors, on June 29, 2005, the Debtor entered
into a lease which was amended on Nov. 1, 2008, with FTLP under
which FTLP agreed to lease certain real property to the Debtor
known as 12 Commerce Lane Shelton, Connecticut.

The Debtors concluded that the lease is not necessary to its
reorganization and that rejection of the lease is in the Debtor's
best interest, well as the best interests of its creditors, equity
security holders and other parties-in-interest.

The Court held hearing on the matter on June 26.

The Court also ordered that proofs of claim for damages relating
to the rejection of the lease will be filed within 60 days from
the entry of the order or Sept. 29.

Shelton 2009, in its limited objection, stated that the Debtors
must perform on a lease until it is rejected, and must continue
making payments on the lease until the Court enters an order
rejecting the lease.

In a separate docket entry, the Court scheduled a hearing on
July 22, at 10:00 a.m., to consider the motion of Debtor Pure
Latex Bliss, LLC, to authorize the rejection of its lease of
commercial real estate with IHFC Properties, LLC.

According to Pure Latex, on March 21, 2012, it entered into a
lease with IHFC under which IHFC agreed to lease Space No M528
including bays M521, M522, M523, M524, M525, M526 in the
International Home Furnishings Center, High Point, North Carolina
to the Debtor.  The Debtor will have vacated the leased premises
by July 31, 2014.

The Debtor concluded that the lease is not necessary to its
reorganization.

                         About Latex Foam

Headquartered in Shelton, Connecticut, Latex Foam International,
LLC manufactures foam mattresses and component mattresses.  The
196-employee company produces mattress cores, toppers, and pillow
buns utilizing both the Talaway and Dunlop manufacturing
processes.

LFIH is a holding company for 100% of the equity interests in LFI,
PLB, and an inactive entity, Dunlop Latex Foam (Malaysia) SDN.
BHD.

LFI and four affiliates sought Chapter 11 bankruptcy protection
(Bankr. D. Conn. Lead Case No. 14-50845) in Bridgeport,
Connecticut, on May 30, 2014.  David Fisher signed the petitions
as president.  The Debtors are seeking joint administration of
their cases.

LFI disclosed $18,437,185 in assets and $30,342,926 in liabilities
as of the Chapter 11 filing.

Judge Alan H.W. Shiff presides over the cases.

James Berman, Esq., and Craig I. Lifland, Esq., at Zeisler and
Zeisler, serve as the Debtors' counsel.

On June 19, 2014, the U.S. Trustee appointed five creditors to
serve on the Official Committee of Unsecured Creditors.   The
Committee tapped to retain Schafer and Weiner, PLLC as its
counsel, and Reid and Reige, P.C. as its local counsel.


LATEX FOAM: July 29 Hearing on Duff & Phelps as Investment Banker
-----------------------------------------------------------------
The Bankruptcy Court will convene a hearing on July 29, 2014, at
10:00 a.m., to consider Latex Foam International, LLC, et al.'s
motion to employ Duff & Phelps Securities, L.L.C. as investment
banker.  The Court has held a hearing on June 26 on the matter.

Duff & Phelps will provide investment banking services to the
Debtors in connection with a potential financing transaction,
merger and acquisition transaction or restructuring transaction.
Specifically, Duff & Phelps, among other things:

   a. familiarize itself to the extent it deems appropriate with
the business, operations, financial condition and prospects of the
Debtors;

   b. assist the Debtors' management in (i) developing a strategy
for pursuing the transactions, (ii) prepare a descriptive
memorandum that describes the Debtors' operations and financial
condition and includes current financial data and other
appropriate information furnished by the Debtors and (iii)
contacting and eliciting interest from those possible participants
expressly approved by the Debtors; and

   c. participate with the Debtors and their counsel in
negotiations relating to the transactions, assist or participate
in negotiations with parties-in-interest, including, without
limitation, any current or prospective creditors of, holders of
equity in, or claimants against the Debtors and their respective
representatives in connection with the transactions.

The terms of Duff & Phelps' retention and compensation includes:

   1. a consulting fee in the amount of $25,000 on the date the
engagement agreement is executed and $25,000 on the conclusion of
each of the next four 30 days periods thereafter; and

   2. upon the consummation of any transaction, the Company will
pay D&P a cash fee (the transaction fee) equal to: $750,000, plus
six percent of the consideration involved in a Transaction that
exceeds 16 million dollars, payable in cash concurrently with
closing of the transaction, subject to court approval;

In addition, the Debtors will reimburse Duff & Phelps for all out-
of-pocket expenses reasonably incurred, provided that the total
expenses will not exceed $50,000, will be paid from the proceeds
of a transaction.

According to the Debtors, as a result of prepetition work
performed for the Debtors, Duff & Phelps had a claim against the
Debtors in the amount of $75,000.  Duff & Phelps has since agreed
to waive the prepetition unsecured claim against the Debtors.

To the best of the Debtors' knowledge, Duff & Phelps is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

                         About Latex Foam

Headquartered in Shelton, Connecticut, Latex Foam International,
LLC manufactures foam mattresses and component mattresses.  The
196-employee company produces mattress cores, toppers, and pillow
buns utilizing both the Talaway and Dunlop manufacturing
processes.

LFIH is a holding company for 100% of the equity interests in LFI,
PLB, and an inactive entity, Dunlop Latex Foam (Malaysia) SDN.
BHD.

LFI and four affiliates sought Chapter 11 bankruptcy protection
(Bankr. D. Conn. Lead Case No. 14-50845) in Bridgeport,
Connecticut, on May 30, 2014.  David Fisher signed the petitions
as president.  The Debtors are seeking joint administration of
their cases.

LFI disclosed $18,437,185 in assets and $30,342,926 in liabilities
as of the Chapter 11 filing.

Judge Alan H.W. Shiff presides over the cases.

James Berman, Esq., and Craig I. Lifland, Esq., at Zeisler and
Zeisler, serve as the Debtors' counsel.

On June 19, 2014, the U.S. Trustee appointed five creditors to
serve on the Official Committee of Unsecured Creditors.   The
Committee tapped to retain Schafer and Weiner, PLLC as its
counsel, and Reid and Reige, P.C. as its local counsel.


LATEX FOAM: Taps St. Onge Steward Johnston as IP Counsel
--------------------------------------------------------
The Bankruptcy Court will convene a hearing on July 29, 2014, at
10:00 a.m., to consider Latex Foam International, LLC, et al.'s
motion to employ St. Onge Steward Johnston & Reens LLC special
intellectual property counsel.

Prior to the Petition Date, the Debtors retained the services of
SSJR which maintains an office for the practice of law at 986
Bedford Street, Stamford, Connecticut, relating to protecting and
managing all of the Debtors' intellectual properties, including
all U.S. and foreign patent, trademark, copyright and domain
matters.

The Debtors have asked SSJR to continue to represent them in such
matters.

SSJR accrued approximately $49,897 of billed fees and a certain
amount of unbilled fees and disbursements for services rendered
before the Petition Date.

To the best of the Debtors' knowledge, SSJR has no interest
materially adverse to the Debtors or to their estates.

                         About Latex Foam

Headquartered in Shelton, Connecticut, Latex Foam International,
LLC manufactures foam mattresses and component mattresses.  The
196-employee company produces mattress cores, toppers, and pillow
buns utilizing both the Talaway and Dunlop manufacturing
processes.

LFIH is a holding company for 100% of the equity interests in LFI,
PLB, and an inactive entity, Dunlop Latex Foam (Malaysia) SDN.
BHD.

LFI and four affiliates sought Chapter 11 bankruptcy protection
(Bankr. D. Conn. Lead Case No. 14-50845) in Bridgeport,
Connecticut, on May 30, 2014.  David Fisher signed the petitions
as president.  The Debtors are seeking joint administration of
their cases.

LFI disclosed $18,437,185 in assets and $30,342,926 in liabilities
as of the Chapter 11 filing.

Judge Alan H.W. Shiff presides over the cases.

James Berman, Esq., and Craig I. Lifland, Esq., at Zeisler and
Zeisler, serve as the Debtors' counsel.

On June 19, 2014, the U.S. Trustee appointed five creditors to
serve on the Official Committee of Unsecured Creditors.   The
Committee tapped to retain Schafer and Weiner, PLLC as its
counsel, and Reid and Reige, P.C. as its local counsel.


LATEX FOAM: Zeisler & Zeisler Approved as General Legal Counsel
---------------------------------------------------------------
The Bankruptcy Court authorized Latex Foam International, LLC, et
al., to employ Zeisler & Zeisler, P.C. as counsel.

As reported in the Troubled Company Reporter on June 6, 2014, Z&Z
will render general legal services to the Debtor as needed
throughout the course of the Chapter 11 case, including litigation
and bankruptcy assistance and advice.

Z&Z will charge the Debtor for its legal services on an hourly
basis in accordance with its ordinary and customary hourly rates
in effect on the date services are rendered. The Debtor has
provided Z&Z with a $75,000 retainer.

James Berman, Esq., a principal at the firm, attests that Z&Z
represents no interest adverse to the Debtor or to its estate in
the matters for which it is proposed to be retained.

The firm can be reached at:

         James Berman, Esq.
         Craig Lifland, Esq.
         ZEISLER & ZEISLER, P.C.
         10 Middle Street, 15th Floor
         Bridgeport, CT 06604
         Tel: (203) 368-4234
         Fax: (203) 367-9678

                         About Latex Foam

Headquartered in Shelton, Connecticut, Latex Foam International,
LLC manufactures foam mattresses and component mattresses.  The
196-employee company produces mattress cores, toppers, and pillow
buns utilizing both the Talaway and Dunlop manufacturing
processes.

LFIH is a holding company for 100% of the equity interests in LFI,
PLB, and an inactive entity, Dunlop Latex Foam (Malaysia) SDN.
BHD.

LFI and four affiliates sought Chapter 11 bankruptcy protection
(Bankr. D. Conn. Lead Case No. 14-50845) in Bridgeport,
Connecticut, on May 30, 2014.  David Fisher signed the petitions
as president.  The Debtors are seeking joint administration of
their cases.

LFI disclosed $18,437,185 in assets and $30,342,926 in liabilities
as of the Chapter 11 filing.

Judge Alan H.W. Shiff presides over the cases.

James Berman, Esq., and Craig I. Lifland, Esq., at Zeisler and
Zeisler, serve as the Debtors' counsel.

On June 19, 2014, the U.S. Trustee appointed five creditors to
serve on the Official Committee of Unsecured Creditors.   The
Committee tapped to retain Schafer and Weiner, PLLC as its
counsel, and Reid and Reige, P.C. as its local counsel.


LEHI ROLLER MILLS: Utah Judge Confirms Liquidating Plan
-------------------------------------------------------
Lehi Roller Mills Co., Inc., now known as LRM Liquidation, Inc.,
after assets were sold, won confirmation if its Chapter 11 Plan at
a hearing on July 17, 2014 at 10:00 a.m. in bankruptcy court in
Salt Lake City, Utah.  The Plan was filed March 26, 2014.

A copy of the FINDINGS AND CONCLUSIONS REGARDING CONFIRMATION OF
DEBTOR'S CHAPTER 11 PLAN issued by Utah Bankruptcy Judge R.
Kimball Mosier dated July 17 is available at http://is.gd/nhKQH3
from Leagle.com.

Judge Mosier on Aug. 20, 2013, approved the sale of Lehi Roller
Mills' assets assets for $4.68 million to KEB Enterprises, a
holding company headed by Kenneth E. Brailsford, a former top
executive at several Utah-based multilevel marketing companies
including Nature's Sunshine Products and Enrich International.
Steven Oberbeck, writing for The Salt Lake Tribune, reported at
that time that Mr. Brailsford said he intends to continue to
operate the company with the goal of "getting its sales back up
and turning it into a profitable enterprise."

According to the Salt Lake Tribune, Mark Hashimoto, who was
appointed by the U.S. Bankruptcy Court as chief restructuring
officer for the mill, said the sale to KEB offers the best chance
for the company's unsecured creditors, who are owed approximately
$7 million, to receive a partial payment on what they are owned.

                      About Lehi Roller Mills

Lehi Roller Mills Co., Inc., filed for Chapter 11 bankruptcy
(Bankr. D. Utah Case No. 12-35291) on Dec. 6, 2012, estimating
under $50,000 in both assets and liabilities.  Judge R. Kimball
Mosier oversees the case.  George B. Hofmann, Esq., and the law
firm Parsons Kinghorn Harris, P.C., serves as the Debtor's general
bankruptcy counsel.

Lehi Roller Mills sold a variety of retail products. But the
majority of the company's sales of wheat and flour were to
commercial customers.


LONGVIEW POWER: Slowed by First American Title Lawsuit
------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Longview Power LLC, the owner of a faulty power
plant, can't expect to emerge from Chapter 11 reorganization until
year's end at the earliest, saying the bankruptcy judge in
Delaware can't approve the company reorganization plan unless it
wins at the trial in a lawsuit against First American Title
Insurance Co.

According to the report, Longview called off a plan confirmation
hearing that had been scheduled for Sept. 3 until a date and time
to be determined.  The lawsuit against First American involves
title-insurance policy that Longview wants to use to pay claims of
contractors Siemens Energy Inc. and Kvaerner North America
Construction Inc., if they are found to have valid mechanics'
liens.

                      About Longview Power LLC

Longview Power LLC is a special purpose entity created to
construct, own, and operate a 695 MW supercritical pulverized
coal-fired power plant located in Maidsville, West Virginia, just
south of the Pennsylvania border and approximately 70 miles south
of Pittsburgh.  The project is owned 92% by First Reserve
Corporation (First Reserve or sponsor), a private equity firm
specializing in energy industry investments, through its affiliate
GenPower Holdings (Delaware), L.P., and 8% by minority interests.

Longview Power, LLC, filed a Chapter 11 (Bank. D. Del. Lead Case.
13-12211) on Aug. 30, 2013.  The petitions were signed by Jeffery
L. Keffer, the Company's chief executive officer, president,
treasurer and secretary.  The Debtor estimated assets and debts of
more than $1 billion.  Judge Brendan Linehan Shannon presides over
the case.  Kirkland & Ellis LLP and Richards, Layton & Finger,
P.A., serve as the Debtors' counsel.  Lazard Freres & Company LLC
acts as the Debtors' investment bankers.  Alvarez & Marsal North
America, LLC, is the Debtors' restructuring advisors.  Ernst &
Young serves as the Debtors' accountants.  The Debtors' claims
agent is Donlin, Recano & Co. Inc.

The Debtor disclosed assets of $1,717,906,595 plus undisclosed
amounts and liabilities of $1,075,748,155 plus undisclosed
amounts.

Roberta A. DeAngelis, U.S. Trustee for Region 3, disclosed that as
of September 11, 2013, a committee of unsecured creditors has not
been appointed in the case due to insufficient response to the
U.S. Trustee's communication/contact for service on the committee.


M.V. JADRAN: "Captain John's" Ship to Be Sold July 31 in Toronto
----------------------------------------------------------------
M.V. "Jadran", also known as "Captain John's" will be sold by
judicial sale by way of sealed bid auction on July 31, 2014, at
2:00 p.m. Eastern Daylight Savings time in the Toronto Registry
Office of the Federal Court, 180 Queen Street West, Toronto,
Ontario M5V 3L6.

Bids are due July 31 no later than 9:00 a.m.  The sale is "as-is,
where-is".

The vessel is a former passenger vessel (no engines), 84.37 metres
in length, 13.08 metres in breadth, 6.19 draft, estimated light
displacement of 2650 tonnes, built in Yugoslavia in 1957, Port of
Registry at Toronto and IMO Ship No. 370427.  The vessel is
currently under arrest and located at 1 Queen's Quay West in
Toronto, sometimes also known as the Yonge Street Slip.

