TCR_Public/140814.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

           Thursday, August 14, 2014, Vol. 18, No. 224

                            Headlines

21ST CENTURY ONCOLOGY: Moody's Cuts Corp. Family Rating to 'Caa2'
ACCESS GROUP: Fitch Affirms 'BBsf' Rating on Class B Notes
AMERICAN DENTAL: Moody's Rates Proposed $241MM Secured Loans 'B2'
AMERICAN DENTAL: S&P Affirms 'B-' CCR & Revises Outlook to Stable
ANACOR PHARMACEUTICALS: Incurs $24.5 Million Net Loss in Q2

ANIXTER INT'L: Fitch Affirms 'BB+' Issuer Default Rating
AUXILIUM PHARMACEUTICALS: Appoints Andrew Saik as CFO
BERNARD L. MADOFF: Sons Wants Bid to Revamp Suit Rejected
BOISE CASCADE: Moody's Hikes Corporate Family Rating to 'Ba3'
BUCCANEER RESOURCES: Has Global Accord on Asset Sale, Exit Plan

BUCCANEER RESOURCES: Plan Outline Order Vacated, Sale Bid Dropped
BUCCANEER RESOURCES: Bid to Pay Critical Vendors Shelved
CALIFORNIA COLLABORATIVE: Hires CBRE as Real Estate Leasing Agent
CCO HOLDINGS: S&P Puts B Sr. Unsec. Debt Rating on Watch Positive
CHIQUITA BRANDS: Cutrale/Safra Bids No Impact on Moody's B2 CFR

CLEAREDGE POWER: U.S. Trustee Objects to Brown Rudnick Fees
CLEAREDGE POWER: UST Objects to Hiring of Teneo Securities
CLEAREDGE POWER: UST Objects to Employee Incentive Program
CLEAREDGE POWER: Defends Employee Incentive Program
COLT DEFENSE: Lenders Waive Three Upcoming Debt Payments

COMDISCO HOLDING: Reports Fiscal 3rd Qtr. Financial Results
COMMUNITY HOME: Vantium Capital Approved as Loan Servicer
CORALVILLE, IA: Moody's Affirms Ba1 Annual Appropriation Rating
CORINTHIAN COLLEGES: Likely Needs More Cash to Sell Colleges
DDR CORP: S&P Raises Corp. Credit Rating From 'BB+'

DEAN FOODS: Fitch Affirms 'BB-' IDR & Revises Outlook to Negative
DIOCESE OF GALLUP: Seeks More Time to Reach Deal With Victims
EAGLE BULK SHIPPING: Section 341(a) Meeting Set on Sept. 30
ENERGY FOCUS: Closes Public Offering of Common Stock
ENERGY FUTURE: Creditors Want Answers From IRS on Restructuring

EVERYWARE GLOBAL: Loan Amendment No Impact on Moody's Caa1 Rating
EXIDE TECHNOLOGIES: Premium Financing Deal With AFCO Okayed
FIRST NATIONAL: Posts $6.6 Million Net Income in 2nd Quarter
GENCO SHIPPING: Delays Filing of Second Quarter Financial Report
GLOBALSTAR INC: Incurs $433.7 Million Net Loss in 2nd Quarter

GRIDWAY ENERGY: Lease Decision Period Extended to Nov. 6
HAAS ENVIRONMENTAL: Court Approves Kennen & Kennen as Realtors
HELLAS TELECOM: JCLs Balk at Bid to Terminate Ch.15 Recognition
HERON LAKE: Inks $28 Million Credit Facility with AgStar
HUBERT MOORE: Melville Brokers Sale of Life Insurance Policy

HUNTSMAN INT'L: Moody's Retains Ba2 Rating on $1.2BB Term Loan
IMPERIAL METALS: Moody's Puts B2 CFR on Review for Downgrade
JAMES RIVER COAL: Auction Rescheduled to Aug. 18
JAMES RIVER COAL: Unit Receives Imminent Danger Order
LORNIC FAMILY: Case Summary & 3 Largest Unsecured Creditors

METALDYNE PERFORMANCE: Grede Merger No Impact on Moody's B1 CFR
MSI CORP: Taps Goff Backa to Replace Parente Beard as Accountants
N-VIRO INTERNATIONAL: N-Viro Energy Registered in UK
NEP/NCP HOLDCO: MIRA Deal No Impact on Moody's B2 CFR
NII HOLDINGS: Incurs $623MM Loss in Q2, Gives Bankruptcy Warning

NII HOLDINGS: Moody's Lowers Corporate Family Rating to 'Caa2'
NOVA CHEMICALS: S&P Revises Outlook to Stable & Affirms 'BB+' CCR
OCWEN FINANCIAL: Moody's Puts 'B1' CFR on Review for Downgrade
OVERSEAS SHIPHOLDING: Moody's Rates Unsecured Notes 'Caa1'
PALM BEACH COMMUNITY: Taps Breton Lynch as Real Estate Counsel

PHOENIX LIFE: S&P Lowers Rating to 'B+' & Removes From Watch Neg.
PREFERRED PROPPANTS: Moody's Hikes Corp. Family Rating to Caa1
PRETTY GIRL: Hires Rosen & Associates as Bankruptcy Counsel
PUERTO RICO: Hedge Funds Say Recovery Act Is Unconstitutional
PULTEGROUP INC: Moody's Hikes Corporate Family Rating to 'Ba1'

RADIOSHACK CORP: Another Refinancing May Be Last Best Hope
RENAISSANCE SPECIALTY: Voluntary Chapter 11 Case Summary
SAAB AB: Owner Says Bankruptcy Petition to be Lifted
SCHWAB INDUSTRIES: Successor Liability Suit v. SS&G May Proceed
SCICOM DATA: Court Approves Hiring Judge McGunnigle as Mediator

SEARS METHODIST RETIREMENT: HUD Balks at Payment to GCG
SHINGLE SPRINGS: S&P Raises ICR to 'B+'; Outlook Stable
SHIROKIA DEVELOPMENT: Voluntary Chapter 11 Case Summary
SLATE HILL ASSOCIATES: Case Summary & 6 Top Unsecured Creditors
SPENDSMART NETWORKS: Amends Goodwill Purchase Agreement with CEO

SYNTAX-BRILLIAN: 3rd Cir. Reinstates Avoidance Suit v. Bank
TOWN SPORTS: S&P Lowers Rating to 'B'; Outlook Negative
UNIFIED 2020: Court Okays Expansion of Terracon Consultants' Work
VASO ACTIVE: Frattaroli in Contempt for Violating Discovery Order
WAFERGEN BIO-SYSTEMS: Conference Call Held to Discuss Results

WALTER ENERGY: Swaps 2.2 Million Common Shares for $25MM Notes
XPO LOGISTICS: S&P Assigns B CCR & Rates $500MM Unsec. Notes B-

* ALPS Opts to Liquidate Four Exchange-Traded Funds

* Bankruptcy Industry Overcharging Canada's Poorest, Says PBC

* Fed Officials Suggest Limiting Banks' Repo Exposure
* U.S. Leveraged Loan Default Rate a Low 1.3%, Fitch Says

* Fund Holdouts Fail to Reach Private Deal Over Argentine Debt
* Aurelius Capital Comments on Argentina's Debt Default
* IFAC Comments on Argentina's Debt Default
* Junk Bonds Gain Favor as Europe's Banks Reduce Lending

* Recent Small-Dollar & Individual Chapter 11 Filings


                             *********


21ST CENTURY ONCOLOGY: Moody's Cuts Corp. Family Rating to 'Caa2'
-----------------------------------------------------------------
Moody's Investors Service downgraded 21st Century Oncology, Inc.'s
Corporate Family Rating to Caa2 from B3 and Probability of Default
Rating to Caa2-PD from B3-PD. In a related action, Moody's
downgraded the ratings on the company's $100 million revolving
credit facility and $90 million term loan to B1, the rating on the
company's existing $350 million 8.875% second lien notes to Caa2,
and rating on the $380 million 9.875% subordinated notes to Caa3.
The company's speculative grade liquidity rating was changed to
SGL-4 and the rating outlook was changed to negative from stable.

The rating action follows the company's July 29, 2014 announcement
that it has entered into a Recapitalization Support Agreement with
Vestar Capital Partners and a group of holders of its outstanding
subordinated notes, under which the company expects to obtain
additional liquidity through an equity contribution or
subordinated debt of at least $150 million on or before October 1,
2014. 21st Century must sign a letter of intent on or before
August 31, 2014 with regards to the additional equity or
subordinated debt. In the absence of this, the existing
subordinated notes will be exchanged for 95% of equity in the
reorganized company. The final transaction pursued by 21st
Century, which would be either an additional equity contribution
or an exchange of debt for equity, and would ultimately improve
liquidity and reduce debt in the company's capital structure, is
anticipated to take place in the October/November 2014 timeframe.

The downgrade of 21st Century's rating to Caa2 from B3 reflects
the company's high leverage, weak liquidity, unsustainable nature
of the company's current capital structure, and the increased
potential of a debt for equity exchange. Additionally, in the
event that the company's existing subordinated note holders are
exchanged for equity, Moody's would likely deem this exchange a
limited default, and append the company's Probability of Default
Rating ("PD") with a "LD" designation. A reduction in subordinated
notes could negatively impact the ratings on the company's senior
secured and 2nd lien facilities, per Moody's Loss Given Default
Methodology.

The change in outlook to negative from stable, notwithstanding the
company's stronger second quarter 2014 performance, reflects the
uncertainty regarding the company's ability to obtain additional
liquidity in the timeframe discussed, and in the absence of that,
the likelihood for a debt for equity exchange with respect to the
existing subordinated note holders, which Moody's would view as a
limited default.

The following rating actions were taken:

  Corporate Family Rating, downgraded to Caa2 from B3;

  Probability of Default Rating, downgraded to Caa2-PD from
  B3-PD;

  $100 million senior secured revolving credit facility, due
  October 2016, downgraded to B1 (LGD1) from Ba3 (LGD1);

  $90 million senior secured term loan, due October 2016,
  downgraded to B1 (LGD2) from Ba3 (LGD2);

  $350 million senior 2nd lien 8.875% notes, due January 2017,
  downgraded to Caa2 (LGD3) from B2 (LGD3);

  $380 million senior subordinated 9.875% notes, due April 2017,
  downgraded to Caa3 (LGD5) from Caa2 (LGD5).

  Speculative grade liquidity rating, changed to SGL-4 from
  SGL-3.

Outlook to negative from stable.

Ratings Rationale

The Caa2 rating reflects the company's aggressive financial policy
including a debt financed growth strategy that is expected to
continue to stress 21st Century's highly leveraged capital
structure and ability to generate free cash flow. Moody's
anticipate the company's debt leverage will continue to remain
elevated absent an additional equity contribution or other
deleveraging event. The company's free cash flow will remain
constrained due to its high interest burden and capital
expenditure requirements. The rating also considers 21st Century's
concentration by geography (Florida is over 40% of the company's
global freestanding revenue) and payor (Medicare is 45% of the
company's U.S. domestic revenue). At the same time, the rating
positively reflects the company's ability to manage its costs,
integrate acquisitions, and drive average daily treatment volume
increases at its centers. The rating also benefits from 21st
Century's competitive industry position, size and scale as a
freestanding oncology provider, and technology platform. The
rating is further supported by Moody's expectation for the
company's clustered facility strategy and integrated cancer care
("ICC") business model to generate same facility volume growth
over the longer term given the company's pricing advantage versus
hospitals, and growth in total average daily treatments.

The liquidity rating of SGL-4 reflects Moody's near-term view that
the company's liquidity profile will remain weak, including
limited revolver availability and weak free cash flow generation.
The company's liquidity profile will likely remain weak until
which time it is able to obtain additional equity to improve its
liquidity profile and/or deleverage the business meaningfully, as
described above.

The negative outlook reflects the uncertainty regarding the
company's ability to obtain additional liquidity in the timeframe
discussed, and in the absence of that, the likelihood for a debt
for equity exchange with respect to the existing subordinated note
holders, which Moody's would view as a limited default.

The ratings could be downgraded if the company is unable to
refinance its capital structure or reduce leverage and improve
liquidity through an equity contribution, subordinated debt
offering, or deleveraging event.

The ratings could be upgraded if the company were able to
significantly delever the company and/or improve the company's
liquidity profile.

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

21st Century Oncology, Inc., formerly known as Radiation Therapy
Services, Inc. ("RTS") owns and operates radiation treatment
facilities in the US and Latin America. The company's revenue for
the last twelve months ended March 31, 2014 was approximately $796
million. 21st Century is majority owned by Vestar Capital and
management.


ACCESS GROUP: Fitch Affirms 'BBsf' Rating on Class B Notes
----------------------------------------------------------
Fitch Ratings downgrades the senior note and affirms the
subordinate note ratings of the floating rate student loan asset-
backed notes issued by Access Group Inc. under the 2001 trust
indenture (Group II).  The Rating Outlook remains at Negative.

Key Rating Drivers

Collateral Quality: The collateral supporting the trust consists
entirely of private student loans originated by Access Group, Inc.
Based upon the trust's performance, the projected remaining gross
defaults are expected to be in the range of 5%-7% of the current
collateral balance.  A recovery rate of 25% was applied, which was
determined to be appropriate based on the latest data provided by
the issuer.

Credit Enhancement (CE): CE is provided by overcollateralization,
excess spread, and for the senior notes, subordination provided by
the class B notes.  As of the May 2014 distribution, the senior
and total parity ratios are 112.20% and 102.70%, respectively.
The rating downgrades of the senior notes are due to insufficient
loss coverage multiple to maintain its current rating of 'AAsf'.

Adequate Liquidity Support: Liquidity support is provided by a
$300,000 capitalized interest account.

Servicing Capabilities: Day-to day servicing is provided by Xerox.
Fitch believes their servicing operations are acceptable servicer
of private student loans at this time.

Rating Sensitivities

As Fitch's base case default proxy is derived primarily from
historical collateral performance, actual performance may differ
from the expected performance, resulting in higher loss levels
than the base case.  This will result in a decline in credit
enhancement and remaining loss coverage levels available to the
notes and may make certain note ratings susceptible to potential
negative rating actions, depending on the extent of the decline in
coverage.

The collateral supporting Access Group 2001 (Group II) notes
consists entirely of private student loans originated by Access
Group and serviced by Xerox Education Services (formerly ACS).
Loan proceeds are used by students to assist in financing the cost
of attending undergraduate, law school, business school, medical
school, dental school, and other graduate programs.

Fitch has taken the following actions:

Access Group, Inc. 2001 Indenture of Trust:

   -- Class II A-1 downgraded to 'Asf' from 'AAsf'; Outlook
      Negative;

   -- Class B affirmed at 'BBsf'; Outlook Negative.


AMERICAN DENTAL: Moody's Rates Proposed $241MM Secured Loans 'B2'
-----------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to American Dental
Partners, Inc.'s ("ADPI") proposed senior secured credit
facilities, including a $36 million senior secured revolving
credit facility and a $205 million senior secured term loan. At
the same time, Moody's affirmed ADPI's B3 Corporate Family Rating
and B3-PD Probability of Default Rating. The rating outlook has
been revised to stable from negative.

The proceeds from the proposed credit facilities will be used
primarily to refinance in full all amounts outstanding under the
company's existing credit facilities and pay transaction fees and
expenses. Moody's anticipates withdrawing the ratings on the
existing senior secured credit facilities upon close of the
transaction. All ratings are subject to review of final
documentation.

The revision of the rating outlook to stable from negative
reflects the company's improved liquidity and maturity profile
following the proposed refinancing transaction. In addition, the
outlook revision reflects the recent resolution of outstanding
litigation, which reduces uncertainty despite ultimately having a
modestly negative impact to ADPI's revenue and earnings. Moody's
expects the company to have nearly full availability under its
revolving credit facility and maintain good headroom under its
credit facility financial maintenance covenants over the next 12
months.

Moody's assigned the following ratings:

  $36 million proposed senior secured revolving credit facility,
  at B2 (LGD 3)

  $205 million proposed senior secured first lien term loan B, at
  B2 (LGD 3)

Moody's expects to withdraw the following ratings upon close of
the transaction:

  $36 million senior secured revolving credit facility due 2017,
  B2 (LGD 3)

  $220 million senior secured term loan due 2018, B2 (LGD 3)

Ratings affirmed:

  Corporate Family Rating at B3

  Probability of Default Rating at B3-PD

The rating outlook has been changed to stable from negative.

Ratings Rationale

ADPI's B3 Corporate Family Rating reflects the company's small
absolute size based on revenue and earnings, high financial
leverage, and modest interest coverage relative to other single-B
rated companies. However, ADPI's credit profile benefits from its
solid market presence within the DSO industry. Moody's expects the
company to continue to pursue an aggressive de novo growth and
acquisition strategy over the intermediate-term. Although Moody's
expects this strategy to constrain near-term profit margins and
free cash flow, the rating is supported by the company's
flexibility to reduce de novo growth if desired, and its ability
to then deploy free cash flow toward debt reduction.

The ratings could be downgraded if the company fails to further
improve its operating performance and margins, or if its liquidity
profile deteriorates. In addition, the ratings could be downgraded
if the company faces any future adverse litigation outcome, or if
the company engages in any debt-financed acquisitions or other
shareholder initiatives.

Given ADPI's weak credit metrics, a rating upgrade over the near-
term is unlikely. Over the longer-term, the ratings could be
upgraded if the company can demonstrate revenue and EBITDA growth
such that debt to EBITDA and free cash flow to debt are sustained
below 5.0 times and above 4%, respectively.

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

Based in Wakefield, Massachusetts, American Dental Partners, Inc.
is a leading dental service organization in the United States. The
company provides dental facilities, support staff and
comprehensive business support functions under management services
agreements to its affiliated dental groups. ADPI provides all
services necessary for the administration of the non-clinical
aspects of the dental operations while the affiliated practices
are responsible for providing dental care to patients. American
Dental Partners is privately-owned by financial sponsor JLL
Partners, Inc. On a pro forma basis for the divested Riverside and
Redwood affiliated practices, the company generated net revenues
of approximately $272 million during the twelve months ended June
30, 2014.


AMERICAN DENTAL: S&P Affirms 'B-' CCR & Revises Outlook to Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' corporate
credit rating on Wakefield, Mass.-based American Dental Partners
Inc. (ADP) and revised the outlook to stable from negative.  At
the same time, S&P assigned a 'B-' issue-level rating and '3'
recovery rating to the company's $241 million senior secured
credit facility, consisting of a $36 million senior secured
revolver due 2019 and $205 million first lien term loan B due
2021.  The '3' recovery rating indicates S&P's expectations for
meaningful (50% to 70%) recovery of principal in the event of
payment default.

"We revised our rating outlook on ADP to stable from negative,
given our base-case expectations that the company should generate
slightly improved margins and cash flows in 2014 and 2015 and that
the refinancing should provide for improved liquidity, given the
decreased amortization payments, extended maturity date, and
availability under the revolver," said credit analyst Arthur Wong.

S&P's stable outlook reflects its base-case scenario of relatively
flat to slightly improving revenue growth and steady EBITDA
margins, based on highly competitive industry conditions and ADP's
lackluster operating trends over the past two years.  However, S&P
sees the potential for revenue growth to stall, unexpected
expenses or other developments, which would prevent EBITDA growth
and cause cash outflows, necessitating new borrowings.

Downside Scenario

S&P would revise the outlook to negative if liquidity was
impaired, as indicated by less than 10% headroom under a loan
agreement covenant or minimal bank line availability, or if S&P
concluded ADP was unlikely to generate sufficient cash flow to
fund operations over the longer term.

Upside Scenario

S&P could revise the outlook to positive if ADP was to demonstrate
an ability to generate stronger revenue growth and improved
margins, possibly driven by the maturation of newer dental
offices, and generate increasing free cash flows to fund
acquisitions and/or repay debt, while maintaining a covenant
cushion in excess of 10%.


ANACOR PHARMACEUTICALS: Incurs $24.5 Million Net Loss in Q2
-----------------------------------------------------------
Anacor Pharmaceuticals, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $24.50 million on $2.93 million of total revenues
for the three months ended June 30, 2014, as compared with a net
loss of $14.09 million on $3.42 million of total revenues for the
same period last year.

For the six months ended June 30, 2014, the Company reported a net
loss of $45.68 million on $7.08 million of total revenues as
compared with a net loss of $29.17 million on $5.13 million of
total revenues for the same period in 2013.

The Company's balance sheet at June 30, 2014, showed $137.63
million in total assets, $48.02 million in total liabilities,
$4.95 million in redeemable common stock and $84.65 million in
total stockholders' equity.

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

                       http://is.gd/GrZJ9K

                   About Anacor Pharmaceuticals

Palo Alto, Calif.-based Anacor Pharmaceuticals (NASDAQ: ANAC) is a
biopharmaceutical company focused on discovering, developing and
commercializing novel small-molecule therapeutics derived from its
boron chemistry platform.  Anacor has discovered eight compounds
that are currently in development.  Its two lead product
candidates are topically administered dermatologic compounds -
tavaborole, an antifungal for the treatment of onychomycosis, and
AN2728, an anti-inflammatory PDE-4 inhibitor for the treatment of
atopic dermatitis and psoriasis.

Anacor reported net income of $84.76 million in 2013, a net loss
of $56.08 million in 2012 and a net loss of $47.94 million in
2011.


ANIXTER INT'L: Fitch Affirms 'BB+' Issuer Default Rating
--------------------------------------------------------
Fitch Ratings has affirmed the long-term Issuer Default Rating
(IDR) for Anixter International, Inc. and its wholly owned
operating subsidiary, Anixter Inc. at 'BB+'.

Fitch also rates Anixter's senior unsecured term loan at 'BB+'.
The Rating Outlook is Stable.

The ratings affect $1.3 billion of total debt, including the
revolving credit facility (RCF).

Anixter reached a definitive agreement to acquire Tri-Ed, an
independent distributor of security and low-voltage technology
products, for $420 million.  Anixter will fund the purchase price
with debt, including: i) $220 million of borrowings under the
existing RCF and ii) a $200 million senior unsecured term loan.

Tri-Ed will complement Anixter's security business positions,
specifically in video, access control, intrusion detection and
fire/life safety markets.  In the trailing 12 months ended June
30, 2014, Tri-Ed reported sales of $570 million and operating
EBITDA margin of 6.3%, roughly equivalent to Anixter's margin.
The deal is expected to close near the end of the third quarter of
2014, subject to customary regulatory approval and closing
conditions.

Key Rating Drivers

The ratings and Outlook reflect Fitch's expectations for low- to
mid-single-digit organic revenue growth in 2014 as Anixter
benefits from modest macroeconomic improvements and new project
wins across its three business segments.  Fitch expects EBITDA
margin to largely hold steady above 6%, absent any significant
swings in the U.S. dollar and copper prices.

In a stress scenario, Fitch would expect EBITDA margin to decline
to levels near the trough of the last downturn, around 5%.  Fitch
would expect working capital cash inflows to roughly offset lower
EBITDA levels and for free cash flow (FCF) to be above $200
million.  In a flat revenue environment, Fitch estimates Anixter
would generate more than $200 million of annual FCF.

Fitch expects that Anixter will continue to utilize excess cash
and FCF for potential acquisitions and shareholder-friendly
actions rather than debt reduction.  Share repurchases and special
dividends in excess of FCF in the face of mounting macroeconomic
concerns could pressure Anixter's rating, particularly if such
action is likely to result in higher leverage upon the resumption
of revenue growth.

Pro forma for the incremental debt and acquisition, Fitch
estimates leverage (total debt/total operating EBITDA) will
increase to 2.8x from 2.2x as of the latest 12 months (LTM) ended
July 4, 2014.  Over the longer term, Fitch anticipates leverage
will range from 2x-3x.

Anixter's ratings and Outlook are supported by the following
factors:

   -- Leading market position in niche distribution markets, which
      Fitch believes contributes to Anixter's above-average
      industry margins;

   -- Broad diversification of products, suppliers, customers and
      geographies which adds stability to the company's financial
      profile by reducing operating volatility;

   -- Working capital efficiency which allows the company to
      generate FCF in a downturn.

Credit concerns include:

   -- Historical use of debt and FCF for acquisitions and
      shareholder-friendly actions;

   -- Thin operating margin characteristic of the distribution
      industry, albeit slightly expanded given the company's niche
      market position;

   -- Significant unhedged exposure to copper prices and currency
      prices;

   -- Exposure to the cyclicality of IT demand and general global
      economic conditions.

Ratings Sensitivities

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

   -- Revenue declines that signal a loss of market share, either
      to other distributors or suppliers increasingly going direct
      to market;

   -- Sustained negative FCF from significant special dividends or
      severe operating margin compression, likely resulting in
      structurally higher debt levels.

Fitch believes positive rating actions are limited by Anixter's
history of shareholder-friendly actions.

Pro forma for the term loan and acquisition, Fitch believes
Anixter's liquidity was adequate and consisted of the following as
of July 4, 2014:

   -- $121 million of cash and cash equivalents;
   -- $106 million available under a $400 million RCF expiring
      2018;
   -- $100 million available under a $300 million on-balance-sheet
      accounts receivable securitization program expiring May
      2017.

Pro forma for the term loan and acquisition, total debt as of
July 4, 2014 was $1.2 billion and consisted primarily of the
following:

   -- $294 million outstanding under bank revolving credit lines;
   -- $200 million outstanding under the accounts receivable
      securitization program;
   -- $200 million of term loan A;
   -- $200 million of 5.95% senior unsecured notes due Feb. 2015;
   -- $350 million of 5.625% senior unsecured notes due May 2019;
   -- $4 million of other debt.

Fitch has affirmed the following ratings:

Anixter International, Inc.

   -- IDR at 'BB+';

Anixter Inc.

   -- IDR at 'BB+';
   -- Senior unsecured notes at 'BB+';
   -- Senior unsecured bank credit facility at 'BB+'.


AUXILIUM PHARMACEUTICALS: Appoints Andrew Saik as CFO
-----------------------------------------------------
Auxilium Pharmaceuticals, Inc., announced that Andrew Saik will be
appointed chief financial officer, effective Aug. 18, 2014.  Mr.
Saik will be responsible for all financial and information
technology activities and relationships and will play a critical
leadership role in executing Auxilium's diversification and growth
strategy.

The Employment Agreement provides that Mr. Saik will receive an
initial annual base salary of $405,000, which will be reviewed
annually for appropriate increases by the chief executive officer,
the Board or by the Board's Compensation Committee.

"Andrew brings nearly 20 years of hands-on experience, including
shaping financial strategy, leading successful M&A transactions,
integrating global company and product acquisitions and cash
management that has helped add significantly to shareholder
value," said Adrian Adams, chief executive officer and president
of Auxilium.  "We believe his broad global business expertise,
which also encompasses manufacturing and supply, R&D and managed
care, is closely aligned with our corporate strategy and will
bring additional depth and breadth to Auxilium's executive
leadership team..  I am very much looking forward to working with
him as we continue to pursue the planned growth and corporate
evolution of Auxilium."

Mr. Saik was most recently senior vice president, finance and
treasurer at Endo Health Solutions, where he was responsible for
internal and external reporting, global consolidations of M&A
transactions, cash management, debt financing and risk management.
During his tenure at Endo, he helped complete the $1.6 billion
acquisition of Paladin Labs and refinance $3 billion in debt in a
new corporate structure.  Prior to Endo, Mr. Saik served in senior
financial management roles with progressive responsibility at
Valeant Pharmaceuticals International, most recently as its Senior
Vice President, Finance.  In this post, he served as the overall
finance lead for the acquisition and integration of the Johnson &
Johnson and Sanofi-Aventis dermatology business units in the U.S.
and Canada, enabling Valeant to build the largest dermatology
business in North America.  Previously at Valeant, he was chief
financial officer of the $1.5 billion Specialty Pharmaceuticals
Division which included the U.S., Canada and Australia.  Earlier
in his career, Mr. Saik was a finance manager and analyst at
Nexgenix, Inc. and the Atlantic Richfield Corporation. He holds a
Master of Business Administration from the University of Southern
California and a Bachelor of Arts from the University of
California, Los Angeles.

"It is an extremely exciting opportunity to join Auxilium during
this pivotal time in the company's growth and transformation,"
said Mr. Saik.  "I am looking forward to working closely with the
management team, the Finance and IT departments and all Auxilium
employees to pursue the execution of its planned aggressive
corporate growth strategy in an effort to realize value for
shareholders."

In July 2014, Auxilium announced a definitive agreement under
which it plans to merge with QLT Inc., a Canadian-based
biotechnology company focused on developing innovative orphan
ophthalmology products.  The transaction is expected to drive
shareholder value creation by accelerating Auxilium's ongoing
transformation into a leading diversified North American specialty
biopharmaceutical company.  As a result of the merger, Auxilium
expects to have an expanded corporate platform that includes
focused investments in research and development and the continued
pursuit of new products and M&A due, in part, to expected tax
synergies.  The transaction is expected to close in the fourth
quarter of this year, subject to shareholder approvals in the U.S.
and Canada.

Additional information is available for free at:

                        http://is.gd/VN0d0Y

                          About Auxilium

Auxilium Pharmaceuticals, Inc., is a fully integrated specialty
biopharmaceutical company with a focus on developing and
commercializing innovative products for specialist audiences.
With a broad range of first- and second-line products across
multiple indications, Auxilium is an emerging leader in the men's
healthcare area and has strategically expanded its product
portfolio and pipeline in orthopedics, dermatology and other
therapeutic areas.  Auxilium now has a broad portfolio of 12
approved products.  Among other products in the U.S., Auxilium
markets edex(R) (alprostadil for injection), an injectable
treatment for erectile dysfunction, Osbon ErecAid(R), the leading
device for aiding erectile dysfunction, STENDRATM (avanafil), an
oral erectile dysfunction therapy, Testim(R) (testosterone gel)
for the topical treatment of hypogonadism, TESTOPEL(R)
(testosterone pellets) a long-acting implantable testosterone
replacement therapy, XIAFLEX(R) (collagenase clostridium
histolyticum or CCH) for the treatment of Peyronie's disease and
XIAFLEX for the treatment of Dupuytren's contracture.  The Company
also has programs in Phase 2 clinical development for the
treatment of Frozen Shoulder syndrome and cellulite.  To learn
more, please visit www.Auxilium.com.

As of March 31, 2014, the Company had $1.19 billion in total
assets, $985.73 million in total liabilities and $210.14 million
in total stockholders' equity.

                            *   *    *

As reported by the TCR on May 7, 2014, Moody's Investors Service
downgraded the ratings of Auxilium Pharmaceuticals, Inc.,
including the Corporate Family Rating to B3 from B2.  "The
downgrade reflects Moody's expectations that declines in Testim,
Auxilium's testosterone gel, will materially reduce EBITDA
in 2014, resulting in negative free cash flow, a weakening
liquidity profile, and extremely high debt/EBITDA," said Moody's
Senior Vice President Michael Levesque.

