TCR_Public/140927.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

          Saturday, September 27, 2014, Vol. 18, No. 269

                            Headlines

ARCHDIOCESE OF MILWAUKEE: Suffers $1.26MM Net Loss in August
IPC INTERNATIONAL: Had $1.63 Million Net Loss in January
IPC INTERNATIONAL: Reports $370,682 Net Income in February
IPC INTERNATIONAL: Declares $6.17 in Total Assets at March 31
IPC INTERNATIONAL: Posts $151,371 Net Loss in April

SB RESTAURANT: Incurs $12.08 Million Net Loss at August 28


                             *********



ARCHDIOCESE OF MILWAUKEE: Suffers $1.26MM Net Loss in August
------------------------------------------------------------
The Archdiocese of Milwaukee, on Sept. 15, 2014, filed a monthly
operating report for August 2014.

The Archdiocese suffered a net loss of $1.26 million on net sales
of $457,079 for the month.

At August 31, the Archdiocese had total assets of $40.61 million,
total liabilities of $43 million, and a total shareholders' equity
of -$2.4 million.

The Archdiocese started the month with $10.77 million cash.  It
posted total receipts of $1.10 million and total disbursements of
$3.32 million.  At the end of the month, the Archdiocese had $8.65
million cash.

A copy of the monthly operating report is available at:

   http://bankrupt.com/misc/ArchdioceseofMilwaukee_2818_mor.pdf

               About Archdiocese of Milwaukee

The Diocese of Milwaukee was established on Nov. 28, 1843, and
was elevated to an Archdiocese on Feb. 12, 1875, by Pope Pius
IX.  The region served by the Archdiocese consists of 4,758 square
miles in southeast Wisconsin which includes counties Dodge, Fond
du Lac, Kenosha, Milwaukee, Ozaukee, Racine, Sheboygan, Walworth,
Washington and Waukesha.  There are 657,519 registered Catholics
in the Region.

The Catholic Archdiocese of Milwaukee, in Wisconsin, filed for
Chapter 11 bankruptcy protection (Bankr. E.D. Wis. Case No.
11-20059) on Jan. 4, 2011, to address claims over sexual abuse
by priests on minors.

The Archdiocese became at least the eighth Roman Catholic diocese
in the U.S. to file for bankruptcy to settle claims from current
and former parishioners who say they were sexually molested by
priests.

Daryl L. Diesing, Esq., at Whyte Hirschboeck Dudek S.C., in
Milwaukee, Wisconsin, serves as the Archdiocese's counsel.  The
Official Committee of Unsecured Creditors in the bankruptcy case
has retained Pachulski Stang Ziehl & Jones LLP as its counsel, and
Howard, Solochek & Weber, S.C., as its local counsel.

The Archdiocese estimated assets and debts of $10 million to
$50 million in its Chapter 11 petition.


IPC INTERNATIONAL: Had $1.63 Million Net Loss in January
--------------------------------------------------------
IPC International Corp., et al., filed, on Sept. 4, 2014, their
monthly operating report for the month of January 2014.

Debtor IPL International Corp. incurred a net loss of $1.63
million for the month.

At Jan. 31, the Debtors' consolidated balance sheet listed total
assets of $8.47 million, total liabilities of $13.53 million, and
total shareholders' equity of -$5.05 million.

A copy of the monthly operating report is available at:

  http://bankrupt.com/misc/IPCInternationalmorJanuary2014.pdf

                   About IPC International

Based in Bannockburn, Illinois, IPC International Corp., a
provider of security services for 350 shopping malls, filed a
petition for Chapter 11 protection (Bankr. D. Del. Case No.
13-12050) on Aug. 9, 2013, in Delaware after signing a contract
for Universal Protection Services LLC to buy the business, subject
to higher and better offers at an auction.  Bankruptcy was the
result of losses on a U.K. affiliate that was sold, as well as
competition and the cost of liability insurance.

Scott M. Strong signed the petition as chief financial officer.
The Debtor estimated assets and debts of at least $10 million.
Jeremy William Ryan, Esq., and Etta R. Mayers, Esq., at Potter
Anderson & Corroon, LLP, serves as local counsel.  Paul V.
Possinger, Esq., and Brandon W. Levitan, Esq., at Proskauer Rose,
LLP, serve as the Debtor's general bankruptcy counsel.  Silverman
Consulting, LLC, acts as the Debtor's financial advisor and
Livingstone Partners, LLP, serves as the Debtor's investment
banker.  KCC is the Debtor's noticing, claims and balloting agent.
Judge Mary F. Walrath presides over the case.

The Debtor disclosed $21,959,100 in assets and $31,056,575 in
liabilities as of the Chapter 11 filing.  Liabilities include $6.9
million on a revolving credit and $10.4 million on term loans
owing to PrivateBank & Trust Co., as agent.