The sale is subject to approval of the Federal Court.

For more information, contact:

     Angus Armstrong
     Harbour Master
     Toronto Port Authority
     Tel: 416-462-3304
     E-mail: aarmstrong@torontoport.com
     Web site: http://www.torontoport.com/

          - or -

     Aylmer Gribble
     Acting Sheriff
     Federal Court of Canada
     Gibson Canadian and Global Agency Inc.
     Tel: 514-933-7371
     Fax: 514-937-1774
     E-mail: gribble@gibson.ca


M&S HOSPITALITY: Case Summary & 8 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: M&S Hospitality, LLC
           dba Red Carpet Inn
        6953 NC Highway 4
        Battleboro, NC 27809

Case No.: 14-04147

Chapter 11 Petition Date: July 18, 2014

Court: United States Bankruptcy Court
       Eastern District of North Carolina
       (Raleigh Division)

Judge: Hon. David M. Warren

Debtor's Counsel: Travis Sasser, Esq.
                  SASSER LAW FIRM
                  2000 Regency Parkway, Suite 230
                  Cary, NC 27518
                  Tel: (919) 319-7400
                  Fax: (919) 657-7400
                  Email: tsasser@carybankruptcy.com

Total Assets: $503,325

Total Liabilities: $1.18 million

The petition was signed by Sarla Vyas, member-manager.

A list of the Debtor's eight largest unsecured creditors is
available for free at http://bankrupt.com/misc/nceb14-04147.pdf


MF GLOBAL: Vacation Time Claims Granted Class Status
----------------------------------------------------
Former employees of MF Global Inc. filed a putative class claim
for damages under the WARN Act and for unpaid accrued vacation
time.  Those same employees raised identical allegations in
adversary proceedings filed against MFGI, as well as against MF
Global Holdings Ltd., MF Global Finance USA, Inc., and MF Global
Holdings USA, Inc.  In two written opinions, the Court dismissed
the WARN Act claims asserted in the adversary proceedings, but
declined to decide the issue of liability for unpaid accrued
vacation time.  The SIPA Trustee, however, has conceded liability
for the vacation pay claims.

MFGI now objects to the class claim on the grounds that (1) the
WARN Act claims are barred by the "law of the case" doctrine and
(2) the claim for vacation pay is unnecessary and duplicative and
does not meet the requirements for the assertion of a class claim.

The class claimants concede that their WARN Act claims are barred
by the Bankruptcy Court's prior opinions, and that portion of the
Objection is sustained, Bankruptcy Judge Martin Glenn held in a
ruling July 17.

As to their claims for unpaid accrued vacation time, Judge Glenn
said the putative class claim satisfies the requirements for class
certification.  Further, allowing the claim to proceed as a class
claim will result in the most expeditious administration of the
MFGI estate.  Therefore, the Objection to the vacation pay portion
of the claim is overruled, and the Class Claimants are directed to
file a motion seeking class certification as soon as practicable.

A copy of the Court's July 17, 2014 Memorandum Opinion and Order
is available at http://is.gd/AugcCifrom Leagle.com.

In another ruling issued on the same day, and available at
http://is.gd/ECvKYYfrom Leagle.com, Judge Glenn sustained the
Objection filed by MF Global Holdings Ltd. as Plan Administrator,
which seeks an order disallowing and expunging proof of claim
number 1793 filed by Charles A. Ercole, Esq., at Klehr Harrison
Harvey Branzburg LLP, on behalf of the Plaintiffs in Adversary 11-
02880 (MG).

Mr. Ercole filed the Holdings Class Claim on November 2, 2012.
The stated basis for the Holdings Class Claim is: "Claims for WARN
Act Violations as well as unpaid vacation time."  The Claim was
filed against "MF Global Finance LTD*" and references case number
11-5059, which does not correlate with any existing entity.

Attached to the Holdings Class Claim is the following statement:

     "* This proof of claim is being filed in conjunction with
     the adversary seeking to recover both WARN Act damages,
     as well as unpaid wages and vacation pay as alleged in
     the adversary pending before this Court in 11-02880(MG).
     It is intended to be a claim against each of the following
     estates:

     MF Global Holdings Ltd. 11-15059 MF Global Finance USA
     Inc. 11-15058 MF Global Capital LLC 11-15808 MF Global
     Market Services 11-15810 MF Global FX Clear LLC 11-15810
     MF Global Holdings USA 12-10863"

Holdings objects to the WARN Act claim on the grounds that it is
barred by res judicata since the Court dismissed that claim with
prejudice in an August 23, 2013 decision.  Holdings objects to the
claim for unpaid accrued vacation time on the grounds that (1) it
is also barred by res judicata and (2) the Class Claimants failed
to state a claim because they did not provide evidence as to who
their employer was.

Attorneys for Todd Thielmann, et al. and Employee Representative
Claimants:

     Charles A. Ercole, Esq.
     KLEHR HARRISON HARVEY BRANZBURG LLP
     1835 Market Street, Suite 1400
     Philadelphia, PA 19103
     E-mail: cercole@klehr.com

          - and -

     Jack A. Raisner, Esq.
     OUTTEN & GOLDEN LLP
     3 Park Avenue, 29th Floor
     New York, NY 10016

Counsel for James W. Giddens, Trustee for the SIPA Liquidation of
MF Global Inc., is:

     Dustin P. Smith, Esq.
     HUGHES HUBBARD & REED LLP
     One Battery Park Plaza
     New York, NY 10004
     E-mail: smithd@hugheshubbard.com

                        About MF Global

New York-based MF Global -- http://www.mfglobal.com/-- was one of
the world's leading brokers of commodities and listed derivatives.
MF Global provides access to more than 70 exchanges around the
world.  The firm also was one of 22 primary dealers authorized to
trade U.S. government securities with the Federal Reserve Bank of
New York.  MF Global's roots go back nearly 230 years to a sugar
brokerage on the banks of the Thames River in London.

On Oct. 31, 2011, MF Global Holdings Ltd. and MF Global Finance
USA Inc. filed voluntary Chapter 11 petitions (Bankr. S.D.N.Y.
Case Nos. 11-15059 and 11-5058), after a planned sale to
Interactive Brokers Group collapsed.  As of Sept. 30, 2011, MF
Global had $41,046,594,000 in total assets and $39,683,915,000 in
total liabilities.

On Nov. 7, 2011, the United States Trustee appointed the statutory
creditors' committee in the Debtors' cases.  At the behest of the
Statutory Creditor's Committee, the Court directed the U.S.
Trustee to appoint a chapter 11 trustee.  On Nov. 28, 2011, the
Bankruptcy Court entered an order approving the appointment of
Louis J. Freeh, Esq., of Freeh Group International Solutions, LLC,
as Chapter 11 trustee.

On Dec. 19, 2011, MF Global Capital LLC, MF Global Market Services
LLC and MF Global FX Clear LLC filed voluntary Chapter 11
petitions (Bankr. S.D.N.Y. Case Nos. 11-15808, 11-15809 and
11-15810).  On Dec. 27, the Court entered an order installing Mr.
Freeh as Chapter 11 Trustee of the New Debtors.

On March 2, 2012, MF Global Holdings USA Inc. filed a voluntary
Chapter 11 petition (Bankr. S.D.N.Y. Case No. 12-10863), and Mr.
Freeh also was installed as its Chapter 11 Trustee.

Judge Honorable Martin Glenn presides over the Chapter 11 case.
J. Gregory Milmoe, Esq., Kenneth S. Ziman, Esq., and J. Eric
Ivester, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, serve
as bankruptcy counsel.  The Garden City Group, Inc., serves as
claims and noticing agent.  The petition was signed by Bradley I.
Abelow, Executive Vice President and Chief Executive Officer of MF
Global Finance USA Inc.

The Chapter 11 Trustee has tapped (i) Freeh Sporkin & Sullivan
LLP, as investigative counsel; (ii) FTI Consulting Inc., as
restructuring advisors; (iii) Morrison & Foerster LLP, as
bankruptcy counsel; and (iv) Pepper Hamilton as special counsel.

The Official Committee of Unsecured Creditors has retained
Capstone Advisory Group LLC as financial advisor, while lawyers at
Proskauer Rose LLP serve as counsel.

The Securities Investor Protection Corporation commenced
liquidation proceedings against MF Global Inc. to protect
customers.  James W. Giddens was appointed as trustee pursuant to
the Securities Investor Protection Act.  He is a partner at Hughes
Hubbard & Reed LLP in New York.

Jon Corzine, the former New Jersey governor and co-CEO of
Goldman Sachs Group Inc., stepped down as chairman and chief
executive officer of MF Global just days after the bankruptcy
filing.

In April 2013, the Bankruptcy Court approved MF Global Holdings'
plan to liquidate its assets.  Bloomberg News reported that the
court-approved disclosure statement initially told
creditors with $1.134 billion in unsecured claims against the
parent holding company why they could expect a recovery of 13.4%
to 39.1% from the plan.  As a consequence of a settlement with
JPMorgan, supplemental materials informed unsecured creditors
their recovery was reduced to the range of 11.4% to 34.4%.  Bank
lenders will have the same recovery on their $1.174 billion claim
against the holding company.  As a consequence of the settlement,
the predicted recovery became 18% to 41.5% for holders of $1.19
billion in unsecured claims against the finance subsidiary,
one of the companies under the umbrella of the holding company
trustee.  Previously, the predicted recovery was 14.7% to 34% on
bank lenders' claims against the finance subsidiary.


MICHIGAN COMMERCIAL: A.M. Best Lowers Then Withdraws B(fair) ICR
----------------------------------------------------------------
A.M. Best Co. has downgraded the financial strength rating to B
(Fair) from B+ (Good) and the issuer credit rating to "bb" from
"bbb-" of Michigan Commercial Insurance Mutual (MCIM) (Lansing,
MI).  The outlook for both ratings is negative.  Concurrently,
A.M. Best has withdrawn the ratings due to management's request to
no longer participate in A.M. Best's interactive rating process.

The rating actions resulted from the continued deterioration in
MCIM's operating performance and risk-adjusted capitalization
through the first quarter of 2014.  Although management has taken
actions to diversify its operations over the years, in more recent
years, this expansion has resulted in a strain on the company's
underwriting controls, has led to sizable underwriting losses and
created the need for continuous reunderwriting actions.  Despite
significant corrective actions intended to improve financial
performance, the company's operating results and capital position
could continue to be strained over the mid-term, given expected
restructuring expenses, challenging market conditions and the low
interest rate environment.  Additionally, the company remains
exposed to the execution risk of recent remediation actions.

The ratings consider the company's conservative investment
allocations and the equity of the residual trust managed by MCIM
and MCIM's role as the legal beneficiary of the trust.  The equity
in the trust will revert to MCIM upon satisfaction of all
remaining claims obligations of the trust.


MONARCH HOSPITALITY: Case Summary & 20 Top Unsecured Creditors
--------------------------------------------------------------
Debtor: Monarch Hospitality, LLC
           dba Comfort Suites
        2992 W. International Speedway Blvd.
        Daytona Beach, FL 32114

Case No.: 14-03489

Chapter 11 Petition Date: July 18, 2014

Court: United States Bankruptcy Court
       Middle District of Florida (Jacksonville)

Debtor's Counsel: Justin M. Luna, Esq.
                  LATHAM, SHUKER, EDEN & BEAUDINE, LLP
                  P.O. Box 3353
                  Orlando, FL 32802-3353
                  Tel: (407) 481-5800
                  Fax: (407) 481-5801
                  Email: jluna@lseblaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Manilal R. Patel, managing member.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/flmb14-03489.pdf


NATROL INC: Sec. 341 Creditors' Meeting Rescheduled to July 29
--------------------------------------------------------------
The meeting of creditors pursuant to 11 U.S.C. 341(a) in the
Chapter 11 case of Natrol Inc. is rescheduled to July 29, 2014, at
10:00 a.m. (ET).  Subsequently, the deadline to file a complaint
to determine dischargeability of certain debts has been changed
from September 21, 2014 to September 27.

                       About Natrol, Inc.

Headquartered in Chatsworth, Calif., Natrol, Inc. --
http://www.natrol.com-- is a wholly owned subsidiary of Plethico
Pharmaceuticals Limited.  Plethico Pharmaceuticals Limited (BSE:
532739. BO: PLETHICO) engages in the manufacturing, marketing and
distribution of pharmaceutical and allied healthcare products
around the world.  Natrol products are made in the U.S.
Established in 1980, Natrol, Inc. has been a global leader in the
nutrition industry, and a trusted manufacturer and marketer of a
superior quality of herbs and botanicals, multivitamins, specialty
and sports nutrition supplements made to support health and
wellness throughout all ages and stages of life.  Natrol products
are available in health food stores, drug and grocery stores, and
mass-market retailers, and through Natrol.com and other online
retailers.  Natrol distributes products nationally through more
than 54,000 retailers as well as internationally in over 40 other
countries through distribution partners.

Natrol, Inc., and its six affiliates sought bankruptcy protection
on June 11, 2014 (Case No. 14-11446, Bankr. D. Del.).  The case is
assigned to Judge Brendan Linehan Shannon.  The Debtors are
represented by Robert A. Klyman, Esq., and Samuel A. Newman, Esq.,
at GIBSON, DUNN & CRUTCHER LLP, in Los Angeles, California; and
Michael R. Nestor, Esq., Maris J. Kandestin, Esq., and Ian J.
Bambrick, Esq., at YOUNG CONAWAY STARGATT & TAYLOR, LLP, in
Wilmington, Delaware.  The Debtors' Claims and Noticing Agent is
EPIQ SYSTEMS INC.

The U.S. Trustee for Region 3 on June 19 appointed five creditors
of Natrol, Inc. to serve on the official committee of unsecured
creditors.


NETBANK INC: Supreme Court Wants FDIC Papers in Tax Refund Case
---------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the U.S. Supreme Court has asked the Federal Deposit
Insurance Corp. to file papers by Aug. 8 to take a position on
whether the country's highest court should permit an appeal in the
tax refund case involving NetBank Inc.

According to the report, the FDIC has told the Supreme Court it
was waiving the right to file papers in opposition to allowing an
appeal.  In NetBank's case, the U.S. Court of Appeals in Atlanta
overturned a lower court decision awarding tax refunds to
creditors.

The NetBank case is Zucker v. Federal Deposit Insurance Corp., 13-
1480, U.S. Supreme Court (Washington).

                        About NetBank Inc.

Headquartered in Jacksonville, Florida, NetBank Inc. --
http://www.netbank.com/-- is a financial holding company of
Netbank, the United States' oldest Internet bank serving retail
and business customers in all 50 states.  NetBank Inc. did
retail banking, mortgage banking, business finance, and provided
ATM and merchant processing services.

The Company filed for chapter 11 protection (Bankr. M.D. Fla. Case
No. 07-04295) on Sept. 28, 2007.  Alan M. Weiss, Esq., at
Holland & Knight LLP, represents the Debtor.  Rogers
Towers, Esq. at Kilpatrick Stockton LLP, represents the Official
Committee of Unsecured Creditors.

Clifford Zucker serves as the Liquidating Supervisor for NetBank
under the terms of a Second Amended Liquidating Plan confirmed in
Sept. 2008, and is represented by Michael D. Langford, Esq., and
Shane G. Ramsey, Esq., at Kilpatrick Stockton LLP in Atlanta, Ga.

As of Sept. 25, 2007, the Debtor reported total assets of
$87,213,942 and total debts of $42,245,857.  As of August 31,
2008, NetBank, Inc., had total assets of $13,807,207 and total
liabilities of $34,607,868.