In the May 6, 2014, edition of the TCR, Standard & Poor's Ratings
Services lowered its corporate credit rating on Auxilium
Pharmaceuticals Inc. to 'CCC' from 'B-'.  "Our rating action on
Auxilium is predicated on our assessment of its liquidity profile
as "weak" and our expectation that the company is likely to
deplete its liquidity sources over the next 12 months," said
credit analyst Maryna Kandrukhin.


BERNARD L. MADOFF: Sons Wants Bid to Revamp Suit Rejected
---------------------------------------------------------
Patrick Fitzgerald, writing for The Wall Street Journal, reported
that lawyers for Bernard Madoff's two sons are asking a bankruptcy
judge to reject the latest bid by Irving Picard, the court-
appointed trustee handling the bankruptcy of Mr. Madoff's firm, to
sue the Madoff brothers over their alleged role in their father's
Ponzi scheme.  According to the report, defense lawyers for Mark
and Andrew Madoff in filings with the U.S. Bankruptcy Court in New
York blasted Mr. Picard's latest attempt to hold the brothers
accountable for their father's misdeeds, noting the trustee "was
dealt a resounding defeat" in a similar lawsuit he pursued in the
U.K.

                     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.


BOISE CASCADE: Moody's Hikes Corporate Family Rating to 'Ba3'
-------------------------------------------------------------
Moody's Investors Service upgraded Boise Cascade Company's
corporate family rating (CFR) to Ba3 from B1, probability of
default rating (PDR) to Ba3-PD from B1-PD, senior unsecured bond
rating to B1 from B2 and speculative grade liquidity rating to
SGL-1 from SGL-2. The rating outlook is stable. "The upgrade
reflects a sustained improvement in the company's financial and
operational performance and Moody's expectation of continued
strong financial performance, despite slower than expected
improvement in the US housing market", said Ed Sustar, Moody's
lead analyst for Boise Cascade.

Upgrades:

Issuer: Boise Cascade Company

Probability of Default Rating, Upgraded to Ba3-PD from B1-PD

Speculative Grade Liquidity Rating, Upgraded to SGL-1 from SGL-2

Corporate Family Rating, Upgraded to Ba3 from B1

Senior Unsecured Regular Bond/Debenture Nov 1, 2020, Upgraded to
B1 (LGD5) from B2 (LGD5)

Outlook Actions:

Issuer: Boise Cascade Company

Outlook, Remains Stable

Ratings Rationale

Boise Cascade's Ba3 corporate family rating reflects the company's
strong liquidity and expectations that the company will be able to
maintain strong credit protection metrics with a slow recovery in
the North American wood-based building products market. The rating
also reflects the company's vertical integration and strong market
position as a building material distributor and wood products
producer in North America. Credit challenges include the lack of
diversification away from the wood-based building products market,
the inherent volatility of the wood products industry, along with
the uncertain pace of the US housing recovery.

The SGL-1 speculative grade liquidity rating reflects the
company's strong liquidity position, supported by $130 million of
cash (June 2014), undrawn $350 million asset based revolving
credit facility (unrated; matures in July 2018, with about $8
million of outstanding letters of credit as of June 2014) and
Moody's projected cash generation of about $40 million over the
next four quarters. Most of the company's fixed assets are
unencumbered and Moody's expect the company will remain in
compliance with its debt covenants.

The stable outlook reflects Moody's expectation that Boise Cascade
will continue to generate strong operating performance over the
next 12-18 months. The company will benefit from the full
integration of the Carolina plywood mills and stronger than
average plywood prices. This is tempered by Moody's uncertainty
regarding the level of new home building activity and pace of
idled industry wood products capacity being restarted. An upgrade
would depend on a sustained improvement in the company's financial
performance. Quantitatively, this could result if normalized
financial leverage remains below 3.5 times and interest coverage
exceeds 3.5 times. The company could face a potential pullback in
wood product prices and earnings if industry supply returns faster
than demand. The rating could be lowered if the company's
liquidity deteriorates significantly or if normalized financial
leverage exceeds 4.5 times and interest coverage remains below 2.5
times for a sustained period of time.

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

Boise Cascade is a building products company headquartered in
Boise, Idaho. Boise Cascade manufactures engineered wood products,
plywood, lumber, and particleboard and distributes a broad line of
building materials, including the wood products that it
manufactures.


BUCCANEER RESOURCES: Has Global Accord on Asset Sale, Exit Plan
---------------------------------------------------------------
At the hearing held on August 12, 2014, Buccaneer Resources LLC,
the Official Committee of Unsecured Creditors, AIX Energy LLC,
Meridian Capital CIS Fund and Meridian Capital International Fund
advised the Bankruptcy Court for the Southern District of Texas
they have reached a settlement resolving certain disputes and
claims.  The settlement is subject to Bankruptcy Court approval.

The Parties will file a motion seeking approval of the settlement
pursuant to Rule 9019 of the Federal Rules of Bankruptcy Procedure
on or before August 15, 2014.  A hearing to approve the settlement
will be conducted at 3:00 p.m. on August 25.

The settlement between the Debtors and their estates, the
Committee on behalf of unsecured creditors, AIX and Meridian is
global in nature and resolves all disputes and claims between the
parties and their designated representatives and affiliates, which
will not include any current or former member of the Debtor's
board of directors or any current or former officer of the Debtor
and shall not include a release by the creditors trust of any and
all claims and causes of action of the Debtor or its estates
against persons not released under the settlement.  The settlement
agreement will provide mutual releases of all claims by and
between the Debtor and AIX and Meridian, as well as the Committee
and AIX and Meridian.

Confirmation and consummation of the settlement agreement and plan
will be expressly subject to Bankruptcy Court approval.

The parties agree to work toward a prompt hearing on Bankruptcy
Court approval of the settlement and approval of bid procedures
for the auction of the Debtor's assets.

As reported by the Troubled Company Reporter, AIX, the Debtors'
prepetition secured lender, agreed to serve as stalking horse
bidder and purchase the Debtors' "going concern" value and assets
for the aggregate purchase price of $58,476,264.  The unsecured
creditors committee has objected to the procedures governing the
sale.

Under the settlement, the parties also will stand down in regard
to pending litigation in the Debtor's chapter 11 case in an effort
to minimize administrative expenses while finalizing final
settlement documents. The settlement will be incorporated into the
Debtor's liquidation plan, under which an unsecured creditors
trust will be created.

All parties will request that the Bankruptcy Court approve the
settlement and plan as quickly as possible and the parties will
work together in good faith to prepare and approve all documents
reasonably necessary to effectuate this settlement and plan. Any
dispute that arises in regard to documentation of the settlement
or plan will be resolved by the Bankruptcy Court.

Upon Bankruptcy Court approval of the settlement and upon receipt
of the proceeds of so-called ACES credits, the parties agree that
$10 million cash -- as Settlement Payment -- will be reserved and
segregated for the creditors trust from (i) the proceeds of the
ACES credits (net of any allowed secured claim in favor of AIDEA)
-- the ACES credits -- and (ii) other cash in the Debtor's estate
(but not including the suspended funds attributable to CIRI's
disputed interest in the Debtor's oil and gas properties).  The
remaining available cash collateral in the Debtor's estate, net of
allowed administrative expenses of the Debtor's chapter 11case,
shall be paid to AIX at closing of the settlement.

If the available cash collateral is insufficient to pay the
Settlement Payment to the creditors trust, then the Committee
retains the right to elect to receive the first proceeds of sale
of the Debtor's assets to pay the balance of the Settlement
Payment or to require AIX to pay the balance of the Settlement
Payment if AIX seeks to credit its indebtedness in purchasing the
Debtor's assets.

The parties agree that a total of $2.3 million may be paid from
the estate to the Committee's professionals to pay their allowed
administrative claims.  The Debtor will reserve and segregate
available cash collateral necessary to pay the $2.3 million of the
Committee's professional fees.  AIX and Meridian agree that they
will not object to the Committee's professional fees of $2.3
million as an administrative expense of the Debtor's estate.

The Debtor and AIX will coordinate the auction of the Debtor's
interests in the oil and gas properties, and the Debtor will
proceed with a sale free and clear of liens, claims and
encumbrances of (i) its interests in the oil and gas properties
that are subject to AIX's liens and security interests (but
subject to CIRI's disputed interest and the suspense fund
attributable to that disputed interest), and (ii) all other assets
of the Debtor that are subject to AIX's liens and security
interests except for the remaining available cash collateral.  AIX
retains the right to credit its indebtedness as all or part of the
purchase price of the assets in connection with purchasing the
assets under any auction or direct sale of the assets.

If the Debtor sells the assets to a third party, then the proceeds
from such sale, net of closing costs, will be paid to AIX up to
the total amount of its secured claim, which AIX estimates is
approximately $63.8 million, but which may be reduced by
application of proceeds attributable to available cash collateral
or the sale of assets. The parties will stipulate to the amount of
AIX's secured claim in connection with approval of the settlement.
If such a sale of the assets to a third party is for an amount
that is less than the remaining balance of AIX's secured claim, or
if AIX acquires the assets from the Debtor by crediting its
indebtedness in an amount that is less than the remaining balance
of its secured claim, then the payment of those sales proceeds to
AIX, or the transfer of the assets from the Debtor to AIX, shall
fully satisfy and settle AIX's secured claim (i.e., neither AIX's
unsecured deficiency claim, nor any other AIX unsecured claim, nor
any Meridian or other released party's claim, will receive any
distributions from the Debtor's estate or the creditors trust). If
a third party or AIX acquires the assets by paying the Debtor an
amount that is greater than the remaining balance of AIX's secured
claim, then the proceeds shall be paid first to pay AIX's secured
claim and then the balance of such proceeds shall be paid to the
creditors trust. AIX shall be entitled to only one satisfaction of
its claim.

The suspended proceeds attributable to CIRI's disputed interest in
the Debtor's oil and gas properties will not be included in the
cash that is paid to either the creditors trust or AIX.  To the
extent authorized by the Bankruptcy Court, those suspended
proceeds will be transferred in a segregated account to the
purchaser of the Debtor's assets under the same terms as the
Debtor currently holds those suspended proceeds for the purchaser
to use as it deems appropriate in resolving CIRI's interest in the
oil and gas properties.

Remaining assets of the Debtor that are not distributed per the
terms of the settlement or are not subject to the AIX liens and
security interests (for example, the 3.5% ORRI interest owned by
Buccaneer Royalties) will be transferred to the creditors trust
under the plan. Such assignment will include, without limitation,
all chapter 5 causes of actions, tort claims and other causes of
actions owned by the Debtor and the Debtor's estate against
persons not released under this settlement agreement.

The parties agree to support the Debtor's motion for substantive
consolidation of the Debtor's estates, which preserves the
separateness of the causes of action.  The parties also agree that
the Committee and creditors trust shall have access to the
Debtor's books, records and ESI in connection with the
administration of the creditors trust, and that any asset purchase
agreement for the sale of the Debtor's assets shall provide that
any purchaser of the assets will provide the same access.

The deadline for the Committee to object to the extent, validity
priority or amount of any claims of AIX or Meridian, or to object
to the proposed final cash collateral order and budget, is
extended to a date that is at least 14 days after Bankruptcy
Court denial of the settlement agreement.

The parties agree that the liquidation plan will provide that the
Committee selects the Liquidating Trustee and a three-person Post-
Confirmation Committee for the creditors trust.

                      About Buccaneer Energy

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

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

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

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

The bankruptcy cases are assigned to Judge David R Jones.  The
Debtors have sought and obtained an order authorizing joint
administration of their Chapter 11 cases.  The other debtors are
Buccaneer Energy Limited, Buccaneer Energy Holdings, Inc.,
Buccaneer Alaska Operations, LLC, Buccaneer Alaska, LLC, Kenai
Land Ventures, LLC, Buccaneer Alaska Drilling, LLC, Buccaneer
Royalties, LLC, and Kenai Drilling, LLC.

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

The U.S. Trustee for Region 7 on June 10, 2014, appointed five
creditors to serve on the official committee of unsecured
creditors.  The Committee retained Greenberg Traurig, LLP as legal
counsel to the Committee, and Alvarez & Marsal North America, LLC
as financial advisors.


BUCCANEER RESOURCES: Plan Outline Order Vacated, Sale Bid Dropped
-----------------------------------------------------------------
In view of the announcement by Buccaneer Resources LLC, the
Official Committee of Unsecured Creditors, AIX Energy LLC,
Meridian Capital CIS Fund and Meridian Capital International Fund
at the hearing held on August 12 that they have reached a global
settlement resolving certain disputes and claims, these requests
were deemed withdrawn without prejudice to re-filing:

     -- the Debtors' Emergency Motion for Entry of an Order
        (A) Approving Bidding Procedures in Connection with
        Sale of Substantially All of the Debtors Assets;
        (B) Scheduling an Auction; and (C) Granting Related
        Relief,

     -- the Debtors' Motion for Substantive Consolidation
        of Chapter 11 Cases, and

     -- the Emergency Motion to Quash and Protective Order
        and Motion for Deposition to be Taken By Remote Means.

The Bankruptcy Court in Houston, Texas, also vacated the Order (1)
Conditionally Approving Disclosure Statement; (2) Fixing Record
Date For Voting; (3) Approving Plan Solicitation Package And
Voting Procedures; (4) Setting Deadlines To Vote On Plan And
Object To Plan And Disclosure Statement; And (5) Setting Hearing
On Final Approval Of Disclosure Statement And Plan Confirmation.

As reported by the Troubled Company Reporter, Judge David Jones on
July 25, 2014, conditionally approved the disclosure statement
explaining Buccaneer Resources' First Amended Joint Chapter 11
Plan of Reorganization.  The Official Committee of Unsecured
Creditors; AIMM Technologies, Inc., and All American Oilfield
Associates, LLC, prepetition service providers to the Debtors;
Cook Inlet Region, Inc.; have objected to the Disclosure
Statement, complaining that the outline does not contain adequate
information.

The settling parties have advised the Court that the Debtors will
file a motion seeking approval of the settlement pursuant to Rule
9019 of the Federal Rules of Bankruptcy Procedure on or before
August 15, 2014.  A hearing to approve the settlement will be
conducted at 3:00 p.m. on August 25.

At the August 25 hearing, the Court will also take up the Debtors'
request for interim use of cash collateral.

The hearing on the request of Cook Inlet Region, Inc., for relief
from the automatic stay is continued to August 19 at 3:00 p.m.

The Debtors in July filed papers seeking entry of an order
substantively consolidating their estates for purposes of
solicitation, voting, and confirmation of the Debtors' bankruptcy-
exit plan, and substantively consolidating their estates for all
purposes conditioned upon entry of an order confirming the Plan.

The Debtors at that time said the Plan is premised on the
substantive consolidation of all the estates, and that their
assets, liabilities, accounting, and operations are deeply
intertwined and most of the creditors dealt with the Debtors on a
consolidated basis.  The costs of separately administering each of
the estates would quickly dissipate any assets that are available
after AIX?s liens are satisfied, and substantive consolidation
provides unsecured creditors with the best opportunity for
distributions, they said.

Cook Inlet Region, Inc., an Alaska Native regional corporation,
objected to the Substantive Consolidation Motion, saying
substantive consolidation is an extreme and unusual remedy that
should rarely be granted, and only following a fact-intensive
evaluation by the Court.  CIRI said the Debtors have not met their
burden to establish that consolidation is warranted.

In response to the Substantive Consolidation Motion, CIRI served
its First Request for Production of Documents on the Debtors on
July 18, 2014.

                      About Buccaneer Energy

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

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

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

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

The bankruptcy cases are assigned to Judge David R Jones.  The
Debtors have sought and obtained an order authorizing joint
administration of their Chapter 11 cases.  The other debtors are
Buccaneer Energy Limited, Buccaneer Energy Holdings, Inc.,
Buccaneer Alaska Operations, LLC, Buccaneer Alaska, LLC, Kenai
Land Ventures, LLC, Buccaneer Alaska Drilling, LLC, Buccaneer
Royalties, LLC, and Kenai Drilling, LLC.

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

The U.S. Trustee for Region 7 on June 10, 2014, appointed five
creditors to serve on the official committee of unsecured
creditors.  The Committee retained Greenberg Traurig, LLP as legal
counsel to the Committee, and Alvarez & Marsal North America, LLC
as financial advisors.


BUCCANEER RESOURCES: Bid to Pay Critical Vendors Shelved
--------------------------------------------------------
Buccaneer Resources, LLC, did not pursue approval of its
"Emergency Motion for Entry of an Order Pursuant to 11 U.S.C.
[Sections] 105(a), 363, 1107, and 1108 (I) Authorizing Payment of
Certain Claims of Critical Vendors; (II) Approving Related Payment
Procedures; and (III) Granting Certain Related Relief."

The motion was slated for hearing last month.  In a notice of
agenda for the July 1 hearing, counsel to the Debtors said "This
matter will not go forward. The Debtors intend to abate the Motion
pending the filing of a notice resetting the Motion for a later
hearing if required."

In their request, the Debtors said they have identified certain
trade creditors who are owed nominal amounts for prepetition goods
or services.  The Critical Vendors (i) are the sole source from
which the Debtors can procure certain goods or services; (ii)
supply goods or services (a) of a certified quality (i.e., that
meet certain regulatory specifications), (b) at a volume that
cannot be replaced using their competitors, (c) pursuant to
contractual arrangements with third parties, or (d) that are
highly engineered and require substantial lead time to develop,
produce and service; or (iii) provide their goods or services at a
substantially reduced cost relative to other vendors.

The Debtors failure to pay these Critical Vendors their
prepetition claims, to the extent that such claims are fixed, non-
contingent, liquidated, and undisputed, may extinguish the
Debtors' access to necessary goods and services because the vendor
(i) is unfamiliar with the bankruptcy process; (ii) may be put out
of business by the Debtors' nonpayment; (iii) will refuse to
continue doing business with the Debtors if its prepetition claim
remains unpaid; or (iv) may choose to continue doing business with
the Debtors only upon the condition that the Debtors provide trade
term accommodations such as advance deposits or payment by wire
transfer prior to delivery.  Any disruption in the supply of
goods or services from the Critical Vendors may substantially
impair the Debtors' reorganization efforts.

The Debtors requested entry of an order (i) authorizing payment of
prepetition amounts -- up to $15,000 on an individual creditor
basis and up to $100,000 in the aggregate for all Critical Vendor
Claims -- owed to the Critical Vendors and (ii) establishing the
procedures providing a mechanism for the Debtors to identify
Critical Vendors, disclose payment of Critical Vendor Claims, and
afford interested parties notice and an opportunity to object to
the payment of any Critical Vendor Claim.  The proposed Critical
Vendor Payment Procedures would have required Critical Vendors to
agree to transact business with the Debtors post-petition on
"Customary Trade Terms" for the duration of time as agreed to by
the Debtors and the particular Critical Vendor as a prerequisite
to the payment of any Critical Vendor Claim.

                      About Buccaneer Energy

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

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

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

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

The bankruptcy cases are assigned to Judge David R Jones.  The
Debtors have sought and obtained an order authorizing joint
administration of their Chapter 11 cases.  The other debtors are
Buccaneer Energy Limited, Buccaneer Energy Holdings, Inc.,
Buccaneer Alaska Operations, LLC, Buccaneer Alaska, LLC, Kenai
Land Ventures, LLC, Buccaneer Alaska Drilling, LLC, Buccaneer
Royalties, LLC, and Kenai Drilling, LLC.

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

The U.S. Trustee for Region 7 on June 10, 2014, appointed five
creditors to serve on the official committee of unsecured
creditors.  The Committee retained Greenberg Traurig, LLP as legal
counsel to the Committee, and Alvarez & Marsal North America, LLC
as financial advisors.


CALIFORNIA COLLABORATIVE: Hires CBRE as Real Estate Leasing Agent
-----------------------------------------------------------------
California Community Collaborative, Inc. seeks authorization from
the Hon. Christopher M. Klein of the U.S. Bankruptcy Court for the
Eastern District of California to employ CBRE - Inland Commercial
Real Estate and its broker Phillip J. Woodford as its real estate
leasing agent.

CBRE will be agent for the Debtor's leasing space at its
commercial real property commonly known as 655 West 2nd Street,
San Bernardino, California.

CBRE is entitled, on a lease over five years, to a commission
consisting of 5% of the total base rental for the first 60 months,
2.5% of the total base rental for the next 60 months, and 1.5% of
the total base rental for the remainder of the term, should it
assist in obtaining a written lease or leases for vacant space at
the Real Property.  A tenant's broker/agent may, however, seek an
incentive commission under the Agreement, consisting of an amount
that is typically 4% for the first 60 months and 2% for the next
60 months.

Phillip J. Woodford, senior vice president of CBRE, 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.

CBRE can be reached at:

       Philip J. Woodford
       CBRE - INLAND COMMERCIAL REAL ESTATE
       4141 Inland Empire Blvd., Suite 100
       Ontario, CA 91764
       Tel: +1 (909) 418-2132
       Fax: +1 (909) 418-2100
       E-mail: philip.woodford@cbre.com

California Community Collaborative, Inc., filed a Chapter 11
bankruptcy petition (Bankr. E.D. Cal. Case No. 14-26351) on
June 17, 2014.  Merrell G. Schexnydre, the company's president,
signed the petition.  The Debtor estimated assets of at least $10
million and liabilities of $1 million to $10 million.  The Debtor
is represented by Meegan, Hanschu & Kassenbrock.  Judge
Christopher M. Klein presides over the case.


CCO HOLDINGS: S&P Puts B Sr. Unsec. Debt Rating on Watch Positive
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' issue-level
rating on CCO Holdings LLC's senior unsecured debt on CreditWatch
with positive implications following Charter Communications
Operating LLC's (CCO) downsizing of its proposed senior secured
credit facility.

The 'BB+' issue-level rating and '1' recovery rating on CCO's
proposed senior secured credit facility are unchanged.  The
company is reducing the total size of the facility to a $3.5
billion term loan G due 2022 from the originally proposed amount
of $8.9 billion, of which $500 million was incremental revolver
capacity.

The CreditWatch placement reflects the reduced amount of secured
debt ahead of CCO Holdings' obligations.  S&P expects that the
remainder of the acquisition price will be funded with either
senior secured debt, unsecured debt, or a combination thereof.  As
such, S&P could either affirm the unsecured debt rating or raise
it by one notch, depending on the mix of additional funding.

S&P expects the company will use the proceeds of the term loan to
partially fund the $8.1 billion acquisition of about 1.5 million
subscribers from Comcast following Comcast's pending purchase of
Time Warner Cable.  CCO will net about 1.4 million video customers
following the swap of certain properties with Comcast.

RATINGS LIST

Rating Placed On CreditWatch

CCO Holdings LLC
Senior Unsecured                       B/Pos

Ratings Unchanged

Charter Communications Operating LLC
Corporate Credit Rating                BB-/Stable/--
  Senior Secured                        BB+
   Recovery Rating                      1


CHIQUITA BRANDS: Cutrale/Safra Bids No Impact on Moody's B2 CFR
---------------------------------------------------------------
Moody's Investors Service views the proposed non-binding all cash
bid from Cutrale Group and Safra Group to acquire Chiquita Brands
International, Inc. favorably but it does not impact Chiquita's B2
CFR or developing outlook.


CLEAREDGE POWER: U.S. Trustee Objects to Brown Rudnick Fees
-----------------------------------------------------------
The United States Trustee objects to the application to retain
Brown Rudnick LLP as the counsel for the official unsecured
creditors committee.  The U.S. Trustee notes that the hourly rates
of the Brown Rudnick partners are extremely high.  The U.S.
Trustee noted that the rates for paraprofessionals are higher than
those normal rates.

The U.S. Trustee said it will look closely at the fees charged by
Brown Rudnick to ensure that such fees are reasonable and in
compliance with the court's guidelines. Likewise, the trustee
asserts that Brown Rudnick should implement the disclosures to
include the type(s) of matters which it represents.

Terms of the Committee's engagement of the firm were reported by
the Troubled Company Reporter on July 9, 2014.  According to the
report, the engagement will be headed by the firm's partners and
their hourly rates are:

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

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

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

                      About ClearEdge Power

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

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

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

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

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

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

On May 22, 2014, the U.S. Trustee for Region 17 appointed five
creditors to serve in the Committee.  The Committee has hired
Brown Rudnick as Counsel and Teneo Securities as financial
advisors.


CLEAREDGE POWER: UST Objects to Hiring of Teneo Securities
----------------------------------------------------------
The United States Trustee objects to the application made by the
official unsecured creditors committee to employ Teneo securities
as its financial advisor.  Teneo, according to the application,
will be compensated at a blended hourly rate of $475 per hour. No
information was provided as to whether the rate is comparable to
rates charged to their clients, or what their normal hourly rates
are, or whether it is a discounted or premium rate, according to
the U.S. Trustee.

As reported by the Troubled Company Reporter on July 9, 2014,
Teneo will be paid on an hourly basis based upon the time incurred
by Teneo professional in providing the services.  Teneo  will be
compensated at the blended hourly rate of $475.

                      About ClearEdge Power

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

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

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

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

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

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

On May 22, 2014, the U.S. Trustee for Region 17 appointed five
creditors to serve in the Committee.  The Committee has hired
Brown Rudnick as Counsel and Teneo Securities as financial
advisors.


CLEAREDGE POWER: UST Objects to Employee Incentive Program
----------------------------------------------------------
ClearEdge Power, Inc. seeks to establish a key employee incentive
plan which will provide up to $500,000 from the anticipated sale
proceeds for 54 critical employees.

The United States Trustee filed its objection for the incentive
program on the ground that it is to retain, not incentivize, the
employees.  Further, the transfers to be made are outside the
ordinary course of business and not justified by the facts and
circumstances in the case.  In addition, ClearEdge's employees
received a 35% pay raise before the bankruptcy filing, which has
already acted as an incentive/retention bonus.

Terms of the Key Employee Incentive Program were reported by the
Troubled Company Reporter on July 14, 2014.  The report said the
KEIP is an incentive-based compensation program centered around
the consummation of the sale of the Debtors' assets.  The KEIP is
(i) designed to incentivize a group of employees who are
invaluable to the Company and, specifically, to three integral
business aspects of the Company, to achieve a maximum return from
any sale transaction; and (ii) payable only upon consummation of a
sale transaction.

Under the KEIP, in the event the Debtors consummate a sale
transaction, the KEIP Participants will share, pro rata based on
their respective salaries, positions and job categories with the
Company, from a pool derived from cash proceeds received from the
sale rransaction, net of taxes, commissions and other sale-related
fees and charges, but prior to distributions to creditors.

The Incentive Pool will be equal to 10% of the Distributable
Proceeds, up to the maximum cap of $500,000.  Thus, on average,
each KEIP Participant would only receive, at maximum, around
$9,200, pursuant to the KEIP.

                      About ClearEdge Power

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

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

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

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

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

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

On May 22, 2014, the U.S. Trustee for Region 17 appointed five
creditors to serve in the Committee.  The Committee has hired
Brown Rudnick as Counsel and Teneo Securities as financial
advisors.


CLEAREDGE POWER: Defends Employee Incentive Program
---------------------------------------------------
ClearEdge Power, Inc., seeks to establish a key employee incentive
program which the United States Trustee duly objected.  ClearEdge
argues that in order to preserve the assets of the company, the
remaining employees retained should be given an increase in their
salary because they will be performing tasks outside of their
normal function. This was the reason why ClearEdge granted a 35%
raise in the salaries of the employees prior to the filing of the
bankruptcy case.  Further, the key employee incentive program is
not designed to induce insiders or any employees to remain with
the business. Instead, it a cost-effective plan designed to obtain
the results needed.

Terms of the Key Employee Incentive Program were reported by the
Troubled Company Reporter on July 14, 2014.

                      About ClearEdge Power

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

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

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

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

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

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

On May 22, 2014, the U.S. Trustee for Region 17 appointed five
creditors to serve in the Committee.  The Committee has hired
Brown Rudnick as Counsel and Teneo Securities as financial
advisors.


COLT DEFENSE: Lenders Waive Three Upcoming Debt Payments
--------------------------------------------------------
Stephanie Gleason, writing for Daily Bankruptcy Review, reported
that firearms manufacturer Colt Defense LLC's lender has waived
three upcoming debt payments, the company announced and added that
that it overstated its margins in 2013 by $2.7 million.

                         *     *     *

The Troubled Company Reporter, on July 19, 2013, reported that
Moody's Investors Service affirmed Colt Defense LLC's Caa1
Corporate Family Rating and Caa1-PD Probability of Default
Ratings. Concurrently, the company's $250 million senior unsecured
notes due 2017 rating was lowered to Caa2 from Caa1 due to the
additional secured debt incurred to finance the acquisition of New
Colt Holding Corp., the parent company of Colt's Manufacturing
Company LLC. CMC is a manufacturer of firearms for the civilian
and sporting markets. Colt's Speculative Grade Liquidity rating
was also lowered to SGL-3 from SGL-2, reflecting an adequate
liquidity profile. The ratings outlook was changed to stable from
negative.

Standard & Poor's Ratings Services affirmed its 'CCC+' corporate
credit rating on Connecticut-based Colt Defense LLC, and revised
the outlook to negative from stable, the TCR also reported on
July 19, 2013.  S&P also lowered the rating on the company's
$250 million senior notes to 'CCC-' from 'CCC' and revised its
recovery rating on the notes to '6' from '5'.  The '6' recovery
rating indicates S&P's expectation of negligible (0%-10%) recovery
in a payment default scenario.


COMDISCO HOLDING: Reports Fiscal 3rd Qtr. Financial Results
-----------------------------------------------------------
Comdisco Holding Company, Inc. on Aug. 12 reported financial
results for its fiscal third quarter ended June 30, 2014.
Comdisco emerged from Chapter 11 bankruptcy proceedings on
August 12, 2002, and under its Plan of Reorganization, its
business purpose is limited to the orderly sale or run-off of all
its remaining assets.

Operating Results: For the quarter ended June 30, 2014, Comdisco
reported net earnings of approximately $633,000, or $0.16 per
common share (basic and diluted).  The net earnings were driven by
bad debt recoveries and the reduction in the CDR liability during
the quarter ended June 30, 2014.  The per share results for
Comdisco were based on 4,028,951 shares of common stock
outstanding on June 30, 2014.

For the quarter ended June 30, 2014, total revenue was
approximately $11,000 as compared to approximately $7,000 for the
quarter ended June 30, 2013.  Net cash provided by operating
activities was approximately $887,000 for the nine months ended
June 30, 2014 as a result of the receipt of equity investment
proceeds, an income tax refund from Canada, and bad debt
recoveries, offset partially by payment of selling, general and
administrative expenses, a Canadian withholding tax payment, and
U.S. tax payments.