PrivateBank also provided a $12 million loan to finance the
Chapter 11 case.  The DIP loan required quick sale.

A three-member panel has been appointed as the official unsecured
creditors committee in the case.  The panel consists of Weinberg,
Wheeler, Hudgins, Gunn & Dial, LLC; Mary Carmona-Rousse; and Drew
Eckl & Farnham, LLP.

In October 2013, IPC International won authorization to sell the
business for $25.4 million to Universal Protection Services.
Allied Security Holdings LLC, a competing bidder, forced Universal
to raise the offer at an auction early in October.  Universal
initially offered $21.3 million plus assumption of specified
liabilities.


IPC INTERNATIONAL: Reports $370,682 Net Income in February
----------------------------------------------------------
IPC International Corp., et al., on Sept. 4, 2014, filed a monthly
operating report for the month of February 2014.

Debtor IPL International Corp. reported a net income of $370,682
in February on total revenues of $9,859, an improvement from the
$1.63 million net loss incurred for the previous month.

At Feb. 28, the Debtors' consolidated balance sheet showed $7.53
million in total assets, $12.26 million in total liabilities, and
-$4.73 million in total shareholders' equity.

A copy of the monthly operating report is available at:

   http://bankrupt.com/misc/IPCInternationalmorFebruary2014.pdf

                   About IPC International

Based in Bannockburn, Illinois, IPC International Corp., a
provider of security services for 350 shopping malls, filed a
petition for Chapter 11 protection (Bankr. D. Del. Case No.
13-12050) on Aug. 9, 2013, in Delaware after signing a contract
for Universal Protection Services LLC to buy the business, subject
to higher and better offers at an auction.  Bankruptcy was the
result of losses on a U.K. affiliate that was sold, as well as
competition and the cost of liability insurance.

Scott M. Strong signed the petition as chief financial officer.
The Debtor estimated assets and debts of at least $10 million.
Jeremy William Ryan, Esq., and Etta R. Mayers, Esq., at Potter
Anderson & Corroon, LLP, serves as local counsel.  Paul V.
Possinger, Esq., and Brandon W. Levitan, Esq., at Proskauer Rose,
LLP, serve as the Debtor's general bankruptcy counsel.  Silverman
Consulting, LLC, acts as the Debtor's financial advisor and
Livingstone Partners, LLP, serves as the Debtor's investment
banker.  KCC is the Debtor's noticing, claims and balloting agent.
Judge Mary F. Walrath presides over the case.

The Debtor disclosed $21,959,100 in assets and $31,056,575 in
liabilities as of the Chapter 11 filing.  Liabilities include $6.9
million on a revolving credit and $10.4 million on term loans
owing to PrivateBank & Trust Co., as agent.

PrivateBank also provided a $12 million loan to finance the
Chapter 11 case.  The DIP loan required quick sale.

A three-member panel has been appointed as the official unsecured
creditors committee in the case.  The panel consists of Weinberg,
Wheeler, Hudgins, Gunn & Dial, LLC; Mary Carmona-Rousse; and Drew
Eckl & Farnham, LLP.

In October 2013, IPC International won authorization to sell the
business for $25.4 million to Universal Protection Services.
Allied Security Holdings LLC, a competing bidder, forced Universal
to raise the offer at an auction early in October.  Universal
initially offered $21.3 million plus assumption of specified
liabilities.


IPC INTERNATIONAL: Declares $6.17 in Total Assets at March 31
-------------------------------------------------------------
IPC International Corp., et al., filed, on Sept. 4, 2014, a
monthly operating report for March 2014.

Debtor IPC International Corp. listed a net income of $51,182 on
zero revenue for the month.

At March 31, the Debtors' consolidated balance sheet showed total
assets of $6.17 million, total current liabilities of $11.03
million, and a total shareholders' equity of -$5.12 million.

A copy of the monthly operating report is available at:

    http://bankrupt.com/misc/IPCInternationalmorMarch2014.pdf

                   About IPC International

Based in Bannockburn, Illinois, IPC International Corp., a
provider of security services for 350 shopping malls, filed a
petition for Chapter 11 protection (Bankr. D. Del. Case No.
13-12050) on Aug. 9, 2013, in Delaware after signing a contract
for Universal Protection Services LLC to buy the business, subject
to higher and better offers at an auction.  Bankruptcy was the
result of losses on a U.K. affiliate that was sold, as well as
competition and the cost of liability insurance.