NEW ENGLAND COMPOUNDING: Settlement Prompts Victim Objections
-------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the the New England Compounding Pharmacy Inc. trustee
fielded a raft of objections when he proposed a settlement under
which the company's insurance providers would contribute about
$100 million toward compensation for people who contracted fungal
meningitis after being injected with NECP's tainted products.

According to the report, lawyers for about 170 plaintiffs in
Virginia and Tennessee objected because they say the NECP trustee
didn't provide factual or legal explanations of why an insurance
company could successfully deny coverage.  Another group of 95
plaintiffs said they don't want insurance proceeds from policies
covering some plaintiffs to be thrown into a pot for all
plaintiffs, the report related.

             About New England Compounding Pharmacy

New England Compounding Pharmacy Inc., filed a Chapter 11 petition
(Bankr. D. Mass. Case No. 12-19882) in Boston on Dec. 21, 2012,
after a meningitis outbreak linked to an injectable steroid,
methylprednisolone acetate ("MPA"), manufactured by NECC, killed
39 people and sickened 656 in 19 states, though no illnesses have
been reported in Massachusetts.  The Debtor owns and operates the
New England Compounding Center is located in Framingham, Mass.  In
October 2012, the company recalled all its products, not just
those associated with the outbreak.

Paul D. Moore, Esq., at Duane Morris LLP, in Boston, has been
appointed as Chapter 11 Trustee of NECC.  He is represented by:

         Jeffrey D. Sternklar, Esq.
         DUANE MORRIS LLP
         Suite 2400
         100 High Street
         Boston, MA 02110-1724
         Tel: 857-488-4216
         Fax: 857-401-3034

An Official Committee of Unsecured Creditors appointed in the case
has been represented by:

         BROWN RUDNICK LLP
         William R. Baldiga, Esq.
         Rebecca L. Fordon, Esq.
         Jessica L. Conte, Esq.
         One Financial Center
         Boston, MA 02111
         Tel: (617) 856-8200

              - and -

         David J. Molton, Esq.
         Seven Times Square
         New York, NY 10036
         Tel: (212) 209-4800


NORTHERN BEEF: Can Hire Karl Wagner as Chief Financial Officer
--------------------------------------------------------------
Northern Beef Packers Limited Partnership sought and obtained
permission from the U.S. Bankruptcy Court to employ Karl Wagner as
chief financial officer.

No trustee or examiner has been appointed in this chapter 11 case.

Northern Beef Packers has no remaining employees, and the Debtor
said Mr. Wagner's continued retention is necessary while this case
remains pending under chapter 11.

In addition to preparing required reports, it is anticipated that
Mr. Wagner will work with counsel for the Debtor and with the
Creditors' Committee on these matters:

     a. Pending adversary proceedings regarding alleged
        violations of the WARN Act and the priority of
        the security interest of RockTenn CP, LLC;

     b. Claims administration; and

     c. Identifying potential preference and other avoidance
        actions.

Under the proposed terms of retention, Mr. Wagner would be paid
$75.00 per hour and would be reimbursed for all expenses incurred
in connection with this case, including, but not limited to,
expenses for postage and travel.

The Committee has approved the proposed terms of Mr. Wagner's
continued retention.

Mr. Wagner has a pre-petition claim for unpaid wages in the amount
of $6,041.89.

Mr. Wagner has not shared or agreed to share any compensation paid
to any party for services related to this case

Mr. Wagner attested that he has no connections with the Debtor,
creditors, any other party in interest, their respective attorneys
and accountants, the United States trustee, or any person employed
in the office of the United States trustee.

                 About Northern Beef Packers

Northern Beef Packers Limited Partnership, which operates a beef
processing facility that opened in October 2012, filed for
Chapter 11 relief (Bankr. D.S.D. Case No. 13-10118) on July 19,
2013.  Karl Wagner signed the petition as chief financial officer.
Judge Charles L. Nail, Jr., presides over the case.  The Debtor
estimated assets of at least $50 million and debts of at least
$10 million.  James M. Cremer, Esq., at Bantz, Gosch, & Cremer,
L.L.C., serves at the Debtor's counsel.  Steven H. Silton, Esq.,
at Cozen O'Connor serves as co-counsel.  Lincoln Partners Advisors
LLC serves as financial advisors.

The U.S. Trustee has appointed five members to the Official
Committee of Unsecured Creditors in the case.  Robbins, Salomon &
Patt, Ltd. serves as it lead counsel.  Patrick T. Dougherty serves
as its local counsel.


OHCMC-OSWEGO LLC: Court Dismisses PNC Bank Suit
-----------------------------------------------
PNC BANK, National Association, successor in interest by merger to
National City Bank, successor in interest by merger to MidAmerica
Bank, fsb, Plaintiff, v. OHCMC-Oswego, LLC, an Illinois limited
liability company, and CAMILLE O. HOFFMANN, Defendants, CASE NO.
13-CV-07952 (N.D. Ill.), is a diversity foreclosure action brought
by PNC Bank against an allegedly defaulting mortgagor, OHCMC-
Oswego, LLC, and the guarantor of the mortgage, Camille O.
Hoffmann.  The action is stayed as to Oswego, which filed for
Chapter 11 bankruptcy.  The action remains live as to Hoffmann,
however, and her motion to dismiss pursuant to Federal Rules of
Civil Procedure 12(b)(3) and 12(b)(6) [15] is pending before the
Court.  In a July 17, 2014 Memorandum Opinion and Order availale
at http://is.gd/UyKkwwfrom Leagle.com, District Judge Robert M.
Dow, Jr., grants the Dismissal motion on Rule 12(b)(6) grounds.
Judge Dow says the dismissal is without prejudice; PNC Bank is
given 21 days to replead its allegations against Hoffmann if it
believes that it can cure deficiencies identified in the Court's
ruling consistent with its obligations under Federal Rule of Civil
Procedure 11.  The case remains stayed as to Oswego.

PNC Bank, National Association, successor in interest by merger to
National City Bank, successor in interest by merger to MidAmerica
Bank, fsb, is represented by:

     James M. Crowley, Esq.
     James D. Major, Esq.
     Matthew L. Hendricksen, Esq.
     CROWLEY & LAMB, P.C.
     221 N. LaSalle Street
     Chicago, IL 60601
     Tel: 312-670-6900
     Fax: 312-467-5926
     E-mail: jcrowley@crowleylamb.com
             jmajor@crowleylamb.com
             mhendricksen@crowleylamb.com

OHCMC-Oswego and Camille O. Hoffman are represented by:

     Richard Thomas Kienzler, Esq.
     FREEBORN & PETERS LLP
     311 South Wacker Drive, Suite 3000
     Chicago, IL 60606
     Tel: (312) 360-6755 (direct)
     Fax: (312) 360-6520
     E-mail: rkienzler@freeborn.com

                        About OHCMC-Oswego

OHCMC-Oswego, LLC, is an Illinois limited liability company that
was formed on July 12, 2005 to, inter alia, acquire, develop and
sell a series of real estate developments.  It is wholly owned by
Oliver-Hoffman Corporation.  Its principal place of business is
located at 3108 S. Rt. 59, Ste. 124-373, Naperville, Illinois.

OHCMC-Oswego filed a Chapter 11 bankruptcy petition (Bankr. N.D.
Ill. Case No. 14-05349) in Chicago on Feb. 19, 2014, with plans to
sell its assets.  Camille O. Hoffmann signed the petition as
president of managing and sole member.  The Debtor disclosed
$92,268 plus an unknown amount in assets and $56,782,127 in
liabilities.  The Hon. Carol A. Doyle presides over the case.  The
Debtor is represented by David C. Gustman,, Esq., at Freeborn &
Peters LLP.

No trustee, examiner or creditors' committee has been appointed in
the case.

                           *     *     *

OHCMC-Oswego, LLC, filed a Modified Plan of Liquidation and
Disclosure Statement on June 30, 2014.  According to the latest
plan documents, the Debtor's assets will be sold pursuant to the
Court-approved sale procedures.  The Debtor anticipates a sale
process that will allow its real estate broker adequate time to
market the properties to ensure the Debtor receives the highest
and best offer for the properties.  The proceeds of the sale of
the properties will be used to satisfy the secured claims of BMO
and PNC.  The Debtor will distribute a set sum of money that is
currently held in an escrow account with the Village of Oswego and
totaling $29,408 to unsecured creditors in accordance with the
Bankruptcy Code's priority scheme.

The Debtor currently has an offer from L.B. Anderson Construction,
Inc., the stalking horse bidder, to purchase the properties for
$11,750,000, absent higher and better offers.

The Debtor will solicit written bids from other potential bidders
with all such bids to be received no later than 4:00 p.m. on Sept.
12, 2014.  If the Debtor receives two or more qualified bids for
the assets, the debtor will conduct an auction. the Debtor will
determine the winning bid in its reasonable discretion.  It will
also select the back-up bid, to be utilized, in the event that the
best bid is unable to timely close.

The Bankruptcy Court has scheduled a joint hearing with respect to
the sufficiency of the Disclosure Statement and confirmation of
the Plan for Aug. 6, 2014.

A copy of the Disclosure Statement is available at:

   http://bankrupt.com/misc/OHCMC-OSWEGO_80_dsmodifiedplan.pdf


ORBITAL SCIENCES: S&P Retains 'BB+' CCR on CreditWatch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
Dulles, Va.-based Orbital Sciences Corp., including the 'BB+'
corporate credit rating, remain on CreditWatch, where S&P placed
them with negative implications on April 29, 2014.  S&P's ratings
on Alliant Techsystems Inc. (ATK), including the 'BB' corporate
credit rating, also remain on CreditWatch, where S&P placed them
with positive implications on April 29, 2014.

The CreditWatch placements followed Orbital Sciences' announcement
that it will merge with the aerospace and defense divisions of
ATK, creating a new company known as Orbital ATK Inc. with revenue
of about $4.5 billion.  Before the merger, ATK will spin off its
sporting division.  S&P expects these transactions, which are
subject to regulatory and shareholder approval, to close in late
2014.

Orbital ATK will have about $1.7 billion of debt and $300 million
of cash at closing, following the receipt of a $300 million to
$350 million dividend from ATK's divested sporting division, which
the company will used to pay down existing debt at ATK.

The merger will result in some vertical integration and related
cost savings, since Orbital Sciences currently purchases solid
rocket engines from ATK.  The combined entity will solely focus on
aerospace and defense markets, which S&P sees as a modest negative
to the business risk profile.  S&P believes the commercial
sporting equipment business provided significant diversification
benefits to legacy ATK, having both better growth prospects and
different demand drivers than the defense segments.  S&P expects
Orbital ATK to have pro forma debt to EBITDA of about 3x and funds
from operations to debt of about 20%-25%.

S&P plans to resolve the CreditWatch placements following
discussions with management regarding the combined company's
financial policy and strategic direction.  "We believe the rating
on the combined company could be either 'BB' or 'BB+', though
there is a higher likelihood that the rating will be 'BB+', based
on our preliminary analysis," said Standard & Poor's credit
analyst Chris Mooney.  "We will likely withdraw our rating on
Orbital Sciences after the transaction closes, since it will not
have any debt outstanding."


ORMET CORP: Sale of Hannibal Smelter Okayed
-------------------------------------------
Bankruptcy Judge Mary F. Walrath overruled the objection of the
Steelworkers Pension Trust to the sale of Ormet Corporation's
Hannibal Smelter and related assets to Niagara Worldwide LLC free
and clear of any successor liability claim of the Trust.  The
Court allowed the sale to push through.  The sale is supported by
Ormet's lender Wayzata Investment Partners LLC, and the Official
Unsecured Creditors' Committee.

The Court also waived the requirement of Fed.R.Bankr.P. Rule 6004
and authorized Ormet and the buyer to close the sale immediately.

Ormet and its affiliates were a major producer of aluminum in the
United States and owned an alumina refinery in Burnside, Louisiana
and an aluminum smelter in Hannibal, Ohio.  As of the Petition
Date, the Debtors employed over 1100 employees, the vast majority
of which were represented by the United Steel, Paper and Forestry,
Rubber, Manufacturing, Energy, Allied Industrial and Service
Workers Union.

Prior to the Petition Date, the Debtors had engaged an investment
banker and conducted a full marketing process to sell all their
assets as a going concern.  Post-petition, the Debtors continued
their sales effort, obtaining approval of bid procedures and a
stalking horse bidder Smelter Acquisition, LLC.  When no other
bids were received, an Order was entered on June 10, 2013,
approving the sale of substantially all the Debtors' assets to
Smelter.  There was a condition precedent to closing on the sale
to Smelter, however: that the Debtors obtain relief from the
Public Utilities Commission of Ohio modifying the terms of their
contract for the purchase of electricity from Ohio Power Company
and Columbus Southern Power Company.

In a preliminary order entered on July 11, 2013, PUCO denied
immediate emergency relief requested by the Debtors and scheduled
further proceedings to consider the ultimate relief requested. As
a result the Debtors began the initial process of reducing
operations at their two plants. In its ultimate ruling on October
2, 2013, PUCO provided some relief to the Debtors but not all the
relief required by the Smelter Asset Purchase Agreement.

As a result of the PUCO rulings, the sale to Smelter did not close
and the Lender declared the Debtors in default of the post-
petition DIP financing.  The Debtors ceased all production of
aluminum in Hannibal on October 7, 2013, but kept the Burnside
facility on "hot idle" status to permit it to be sold as a going
concern.

On October 16, 2013, the Debtors filed a Motion for approval of
procedures for the wind down of the estates, which has been
approved on an interim basis since then. As part of the wind down,
the Debtors renewed their efforts to sell their assets.  On
October 26, 2013, the Debtors filed a motion to sell the Burnside
refinery to Almatis, Inc.  That sale was approved by Order dated
November 12, 2013, and closed on December 12, 2013. The Debtors
also sold their raw material inventory pursuant to the wind down
procedures.

Those sales permitted the repayment in full of the DIP loan.
The efforts to sell the Hannibal facility took much longer, but by
June 9, 2014, the Debtors had obtained a bid from CCP ORMT
Acquisition, LLP at a cash price of $15,250,000. The Court
approved bid procedures on June 19, 2013, and an auction was held
on June 26, 2014, resulting in a final cash bid of $25,250,000 by
the Buyer.  The Stalking Horse was determined to be the back-up
bidder at $25,000,000 (after consideration of its breakup fee).

A hearing to consider approval of the sale of the Debtors'
Hannibal facility and its related assets to the Buyer was held on
June 30, 2014.  The only objection remaining to that sale was one
filed by the Trust, which is the holder of a claim estimated at $5
million for under-funding of the Debtors' pension plan. After
considering the testimony and arguments of the parties, the Court
granted the Trust's request to provide additional briefing on its
argument that the Court should not approve the sale of the assets
free of the Trust's potential successor liability claim against
the Buyer.  Cognizant of the Debtors' dwindling cash position and
the July 29, 2014, deadline for closing the sale contained in the
Asset Purchase Agreement with the Buyer, however, the Court
directed briefs be filed by the Debtors and any parties in support
of the sale by July 7 and by the Trust by July 11.

The Debtors and the Lender timely filed their briefs in support.
The Trust did not.  Instead, the Trust filed a Motion seeking an
extension until July 17, 2014, to file its brief.  That Motion was
opposed by the Debtors.  Notwithstanding that request, the Trust
filed its supplemental brief on July 14.  Although it did not
grant the extension request, the Court has considered the Trust's
brief in making its ruling.

The objection of the Trust raises two issues: can the sale to the
Buyer under section 363(f)3 be free and clear of any successor
liability claim that the Trust may have against it and should the
Court deny the Debtors' request of a waiver of the fourteen-day
waiting period under Rule 6004(h) and 6006(d) staying finality of
any order approving the sale to permit the Trust to file an appeal
and seek a further stay.