Total assets were approximately $37,956,000 as of June 30, 2014,
including approximately $32,526,000 of unrestricted cash, compared
to total assets of approximately $38,304,000 as of September 30,
2013, including approximately $32,011,000 of unrestricted cash and
short-term investments.  The increase in unrestricted cash and
short-term investments was primarily a result of equity investment
proceeds, bad debt recoveries and an income tax refund from Canada
received during the nine months ended June 30, 2014 which was
partially offset by payment of selling, general and administrative
expenses, a Canadian withholding tax payment, and U.S. tax
payments made during the period.

As a result of bankruptcy restructuring transactions, the adoption
of fresh-start reporting and multiple asset sales, Comdisco's
financial results are not comparable to those of its predecessor
company, Comdisco, Inc.

                         About Comdisco

Comdisco emerged from Chapter 11 bankruptcy proceedings on
August 12, 2002.  The purpose of reorganized Comdisco is to sell,
collect or otherwise reduce to money in an orderly manner the
remaining assets of the corporation.  Pursuant to the Plan and
restrictions contained in its certificate of incorporation,
Comdisco is specifically prohibited from engaging in any business
activities inconsistent with its limited business purpose.
Accordingly, within the next few years, it is anticipated that
Comdisco will have reduced all of its assets to cash and made
distributions of all available cash to holders of its common stock
and contingent distribution rights in the manner and priorities
set forth in the Plan.  At that point, the company will cease
operations.  The company filed on August 12, 2004 a Certificate of
Dissolution with the Secretary of State of the State of Delaware
to formally extinguish Comdisco Holding Company, Inc.'s corporate
existence with the State of Delaware except for the purpose of
completing the wind-down contemplated by the Plan.


COMMUNITY HOME: Vantium Capital Approved as Loan Servicer
---------------------------------------------------------
Kristina M. Johnson, the Chapter 11 trustee of Community Home
Financial Services, Inc. sought and obtained permission from the
Hon. Edward Ellington of the U.S. Bankruptcy Court for the
Southern District of Mississippi to employ Vantium Capital, Inc.
dba Acqura Loan Services as loan servicing company and to
establish settlement authority.

The Chapter 11 Trustee retains Vantium Capital to assist in
servicing the Debtor's mortgage portfolio substantially according
to the terms and conditions of the Residential Mortgage Special
Servicing Agreement between the Trustee and Vantium Capital.

Vantium Capital's duties will include, but not limited to:

   (a) collecting payments and depositing those payments into the
       U.S. Trustee-approved accounts and remitting net amounts to
       the Trustee on a monthly basis;

   (b) providing reports of payments received; and

   (c) interacting with borrowers.

The Trustee proposes to compensate Vantium Capital according to
the following schedule:

   -- Electronic Boarding: $25, (including dormant loans);

   -- Deboarding/Transfer: $25, except no de-board fee if Vantium
      terminates or if upon negligence or breach of contract by
      the Trustee or for Loans Charged Off with No Further Action
      shall be $12.50 per loan;

   -- Interim Accounting Work: $35 per loan, one-time fee;

   -- Administrative Fee: If a borrower documents payments that
      were not recorded, Vantium will receive a one-time payment
      of $40 per loan for the additional work required to follow
      up with borrower, update system of record and send
      confirmation to borrower.  Vantium may use its reasonable
      business judgment in determining what constitutes proper
      documentation of payments;

   -- Performing Loans:

      - Base Fees - 10% of payments collected, up to $50 per loan
        with a floor of $20 per loan, 50% of late fees,

      - Additional Fees - Bankruptcy and Foreclosure loans -
        onetime payment of $100 in addition to the Base Fee,

   -- Dormant Loans:

      - Base Fees - $7.50 per loan, per month,

      - Additional Fees - Bankruptcy - onetime payment of $100 in
        addition to the Base Fee,

      - Activation Bonus - For each loan that had not paid within
        3 months of the last CHFS report to EFP/BHT and those that
        cannot document payment since September 2013, Vantium will
        receive an activation bonus of the lesser of $300 or 1.5%
        of principal balance for those it receives at least 3 P&I
        payments, in addition to the monthly Base Fee.

Alan Sercy, executive vice president of Vantium Capital, 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.

Vantium Capital can be reached at:

     Jodi Blanton
     ACQURA LOAN SERVICES
     7668 Warren Parkway, Suite 325
     Frisco, TX 75034
     Tel: (866) 715-6199
     Fax: (888) 641-3040

                     About Community Home

Community Home Financial Services, Inc., filed a Chapter 11
petition (Bankr. S.D. Miss. Case No. 12-01703) on May 23, 2012.
Community Home Financial is a specialty finance company located in
Jackson, Mississippi, providing contractors with financing for
their customers.  CHFS operates from one central location
providing financing through its dealer network throughout 25
states, Alabama, Delaware, and Tennessee.  The Debtor scheduled
$44,890,581 in total assets and $30,270,271 in total liabilities.
Judge Edward Ellington presides over the case.

The Debtor was first represented by Roy H. Liddell, Esq., and
Jonathan Bissette, Esq., at Wells, Marble, & Hurst, PPLC as
Chapter 11 counsel.  Wells Marble was terminated Nov. 13, 2013.
The Debtor is now being represented by Derek A. Henderson, Esq.,
in Jackson, Miss.  In 2013, the Debtor sought to employ David
Mullin, Esq., at Mullin Hoard & Brown LLP, as special counsel.

On Aug. 8, 2013, the Court approved the Disclosure Statement
explaining the Debtor's Plan of Reorganization dated Jan. 29,
2013.


CORALVILLE, IA: Moody's Affirms Ba1 Annual Appropriation Rating
---------------------------------------------------------------
Moody's Investors Service has affirmed the City of Coralville,
IA's Baa2 general obligation (GO) and Ba1 annual appropriation
ratings, as well as its Baa2 water revenue rating and Baa2 sewer
revenue issuer rating. Coralville has outstanding $88.5 million of
long term general obligation unlimited tax debt, $151.5 million of
annual appropriation debt, $2.4 million of water revenue debt and
$8.7 million of sewer revenue debt (unrated). The outlook on all
ratings is negative.

Summary Rating Rationale

The Baa2 GO rating reflects the city's markedly elevated debt
burden and highly leveraged TIF districts, with only limited
financial cushion to shield against future stress. It additionally
reflects the city's substantial contingent liabilities, given its
ownership of a hotel, golf course, performing arts center, and
brewery. The rating also incorporates the city's strong regional
economy with above average socioeconomic indices and ongoing
growth in property valuations, as well as its moderate unfunded
pension liabilities.

The Ba1 rating on the city's outstanding annual appropriation debt
is notched twice off the city's Baa2 GO rating. The city's annual
appropriation debt consists of annual appropriation certificates
of participation (COPs) and annual appropriation tax increment
financing (TIF) debt, as well as its GO annual appropriation
bonds. On the latter, the GO pledge only applies to the amount
appropriated for debt service each year. For all annual
appropriation debt, the two notch distinction from the city's GO
rating reflects the risk of non-appropriation as well as the lack
of pledged assets and/or non-essential nature of the financed
projects. The rating additionally incorporates the reputational
risk that the city would incur if it did not appropriate to pay
the bonds in any year, a factor Moody's believe is especially
critical to management given the city's frequent borrowings that
require regular access to the capital markets.

The Baa2 senior lien water revenue rating and Baa2 sewer revenue
issuer rating primarily reflect both systems' interrelationship
with the city. The utilities are open loop systems, allowing for
transfers and loans to and from the city's other funds. Interfund
loans made to the city have reduced the systems' unrestricted
liquidity to nearly zero in fiscal 2013. The Baa2 rating
additionally reflects the modestly-sized systems' stable but
concentrated customer bases, adequate history of operations, and
satisfactory legal covenants.

The negative outlook on all ratings reflects Moody's expectation
that the city will continue to have an outsized debt burden
relative to its tax base size and available liquidity. Moody's
note, however, that the city recently began efforts to reduce its
debt burden, divest itself of non-essential property and
institutionalize fiscal and debt management policies. City
management is in the early stage of this process. Going forward,
advancement in these efforts have the potential to positively
impact the city's credit quality.

Strengths

-- Stable economy benefitting from favorable location adjacent
    to Iowa City (Aaa) and University of Iowa (revenue debt rated
    Aa1/stable outlook)

-- Continued growth in tax base value, including 10% growth in
    2013

-- Recent reduction in debt burden, including the amount of
    short-term debt outstanding

-- Recent early efforts to divest itself of non-essential
    property and institutionalize fiscal and debt management
    policies.

Challenges

-- Substantially leveraged tax base

-- Limited liquidity throughout all city funds

-- Outsized annual debt service expenditures relative to the
    city's annual operating budget and unrestricted liquidity

-- Elevated enterprise risk exposure through ownership of
    various non-essential enterprises, including an
    underperforming city-owned hotel

-- Urban renewal areas and hotel enterprise may require debt
    restructuring, triggering market access risk

Outlook

The negative outlook on all ratings reflects Moody's expectation
that the city will continue to have an outsized debt burden and
significant exposure to enterprise risk relative to its tax base
size and available liquidity. Moody's note, however, that the city
has undergone early efforts to reduce its debt burden, divest
itself of non-essential property and institutionalize fiscal and
debt management policies. Going forward, advancement in these
efforts have the potential to positively impact the city's credit
quality.

What could change the rating -- UP
(or removal of the negative outlook)

-- Sizeable reduction in the city's debt burden

-- Reduction in enterprise risk, through material and sustained
    improvements operations of existing enterprises and/or a
    reduction in the city's stake in the enterprises

-- Development of financial and debt management policies

-- Substantially improved liquidity, providing adequate
    financial cushion relative to the size of the city's annual
    debt service

What could change the rating -- DOWN

-- Narrowing of city's liquidity position

-- Further leveraging of the city's tax base through growth in
    the debt burden

-- Continued reliance on one-time solutions to cover debt
    service obligations

-- Increased involvement in enterprises that are non-essential
    to municipal operations

Principal Methodologies

The principal methodology used in the general obligation rating
was US Local Government General Obligation Debt published in
January 2014. The principal methodology used in the lease-backed
rating was The Fundamentals of Credit Analysis for Lease-Backed
Municipal Obligations published in December 2011. The principal
methodology used in the water and sewer rating was Analytical
Framework For Water And Sewer System Ratings published in August
1999.


CORINTHIAN COLLEGES: Likely Needs More Cash to Sell Colleges
------------------------------------------------------------
Stephanie Gleason, writing for Daily Bankruptcy Review, reported
that for-profit education company Corinthian Colleges Inc. will
likely need to raise more money in order to complete its plan to
sell the majority of its Everest, WyoTech and Heald campuses
during the next six months, the company said.  According to the
report, Corinthian recently received access to some $51 million in
federal student loan funding from the Department of Education in
exchange for a plan that will ultimately dissolve the company by
selling most of its schools and winding down others.


DDR CORP: S&P Raises Corp. Credit Rating From 'BB+'
---------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on DDR Corp. to 'BBB-' from 'BB+'.  The outlook is stable.

"In addition, we raised our issue-level ratings on the company's
preferred shares to 'BB' from 'B+'.  The senior unsecured ratings
remain unchanged at 'BBB-', because we do not perform a recovery
analysis or notch up issue-level ratings of investment-grade
companies," S&P said.

"The upgrade reflects DDR's efforts to improve the quality of its
portfolio and reduce risks to the business by continuing to
dispose of noncore and non-income producing assets while slowly
strengthening leverage and coverage measures," said Standard &
Poor's credit analyst Matthew Lynam.  S&P expects that stable
demand and tight supply for retail space will drive growth, with
fixed-charge coverage meeting or exceeding our previous forecast
of 2.2x by year-end 2014.

S&P now views DDR's financial risk profile as "intermediate," up
from the previous assessment of "significant".  Improvement in the
company's credit measures has been slow but steady; EBITDA
generation has increased but management has been reluctant to
issue dilutive equity for debt repayment.  However, fixed-charge
coverage is now comfortably above 2.1x and debt (including
preferred shares) to undepreciated capital was approximately 51%
on June 30, 2014.  The company's weighted-average maturity was 4.3
years and weighted average interest rate was 4.72% at the end of
the second quarter 2014.  Following the second-quarter 2014
redemption of $55 million 7.375% Class H preferred shares and the
July 2014 repayment of the $304 million secured term asset-backed
securities loan facility (TALF) loan at 4.23%, S&P expects
additional opportunities for reductions to fixed charges through
future debt refinancings over the next two years.  The
unencumbered asset pool has also grown, with secured debt to total
assets declining to 16% from 19% pro forma for the secured TALF
loan repayment.  S&P estimates that the percentage of net
operating income from unencumbered assets is comfortably in excess
of our 50% notching threshold.

S&P views DDR's business risk profile as "satisfactory," supported
by a well-occupied, $10 billion undepreciated asset base of retail
strip centers.  DDR has been successful in repositioning it
portfolio to enhance the company's focus on fewer, but higher
barrier markets with stronger demographics and above-average
growth prospects.  The company has steadily disposed of noncore
and non-income producing assets over the past several years, and
S&P views the second-quarter sale of its 50% ownership interest in
Sonae Sierra Brazil for $344 million as further progress in
simplifying its strategy.

The stable outlook reflects S&P's expectation that stable demand
and tight supply for retail space will continue to drive strong
operating performance.  S&P believes credit measures will continue
to improve at a slow and steady pace.

S&P would consider raising the rating by one notch if its
projections for future EBITDA growth and equity issuance prove
conservative, such that DDR's credit measures improve to levels
closer to those of higher-rated retail REIT peers (fixed-charge
coverage in the mid-2x area and Standard & Poor's calculated debt
to EBITDA below 7x).

S&P could lower the rating by one or more notches if the company's
improving credit measures reverse course, such that fixed-charge
coverage falls below 2.1x, or if development exposure becomes
overly aggressive.


DEAN FOODS: Fitch Affirms 'BB-' IDR & Revises Outlook to Negative
-----------------------------------------------------------------
Fitch Ratings has affirmed the following ratings of Dean Foods Co.
(Dean; NYSE: DF) and Dean Holding Co.:

Dean Foods Company (Parent)

   -- Long-term Issuer Default Rating (IDR) at 'BB-';
   -- Secured bank credit facility at 'BB+';
   -- Senior unsecured notes at 'BB-'.

Dean Holding Company (Operating Subsidiary)

   -- Long-term IDR at 'BB-';
   -- Senior unsecured notes at 'BB-'.

The Rating Outlook is revised to Negative from Stable.

Key Rating Drivers

Negative Outlook Reflects High Near Term Leverage and Negative
FCF: The Negative Outlook reflects Dean's recently elevated
leverage and expectations that it will continue to rise in the
near term, based on the company's need for further covenant relief
discussed below.  In addition, Fitch estimates that free cash flow
(FCF; cash flow from operations less capital expenditures and
dividends) could be negative for the year due to severe earnings
pressure.  The timing and magnitude of earnings and FCF
improvement will be key to determining if Dean can return to
sustainable leverage appropriate for the current ratings.
Currently, Fitch's view is that Dean can return to moderate
leverage and positive FCF after 2014, as long as milk input costs
moderate.  Total debt to EBITDA was 3.9x for the latest 12 months
ended June 30, 2014, funds from operations (FFO) adjusted leverage
was 7.0x, and operating EBITDA to gross interest expense was 3.1x.
Due to Dean's high level of operating leases as a stand-alone
company, total adjusted debt to operating EBITDAR is also an
important leverage metric, which was 5.2x for the latest 12
months.  Leases are primarily for machinery, equipment and
vehicles, including Dean's distribution fleet.

Further Amending Leverage Covenants: In June 2014, Dean amended
its secured credit facility and accounts receivables
securitization facility to raise its maximum consolidated net
leverage ratio to 4.00x for the four quarters ending in the second
and third quarter of 2014 before reverting to 3.50x in the fourth
quarter of 2014 and thereafter.  While Dean's leverage for the
covenant is in this range for the second quarter at 3.61x, the
company is expecting higher leverage in the near term.  Later this
month Dean plans to amend the total leverage ratio in both
facilities significantly upward to 5.25x for the third and fourth
quarter of 2014, 5.00x for the first quarter of 2015, 4.50x for
the second quarter of 2015, and 4.00x in the third quarter of 2015
and thereafter.  The net leverage covenant cushion could be
somewhat tight in 2014 before reaching a more comfortable cushion
in 2015.  This amendment also adds a maximum senior secured net
leverage ratio of 2.50x, which Fitch believes will have ample
cushion.

Limited Diversification, Earnings Volatility, Low Margins: Dean
has limited diversification following the spinoff of its higher
margin and faster growing WhiteWave (WWAV) and divestiture of
Morningstar in 2012 and 2013.  The company's remaining operations
largely consist of processing and marketing fresh fluid milk,
which represented 73% of Dean's product mix during 2013.  Dean
also produces ice cream, cultured dairy products, juices, and
teas.  Dean's current ratings incorporate Fitch's view that the
company's normalized EBITDA margin is in the low to mid-single-
digit range, and earnings and cash flow exhibit volatility.
Ratings also consider the fundamental challenges faced by the
fluid milk industry, which has significant excess capacity, volume
declines, and high levels of competition.  The dairy industry also
remains highly sensitive to volatile raw milk prices.  Fitch
factors Dean's historical success at reducing costs into the
ratings, and views the continued rationalization of processing
operations as necessary given excess capacity and declining
demand.

Class I Milk Prices Remain Stubbornly High: Dean's near-term
challenges include category volume declines that have accelerated
recently to approximately the 4% level from 2% historically,
record and near-record high milk prices and elevated per unit
costs due to capacity reductions lagging lower volumes.  In
addition, rising butterfat cost has exacerbated Dean's margin
pressure across Class II products such as ice cream.  Prices for
conventional raw milk increased during the back half of 2013 and,
on average, were approximately 8% higher during 2013 compared to
2012.  Prices continued to rise to record levels during the first
half of 2014, reaching $24.47 per hundredweight (cwt) for Class I
milk in May 2014. Class I prices have remained high, and are
$23.87/cwt in August, which is the second highest price on record
and 26% above the year ago level.  Earlier this year, strong
global demand for whole milk powder, particularly in the Chinese
market, along with production shortfalls in key regions, were
drivers of the elevated global milk prices.  The dairy commodity
environment continues to be very difficult.  Recently, rising
butterfat costs have kept Class I milk prices stubbornly high.
Dean and Fitch had anticipated that Class I prices would have
fallen by now, given that international milk production has
improved and international dairy prices have fallen.  Also, the
U.S. Department of Agriculture forecasts about 3% supply growth in
2014.  However, the break that Dean is seeking from record high
milk prices now appears to be pushed off until late 2014 or 2015,
and even that timing is uncertain given that input prices have not
reacted to the increased production.

EBITDA Declines, Near Term FCF Dissipates: Fitch has brought down
its EBITDA expectations for Dean but still anticipates Dean can
generate more than $300 million EBITDA during most years.
Clearly, 2014 EBITDA will be well below this level due to high
input costs that are passed through on a lagged basis and will not
be fully passed on due to volume declines and Dean's concerns
about not exceeding certain retail price points.  The company
withdrew its earnings guidance for 2014 given the lack of earnings
visibility beyond the very near term.  Dean's FCF was negative
$491.8 million in 2013 primarily due to cash taxes related to the
divestiture of Morningstar and other one-time items.  Given lower
cash interest expense and reduced capital expenditures, partially
offset by the company's new $26 million annual dividend, Fitch
believes Dean can generate annual FCF of at least $50 million to
$100 million in a normal environment.  However, Fitch believes
Dean will be unlikely to generate positive FCF in 2014 even with
reduced capital expenditures guidance at the low end of $150
million to $175 million.  This compares with the company's initial
guidance of approximately $125 million FCF in 2014.

Good Liquidity: Dean's liquidity is supported by $59.8 million
cash and $736.2 million available on the company's credit
facilities, which include a $750 million secured revolver expiring
July 2, 2018 and a $550 million accounts-receivable securitization
facility through June 12, 2017.  Included in the availability
above, at June 30, 2014 there was $698.5 million available under
the revolver and $37.7 million remaining available borrowing
capacity under the receivables backed facility.  Dean's next
significant debt maturity is $476 million of 7% notes due June 1,
2016.

Rating Sensitivities

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

   -- Total debt-to-operating EBITDA sustained above the 3.5x
      range, which equates to total adjusted debt to operating
      EBITDAR above the 4.5x range, due to a material increase in
      debt and/or EBITDA decline for a prolonged period,
      potentially related to sustained high Class I milk prices
      and the inability to effectively pass through high raw milk
      prices in a timely manner;

   -- Expectations for multiple years of minimal or negative FCF
      generation due to weak operating earnings and sustained
      acceleration of volume declines due to a contraction in milk
      consumption and/or loss a major customer could also support
      negative rating actions.

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

   -- A positive rating action is not anticipated in the near-to
      intermediate term, and any positive rating action is likely
      to be limited to within the 'BB' category;

   -- Total debt-to-operating EBITDA consistently in the low 2.0x
      range, which equates to total adjusted debt to operating
      EBITDAR consistently in the low 3.0x range, due to
      materially higher EBITDA and/or stable-to-declining debt
      levels could lead to a positive rating action;

   -- Sustainable annual FCF of approximately $100 million or
      greater, elimination of additional fixed costs, absence of
      significant volume declines and the maintenance of market
      share would also be required for further upgrades;

   -- Further diversification could also be positive for the
      ratings.


DIOCESE OF GALLUP: Seeks More Time to Reach Deal With Victims
-------------------------------------------------------------
Tom Corrigan, writing for Daily Bankruptcy Review, reported that
the Roman Catholic Diocese of Gallup, N.M., has asked a federal
judge for an additional eight months under bankruptcy-court
protection to continue negotiations with more than 100 individuals
who allege they were sexually abused by clergy members.  According
to the report, the church's exclusivity period, during which
sexual-abuse claimants or others are barred from filing their own
reorganization proposals, is set to expire Sept. 8.

                  About the Diocese of Gallup, NM

The Diocese of Gallup, New Mexico, principally encompasses
American Indian reservations for seven tribes in northwestern New
Mexico and northeastern Arizona. It is the poorest diocese in the
U.S.

There are 38 active priests working in the Diocese and 27
permanent deacons also serve the Diocese along with five
seminarians.  The Diocese and its missions, schools and ministries
employ approximately 50 people, and a significant number of
additional people offer their services as volunteers.

The diocese sought bankruptcy protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. N.M. Case No. 13-bk-13676) on Nov. 12,
2013, in Albuquerque, New Mexico amid suits for sexual abuse
committed by priests.

The bishop previously said bankruptcy will be "the most merciful
and equitable way for the diocese to address its responsibility."

The abuse mostly occurred in the 1950s and early 1960s, the bishop
said.

The petition shows assets and debt both less than $1 million.

The Diocese of Gallup is the ninth Catholic diocese to seek
protection in Chapter 11 bankruptcy.


EAGLE BULK SHIPPING: Section 341(a) Meeting Set on Sept. 30
-----------------------------------------------------------
Tyson Lomazow on behalf of Eagle Bulk Shipping Inc. filed with the
Court a notice of meeting of creditors pursuant to Section 341(a)
of the Bankruptcy Code.  That meeting will be held on
Sept. 30, 2014, at 2:30 p.m. at 80 Broad St., 4th Floor, USTM.

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

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

                     About Eagle Bulk Shipping

With headquarters in New York, Eagle Bulk Shipping Inc. (Nasdaq:
EGLE) claims to be a leading provider of ocean-borne
transportation services for a broad range of major and minor "dry
bulk" cargoes, including iron ore, coal, grain, cement, and
fertilizer, along worldwide shipping routes.  Each of Eagle's 45
vessels is flagged in the Marshall Islands and owned by a separate
wholly-owned subsidiary organized as a limited liability company
under the Marshall Islands.

On Aug. 6, 2014, Eagle Bulk entered into a restructuring support
agreement with certain of its lenders regarding the terms of a
balance sheet restructuring that will reduce debt by $975 million.

To implement the restructuring, Eagle Bulk, the parent company,
commenced a voluntary "prepackaged" chapter 11 case (Bankr.
S.D.N.Y. Case No. No. 14-12303).  The case has been assigned to
the Honorable Sean H. Lane.  The Chapter 11 filing does not
include any of Eagle Bulk's operating or management subsidiaries.
The Company estimated $850 million to $950 million in assets and
debt of $1.21 billion as of the Petition Date.

The Company has tapped Milbank, Tweed, Hadley & McCloy LLP as
general bankruptcy counsel, Moelis & Company as financial advisor
and investment banking advisor, Alvarez & Marsal as restructuring
advisors, and PricewaterhouseCoopers LLP as its accountant and
auditor.  Eagle Bulk's claims, noticing and administrative agent
is Kurtzman Carson Consultants.


ENERGY FOCUS: Closes Public Offering of Common Stock
----------------------------------------------------
Energy Focus, Inc. on Aug. 11 announced the closing of its public
offering of 1,351,250 shares of its common stock at a public
offering price of $4.50 per share, which includes the additional
176,250 shares of common stock that the underwriters elected to
purchase pursuant to their overallotment option.

The Company's common stock began trading on The NASDAQ Capital
Market on August 7, 2014 under the symbol EFOI.

Roth Capital Partners acted as sole book-running manager for the
offering.  Northland Securities, Inc. and BTIG, LLC acted as co-
managers.

A registration statement relating to these shares was filed with
the Securities and Exchange Commission on May 21, 2014, as amended
on July 22, 2014, July 25, 2014, and August 4, 2014, and became
effective on August 5, 2014.

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these shares in any state in which such offer, solicitation or
sale would be unlawful, prior to registration or qualification
under the securities laws of any state.  Copies of the final
prospectus related to the offering may be obtained by contacting
Roth Capital Partners, 888 San Clemente Drive, Newport Beach,
California 92660 or rothecm@roth.com Northland Securities, 45 S.
7th St, Suite 2000, Minneapolis, Minnesota 55402, BTIG, 825 Third
Avenue, 6th Floor, New York, New York 10022 or by accessing the
SEC's website, www.sec.gov

                    About Energy Focus, Inc.

Solon, Ohio-based Energy Focus, Inc. (OTC QB: EFOI) and its
subsidiaries engage in the design, development, manufacturing,
marketing, and installation of energy-efficient lighting systems
and solutions.

                       Going Concern Doubt

Energy Focus, Inc., filed its quarterly report on Form 10-Q,
disclosing a net loss of $4.07 million on $4.92 million of net
sales for the three months ended March 31, 2014, compared with a
net loss of $1.43 million on $4.46 million of net sales for the
same period in 2013.

The Company's balance sheet at March 31, 2014, showed $10.44
million in total assets, $5.32 million in total liabilities, and
stockholders' equity of $5.12 million.

The Company's independent public accounting firm has issued an
opinion in connection with the company's 2013 Annual Report on
Form 10-K raising substantial doubt as to its ability to continue
as a going concern.


ENERGY FUTURE: Creditors Want Answers From IRS on Restructuring
---------------------------------------------------------------
Peg Brickley, writing for Daily Bankruptcy Review, reported that
creditors threatened with big losses in Energy Future Holdings
Corp.'s bankruptcy case are demanding answers about the tax issues
they say are driving the big Dallas power-seller's strategy for
restructuring its $42 billion debt load.  The report related that
creditor attorney Edward Weisfelner said, "things we've heard
around the proverbial water cooler" indicate the company has some
responses, or partial responses, from the Internal Revenue Service
about whether a crucial element of Energy Future's restructuring
strategy will pass muster.

            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.


EVERYWARE GLOBAL: Loan Amendment No Impact on Moody's Caa1 Rating
-----------------------------------------------------------------
Moody's Investors Service said that EveryWare's (Caa1, negative)
July 30 term loan amendment, which materially amended its
covenants going forward and waived the events of default resulting
from Q1 and Q2 2014 covenant breaches, and $20 million equity
investment by Monomoy Capital Partners, are credit positive but
have no impact on the company's ratings or outlook.

EveryWare Global Inc. sells tableware, including glasses, dishes,
eating utensils, and cookware, primarily to the mass retail and
foodservice industries. The company's portfolio of brands includes
Anchor, Oneida, Sant'Andrea, St"lzle, Spiegelau, Viners, and
Buffalo China. EveryWare is publicly traded but majority-owned by
private equity firm Monomoy Capital Partners. Net sales for the
twelve months ended March 31, 2014 were approximately $440
million.


EXIDE TECHNOLOGIES: Premium Financing Deal With AFCO Okayed
-----------------------------------------------------------
Exide Technologies obtained approval from the Delaware Bankruptcy
Court to enter into a premium financing agreement with AFCO Credit
Corporation, and to pay all sums due to AFCO due under that deal.

Exide is also authorized to grant AFCO a first priority security
interest in unearned premiums and dividends which may become
payable under the financed insuranced policies for whatever
reason, and loss payments which reduced the unearned premiums,
subject to any mortgage or loss payee interests.

In the event Exide defaults under the PFA, AFCO may exercise its
rights under state law to cancel all insurance policies listed on
the PFA and receive and apply all unearned insurance premiums to
the Debtor's account, subject to 10 days' notice to counsel to the
parties-in-interest in the case.

As reported by the Troubled Company Reporter on July 17, 2014, the
PFA will allow the Debtor to finance premiums associated with its
Financed Insurance Policies.  The amount to be financed under the
new PFA is $473,488, which will have an interest rate of 3.215%.

According to the report, Exide will make 8 installment payments
beginning on Aug. 1, 2014, with the last payment being on March 1,
2015.  To secure its obligations under the new PFA, the Debtor
will grant AFCO a security interest in: (a) any and all unearned
premiums and dividends which may become payable under the Financed
Insurance Policies; (b) loss payments which reduce unearned
premiums, subject to any mortgagee or loss payee interests; and
(c) any interest in any state guarantee fund relating to any
Financed Insurance Policy.

AFCO may cancel the Financed Insurance Policies on the Debtor's
failure to make payment when due.

Finance Charge under the new PFA is $5,725.48.

                    About Exide Technologies

Headquartered in Princeton, New Jersey, Exide Technologies
(NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and
distributes lead acid batteries and other related electrical
energy storage products.

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

Exide returned to Chapter 11 bankruptcy (Bankr. D. Del. Case No.
13-11482) on June 10, 2013.  Exide disclosed $1.89 billion in
assets and $1.14 billion in liabilities as of March 31, 2013.

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

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

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

Robert J. Keach of the law firm Bernstein Shur as fee examiner has
been appointed as fee examiner.  He has hired his own firm as
counsel.

                         *     *     *

Exide related in a June 30, 2014 press release that it received a
non-binding proposal for a Plan of Reorganization (POR) from the
Unofficial Committee of Senior Secured Noteholders (UNC).  The UNC
members hold a substantial majority of the Company's Debtor-in-
Possession (DIP) facility term loan and prepetition senior secured
notes.  The UNC proposal contemplates, among other things, an
investment of $300 million in new equity capital backstopped by
certain members of the UNC.  The Debtor says the proposal is
highly constructive and is the likely path it will follow in order
to emerge from chapter 11.