Scott M. Strong signed the petition as chief financial officer.
The Debtor estimated assets and debts of at least $10 million.
Jeremy William Ryan, Esq., and Etta R. Mayers, Esq., at Potter
Anderson & Corroon, LLP, serves as local counsel.  Paul V.
Possinger, Esq., and Brandon W. Levitan, Esq., at Proskauer Rose,
LLP, serve as the Debtor's general bankruptcy counsel.  Silverman
Consulting, LLC, acts as the Debtor's financial advisor and
Livingstone Partners, LLP, serves as the Debtor's investment
banker.  KCC is the Debtor's noticing, claims and balloting agent.
Judge Mary F. Walrath presides over the case.

The Debtor disclosed $21,959,100 in assets and $31,056,575 in
liabilities as of the Chapter 11 filing.  Liabilities include $6.9
million on a revolving credit and $10.4 million on term loans
owing to PrivateBank & Trust Co., as agent.

PrivateBank also provided a $12 million loan to finance the
Chapter 11 case.  The DIP loan required quick sale.

A three-member panel has been appointed as the official unsecured
creditors committee in the case.  The panel consists of Weinberg,
Wheeler, Hudgins, Gunn & Dial, LLC; Mary Carmona-Rousse; and Drew
Eckl & Farnham, LLP.

In October 2013, IPC International won authorization to sell the
business for $25.4 million to Universal Protection Services.
Allied Security Holdings LLC, a competing bidder, forced Universal
to raise the offer at an auction early in October.  Universal
initially offered $21.3 million plus assumption of specified
liabilities.


IPC INTERNATIONAL: Posts $151,371 Net Loss in April
---------------------------------------------------
IPC International Corp., et al., on Sept. 4, 2014, filed a monthly
operating report for April 2014.

Debtor IPC International Corp. posted a net loss of $151,371 on
zero revenue for the month.

At April 30, the Debtors' consolidated balance sheet showed total
assets of $5.41 million, total current liabilities of $10.72
million, and a total shareholders' equity of -$5.30 million.

A copy of the monthly operating report is available at:

    http://bankrupt.com/misc/IPCInternationalmorApril2014.pdf

                   About IPC International

Based in Bannockburn, Illinois, IPC International Corp., a
provider of security services for 350 shopping malls, filed a
petition for Chapter 11 protection (Bankr. D. Del. Case No.
13-12050) on Aug. 9, 2013, in Delaware after signing a contract
for Universal Protection Services LLC to buy the business, subject
to higher and better offers at an auction.  Bankruptcy was the
result of losses on a U.K. affiliate that was sold, as well as
competition and the cost of liability insurance.

Scott M. Strong signed the petition as chief financial officer.
The Debtor estimated assets and debts of at least $10 million.
Jeremy William Ryan, Esq., and Etta R. Mayers, Esq., at Potter
Anderson & Corroon, LLP, serves as local counsel.  Paul V.
Possinger, Esq., and Brandon W. Levitan, Esq., at Proskauer Rose,
LLP, serve as the Debtor's general bankruptcy counsel.  Silverman
Consulting, LLC, acts as the Debtor's financial advisor and
Livingstone Partners, LLP, serves as the Debtor's investment
banker.  KCC is the Debtor's noticing, claims and balloting agent.
Judge Mary F. Walrath presides over the case.

The Debtor disclosed $21,959,100 in assets and $31,056,575 in
liabilities as of the Chapter 11 filing.  Liabilities include $6.9
million on a revolving credit and $10.4 million on term loans
owing to PrivateBank & Trust Co., as agent.

PrivateBank also provided a $12 million loan to finance the
Chapter 11 case.  The DIP loan required quick sale.

A three-member panel has been appointed as the official unsecured
creditors committee in the case.  The panel consists of Weinberg,
Wheeler, Hudgins, Gunn & Dial, LLC; Mary Carmona-Rousse; and Drew
Eckl & Farnham, LLP.

In October 2013, IPC International won authorization to sell the
business for $25.4 million to Universal Protection Services.
Allied Security Holdings LLC, a competing bidder, forced Universal
to raise the offer at an auction early in October.  Universal
initially offered $21.3 million plus assumption of specified
liabilities.


SB RESTAURANT: Incurs $12.08 Million Net Loss at August 28
----------------------------------------------------------
S.B. Restaurant Co., et al. filed, on Sept. 16, 2014, a monthly
operating report for the month of August 2014.

At August 28, S.B. Restaurant Co. incurred a net loss of $12.08
million.

As of August 28, S.B. Restaurant Co. had total assets of $14.67
million, total liabilities of $58.13 million, and a total
shareholders' equity of -$43.46 million.

A copy of the monthly operating report is available at:

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

SB Restaurants, Inc., filed for bankruptcy on Dec. 29, 2011
(Bankr. D. Ariz. Case No. 11-34907).  The compaay is represented
by Michael Reddig, Esq., of Reddig Law Office.




                             *********

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, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman,
Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

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


                  *** End of Transmission ***