A copy of Judge Walrath's July 17, 2014 Memorandum Opinion is
available at http://is.gd/SVbfvjfrom Leagle.com.

                       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.


OXFORD FINE: Case Summary & 6 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Oxford Fine Properties Inc.
        9322 Third Avenue, Suite 502
        Brooklyn, NY 11209

Case No.: 14-43665

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: July 18, 2014

Court: United States Bankruptcy Court
       Eastern District of New York (Brooklyn)

Judge: Hon. Carla E. Craig

Debtor's Counsel: Kevin J Nash, Esq.
                  GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP
                  1501 Broadway, 22nd Floor
                  New York, NY 10036
                  Tel: (212) 301-6944
                  Fax: (212) 422-6836
                  Email: KNash@gwfglaw.com

Total Assets: $3.37 million

Total Liabilities: $5.71 million

The petition was signed by Tim Ziss, president.

A list of the Debtor's six largest unsecured creditors is
available for free at http://bankrupt.com/misc/nyeb14-43665.pdf


PSL-NORTH AMERICA: To Change Sale Plan Over Creditor Concerns
-------------------------------------------------------------
Law360 reported that bankrupt pipe manufacturer PSL-North America
LLC said in a court filing that it will alter both its $100
million stalking horse sale plan and its motion for final approval
of debtor-in-possession financing to address concerns raised by
one of its secured creditors.

According to the report, in a reply motion before the Delaware
bankruptcy court, PSL-NA, which provides pipe to the oil and gas
industry, said it would change the bid procedures for the proposed
sale of its assets to allow the debtor to consider alternative
transaction structures from the one put forward by stalking horse
bidder Jindal Tubular USA LLC and evaluate which offer would be
the best if competing ones come in at auction.  In an objection to
the bid procedures, Standard Chartered Bank, Dubai International
Financial Centre -- which is owed under a $30 million prepetition
term loan facility and claims to be PSL-NA's senior creditor --
argued that the transaction structure proposed in Jindal Tubular's
stalking horse bid would not pass muster as a Section 363 sale,
the report related.

                    About PSL-North America

Founded in 2006, PSL-North America LLC is a manufacturer and
coater of large diameter steel pipes.  The company has a state-of-
the-art facility located in Bay St. Louis, Mississippi, with the
land leased for 99 years.  The company is an American-based
partially owned subsidiary of India's largest producer and
manufacturer of steel piping, PSL Limited.

On June 16, 2014, PSL-North America LLC and PSL USA Inc., filed
voluntary petitions in Delaware (Lead Case No. 14-11477) seeking
relief under chapter 11 of the United States Bankruptcy Code.  The
Debtors' cases have been assigned to Judge Peter J. Walsh.

The Debtors seek to have their cases jointly administered
for procedural purposes.

PSL-North America estimated $50 million to $100 million in assets
and $100 million to $500 million in debt in the bankruptcy
petition.  As of the Petition Date, the company had total
outstanding debt obligations of $130 million, according to a court
filing.

Proposed counsel for the Debtor are John H. Knight, Esq., Paul N.
Heath, Esq., Tyler D. Semmelman, Esq., Amanda R. Steele, Esq. and
William A. Romanowicz, Esq. at Richards, Layton & Finger, P.A.
of Wilmington, Delaware.   Epiq Bankruptcy Solutions serves as
claims agent.


PUERTO RICO: Ex-Boxing Champ Sues to Recover Losses from Bonds
--------------------------------------------------------------
Aaron Kuriloff and Mike Cherney, writing for The Wall Street
Journal, reported that Felix Trinidad, a Hall of Fame boxer, has
filed a complaint seeking to recover losses he says exceed $63
million from investing in Puerto Rican municipal-bond funds.

According to the Journal, in an April complaint filed with Wall
Street's self-regulator, the Financial Industry Regulatory
Authority, Mr. Trinidad accuses his former close friend and ex-
financial adviser, Jose "Pepe" Ramos, as well as investment firms
that employed him -- including units of UBS AG, Wells Fargo & Co.
and Popular Inc. -- of squandering much of Mr. Trinidad's $86
million in career winnings betting on Puerto Rico closed-end
municipal-bond funds without warning of the risks.


QIMONDA AG: Ch. 15 Courts Not Bound By Foreign IP Law
-----------------------------------------------------
Law360 reported that U.S. patent licensees of bankrupt German
semiconductor manufacturer Qimonda AG have urged the U.S. Supreme
Court to reject its Chapter 15 representative's attempt at
compelling U.S. bankruptcy courts to follow foreign insolvency
laws when evaluating intellectual property contracts.  According
to the report, the respondents said that the Fourth Circuit
properly upheld a bankruptcy court ruling applying a provision of
Chapter 15 that lets licensees of a bankrupt entity keep their
existing contracts.

                         About Qimonda AG

Qimonda AG (NYSE: QI) -- http://www.qimonda.com/-- was a global
memory supplier with a diversified DRAM product portfolio.  The
Company generated net sales of EUR1.79 billion in financial year
2008 and had -- prior to its announcement of a repositioning of
its business -- roughly 12,200 employees worldwide, of which
1,400 were in Munich, 3,200 in Dresden and 2,800 in Richmond, Va.

Qimonda AG commenced insolvency proceedings in a local court in
Munich, Germany, on Jan. 23, 2009.  On June 15, 2009, QAG filed
a petition (Bankr. E.D. Va. Case No. 09-14766) for relief under
Chapter 15 of the U.S. Bankruptcy Code.

Qimonda North America Corp., an indirect and wholly owned
subsidiary of QAG, is the North American sales and marketing
subsidiary of QAG.  QNA is also the parent company of Qimonda
Richmond LLC.  QNA and QR sought Chapter 11 protection (Bankr.
D. Del. Case No. 09-10589) on Feb. 20, 2009.  Mark D. Collins,
Esq., Michael J. Merchant, Esq., and Lee E. Kaufman, Esq., at
Richards Layton & Finger PA, in Wilmington Delaware; and Mark
Thompson, Esq., Morris J. Massel, Esq., and Terry Sanders, Esq.,
at Simpson Thacher & Bartlett LLP, in New York City, represented
the Debtors as counsel.  Roberta A. DeAngelis, the United States
Trustee for Region 3, appointed seven creditors to serve on an
official committee of unsecured creditors.  Jones Day and Ashby &
Geddes represented the Committee.  In its bankruptcy petition,
Qimonda Richmond, LLC, estimated more than US$1 billion in assets
and debts.  The information, the Chapter 11 Debtors said, was
based on QR's financial records which are maintained on a
consolidated basis with QNA.

In September 2011, the Chapter 11 Debtors won confirmation of
their Chapter 11 liquidation plan which projects that unsecured
creditors with claims between US$33 million and US$35 million
would have a recovery between 6.1% and 11.1%.  No secured claims
of significance remained.


QUIZNOS: Ex-Brass Want to Be Protected From Lawsuits
----------------------------------------------------
Law360 reported that a group of former Quiznos brass who say they
could be targets of litigation stemming from the sandwich shop's
bankruptcy lodged a lawsuit in Delaware Chancery Court seeking to
have the court enforce prior agreements claimed to indemnify them
from legal action.  According to the report, the former Quiznos
leaders who lodged the suit include ex-CEO Greg MacDonald, ex-
Chief Financial Officer Dennis Smythe and seven individuals who
served on the company's board of managers for various years
through 2012, all of whom claim they were provided releases and
indemnity through a series of agreements including one born out of
the sandwich chain's 2012 out-of-court restructuring.

The case is Meyers et al v. Quiz-Dia LLC et al, case number 9878,
in the Delaware Court of Chancery.

                          About Quiznos

Denver-based Quiznos -- http://www.quiznos.com-- is a chain
designed for today's busy consumers who are looking for a high
quality, tasty, freshly prepared alternative to traditional fast-
food restaurants.  With locations in 50 states and 30 countries,
Quiznos is one of the world's premier quick-service restaurant
chains and pioneer of the toasted sandwich; Quiznos restaurants
offer creative, chef-created sandwiches and salads using premium
ingredients.  Quiznos was founded in 1981 by chefs who discovered
that toasting brought out the best in every sandwich ingredient.

QCE Finance LLC and its affiliates sought protection under Chapter
11 of the Bankruptcy Code on March 14, 2014.  The lead case is QCE
Finance LLC (Case No. 14-10543, Bankr. D.Del.).  The case is
assigned to Judge Peter J. Walsh.

The Debtors' lead counsel are Ira S. Dizengoff, Esq., Philip C.
Dublin, Esq., Jason P. Rubin, Esq., and Kristine G. Manoukian,
Esq., at AKIN GUMP STRAUSS HAUER & FELD LLP, in New York.  The
Debtors' local counsel is Mark D. Collins, Esq., and Amanda
Steele, Esq., at RICHARDS, LAYTON & FINGER, P.A., in Wilmington,
Delaware.  The Debtors' investment banker and financial advisor is
Matthew J. Hart of LAZARD FRERES & CO. LLC.  Paul Ruh, Mark A.
Roberts, and Jonathan Tibus of Alvarez & Marsal serves as the
Debtors' restructuring advisors.  Prime Clerk LLC serves as the
Debtors' claims and noticing agent.

The lead debtor, QCE Finance LLC, scheduled $736,858 in total
assets plus "undetermined amounts".  It scheduled $618,437,362
plus "undetermined amounts" as liabilities.

The U.S. Trustee has appointed a seven-member official committee
of unsecured creditors.  The Committee has tapped Cousins Chipman
& Brown LLP's Scott D. Cousins, Esq., and Ann Kashishian, Esq.;
and Otterbourg P.C.'s Scott L. Hazan, Esq., Jenette A. Barrow-
Bosshart, Esq., and David M. Posner, Esq., as counsel.

Avenue Capital Management II, L.P. and its affiliates are
represented by John J. Rapisardi, Esq., and Joseph Zujkowski,
Esq., at O'Melveny & Myers LLP in New York.  Fortress Investment
Group and its affiliates are represented by Skadden Arps Slate
Meagher & Flom's Van C. Durrer, Esq.  Co-counsel to the Consenting
First Lien Lenders are Milbank Tweed Hadley & McCloy's Thomas R.
Kreller, Esq., and David B. Zolkin, Esq., and Morris Nichols Arsht
& Tunnell's Robert J. Dehney.  Counsel to the First Lien Agent is
Ropes & Gray's Mark R. Somerstein.  Counsel to the Second Lien
Agent is Pillsbury Winthrop's Bart Pisella, Esq., and Timothy P.
Kober, Esq.  Counsel to Vectra Bank Colorado, National
Association, is Kasowitz Benson's Adam L. Shiff, Esq.

Quiznos' Plan of Reorganization was confirmed by the U.S.
Bankruptcy Court in Wilmington, Delaware on May 12, 2014.  The
company on July 1, 2014, disclosed that it has successfully
completed its financial restructuring and emerged from Chapter 11.


REVEL AC: Can Proceed with Aug. 7 Auction
-----------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Revel AC Inc. got formal authorization from the U.S.
Bankruptcy Court in Camden, New Jersey, to sell its Atlantic City
casino business at auction on Aug. 7.  According to the report, a
hearing for approval of the sale is set for Aug. 8 unless the
buyer decides to acquire the casino-hotel as part of emergence
from Chapter 11 under a reorganization plan.

Sale procedures allow the official creditors' committee to confer
with Revel in deciding whether a prospective bidder is qualified
to participate in the auction, and consult with Revel in deciding
whether a secured lender should be permitted to bid using debt
rather than cash, the Bloomberg report related.  Prior to the
hearing, the Committee objected to the proposed bid procedures,
saying the bankruptcy is being used "to cleanse title of estate
assets for the sole and exclusive benefit of pre-petition
lenders," Mr. Rochelle further related.  Tenants who provide
dining, nightlife, spa and retail amenities to Revel also objected
to bid procedures, saying they're partners with the casino, "for
better or worse," and should be involved in the process by which
their new partner is selected, Mr. Rochelle said.

                           About Revel AC

Revel AC, Inc. -- http://www.revelresorts.com/-- owns and
operates Revel, a Las Vegas-style, beachfront entertainment resort
and casino located on the Boardwalk in the south inlet of Atlantic
City, New Jersey.

Revel AC Inc. and five of its affiliates sought bankruptcy
protection (Bankr. D.N.J., Lead Case No. 14-22654) on June 19,
2014, to pursue a quick sale of the assets.

The Chapter 11 cases are assigned to Judge Gloria M. Burns.  The
Debtors' Chapter 11 cases are jointly consolidated for procedural
purposes.

Revel AC estimated assets ranging from $500 million to $1 billion,
and the same amount of liabilities.

White & Case, LLP, and Fox Rothschild, LLP, serve as the Debtors'
Counsel, and Moelis & Company, LLC, is the investment banker.  The
Debtors' solicitation and claims agent is Alixpartners, LLP.

The prepetition first lenders are represented by Cadwalader,
Wickersham & Taft LLP.  The prepetition second lien lenders are
represented by Paul, Weiss, Rifkind, Wharton & Garrison LLP.  The
DIP agent is represented by Milbank, Tweed, Hadley & McCloy LLP.

This is Revel AC's second trip to bankruptcy.  The company first
sought bankruptcy protection (Bankr. D.N.J. Lead Case No. 13-
16253) on March 25, 2013, with a prepackaged plan that reduced
debt by $1.25 billion.  Less than two months later on May 15,
2013, the 2013 Plan was confirmed and became effective on May 21,
2013.


ROGERS LEE BROWN: Southern Bank's Suit Dismissed
------------------------------------------------
Chief Bankruptcy Judge Stephen C. St. John granted the request of
Clara P. Swanson, Chapter 7 Trustee for Darvin Alexander and
Bonita Renee Alexander, to dismiss the complaint filed by Southern
Bank and Trust, James M. Pickrell, Jr., Trustee on the Deed of
Trust, and Janice P. Anderson, Trustee on the Deed of Trust,
against defendants Darvin Alexander and Bonita Renee Alexander;
Leontine Brown and Rogers Lee Brown; the Internal Revenue Service;
and Clara P. Swanson, Chapter 7 Trustee for Darvin and Bonita.

In its complaint, the Bank seeks an order (a) declaring Rogers and
Leontine to be the owners of real property located at 700 Pleasant
Ridge Court, Chesapeake, Virginia, 23320; (b) declaring that
Darvin and Bonita do not have any interest in the Property; and
(c) reforming the 2006 Deed and any other necessary documents to
reflect the intention of Rogers and Leontine that the Bank would
have a lien on the Property securing the repayment of a 2006 loan
for $475,000 loan with the Bank of the Commonwealth, predecessor
of the Bank, and the Line of Credit.

Rogers and Leontine filed a Chapter 11 petition (Case No.
12-70536-SCS) on February 9, 2012.  The Brown Bankruptcy Case was
converted to a Chapter 7 case on January 10, 2013.

Darvin and Bonita filed a Chapter 13 bankruptcy petition (case
number 11-74515-SCS) on October 10, 2011.  The Debtors converted
their Bankruptcy Case to one under Chapter 7 on November 6, 2013,
and Clara P. Swanson was appointed as the Chapter 7 trustee.

The case is, SOUTHERN BANK AND TRUST COMPANY, JAMES M. PICKRELL,
JR., TRUSTEE ON THE DEED OF TRUST, JANICE P. ANDERSON, TRUSTEE ON
THE DEED OF TRUST, Plaintiffs, v. DARVIN ALEXANDER, BONITA RENEE
ALEXANDER, LEONTINE BROWN, ROGERS LEE BROWN, INTERNAL REVENUE
SERVICE, CLARA P. SWANSON, CHAPTER 7 TRUSTEE, Defendants, APN NO.
13-07146-SCS (Bankr. E.D. Va.).