FIRST NATIONAL: Posts $6.6 Million Net Income in 2nd Quarter
------------------------------------------------------------
First National Community Bancorp, Inc., filed with the U.S.
Securities and Exchange Commission its quarterly report on Form
10-Q disclosing net income of $6.58 million on $8.21 million of
total interest income for the three months ended June 30, 2014, as
compared with net income of $720,000 on $8.16 million of total
interest income for the same period in 2013.

For the six months ended June 30, 2014, the Company reported net
income of $10.09 million on $16.34 million of total interest
income as compared with net income of $2.45 million on $16.37
million of total interest income for the same period last year.

As of June 30, 2014, the Company had $957.87 million in total
assets, $908.66 million in total liabilities and $49.20 million in
total shareholders' equity.

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

                         http://is.gd/sQDNUU

                         About First National

Headquartered in Dunmore, Pa., First National Community Bancorp,
Inc., is a Pennsylvania corporation, incorporated in 1997 and is
registered as a bank holding company under the Bank Holding
Company Act ("BHCA") of 1956, as amended.  The Company became an
active bank holding company on July 1, 1998, when it acquired
ownership of First National Community Bank (the "Bank").  The Bank
is a wholly-owned subsidiary of the Company.

The Company's primary activity consists of owning and operating
the Bank, which provides customary retail and commercial banking
services to individuals and businesses.  The Bank provides
practically all of the Company's earnings as a result of its
banking services.

First National reported net income of $6.38 million on $32.95
million of total interest income for the year ended Dec. 31, 2013,
as compared with a net loss of $13.71 million on $37.02 million of
total interest income for the year ended Dec. 31, 2012.

                         Regulatory Matters

The Bank is under a Consent Order from the Office of the
Comptroller of the Currency dated Sept. 1, 2010.  The Company is
also subject to a Written Agreement with the Federal Reserve Bank
of Philadelphia dated Nov. 24, 2010.

The Bank, pursuant to a Stipulation and Consent to the Issuance of
a Consent Order dated Sept. 1, 2010, without admitting or denying
any wrongdoing, consented and agreed to the issuance of the Order
by the OCC, the Bank's primary regulator.  The Order requires the
Bank to undertake certain actions within designated timeframes,
and to operate in compliance with the provisions thereof during
its term.  The Order is based on the results of an examination of
the Bank as of March 31, 2009.  Since the examination, management
has engaged in ongoing discussions with the OCC and has taken
steps to improve the condition, policies and procedures of the
Bank.  Compliance with the Order is monitored by a committee of at
least three directors, none of whom is an employee or controlling
shareholder of the Bank or its affiliates or a family member of
any such person.  The Committee is required to submit written
progress reports to the OCC on a monthly basis.  The Committee has
submitted each of the required monthly progress reports with the
OCC.  The members of the Committee are John P. Moses, Joseph
Coccia, Joseph J. Gentile and Thomas J. Melone.


GENCO SHIPPING: Delays Filing of Second Quarter Financial Report
----------------------------------------------------------------
Genco Shipping & Trading Limited filed a Notification of Late
Filing on Form 12b-25 with the U.S. Securities and Exchange
Commission with respect to its quarterly report on Form 10-Q for
the period ended June 30, 2014.

The Company and its subsidiaries other than Baltic Trading Limited
and its subsidiaries previously filed voluntary petitions for
relief under Chapter 11 of the United States Bankruptcy Code in
the United States Bankruptcy Court for the Southern District of
New York and emerged from Chapter 11 on July 9, 2014.

"Due to the demands associated with the Chapter 11 Cases, the
Company's emergence from Chapter 11, and related activities,
despite diligent efforts, the Company has been unable to complete
the preparation, review, and filing of its Quarterly Report on
Form 10-Q within the prescribed time period without unreasonable
effort and expense," the Company stated.

The Company anticipates filing its Quarterly Report within the
extension period.

                  About Genco Shipping & Trading

New York-based Genco Shipping & Trading Limited (NYSE: GNK)
transports iron ore, coal, grain, steel products and other drybulk
cargoes along worldwide shipping routes.  Excluding Baltic Trading
Limited's fleet, Genco Shipping owns a fleet of 53 drybulk
vessels, consisting of nine Capesize, eight Panamax, 17 Supramax,
six Handymax and 13 Handysize vessels, with an aggregate carrying
capacity of approximately 3,810,000 dwt.  In addition, Genco
Shipping's subsidiary Baltic Trading Limited currently owns a
fleet of 13 drybulk vessels, consisting of four Capesize, four
Supramax, and five Handysize vessels.

Genco Shipping & Trading sought bankruptcy protection (Bankr.
S.D.N.Y. Lead Case No. 14-11108) on April 21, 2014, to implement a
prepackaged financial restructuring that is expected to reduce the
Company's total debt by $1.2 billion and enhance its financial
flexibility.  The company's subsidiaries other than Baltic Trading
Limited (and related entities) also sought bankruptcy protection.

Genco, owned and controlled by Peter Georgiopoulos, disclosed
assets of $2.448 billion and debt of $1.475 billion as of Feb. 28,
2014.

Adam C. Rogoff, Esq., and Anupama Yerramalli, Esq., at Kramer
Levin Naftalis & Frankel LLP serve as the Debtors' bankruptcy
counsel.  Blackstone Advisory Partners, L.P., is the financial
advisor.  GCG Inc. is the claims and notice agent.

Wilmington Trust, N.A., in its capacity as successor
administrative and collateral agent under a 2007 credit agreement,
is represented by Dennis Dunne, Esq., and Samuel Khalil, Esq., at
Milbank Tweed Hadley & McCloy LLP.

Credit Agricole Corporate & Investment Bank, as agent and security
trustee under an August 2010 Loan Agreement; Deutsche Bank
Luxembourg S.A., as agent, and Deutsche Bank AG Fillale
Deutschlandgeschaft, as security agent and bookrunner under the
August 2010 Loan Agreement, are represented by Alan Kornberg,
Esq., Sarah Harnett, Esq., and Elizabeth McColm, Esq., at Paul
Weiss Rifkind Wharton & Garrison LLP.  Paul Weiss also represents
the Pre-Petition $100 Million and $253 Million Credit Facilities.

The Bank of New York Mellon, the indenture trustee for Genco's
5.00% Convertible Senior Notes due Aug. 15, 2014, and the
informal group of 5.00% Convertible Senior Notes due August 15,
2014, are represented by Michael Stamer, Esq., and Sarah Link
Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP.  Akin Gump
also represents the Informal Convertible Noteholder Group.

Kirkland & Ellis LLP's Christopher J. Marcus, Esq., Paul M. Basta,
Esq., Eric F. Leon, Esq., represent for Och-Ziff Management LP.

Brown Rudnick LLP's William R. Baldiga, Esq., represents an Ad Hoc
Consortium of Equity Holders.

Orrick, Herrington & Sutcliffe LLP's Douglas S. Mintz, Esq.,
Washington, DC, represents Deutsche Bank as Pre-Petition Lender,
and Credit Agricole, Corporate Investment Bank, as Post-Petition
Bankruptcy Lender.

Dechert LLP's Allan S. Brilliant, Esq., represents the Entities
Managed by Aurelius Capital Management, LP.

The U.S. Trustee has appointed an Official Committee of Equity
Security Holders.  The Equity Committee members are (1) Aurelius
Capital Partners, LP; (2) Mohawk Capital LLC; and OZ Domestic
Partners, LP.  It is represented by Steven M. Bierman, Esq.,
Benjamin R. Nagin, Esq., Michael G. Burke, Esq., James F. Conlan,
Esq., and Larry J. Nyhan, Esq., at Sidley Austin LLP.

Genco filed a motion to disband the Equity Committee, complaining
that it is unnecessary and wasteful of the estates' resources.


GLOBALSTAR INC: Incurs $433.7 Million Net Loss in 2nd Quarter
-------------------------------------------------------------
Globalstar, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $433.73 million on $23.99 million of total revenue for the
three months ended June 30, 2014, as compared with a net loss of
$126.27 million on $19.83 million of total revenue for the same
period in 2013.

For the six months ended June 30, 2014, the Company reported a net
loss of $684.27 million on $44.53 million of total revenue as
compared with a net loss of $151.35 million on $39.16 million of
total revenue for the same period last year.

As of June 30, 2014, the Company had $1.32 billion in total
assets, $1.53 billion in total liabilities and a $204.45 million
total stockholders' deficit.

Jay Monroe, Chairman and CEO of Globalstar, commented, "This
quarter's financial results are the best in many years and we are
pleased to see a material increase in the most critical metrics
that drive our business.  Globalstar has continued to increase
market share and expand its footprint in international markets
where we have a competitive advantage across multiple product
lines.  It has been less than one year since we restored the
satellite constellation and we are encouraged by the Company's
financial results.  The NYSE MKT listing in April has provided a
welcomed stage for the Company's resurgence.  Further, in May and
June, we completed two important comment period milestones in the
regulatory proceeding before the FCC.  The public comment cycle is
now complete, and we look forward to the adoption of the
Commission's proposed rules which we expect before the end of this
year."

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

                         http://is.gd/kFV8vI

                           About Globalstar

Covington, Louisiana-based Globalstar Inc. provides mobile
satellite voice and data services.  Globalstar offers these
services to commercial and recreational users in more than 120
countries around the world.  The Company's products include mobile
and fixed satellite telephones, simplex and duplex satellite data
modems and flexible service packages.

Globalstar reported a net loss of $591.11 million in 2013, a net
loss of $112.19 million in 2012 and a net loss of $54.92 million
in 2011.


GRIDWAY ENERGY: Lease Decision Period Extended to Nov. 6
--------------------------------------------------------
Gridway Energy Holdings asks the U.S. Bankruptcy Court to extend
the 120-day period to assume or reject unexpired leases of
nonresidential real property for 90 days, through and including
November 6, 2014.

After the consideration of the Court that due and proper notice of
the motion was given and that, among others, it is intended for
the best interest of the debtors, their estates, and creditors,
the Court ordered that the motion is granted.  Thus, the
assumption or rejection period is extended through and including
November 6.

                    About Gridway Energy

Gridway Energy Holdings, Inc., and its affiliates, including
Glacial Energy Holdings -- providers of electricity and natural
gas in markets that have been restructured to permit retail
competition -- sought Chapter 11 bankruptcy protection (Bankr. D.
Del. Lead Case No. 14-10833) on April 10, 2014.

The Debtors have 200,000 electric residential customers and 55,000
gash residential customers across the U.S.  A large portion of the
customers' energy consumption and revenue is generated in the
northeast U.S., Ohio, Illinois and Texas (collectively accounting
for 80% of revenue), with the remaining portion coming from
California and other states.

The Debtors blamed the bankruptcy due to lower revenue brought by
increased market competition, which caused the Debtors to default
on certain of their obligations.  Gridway defaulted on $60 million
of debt.

Prepetition, the Debtors negotiated a stock purchase transaction
with an interested buyer.  But in March 2014, the purchaser
withdrew from the transaction because of the large amount of debt
that the purchaser would become liable through a stock
transaction.

The Debtors are represented by Michael R. Nestor, Esq., Joseph M.
Barry, Esq., and Donald J. Bowman, Jr., Esq., at Young Conaway
Stargatt & Taylor, LLP; and Alan M. Noskow, Esq., and Mark A.
Salzberg, Esq., at Patton Boggs LLP.  They employed Omni
Management Group, LLC, as claims and notice agent.

Gridway Energy estimated assets of $500 million to $1 billion and
debt of more than $1 billion.

The Creditors' Committee is represented by Sharon Levine, Esq.,
and Philip J. Gross, Esq., at Lowenstein Sandler LLP; and
Frederick B. Rosner, Esq., and Julia B. Klein, Esq., at The Rosner
Law Group LLC.

Vantage is represented in the case by Ingrid Bagby, Esq., David E.
Kronenberg, Esq., Kenneth Irvin, Esq., and Karen Dewis, Esq., at
Cadwalader, Wickersham & Taft LLP, and Jason M. Madron, Esq., at
Richards, Layton & Finger, P.A.


HAAS ENVIRONMENTAL: Court Approves Kennen & Kennen as Realtors
--------------------------------------------------------------
Haas Environmental, Inc. sought and obtained permission from the
Hon. Kathryn C. Ferguson of the U.S. Bankruptcy Court for the
District of New Jersey to employ Kennen & Kennen Inc., as realtors
for the Debtor.

Kennen & Kennen has the exclusive right to market and sell the
Debtor's property located at 1210 Grandview Road, GlenDale, West
Virginia, for a price acceptable to the Debtor.

Kennen & Kennen will seek compensation services rendered in an
amount equal to 6% of the selling price.

Kennen & Kennen can be reached at:

       KENNEN & KENNEN INC.
       2241 Chapline St.
       Wheeling, WV
       Tel: +1 (304)242-6700

                  About Haas Environmental, Inc.

Haas Environmental, Inc., filed a Chapter 11 petition (Bankr.
D.N.J. Case No. 13-27297) on Aug. 6, 2013.  Eugene Haas signed the
petition as president.  Judge Kathryn C. Ferguson presides over
the case.  The Debtor disclosed $10,127,069 in assets and
$11,595,611 in liabilities as of the Chapter 11 filing.

The Debtor is represented by Sherman, Silverstein, Kohl, Rose &
Podolsky, P.A.'s Arthur J. Abramowitz, Esq., and Jerrold N.
Poslusny, Jr., Esq.

Mary E. Seymour, Esq., at Lowenstein Sandler LLP, serves as
counsel for the Official Committee of Unsecured Creditors.
EisnerAmper LLP serves as its financial advisor.


HELLAS TELECOM: JCLs Balk at Bid to Terminate Ch.15 Recognition
---------------------------------------------------------------
Andrew Lawrence Hosking and Bruce MacKay, in their capacity as
joint compulsory liquidators of Hellas Telecommunications
(Luxembourg) II SCA, and as foreign representatives as defined by
section 101(24) of the Bankruptcy Code, ask the U.S. Bankruptcy
Court to reject the motion of the TPG Defendants, the Apax
Defendants, the TCW Defendants and Nikesh Arora for an Order (A)
Terminating Recognition Order and (B) Dismissing Hellas Telecom's
Chapter 15 Case and the Adversary Proceeding.

The Motion to Terminate is a transparent effort, based on faulty
legal premises, to avoid addressing the merits of the Foreign
Representatives' claims, they said.

The Foreign Representatives argue that the Defendants are
belatedly attacking the Chapter 15 Recognition Order, which was
entered in March 2012, solely in an attempt to avoid having to
defend on the merits the Foreign Representatives? claims against
them.  The Foreign Representatives note that the Defendants?
attack relies primarily on the Second Circuit?s decision in
In re Barnet, 737 F.3d 238, 247 (2d Cir. 2013), in which the
Second Circuit held, in a matter of first impression, that the
debtor eligibility requirements of section 109(a) apply in Chapter
15 cases.

The Foreign Representatives, however, noted that in June 2014 the
bankruptcy court in Barnet -- the same court from which the Second
Circuit appeal emanated -- issued a thorough decision, under
remarkably similar facts, addressing the precise issues raised by
the Defendants.  The Foreign Representatives point to In re
Octaviar Admin. Pty Ltd., 2014 WL 2805264, at *6-8 (Bankr.
S.D.N.Y. June 19, 2014).

In that case, the Foreign Representatives continue, Judge Chapman
held that claims asserted by foreign liquidators to claw back
transfers made to entities in the United States are property of
the debtor in the United States that satisfies the requirements of
section 109(a).

Octaviar has property in the United States in the form of claims
or causes of action against Drawbridge and other U.S. entities.

According to the Foreign Representatives, because Hellas Telecom
satisfies the debt-or-eligibility requirements, the Motion to
Terminate should be rejected.

The Foreign Representatives also argue that the Motion to
Terminate also fails because section 1517(d) requires that the
Court consider the prejudice to parties relying on the Recognition
Order.  The Foreign Representatives note that they invested a
significant amount of time, effort, and resources investigating
and then commencing the adversary proceeding in reliance on the
Recognition Order and the benefits and protections that result
from recognition, including access to the United States courts.
They argue that terminating recognition at this time would
severely prejudice the Foreign Representatives, as well as the
creditors of the Company, because it would essentially result in a
"with prejudice" dismissal of the adversary proceeding.

According to the Foreign Representatives, the Defendants do not,
because they cannot, dispute the obvious prejudice that would be
suffered by the Foreign Representatives.  Instead, the Defendants
allege that this harsh result is justified because it was "self-
inflicted," because "the Liquidators erred in filing the
Petition."  That claim, the Foreign Representatives contend, is
unsupportable given that: (i) the Second Circuit?s Barnet decision
making section 109(a) applicable to Chapter 15 cases in this
Circuit was a matter of first impression and was decided nearly 22
months after the Chapter 15 petition was filed; and (ii) the
Defendants themselves had notice of the Chapter 15 case, were
present at the recognition hearing, and failed to raise an
objection under section 109.

                  About Hellas Telecommunications

In February 2007, Hellas Telecommunications was purchased from
TPG Capital LP and Apax Partners by the Italian telecommunications
giant Weather Group.  The Company later suffered liquidity
problems and commenced administration proceedings in the U.K. in
November 2009.  The administrators sold 100% of the shares of Wind
Hellas to the existing owners, the Weather Group.  An order
placing the Company into liquidation was entered on Dec. 1, 2011.

Andrew Lawrence Hosking and Carl Jackson, as Joint Liquidators
petitioned for the Chapter 15 protection for the Company (Bankr.
S.D. N.Y. Case No. 12-10631) on Feb. 16, 2012.  Mr. Jackson was
later succeeded by Simon James Bonney, and then recently by Bruce
Mackay.

Bankruptcy Judge Martin Glenn presides over the Chapter 15 case.

The Debtor estimated assets and debts of more than $100,000,000.
The Debtor did not file a list of creditors together with its
petition.

The Foreign Representatives commenced the lawsuit against various
entities, captioned as, Hosking v. TPG Capital Management, L.P.,
et al., No. 14-01848 (MG) (Bankr. S.D.N.Y. March 13, 2014).  TPG
is represented by Paul M. O'Connor, III, Esq., and Andrew K.
Glenn, Esq., at Kasowitz, Benson, Torres, & Friedman, LLP of New
York, NY.  APAX is represented by Robert S. Fischler, Esq., and
Stephen Moeller-Sally, Esq., at Ropes & Gray LLP of New York, NY.
TCW is presented by Wayne S. Flick, Esq., and Amy C. Quartarolo,
Esq., at Latham & Watkins LLP of Los Angeles, CA.  Nikesh Aurora
is represented by William F. Gray, Jr., Esq., and Alison D. Bauer,
Esq., at Torys LLP of New York, NY and Michael A. Sherman, Esq.,
at Stubbs Alderton & Markiles, LLP of Sherman Oaks, CA.

U.S. counsel to the Foreign Representatives as against all
Defendants except Deutsch Bank AG and Nikesh Arora:

     Howard Seife, Esq.
     Thomas J. McCormack, Esq.
     Andrew Rosenblatt, Esq.
     Marc D. Ashley, Esq.
     CHADBOURNE & PARKE LLP
     30 Rockefeller Plaza
     New York, NY 10112
     Tel: (212) 408-5100

U.S. counsel to the Foreign Representatives as against Deutsch
Bank AG and Nikesh Arora:

     Alexander H. Schmidt, Esq.
     Alan McDowell, Esq.
     Jeremy Cohen, Esq.
     WOLF HALDENSTEIN ADLER FREEMAN & HERZ LLP
     270 Madison Avenue
     New York, NY 10016
     Tel: (212) 545-4600


HERON LAKE: Inks $28 Million Credit Facility with AgStar
--------------------------------------------------------
Heron Lake BioEnergy, LLC, on July 30, 2014, entered into a new
master loan agreement and related loan documents with AgStar
Financial Services, FCLA, which Facility provides the Company with
a new comprehensive revolving term loan commitment in the amount
of $28 million, under which AgStar agreed to make one or more
advances to the Company for use by the Company to repay the
Company's debt currently outstanding with AgStar, provide a loan
financing to Agrinatural Gas, LLC, the Company's indirect
subsidiary, provide working capital to the Company, and pay fees
and expenses in connection with the Company's refinancing.
Following the loan closing, the Company had approximately $7.5
million outstanding on the Term Revolving Loan.

The material terms of the Term Revolving Loan include the
following:

* Amounts borrowed by the Company under the Term Revolving Loan
  and repaid or prepaid may be re-borrowed at any time prior to
  the March 1, 2022, maturity date, provided that outstanding
  advances may not exceed the amount of the Term Revolving Loan
  commitment.  Under the terms of the Credit Facility, the Term
  Revolving Loan commitment is scheduled to decline by $3.5
  million annually, beginning on March 1, 2015, and each
  anniversary date thereafter.  In the event any amount is
  outstanding on the Term Revolving Loan in excess of the new
  credit limit, the Company agreed to repay principal on the loan
  until the Company reaches the new credit limit.

* Interest on the Term Revolving Loan accrues at a variable rate
  equal to 3.25% above the One-Month London Interbank Offered Rate
  ("LIBOR") Index rate.  The interest rate is subject to weekly
  adjustment.  The Company may elect to enter into a fixed
  interest rate on this loan at various times throughout the term
  of the loan as provided in the loan agreements.  The Company is
  required to pay monthly interest on the Term Revolving Loan by
  the 20th day of each month continuing until the Term Revolving
  Loan maturity date.

* The Company also agreed to pay an unused commitment fee on the
  unused portion of the Term Revolving Loan commitment at the rate
  of 0.050% per annum, payable monthly in arrears by the 20th day
  following each month during the term of the Term Revolving Loan.

* The Term Revolving Loan is subject to a prepayment fee for any
  prepayment on the Term Loan prior to July 1, 2016, due to
  refinancing.

Administrative Agency Agreement

As part of the Credit Facility closing, the Company entered into
an Administrative Agency Agreement with CoBank, ACP.  CoBank
purchased a participation interest in the AgStar loans and was
appointed the administrative agent for the purpose of servicing
the loans.  As a result, CoBank will act as the agent for AgStar
with respect to the Credit Facility.  The Company agreed to pay
CoBank an annual fee of $2,500 as the agent for Ag Star.

Loan Agreement with Agrinatural Gas, LLC

On Aug. 5, 2014, Company entered into a loan agreement and related
loan documents with Agrinatural Gas, LLC.  Agrinatural is a
pipeline company formed to construct, own, and operate a natural
gas pipeline that provides natural gas to the Company's ethanol
plant through a connection with the natural gas pipeline
facilities of Northern Border Pipeline Company in Cottonwood
County, Minnesota.  The Company owns 73% of Agrinatural through
the Company's wholly-owned subsidiary HLBE Pipeline Company, LLC.
The remaining 27% is owned by Rural Energy Solutions, LLC.

Under the Loan Agreement, the Company agreed to make a five-year
term loan in the principal amount of $3.05 million to Agrinatural
for use by Agrinatural to repay approximately $1.4 million of its
outstanding debt and provide approximately $1.6 million of working
capital to Agrinatural.  Interest on the Term Loan accrues at a
variable rate equal to the One-Month LIBOR rate plus 4.0%, with
the interest rate capped and not to exceed 6.0% per annum.  The
interest rate is subject to weekly adjustment.  Prior to Jan. 1,
2015, Agrinatural is required to pay only monthly interest on the
Term Loan by the first day of each month.  Commencing January 1,
2015, principal of the Term Loan shall be payable in equal monthly
installments of $50,834, plus accrued interest, on the first day
of each month though Nov. 1, 2019.  The entire principal balance
and accrued and unpaid interest on the Term Loan is due and
payable in full on the maturity date of Dec. 1, 2019.

Meanwhile, on July 30, 2014, using funds from the Credit Facility
that the Company executed with AgStar, the Company repaid the
entire outstanding balance of our credit facilities under the
Sixth Amended and Restated Master Loan Agreement dated May 17,
2013 with AgStar.  The Company's credit facilities with AgStar
prior to the payoff included our term loan and term revolving
loan.  The balance of the AgStar loans that the Company paid off
were approximately $21 million.  AgStar canceled its mortgage and
security interest in all of our assets.  The Company will have no
further obligations under our prior AgStar credit facilities.
There were no penalties associated with the termination of the
previous facilities.

A full-text copy of the Form 8-K as filed with the U.S. Securities
and Exchange Commission is available for free at:

                         http://is.gd/ea1c8v

                          About Heron Lake

Heron Lake BioEnergy, LLC, operated a dry mill, coal fired ethanol
plant in Heron Lake, Minnesota.  After completing a conversion in
November 2011, the Company is now a natural gas fired ethanol
plant.  Its subsidiary, HLBE Pipeline Company, LLC, owns 73
percent of Agrinatural Gas, LLC, the pipeline company formed to
construct, own, and operate a natural gas pipeline that provides
natural gas to the Company's ethanol production facility through a
connection with the natural gas pipeline facilities of Northern
Border Pipeline Company in Cottonwood County, Minnesota.  Its
subsidiary, Lakefield Farmers Elevator, LLC, has grain facilities
at Lakefield and Wilder, Minnesota.  At nameplate, the Company's
ethanol plant has the capacity to process approximately 18.0
million bushels of corn each year, producing approximately 50
million gallons per year of fuel-grade ethanol and approximately
160,000 tons of distillers' grains with soluble.

Heron Lake reported net income of $2.26 million on $163.76 million
of revenues for the year ended Oct. 31, 2013, as compared with a
net loss of $32.35 million on $168.65 million of revenues for the
year ended Oct. 31, 2012.

Boulay PLLP, in Minneapolis, Minnesota, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Oct. 31, 2013.  The independent auditors noted that
the Company has incurred losses due to difficult market conditions
and had lower levels of working capital than was desired.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.

                        Bankruptcy Warning

"Our loan agreements with AgStar are secured by substantially all
business assets and are subject to various financial and non-
financial covenants that limit distributions and debt and require
minimum debt service coverage, net worth, and working capital
requirements.  The Company was in compliance with the covenants of
its loan agreements with AgStar as of October 31, 2013.  In the
past, the Company's failure to comply with the covenants of the
master loan agreement and failure to timely pay required
installments of principal has resulted in events of default under
the master loan agreement, entitling AgStar to accelerate and
declare due all amounts outstanding under the master loan
agreement.  If AgStar accelerated and declared due all amounts
outstanding under the master loan agreement, the Company would not
have adequate cash to repay the amounts due, resulting in a loss
of control of our business or bankruptcy," the Company said in its
annual report for the year ended Oct. 31, 2013.


HUBERT MOORE: Melville Brokers Sale of Life Insurance Policy
------------------------------------------------------------
Melville Capital, LLC brokered the sale of a life insurance policy
that was initially undisclosed by the debtor and then, once
discovered, was thought to be worthless because the policy had
zero cash surrender.

Hubert Moore Lumber Company, Inc. (Case No. 13-71347-JTL - Middle
District of Georgia) filed for bankruptcy with what appeared to be
"little if any assets," according to Rob Matson of Akin, Webster &
Matson and Counsel to the Chapter 7 Trustee.  Despite this initial
assessment, and to the credit of Matson and his client, several
unscheduled life insurance policies were discovered after a
thorough investigation.

Mr. Matson contacted Melville Capital to review these life
insurance assets.  It was determined that one policy was
potentially of value and Melville was retained on a success fee
basis.  After a comprehensive sales process, the policy was sold
for $460,000.  Throughout the process, Melville advised Matson on
the inner workings of a "life settlement transaction" and assisted
him in navigating the intersection between his client's concerns
and those of the purchaser. Matson commented, ". . . [the Trustee]
was able to liquidate what appeared to be a worthless asset for a
very significant amount of money for the benefit of the estate."

                     About Melville Capital

Melville Capital focuses on monetizing and liquidating existing
life insurance policies and other cash flow related assets.  With
offices in New York, Los Angeles, Florida and Scottsdale, Melville
is the country's premier Life Settlement Broker practicing in the
area of restructuring and insolvency.


HUNTSMAN INT'L: Moody's Retains Ba2 Rating on $1.2BB Term Loan
--------------------------------------------------------------
Moody's Investors Service stated that the Ba2 rating on Huntsman
International LLC's (HI) $1.2 billion secured term loan, which was
arranged to finance its acquisition of Rockwood Specialties Group,
Inc.'s Pigments and Performance Additives Business, remains
unchanged with the planned amendment. This facility is being
amended as the transaction is not expected to be completed within
the original timeframe. Funds will placed into escrow and must be
used by December 18, 2014 to fund the acquisition, or refinance
existing debt if the transaction is terminated. Funds not used by
this date will be returned to lenders. Moody's also stated that
the Corporate Family Ratings of Huntsman Corporation and HI remain
at Ba3 and the outlooks are stable.

Huntsman Corporation is a global manufacturer of differentiated
and commodity chemical products. Huntsman's products are used in a
wide variety of end markets, including aerospace, automotive,
construction, consumer products, electronics, medical, packaging,
coatings, refining and synthetic fibers. Huntsman has revenues of
roughly $11 billion.


IMPERIAL METALS: Moody's Puts B2 CFR on Review for Downgrade
------------------------------------------------------------
Moody's Investors Service placed Imperial Metals Corporation's B2
Corporate Family Rating, B2-PD Probability of Default rating, and
B3 (LGD4) senior unsecured rating under review for downgrade. The
company's speculative liquidity rating was lowered to SGL-4 from
SGL-3. The rating actions follow the tailings storage facility
breach at the company's Mount Polley copper and gold mine, located
in central British Columbia. The cause of the breach, which
occurred August 4, 2014, is unknown, as is the amount of mining-
related chemicals and other waste released. Mount Polley has been
placed on care and maintenance and it is not clear when it will
restore operations.

Ratings Rationale

The ratings review will focus on the costs to remedy the facility
breach and restore operations at Mount Polley, including any
associated environmental obligations and loss of cash flow net of
any insurance proceeds. The review will also focus on Imperial's
liquidity, which Moody's is concerned may be inadequate as
Imperial is currently heavily reliant on cash flow from Mount
Polley to service its debt. The company's leverage is currently
elevated for its rating due to spending associated with the
construction of its Red Chris copper and gold mine, which is due
to be commissioned in September, 2014. Moody's expects to conclude
its review as information becomes known, but within the next three
months in any event.

Headquartered in Vancouver, British Columbia, Imperial Metals
Corporation produces copper and precious metals from its wholly-
owned Mount Polley and 50%-owned Huckleberry mines; both located
in British Columbia. The company also owns Red Chris, a $570
million copper-gold development, which is also located in British
Columbia.

The principal methodology used in this rating was the Global
Mining Industry published in May 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.


JAMES RIVER COAL: Auction Rescheduled to Aug. 18
------------------------------------------------
James River Coal Company notified the Bankruptcy Court in
Richmond, Virginia, that the auction of its assets has been moved
to August 18, 2014 at 10:00 a.m. (prevailing Eastern Time), to
be held at the offices of counsel to the Debtors, Davis Polk &
Wardwell LLP, 450 Lexington Avenue, New York, New York 10017.