A copy of the Court's July 16, 2014 Memorandum Opinion is
available at http://is.gd/6YuxlDfrom Leagle.com.


RUE21 INC: Bank Debt Trades at 13.4% Off
----------------------------------------
Participations in a syndicated loan under which Rue21 Inc. is a
borrower traded in the secondary market at 86.60 cents-on-the-
dollar during the week ended Friday, July 11, 2014, according to
data compiled by LSTA/Thomson Reuters MTM Pricing and reported in
The Wall Street Journal.  This represents an increase of 0.10
percentage points from the previous week, The Journal relates.
Rue21 Inc. pays 475 basis points above LIBOR to borrow under the
facility.  The bank loan matures on Sept. 30, 2020 and carries
Moody's B3 rating and Standard & Poor's B- rating.  The loan is
one of the biggest gainers and losers among 205 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.


SEARS METHODIST: HUD Tries To Block Cash Use for Ch. 11
-------------------------------------------------------
Law360 reported that the U.S. Department of Housing and Urban
Development on Thursday urged a Texas bankruptcy court to reject
Sears Methodist Retirement System Inc.'s attempt to use cash
collateral to pay the costs of its Chapter 11 proceedings, saying
such expenditures could jeopardize the safety of senior housing
community tenants.

According to the report, in an objection to housing community
operators' request for the use of cash collateral, HUD argued that
project funds going toward paying expenses that don't benefit the
communities would be contrary to regulatory agreements.  HUD --
which filed the objection through the U.S. attorney for the
Northern District of Texas, a Sears Methodist creditor -- warned
against expenditures that may include attorneys' fees, trustee's
fees and other professional fees and expenses associated with this
bankruptcy.

                       About Sears Methodist

As a leading Texas senior living icon established on Christian
principles, Sears Methodist Retirement System Inc. provides
secure, rewarding, and luxurious residency to seniors.  The system
includes: (i) eight senior living communities located in Abilene,
Amarillo, Lubbock, Odessa and Tyler, Texas; (ii) three veterans
homes located in El Paso, McAllen and Big Spring, Texas, managed
by Senior Dimensions, Inc., pursuant to contracts between SDI and
the Veterans Land Board of Texas; and (iii) Texas Senior
Management, Inc. ("TSM"), Senior Living Assurance, Inc. ("SLA")
and Southwest Assurance Company, Ltd. ("SWAC"), which provide, as
applicable, management and insurance services to the System.
Sears Methodist Senior Housing, LLC, is the general partner of,
and controls .01% of the interests in, Canyons Senior Living, L.P.
("CSL").

Sears Methodist and its affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 14-
32821) on June 10, 2014.  The cases are assigned to Judge Stacey
G. Jernigan.

The Debtors' counsel is Vincent P. Slusher, Esq., and Andrew
Zollinger, Esq., at DLA Piper LLP (US), in Dallas, Texas; and
Thomas R. Califano, Esq., Gabriella L. Zborovsky, Esq., and Jacob
S. Frumkin, Esq., at DLA Piper LLP (US), in New York.  The
Debtors' financial advisor is Alvarez & Marsal Healthcare Industry
Group, LLC, while the Debtors' investment banker is Cain Brothers
& Company, LLC.  The Debtors' notice, claims and solicitation
agent is GCG Inc.

The Debtors have sought and obtained an order authorizing joint
administration of their Chapter 11 cases.

The U.S. Trustee has appointed five members to the Official
Committee of Unsecured Creditors.


S.B. RESTAURANT: To Have Aug. 4 Auction
---------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Elephant Bar, a chain of 29 restaurants in seven
states, will auction its business on Aug. 4 if there's a bid to
top the offer from secured lender Cerberus Business Finance LLC.

According to the report, under procedures approved on July 8 by
the U.S. Bankruptcy Court in Santa Ana, California, competing bids
are due July 31, and a hearing to approve the sale will take place
on Aug. 8.  Cerberus will pay for the business with $12 million in
pre-bankruptcy first-lien debt, assume specified liabilities and
pay to wind down the Chapter 11 effort, the report related.

S.B. Restaurant Co. dba Elephant Bar Global Grill/Wok Kitchen, now
a chain of 29 restaurants in seven states, filed a petition for
Chapter 11 protection (Bankr. C.D. Cal. Case No. 14-13778)
on June 17, 2014, in Santa Ana, California.  The case is assigned
to Judge Erithe A. Smith.

The Debtors' counsel is Jeffrey N Pomerantz, Esq., and John W.
Lucas, Esq., at Pachulski Stang Ziehl & Jones LLP, in Los Angeles,
California.  The Debtors' chief restructuring officers are from
Deloitte Transactions & Business Analytics LLP, while their
investment banker is Mastodon Ventures, Inc.  The Debtors'
noticing claims and balloting agent is Rust Consulting Omni
Bankruptcy.


SCYTHES INC: Files for Bankruptcy in Toronto
--------------------------------------------
Scythes Inc., o/a Flying Colours International, commenced
bankruptcy proceedings in Toronto, Ontario, on July 1, 2014.
Scythes is headquartered at 128 Sterling Road, in Toronto.

A first meeting of its creditors was held July 17 at the office of
the Trustee at 300-111 Richmond St. W. in Toronto.

The Trustee in Bankruptcy may be reached at:

     MNP Ltd.
     300-111 Richmond St. W.
     Toronto, ON M5H 2G4
     Tel: 416-596-1711


STANDARD PACIFIC: Moody's Raises Corporate Family Rating to B1
--------------------------------------------------------------
Moody's Investors Service upgraded the Corporate Family Rating of
Standard Pacific Corp. to B1 from B2 and the Probability of
Default Rating to B1-PD from B2-PD. Concurrently, Moody's upgraded
all of its existing senior unsecured notes to B1 from B2. The
Speculative-Grade Liquidity ("SGL") assessment was affirmed at
SGL-2. The rating outlook is stable.

The upgrade of the Corporate Family Rating to B1 reflects Moody's
expectation that Standard Pacific will continue to show
improvement in credit and operating metrics over the next 18
months. Standard Pacific's niche market position with an
attractive product portfolio and buyer profile contributes to the
higher demand for its homes. This translates into enhanced credit
metrics. Moody's currently projects for 2015 homebuilding
debt/homebuilding book capitalization to be below 50% and
Homebuilding EBIT/ (Interest Expense + Capitalized Interest) to be
above 4x. Both of the metrics are strong for the rating category.

The following rating actions were taken:

Corporate Family Rating, upgraded to B1 from B2;

Probability of Default Rating, upgraded to B1-PD from B2-PD;

Senior unsecured notes, upgraded to B1 (LGD4) from B2 (LGD4);

Senior unsecured and subordinated shelf ratings, upgraded to
(P)B1/(P)B3 from (P)B2/(P)Caa1

Speculative-Grade Liquidity Rating, affirmed at SGL-2.

All of Standard Pacific's debt is guaranteed by its principal
operating subsidiaries.

Ratings Rationale

The B1 Corporate Family Rating reflects a continued improvement in
Standard Pacific's credit metrics. Moody's projects that by the
end of 2015 homebuilding debt/homebuilding book capitalization
will be below 50% and Homebuilding EBIT/ (Interest Expense +
Capitalized Interest) will be above 4x. Both of the metrics are
strong for the rating category. Standard Pacific's niche market
position, as exemplified with its attractive product portfolio and
buyer profile (move-up/luxury), contributes to the higher demand
for its homes. Partly because of its niche market position,
Standard Pacific's returns are driven more by home price
appreciation than on volume increase. The company's average sales
price is well over $400,000 whereas the average for all the rated
builders is below $390,000. In particular, in California, where
the company derives a significant amount of its earnings, ASP is
slightly above $600 million but home prices can reach over $1.4
million. In addition, The rating takes into account Standard
Pacific's gross margins, which are among the best in the industry,
and the company's good liquidity profile.

At the same time, the rating is constrained by the expectation of
negative cash flow from operations, as Standard Pacific continues
to invest in land. The rating is also constrained by the company's
limited geographic diversification as California and Florida make
up a large majority of the company's sales. However, the
percentage of total revenues and deliveries from these two states
have decreased on a year over year basis as of March 31, 2014,
showing that Standard Pacific is starting to become more
geographically diversified.

The stable ratings outlook considers the expected improvement in
Standard Pacific's credit metrics as the recovery in the
homebuilding industry continues to take place.

The ratings could improve if the company were to maintain its
profitability and solid liquidity, grow its tangible equity base,
and reduce and maintain debt leverage below 50%.

The ratings could be downgraded if adjusted homebuilding debt-to-
capitalization increases and is projected to be maintained above
55%. Deterioration in liquidity including a significant decline in
its cash reserves caused by operating losses or sizeable
investment could also pressure the ratings. Additionally, debt
financed dividend payments could lead to a ratings downgrade.

Headquartered in Irvine, California and begun in 1965, Standard
Pacific Corp. constructs and sells single-family attached and
detached homes focusing on the move-up market. The company has
homebuilding operations in California, Texas, Arizona, Colorado,
Florida, North Carolina, and South Carolina. Revenues and net
income before declaration of preferred dividends for the LTM
period ending March 31, 2014 were approximately $2 billion and
$205 million, respectively.

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


SURGERY CENTER: S&P Assigns 'B' CCR Over Symbion Deal
-----------------------------------------------------
Standard & Poor's Ratings Services withdrew its rating on SP
Holdco I Inc. and assigned a 'B' corporate credit rating to
Surgery Center Holdings Inc.  The outlook is stable.

The issue-level and recovery ratings on Surgery Center Holdings'
first- and second-lien debt are unaffected by the $50 million
increase to each of these loans.

These revisions reflect the revisions to the company's pending
financing that eliminates debt at the holding company level.  The
corporate credit rating will fall under Surgery Center Holdings
Inc., which is also the issuer of the company's proposed debt.
"We expect the company will continue to generate moderate
discretionary cash flow, despite high leverage," said Standard &
Poor's credit analyst Tulip Lim.  "We expect leverage will remain
high at 8x by the end of 2015 and remain over 6x for the next few
years, supporting our financial risk score of 'highly leveraged'."

The rating also reflects the company's narrow operating focus in a
fragmented and competitive market.  Additionally, it reflects some
integration risk related to adding an acquisition of this size.
These reasons are principally why Standard & Poor's deems the
company's business risk profile to be "weak."


SURGERY CENTER: Moody's Affirms 'B3' CFR Over Symbion Deal
----------------------------------------------------------
Moody's Investors Service affirmed the B3 Corporate Family Rating
and B3-PD Probability of Default Rating of Surgery Center
Holdings, Inc. ("Surgery Partners"). At the same time, Moody's
affirmed the B1 rating on Surgery Partners' proposed $950 million
senior secured first lien credit facilities, consisting of an $80
million revolving credit facility expiring in 2019 and an $870
million first lien term loan due 2020. Concurrently, Moody's
affirmed the Caa2 rating on Surgery Partners' proposed $490
million second lien term loan due 2021. Moody's will withdraw at
close the B3 Corporate Family Rating and B3-PD Probability of
Default Rating at SP HoldCo I, Inc. and the previously assigned
Caa2 rating on the company's $100 million PIK term loan. The
rating outlook is negative.

On June 13, 2014, Surgery Partners announced the acquisition of
Symbion, Inc. ("Symbion") for a total purchase price of $792
million. Proceeds from the proposed financing will be used to fund
the acquisition, refinance existing debt and fund a series of
planned future acquisitions. Symbion is an owner and operator of
short-stay surgical facilities providing, non-emergency surgical
procedures, including orthopedics, pain management and
gastroenterology.

The ratings at SP HoldCo I, Inc. are being withdrawn following
Surgery Partners decision to increase the first and second lien
term loans by $50 million each, instead of issuing the $100
million PIK term loans at SP Holdco I, Inc.

The following is a summary of Moody's ratings actions and revised
LGD estimates:

Surgery Center Holdings, Inc.:

Ratings affirmed:

Corporate Family Rating at B3

Probability of Default Rating at B3-PD

$80 million senior secured revolver expiring 2019 at B1 (LGD 3)
from B1 (LGD 2)

$870 million senior secured first lien term loan due 2020 at B1
(LGD 3) from B1 (LGD 2)

$490 million senior secured second lien term loan due 2021 at Caa2
(LGD 5)

Ratings to be withdrawn at close:

Surgery Center Holdings, Inc.:

$30 million senior secured revolving credit facility expiring 2018
at B1 (LGD 3)

$315 million senior secured first lien term loan due 2019 at B1
(LGD 3)

$210 million senior secured second lien term loan due 2020 at Caa2
(LGD 5)

SP HoldCo I, Inc.:

Corporate Family Rating at B3

Probability of Default Rating at B3-PD

$100 million PIK term loan due 2021 at Caa2 (LGD 6)

Ratings Rationale

The B3 Corporate Family Rating reflects Surgery Partners' very
high leverage, which will increase following the acquisition of
Symbion, and the company's aggressive acquisition and shareholder
friendly financial policy. Moody's estimates that the pro forma
debt to EBITDA for the LTM period ending March 31, 2014, would
have been approximately 8.4 times. Furthermore, the ratings are
constrained by a sluggish economic environment and the high
underemployment rate and increasing healthcare expense burden on
patients that will result in sluggish procedure volumes in the
year ahead. In addition, the potential for rate compression from
government sponsored programs (mostly Medicare) and commercial
payors over the longer-term is a concern.

The rating benefits from the industry's long-term growth prospects
for the sector, as many patients and payors prefer the outpatient
environment (primarily due to lower cost and better outcomes) for
certain specialty procedures.

The negative outlook reflects Moody's concern with Surgery
Partners' heightened financial leverage resulting from its
aggressive financial policy and the challenges it will face
integrating Symbion.

The rating could be downgraded if the company is unable to improve
its financial performance, or if it stumbles in its integration of
Symbion. Additionally, the company has no capacity at its current
rating level for additional financial leverage. Ratings could also
be downgraded if liquidity deteriorates or free cash flow turns
negative.

Although an upgrade is unlikely in the near-term, if the company
is able to integrate Symbion without financial or operational
disruption, while maintaining good liquidity, the rating could be
upgraded. More specifically, for a rating upgrade to occur given
the company's size and debt leverage, debt to EBITDA would have to
be sustained around 6 times.

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

Surgery Partners is an operator of outpatient surgery hospitals
that provide a diversified core of surgical procedures in pain
management, orthopedics, gastrointestinal, ophthalmology, ear,
nose and throat, general surgery and urology.


SYNERGY LOGISTICS: Case Summary & Largest Unsecured Creditor
------------------------------------------------------------
Debtor: Synergy Logistics, LLC
        689 Mariaville Rd.
        Schenectady, NY 12306

Case No.: 14-11598

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: July 19, 2014

Court: United States Bankruptcy Court
       Northern District of New York (Albany)

Debtor's Counsel: Richard Croak, Esq.
                  RICHARD CROAK
                  314 Great Oaks Blvd
                  Albany, NY 12203
                  Tel: (518) 690-4410
                  Fax: 518-690-4435
                  Email: rcroak@richardcroak.com

Total Assets: $1.86 million

Total Liabilities: $1.85 million

The petition was signed by Richard Lucia, president.

The Debtor listed US Small Business Administration, at 409 3rd St,
SW Washington DC, as its largest unsecured creditor holding a
claim of $658,000.

A copy of the petition is available for free at:

               http://bankrupt.com/misc/nynb14-11598.pdf


TQ WELLNESS: Case Summary & 8 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: TQ Wellness Holdings, Inc.
           dba Energy Sports and Fitness
        3362 Acworth Summit Blvd. NW
        Acworth, GA 30101

Case No.: 14-31245

Chapter 11 Petition Date: July 18, 2014

Court: United States Bankruptcy Court
       Western District of North Carolina (Charlotte)

Judge: Hon. Craig Whitley

Debtor's Counsel: Bryan W. Stone, Esq.
                  ARNOLD & SMITH, PLLC
                  200 N. McDowell St.
                  Charlotte, NC 28204
                  Tel: (704) 370-2828
                  Fax: (704) 370-2022
                  Email: bryan.stone@arnoldsmithlaw.com

Estimated Assets: $100,000 to $500,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Mark Montgomery, president.

A list of the Debtor's eight largest unsecured creditors is
available for free at http://bankrupt.com/misc/ncwb14-31245.pdf


UNITED CUSTOM FABRICATING: UC Fab of Fla. Dragged in Union Suit
---------------------------------------------------------------
District Judge Roy B. Dalton, Jr., in Orlando, Florida, last week
overturned Magistrate Judge Karla R. Spaulding's Order Denying
Plaintiffs' Amended Motion for Proceedings Supplementary to
Implead UC Fab of Florida, LLC, filed April 14, 2014, and
impleaded UC Fab in the ERISA action, IRONWORKERS LOCAL UNION NO.
808; IRONWORKERS LOCAL UNION 808 PENSION FUND; IRONWORKERS LOCAL
UNION NO. 808 ANNUITY FUND; IRONWORKERS LOCAL UNION NO. 808
APPRENTICESHIP FUND; WADE A. IVEY; GREGORY HOLMES; BEN SCHMITT;
WES KENDRICK; STANLEY DVORAK, JR.; and SOUTHEASTERN IRON WORKERS
WELFARE FUND, Plaintiffs, v. UNITED CUSTOM FABRICATING, INC.,
Defendant, CASE NO. 6:09-CV-552-ORL-37KRS (M.D. Fla.).

The ERISA action was initiated on March 26, 2009, against United
States Custom Fabricating to recover unpaid employee benefit
contributions and related dues and assessments.  The parties
settled their dispute.  The Court then closed this case after
entering judgment against United and in favor of Plaintiffs for
$128,940.25, with interest accruing from April 19, 2010, "at the
legal rate as provided by law."  Approximately two months after
the Court closed this action, United filed a Suggestion of
Bankruptcy.  In re United Custom Fabricating, Inc., No. 6:10-bk-
10390-ABB (M.D. Fla.).  Plaintiffs filed a proof of claim in the
Chapter 7 bankruptcy proceeding for the amount of the judgment in
this case, and the Bankruptcy Trustee issued Plaintiffs a payment
of $2,027.00 in December 2011.  Thereafter, United was liquidated
in the bankruptcy proceeding.

On October 2, 2012, Plaintiffs filed a motion in the action for
proceedings supplementary to implead UC Fab of Florida, LLC "as
successor of United" pursuant to Federal Rule of Civil Procedure
69 and Sec. 56.29, Florida Statutes.  Plaintiffs contend that UC
Fab was formed on February 18, 2009 -- approximately one month
before Plaintiffs initiated this action against United and more
than a year before United filed for bankruptcy.  Plaintiffs
further contend that UC Fab was initially established on the same
premises as United and that it hired some of the same personnel
and officers.

UC Fab opposed Plaintiffs' motion on the grounds that: (1)
Plaintiffs "failed to comply with the requirements" of Sec. 56.29,
Florida Statutes, by filing an affidavit "identifying the
unsatisfied amount of the judgment, and stat[ing] that an
execution is valid and outstanding;" and (2) Plaintiffs claim is
barred due to Plaintiffs' failure to "cause the Trustee to pursue
this claim in the bankruptcy for the benefit of all creditors."
Both motions were referred to U.S. Magistrate Judge Karla R.
Spaulding who denied Plaintiffs' motion due to their failure to
comply with the affidavit requirements of section 56.29(1).

On September 6, 2013, Plaintiffs filed an amended motion for
proceedings supplementary to implead UC Fab as the successor of
United.  The amended motion was referred to Magistrate Judge
Spaulding who noted that Plaintiffs still had not submitted an
affidavit in conformance with the requirements of Sec. 56.29(1).
In an Order dated November 6, 2013, the Magistrate Judge granted
Plaintiffs leave to file the required affidavit on or before
November 15, 2013.  Plaintiffs were further directed to "address
whether the judgment is still valid, or has been discharged, in
light of the payment on the judgment" in the bankruptcy
proceeding.  Plaintiffs filed a response to the Magistrate Judge's
Order and the declaration of Scott Ernsberger.

On April 14, 2014, Magistrate Judge Spaulding entered an Order
denying Plaintiffs' amended motion for two reasons: (1) Plaintiffs
failed to address the "impact" of United's "bankruptcy proceeding
on the continued viability of the judgment"; and (2) Plaintiffs
did not address "whether the United States Supreme Court or the
United States Court of Appeals for the Eleventh Circuit recognize
successor liability for unpaid contributions under ERISA when the
ERISA employer files a Chapter 7 bankruptcy petition and is
subsequently liquidated."

Plaintiffs filed objections to the Order on April 28, 2014.
Specifically, Plaintiffs argue that Chicago Truck Drivers v.
Tasemkin, Inc., 59 F.3d 48 (7th Cir. 1995) and Anderson v. J.A.
Interior Applications, Inc., 1998 U.S. Dist. LEXIS 15971 (N.D.
Ill. 1998) adequately support their successor liability claim
against UC Fab in the absence of "[E]leventh [C]ircuit authority
on the precise issue of whether a trust fund may proceed against a
successor where the predecessor has been liquidated through
bankruptcy."  Plaintiffs further argue that the "factual context"
of Tasemkin and Anderson "is sufficiently analogous to this case
to make these cases persuasive authority."

In his July 16 Order available at http://is.gd/Sgm1Agfrom
Leagle.com, Judge Dalton ruled that:

     1. Plaintiffs' Objections to Magistrate Judge's Order of
April 14, 2014 Denying Motion for Proceedings Supplementary to
Implead UC Fab of Florida, LLC and Incorporated Memorandum of Law
are sustained.

     2. Magistrate Judge Karla R. Spaulding's Order Denying
Plaintiffs' Amended Motion for Proceedings Supplementary to
Implead UC Fab of Florida, LLC is rejected.

     3. Plaintiffs' Amended Motion for Proceedings Supplementary
to Implead UC Fab of Florida, LLC is granted.

     4. Proceedings supplementary are commenced in this action
pursuant to Federal Rule of Civil Procedure 69 and Sec. 56.29,
Florida Statutes.

     5. UC Fab of Florida, LLC is impleaded in this action.

     6. Plaintiffs are directed to serve UC Fab of Florida, LLC
with copies of the Court's Order and the Amended Motion in
accordance with the procedures for service of an initial complaint
and summons under Federal Rule of Civil Procedure 4(h).

The Plaintiffs, led by Ironworkers Local Union No. 808, are
represented by:

     Tobe Lev, Esq.
     EGAN, LEV & SIWICA, PA
     231 E Colonial Dr
     Orlando, FL 32801
     Tel: (407) 422-1400

United Custom Fabricating, Inc., is represented by:

     Agustin R. Benitez, Esq.
     BENITEZ LAW GROUP, PL
     1223 E Concord St
     Orlando, FL 32803
     Tel: 407-894-5000

          - and -

     Kevin E. Mangum, Esq.
     MATEER & HARBERT, PA
     P.O. Box 2854
     Orlando, FL 32802-2854
     Tel: (407) 425-9044
     Fax: (407) 423-2016
     E-mail: kmangum@mateerharbert.com


WALTER ENERGY: Bank Debt Trades at 4.05% Off
--------------------------------------------
Participations in a syndicated loan under which Walter Energy Inc
is a borrower traded in the secondary market at 95.95 cents-on-
the-dollar during the week ended Friday, July 11, 2013 according
to data compiled by LSTA/Thomson Reuters MTM Pricing and reported
in The Wall Street Journal.  This represents a decrease of 0.46
percentage points from the previous week, The Journal relates.
Walter Energy Inc pays 300 basis points above LIBOR to borrow
under the facility.  The bank loan matures on March 14, 2018.  The
bank debt carries Moody's B2 rating and Standard & Poor's B+
rating.  The loan is one of the biggest gainers and losers among
249 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.


WHITING PETROLEUM: S&P Retains 'BB+' CCR & Positive Outlook
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BBB'
issue-level rating (two notches higher than the corporate credit
rating) to Denver, Colo.-based Whiting Petroleum Corp.'s proposed
amended $4.5 billion secured credit facility (held at subsidiary
Whiting Oil & Gas Corp), which includes a $1 billion delayed draw
term loan.  The facility, which is being amended in conjunction
with Whiting's pending acquisition of Kodiak Oil & Gas Corp., will
have an initial committed amount of $3.5 billion.

The recovery rating on this debt is '1', indicating S&P's
expectation of very high (90% to 100%) recovery in the event of a
payment default.

The credit facility is guaranteed by the company's material
subsidiaries and secured by substantially all of the assets of the
borrower and guarantors.  The credit agreement allows for
collateral suspension under certain conditions.  S&P would
reassess the issue level rating on the credit facility if the
collateral suspension were to come into effect.

The 'BB+' corporate credit rating and positive outlook on Whiting
Petroleum remain unchanged.  The ratings on Whiting Petroleum
reflect S&P's assessment of the company's "satisfactory" business
risk and "significant" financial risk profiles.  The positive
outlook reflects S&P's expectation that Whiting Petroleum will
continue to expand its reserves and production while working to
bring capital spending more in line with cash flows.

Ratings List

Whiting Petroleum Corp.
Corporate credit rating                    BB+/Positive/--

New Rating

Whiting Petroleum Corp.
Senior Secured
  $4.5 bil. credit facility due 2019        BBB
   Recovery rating                          1


WINDSOR PETROLEUM: Has Interim Authority to Use Cash Collateral
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware gave
Windsor Petroleum Transport Corporation, et al., interim authority
to use cash collateral securing their prepetition indebtedness.

Windsor Petroleum is the issuer of $239,100,000 in the aggregate
principal amount of secured notes under an indenture with the Bank
of New York Mellon, as successor indenture trustee to The Chase
Manhattan Bank, for the benefit of secured Noteholders.  The
Secured Notes are secured by substantially all assets of Windsor
Petroleum and the shipping companies.  As of the Petition Date,
the Note Obligor Debtors were liable to the Secured Noteholders in
the aggregate amount of not less than $196,000,000.

The Debtors stated in court papers that they have an immediate
need to use the cash collateral to, among other things, preserve
and maintain the going concern value of the Debtors.

A hearing to consider final approval of the request is scheduled
for Aug. 12, 2014, at 1:30 p.m. (prevailing Eastern time).
Objections must be submitted on or before Aug. 5, and served on:

   * counsel to the Debtors:

     Pauline K. Morgan, Esq.
     Sean T. Greecher, Esq.
     YOUNG CONAWAY STARGATT & TAYLOR LLP
     1000 North King Street
     Wilmington, DE 19801
     Fax: (302) 576-6497

   * U.S. Trustee, represented by:

     Benjamin A. Hackman, Esq.
     844 King Street, Suite 2207
     Wilmington, DE 19801
     Fax: (302) 573-6497
     Email: Benjamin.a.hackman@usdoj.gov

   * counsel for the Supporting Noteholders:

     Andrew N. Rosenberg, Esq.
     Elizabeth R. McColm, Esq.
     Oksana Lashko, Esq.
     PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP
     1285 Avenue of the Americas
     New York, NY 10019
     Fax: (212) 492-0244
     Email: arosenberg@paulweiss.com
            emccolm@paulweiss.com
            olashko@paulweiss.com

        -- and --

     Richard S. Cobb
     LANDIS RATH & COBB LLP
     919 Market Street, Suite 1800
     P.O. Box 2087
     Wilmington, DE 19899
     Fax: (302) 467-4450
     Email: cobb@lrclaw.com

   * counsel for the Indenture Trustee:

     Edward P. Zujkowski, Esq.
     Thomas A. Pitta, Esq.
     EMMET, MARVIN & MARTIN LLP
     120 Broadway, 32 Floor
     New York, NY 10271
     Email: ezukjowski@emmetmarvin.com
            tpitta@emmetmarvin.com

Windsor Petroleum Transport Corporation and several of its
subsidiaries and related entities on July 14, 2014, filed for
reorganization under Chapter 11 of the U.S. Bankruptcy Code in the
United States Bankruptcy Court in Wilmington, Delaware (Lead Case
No. 14-11708).

The Debtors' counsel is Pauline K. Morgan, Esq., at Young Conaway
Stargatt & Taylor, LLP, in Wilmington, Delaware.  The Debtors'
crisis managers come from AMA Capital, while their chief
restructuring officer is Paul J. Leand, Jr.


WINDSOR PETROLEUM: Has Interim OK to Pay Managers & Vendors Claims
------------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware gave
Windsor Petroleum Transport Corporation, et al., interim authority
to pay $1,705,000 to satisfy prepetition claims filed by managers
and critical vendors.

The Debtors are authorized to pay manager claims up to an
aggregate amount of $1,675,000, outstanding taxes fees up to an
aggregate amount of $10,000, and vendor claims up to an aggregate
amount of $20,000.

A final hearing on the motion will be conducted on Aug. 12, 2014,
at 1:30 p.m. (ET).  At the final hearing, the Debtors will seek
authority to pay a total of $2,875,000 to satisfy managers claims.
Objections are due Aug. 5.

The Debtors said in court papers that without paying the managers
and vendors' claims they would refuse, or would be unable to,
provide necessary goods and services to the Debtors on a
postpetition basis.  The Debtors add that any interruption or
shutdown of their operations would greatly diminish estate value
and frustrate their Chapter 11 efforts.

Windsor Petroleum Transport Corporation and several of its
subsidiaries and related entities on July 14, 2014, filed for
reorganization under Chapter 11 of the U.S. Bankruptcy Code in the
United States Bankruptcy Court in Wilmington, Delaware (Lead Case
No. 14-11708).

The Debtors' counsel is Pauline K. Morgan, Esq., at Young Conaway
Stargatt & Taylor, LLP, in Wilmington, Delaware.  The Debtors'
crisis managers come from AMA Capital, while their chief
restructuring officer is Paul J. Leand, Jr.


* Ninth Circuit Allows Extraterritorial Reach of U.S. Law
---------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the San Francisco-based U.S. Court of Appeals for the
Ninth Circuit on July 3 allowed a fraudulent transfer of a home in
Mexico to be set aside under federal bankruptcy law.

U.S. Circuit Judge Jerome Farris, in an opinion for the
three-judge appeals panel, said the judge-made local-action
doctrine didn't apply in the case, which involves a couple in
California who transferred the home they owned in Mexico to a
corporation before filing for bankruptcy, because there's an
applicable statute.  Judge Farris also said fraudulent-transfer
law can be applied extraterritorially, the report related.

The case is Kismet Acquisition LLC v. Icenhower (In re Icenhower),
10-55933, U.S. Court of Appeals for the Ninth Circuit (San
Francisco).


* Despite Exposure of Madoff Fraud, New Ponzi Schemes Emerge
------------------------------------------------------------
Elizabeth Olson, writing for The New York Times' DealBook,
reported that despite efforts by the authorities, particularly
after the unmasking of Bernard L. Madoff in 2008 in the largest
Ponzi scheme in history, these frauds still surface distressingly
often around the country.