The Debtor said the Sale Hearing -- if the Successful Bid
contemplates a Sale -- will be held August 20, 2014 at 1:00 p.m.
(prevailing Eastern Time), before the Hon. Kevin R. Huennekens.

Pursuant to the Strategic Transaction Bidding Procedures, the
Debtors have determined, in their reasonable judgment and in
consultation with the DIP Agent and the Unsecured Creditors
Committee, to adjourn the Auction and the Sale Hearing, according
to a notice filed by the Debtor's counsel, Henry P. (Toby) Long,
III, Esq., at Hunton & Williams LLP.

The auction was most recently moved to Aug. 11.

No explanations were given.

On May 9, 2014, the Bankruptcy Court entered the so-called
"Strategic Transaction Bidding Procedures Order" which established
a timeline with respect to soliciting bids for the sale of all or
substantially all of the Debtors' assets or the sponsorship of a
plan of reorganization.  Pursuant to the Strategic Transaction
Bidding Procedures:

     * Preliminary Indications of Interest were due on
       May 22, 2014;

     * The deadline for submitting Bids was June 30, 2014;

     * The Auction was scheduled to be held on July 8, 2014; and

     * In the event the Successful Bid contemplates a sale,
       the date for the Sale Hearing was scheduled to be held
       on July 10, 2014.

The auction was moved to July 14 and 21, then moved to July 28 and
Aug. 4.

As reported by the TCR on July 8, in connection with the Strategic
Transaction Bidding Procedures, the Debtors, with the assistance
of their restructuring professionals, actively and publicly
engaged in a marketing process for (i) the sale of all or any part
of the Debtors' businesses or (ii) a contribution of capital in
connection with a stand-alone plan of reorganization.  The Debtors
said they have received various Preliminary Indications of
Interest from potential strategic and financial bidders and are
continuing to make progress towards their goal of consummating a
value-maximizing restructuring transaction in the near-term.

The Debtors said at that time that, at this early stage in their
chapter 11 cases, they have already laid the groundwork for an
effective dual-track process, pursuant to which the Debtors will
either consummate a sale or stand-alone plan.  The Debtors remain
hopeful that following the completion of the strategic transaction
restructuring process, the Debtors will have greater clarity
regarding whether a plan of reorganization or plan of liquidation
is best suited for these chapter 11 cases.

In a July 23 report, the TCR said James River has no buyer under
contract but got multiple preliminary indications of interest from
bidders.

As reported by the TCR on July 31, Judge Huennekens extended James
River Coal's exclusive period for filing a plan of reorganization
and soliciting acceptances to the plan.  Pursuant to Judge
Huennekens' Order, the Debtor's deadline to file a plan is
November 13, 2014.  The solicitation period is extended through
January 12, 2015.

                        About James River

James River Coal Company is a producer and marketer of coal in the
Central Appalachia ("CAPP") and the Midwest coal regions of the
United States.  James River's principal business is the mining,
preparation and sale of metallurgical coal, thermal coal (which is
also known as steam coal) and specialty coal.

James River and 33 of its affiliates filed Chapter 11 bankruptcy
petitions (Bankr. E.D. Va. Case Nos. 14-31848 to 14-31886) in
Richmond, Virginia, on April 7, 2014.  The petitions were signed
by Peter T. Socha as president and chief executive officer.
Judge Kevin R. Huennekens oversees the Chapter 11 cases.

On the petition date, James River Coal disclosed total assets of
$1.06 billion and total liabilities of $818.6 million.

The Debtors are represented by Tyler P. Brown, Esq., Henry P.
(Toby) Long, III, Esq., and Justin F. Paget, Esq. at Hunton &
Williams LLP of Richmond, VA and Marshall S. Huebner, Esq, Brian
M. Resnick, Esq., and Michelle M. McGreal, Esq. at Davis Polk &
Wardwell LLP of New York, NY.  Kilpatrick Townsend & Stockton LLP
serves as the Debtors' special counsel.  Perella Weinberg Partners
L.P. is the Debtors' financial advisor.  Deutsche Bank Securities
Inc. serves as the Debtors' investment banker and M&G advisor.
Epiq Bankruptcy Solutions, LLC, acts as the debtors' notice,
claims and administrative agent.

The U.S. Trustee for Region 4 has appointed five creditors to the
Official Committee of Unsecured Creditors.  Michael S. Stamer,
Esq., Alexis Freeman, Esq., and Jack M. Tracy II, Esq., at Akin
Gump Strauss Hauer & Feld LLP; and Jonathan L. Gold, Esq.,
Christopher L. Perkins, Esq., and Christian K. Vogel, Esq., at
LeClairRyan.


JAMES RIVER COAL: Unit Receives Imminent Danger Order
-----------------------------------------------------
James River Coal Company said in a regulatory filing that on
August 5, 2014, in Mingo County, West Virginia, Rockhouse Creek
Development, LLC, a subsidiary of the Company, received an
imminent danger order under section 107(a) of the Mine Act,
alleging an accumulation of water in a sealed-off area of the No.
8 Mine.  On August 6, 2014, the imminent danger order was modified
to add a violation alleging that the addition of a three-inch
discharge pipe, which was connected to the end of the approved
four-inch seal drainage pipe and water trap, was non-compliant and
contributed to the accumulation of water in the sealed-off area.

As a result of the imminent danger order, one section of the No. 8
Mine is idled.  The Company is currently pumping water from the
sealed-off area.

The Company said, "We cannot at this time project when the water
will be removed and when the imminent danger order will be
terminated."

No injuries occurred as a result of this incident.

                        About James River

James River Coal Company is a producer and marketer of coal in the
Central Appalachia ("CAPP") and the Midwest coal regions of the
United States.  James River's principal business is the mining,
preparation and sale of metallurgical coal, thermal coal (which is
also known as steam coal) and specialty coal.

James River and 33 of its affiliates filed Chapter 11 bankruptcy
petitions (Bankr. E.D. Va. Case Nos. 14-31848 to 14-31886) in
Richmond, Virginia, on April 7, 2014.  The petitions were signed
by Peter T. Socha as president and chief executive officer.
Judge Kevin R. Huennekens oversees the Chapter 11 cases.

On the petition date, James River Coal disclosed total assets of
$1.06 billion and total liabilities of $818.6 million.

The Debtors are represented by Tyler P. Brown, Esq., Henry P.
(Toby) Long, III, Esq., and Justin F. Paget, Esq. at Hunton &
Williams LLP of Richmond, VA and Marshall S. Huebner, Esq, Brian
M. Resnick, Esq., and Michelle M. McGreal, Esq. at Davis Polk &
Wardwell LLP of New York, NY.  Kilpatrick Townsend & Stockton LLP
serves as the Debtors' special counsel.  Perella Weinberg Partners
L.P. is the Debtors' financial advisor.  Deutsche Bank Securities
Inc. serves as the Debtors' investment banker and M&G advisor.
Epiq Bankruptcy Solutions, LLC, acts as the debtors' notice,
claims and administrative agent.

The U.S. Trustee for Region 4 has appointed five creditors to the
Official Committee of Unsecured Creditors.  Michael S. Stamer,
Esq., Alexis Freeman, Esq., and Jack M. Tracy II, Esq., at Akin
Gump Strauss Hauer & Feld LLP; and Jonathan L. Gold, Esq.,
Christopher L. Perkins, Esq., and Christian K. Vogel, Esq., at
LeClairRyan.


LORNIC FAMILY: Case Summary & 3 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Lornic Family L.P.
        1811 Paddock Court
        Grayslake, IL 60030

Case No.: 14-29546

Chapter 11 Petition Date: August 12, 2014

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

Judge: Hon. Benjamin Goldgar

Debtor's Counsel: John H Redfield, Esq.
                  CRANE, HEYMAN, SIMON, WELCH & CLAR
                  135 S. LaSalle Street, Suite 3705
                  Chicago, IL 60603
                  Tel: 312-641-6777
                  Fax: 312-641-7114
                  Email: jredfield@craneheyman.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: not indicated

The petition was signed by Loretta Mirando, general partner.

A list of the Debtor's three largest unsecured creditors is
available for free at http://bankrupt.com/misc/ilnb14-29546.pdf


METALDYNE PERFORMANCE: Grede Merger No Impact on Moody's B1 CFR
---------------------------------------------------------------
Moody's Investors Service said the announcement by Metaldyne
Performance Group Inc. ("MPG"), a new holding company and ultimate
parent company of Metaldyne LLC (Metaldyne -- B1 Corporate Family
Rating ), ASP HHI Acquisition Co. (HHI -- B2 Corporate Family
Rating), and Grede Holdings LLC (New) (Grede - B1 Corporate Family
Rating), currently does not impact the ratings of the three rated
entities.

The last rating action for Metaldyne was on October 17, 2013 when
the Corporate Family Rating and rating outlook was affirmed at B1
and Stable, respectively. The last rating action for HHI was on
April 22, 2014 when the Corporate Family Rating and rating outlook
was affirmed at B2 and Stable, respectively. The last rating
action for Grede was on May 6, 2014 when the Corporate Family
Rating and rating outlook was assigned at B1 and Stable,
respectively.

The principal methodologies used in rating Metaldyne, HHI, and
Grede were the Global Automotive Supplier Industry published in
May 2013, and the Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in June
2009. Other methodologies and factors that may have been
considered in the process of rating this issuer can also be found
on Moody's website.

Metaldyne, LLC is a leading global manufacturer of highly
engineered metal-based components for light vehicle engine,
transmission and driveline applications for the global automotive
light vehicle market. The company is owned by affiliates of
American Securities. Revenues for 2013 approximated $1.1 billion.

ASP HHI Acquisition Co., Inc. (HHI) headquartered in Royal Oak,
MI, is a full service supplier of highly engineered metal forging
and machined components, wheel bearings, and powdered metal engine
and transmission components for automotive and industrial
customers. Operations are conducted through three subsidiaries:
Forging Holdings, LLC, Bearing Holdings, LLC, and Gearing
Holdings, LLC. Revenues for 2013 were approximately $916 million.

Grede Holdings LLC, headquartered in Southfield, Michigan, is a
leading manufacturer of cast, machined and assembled components
for the transportation and industrial markets. The company is a
full-service supplier with design for manufacturing, engineering,
machining, and manufacturing capabilities, operating 17 facilities
throughout North America with approximately 4,800 employees.
Revenue for the year ended December 31, 2013 was approximately
$1.0 billion.


MSI CORP: Taps Goff Backa to Replace Parente Beard as Accountants
-----------------------------------------------------------------
MSI Corporation seeks authorization from the U.S. Bankruptcy Court
for the Western District of Pennsylvania to employ Goff, Backa,
Alfera & Company, LLC as accountants.

Goff Backa will be replacing Parente Beard LLC whose employment
application was filed with the Court on Dec. 12, 2013, and
approved on Jan. 14, 2014.  Based on the present accounting needs
of the Debtor, MSI has determined that using a smaller accounting
firm with lower rates best serves the interests of the Debtor and
its estate.

Goff Backa will be employed to render tax and accounting services
as may be requested by the Debtor and able to be performed by Goff
Backa, including, but not limited to, reviewing the consolidated
financial statements of the Debtor as of Dec. 31, 2013, and
issuing an accountants' report thereon.

Goff Backa will be paid at these hourly rates:

       Staff                  $120-$135
       Managers               $175-$180
       Partners               $230

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

Daniel K. Goff, partner of Goff Backa, 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.

Goff Backa can be reached at:

       Daniel K. Goff
       GOFF, BACKA, ALFERA & COMPANY, LLC
       3325 Saw Mill Run Blvd.
       Pittsburgh, PA 15227-2736
       Tel: (412) 885-5045
       Fax: (412) 885-4870
       E-mail: dkgoff@gbaco.com

                         About MSI Corp.

MSI Corporation filed a bare-bones Chapter 11 petition (Bankr.
W.D. Pa. Case No. 13-22457) in Pittsburgh on June 7, 2013.  Judge
Jeffery A. Deller presides over the case.  The Vandergrift,
Pennsylvania-based company estimated at least $10 million in
assets and less than $10 million in liabilities.

Albert's Capital Services LLC is the Debtor's chief restructuring
officer.  Michael J. Roeschenthaler, Esq., and Scott E. Schuster,
Esq., at McGuireWoods LLP, in Pittsburgh, serve as the Debtor's
counsel.  Geary & Loperfito LLC serves as special counsel.

No unsecured creditors was formed because no one responded to the
U.S. Trustee's communication for service on the committee.


N-VIRO INTERNATIONAL: N-Viro Energy Registered in UK
----------------------------------------------------
The Registrar of Corporations for Wales and England, on Aug. 6,
2014, accepted a filing of a UK company, N-Viro Energy Limited,
which was formed under Section 1115 of the Companies Act of 2006.

N-Viro Energy Limited is a development and capital-sourcing entity
for N-Viro International Corporation and, in particular,
international development of NVIC projects.  Efforts by N-Viro
Energy Limited to raise capital and commitments for corporate and
project funding are already underway, with an expected initial
close of funding in August 2014.

At present, NVIC holds 45% of the Class C voting shares that
select Directors for N-Viro Energy Limited.  Michael Burton-
Prateley is the beneficial owner of 20% of N-Viro Energy Limited
Class C stock.  The initial Directors of N-Viro Energy Limited are
Timothy R. Kasmoch and Robert W. Bohmer, the Company's CEO and
executive vice oresident, respectively, and Mr. Burton-Prateley.
Mr. Burton-Prateley is also one of NVIC's Directors.

                     About N-Viro International

Toledo, Ohio-based N-Viro International Corporation owns and
sometimes licenses various N-Viro processes and patented
technologies to treat and recycle wastewater and other bio-organic
wastes, utilizing certain alkaline and mineral by-products
produced by the cement, lime, electrical generation and other
industries.

N-Viro International reported a net loss of $1.64 million on $3.37
million of revenues for the year ended Dec. 31, 2013, as compared
with a net loss of $1.63 million on $3.58 million of revenues
during the prior year.

As of March 31, 2014, the Company had $1.47 million in total
assets, $2.37 million in total liabilities and a $896,224 total
stockholders' deficit.

UHY LLP, in Farmington Hills, Michigan, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that
the Company's recurring losses, negative cash flow from operations
and net working capital deficiency raise substantial doubt about
its ability to continue as a going concern.


NEP/NCP HOLDCO: MIRA Deal No Impact on Moody's B2 CFR
-----------------------------------------------------
Moody's Investors Service says the planned acquisition of MIRA
Mobile Television (MIRA) by NEP/NCP Holdco, Inc. (NEP) does not
impact NEP's B2 Corporate Family Rating (CFR), the B2 rating on
its first lien credit facility, or the Caa1 rating on its second
lien credit facility. The company plans to fund the acquisition
with incremental first lien debt.

NEP provides services and equipment for remote television
production, studio production, video display and live-to-web event
production. Its major customers include television networks such
as ESPN, and key events it supports include The Super Bowl, the
Olympics and NASCAR races, as well as entertainment shows such as
American Idol and The Voice. MIRA provides similar services in the
western US with a sports concentration and customers including
ESPN, the Los Angeles Dodgers, PAC 12, the Seattle Mariners, and
CBS Sports.

Ratings Rationale

The transaction is in line with NEP's historic pattern of
consolidating smaller players within its industry, and Moody's B2
CFR incorporated expectations for such acquisitions. MIRA brings
an upgraded asset base of mobile units and contracted revenue and
relationships with key customers in the Pacific Northwest,
expanding NEP's scale and geographic diversification and offering
potential for further expansion into Canada. Moody's does not
expect the debt funded acquisition to materially impact leverage,
estimated at approximately 5.9 times based on the trailing twelve
months ended June 30, 2014, and including Moody's standard
adjustments.

The capital intensity of NEP's business combined with significant
interest expense related to the debt load leaves the company with
minimal free cash flow (projected at less than 6% of debt over the
next several years), which drives its B2 corporate family rating.
The leveraged capital structure, at approximately 5.9 times debt-
to-EBITDA, poses significant risk for a small company seeking to
expand through both acquisitions and organic growth in related
segments and new geographies. Nevertheless, the company's leading
position within its niche business facilitates good client
relationships as well as access to potential acquisitions, and its
long term contractual relationships with key broadcast networks
and cable channels provide some measure of cash flow stability.
These factors mitigate some of the risk related to scale and
execution, as does NEP's track record of acquiring and integrating
smaller companies without negatively impacting the credit profile.
Given the sponsor ownership, the potential for future leveraging
events, such as dividends or an exit through the sale of the
company, constrains the rating.

NEP/NCP Holdco, Inc. provides outsourced media services necessary
for the delivery of live broadcast of sports and entertainment
events to television and cable networks, television content
providers, and sports and entertainment producers. Its major
customers include television networks such as ESPN, and key events
it supports include the Super Bowl, the Olympics and NASCAR races,
as well as entertainment shows such as American Idol and The
Voice. The company's majority owner is Crestview Partners which
acquired the company from American Securities Capital Partners on
December 23, 2012. NEP maintains its headquarters in Pittsburgh,
Pennsylvania. Its annual revenue pro forma for acquisitions is
approximately $450 million.


NII HOLDINGS: Incurs $623MM Loss in Q2, Gives Bankruptcy Warning
----------------------------------------------------------------
NII Holdings, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $623.31 million on $968.75 million of operating revenues for
the three months ended June 30, 2014, as compared with a net loss
of $396.35 million on $1.25 billion of operating revenues for the
same period in 2013.

For the six months ended June 30, 2014, the Company reported a net
loss of $999.39 million on $1.93 billion of operating revenues as
compared with a net loss of $603.85 million on $2.59 billion of
operating revenues for the same period last year.

As of June 30, 2014, the Company had $7.43 billion in total
assets, $8.02 billion in total liabilities and a $583.54 million
total stockholders' deficit.

                         Bankruptcy Warning

"We believe we are currently in compliance with the indentures
governing our senior notes.  However, a holder of more than 25% of
our 8.875% senior notes, issued by NII Capital Corp. and due
December 15, 2019, has provided a notice of default in connection
with these notes.  We believe that the allegations contained in
the notice are without merit," the Company said in the Report.

"Currently we have not entered into any agreements relating to any
potential strategic transactions or any potential restructuring of
our obligations.  There can be no assurance that these efforts
will result in any such agreement.  If an agreement is reached and
we decide to pursue a restructuring either on a standalone basis
or in conjunction with one or more other potential actions, we
expect that it will be necessary for us to file a voluntary
petition for relief under Chapter 11 of the Bankruptcy Code in
order to implement it through the confirmation and consummation of
a plan of reorganization approved by the bankruptcy court in the
bankruptcy proceedings.  We may also conclude that it is necessary
to initiate Chapter 11 proceedings to implement a restructuring
of our obligations even if we are unable to reach an agreement
with our creditors and other relevant parties regarding the terms
of such a restructuring.  In either case, such a proceeding could
be commenced in the very near future," the Company said in the
filing.

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

                        http://is.gd/6OzXTK

                         About NII Holdings

With headquarters in Reston, Virginia, NII Holdings is an
international wireless operator with more than 7 million largely
post-pay, business subscribers.

                             *   *    *

As reported by the TCR on March 5, 2014, Standard & Poor's Ratings
Services lowered its corporate credit rating on Reston, Va.-based
wireless carrier NII Holdings Inc. (NII) to 'CCC' from 'CCC+'.
"The downgrade follows the company's poor fourth-quarter 2013
results that were below our expectations, and its disclosure that
its auditors have uncertainty about the company's ability to
continue as a going concern," said Standard & Poor's credit
analyst Allyn Arden.

The TCR also reported on March 5, 2014, that Moody's Investors
Service downgraded the corporate family rating (CFR) of NII
Holdings Inc. ("NII" or "the company") to Caa1 from B3.  The
downgrade reflects the company's poor 2013 operating performance
and the risk that the company will violate the covenants governing
its Mexican and Brazilian subsidiary debt, which could trigger an
event of default for up to $4.4 billion of debt issued by
intermediate holding companies NII Capital Corp. and NII
International Telecom S.C.A.


NII HOLDINGS: Moody's Lowers Corporate Family Rating to 'Caa2'
--------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating (CFR) of NII Holdings Inc. ("NII" or "the company") to Caa2
from Caa1. The downgrade reflects Moody's expectation that
bankruptcy filing is more likely as a result of the company's
inability to find a strategic solution to extend its liquidity.
The company is currently not in compliance with certain financial
covenants in its existing debt obligations which could trigger an
event of default for up to $4.4 billion of debt issued by
intermediate holding companies NII Capital Corp. ("NII Capital")
and NII International Telecom S.C.A ("NIII Telecom"). At the same
time, Moody's has lowered the probability of default rating (PDR)
to Caa2-PD from Caa1-PD while affirming the SGL-4 speculative
grade liquidity. As part of the rating action, Moody's has also
downgraded the unsecured notes at NII Capital to Caa3 from Caa2
and the unsecured notes at NII Telecom to Caa1 from B3. Outlook
remains negative.

Downgrades:

Issuer: NII Capital Corp

   Senior Unsecured Regular Bond/Debenture, Downgraded to Caa3
   from Caa2

Issuer: NII Holdings Inc.

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

   Corporate Family Rating, Downgraded to Caa2 from Caa1

Issuer: NII International Telecom S.C.A.

   Senior Unsecured Regular Bond/Debenture, Downgraded to Caa1
   from B3

Outlook Actions:

Issuer: NII Capital Corp

   Outlook, Remains Negative

Issuer: NII Holdings Inc.

   Outlook, Remains Negative

Issuer: NII International Telecom S.C.A.

   Outlook, Remains Negative

Affirmations:

Issuer: NII Holdings Inc.

   Speculative Grade Liquidity Rating, Affirmed SGL-4

Ratings Rationale

NII's Caa2 corporate family rating reflects its weak operating
performance and the high likelihood of a bankruptcy filing due to
the company's inability to find a strategic solution to extend its
liquidity. In addition, the company has been investing heavily
into implementing its 3G network infrastructure to remedy its weak
competitive position versus its larger peers. And, Moody's
believes that while the company was working on upgrading its
network to 3G capabilities its competitors were already moving to
install 4G. In Mexico, customer service deteriorated sharply,
leading to an increase in subscriber disconnects. The company
faces substantial challenges in repairing its brand reputation,
executing its network upgrade, solving its liquidity shortfall and
negotiating amendments to its local credit facilities in Brazil
and Mexico.

Given Moody's concerns about the company's high likelihood of a
bankruptcy filing, a rating upgrade is not contemplated at this
time. Moody's could lower NII's ratings further if the company
cannot improve its weak liquidity position or if it does not
change the trajectory of its operating performance.

The principal methodology used in this rating was Global
Telecommunications Industry published in Decemeber 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.

With headquarters in Reston, Virginia, NII Holdings, Inc. ("NII"
or "the company") is an international wireless operator with about
9.4 million largely post-pay subscribers in Latin America. NII had
approximately $4.14 billion in consolidated operating revenue for
the LTM period ended 2Q'14 generated from a subscriber base across
Mexico, Brazil, Argentina, and Chile.


NOVA CHEMICALS: S&P Revises Outlook to Stable & Affirms 'BB+' CCR
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
NOVA Chemicals Corp. to stable from positive.  At the same time,
Standard & Poor's affirmed its 'BB+' long-term corporate credit
rating on NOVA and its 'BB+' issue-level rating on the company's
unsecured debt.  The recovery rating on the debt is unchanged at
'3', indicating S&P's expectation of meaningful (50%-70%) recovery
in the event of default.

"The outlook revision reflects our reduced confidence in NOVA's
financial policy following the recent US$510 million dividend
payment to owner International Petroleum Investment Co., and the
sudden, unexplained departure of the company's CEO earlier this
year," said Standard & Poor's credit analyst David Fisher.

These events raise questions as to the long-term financial policy
of the company.  Against this backdrop, it is difficult to
estimate whether credit measures are likely to be strong enough to
support an investment-grade rating.

The ratings on NOVA reflect the company's stand-alone credit
profile (SACP), which S&P assess at 'bb+'.  Although S&P views
NOVA as "moderately strategic" to parent International Petroleum
Investment Co. (IPIC; AA/Stable/A-1+), S&P do not attribute
parental support to NOVA based on S&P's Group Rating Methodology.
This is because S&P assess IPIC's unsupported group credit profile
(GCP) at 'bb-' -- below S&P's SACP on NOVA.  However, the rating
is not constrained to the unsupported GCP level.

NOVA is a midsize producer of petrochemical products, most notably
ethylene, polyethylene, and related derivatives.  For the 12
months ended March 31, 2014, the company reported revenue and
Standard & Poor's adjusted EBITDA of US$5.4 billion and US$1.3
billion, respectively.

The stable outlook on NOVA reflects S&P's expectation that the
company will maintain adjusted debt-to-EBITDA in the 1.0x-1.5x
range over the next year.  The outlook also reflects S&P's view
that projects nearing completion should support less volatile and
possibly higher earnings.  These factors are weighed against a
backdrop of uncertainty with respect to financial policy.

An upgrade would be contingent on NOVA's management and owner
clearly articulating and adhering to a financial policy that
supports the maintenance of adjusted debt-to-EBITDA below 1.5x
under current market conditions, while preserving large cash
balances and liquidity reserves.

S&P could consider a downgrade if it detects a permanent shift in
financial policies such that shareholder returns continue to be
more aggressive than expected, or if the company pursues large
debt-funded acquisition, such that adjusted debt-to-EBITDA exceeds
3.5x on a sustained basis.


OCWEN FINANCIAL: Moody's Puts 'B1' CFR on Review for Downgrade
--------------------------------------------------------------
Moody's Investors Service has placed the following ratings on
review for possible downgrade:

  Ocwen Financial Corporation (Ocwen) -- B1 Corporate Family
  Rating, B1 Senior Secured Bank Credit Facility, B2 Senior
  Unsecured Debt

  Home Loan Servicing Solutions , Ltd (HLSS) -- Ba3 Corporate
  Family Rating, Ba3 Senior Secured Bank Credit Facility

  Altisource Solutions S.a.r.l. (Altisource) -- B1 Corporate
  Family Rating, B1 Senior Secured Bank Credit Facility

Ratings Rationale

The rating actions follow the New York Department of Financial
Services' (DFS) issuance on August 4, 2014 of a letter to Ocwen
that raises concerns about potential conflicts of interest and
potentially inconsistent statements and representations regarding
corporate governance. In addition, on August 12, 2014, Ocwen and
HLSS announced that they were restating their financial statements
for the last several periods; the companies expect that such
restatements shall be completed on or prior to August 18, 2014.
The heightened regulatory scrutiny that these companies are
facing, as well as the potential material weakness in controls at
Ocwen and HLSS, could result in actions that restrict their
activities, the levying of monetary fines, or additional actions
that negatively affect their credit strength. In addition, HLSS
and Altisource's ratings are driven in large part by their
reliance on Ocwen whereby any changes to Ocwen's ratings would
likely result in changes to their ratings.

During the review, Moody's will assess 1) the impact of the
regulatory scrutiny and possible regulatory actions on the
financial strength and franchise position of all three companies,
2) the long-term impact of an eventual shift in the companies'
business models, possibly to areas with even greater operating
risk, that may be accelerated as a result of regulatory action,
and 3) the effects and timeliness of financial re-statements.

On August 12, 2014, Ocwen and HLSS announced that they were
restating their 2013 annual and 2014 first quarter financial
statements, to correct misstatements principally relating to the
valuation methodology used to value mortgage servicing rights sold
to HLSS from Ocwen. Ocwen stated that it expects pre-tax income to
increase by approximately $17 million for the year ended 2013 and
that pre-tax income in the first quarter of 2014 will reduce by a
corresponding amount. Ocwen also anticipates that it will
determine that a material weakness existed in the relevant time
periods in the adequacy of their controls relating to how they
monitor and implement the impact of applicable accounting
conventions. HLSS did not specify the magnitude of its
adjustments, however, it did state that it did not anticipate any
change to retained earnings as of June 30, 2014 as reported in
their second quarter earnings release. In addition, HLSS
referenced a potential weakness in its internal controls.

Ocwen's ratings could be downgraded in the event that regulatory
action materially restricts the company's business activities,
management or governance, or harms its franchise and reputation.
In addition, the ratings could be downgraded if a) the effect or
timing of financial re-statements is materially different than
currently estimated, b) its business models is expected to shift
to areas with even greater operating risk, or c) if the company's
servicing performance or financial fundamentals weaken, including
its ratio of tangible common equity to total assets falling below
15% or its ratio of net income to average total assets falling
measuring less than 2% for two or more quarters.

In the event that Ocwen's ratings are downgraded, the ratings of
HLSS and Altisource would likely also be downgraded. In addition,
negative ratings pressure on HLSS' ratings could result if the
company's financial fundamentals weaken, with particular focus on:
a) adequate funding availability b) financial leverage, and c)
Ocwen's servicing performance. In addition, negative ratings
pressure on Altisource's ratings could result if it loses its
contract with Ocwen or if the company's financial metrics
materially deteriorate for an extended period of time, including
an operating margin below 15%, ratio of free cash flow to debt
below 5%, or ratio of debt to EBITDA above 3.5x.


OVERSEAS SHIPHOLDING: Moody's Rates Unsecured Notes 'Caa1'
----------------------------------------------------------
Moody's Investors Service assigned Caa1 ratings to the unsecured
notes of Overseas Shipholding Group, Inc. ("OSG") that are being
reinstated pursuant to its plan of reorganization which becomes
effective. Moody's also affirmed the B2 Corporate Family Rating
and all of the other debt ratings it assigned to OSG on June 12,
2014 in anticipation of the conclusion of the Chapter 11
reorganization. The rating outlook is stable.

Ratings Rationale

The senior unsecured ratings have been assigned using Moody's Loss
Given Default Rating Methodology. The Caa1 rating is two notches
below the Corporate Family rating, reflecting this class of debt's
first loss position in the capital structure. The unsecured note
obligations of OSG do not benefit from upstream guarantees and are
structurally subordinated to the $1.35 billion of new secured bank
credit facilities that will comprise the majority of the company's
debt capital.

The B2 Corporate Family Rating considers OSG's leading position in
the U.S. Jones Act and international crude and refined petroleum
products freight shipping sectors. The rating recognizes the
reductions in fixed overhead that the company achieved while in
bankruptcy, primarily by cancelling charter-in contracts for 25
international tankers, outsourcing the technical management of the
international fleet and reducing shore-side headcount. Moody's
anticipates that credit metrics will become more supportive of the
B2 rating through 2016. With no planned capital investment for
growth, projected free cash flow exceeds $100 million per year.
Debt to EBITDA is projected at about 6.0 times and FFO + Interest
to Interest at about 2.4 times at year end 2015, somewhat weak for
the B2 rating. Moody's believes the financial performance OSG
projects through 2015 is achievable because the company's freight
rate assumptions for its international tankers appear reasonable,
reflecting nominal increases above current levels.