According to the report, state and federal financial regulators
say a new Ponzi scheme operator is found nearly every week, and
legal actions are brought against about 100 such questionable
investment operations every year.  Over the last five years,
Jordan D. Maglich, a Tampa, Fla., lawyer who follows Ponzi
schemes, said, he has followed about 500 Ponzi schemes on his
site, which includes links to legal documents, including those
filed by the Securities and Exchange Commission, which posts some
of them on its website; the Commodity Futures Trading Commission;
and state financial authorities, the report said.


* Interventions Still Varies Following Bankruptcies, Fitch Says
---------------------------------------------------------------
A year after Detroit filed bankruptcy, state frameworks still vary
greatly on when, how, and why to intervene to prevent or relieve
instances of local fiscal distress, according to a new Fitch
Ratings report.

'Michigan, like other states with a statutory approach to
intervention in situations of local fiscal stress, has seen mixed
results,' said Stephen Friday, Associate Director.  'On the
positive side, Michigan's emergency management law prevented a
number of notable defaults, among them the city of Pontiac.  But
the case of Detroit was unique given the magnitude of the
challenges faced.

'Detroit's default and subsequent bankruptcy filing demonstrate
that state intervention mechanisms do not necessarily preclude
credit deterioration or bondholder default.'

Fitch's new report comments on recent and notable cases of fiscal
distress as well as state interventions that fall into the
following five categories:

   -- Some states, such as Alabama, take a hands-off approach and
      do not have intervention programs or practices;

   -- Other states, including California and Nevada, have formal
      programs or processes that have limited powers;

   -- Although both New York and Connecticut lack formal fiscal
      distress prevention programs for locals, historic ad hoc
      responses to cases of local stress have been strong;

   -- Rhode Island, New Jersey, Michigan, and Pennsylvania have
      responded to local fiscal crises with highly organized and
      structured programs; and

   -- Some states, such as North Carolina, have instituted strong,
      preemptive programs effective at identifying and preventing
      local fiscal distress.


* Ace Cash Express to Pay $10MM over Debt-Collection Practices
--------------------------------------------------------------
Danielle Douglas, writing for The Washington Post, reported that
Ace Cash Express, one of the U.S.'s largest payday lenders, inked
a $10 million settlement with the Consumer Financial Protection
Bureau.  According to the report, Irving, Tex.-based company
agreed to the deal but denies wrongdoing.

The report said Ace must pay $5 million to refund delinquent
customers who were subject to illegal collection practices from
March 7, 2011 to Sept. 12, 2012.  Ace must also pay a $5 million
civil penalty and ?- end its abusive tactics, the Post added,
citing the order.


* Fischer Says Financial Stability Panel Needs More Power
---------------------------------------------------------
Jeff Kearns, writing for Bloomberg News, reported that Federal
Reserve Vice Chairman Stanley Fischer said a council of financial
regulators established by the Dodd-Frank Act may need more
authority to help guard against threats to the banking system.
According to the report, Fischer said in his first speech since
joining the central bank that members of a committee of key
regulators, including the Fed and the Treasury Department, would
benefit from having financial stability added to their mandates.


* Regulators Ready Money-Fund Rules
-----------------------------------
Andrew Ackerman, writing for The Wall Street Journal, reported
that U.S. regulators are poised to complete long-awaited rules
intended to prevent a repeat of the investor stampede out of
money-market mutual funds that threatened to freeze corporate
lending during the 2008 financial crisis.  According to the
report, the Securities and Exchange Commission is expected to vote
on a plan that would require certain money funds catering to
large, institutional investors to abandon their fixed $1 share
price and float in value like other mutual funds, these people
said.  The plan also would allow money funds to temporarily block
investors from withdrawing their money in times of stress, or
require a fee to redeem shares, the report said.


* Small Second-Quarter Rise in Number of Low-Rated Junk Companies
-----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the ranks of companies with the weakest credit
ratings grew in the second quarter, the third consecutive
quarterly increase.  According to the Bloomberg report, citing
Moody's Investors Service, there are 166 companies with credit
ratings of B3 or lower with a negative outlook, compared with 159
in the prior quarter.  The number is far short of the 290
companies with the lowest ratings when Moody's started keeping
records in early 2009, the report said.


* Mike Wyse Joins Donlin, Recano & Company as Executive Director
----------------------------------------------------------------
Donlin, Recano & Company, Inc., an affiliate of American Stock
Transfer & Trust Company, LLC (AST), on July 17 disclosed that
Mike Wyse has joined the firm as Executive Director.  Mr. Wyse
will be based in Donlin Recano's headquarters in New York and will
oversee new business development initiatives for the company.

"I am honored to be part of such an esteemed team of
professionals," noted Mr. Wyse.  "I look forward to playing a
major role in the continued growth of this dynamic brand known for
its commitment to quality and superior client
experience."

With nearly 15 years of business experience specializing in
turnarounds and restructurings, Mr. Wyse has vast knowledge in all
facets of the bankruptcy, business analytics and valuation
processes across various industries.  Prior to assuming his role
with Donlin Recano, Mr. Wyse worked at Zolfo Cooper and most
recently at Great American Group where he developed comprehensive
solutions to support clients with complex situations.  He has
represented numerous clients throughout the years and assisted in
some of the most successful bankruptcy cases.  Mr. Wyse is a
Certified Insolvency & Restructuring Advisor and a member of the
Association of Insolvency and Restructuring Advisors, the
Turnaround Management Association, American Bankruptcy Institute,
Association for Corporate Growth and the New York Institute of
Credit.

"It is with great pleasure that I welcome Mike to our team,"
commented Alexander Leventhal, CEO of Donlin Recano.  "He shares
our core values and is an ideal fit as we continue to grow our
business."

               About Donlin, Recano & Company, Inc.

Founded in 1989, Donlin, Recano & Company is a bankruptcy
administration company that has served over 200 national clients
across a broad range of industries and business sectors.  Working
with counsel, turnaround advisors and the affected company, Donlin
Recano helps organize and guide Chapter 11 clients through
required bankruptcy tasks, including provision of creditor
notification, website-accessible information, formation of
professional call centers, management of claims, balloting,
distribution and other administrative services.

                            About AST

AST and its affiliates in the Link Group network are providers of
registry services and technology to financial market participants
around the globe.  AST and its affiliate, CST Trust Company (CST),
form the North American division of the Link Group.  Together AST
and CST provide comprehensive stock transfer and employee plan
services to more than 8,000 public issues and over 5.5 million
shareholders.  The division serves clients located throughout
North America and in over 22 foreign countries, ranging in size
from initial public offerings to Fortune 100 companies.


* Large Companies With Insolvent Balance Sheet
----------------------------------------------