The favorable fundamentals of the U.S. Jones Act market also
support the ratings assignment. Moody's expects continuing demand
for movement of shale oil and refined products to and from the
Louisiana Gulf Coast refineries, as well as across the other U.S.
coastal trades, the contracted nature of the company's operations
in this sector and the quality of its relatively young product
tanker fleet to support earnings and cash flow generation over the
five-year terms of the new credit facilities. The B2 rating also
incorporates Moody's expectation that the company will seek to
grow the international fleet, notwithstanding that the financial
plan contemplates very little capital spending and is devoid of
investment for growth, let alone replacement of vessels that
retire from either of the subsidiaries' fleets.

The stable outlook reflects Moody's belief that the fundamentals
of the U.S. Jones Act petroleum transportation market will remain
supportive. The outlook also reflects that downside risk to
freight rates in the company's international tanker markets should
remain contained in upcoming years as the unfavorable gap between
ton-mile demand and vessel supply does not meaningfully increase.

There will be little upwards pressure on the ratings until the
company demonstrates the efficacy of its reorganization strategy
by strengthening credit metrics following its exit from Chapter
11. Clarity on its fleet plan will identify the extent to which
funded debt might increase and the related effect on credit
metrics. FFO + Interest to Interest that approaches 3.5 times,
Retained Cash Flow to Net Debt in excess of 13% and Debt to EBITDA
that approaches 4.5 times could support an upgrade. Application of
free cash flow to repayments of the new term loans will be the
primary driver of the improving metrics profile in the near term.

The ratings could be downgraded if unrestricted cash is sustained
below $50 million or the company becomes reliant on at least one
of the revolvers to meet working capital needs. Debt to EBITDA
sustained above 6.5 times, FFO + Interest to Interest that
approaches 2.0 times, a decline in the EBIT margin to the 12%
range, Retained Cash Flow to Net Debt that approaches 8% or
sustained negative free cash flow generation could pressure the
ratings as could fleet growth or returns to shareholders that are
funded with debt. Additionally, the ratings could be downgraded if
the negotiated terms of the credit agreements differ from Moody's
expectations as of the date of this press release such that the
company has greater ability to increase funded debt or make
restricted payments under incurrence tests, or the priority of the
OSG International, Inc. revolver is changed.

Overseas Shipholding Group, Inc., a Delaware Corporation
headquartered in New York, New York, is one of the larger players
in the ocean transportation of crude oil and petroleum products.
The company operates separate fleets of internationally-flagged
tankers trading in international markets and US Jones Act
qualified vessels trading mainly in US coastal markets. The
company, which executed its Chapter 11 plan of reorganization on
August 5, 2014, had been operating under Chapter 11 of the US
Bankruptcy Code since its filing on November 14, 2012.

Assignments:

Issuer: Overseas Shipholding Group, Inc.

Senior Unsecured Regular Bond/Debenture, Assigned Caa1, LGD6,
90%

Outlook Actions:

Issuer: OSG Bulk Ships, Inc.

Outlook, Remains Stable

Issuer: OSG International, Inc.

Outlook, Remains Stable

Issuer: Overseas Shipholding Group, Inc.

Outlook, Remains Stable

Affirmations:

Issuer: OSG Bulk Ships, Inc.

Senior Secured Bank Credit Facility Jan 8, 2019, Affirmed B1

Senior Secured Bank Credit Facility Jul 8, 2019, Affirmed B1

Issuer: OSG International, Inc.

Senior Secured Bank Credit Facility Jul 8, 2019, Affirmed B1

Senior Secured Bank Credit Facility Jan 8, 2019, Affirmed Ba2

Issuer: Overseas Shipholding Group, Inc.

Probability of Default Rating, Affirmed B2-PD

Speculative Grade Liquidity Rating, Affirmed SGL-3

Corporate Family Rating, Affirmed B2

The principal methodology used in this rating was Global Shipping
Industry published in February 2014. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.


PALM BEACH COMMUNITY: Taps Breton Lynch as Real Estate Counsel
--------------------------------------------------------------
Palm Beach Community Church, Inc. asks authorization from the U.S.
Bankruptcy Court for the Southern District of Florida to employ
John R. Eubanks, Jr. and the law firm Breton, Lynch, Eubanks &
Suarez-Murias, P.A. as special counsel to represent the Debtor in
real estate transactions.

Breton Lynch will be paid at these hourly rates:

       Partners                 $325
       Paralegals               $175

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

John R. Eubanks, Jr. 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.

Breton Lynch can be reached at:

       John R. Eubanks, Jr., Esq.
       BRETON, LYNCH, EUBANKS, & SUAREZ-MURIAS, P.A.
       1209 Olive Avenue
       West Palm Beach, FL 33401
       Tel: (561) 721-4000
       E-mail: jeubanks@blesmlaw.com

                 About Palm Beach Community Church

Palm Beach Community Church, Inc., filed a Chapter 11 petition
(Bankr. S.D. Fla. Case No. 13-35141) on Oct. 20, 2013.  The
petition was signed by Raymond Underwood as president.  The Debtor
scheduled total assets of $14.6 million and total liabilities of
$11.43 million.

Palm Beach Community Church is represented by Robert C. Furr,
Esq., and Aaron A. Wernick, Esq., at Furr & Cohen, PA of Boca
Raton, FL, as attorney; and Roy Wiley and Covenant Financial, Inc.
dba SmartPlan Financial Services as accountants.

In December, the U.S. Trustee informed the Bankruptcy Court that
it was unable to appoint a committee of creditors in the case.


PHOENIX LIFE: S&P Lowers Rating to 'B+' & Removes From Watch Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its financial strength
ratings on Phoenix Life Insurance Co. (PLIC) and PHL Variable
Insurance Co. (PHLVIC) to 'B+' from 'BB-', and also affirmed S&P's
'B-' rating on The Phoenix Cos. Inc., the group's non-operating
holding company.  At the same time, S&P removed the ratings from
CreditWatch, where it placed them with negative implications on
Feb. 12, 2010.  The outlook is negative.

"We lowered our financial strength ratings on Phoenix' insurance
operating companies primarily due to our weaker updated
projections of their capital adequacy, though we still regard it
to be upper adequate," said Standard & Poor's credit analyst
Patrick Wong.  "The current capital structure is relatively
leveraged for an insurance company, with 38% financial leverage as
of year-end 2013. We deducted debt-funded double leverage
exceeding our 20% threshold from our calculation of total
capitalization.  We expect generally accepted accounting
principles, GAAP, operating profits to remain minimal to breakeven
over the next 12 months, partially hurt by ongoing expenses
related to audits, but we do expect volatility to diminish as a
result of the company strengthens its universal life reserves,
among others, in the group's restated 2012 financials."

S&P expects statutory net gains from operations to remain positive
but decline over time.  Recent results have been affected by
material restatement, auditing, and consulting fees.  S&P believes
relatively weak capitalization will likely to put a limit on how
fast Phoenix's fixed indexed annuity business can grow-in addition
to the existing challenges it already faces in the competitive and
relatively commoditized fixed annuity market.  S&P's assessment of
the group's corporate governance and enterprise risk management
remains weak as shown by the need for it to restate its
financials, citing control deficiencies as disclosed by the
company in the 2013 Form 10-K, but S&P thinks it should improve.

S&P has affirmed its rating on the holding company.  S&P believes
Phoenix, with $130 million excess liquid resources at the holding
company, has adequate resources to meet its debt obligations in
the next 12 months.  S&P expects future dividends from PLIC to the
holding company to gradually improve the holding company's
financial flexibility.

The outlook is negative, reflecting S&P's belief that there is
still uncertainty relating to Phoenix's ability to file its
required regulatory statements on time or to meet S&P's earnings
and capital expectations.  "We could lower the rating if Phoenix
misses another filing deadline, its RBC ratio falls below 300%,
material statutory or GAAP losses emerge, cash resources and
ability to dividend up to holding company unexpectedly decline
materially, or if the group fails to establish its position as a
successful insurer in its target market," Mr. Wong continued.  "On
the other hand, we could revise the outlook back to stable if we
see evidence that the company has resolved its financial reporting
deficiencies, and reduced capital and earnings volatility within
our expectations, with no significant charges in the next 12
months.  Though unlikely within the year, we could also change our
rating assessment if the group's competitive position improves
significantly and Phoenix can demonstrate material profitable
growth in its target markets."


PREFERRED PROPPANTS: Moody's Hikes Corp. Family Rating to Caa1
--------------------------------------------------------------
Moody's Investors Service upgraded Preferred Proppants, LLC's
Corporate Family Rating ("CFR") to Caa1 from Caa3 and the
Probability of Default Rating (PDR) to Caa1-PD from Ca-PD/LD . At
the same time, Moody's assigned a B3 rating to Preferred Proppants
proposed $350 million senior secured term loan. The ratings
outlook was revised to stable from negative.

This rating action follows the announced recapitalization of
Preferred Proppants with a $50 million ABL Facility (unrated), a
$350 million senior secured term loan and $300 million 2nd lien
notes (unrated), which closed on July 31, 2014. KKR has a minority
equity stake in Preferred Proppants. The existing debt, which had
been operating under a forebearance agreement since September
2013, and all accrued interest was paid off fully upon the closing
of the recapitalization. Concurrently with this rating action, the
rating on this senior secured bank credit facility has been
withdrawn.

The following ratings actions were taken:

Corporate Family Rating, upgraded to Caa1 from Caa3;

Probability of Default, upgraded to Caa1-PD from Ca-PD/LD;

$350 million senior secured term loan, assigned at B3, LGD-3;

The outlook is stable.

Ratings Rationale

The ratings upgrade reflects Preferred Proppants new capital
structure which enhances the company's liquidity profile over the
near-term. Upon closing of the recapitalization, the company will
have approximately $50 million of cash-on-hand and will be
operating with a new five-year $50 million ABL facility. The $300
million 2nd Lien Notes provide for a payment-in-kind (PIK) option
which also provides liquidity flexibility; however, adjusted debt-
to-EBITDA will increase if the company avails itself of this
option. The Caa1 CFR reflects Preferred Proppants's small scale,
high debt leverage, limited amount of Northern white frac sand
reserves, end market concentration in the cyclical oil and gas
industry, and lack of free cash flow as the company invests in a
new sand and resin plant through 2015. The ratings also considers
recent demand growth for frac sand due to advancements in
hydraulic fracturing technology, Preferred Proppants' growing
market share for its resin-coated sand product, the company's high
customer concentration, and the company's private ownership by a
combination of management and private equity.

The stable outlook reflects Moody's expectation for consistent
growth in revenues and earnings over the next 12-18 months,
adjusted debt-to-EBITDA will decline through EBITDA growth,
adjusted EBIT-to-interest coverage will grow closer to 1.0x
(inclusive of non-cash interest), and the company will maintain
adequate liquidity.

Moody's indicated that the ratings are not likely to experience
upward movement in the near-term. However, the ratings would be
considered for an upgrade if the company reduced its adjusted
debt-to-EBITDA to below 6.0x and increase adjusted EBIT-to-
interest expense above 1.0x, inclusive of the $300 million 2nd
lien notes non-cash interest expense. In addition, improvements in
operating margin and improvement in liquidity would be positive
for the ratings.

The company's ratings could face downward pressure if debt
leverage remains above 7.0x and EBIT-to-interest expense
(inclusive of non-cash interest) falls below 0.5x. The ratings
could also experience negative rating pressure should proppant
demand decline as a result of declining well counts and falling
energy prices.

The principal methodology used in this rating was the Global
Building Materials Industry published in July 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.

Preferred Proppants, LLC headquartered in Radnor, PA, is a
producer and distributor of frac sand and proppant materials used
predominately in oil and gas drilling. The company generated
approximately $405 million in revenue for trailing 12-month period
ended June 30, 2014.


PRETTY GIRL: Hires Rosen & Associates as Bankruptcy Counsel
-----------------------------------------------------------
Pretty Girl, Inc. seeks authorization from the U.S. Bankruptcy
Court for the Southern District of New York to employ Rosen &
Associates, P.C. as bankruptcy counsel, nunc pro tunc to the
July 2, 2014 petition date.

The professional services that Rosen & Associates will render
include, among other services:

   (a) advising the Debtor with respect to its powers and duties
       as a debtor and debtor in possession in the operation of
       its business and management of its property;

   (b) representing the Debtor before the Court, any appellate
       courts, and the Office of the U.S. Trustee on matters
       pertaining to its affairs, as debtor in possession,
       including prosecuting and defending actions on the Debtor's
       behalf that may arise during its chapter 11 case;

   (c) advising and assisting the Debtor in the negotiation and
       preparation of a plans of reorganization with its creditors
       and the preparation of an accompanying disclosure
       statements and taking any necessary action on behalf of the
       Debtor to obtain confirmation such plan;

   (d) preparing, on behalf of the Debtor, motions, applications,
       answers, orders, reports, documents, and other legal papers
       necessary for the administration of the Debtor's estate;
       and

   (e) performing such other legal services for the Debtor that
       may be appropriate and necessary.

As set forth in the Retention Agreement, subject to Court
approval, the Debtor has agreed to pay Rosen & Associates for its
services at a fixed hourly rate of $400, regardless of the hourly
rate generally charged for the services rendered by the particular
attorney who works on the case.  The Debtor also has agreed to
reimburse Rosen & Associates for its reasonable expenses, charges,
and disbursements.

Pursuant to a written retention agreement dated Jan. 2, 2014, the
Debtor retained Rosen & Associates to represent it in connection
with a restructuring of its indebtedness.  In accordance with the
retention agreement, the Debtor paid Rosen & Associates a retainer
fee of $20,000, which was to be applied in payment of Rosen &
Associates' final invoice.

The Debtor made no payments to Rosen & Associates on account of
invoices for services rendered which aggregated $18,880 and
remained unpaid for several months.  On or about June 1, 2014, in
accordance with the Jan. 2, 2014 retention agreement, Rosen &
Associates set off the $20,000 retainer fee against the invoice
balance of $18,880.00, leaving a balance due the Debtor of $1,120.

In connection with representing the Debtor in this chapter 11
case, on June 26, 2014, the Debtor paid Rosen & Associates a
retainer fee of $50,000 for services to be performed and expenses
to be incurred.  The Debtor also agreed that the retainer fee
balance of $1,120 will be treated as a supplemental retainer fee.

Sanford P. Rosen, principal shareholder of Rosen & Associates,
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.

Rosen & Associates can be reached at:

       Sanford P. Rosen, Esq.
       ROSEN & ASSOCIATES, P.C.
       747 Third Avenue
       New York, NY 10017-2803
       Tel: (212) 223-1100

                          About Pretty Girl

Pretty Girl, Inc., filed a Chapter 11 bankruptcy petition (Bankr.
S.D.N.Y. Case No. 14-11979) on July 2, 2014.  The petition was
signed by Albert Nigri as president.  The Debtor disclosed total
assets of $10.76 million and total liabilities of $12.27 million.
Rosen & Associates, P.C., acts as the Debtor's counsel.


PUERTO RICO: Hedge Funds Say Recovery Act Is Unconstitutional
-------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that bond funds affiliated with Franklin Resources Inc.
and Oppenheimer Rochester Funds filed papers in San Juan asking
U.S. District Judge Francisco A. Besosa to rule that Puerto Rico's
new law permitting government-owned entities to restructure debt
outside of bankruptcy court is unconstitutional.

According to the report, the bond funds urged Judge Besosa to rule
immediately on the constitutionality of the Puerto Rico Public
Corporation Debt Enforcement and Recovery Act, rather wait to see
how or whether the statute is applied.  The bond fund says the act
takes property without compensation in violation of the Takings
Clause, substantially impairs contractual rights under bond
documents in violation of the Contracts Clause, and violates the
right to litigate federal claims in federal court.

The lawsuit is Franklin California Tax-Fee Trust v. Commonwealth
of Puerto Rico, 14-cv-01518, U.S. District Court, District of
Puerto Rico (San Juan).


PULTEGROUP INC: Moody's Hikes Corporate Family Rating to 'Ba1'
--------------------------------------------------------------
Moody's Investors Service upgraded all of the ratings of
PulteGroup, Inc., including its corporate family rating to Ba1
from Ba2, probability of default rating to Ba1-PD from Ba2-PD, the
ratings for various issues of senior unsecured notes to Ba1 from
Ba2, and the speculative grade liquidity rating to SGL-1 from SGL-
2. The rating outlook is stable.

The following rating actions were taken:

Corporate family rating, upgraded to Ba1 from Ba2;

Probability of default rating, upgraded to Ba1-PD from Ba2-PD;

Senior unsecured notes rating, upgraded to Ba1 (LGD4) from Ba2
(LGD-4);

Speculative grade liquidity rating, raised to SGL-1 from SGL-2.

The rating outlook is stable.

Ratings Rationale

The rating upgrade reflects the company's positive operating
momentum, which has resulted in many of its key credit metrics
approaching or meeting the targets Moody's had set as triggers for
an upgrade to the Ba1 rating level. Pulte's gross margins improved
from 13.4% in 2011 to 15.8% in 2012, to 19.7% in, 2013, and
further to 22.7% for the trailing 12 months ended June 30, 2014.
Moody's note that Pulte's gross margins are somewhat understated
since the company's cost of goods sold includes a portion of its
selling expenses that would otherwise fall into SG&A. Moody's
estimate that this boost to gross margins could be as large as 350
basis points or more in certain quarters. Interest coverage and
return on assets improved from negative territory in 2010 to 5.6x
and 11.2%, respectively, at LTM June 30, 2014. In addition, since
2010, when the company carried its peak debt levels, it has been
able to retire about $2.5 billion of debt out of cash flow. This
debt reduction plus the reversal of its deferred tax valuation
allowance and rising net income has driven its peak adjusted debt
leverage of 66% down to 29.4% at June 30, 2014. It is Moody's
expectation that the homebuilding industry recovery will continue
in 2014 and into 2015, albeit with fits and starts, and will
result in further strengthening of Pulte's credit metrics and top
line growth.

The Ba1 corporate family rating reflects Pulte's industry-leading
adjusted debt leverage of 29.4%, large unrestricted cash position
currently standing at $1.2 billion (at June 30, 2014), track
record of strong positive cash flow generation, and growing gross
margins. Also factored into the rating are the company's
disciplined land and investment strategies (compared to many of
its peers that are forced to pursue land investments more
aggressively). Pulte's land position, currently at eight years of
total land supply, ensures that it will not be forced to bid
aggressively on assets in order to replenish a depleted lot
supply. The ratings also acknowledge that the company's merger
with Centex in 2009 and the resulting improvement in size, scale
and diversification is now allowing it to reap the benefits of a
steady recovery in the homebuilding industry.

At the same time, Moody's recognize that while Pulte has been one
of only two homebuilders to generate consistently positive cash
flow from operations in recent years -- growth years for the
industry -- its cash flow is likely to turn negative in the coming
year from its budgeted land spend. In addition, Pulte's orders and
community count growth will be slower than those of many of its
peers for the next 12 to 18 months, which will lead to slower-
than-industry average revenue and earnings growth.

The stable outlook reflects Moody's expectation that Pulte will
continue expanding its size and scale and grow its net worth from
earnings retention over the next 12 to 18 months, which will
benefit many of its credit metrics, as the industry experiences
positive demand and pricing trends. However, the stable outlook
also recognizes that Pulte is unlikely to maintain its currently
very low debt leverage as it takes advantage of investment
opportunities, including returning capital to its shareholders.
Nevertheless, Moody's expects that Pulte's adjusted debt leverage
will not exceed the 40% level, which is strong for a Ba1 credit.

All of the homebuilding debt of both PulteGroup, Inc. and the
remaining outstanding debt of Centex Corporation is guaranteed by
the principal operating subsidiaries of both Pulte and Centex.

Pulte's solid liquidity profile is reflected in its SGL-1
speculative grade liquidity rating. The company's liquidity is
supported by its large unrestricted cash position of about $1.2
billion at June 30, 2014, absence of substantial debt maturities
until June of 2015 when $234 million of senior notes come due, a
$500 million unsecured revolver that is likely to be undrawn as
well as its diversified and unencumbered total lot supply of about
eight years. The company's liquidity position affords it the
flexibility to continue investing cash back into the business and
to focus on community count growth. On the other hand, the company
is expected to burn cash in the coming 12 to 18 months if it
fulfills its budgeted land spend and continues with its planned
share repurchases. The revolver has three financial covenants --
debt/cap of 60%, interest coverage of 1.5x, and tangible net worth
of $3.2 billion -- and there is currently substantial headroom.

The outlook and/or ratings could benefit if the company further
improves its profitability, maintains its strong liquidity, and
continues to keep debt leverage low at or below the 40% level.
Specifically, the upgrade triggers would include GAAP gross
margins above 23%, an EBIT return on average assets above 12%, and
an adjusted EBIT interest coverage above 6x - all on a sustained
basis. In addition, if the company can continue to maintain debt
leverage at or near the industry lows, that would be given strong
consideration. Finally, and just as importantly, Moody's would
need to feel confident that Pulte's metrics could withstand a
financial shock and that its financial policy would be consistent
with that of a company wanting both to attain and maintain an
investment grade rating.

The rating could be lowered if the company jeopardized its strong
liquidity position by engaging in large land purchases or
substantial share buy-backs, experienced a material erosion in its
GAAP gross margins to below 20%, or if its debt leverage began to
increase and remained above 50%.

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.

Founded in 1950 and headquartered in Atlanta, Georgia, PulteGroup,
Inc. is the country's second largest homebuilder, with operations
in 50 markets and 26 states. Through its brand names that include
Centex, Pulte Homes and Del Webb, the company has one of the
broadest product and price point offerings in the industry.
Revenues and pretax income for the trailing 12-month period ended
June 30, 2014 were approximately $5.5 billion and $605 million,
respectively.


RADIOSHACK CORP: Another Refinancing May Be Last Best Hope
----------------------------------------------------------
Richard Collings And Nils Van Liew, writing for The Deal, reported
that Radioshack Corp.'s last best hope to effect a turnaround may
be a much-needed financing from the likes of hedge fund BlueCrest
Capital Management.  According to the report, citing a Bloomberg
News report, BlueCrest has offered to back a buyout of secured
lenders that are resisting the company's plans to shutter up to
1,100 stores.  Salus Capital Partners LLC acts as administrative
agent on the company's $250 million second-lien term loan, the
report said.  The report, however, said that even if BlueCrest
were to succeed in aiding the Fort Worth-based relic from the
1980s, a refinancing would only buy the company a short time as it
pursues a turnaround.

                    About Radioshack Corporation

RadioShack (NYSE: RSH) -- -- http://www.radioshackcorporation.com
-- is a national retailer of innovative mobile technology products
and services, as well as products related to personal and home
technology and power supply needs.  RadioShack's retail network
includes more than 4,300 company-operated stores in the United
States, 270 company-operated stores in Mexico, and approximately
1,000 dealer and other outlets worldwide.

Radioshack reported a net loss of $400.2 million in 2013, a net
loss of $139.4 million in 2012, and net income of $72.2 million in
2011.  As of May 3, 2014, Radioshack had $1.32 billion in total
assets, $1.25 billion in total liabilities and $72.6 million in
total stockholders' equity.

                           *     *     *

As reported by the TCR on June 18, 2014, Standard & Poor's Ratings
Services lowered its corporate credit rating on the Fort Worth,
Texas-based RadioShack Corp. to 'CCC' from 'CCC+'.  "The downgrade
reflects the company's very weak operating trends, which have led
to significant liquidity usage.  Even if performance trends
moderate, we expect the company to be using cash over the near
term," said credit analyst Charles Pinson-Rose.

In the Dec. 30, 2013, edition of the TCR, Fitch Ratings has
affirmed its 'CCC' Long-term Issuer Default Rating (IDR) on
RadioShack Corporation.  The IDR reflects the significant decline
in RadioShack's profitability and cash flow, which has become
progressively more pronounced over the past two years.

The TCR reported on March 13, 2014, that Moody's Investors Service
downgraded RadioShack Corporation's corporate family rating to
Caa2 from Caa1.  "The continuing negative trend in RadioShack's
sales and margins has resulted in a precipitous drop in
profitability causing continued deterioration in credit metrics
and liquidity," Mickey Chadha, Senior Analyst at Moody's said.

Troubled Company Reporter, citing The Wall Street Journal,
reported on March 5, 2014, that RadioShack plans to cut back its
store count, after a sharp drop in sales over the holidays left it
with a $400 million loss in 2013.  The electronics retailer said
it could close as many as 1,100 U.S. stores -- one out of every
four that it operates itself -- underscoring the difficulty it has
had adapting to a fast changing consumer landscape.


RENAISSANCE SPECIALTY: Voluntary Chapter 11 Case Summary
--------------------------------------------------------
Debtor: Renaissance Specialty Veneer Products, Inc.
           dba RSVP
        6471 South 50 West
        Columbus, IN 47201

Case No.: 14-07494

Chapter 11 Petition Date: August 12, 2014

Court: United States Bankruptcy Court
       Southern District of Indiana (Indianapolis)

Judge: Hon. James K. Coachys

Debtor's Counsel: David R. Krebs, Esq.
                  TUCKER, HESTER, BAKER & KREBS, LLC
                  One Indiana Square, Suite 1600
                  Indianapolis, IN 46204
                  Tel: 317-833-3030
                  Fax: 317-833-3031
                  Email: dkrebs@thbklaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Jerome Jacquard, president.

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


SAAB AB: Owner Says Bankruptcy Petition to be Lifted
----------------------------------------------------
Christina Zander, writing for The Wall Street Journal, reported
that National Electric Vehicle Sweden AB, the Chinese-backed
company that bought the Saab automobile brand out of bankruptcy,
said a petition from one of its suppliers to declare it bankrupt
will be withdrawn.

According to the report, Labo Test, one of NEVS' suppliers, had
petitioned a Swedish court to declare the auto maker bankrupt over
unpaid bills of 150,000 Swedish kronor or US$21,800.  NEVS said in
a statement that Labo Test will withdraw the case after
information they received regarding ongoing dialogues, the Journal
related.

                       About Saab Cars N.A.

More than 40 U.S.-based Saab dealerships have signed an
involuntary chapter 11 bankruptcy petition for Saab Cars North
America, Inc., (Bankr. D. Del. Case No. 12-10344) on Jan. 30,
2012.  The petitioners, represented by Wilk Auslander LLP, assert
claims totaling $1.2 million on account of "unpaid warranty and
incentive reimbursement and related obligations" and/or "parts and
warranty reimbursement."  Leonard A. Bellavia, Esq., at Bellavia
Gentile & Associates, in New York, signed the Chapter 11 petition
on behalf of the dealers.

Donlin, Recano & Company, Inc. (DRC), has been retained to provide
claims and noticing agent services to Saab Cars North America,
Inc. in its Chapter 11 case.

The dealers want the vehicle inventory and the parts business to
be sold, free of liens from Ally Financial Inc. and Caterpillar
Inc., and "to have an appropriate forum to address the claims of
the dealers," Leonard A. Bellavia said in an e-mail to Bloomberg
News.

Saab Cars N.A. is the U.S. sales and distribution unit of Swedish
car maker Saab Automobile AB.  Saab Cars N.A. named in December an
outside administrator, McTevia & Associates, to run the company as
part of a plan to avoid immediate liquidation following its parent
company's bankruptcy filing.

Saab Automobile AB is a Swedish car manufacturer owned by Dutch
automobile manufacturer Swedish Automobile NV, formerly Spyker
Cars NV.  Saab Automobile AB, Saab Automobile Tools AB and Saab
Powertain AB filed for bankruptcy on Dec. 19, 2011, after running
out of cash.

On Feb. 24, 2012, the U.S. Court, in consideration of the petition
filed on Jan. 30, 2012, granted Saab Cars North America, Inc.,
relief under Chapter 11 of the Bankruptcy Code.

Attorneys Stevens & Lee, P.C., and Butzel Long, represent the
Debtors as counsel.

On March 9, 2012, the U.S. Trustee formed an official Committee of
Unsecured Creditors and appointed these members: Peter Mueller
Inc., IFS Vehicle Distributors, Countryside Volkwagen, Saab of
North Olmstead, Saab of Bedford, Whitcomb Motors Inc., and
Delaware Motor Sales, Inc.  The Committee tapped Wilk Auslander
LLP as general bankruptcy counsel, and Polsinelli PC as its
Delaware counsel.

As of July 16, 2013, all conditions to consummation of the Third
Amended Plan of Liquidation of Saab North America, Inc., set forth
in Article 6.1 of the Plan were either satisfied or waived.
Accordingly, on July 18, 2013, counsel for the Liquidating Trustee
sent notice that the Effective Date occurred with respect to the
Plan.


SCHWAB INDUSTRIES: Successor Liability Suit v. SS&G May Proceed
---------------------------------------------------------------
John B. Pidcock, trustee of the creditors' trust established under
the confirmed liquidation plan for SII Liquidation Company fka
Schwab Industries Inc., sued Laurence V. Goddard and The Parkland
Group, Inc., to recover monies for the trust based on alleged
breaches of fiduciary duties related to the firm's restructuring
services.  Parkland was hired by the Debtors in 2010 to assist
with their restructuring efforts.  The trustee also named SS&G
Parkland Consulting, LLC, as defendant in the lawsuit based on
SS&G's liability for any breaches on a successor liability theory.
SS&G was formed in 2012 from the merger with or acquisition of
Parkland.  Mr. Goddard is the firm's managing director.

The Trustee argues that SS&G is a mere continuation of Parkland
based on the following:

     (a) SS&G was formed only one month prior to the merger with
Parkland;

     (b) SS&G's employees are largely the same people as
Parkland's employees; and

     (c) SS&G performs the same services as Parkland did.

On June 16, 2014, citing Federal Rule of Bankruptcy Procedure
7012, SS&G sought dismissal of the complaint, claiming the Trustee
failed to adequately plead SS&G's successor liability.

In an August 8, 2014 Memorandum of Decision available at
http://is.gd/mipoqRfrom Leagle.com, Bankruptcy Judge Russ Kendig
noted that the Trustee cleared certain hurdles on successor
liability under Ohio law.  He said the allegations concerning the
timing of the transaction, coupled with the overlap in management,
employees, and services, create a plausible basis for excepting
SS&G from the general rule of successor non-liability.

"SS&G's motion will be granted, in part, and denied, in part, by
separate order to be entered immediately. Plaintiff will be
provided twenty-one days to plead further in the event it wishes,
but is not required, to plead additional exceptions or state its
claim differently," Judge Kendig, thus, ruled.

The case is, JOHN B. PIDCOCK, AS CREDITOR TRUSTEE, Plaintiff, v.
LAURENCE V. GODDARD, et al., Defendants, Adv. Proc. No. 14-6016
(Bankr. N.D. Ohio).

                      About Schwab Industries

Dover, Ohio-based Schwab Industries, Inc., produced, supplied and
distributed ready-mix concrete, concrete block, cement and related
supplies to commercial, governmental and residential contractors
throughout Northeast Ohio and Southwest Florida.

The Company filed for Chapter 11 bankruptcy protection (Bankr.
N.D. Ohio Case No. 10-60702) on Feb. 28, 2010.  Affiliates Medina
Cartage Co.; Medina Supply Company; Quality Block & Supply, Inc.;
O.I.S. Tire, Inc.; Twin Cities Concrete Company; Schwab Ready-Mix,
Inc.; Schwab Materials, Inc.; and Eastern Cement Corp. also sought
bankruptcy protection.  The Parkland Group, Inc., provided
restructuring services and designated Laurence V. Goddard as Chief
Restructuring Officer.  Hahn Loeser & Parks LLP served as
bankruptcy counsel.  Brouse McDowell, LPA, served as special
counsel.  Garden City Group, Inc., served as claims, noticing and
balloting agent.  The Company estimated its assets and liabilities
at $50 million to $100 million.

As part of the bankruptcy, substantially all of the Debtors'
assets via auction.  The Court entered a sale order on May 28,
2010.  Subsequently, the Court confirmed a liquidation plan.
Through the sale and plan, a creditor trust was established for
the benefit of the unsecured creditors and John B. Pidcock was
designated Creditor Trustee.  The Debtor was later renamed SII
Liquidation Company.


SCICOM DATA: Court Approves Hiring Judge McGunnigle as Mediator
---------------------------------------------------------------
SCICOM Data Services, Ltd. sought and obtained permission from the
U.S. Bankruptcy Court for the District of Minnesota to employ
George F. McGunnigle as mediator.

The Debtor wishes to employ George F. McGunnigle, an attorney and
senior judge for the Hennepin County District Court, to mediate a
dispute involving an objection to confirmation, the Debtor's
motion to assume and assign certain executory contracts and
unexpired leases, and related matters.

To compensate Judge McGunnigle for his mediation services, the
Debtor, Venture Solutions, Xerox Corporation, and the Official
Committee of Unsecured Creditors would each pay one-quarter of
Judge McGunnigle's hourly rate of $400, plus expenses. Thus, the
Debtor proposes that the estate pay Judge McGunnigle $200 per
hour, plus half of any expenses: one quarter for the Debtor's
share and one-quarter for the Committee's share.

Judge McGunnigle 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.

                         About SCICOM

Headquartered in Minnetonka, Minnesota, SCICOM provides data
processing solutions that transform critical data into effective
customer communications, on any platform, at any time.  SCICOM's
business focus has been employee benefits, retirement and
investment services, and statement processing.

SCICOM Data Services, Ltd., filed a Chapter 11 petition (Bankr. D.
Minn. Case No. 13-43894) on Aug. 6, 2013, in Minneapolis,
Minnesota, with a deal to sell assets to Venture Solutions without
an auction.

Arden Hills, MN-based Venture Solutions is a provider of print and
digital transactional Communications and is a subsidiary of Taylor
Corporation.

Judge Michael E. Ridgway presides over the case.  The Debtor has
tapped Fredrikson & Byron, P.A., as counsel; Lighthouse Management
Group, Inc., as financial consultant; and Shenehon Company as
valuation expert.

The Debtor disclosed $13,254,128 in assets and $17,801,787 in
liabilities as of the Chapter 11 filing.  The petition was signed
by Timothy L. Johnson, senior vice president and CFO.

Daniel M. McDermott, the U.S. Trustee for Region 12, appointed
three creditors to serve in the Official Committee of Unsecured
Creditors in the Chapter 11 case of Scicom Data Services, Ltd.


SEARS METHODIST RETIREMENT: HUD Balks at Payment to GCG
-------------------------------------------------------
Sears Methodist Retirement System Inc. and its debtor-affiliates
filed with the U.S. Bankruptcy Court on June 10, 2014, an
application, requesting authority to employ GCG, Inc. to serve as
the notice, claims, and solicitation agent. GCG will be paid from
the debtors' estates.

On July 10, 2014, the United States of America, Department of
Housing and Urban Development filed its response to the GCG
application.  HUD objects to any use by the debtors of funds from
Desert Haven and/or Canyons to pay for any work associated with
the bankruptcy proceeding.  Those payments if made would violate
the regulatory agreements, HUD argues.  It adds that the
regulatory agreements bar the use of project funds to pay
professional and administrative fees incurred in connection with
this bankruptcy proceeding or to aid the ownership entities.

Odessa Methodist Housing, Inc., the owner of Desert Haven, and
Canyons Senior Living, L.P., the owner of Canyons are wholly-owned
subsidiaries of Sears Methodist Retirement System.  The debtors
plan to accrue $3,608 from funds of Desert haven and $11,491 from
funds of Canyons to pay professional fees associated with the
bankruptcy proceeding.

The terms of GCG's employment were reported by the Troubled
Company Reporter on June 30, 2014.  The report said GCG has agreed
to provide discounted hourly rates and agreed to cap the highest
hourly rate at $295:

   Position                                Discounted Rate
   --------                                ---------------
Administrative, Mailroom and Claims Control  $45 to $55
Project Administrators                       $70 to $85
Project Supervisors                          $95 to $110
Graphic Support & Tech Staff                $100 to $200
Project Managers and Sr. Project Managers   $125 to $175
Directors and Asst. Vice Presidents         $200 to $295
Vice Presidents and above                       $295

For its noticing services, GCG will charge $50 per 1,000 e-mails,
and $0.10 per page for facsimile noticing.  For its claims
administration services, GCG will charge $0.15 per claim for
association of claimants' names and addresses to the database, and
will bill at its discounted hourly rates for processing of claims.
For solicitation and processing of ballots, GCG will charge at its
standard hourly rates.  For its contact services, the firm will
charge $0.39 per minute for its interactive voice response ("IVR")
service and $0.95 per minute for customer service representatives.

GCG received a $20,000 retainer from the Debtors prior to the
Petition Date.  In addition, GCG received payment of $8,000 for
services rendered prior to the Petition Date.

Emily Gottlieb, assistant vice president of GDG, attests that GCG
is a "disinterested person," as that term is defined in section
101(14) of the Bankruptcy Code.

                       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.  The Committee is represented by
Clifton R. Jessup, Jr., Esq., and Bryan L. Elwood, Esq., at
Greenberg Traurig, LLP, in Dallas, Texas.


SHINGLE SPRINGS: S&P Raises ICR to 'B+'; Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services raised its issuer credit rating
on Placerville, Calif.-based Shingle Springs Tribal Gaming
Authority (the Authority) one-notch to 'B+' from 'B'.  The outlook
is stable.

At the same time, S&P raised its issue-level rating on the
Authority's first-lien credit facility to 'B+' from 'B' and its
issue-level rating on its senior notes to 'B-' from 'CCC+'.

The upgrades follow the meaningful EBITDA growth over the past few
quarters that resulted in debt to EBITDA improving to the high-4x
area as of March 2014 from the mid-5x area as of year-end 2013.
The upgrades reflect S&P's expectation that debt to EBITDA will
continue to improve to the low- to mid-4x area by 2015 and that
this will provide some cushion within our "aggressive" financial
risk assessment for a potential modest decline in EBITDA from a
potentially more competitive market in 2016.

"The stable outlook reflects our expectation for modest EBITDA
growth and debt reduction over the next several quarters that will
drive an improvement in leverage to the low- to mid-4x area by
2015," said Standard & Poor's credit analyst Ariel Silverberg.
S&P believes this deleveraging will provide a cushion within its
"aggressive" financial risk profile assessment to accommodate a
modest level of EBITDA decline in the event new competition opens
within the Authority's immediate market during the next few years.

S&P could lower rating if increased competition has a more severe
impact on the Authority than we expect and results in EBITDA
declining about 15% or more from S&P's 2014 forecast.  This would
result in leverage levels of 5x or higher and interest coverage
falling to or below 2x.

S&P could raise the rating one notch if it expects that the
Authority will maintain leverage below 4x.  Given that S&P is
forecasting only modest EBITDA growth over the next several
quarters and the potential for increased competition, an upgrade
would likely result from faster-than-expected debt reduction.


SHIROKIA DEVELOPMENT: Voluntary Chapter 11 Case Summary
-------------------------------------------------------
Debtor: Shirokia Development, LLC
        c/o Hong Qin Jiang
        36-20 210th Street
        Bayside, NY 11361

Case No.: 14-12341

Type of Business: Single Asset Real Estate

Chapter 11 Petition Date: August 12, 2014

Court: United States Bankruptcy Court
       Southern District of New York (Manhattan)

Judge: Hon. Martin Glenn

Debtor's Counsel: Dawn Kirby Arnold, Esq.
                  DELBELLO DONNELLAN WEINGARTEN WISE
                     & WIEDERKEHR, LLP
                  One North Lexington Avenue
                  White Plains, NY 10601
                  Tel: (914) 681-0200
                  Fax: (914) 681-0288
                  Email: dkirby@ddw-law.com

Total Assets: $28.40 million

Total Liabilities: $15.45 million

The petition was signed by Hong Qin Jiang, authorized individual.

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


SLATE HILL ASSOCIATES: Case Summary & 6 Top Unsecured Creditors
---------------------------------------------------------------
Debtor: Slate Hill Associates, Inc.
        2865 Route 6
        Slate Hill, NY 10973

Case No.: 14-36639

Nature of Business: Catering, Wedding Banquet Facility

Chapter 11 Petition Date: August 12, 2014

Court: United States Bankruptcy Court
       Southern District of New York (Poughkeepsie)

Judge: Hon. Cecelia G. Morris

Debtor's Counsel: Thomas Genova, Esq.
                  GENOVA & MALIN, ATTORNEYS
                  Hampton Business Center
                  1136 Route 9
                  Wappingers Falls, NY 12590-4332
                  Tel: (845) 298-1600
                  Fax: (845) 298-1265
                  Email: genmallaw@optonline.net

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by John P. Stack, president.

A list of the Debtor's six largest unsecured creditors is
available for free at http://bankrupt.com/misc/nysb14-36639.pdf


SPENDSMART NETWORKS: Amends Goodwill Purchase Agreement with CEO
----------------------------------------------------------------
SpendSmart Networks, Inc., its wholly owned subsidiary SpendSmart
Networks, Inc., and Alex Minicucci, the Company's chief executive
officer, entered into Amendment No. 1 to the Goodwill Purchase
Agreement.  The Company, the Subsidiary and Mr. Minicucci entered
into the Goodwill Purchase Agreement on Dec. 18, 2013.  Pursuant
to the Amendment, the Minimum Earn Out Payments (as defined in the
Amendment) will be payable in one lump sum at the Company's
discretion.

On Aug. 4, 2014, the Company and Mr. Minicucci executed Amendment
No. 1 to Employment Agreement whereby Mr. Minicucci's annual base
salary was increased to $450,000 per annum.

                     About SpendSmart Networks

SpendSmart Networks Inc, formerly The SpendSmart Payments Company,
is a financial solutions company focused on helping teens and
young adults between the ages of 13 and 18 to manage spending.
The Company offers a prepaid reloadable MasterCard with parental
features ranging from giving parents complete control to make
purchase on behalf of their teens to simply monitoring their
teen's purchase transactions.  The Company provides solutions that
facilitate communication between parents and teens while helping
to teach financial responsibility. In March 2014, the Company
acquired SMS Masterminds.

Effective as of June 20, 2014, SpendSmart Networks, Inc. f/k/a The
SpendSmart Payments Company filed an amendment to its newly
adopted Delaware Certificate of Incorporation to change its name
to "SpendSmart Networks, Inc.".

The Spendsmart Payments incurred a net loss and comprehensive loss
of $12.58 million on $1.02 million of revenues for the year ended
Sept. 30, 2013, as compared with a net loss and comprehensive loss
of $21.09 million on $1 million of revenues during the prior year.
The Company's balance sheet at March 31, 2014, showed $14.68
million in total assets, $2.44 million in total liabilities and
$12.24 million in total stockholders' equity.

EisnerAmper LLP, in Iselin, New Jersey, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Sept. 30, 2013.  The independent auditors noted that
the Company has incurred net losses since inception and has an
accumulated deficit at Sept. 30, 2013.  These factors among others
raise substantial doubt about the ability of the Company to
continue as a going concern.


SYNTAX-BRILLIAN: 3rd Cir. Reinstates Avoidance Suit v. Bank
-----------------------------------------------------------
The U.S. Court of Appeals for the Third Circuit heard consolidated
appeals arise out of the Chapter 11 bankruptcy proceedings of
Syntax-Brillian Corporation.  The SB Liquidation Trust, which was
established pursuant to SBC's liquidation plan, assumed control
over all SBC assets, and all causes of action were vested in the
Trust on behalf of the bankruptcy estate.  The Trust initiated an
adversary proceeding against pre-bankruptcy lender Preferred Bank,
seeking to avoid and recover allegedly fraudulent transfers under
the fraudulent transfer provisions of the Bankruptcy Code, 11
U.S.C. Sec. 548(a), and the Delaware Uniform Commercial Code, 6
Del. Code Sections 1304 and 1305.  The Trust also raises common
law claims of aiding and abetting a breach of fiduciary duty and
fraud purportedly committed by SBC insiders.

The Bankruptcy Court dismissed all claims at the pleadings stage.
As to the fraudulent transfer claims, the Bankruptcy Court
concluded that the Trust was required to show that Preferred Bank
had knowledge of the purported scheme to defraud SBC's creditors,
and that the complaint failed to allege facts from which such
knowledge could be inferred. The Bankruptcy Court further held
that Preferred Bank could not be held liable for aiding and
abetting an alleged breach of fiduciary duty and fraud under
governing law.

In an Opinion dated Aug. 8, the Third Circuit vacated the
Bankruptcy Court's dismissal of the Trust's claims under 11 U.S.C.
Sec. 548(a)(1)(A) and 6 Del. Code Sec. 1304(a)(1) because it is
SBC's intent, and not Preferred Bank's knowledge of SBC's intent,
that determines whether a fraudulent transfer claim may be
maintained under these statutory provisions.  Preferred Bank's
knowledge vel non of the purported fraud is relevant only with
respect to an affirmative defense of good faith available to
Preferred Bank under the pertinent statutes, the Third Circuit
said.  Both Sec. 548(a)(1)(A) and 6 Del. Code Sec. 1304(a)(1)
permit avoidance of a transfer so long as the debtor possessed the
requisite intent to defraud, and it was therefore error for the
Bankruptcy Court to require the Trust's pleadings to aver that
Preferred Bank possessed knowledge of SBC's alleged fraud, it
explained.  As to the dismissal of the Trust's other claims, the
Third Circuit affirmed the Bankruptcy Court's judgment.

A copy of the Third Circuit's Aug. 11 decision is available at
http://is.gd/KzJdh6from Leagle.com

The appeals are, SB LIQUIDATION TRUST, Appellant, v. PREFERRED
BANK, Nos. 13-1373, 13-1959 (3rd Cir.).

The Trust is represented by:

     Allan B. Diamond, Esq.
     Eric D. Madden, Esq.
     Michael J. Yoder, Esq.
     DIAMOND MCCARTHY LLP
     909 Fannin Street, Suite 1500
     Houston, TX 77010
     Tel: (303) 952-0960
     Fax: (303) 952-0966
     E-mail: myoder@diamondmccarthy.com

          - and -

     David M. Fournier, Esq.
     John H. Schanne, II, Esq.
     PEPPER HAMILTON LLP
     1313 Market Street
     Wilmington, DE 19899
     Tel: 302-777-6502
     Fax: 302-421-8390
     E-mail: fournierd@pepperlaw.com
             schannej@pepperlaw.com

Counsel for the Bank is:

     Stuart M. Brown, Esq.
     R. Craig Martin, Esq.
     DLA PIPER
     919 N. Market Street, Suite 1500
     Wilmington, DE 19801
     E-mail: stuart.brown@dlapiper.com
             craig.martin@dlapiper.com

                       About Syntax-Brillian

Based in Tempe, Arizona, Syntax-Brillian Corporation manufactured
and marketed LCD HDTVs, digital cameras, and consumer electronics
products including Olevia(TM) brand high-definition widescreen LCD
televisions and Vivitar brand digital still and video cameras.
Syntax-Brillian was the sole shareholder of California-based
Vivitar Corporation.

The Company and two of its affiliates -- Syntax-Brillian SPE,
Inc., and Syntax Groups Corp. -- filed for Chapter 11 protection
on July 8, 2008 (Bankr. D. Del. Lead Case No.08-11407.  Lawyers at
Greenberg Traurig LLP represented the Debtors as counsel.  Five
members composed the official committee of unsecured creditors.
Pepper Hamilton, LLP, represented the Committee as counsel.  Epiq
Bankruptcy Solutions, LLC, served as the Debtors' balloting,
notice, and claims agent.  When the Debtors filed for protection
against their creditors, they disclosed total assets of
$175,714,000 and total debts of $259,389,000.

The Bankruptcy Court confirmed the Debtors' Joint Chapter 11
Liquidation Plan in an order dated July 6, 2009.  Under the Plan,
general unsecured claims were to received pro rata distributions
from a liquidating trust after payment of the trust's expenses and
a "liquidating trust funding reimbursement."  Holders of allowed
prepetition credit facility claims were to receive their pro rata
distributions from a lender trust, after payment in full of
allowed DIP facility claims.  A full-text copy of the Debtors' 2nd
amended Chapter 11 liquidating plan is available at:

   http://bankrupt.com/misc/syntax-brillian2ndamendedplan.pdf

The SB Liquidation Trust is represented by David M. Fournier,
Esq., and Evelyn J. Meltzer, Esq., at Pepper Hamilton LLP; and
Allan B. Diamond, Esq., Andrea L. Kim, Esq., Eric D. Madden, Esq.,
and Michael J. Yoder, Esq., at Diamond McCarthy LLP.


TOWN SPORTS: S&P Lowers Rating to 'B'; Outlook Negative
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on New York-
based fitness club operator, Town Sports International Holdings
Inc. to 'B' from 'B+'.  The outlook is negative.

At the same time, S&P lowered its issue-level rating on TSI's $325
million senior secured term loan B due 2020 to 'B' from 'B+'.  The
recovery rating remains '3', reflecting S&P's expectation that
lenders would receive meaningful recovery (50% to 70%) in the
event of a payment default.

"The downgrade reflects our revised forecast for run-rate EBITDA
to decrease to about $55 million through 2015 and our expectation
that debt to EBTIDA, adjusted for operating leases, will increase
to about 6x over this period," said Standard & Poor's credit
analyst Shivani Sood.  "EBITDA fell about 40% in the first six
months of the year from the comparable period in 2013 and we
expect EBTIDA to drop about 35% for the full year," said Ms. Sood.

The downgrade also reflects S&P's reassessment of Town Sport's
financial risk profile to "highly leveraged" from "aggressive", as
defined by S&P's criteria.  S&P's assessment of TSI's business
risk profile as "weak" reflects S&P's view of the company's
susceptibility to shifts in demand during economic cycles, the
competitive operating environment, and the high member attrition
rates characteristic of the fitness club industry.  TSI's position
as the largest owner and operator of fitness clubs in the
Northeast and mid-Atlantic regions of the U.S., and the third
largest in the U.S. in terms of number of clubs, partially offsets
these risks.

TSI has an "adequate" liquidity profile, according to S&P's
criteria, based on the likely sources and uses of cash over the
next 12 to 18 months and incorporating S&P's performance
expectations.  S&P expects the company's liquidity sources to
exceed its uses by at least 1.2x and net sources would be
positive, even if EBITDA declined by 15% below S&P's current
forecast over the next 12 months.

The negative outlook reflects S&P's view that there is a high
level of execution risk with TSI's strategy for converting 20
underperforming clubs to a new HVLP concept, and with ongoing
competitive pressures in its markets.

S&P could lower the rating if EBITDA performance does not begin to
stabilize in 2015 and S&P believes EBITDA coverage of interest
expense will decline to below 2x.  S&P could also contemplate an
additional negative rating action if the HVLP conversion goes
poorly because this would result in leverage increasing above
S&P's current 6x forecast.

S&P would consider raising the rating one notch once it believes
EBITDA growth can sustain lease adjusted debt to EBITDA below 5x
and capital expenditures can be funded through internally
generated cash.


UNIFIED 2020: Court Okays Expansion of Terracon Consultants' Work
-----------------------------------------------------------------
The Chapter 11 trustee for Unified 2020 Realty Partners LP filed
an application for expanding the employment of Terracon
Consultants.  The court, after having determined that Terracon
Consultants neither holds nor represents any interest adverse to
the debtor's estate, ordered that the trustee is authorized to
expand the employment of Terracon consultants.

As reported by the Troubled Company Reporter on March 12, 2014,
Daniel J. Sherman, the Chapter 11 Trustee, won permission from the
U.S. Bankruptcy Court for the Northern District of Texas to employ
Terracon Consultants to conduct a high level property condition
assessment, phase I environmental site assessment, and asbestos
assessment for the Debtor's property at a cost of $29,300 to the
estate, which shall be paid out of existing cash collateral

                    About Unified 2020 Realty

Unified 2020 Realty Partners, LP, was formed in November 2007 to
own the real property and improvements located at 2020 Live Oak
Street, in Dallas, Texas.  The property is comprised of a 12-story
office building and an adjacent three-story parking garage and
annex.

Unified 2020 filed a petition under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Tex. Case No. 13-32425) in its home-town in
Dallas on May 6, 2013.  The petition was signed by Edward Roush as
president of general partner.  Judge Stacey G. Jernigan
presides over the Chapter 11 case.

In its schedules, the Debtor disclosed $280,178,409 in assets and
$46,378,972 in liabilities.

Arthur I. Ungerman, Esq., and Kerry S. Alleyne-Simmons, Esq., at
the Law Office of Arthur Ungerman, in Dallas, Texas, represent the
Debtor.  Peter C. Lewis, Esq., and Jacob W. Sparks, Esq., at
Scheef & Stone, LLP, in Dallas, Texas, represent United Central
Bank.

The Debtor consented to the appointment of a trustee, and on
Aug. 9, 2013, Daniel J. Sherman was appointed as Chapter 11
trustee.  Kevin D. McCullough, Esq., of Rochelle McCullough L.L.P.
serves as general bankruptcy counsel to the trustee.

The Debtor has obtained permission from the Bankruptcy Court to
proceed with the pursuit of its disclosure statement and plan, in
tandem or parallel with any effort by the trustee to propose a
plan.

In January 2014, Unified 2020 Realty Partners withdrew its second
amended disclosure statement, which explains the company's plan of
liquidation.  At that time, the Debtor said it remains involved in
a negotiation process and do not want to impose upon the court's
time by filing another request to continue the disclosure
statement hearing.  United Central Bank objected to the Plan,
saying the Plan is not feasible, much less confirmable within a
reasonable period of time.


VASO ACTIVE: Frattaroli in Contempt for Violating Discovery Order
-----------------------------------------------------------------
Judge Christopher Sontchi granted the motion of Jeoffrey L.
Burtch, trustee in the Chapter 11 case of Vaso Active
Pharmaceuticals, Inc., for a "Rule to Show Cause-Contempt to
Joseph F. Frattaroli", and entered an order finding Frattaroli in
civil contempt for violating the Court's prior order requiring
Frattaroli to properly and completely respond to discovery in the
case, JEOFFREY L. BURTCH, AVOIDANCE ACTION TRUSTEE Plaintiff, v.
JOHN J. MASIZ and JOSEPH F. FRATTAROLI, Defendants, ADV. PRO. NO.
11-52005 (CSS) (Bankr. D. Del.).

The Trustee on May 20, 2011, commenced this adversary proceeding
against former CEO Masiz and Frattaroli, seeking, among other
things, avoidance of preferential transfers, avoidance of
fraudulent transfers (under multiple federal and state theories),
disallowance of claims, and unjust enrichment.  Within weeks of
the Defendants' Answer to the Complaint, the Trustee filed a
motion for partial summary judgment seeking a determination that
cerrtain transfers made to the Defendants were fraudulent
conveyances.  The motion was granted in part and denied in part,
but the resulting Court order directed the Plaintiff's counsel to
file a proposed Judgment against Frattaroli under Count VII of the
Complaint (constructively fraudulent transfers) in the amount of
$322,927.00 plus pre-judgment interest.  The Trustee subsequently
did so, and the Court, finding no just reason to delay the entry
of a final order, entered a final judgment and order against
Frattaroli on December 19, 2012.  The Trustee thus served
interrogatories and requests for production on Frattaroli, in
accordance with the procedures of the Superior Court of the State
of Delaware (Civil) Rule 69(aa).  Upon failure by Frattaroli to
respond within the required time period, and after a warning by
the Trustee was sent to Frattaroli's counsel, the Trustee filed
Jeoffrey L. Burtch's Motion for an Order Requiring Judgment Debtor
Frattaroli to: Properly and Completely Respond to Discovery,
and/or for a Rule to Show Cause-Contempt.  This motion was
granted, with a corresponding Order, on July 16, 2013 after a
hearing before the Court.  Despite multiple requests to Mr.
Frattaroli no information or documents were received from him to
aid in these responses.

"The Court finds Joseph F. Frattaroli in civil contempt for
violating the Court's July 16 Order. The Court holds discretion to
impose a variety of sanctions upon Frattaroli for civil contempt,
including fines, reimbursement, incarceration, or any combination.
Incarceration, however, in this case must be reserved as a
secondary sanction, to be imposed only if compliance is not
forthcoming with the Court's newly issued sanction for contempt.
The Court will enter an Order requiring that discovery be complied
with by a certain date, imposing a monetary sanction and requiring
Frattaroli to appear at a specific time and place. Frattaroli's
failure to comply with this Court's orders may result in the
United States Marshal being notified to bring Frattaroli before
the court for incarceration," Judge Sontchi said in an Aug. 11
Opinion, a copy of which is available at http://is.gd/ITI7ukfrom
Leagle.com.

Counsel to Jeffrey L. Burtch, Avoidance Action Trustee, are:

     COOCH AND TAYLOR, P.A.
     Henry A. Heiman, Esq.
     Robert W. Pedigo, Esq.
     The Brandywine Building
     1000 West Street, 10th Floor
     Wilmington, DE 19801
     Tel: 302-984-3819
     Fax: 302-984-3939
     E-mail: hheiman@coochtaylor.com
             rpedigo@coochtaylor.com

Joseph F. Frattaroli appeared pro se.  He was previously
represented by McCARTER & ENGLISH, LLP's William F. Taylor, Jr.,
Esq., and Kate Roggio Buck, Esq. in Wilmington, DE, as well as
Thomas Curran, Esq., in Boston, MA.  The McCarter firm
subsequently filed a motion to withdraw as counsel to Frattaroli,
which was granted by the Bankruptcy Court on Sept. 20, 2013.

                 About Vaso Active Pharmaceuticals

Vaso Active Pharmaceuticals, Inc.'s business was commercializing
over-the-counter pharmaceutical products developed by BioChemics,
Inc. and manufactured by an independent third party.  Vaso Active
filed for Chapter 11 bankruptcy (Bankr. D. Del. Case No. 10-10855)
on March 11, 2010.  In October 2010, Vaso filed its Second Amended
Chapter 11 Plan of Reorganization, which was confirmed by the
Court in November 2010.  Jeoffrey L. Burtch was appointed as the
Avoidance Action Trustee under the Plan.  Robert W. Pedigo, Esq.,
at Cooch and Taylor, P.A., represents Mr. Burtch.


WAFERGEN BIO-SYSTEMS: Conference Call Held to Discuss Results
-------------------------------------------------------------
WaferGen Bio-systems, Inc., on Aug. 7, 2014, held a conference
call to discuss its financial results for the quarter ended
June 30, 2014.

WaferGen reported a net loss attributable to common stockholders
of $1.99 million on $1.73 million of total revenue for the three
months ended June 30, 2014, as compared with a net loss
attributable to common stockholders of $5.86 million on $246,468
of total revenue for the same period in 2013.

For the six months ended June 30, 2014, the Company reported a net
loss attributable to common stockholders of $4.53 million on $3.13
million ot total revenue as compared with a net loss attributable
to common stockholders of $9.85 million on $424,735 of total
revenue for the same period during the prior year.

The Company's balance sheet at June 30, 2014, showed $9.41 million
in total assets, $7.58 million in total liabilities and $1.82
million in total stockholders' equity.

                     About WaferGen Bio-systems

Fremont, California-based WaferGen Bio-systems, Inc., engages in
the development of systems for gene expression quantification,
genotyping and stem cell research.  Since 2008, the Company's
primary focus has been on the development, manufacture and
marketing of its SmartChip System, a genetic analysis platform
used for profiling and validating molecular biomarkers in the life
sciences and pharmaceutical drug discovery industries.

WaferGen reported a net loss attributable to common stockholders
of $17.71 million in 2013, following a net loss attributable to
common stockholders of $8.97 million in 2012.

SingerLewak LLP, in San Jose, California, issued a "going concern"
qualification on the consoliated financial statements for the year
ended Dec. 31, 2013.  The independent auditors noted that the
Company has incurred operating losses and negative cash flows from
operating activities since inception which raise substantial doubt
about the Company's ability to continue as a going concern.


WALTER ENERGY: Swaps 2.2 Million Common Shares for $25MM Notes
--------------------------------------------------------------
Walter Energy, Inc., disclosed that it agreed to issue an
aggregate of 2,250,000 shares of its common stock, par value $0.01
per share, in exchange for $25,000,000 aggregate principal amount
of the Company's 9.875% Senior Notes due 2020 held by a
noteholder.

The Company will not receive any cash proceeds as a result of the
exchange of its common stock for the Senior Notes, which notes
will be retired and cancelled.  The Company executed this
transaction to reduce its debt and interest cost, increase its
equity, and improve its balance sheet.  The Company may engage in
additional exchanges in respect of its outstanding indebtedness if
and as favorable opportunities arise.

                        About Walter Energy

Walter Energy is a leading, publicly traded "pure-play"
metallurgical coal producer for the global steel industry with
strategic access to high-growth steel markets in Asia, South
America and Europe.  The Company also produces thermal coal,
anthracite, metallurgical coke and coal bed methane gas.  Walter
Energy employs approximately 2,900 employees with operations in
the United States, Canada and United Kingdom.

The Company's balance sheet at June 30, 2014, showed $5.46 billion
in total assets, $4.90 billion in total liabilities and $557.33
million in total stockholders' equity.

                            *    *    *

As reported by the TCR on July 1, 2014, Standard & Poor's Ratings
Services lowered its corporate credit rating on Birmingham, Ala.-
based Walter Energy Inc. to 'CCC+' from 'B-'.  S&P believes the
company's capital structure is likely unsustainable in the long-
term absent an improvement in met coal prices.

The TCR reported on July 10, 2014, that Moody's downgraded the
Corporate Family Rating of Walter Energy, Inc., to Caa2 from Caa1.
The downgrade in the corporate family rating reflects the
anticipated deterioration in performance, increased cash burn and
increase in leverage, given the recent met coal benchmark
settlement of $120 per tonne for high quality coking coal and our
expectation that meaningful recovery in metallurgical coal markets
is twelve to eighteen months away.