                                                 Total
                                                Share-      Total
                                      Total   Holders'    Working
                                     Assets     Equity    Capital
  Company           Ticker             ($MM)      ($MM)      ($MM)
  -------           ------           ------   --------    -------
ABSOLUTE SOFTWRE    ABT CN            118.9       (8.4)       1.0
ABSOLUTE SOFTWRE    OU1 GR            118.9       (8.4)       1.0
ABSOLUTE SOFTWRE    ALSWF US          118.9       (8.4)       1.0
ACHAOGEN INC        AKAO US            13.8       (0.0)       2.1
ACTINIUM PHARMAC    ATNM US             6.6      (13.5)     (13.5)
ADVANCED EMISSIO    ADES US           106.4      (46.1)     (15.3)
ADVANCED EMISSIO    OXQ1 GR           106.4      (46.1)     (15.3)
ADVENT SOFTWARE     AXQ GR            452.2      (91.1)     (90.7)
ADVENT SOFTWARE     ADVS US           452.2      (91.1)     (90.7)
AEMETIS INC         AMTX US            99.4       (4.2)     (14.6)
AEMETIS INC         DW51 GR            99.4       (4.2)     (14.6)
AEROHIVE NETWORK    2NW GR             69.1       (5.2)      26.7
AEROHIVE NETWORK    HIVE US            69.1       (5.2)      26.7
AIR CANADA-CL A     ADH TH          9,964.0   (1,947.0)    (185.0)
AIR CANADA-CL A     ADH GR          9,964.0   (1,947.0)    (185.0)
AIR CANADA-CL A     AC/A CN         9,964.0   (1,947.0)    (185.0)
AIR CANADA-CL A     AIDIF US        9,964.0   (1,947.0)    (185.0)
AIR CANADA-CL B     AIDEF US        9,964.0   (1,947.0)    (185.0)
AIR CANADA-CL B     AC/B CN         9,964.0   (1,947.0)    (185.0)
ALDER BIOPHARMAC    ALDR US            16.6      (37.2)      (8.4)
ALDER BIOPHARMAC    3A9 GR             16.6      (37.2)      (8.4)
ALDER BIOPHARMAC    ALDR1EUR EU        16.6      (37.2)      (8.4)
ALLIANCE HEALTHC    AIQ US            465.3     (136.6)      59.5
AMC NETWORKS-A      AMCX US         3,484.7     (478.3)     642.3
AMC NETWORKS-A      9AC GR          3,484.7     (478.3)     642.3
AMER RESTAUR-LP     ICTPU US           33.5       (4.0)      (6.2)
AMYLIN PHARMACEU    AMLN US         1,998.7      (42.4)     263.0
AMYRIS INC          AMRS US           236.8     (112.5)      33.5
ANGIE'S LIST INC    ANGI US           124.3      (20.3)     (30.0)
ANGIE'S LIST INC    8AL TH            124.3      (20.3)     (30.0)
ANGIE'S LIST INC    8AL GR            124.3      (20.3)     (30.0)
ARRAY BIOPHARMA     AR2 TH            135.2      (23.3)      72.2
ARRAY BIOPHARMA     ARRY US           135.2      (23.3)      72.2
ASPEN AEROGELS I    AP1 GR             88.2      (80.7)      (5.2)
ASPEN AEROGELS I    ASPN US            88.2      (80.7)      (5.2)
AUTOZONE INC        AZO US          7,371.8   (1,808.2)  (1,016.1)
AUTOZONE INC        AZ5 TH          7,371.8   (1,808.2)  (1,016.1)
AUTOZONE INC        AZ5 GR          7,371.8   (1,808.2)  (1,016.1)
AXIM INTERNATION    AXIM US             0.1       (0.1)      (0.1)
BERRY PLASTICS G    BERY US         5,367.0     (135.0)     684.0
BERRY PLASTICS G    BP0 GR          5,367.0     (135.0)     684.0
BIOCRYST PHARM      BO1 TH             43.4       (5.7)      22.0
BIOCRYST PHARM      BO1 GR             43.4       (5.7)      22.0
BIOCRYST PHARM      BCRX US            43.4       (5.7)      22.0
BRP INC/CA-SUB V    BRPIF US        2,019.7      (17.0)     172.7
BRP INC/CA-SUB V    DOO CN          2,019.7      (17.0)     172.7
BRP INC/CA-SUB V    B15A GR         2,019.7      (17.0)     172.7
BURLINGTON STORE    BUI GR          2,547.8     (136.3)     124.8
BURLINGTON STORE    BURL US         2,547.8     (136.3)     124.8
CABLEVISION SY-A    CVY GR          6,542.9   (5,210.9)     281.8
CABLEVISION SY-A    CVC US          6,542.9   (5,210.9)     281.8
CABLEVISION-W/I     CVC-W US        6,542.9   (5,210.9)     281.8
CABLEVISION-W/I     8441293Q US     6,542.9   (5,210.9)     281.8
CAESARS ENTERTAI    C08 GR         24,376.7   (2,276.8)     566.0
CAESARS ENTERTAI    CZR US         24,376.7   (2,276.8)     566.0
CALLIDUS CAPITAL    28K GR            444.5       (4.3)       -
CALLIDUS CAPITAL    CBL CN            444.5       (4.3)       -
CANNABIS CAPITAL    CBCA US             0.0       (0.0)      (0.0)
CANNAVEST CORP      CANV US            10.7       (0.2)      (1.3)
CANNAVEST CORP      0VE GR             10.7       (0.2)      (1.3)
CAPMARK FINANCIA    CPMK US        20,085.1     (933.1)       -
CASELLA WASTE       CWST US           649.9       (8.5)     (18.9)
CC MEDIA-A          CCMO US        14,597.1   (9,128.0)     643.8
CENTENNIAL COMM     CYCL US         1,480.9     (925.9)     (52.1)
CENVEO INC          CVO US          1,206.8     (511.7)     145.0
CHOICE HOTELS       CZH GR            554.9     (454.6)     109.5
CHOICE HOTELS       CHH US            554.9     (454.6)     109.5
CIENA CORP          CIE1 GR         1,795.5      (80.8)     641.3
CIENA CORP          CIE1 TH         1,795.5      (80.8)     641.3
CIENA CORP          CIEN TE         1,795.5      (80.8)     641.3
CIENA CORP          CIEN US         1,795.5      (80.8)     641.3
CINCINNATI BELL     CBB US          2,101.5     (670.7)       7.7
CYNK TECHNOLOGY     CYNK US             -         (0.0)      (0.0)
DELEK LOGISTICS     DKL US            301.3       (4.1)      14.8
DELEK LOGISTICS     D6L GR            301.3       (4.1)      14.8
DEX MEDIA INC       9DX GR          2,275.0     (782.0)     162.0
DEX MEDIA INC       DXM US          2,275.0     (782.0)     162.0
DIRECTV             DIG1 GR        22,520.0   (6,512.0)    (929.0)
DIRECTV             DTV US         22,520.0   (6,512.0)    (929.0)
DIRECTV             DTV CI         22,520.0   (6,512.0)    (929.0)
DOMINO'S PIZZA      EZV GR            524.3   (1,269.0)     113.5
DOMINO'S PIZZA      EZV TH            524.3   (1,269.0)     113.5
DOMINO'S PIZZA      DPZ US            524.3   (1,269.0)     113.5
DUN & BRADSTREET    DNB US          1,807.2   (1,061.9)     (85.5)
DUN & BRADSTREET    DB5 GR          1,807.2   (1,061.9)     (85.5)
EDGEN GROUP INC     EDG US            883.8       (0.8)     409.2
ELEVEN BIOTHERAP    EBIO US             5.1       (6.1)      (2.9)
EMPIRE RESORTS I    LHC1 GR            38.7      (14.0)     (14.6)
EMPIRE RESORTS I    NYNY US            38.7      (14.0)     (14.6)
EMPIRE STATE -ES    ESBA US         1,122.2      (31.6)    (925.9)
EMPIRE STATE-S60    OGCP US         1,122.2      (31.6)    (925.9)
FAIRPOINT COMMUN    FONN GR         1,546.4     (338.8)      25.3
FAIRPOINT COMMUN    FRP US          1,546.4     (338.8)      25.3
FERRELLGAS-LP       FGP US          1,589.9      (88.9)      89.0
FERRELLGAS-LP       FEG GR          1,589.9      (88.9)      89.0
FIVE9 INC           1F9 GR             69.2       (9.0)      (1.9)
FIVE9 INC           FIVN US            69.2       (9.0)      (1.9)
FREESCALE SEMICO    1FS GR          3,100.0   (3,851.0)   1,244.0
FREESCALE SEMICO    1FS TH          3,100.0   (3,851.0)   1,244.0
FREESCALE SEMICO    FSL US          3,100.0   (3,851.0)   1,244.0
GAMING AND LEISU    2GL GR          2,561.9      (68.0)     (44.7)
GAMING AND LEISU    GLPI US         2,561.9      (68.0)     (44.7)
GENCORP INC         GCY TH          1,675.6      (49.0)      86.7
GENCORP INC         GY US           1,675.6      (49.0)      86.7
GENCORP INC         GCY GR          1,675.6      (49.0)      86.7
GENTIVA HEALTH      GTIV US         1,234.9     (297.6)      99.2
GENTIVA HEALTH      GHT GR          1,234.9     (297.6)      99.2
GLG PARTNERS INC    GLG US            400.0     (285.6)     156.9
GLG PARTNERS-UTS    GLG/U US          400.0     (285.6)     156.9
GLOBALSTAR INC      GSAT US         1,350.0      (74.3)     (97.3)
GLORI ENERGY INC    GLRI US             0.1       (0.0)       -
GOLD RESERVE INC    GDRZF US           21.5       (5.6)       1.2
GOLD RESERVE INC    GRZ CN             21.5       (5.6)       1.2
GRAHAM PACKAGING    GRM US          2,947.5     (520.8)     298.5
GTT COMMUNICATIO    GTT US            168.5       (0.1)     (25.3)
HCA HOLDINGS INC    HCA US         29,809.0   (6,467.0)   2,986.0
HCA HOLDINGS INC    2BH TH         29,809.0   (6,467.0)   2,986.0
HCA HOLDINGS INC    2BH GR         29,809.0   (6,467.0)   2,986.0
HD SUPPLY HOLDIN    5HD GR          6,552.0     (750.0)   1,446.0
HD SUPPLY HOLDIN    HDS US          6,552.0     (750.0)   1,446.0
HORIZON PHARMA I    HZNP US           299.1     (229.2)      93.2
HORIZON PHARMA I    HPM TH            299.1     (229.2)      93.2
HORIZON PHARMA I    HPM GR            299.1     (229.2)      93.2
HOVNANIAN ENT-A     HO3 GR          1,838.8     (462.5)   1,122.1
HOVNANIAN ENT-A     HOV US          1,838.8     (462.5)   1,122.1
HOVNANIAN ENT-B     HOVVB US        1,838.8     (462.5)   1,122.1
HOVNANIAN-A-WI      HOV-W US        1,838.8     (462.5)   1,122.1
HUGHES TELEMATIC    HUTCU US          110.2     (101.6)    (113.8)
HUGHES TELEMATIC    HUTC US           110.2     (101.6)    (113.8)
IMPRIVATA INC       IMPR US            35.6       (4.3)     (10.8)
IMPRIVATA INC       I62 GR             35.6       (4.3)     (10.8)
INCYTE CORP         INCY US           666.8     (162.4)     474.2
INCYTE CORP         ICY TH            666.8     (162.4)     474.2
INCYTE CORP         ICY GR            666.8     (162.4)     474.2
INFOR US INC        LWSN US         6,515.2     (555.7)    (303.6)
INTERCEPT PHARMA    I4P GR            141.9     (153.7)    (148.2)
INTERCEPT PHARMA    I4P TH            141.9     (153.7)    (148.2)
INTERCEPT PHARMA    ICPT US           141.9     (153.7)    (148.2)
IPCS INC            IPCS US           559.2      (33.0)      72.1
ISTA PHARMACEUTI    ISTA US           124.7      (64.8)       2.2
JUST ENERGY GROU    1JE GR          1,642.6     (117.4)     221.0
JUST ENERGY GROU    JE CN           1,642.6     (117.4)     221.0
JUST ENERGY GROU    JE US           1,642.6     (117.4)     221.0
KINAXIS INC         KXS CN             44.6      (70.4)      (6.4)
L BRANDS INC        LB US           6,663.0     (609.0)   1,070.0
L BRANDS INC        LTD TH          6,663.0     (609.0)   1,070.0
L BRANDS INC        LTD GR          6,663.0     (609.0)   1,070.0
LEAP WIRELESS       LWI TH          4,662.9     (125.1)     346.9
LEAP WIRELESS       LEAP US         4,662.9     (125.1)     346.9
LEAP WIRELESS       LWI GR          4,662.9     (125.1)     346.9
LEE ENTERPRISES     LEE US            797.3     (155.6)       0.8
LEE ENTERPRISES     LE7 GR            797.3     (155.6)       0.8
LORILLARD INC       LLV TH          3,912.0   (2,161.0)     897.0
LORILLARD INC       LLV GR          3,912.0   (2,161.0)     897.0
LORILLARD INC       LO US           3,912.0   (2,161.0)     897.0
LUMENPULSE INC      0L6 GR             29.4      (38.4)       3.5
LUMENPULSE INC      LMP CN             29.4      (38.4)       3.5
LUMENPULSE INC      LMPLF US           29.4      (38.4)       3.5
MARRIOTT INTL-A     MAR US          6,665.0   (1,625.0)  (1,031.0)
MARRIOTT INTL-A     MAQ GR          6,665.0   (1,625.0)  (1,031.0)
MARRIOTT INTL-A     MAQ TH          6,665.0   (1,625.0)  (1,031.0)
MDC PARTNERS-A      MDCA US         1,570.3      (94.1)    (218.7)
MDC PARTNERS-A      MD7A GR         1,570.3      (94.1)    (218.7)
MDC PARTNERS-A      MDZ/A CN        1,570.3      (94.1)    (218.7)
MERITOR INC         MTOR US         2,531.0     (782.0)     298.0
MERITOR INC         AID1 GR         2,531.0     (782.0)     298.0
MERRIMACK PHARMA    MACK US           165.0      (65.8)      81.9
MERRIMACK PHARMA    MP6 GR            165.0      (65.8)      81.9
MICHAELS COS INC    MIM GR          1,716.0   (2,734.0)     493.0
MICHAELS COS INC    MIK US          1,716.0   (2,734.0)     493.0
MONEYGRAM INTERN    MGI US          4,761.4      (39.5)     115.9
MORGANS HOTEL GR    M1U GR            695.2     (202.0)     129.7
MORGANS HOTEL GR    MHGC US           695.2     (202.0)     129.7
MOXIAN CHINA INC    MOXC US             0.0       (0.0)      (0.0)
MPG OFFICE TRUST    MPG US          1,280.0     (437.3)       -
NATIONAL CINEMED    NCMI US           998.4     (179.2)      99.9
NATIONAL CINEMED    XWM GR            998.4     (179.2)      99.9
NAVISTAR INTL       IHR TH          7,727.0   (4,072.0)   1,070.0
NAVISTAR INTL       IHR GR          7,727.0   (4,072.0)   1,070.0
NAVISTAR INTL       NAV US          7,727.0   (4,072.0)   1,070.0
NEKTAR THERAPEUT    ITH GR            487.0       (9.8)     225.5
NEKTAR THERAPEUT    NKTR US           487.0       (9.8)     225.5
NEW ENG RLTY-LP     NEN US            180.1      (23.2)       -
NEXSTAR BROADC-A    NXST US         1,148.8       (8.4)     134.7
NEXSTAR BROADC-A    NXZ GR          1,148.8       (8.4)     134.7
NII HOLDING INC     NIHD* MM        8,189.7       (8.8)   1,078.9
NORTHWEST BIO       NBYA GR            12.5      (31.1)     (31.2)
NORTHWEST BIO       NWBO US            12.5      (31.1)     (31.2)
NYMOX PHARMACEUT    NYMX US             0.9       (6.3)      (3.8)
OMTHERA PHARMACE    OMTH US            18.3       (8.5)     (12.0)
OPOWER INC          38O GR             63.1       (6.3)     (11.9)
OPOWER INC          OPWR US            63.1       (6.3)     (11.9)
OPOWER INC          38O TH             63.1       (6.3)     (11.9)
PALM INC            PALM US         1,007.2       (6.2)     141.7
PHIBRO ANIMAL HE    PAHC LN           473.3      (78.7)     177.3
PHIBRO ANIMAL HE    PAO GR            473.3      (78.7)     177.3
PHIBRO ANIMAL HE    PAO EU            473.3      (78.7)     177.3
PHIBRO ANIMAL-A     PB8 GR            473.3      (78.7)     177.3
PHIBRO ANIMAL-A     PAHC US           473.3      (78.7)     177.3
PHILIP MORRIS IN    PMI SW         36,325.0   (7,847.0)   1,130.0
PHILIP MORRIS IN    PM1CHF EU      36,325.0   (7,847.0)   1,130.0
PHILIP MORRIS IN    4I1 GR         36,325.0   (7,847.0)   1,130.0
PHILIP MORRIS IN    PM1EUR EU      36,325.0   (7,847.0)   1,130.0
PHILIP MORRIS IN    PM US          36,325.0   (7,847.0)   1,130.0
PHILIP MORRIS IN    4I1 TH         36,325.0   (7,847.0)   1,130.0
PHILIP MORRIS IN    PM FP          36,325.0   (7,847.0)   1,130.0
PHILIP MORRIS IN    PM1 TE         36,325.0   (7,847.0)   1,130.0
PLAYBOY ENTERP-A    PLA/A US          165.8      (54.4)     (16.9)
PLAYBOY ENTERP-B    PLA US            165.8      (54.4)     (16.9)
PLY GEM HOLDINGS    PG6 GR          1,033.7     (107.2)     199.4
PLY GEM HOLDINGS    PGEM US         1,033.7     (107.2)     199.4
PROTALEX INC        PRTX US             2.8       (7.0)       2.3
PROTECTION ONE      PONE US           562.9      (61.8)      (7.6)
QUALITY DISTRIBU    QLTY US           443.2      (51.2)     106.0
QUALITY DISTRIBU    QDZ GR            443.2      (51.2)     106.0
QUINTILES TRANSN    QTS GR          3,061.9     (559.5)     571.3
QUINTILES TRANSN    Q US            3,061.9     (559.5)     571.3
RADIUS HEALTH IN    RDUS US            12.8      (24.5)     (22.7)
RADIUS HEALTH IN    1R8 GR             12.8      (24.5)     (22.7)
RADNET INC          PQI GR            737.2       (9.3)      61.4
RADNET INC          RDNT US           737.2       (9.3)      61.4
REGAL ENTERTAI-A    RGC US          2,787.3     (751.2)     142.6
REGAL ENTERTAI-A    RETA GR         2,787.3     (751.2)     142.6
RENAISSANCE LEA     RLRN US            57.0      (28.2)     (31.4)
RENTPATH INC        PRM US            208.0      (91.7)       3.6
RETROPHIN INC       17R GR             94.0      (35.4)    (107.0)
RETROPHIN INC       RTRX US            94.0      (35.4)    (107.0)
REVLON INC-A        RVL1 GR         2,105.1     (589.0)     248.9
REVLON INC-A        REV US          2,105.1     (589.0)     248.9
RITE AID CORP       RTA GR          6,946.5   (2,046.4)   1,643.0
RITE AID CORP       RTA TH          6,946.5   (2,046.4)   1,643.0
RITE AID CORP       RAD US          6,946.5   (2,046.4)   1,643.0
ROCKWELL MEDICAL    RMTI US            26.8       (3.5)       8.2
ROCKWELL MEDICAL    RWM GR             26.8       (3.5)       8.2
RURAL/METRO CORP    RURL US           303.7      (92.1)      72.4
SABRE CORP          SABR US         4,750.4     (312.9)    (279.6)
SABRE CORP          19S GR          4,750.4     (312.9)    (279.6)
SABRE CORP          19S TH          4,750.4     (312.9)    (279.6)
SALLY BEAUTY HOL    S7V GR          2,106.0     (268.8)     715.8
SALLY BEAUTY HOL    SBH US          2,106.0     (268.8)     715.8
SEQUENOM INC        SQNM US           122.9      (58.6)      40.8
SERVICEMASTER GL    SVW GR          5,197.0     (369.0)     240.0
SERVICEMASTER GL    SERV US         5,197.0     (369.0)     240.0
SILVER SPRING NE    SSNI US           524.4      (97.1)      97.5
SILVER SPRING NE    9SI GR            524.4      (97.1)      97.5
SILVER SPRING NE    9SI TH            524.4      (97.1)      97.5
SPORTSMAN'S WARE    06S GR            272.7      (52.1)      75.1
SPORTSMAN'S WARE    SPWH US           272.7      (52.1)      75.1
SUNEDISON INC       SUNE* MM        7,166.1     (236.5)     250.8
SUNEDISON INC       WFR TH          7,166.1     (236.5)     250.8
SUNEDISON INC       WFR GR          7,166.1     (236.5)     250.8
SUNEDISON INC       SUNE US         7,166.1     (236.5)     250.8
SUNGAME CORP        SGMZ US             2.2       (3.6)      (3.9)
SUPERVALU INC       SJ1 GR          4,374.0     (738.0)      52.0
SUPERVALU INC       SVU US          4,374.0     (738.0)      52.0
SUPERVALU INC       SJ1 TH          4,374.0     (738.0)      52.0
SUPERVALU INC       SVU* MM         4,374.0     (738.0)      52.0
THRESHOLD PHARMA    THLD US            94.7      (29.0)      50.3
TOWN SPORTS INTE    CLUB US           410.6      (50.2)      26.1
TRANSDIGM GROUP     T7D GR          6,399.3     (125.6)     975.5
TRANSDIGM GROUP     TDG US          6,399.3     (125.6)     975.5
TRINET GROUP INC    TNET US         1,340.4      (46.1)      93.8
TRINET GROUP INC    TNETEUR EU      1,340.4      (46.1)      93.8
TRINET GROUP INC    TN3 GR          1,340.4      (46.1)      93.8
TRUPANION INC       TRUP US            49.0       (5.5)       7.2
ULTRA PETROLEUM     UPL US          2,881.8     (227.7)    (374.8)
ULTRA PETROLEUM     UPM GR          2,881.8     (227.7)    (374.8)
UNISYS CORP         UISEUR EU       2,399.2     (659.6)     421.4
UNISYS CORP         USY1 TH         2,399.2     (659.6)     421.4
UNISYS CORP         UIS1 SW         2,399.2     (659.6)     421.4
UNISYS CORP         USY1 GR         2,399.2     (659.6)     421.4
UNISYS CORP         UIS US          2,399.2     (659.6)     421.4
UNISYS CORP         UISCHF EU       2,399.2     (659.6)     421.4
VANGUARD MINING     VNMC US             1.4       (1.5)      (0.2)
VARONIS SYSTEMS     VS2 GR             33.7       (1.5)       1.8
VARONIS SYSTEMS     VRNS US            33.7       (1.5)       1.8
VECTOR GROUP LTD    VGR US          1,459.2      (12.6)     422.5
VECTOR GROUP LTD    VGR GR          1,459.2      (12.6)     422.5
VENOCO INC          VQ US             738.2     (130.8)     (13.4)
VERISIGN INC        VRS TH          2,609.3     (457.6)    (253.6)
VERISIGN INC        VRS GR          2,609.3     (457.6)    (253.6)
VERISIGN INC        VRSN US         2,609.3     (457.6)    (253.6)
VIRGIN MOBILE-A     VM US             307.4     (244.2)    (138.3)
WEIGHT WATCHERS     WW6 TH          1,483.1   (1,452.8)     (31.0)
WEIGHT WATCHERS     WW6 GR          1,483.1   (1,452.8)     (31.0)
WEIGHT WATCHERS     WTW US          1,483.1   (1,452.8)     (31.0)
WEST CORP           WSTC US         3,544.1     (709.4)     405.3
WEST CORP           WT2 GR          3,544.1     (709.4)     405.3
WESTMORELAND COA    WLB US          1,407.1     (206.2)     (30.5)
WESTMORELAND COA    WME GR          1,407.1     (206.2)     (30.5)
XERIUM TECHNOLOG    TXRN GR           631.1      (11.8)     104.4
XERIUM TECHNOLOG    XRM US            631.1      (11.8)     104.4
YRC WORLDWIDE IN    YRCW US         2,215.1     (363.1)     193.6
YRC WORLDWIDE IN    YEL1 TH         2,215.1     (363.1)     193.6
YRC WORLDWIDE IN    YEL1 GR         2,215.1     (363.1)     193.6


                             *********

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.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

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


                  *** End of Transmission ***