XPO LOGISTICS: S&P Assigns B CCR & Rates $500MM Unsec. Notes B-
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to Greenwich, Conn.-based XPO Logistics Inc.  The
outlook is stable.  S&P also assigned a 'B-' issue rating to the
company's proposed $500 million senior unsecured notes and a
recovery rating of '5', indicating its expectation that lenders
would receive a modest (10% to 30%) recovery in the event of a
payment default.

"XPO Logistics Inc. has become one of the larger third-party
logistics companies in the U.S. through an aggressive growth
strategy involving acquisitions and internal investment," said
Standard & Poor's credit analyst Lisa Jenkins.

S&P characterizes XPO's business risk profile as "weak."  While
its aggressive growth strategy has bolstered the company's
business profile in the highly fragmented logistics industry, in
our view, it has taken a toll on the company's financial profile.
Significant investments over the past two years have left the
company highly leveraged.  S&P characterizes XPO's financial risk
profile as "highly leveraged" and its liquidity as "adequate."

The outlook is stable.  S&P expects XPO to benefit from its recent
acquisition of higher margin businesses, which have dramatically
increased the scale of the company and improved its earnings
potential.  As a result, S&P expects credit metrics to improve
over the coming year, and this is factored into S&P's ratings.
However, S&P also expects the company to continue its aggressive
growth strategy and, as a result, S&P do not believe credit
metrics will improve enough to warrant an upgrade over the next
year.

If XPO moderates its growth strategy, begins to generate positive
operating cash flow, and FFO to debt improves to the mid-teen-
percent area and S&P believes it will stay there, it could raise
the ratings.

S&P could lower ratings if FFO/debt is consistently in the mid-
single-digit percent area or lower.  This could occur if XPO has
problems managing its growth or is even more aggressive than S&P
expects in pursuing acquisitions or investments and the company
continues to consume cash, with little prospect for improvement.


* ALPS Opts to Liquidate Four Exchange-Traded Funds
---------------------------------------------------
ALPS, a DST Company focused on asset servicing and asset
gathering, on Aug. 13 announced the liquidation of the ALPS|GS
Momentum Builder(R) Index ETFs.

The four Funds that represent the series -- ALPS|GS Momentum
Builder Multi -Asset Index ETF, ALPS|GS Momentum Builder Growth
Equities and U.S. Treasuries Index ETF, ALPS|GS Momentum Builder
Asia ex-Japan Equities and U.S. Treasuries Index ETF, and ALPS|GS
Risk-Adjusted Return US Large Cap Index ETF -- will close to new
investors on August 25, 2014 and liquidate on August 28, 2014.

The decision to close the Funds was made by the ALPS ETF Trust's
Board of Trustees after consultation with ALPS Advisors, Inc., the
investment advisor to the Funds.  On consideration of current
market conditions, as well as prospects for growth in the Funds'
assets, the Board determined that it was in the best interests of
the Funds and their shareholders to liquidate the Funds' shares,
which are listed on the NYSE Arca, Inc.  The last day of trading
for the four Funds is scheduled to be Wednesday, August 27, 2014.

The Funds will immediately begin the process of closing down and
liquidating their portfolios.  The process will result in the
Funds not tracking their underlying indexes and their cash
holdings increasing, which may be inconsistent with the Funds'
investment objectives and strategies.  From August 26, 2014 to
August 27, 2014, shareholders may be able to sell their shares to
certain broker-dealers, but there can be no assurance that there
will be a market for the Funds.

Any person holding shares in the Funds as of the liquidation date
will receive a cash distribution equal to the net asset value of
their shares.  Shareholders receiving this cash distribution will
not incur transaction fees in connection with this distribution or
the liquidation of their shares in the Funds.  A portion of the
distribution may represent an ordinary income dividend or a
capital gain distribution.

For additional information about the liquidation, shareholders of
the Funds may call ALPS at 866-759-5679 or visit www.alpsfunds.com

                            About ALPS

ALPS -- http://www.alpsinc.com-- provides customized asset
servicing and asset gathering solutions to the financial services
community through an entrepreneurial culture based on the
commitment to "Do Things Right."  Founded in 1985, ALPS continues
to actively promote all of its various business segments, from
asset servicing through ALPS Fund Services, Inc. to asset
gathering through ALPS Portfolio Solutions Distributor, Inc., ALPS
Distributors, Inc. and ALPS Advisors, Inc.  Headquartered in
Denver, with offices in Boston, New York, Seattle, and Toronto,
ALPS, a wholly-owned subsidiary of DST Systems, Inc., today
represents more than 450 employees, over 200 clients, and an
executive team that has been in place for more than 19 years.


* Bankruptcy Industry Overcharging Canada's Poorest, Says PBC
-------------------------------------------------------------
Each year it is estimated that more than 30,000 of Canada's
poorest overpay for their bankruptcies, according to Personal
Bankruptcy Canada Inc., a national network of independent personal
bankruptcy trustees.

In Ottawa attending the Canadian Association of Insolvency &
Restructuring Professionals Annual Conference, Personal Bankruptcy
Canada estimates the average overpayment amounts to $350 per
person or approximately $10 million a year coming from the
country's lowest income earners filing for bankruptcy.

Rising consumer debt has driven bankruptcy and consumer proposal
rates to more than 120,000 per year.  For the vast majority of
these cases, a trustee's fees are taken from a debtor's estate --
money made available from selling assets, mandatory income based
payments or income tax refunds.

However, for the 30,000 low income Canadians who file bankruptcies
each year, who have no assets to sell and whose wages are too low
to require payments, a trustee asks for fees up front in the form
of a "fee guarantee".  These funds are collected monthly and are
rolled into a debtor's estate resulting in higher payments to
creditors, government regulators and trustees themselves when
there is no legal requirement to do so.

"The system is broken and needs to change," said David Smith,
President and CEO of Personal Bankruptcy Canada and partner of
trustee firm Bromwich and Smith Inc. in Alberta.  "As an industry,
we've become complacent in the way we run our practices.  The same
guidelines that were set up to ensure we get paid are
inadvertently costing the debtor more money than they need to
pay."

Put in perspective $350 might not sound like a lot but it could
mean making next month's rent or two weeks' worth of groceries for
a family.  In addition, the overpayment delays the honest but
unfortunate debtor from getting the fresh start the bankruptcy
process is designed to deliver.

The Office of the Superintendent of Bankruptcy Canada (OSB) is the
government regulator whose mandate is to supervise the
administration of all estates and matters under insolvency
legislation.  The OSB oversees 1,100 public trustees licensed to
perform bankruptcies and consumer proposals.  The organization
established guidelines to help ensure trustees get paid, including
outlining various methods for prepayment collection.  On the
surface, this approach seemed fair and reasonable. However, in
practice, it has had negative consequences.

To address the issue, Personal Bankruptcy Canada developed a new
standard for practicing bankruptcy in Canada.  Called F.A.I.R.
Practice, this new governance is designed to deliver financial
transparency, accountability, impartial advice and respect for
Canadians with debt problems.

In cases where a low-income debtor overpays, Personal Bankruptcy
Canada believes those funds should be returned to the individual.
In fact, the organization learned late last week that in 2006 a
New Brunswick court agreed and found that "money paid voluntarily
to fund the administration of the estate" was simply and properly
returned to the debtor.

"Our goal is to continue to work with the consumer advocacy
groups, creditors, the courts, the OSB and the federal government
to change the way personal bankruptcy is administered in Canada -
particularly for those least able to afford the associated costs,"
added Mr. Smith.  "We're raising this issue because we believe
it's in our collective social and economic interest to help the
financially vulnerable get back on their feet as quickly and
painlessly as possible."

                About Personal Bankruptcy Canada

Personal Bankruptcy Canada (PBC) --
http://www.personalbankruptcycanada.ca-- is a national network of
independent bankruptcy trustees.  Trustees in Bankruptcy are
licensed by the Federal Government following a rigorous period of
study and examination.  They are the only debt professionals
licensed by the Government to assist with proposals to creditors
and bankruptcy filings.  Personal Bankruptcy Canada Members are in
good standing with the Office of Superintendent of Bankruptcy.

PBC Trustee Members regularly provide commentary to media outlets
on a variety of personal finance topics including bankruptcy and
debt management advice.


* Fed Officials Suggest Limiting Banks' Repo Exposure
-----------------------------------------------------
Ryan Tracy, writing for The Wall Street Journal, reported that
senior Federal Reserve officials said the "repo" markets that play
a fundamental role in moving money around the financial system
remain unstable, raising the specter of further limits on big
banks' role in the markets.  According to the report, Federal
Reserve Bank of Boston President Eric Rosengren and New York Fed
President William Dudley said large and opaque markets for
repurchase agreements -- widely used short-term loans that seized
up during the 2008 crisis -- could cause instability again absent
changes.


* U.S. Leveraged Loan Default Rate a Low 1.3%, Fitch Says
---------------------------------------------------------
Excluding Energy Future Holdings' (EFH) April bankruptcy, the U.S.
leveraged loan trailing 12-month default rate ended June at a
modest 1.3%, according to Fitch Ratings.  The loan default tally
excluding EFH was $4.1 billion -- slightly below the $4.6 billion
recorded in first-half 2013.

Benign default conditions extended to both the broadly syndicated
(BSL) and large middle market (LMM) segments of the market.  The
BSL default rate excluding EFH was 1.4% and the LMM rate was 1%
through June.

The average time to default in the first half was 3.8 years, a
level consistent with recent years, and a marker of standard
speculative-grade default patterns.  This metric tends to
deteriorate (shorten) when defaults are associated with systemic
stress - originating from either lax underwriting standards or a
weakening economy.

Three loan defaults in the first half originated from the gaming,
lodging and restaurant sector.  The group is one of several areas
that have produced steady post-recession default activity.  There
have been 97 loan issuer defaults since 2010 with industry
concentrations in broadcasting and media (15), gaming, lodging and
restaurants (11), services (11) and retail (9).

The price-based 30-day post default recovery rate on first lien
loans was 79% of par in the first half.  The rate excluding EFH
was notably also 79%, up from 69% in 2013.


* Fund Holdouts Fail to Reach Private Deal Over Argentine Debt
--------------------------------------------------------------
Alexandra Stevenson, writing for The New York Times' DealBook,
reported that Aurelius Capital Management, one of the hedge funds
that has battled with Argentina over billions of dollars in bond
payments, said that efforts to reach a deal with private parties
in the wake of the country's default had collapsed.  According to
the report, in addition to "exhaustive efforts" to settle with the
Latin American country, Aurelius said it had engaged in talks with
private parties to find a solution to help end Argentina's current
sovereign debt crisis but said no proposal received was remotely
acceptable.


* Aurelius Capital Comments on Argentina's Debt Default
-------------------------------------------------------
Aurelius Capital Management, LP on Aug. 13 issued the following
statement:

"In addition to our exhaustive efforts to settle with Argentina,
we have engaged with many private parties about a so-called
'private solution' that would avert or end the present Event of
Default on tens of billions of dollars of Argentine sovereign
debt.  That engagement has convinced us that there is no realistic
prospect of a private solution."

"No proposal we received was remotely acceptable.  The entities
making such proposals were not prepared to fund more than a small
part, if any, of the payments they wanted us to accept.  One
proposal was withdrawn before we could even respond.  And no
proposal made by us received a productive response.

"Stripped of this mirage, the sober truth remains: Argentina's
leaders have made a calculated, cynical decision to violate and
repudiate court orders and to place the Republic in wholesale
default. Argentine officials hide behind the RUFO provision but
make no effort to seek waivers from it (despite being offered them
by many of the exchange bondholders).

"The Argentine people have already paid a dear price for their
leaders' hubris.  With Argentina yet again defaulting on its
bonds, we fear the worst is yet to come."


* IFAC Comments on Argentina's Debt Default
-------------------------------------------
According to the International Federation of Accountants,
Argentina's most recent default adds to the long list of
government defaults, bailouts, and restructurings over the years.
It also serves to highlight that sovereign debt problems evident
during the recent global financial crisis continue to exist.

Like many countries, Argentina does not prepare accrual-based
financial statements, which are essential for effective financial
management.  Accrual-based financial statements show a
government's total assets, liabilities, and cash flows, and
provide other important disclosures about future commitments and
contingencies -- all essential information for making proper
decisions and ensuring that there is sound financial management
for today, tomorrow, and for a long-term sustainable future.  Many
countries around the world -- including many in Europe, that
received multi-billion dollar bailouts over the last few years --
are also in need of better government financial reporting.

According to Standard & Poor's (S&P), Argentina has about $200
billion in foreign-currency debt, including $30 billion of
restructured bonds.  That's important to know.  But what are the
Argentinian government's total liabilities? That is, its
liabilities other than debt, including social security and pension
obligations, which are long-term commitments that burden future
generations.

"Countries continue to default on their debt, yet aren't pushed by
governments, credit rating agencies, or financial commentators to
significantly improve public sector financial reporting," said
Fayezul Choudhury, Chief Executive Officer of IFAC.  "These same
countries require private sector companies in their jurisdictions
to publish audited, accrual-based, financial statements when
raising funds in capital markets.  What justifies the double
standard whereby a government compels private companies to be
transparent and accountable, when it avoids using accrual
accounting itself -- despite having bonds traded on the capital
markets?"

Last year, the G-20 Finance Ministers and Central Banks Governors
declared a "goal of strengthening the public sector balance sheet"
and of "looking at transparency and comparability of public sector
reporting, and monitoring the impact of financial sector
vulnerabilities on public debt."  IFAC strongly recommends that
the G-20 makes enhanced public sector financial management a key
priority this year and in the future.

"It is critical that the G-20 focuses on initiatives to improve
governments' financial management and reporting practices.  This
means making accrual-based financial reporting in accordance with
high-quality, globally accepted standards, such as the
International Public Sector Accounting Standards(TM) (IPSASs(TM)),
a key objective," said Mr. Choudhury.  "In fact, IFAC urges the G-
20 to promote greater adoption of IPSASs, by adding these
standards to the Financial Stability Board's list of standards
that are designated as deserving of priority implementation."

In a related matter, the U.S. Securities and Exchange Commission
(SEC) this week charged Kansas with failing to disclose a
multibillion-dollar pension liability to bond investors.
Mr. Choudhury commented, "We applaud the SEC for compelling states
and localities to properly disclose liabilities and risks and
provide a complete picture of financial condition to investors and
other stakeholders.  This is imperative so that the $3.7 trillion
municipal bond market can operate efficiently and effectively."

                           About IFAC

IFAC is the global organization for the accountancy profession,
dedicated to serving the public interest by strengthening the
profession and contributing to the development of strong
international economies.  It is comprised of 179 members and
associates in 130 countries and jurisdictions, representing
approximately 2.5 million accountants in public practice,
education, government service, industry, and commerce


* Junk Bonds Gain Favor as Europe's Banks Reduce Lending
--------------------------------------------------------
Jenny Anderson, writing for The New York Times' DealBook, reported
that Europe's skepticism on the merits of high-yield securities,
otherwise known as junk bonds, has waned and many companies have
seen the high-yield junk bond market as essential for raising
money now that their local banks are making fewer corporate loans.
According to the report, citing Standard & Poor's Capital IG, junk
bonds have gone to 53 percent of total European leveraged
corporate debt issuance for the 12 months that ended in June, from
15 percent for the corresponding period in 2006.


* Recent Small-Dollar & Individual Chapter 11 Filings
-----------------------------------------------------

In re William Brock Thoene and Roberta Lynn Thoene
   Bankr. C.D. Cal. Case No. 14-11670
      Chapter 11 Petition filed August 4, 2014

In re Bay Area Consortium for Quality Health Care
        dba Berkeley Health Center for Women & Men
   Bankr. N.D. Cal. Case No. 14-43243
     Chapter 11 Petition filed August 4, 2014
         See http://bankrupt.com/misc/canb14-43243.pdf
         Filed Pro Se

In re Susan Mourouzidis
   Bankr. D. Conn. Case No. 14-21564
      Chapter 11 Petition filed August 4, 2014

In re Dennis Gary Neville
   Bankr. M.D. Ga. Case No. 14-40729
      Chapter 11 Petition filed August 4, 2014

In re Bulluck's Best BBQ and Catering, Inc.
   Bankr. N.D. Ga. Case No. 14-65145
     Chapter 11 Petition filed August 4, 2014
         Filed Pro Se

In re Burt McCoy Bickerstaff, Jr.
   Bankr. N.D. Ga. Case No. 14-65230
      Chapter 11 Petition filed August 4, 2014

In re Hierz Scrap Service, Inc.
   Bankr. N.D. Ill. Case No. 14-28501
     Chapter 11 Petition filed August 4, 2014
         See http://bankrupt.com/misc/ilnb14-28501.pdf
         represented by: David P. Lloyd, Esq.
                         DAVID P. LLOYD, LTD.
                         E-mail: courtdocs@davidlloydlaw.com

In re Two-Twenty Eight Corporation
   Bankr. S.D.N.Y. Case No. 14-23112
     Chapter 11 Petition filed August 4, 2014
         See http://bankrupt.com/misc/nysb14-23112.pdf
         represented by: Steven D. Hamburg, Esq.
                         E-mail: kshamburg@optonline.net

In re Centro Radiologico Morovis CSP
   Bankr. D.P.R. Case No. 14-06411
     Chapter 11 Petition filed August 4, 2014
         See http://bankrupt.com/misc/prb14-06411.pdf
         represented by: Alexis Fuentes Hernandez
                         FUENTES LAW OFFICES, LLC
                         E-mail: alex@fuentes-law.com

In re Julia Emilia Martinez Rivera
   Bankr. D.P.R. Case No. 14-06412
      Chapter 11 Petition filed August 4, 2014

In re Laurie Torres
   Bankr. E.D. Tex. Case No. 14-41662
      Chapter 11 Petition filed August 4, 2014

In re Islamic Association of DeSoto, Texas
   Bankr. N.D. Tex. Case No. 14-33795
     Chapter 11 Petition filed August 4, 2014
         See http://bankrupt.com/misc/txnb14-33795.pdf
         represented by: Marilyn D. Garner, Esq.
                         LAW OFFICES OF MARILYN D. GARNER
                         E-mail: mgarner@marilyndgarner.net

In re Islamic Association of DeSoto, Texas
   Bankr. N.D. Tex. Case No. 14-33796
     Chapter 11 Petition filed August 4, 2014
         See http://bankrupt.com/misc/txnb14-33796.pdf
         represented by: Marilyn D. Garner, Esq.
                         LAW OFFICES OF MARILYN D. GARNER
                         E-mail: mgarner@marilyndgarner.net

In re Lilia L. Andrade
   Bankr. S.D. Tex. Case No. 14-50162
      Chapter 11 Petition filed August 4, 2014

In re Spiros Greek Island, LLC
   Bankr. W.D. Wash. Case No. 14-15859
     Chapter 11 Petition filed August 4, 2014
         See http://bankrupt.com/misc/wawb14-15859.pdf
         Filed Pro Se

In re Milos Island, LLC
   Bankr. W.D. Wash. Case No. 14-15861
     Chapter 11 Petition filed August 4, 2014
         See http://bankrupt.com/misc/wawb14-15861.pdf
         Filed Pro Se


In re Jeremiah D. Cady and Susanna M. Cady
   Bankr. M.D. Fla. Case No. 14-03817
      Chapter 11 Petition filed August 5, 2014

In re Kid's World Academy, LLC
   Bankr. N.D. Fla. Case No. 14-40447
     Chapter 11 Petition filed August 5, 2014
         See http://bankrupt.com/misc/flnb14-40447.pdf
         represented by: Allen Turnage, Esq.
                         ALLEN TURNAGE, P.A.
                         E-mail: service@turnagelaw.com

In re Montco, Inc.
   Bankr. N.D. Ga. Case No. 14-11708
     Chapter 11 Petition filed August 5, 2014
         See http://bankrupt.com/misc/ganb14-11708.pdf
         represented by: J. Nevin Smith, Esq.
                         SMITH CONERLY, LLP
                         E-mail: cstembridge@smithconerly.com

In re Mauricio Berrones-Salazar
   Bankr. D. Nev. Case No. 14-15333
      Chapter 11 Petition filed August 5, 2014

In re Little Doin's Inc.
   Bankr. D. Nev. Case No. 14-15336
     Chapter 11 Petition filed August 5, 2014
         See http://bankrupt.com/misc/nvb14-15336.pdf
         represented by: Thomas E. Crowe, Esq.
                         THOMAS E. CROWE PROFESSIONAL LAW CORP.
                         E-mail: tcrowe@thomascrowelaw.com

In re Marvin R. Minney
   Bankr. D.N.J. Case No. 14-26154
      Chapter 11 Petition filed August 5, 2014

In re M&R Bros Enterprises LLC
   Bankr. D.N.J. Case No. 14-26172
     Chapter 11 Petition filed August 5, 2014
         See http://bankrupt.com/misc/njb14-26172.pdf
         represented by: Martin P. Skolnick, Esq.
                         SKOLNICK LEGAL GROUP, P.C.
                         E-mail: mskolnick@gmail.com

In re Padiel Enoc Nazario Caraballo
   Bankr. D.P.R. Case No. 14-06444
      Chapter 11 Petition filed August 5, 2014

In re Nolan Wesley Cheshire
   Bankr. N.D. Tex. Case No. 14-33837
      Chapter 11 Petition filed August 5, 2014

In re El Camino Creative Concepts, LLC
   Bankr. N.D. Tex. Case No. 14-33838
     Chapter 11 Petition filed August 5, 2014
         See http://bankrupt.com/misc/txnb14-33838.pdf
         represented by: Jeffrey T. Hall, Esq.
                         E-mail: jthallesq@gmail.com

In re Ruschelle Renae Fagan
   Bankr. N.D. Tex. Case No. 14-33842
      Chapter 11 Petition filed August 5, 2014

In re Diane Buck
   Bankr. N.D. Tex. Case No. 14-43233
      Chapter 11 Petition filed August 5, 2014

In re Wilhelmina Management, LLC
   Bankr. S.D. Tex. Case No. 14-34370
     Chapter 11 Petition filed August 5, 2014
         See http://bankrupt.com/misc/txsb14-34370.pdf
         Filed Pro Se

In re Sykes Brothers, Inc.
   Bankr. E.D. Va. Case No. 14-72823
     Chapter 11 Petition filed August 5, 2014
         See http://bankrupt.com/misc/vaeb14-72823.pdf
         represented by: John D. McIntyre, Esq.
                         Wilson & McIntyre, PLLC
                         E-mail: jmcintyre@wmlawgroup.com

In re J&S Restaurant & Catering, LLC
   Bankr. S.D. W.Va. Case No. 14-50192
     Chapter 11 Petition filed August 5, 2014
         See http://bankrupt.com/misc/wvsb14-50192.pdf
         represented by: John F. Leaberry, Esq.
                         LAW OFFICE OF JOHN LEABERRY
                         E-mail: leaberry01@yahoo.com

In re Fareed Obeh Saphieh
   Bankr. E.D. Cal. Case No. 14-13949
      Chapter 11 Petition filed August 6, 2014

In re John W Murrow and Jackie A Murrow
   Bankr. D. Colo. Case No. 14-20803
      Chapter 11 Petition filed August 6, 2014

In re Carbucks of Delaware, Inc.
   Bankr. M.D. Fla. Case No. 14-09124
     Chapter 11 Petition filed August 6, 2014
         See http://bankrupt.com/misc/flmb14-09124.pdf
         represented by: Alberto F. Gomez, Jr., Esq.
                         JOHNSON POPE BOKOR RUPPEL & BURNS, LLP
                         E-mail: al@jpfirm.com

In re Harold Adamo, Jr.
   Bankr. E.D.N.Y. Case No. 14-73640
      Chapter 11 Petition filed August 6, 2014

In re Oscar Torres De Jesus
   Bankr. D.P.R. Case No. 14-06452
      Chapter 11 Petition filed August 6, 2014

In re Saintil Mesidor and Rita Telfort
   Bankr. S.D. Fla. Case No. 14-27863
      Chapter 11 Petition filed August 7, 2014

In re Chetan Rasiklal Shah
   Bankr. M.D. Fla. Case No. 14-09207
      Chapter 11 Petition filed August 7, 2014

In re TGV, LLC
   Bankr. D. Mass. Case No. 14-13754
     Chapter 11 Petition filed August 7, 2014
         See http://bankrupt.com/misc/mab14-13754.pdf
         Filed Pro Se

In re Seedan Real Estate Holding, LLC
   Bankr. E.D.N.Y. Case No. 14-44069
     Chapter 11 Petition filed August 7, 2014
         See http://bankrupt.com/misc/nyeb14-44069.pdf
         Filed Pro Se

In re Advanced Chimney, Inc.
   Bankr. E.D.N.Y. Case No. 14-73667
     Chapter 11 Petition filed August 7, 2014
         See http://bankrupt.com/misc/nyeb14-73667.pdf
         represented by: Michael J. Macco, Esq.
                         MACCO & STERN LLP
                         E-mail: csmith@maccosternlaw.com

In re Von D. Braddock and Bobbie G. Braddock
   Bankr. W.D. Pa. Case No. 14-23222
      Chapter 11 Petition filed August 7, 2014

In re Paul Ross Spadafora
   Bankr. W.D. Pa. Case No. 14-23224
      Chapter 11 Petition filed August 7, 2014
In re Derma Pen, LLC, a Delaware, LLC
   Bankr. D. Del. Case No. 14-11894
     Chapter 11 Petition filed August 8, 2014
         See http://bankrupt.com/misc/deb14-11894.pdf
         represented by: Gregory A. Taylor, Esq.
                         ASHBY & GEDDES
                         E-mail: bankruptcy@ashby-geddes.com
In re Dempsey Enterprise, LLC
   Bankr. D. Ariz. Case No. 14-12293
     Chapter 11 Petition filed August 8, 2014
         See http://bankrupt.com/misc/azb14-12293.pdf
         represented by: Jeffrey M. Proper, Esq.
                         JEFFREY M. PROPER, PLLC
                         E-mail: jeff@jproper.com

In re Noteh Z. Berger
   Bankr. C.D. Cal. Case No. 14-25316
      Chapter 11 Petition filed August 8, 2014

In re Ajacks Restaurants, Inc.
        dba Luna Park
   Bankr. N.D. Cal. Case No. 14-31157
     Chapter 11 Petition filed August 8, 2014
         See http://bankrupt.com/misc/canb14-31157.pdf
         represented by: Matthew D. Metzger, Esq.
                         BELVEDERE LEGAL, APC
                         E-mail: mmetzger@belvederelegal.com

In re Mary L. Knapp
   Bankr. D. Maine Case No. 14-10624
      Chapter 11 Petition filed August 8, 2014

In re Tuskeena Oxford Center, LLC
   Bankr. D. Miss. Case No. 14-12944
     Chapter 11 Petition filed August 8, 2014
         See http://bankrupt.com/misc/msnb14-12944.pdf
         represented by: Jeffrey A. Levingston, Esq.
                         LEVINGSTON & LEVINGSTON, P.A.
                         E-mail: jleving@bellsouth.net

In re John Thomas Bauska
   Bankr. D. Mont. Case No. 14-60927
      Chapter 11 Petition filed August 8, 2014

In re Global Marketing Solutions Group, Inc.
        dba Land Air Sea Worldwide
   Bankr. D. Nev. Case No. 14-15436
     Chapter 11 Petition filed August 8, 2014
         See http://bankrupt.com/misc/nvb14-15436.pdf
         represented by: Matthew C. Zirzow, Esq.
                         LARSON & ZIRZOW
                         E-mail: mzirzow@lzlawnv.com

In re Constantino's Bella Salon, LLC
   Bankr. D.N.J. Case No. 14-26384
     Chapter 11 Petition filed August 8, 2014
         See http://bankrupt.com/misc/njb14-26384.pdf
         represented by: Robert C. Nisenson, Esq.
                         ROBERT C. NISENSON, LLC
                         E-mail: rnisenson@aol.com

In re Siro Perez Pena and Maria De Los Angeles Delgado Sosa
   Bankr. D.P.R. Case No. 14-06536
      Chapter 11 Petition filed August 8, 2014

In re A+ Automotive Repair, Inc.
   Bankr. M.D. Tenn. Case No. 14-06341
     Chapter 11 Petition filed August 8, 2014
         See http://bankrupt.com/misc/tnmb14-06341.pdf
         represented by: Elliott Warner Jones, Esq.
                         EMERGE LAW, PLC
                         E-mail: elliott@emergelaw.net

In re Capital Academy, LLC
        dba Capital English Academy
   Bankr. E.D. Va. Case No. 14-12973
     Chapter 11 Petition filed August 8, 2014
         See http://bankrupt.com/misc/vaeb14-12973.pdf
         represented by: Brian V. Lee, Esq.
                         LEE LEGAL, PLLC
                         E-mail: bvlee@lee-legal.com

In re Abdul K. Gassama Sr. and Memunatu Gassama
   Bankr. D. Md. Case No. 14-22538
      Chapter 11 Petition filed August 10, 2014
In re Thomas McNerney, Jr.
   Bankr. C.D. Cal. Case No. 14-14927
      Chapter 11 Petition filed August 11, 2014

In re 28 T St NE, LLC
   Bankr. D. D.C. Case No. 14-00464
     Chapter 11 Petition filed August 11, 2014
         See http://bankrupt.com/misc/dcb14-00464.pdf
         represented by: Jeffrey M. Sherman, Esq.
                         LAW OFFICES OF JEFFREY M. SHERMAN
                         E-mail: jeffreymsherman@gmail.com

In re CRRD Land Trust V
   Bankr. S.D. Fla. Case No. 14-28017
     Chapter 11 Petition filed August 11, 2014
         See http://bankrupt.com/misc/flsb14-28017.pdf
         represented by: Rory K. Rohan, Esq.
                         RORY K. ROHAN, P.A.

In re Kermit S. Muhammad
   Bankr. C.D. Ill. Case No. 14-90926
      Chapter 11 Petition filed August 11, 2014

In re Cope & Miller, Inc
   Bankr. N.D. Ill. Case No. 14-29357
     Chapter 11 Petition filed August 11, 2014
         See http://bankrupt.com/misc/ilnb14-29357.pdf
         represented by: David P. Lloyd, Esq.
                         DAVID P. LLOYD, LTD.
                         E-mail: courtdocs@davidlloydlaw.com

In re Gloria A. Flores
   Bankr. D. Nev. Case No. 14-15445
      Chapter 11 Petition filed August 11, 2014

In re Ceberiana Becerra
   Bankr. D. Nev. Case No. 14-15453
      Chapter 11 Petition filed August 11, 2014

In re Sammy Paul Carteret
   Bankr. E.D.N.C. Case No. 14-04604
      Chapter 11 Petition filed August 11, 2014

In re Hassan Parsa
   Bankr. N.D. Tex. Case No. 14-33906
      Chapter 11 Petition filed August 11, 2014



                             *********

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.


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